tv Varney Company FOX Business July 18, 2019 9:00am-12:00pm EDT
market does. we'll see what happens. maria: all right. we have to watch that. >> one more final thought. happy birthday, jackie. maria: happy birthday, jackie deangelis, of course. and cheryl casone. great to see you. thank you so much. great show. that does it for us. "varney & company" begins now. stuart, take it away. stuart: good morning, maria. good morning, everyone. last night in north carolina, the trump rally was fiery, raucous and in my opinion, politically very smart. the president went right after the four radical young democrats known as the squad. he concentrated his remarks on them and in effect, made them the leaders of the democrat party. for a business guy he's learned politics rather quickly, hasn't he. the response this morning is predictably extreme. kamala harris tweeted that the speech last night was vile, cowardly and xenophobic. the crowd at one stage chanted "send her back."
that was a reference to ilhan omar and the president's earlier tweet to that effect, send her back. he did not respond to that chant last night. here's my bottom line. that was a powerful and well targeted opening barrage in the 2020 campaign. you'll hear more of it in just a moment. as for your money, look at netflix, way down this morning after it reported a decline in subscribers in the united states. the stock's up 10%. huge drop. ibm reported late yesterday. not doing well in the all-important cloud business. the stock premarket, no change. but ebay, that is doing well, rising sales always helps and ebay is up 5%. as for the overall market, it's digesting these earnings reports and the continuing standoff with china on trade. no movement there. the dow is going to be down 50, s&p a small loss, the nasdaq down about seven. okay. stay there, please. you are going to want to hear the president. he was breathing fire last
night. "varney & company" is about to begin. a vote for any democrat in 2020 is a vote for the rise of radical socialism and the destruction of the american dream. >> when you see the four congresswomen, oh, isn't that lovely. >> if they don't like it, let them leave. let them leave. let them leave. >> when biden goes out, i see sleepy joe, i say they had 150 people show up. that's our first row. >> it's like when i called pocahontas pocahontas. i should have waited because she then went out and got that test. i always said i have more indian blood in me than she has in her, and i have none. >> you must never forget the
2020 election is all about one thing, you. it's about you. stuart: we just picked out a couple of the highlights from the rally last night. it was in greenville, north carolina. come in, marc lotter, trump 2020 strategic communications director. i think he laid out his strategy for the campaign last night, make the squad the leaders of the democrat party, and go after them. what do you say? >> well, the democrats are doing it themselves. they've had a chance, they were trying to marginalize them, push them off to the side, and then when we saw over the course of the last few days they brought them back, they are now the face of the democrat party. in fact, there has been more media coverage of the squad this week than the 20 plus people who are running for president of the united states on their side, and that's a problem, because the american people do not agree with many of the positions, whether it's the socialism, whether it's comparing our border and customs agents to
nazi concentration camp guards, it's just wrong and it's not where america stands. stuart: last night, the president went after congresswoman ilhan omar. let me roll the tape on that. you can see it again. hold on. >> omar has a history of launching vicious anti-semitic screeds. [ crowd chanting "send her back" ] stuart: now, that was a very loud chant there of "send her back." the president briefly walked away from the microphone, didn't acknowledge that chant. some people this morning are saying that was wrong, to have that chant out there last night was wrong. what's your reaction? >> well, the democrats and the liberal media are quick to criticize trump's supporters and conservatives for what they say, but where have they been when ilhan omar basically was supporting terrorists, asking
for leniency for people who are convicted of joining terrorism, making anti-semitic remarks. i mean, over and over again, they basically gave her a free pass on her words and then as soon as conservatives speak up against it, then they're quick to criticize and it just shows the hypocrisy of what's going on in the national media. stuart: marc lotter, thank you very much for being on the show this morning. i know you're very busy these days. come back and see us again soon. thank you. >> always great to be with you. stuart: something that just developed here. iran has seized a foreign oil tanker in the straits of hormuz. tell me. ashley: yeah, happened sunday. we had no idea where this tanker was from, but according to iranian state television, it has a crew of 12 and the iranians are accusing them of trying to smuggle fuel in the gulf, saying the tanker was carrying some 220,000 gallons of fuel. it was captured in the strait of hormuz. now, there is speculation it could be a uae, united arab
emirates based tanker that stopped transmitting its position as it sailed through the strait on sunday. iran had said they came to the aid of a broken down tanker. bottom line, we know the iranians are basically targeting tankers in the gulf. they're feeling the pressure from the u.s. with sanctions on their oil, but so far, no one knows where this tanker comes from. stuart: and no reaction in the oil market. ashley: no reaction at all. stuart: it's $56 a barrel. five years ago, that had happened five years ago, oil would be a hundred bucks. thank you, american frackers. what a difference. it's actually down 16 cents as we speak. susan: oil production coming back online in the gulf of mexico. stuart: that helps, too. got it. one of the squad members, congresswoman ayanna pressley, is taking aim at the federal reserve. how about that. roll that tape, please. >> when it comes to facebook and its initiatives we simply cannot trust or verify but i would add
and underscore that the reason we are here and that you even have this opportunity to pursue is because the federal reserve has failed, because the federal reserve has failed to offer americans an equitable, reliable, efficient, safe and secure system to access and move their monies. stuart: the fed has failed because we don't have an equitable, safe and secure way to move our money. very interesting. market watcher gary kaltbaum joins us. i know you are no fan of the federal reserve, but -- i know you're not. you want to disband them, i think. so what's your reaction to ayanna pressley? >> i have absolutely no clue what she is talking about. i don't know where that comes from. i don't know what she is reading. the free flow of money in this country is one of the great things that we have at this point in time. the dollar is the main currency of this world so you know, i really do not know what she's
reading on that. but you are right. i don't think -- i think the fed's overrated. i think they enabled the housing bubble. i think they screwed savers for eight years with 0% interest rates. i would love them abolished but that's not going to happen any time soon. stuart: you got that right. definitely right there. all right. let's get serious. talk to me about netflix. that stock is taking a huge hit. i think because they had a decline in the number of subscribers in the united states. does that mean that their growth is just shot, finished? >> the most important data point for a netflix is subscribership, and they missed by not miles, but by universes, and they lose wall street credibility and trust because of that, and now you've got major competition from disney and warner, and i'm wondering whether they're going to have to lower prices going forward to compete with disney, who has lower prices.
if that happens, that's going to hurt netflix more. remember, they've had good pricing power throughout the years because they have been kind of sort of the only game in town. so this is bad news. frankly, i got to tell you, i'm surprised netflix stock is not down another $30 to $50 this morning. we'll see how it plays out. stuart: you got it. it opens up in 20 minutes' time. let's see how it does open up. premarket it's down about 40 bucks. how about microsoft? they report late today. look, everybody knows it. i own a thin sliver of the company. i think the way microsoft goes today is the way the whole market, certainly the technology sector, will go tomorrow morning. what do you say? >> well, i think it's part. i don't think it's the whole market. look, microsoft for me has been one of these miracles in technology. they have been able to change their company big cloud business which was up like 75% year over year. i think they just signed a $2 billion cloud deal i think with at & t in the last day or so. i expect the numbers to be good.
whether or not the reaction's good, i don't know, because we have had a good move in tech already and i'm seeing a little bit of selling in the market right now by the big institutional crowd. i wouldn't be surprised by anything except the fact i think their numbers will be pretty darned good. i'm not sweating microsoft. i have been telling you for about a year that i'm bullish on the stock. stuart: i love you, gary. i just love you. you're all right. i tell you, i tell you. but i'm going to be glued 4:00 this afternoon. thanks for joining us. see you soon. dow component united health, they did give a positive forecast and they posted stronger sales. nonetheless, united health is down just a fraction, literally, 60 cents. morgan stanley, the profit king, down, the stock is down 1.25%. overall, we have taken another slide south premarket, the dow futures show they will be down about 70, 80 points at the opening bell. next case. you know that face app lets you see a much older version of yourself? it's gone viral, apparently.
lawmakers warn it could be a security risk. they are urging you not to use it. we've got the full story for you. the house is going to vote today on a bill that would raise the minimum wage to $15 an hour. remember, please, congressional bean counters say that would eliminate 3.7 million jobs. we've got the full story. senator kamala harris wants medicare for all if she's elected. she says it would be a virtually seamless transition. problem is, she's got real trouble telling us how she's paying for it. full story again, coming up. hopes you drive safely. but allstate actually helps you drive safely... with drivewise. it lets you know when you go too fast... ...and brake too hard. with feedback to help you drive safer. giving you the power to actually lower your cost. unfortunately, it can't do anything about that. now that you know the truth... are you in good hands?
stuart: kamala harris talking about how she's going to pay for medicare for all. let's see this. roll tape. >> you just said that you were not in favor of a middle class tax hike. >> yes. correct. >> how do you propose to pay for your version of medicare for all, if it resembles what senator sanders -- >> part of it is going to have to be about wall street paying more. it's going to have to be about looking at how we, whan we tax
in terms of financial services. that's part of it. but the other part of it is to understand that this is about an investment. >> people who have private insurance would eventually have to give that up under your plan? >> they would eventually be covered under medicare for all and they would still see their doctor. that's what they want. stuart: betsy mccaughey is with us. she wrote the book "beating obamacare." she's with us now. >> you just heard a lot of weasel words. stuart: she says part of this comes from wall street financial services, then she says it's really all about an investment. >> you will always hear those words but the fact is, if you look at the congressional budget office tax tables, to raise the $32 trillion over ten years that is estimated, would mean adding on average 24 points or more to every single marginal tax rate, every taxpayer in the country, not just the tippy-top rich that aoc always talks about. everybody would have to pay a
lot more. so the single guy who earns $82,000 a year, his marginal tax rate would go up from 24% to 60%. oh, yeah. that's a life-changing tax hit. stuart: she wouldn't do that. kamala harris wouldn't actually do that. >> there is no other way to raise that much money. if you raise the marginal tax rate just on the rich -- stuart: she will borrow it. she will spend it and borrow it. that's what she will do. trillions upon trillions upon trillions. that's exactly what they will do. i think that's a nonstarter. talk about another nonstarter. new york, new jersey and yes, connecticut, they filed a lawsuit over the federal cap on deductions for state and local taxes, known as salt. is that going to get anywhere? >> it's all theatrics and no real solid argument. this lawsuit is not going anywhere. another one was filed last year, by the way. stuart: that's saying it's discriminatory because it only hits democrat-run states. >> well, they happen to be the high tax states but before this
cap was imposed there was real discrimination going on because the low tax states, residents of those states were forced to pay more in taxes to subsidize the high tax, the tax hell, new york, new jersey, connecticut, california. stuart: okay. new york says wait a minute, wait a minute, we're paying a ton of money into the united states treasury and some of these other states with low tax rates are taking a ton of money from the united states treasury. that's not fair. that's discriminatory. >> moynihan, may his soul rest in peace, made that argument for many, many years as a senator from new york. the fact that it has nothing to do with this. stuart: i would love to see salt repealed for personal self-interest. >> yes, well, i'm not going to shed any tears about it because it's not going to happen. you know what these lawsuits are? this is a full employment strategy for the lawyers. stuart: everything is a full
employment strategy for the lawyers. betsy, you're all right. thanks for joining us. we appreciate it. the city of san francisco is delaying that ipo tax. what's going on? susan: delaying until 2020 so they can change the proposal to make it easier to get approved. right now, they are basically using this new revenue, quadruple the ipo tax, the amount you make in stock compensation, up to just around 1.5%. currently it's at .3%. it's back to 2011 levels when they actually cut that because of 2008 trying to recover but they want more money because of income inequality in the city. those that have gotten rich off the tech boom, as they call it, and those that haven't. they want to use this money for targeted programs like helping the homeless but in order to do that, you actually need a two-thirds majority approval. you tweak it a bit, general funds, all you need is a simple majority to get it passed. stuart: they do that next year. susan: that's right.
stuart: i knew there was a catch. take a look at futures. we've just moved a bit further south. now we are going to be down about 90 points when the dow opens up in 12 minutes' time. not sure what the factor is here that's pushing things lower but we are a little lower than we were just a few minutes ago. much of the country is dealing with a major heat wave. temperatures expected to top 100 degrees in some cities this weekend. janice dean lays out the heat wave next. ♪ all right brad, once again i have revolutionized the songwriting process. oh, here we go. i know i can't play an instrument, but this... this is my forte. obviously, for auto insurance, we've got the wheel route. obviously. retirement, we're going with a long-term play. makes sense. pet insurance,
stuart: do you know this? it's going to be 90 degrees or hotter for most of the country this week. come on in, janice dean. you got to tell me about this. how hot is it going to get? >> well, it depends on where you live, but i mean, most of the country is going to be dealing with a heat wave. the worst of it will be across the upper midwest, the northern plains. we're going to flirt with temperatures near 100 degrees. these are actual forecast highs, not factoring in the heat index which makes it dangerous heat, but not only for the central plains, the south all the way up towards the midatlantic and new england, you know, boston's going to be dealing with temperatures close to 100 degrees as well. so forecast heat index, that's with the humidity, that's what it feels like outside, and that's why it's dangerous.
i know you're one of those people that doesn't like heat index but it just gives you an idea of that real-feel temperature when you go outside, what your body can't function properly when it feels like 105 degrees in philadelphia. close to 100 is what it's going to feel like in new york city. that is spreading across the plains states, across the gulf coast, so big-time summertime heat. i know it happens every single year, but it is still very dangerous. people are advised to take care of your pets, take care of the kids, take care of the elderly, make sure you're in air conditioning. the problem with this as well is it's so widespread, it's going to be a problem with the power lines. the power could be, you know, a problem going out. stuart: i know it's serious but i just remember that line in the vietnam movie with robin williams. what's the temperature? hot. what's it like tomorrow? hot. what's it like next week? hot. there's a weather forecast. come on. >> am i going to have a job after this?
be safe, my friend. stuart: janice, thank you very much indeed. yeah, it is going to be hot. we are going to swelter. that's a fact. got it. check that market, please. we are going to go live in ten minutes' time. down 80 points on the dow. we will be back. dear tech, let's talk. we have a pretty good relationship. you've done a lot of good for the world. but i feel like you have the potential to do so much more. can we build ai without bias? how do we bake security into everything we do? we need tech that helps people understand each other. that understands my business.
we've got some work to do. and we need your help. we need your support. let's expect more from technology. let's put smart to work. ♪ ♪ 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.
stuart: that face reading app, you have seen it, it's popular, makes you look older than you are or younger than you are, depends what you want. however, huge security concerns. tell me. susan: you know it's gone viral so the face app challenge has been born, especially when drake, lebron and kevin hart do it, everybody else wants to as well. but it comes with security risks. for instance, if you download this app, if you look at the terms and conditions, it basically says perpetual irrevocable meaning they own these pictures. what does that mean for celebrities? you get no royalties. for everybody, that means they can use your user name, real name and likeness. they own that. they also say this company, by the way, the developer behind face app, they are actually a russian company. they say they have no ties with the russian government. they don't transfer the data to russia. speaking to cybersecurity experts that have actually worked for the fbi, they say the russian government can pretty much get access to anything they
want from a russian company. think about the ramifications. if another government has your likeness altered by a.i. young and old, what can they do with that data base? surveillance, et cetera, et cetera. stuart: you put me right off. i'm not touching it with a ten-foot pole. boom, it is 9:30 eastern time this thursday morning. right from the get-go we're down 20 points at this moment but not all the dow 30 have opened. we are down 41 points. down 47. 27,160. that is where we are in the very early going. about a quarter percent lower and still going lower from there. the s&p 500, show me, please. down a quarter of 1%. the nasdaq composite, show me, please, down over a third of 1%. there's more losses in technology than in the rest of the market. the price of gold, it is up today? is it? no, ten-year treasury, 2.05%. wow, this time yesterday it was 2.12.
so some money has flowed into treasuries. gold down three bucks. susan: six-year high. stuart: really? six-year high. price of oil at $56 a barrel. oil production's come back in the gulf and there has been an incident in the gulf with a tanker. look at it. thank you, american frackers. that's why oil is $56 a barrel. don't you love it. michelle mckinnon is here, joel shulman, susan li, ashley webster. let's go with netflix right from the get-go. they've got fewer u.s. subscribers. that's a real big problem. >> it's definitely a problem. i think what really concerned me was actually more the foreign growth, because the u.s. were stagnated, it was really the foreign growth that i think investors were really looking forward to. and it's not there. stuart: sorry, i was interrupted. what do you make of it?
>> international growth is what people focused on last time. this is a stock priced to perfection. their pes and all the other multiples are priced high. the fact people are looking at 20% compounded growth, the fact it's now slowing down and actually negative in the u.s., international is slowing down, they've got competitors here and abroad, they are pricing cheap and free so india and other places, california -- ashley: and they lose content. susan: it's 800 times more expensive than the s&p. we're not talking about a little bit of an excess valuation. stuart: here's my overall question. netflix is a streaming company. other streaming companies are coming on board. is the streaming market saturated? susan: i think it is for netflix at least, especially when it comes to losing some of those top one, two sitcoms. what's really baffling in this earnings report, they missed big when it comes to subscriber growth in the quarter, coming in at half the rate, only 2.75
million expected. why on earth did they keep their guidance intact saying they will add 800,000 new subscribers this quarter in the u.s., seven million around the world for these three months? i think that's really bullish. stuart: what's the argument to back that up? susan: they say it's content. there was a content lag in the second quarter. they had "stranger things 3." >> they have been down before and came back. this is a company i wouldn't vote out but i agree it was puzzling to have the numbers down, yet the guidance was still there. we'll see about the content. this is a company that you may recall years ago, people counted them out. let's see. they have great entrepreneurial talent. stuart: you are remarkably composed for a man who lost his shirt. [ speaking simultaneously ] stuart: ibm, revenue fell. joel, is that -- look, it's only
$143 per share. >> but this is a company that -- this is an executive who has been there in the last five years, the revenues have dropped from $90 billion to $75 billion, the profits are off by about a third in the last five, six years. this is a company, and they're losing money in the cloud to one of your favorite companies. stuart: microsoft. say it again. >> microsoft. the cloud revenue up 5% in this last quarter. microsoft in the last quarter gained 41%. talk about turning around a battleship. susan: they paid $34 billion for red hat, 22 quarters of declining revenue growth. at a point do you give a pass to the top management tier? stuart: at what point does top management -- susan: by the way, that's closer to $200, when warren buffett was saying maybe i'll keep it. now at this level maybe not. stuart: let's get to microsoft. they report after the closing bell today. i think this could be a pointer
for the whole market. that's what i think. what do you say? what are you laughing at? >> of course, the whole market depends on microsoft in your view. stuart: let me make my point. microsoft is the one big tech company which has not had a serious selloff in recent memory. susan: it's a trillion dollar company. stuart: it has no image risk. they are part of big tech but they are not under attack. >> as i mentioned before, i actually don't own the stock. it's a great company, i know you own it. it's doing terrific. good news, not only have they been growing like crazy, if you look at the valuations relative to competitors, their profit margins are six, seven times more than their competitors. the pes are half. stuart: thank you very much. you got there eventually. susan: they make three times more than amazon does in profit each year, but they are almost the same when it comes to market value. there might be some upside.
>> i think it's all about the cloud. that's really what it's all about. that's where growth has come from. we need to look there. >> trillion dollar company, 15% compounded growth. looks like they're not slowing down any time soon. stuart: great stuff. i'm going to be glued 4:00 eastern time this afternoon to the fox business network. right there, with connell mcshane, melissa francis, you will get the microsoft results. should be good. check the big board. we have come back. we were down about 80 points moments ago. now we're down 40, 27,177. ebay, they're up. they gave a rosy forecast, that's why. 6% up on ebay. nice gain. dow component, that would be united health, they say that they posted stronger sales but gave a lukewarm revenue forecast. when you do that, the stock goes down 1.5%. morgan stanley, profit down. the stock is up 30 cents. a positive forecast from philip morris despite their problems
with the vaping and the juul investment, philip morris is at $84 a share, up over nearly, i should say, nearly 5%. u.s. chip maker qualcomm hit with a second antitrust by those europeans. here we go again. i think the big tech, american big tech is really a piggybank for the europeans who cannot match our performance. >> absolutely. it's a sad story. luckily here in the united states, that's just not the case. stuart: what have you got on this? i don't like the look on your face. are you going to take me on here? >> no, i'm not. i think you're right. i think they are perceiving companies like amazon and everything else as a piggybank. i absolutely agree. ashley: line item on their budget. susan: i disagree. qualcomm is a different case because there are courtroom battles all around the world against qualcomm. their practice is not only to charge you for royalties, but you have to buy the chips from them or you don't get the chips and every smartphone on the
planet runs on qualcomm technology. so they say they were anticompetitive. apple has leveed those complaints as well. in fact, the first $1.2 billion fine against qualcomm in the eu was because of what they call unfair competition. stuart: it's always unfair when you do your homework and i do not. susan: that's what i'm here for. stuart: that was good. that was good. the "wall street journal" reports china trade talks are stuck over how much business to allow with huawei. here we go again. another headline. >> i think we're bouncing back and forth. we will have this on and on throughout the summer. by the way, you may or may not have mentioned, for june, july, this is the best june and part july we've had since 1955. this is unusually strong period of time. i think we ought to enjoy it. stuart: overall market? >> the overall market. u.s. large cap stocks. strongest year through july, yes. since 1955. one of the top ten in the last 80 to 100 years plus. susan: things are good, stuart. upbeat. stuart: what did you say?
>> things are good. people should be excited. susan: we will get a summer rate cut. >> even better. stuart: the clothing retailer american eagle says it's planning to offer buy now, pay later for teenagers on a tight budget. the stock is down. susan: i'm a little worried because obviously, this creates not the best habit for a teenager, but that's a little concerning. it will be an interesting story about retail. but i also saw another interesting story. i don't know if you guys covered this a couple days ago. kohl's is now accepting amazon packages, returns. i was just talking about retail headline, i was like wow. different story. foot traffic. we'll see. this could be good because of foot traffic. again, you don't know. stuart: okay. right now, i have to say good-bye to michelle and to joel. thanks for being with us. we appreciate it. nice plug for microsoft.
you're all right. what are you doing tomorrow? check that big board, please. we have the dow now down 60 points, 27,150. protests against the governor of puerto rico turning violent. police launched tear gas into the crowds. some cruise lines are avoiding the island all together because of the unrest. you can see it on your screens. jon stewart going after rand paul in an interview on fox news, this after the kentucky senator delayed passage of the 9/11 victims compensation fund. bret baier joins us in our 11:00 hour this morning. the house votes today on a bill that would raise the federal minimum wage to 15 bucks an hour. okay. the cbo says that would cost 3.7 million jobs. we are on that story for you, coming up next.
stuart: the word from wall street after 12 minutes is down, 70 points on the dow industrials, one quarter of 1%. to the downside. now this. cruise lines, some cruise lines, canceling stops in puerto rico because of the unrest there. it's pretty violent there. susan: it's the fifth day of protests and this follows the leaks of hundreds of pages of what they call mysogenistic and homophobic texts between the governor and his main advisers, also accusations of funds being misplaced from the recovery during the hurricane. so this might be under the purview of the governor. people are asking for him to resign. as for cruise ships looking at this, they are diverting. in fact, they are canceling stops to puerto rico. that includes royal caribbean cruises and celebrity cruises was the next ship scheduled to
dock on sunday. instead they are monitoring the situation and re-routing the ships as we speak. when you look at these images, puerto rico which is still trying to recover from that 2017 hurricane, you know, cruise ships with tourists don't want to stop, what does that mean for the local economy? stuart: that's san juan, street scenes from there. got it. now, the house is going to vote on that $15 an hour minimum wage bill. the vote is today. congressman rob woodall is with us, republican from georgia. congressman, i'm pretty sure it will pass in the house but it dies in the senate. have i got that right? >> that's exactly right, stuart. nancy pelosi has the votes here to push whatever radical agenda she wants to but this is a solution in search of a problem. 30 states have already raised their minimum wage and it's just nonsense to suggest that new york and the great state of georgia have the same cost of living. we should be focused on better skills, on more jobs, but not a higher federal minimum wage.
stuart: i've got to say that the house looks a little circus-like at the moment, with all this toxic backwards and forwards here. i don't think anything's going to get done. i don't see how anything can get done. you know, usmca, usmca, i mean, that's a very big deal and it looks to be in jeopardy. what can you do? >> i was with ambassador light hiezer yesterday. i tell you, he is incredibly optimistic and in the serious parts of the democratic party, we have very good partnerships, to move a good trade deal forward. we are talking about jobs, we are talking about economic growth. we could be talking about as much as a point on gdp going forward. the answer has to be yes to moving this deal forward, and we just have to find a way to curb those radical elements of the democratic party. stuart: who's going to get the blame? usmca is good for just about every constituency group i can possibly think of. everybody gets a benefit out of it. so who gets the blame if it doesn't go through on time? >> well, i think we've got to
start talking about who gets the credit, stuart. this is the best trade deal i have seen in my lifetime and i'm going to go out there and get my moderate democratic colleagues excited about voting yes, then we've got to go together to some of the more liberal democrats and say are you serious when you said you wanted to lift up your communities, were you serious when you said you wanted more jobs, because if you were, i've got the deal for you. stuart: but that would give president trump a win. it would be seen as a win. no democrat wants to give president trump a win of any kind. >> you are so right about that, stuart. i don't know when it became about poking a stick in the eye of your opponent instead of trying to make america better tomorrow than it was yesterday. but there is that sense on capitol hill that trying to beat the other person down is why your constituents sent me here. my constituents sent me here to create a better tomorrow, to create good federal policy so communities can thrive. the usmca is a wonderful step in that direction. stuart: do you pick up hostility
from your constituents in georgia because of congress overall, not you in particular? >> well, of course that's true. folks read the headlines, they see the ineffectiveness and that's what happens. the folks working hard together to pass usmca, that's not getting the attention. it's those shrill radical voices on the left that get the attention. there's a lot of partnership happening around issues and yes, a better economy, more jobs, economic growth, that's a consensus issue. folks need to take yes for an answer, put this on the president's desk, let's all take credit for growing the american economy. stuart: congressman rob woodall, republican, georgia, thanks for joining us, sir. see you again soon. check the dow 30. they are all open and about two-thirds of them are down, in the red, about one-third, roughly speaking, i can't do the math on this. red on the left-hand side. we are down 50 points on the dow. plenty of attention this week on space, because of
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stuart: a little gee whiz for you with a financial twist. there's a new exchange-traded fund, a new etf, it invests, it's a pure play, in space. interesting. andrew channon with the procure space etf is with us. the ticker is, of course, ufo. isn't that right? >> absolutely. stuart: i haven't a clue what are space stocks. tell me some space stocks. >> the largest holding at the moment is intelstat. there's also sirius. stuart: sirius xm radio? >> they are completely reliant on space-based systems and
satellites. stuart: so intel sat, sirius, who else? >> dish network. stuart: dish is a space play? when i think of investing in space, i'm thinking of the people who build the rockets, the people who get the fees for putting up satellites. >> we have them. it's very heavily weighted towards satellite companies. most people don't have any exposure to satellites in their actual current holdings, so this is something actually giving investors that want to invest in space new exposures they very likely don't have, just individual holdings or outright through other etfs. stuart: i'm always interested in how to invest in brand new areas or brand new industries. i think this is the first pure play in what you would call space. correct? >> absolutely. yes. stuart: there's nobody else in town? >> no. this just came out, this space foundation in their quarterly space report just showed that there was an 8.1% increase in the actual size of the space economy from '17 to 2018 and for the first time ever it actually crossed $400 billion. stuart: how many stocks have you
got in your etf? >> at the moment, 31 from around the world. it's a global equity fund. stuart: you don't have to keep it at 31, you can pull in and pull out whatever you like? >> as the industry evolves, the index provider has the ability to invest in other types of space companies, think space transportation, space hospitality, resource extraction. if we actually are able to build a lunar base on the moon or elsewhere, these are all things that are going to require significant spending and it could go to companies that are positioned well for the space economy. stuart: why do you have the ticker symbol ufo? >> i came up with it and i loved it. i thought it captured -- space captures everyone's imagination and fascination. ufo i thought kind of tied it all together very well. you see it and you know what it is. stuart: you tied it into the 50th anniversary of the moon landing. >> absolutely. stuart: have you started >> we started in april. quadrupled assets. stuart: quadrupled since ape? >> absolutely.
stuart: you're doing all right. the name is procure? >> procure, space etf. ticker uffuo, i will never forget it. it is up a little bit. pretty flat. >> can't wait to spend my birthday. stuart: it is your birthday? >> it is. stuart: how old are you? >> just turned 34. stuart: 34, you're running first pure play in space. well-done, son. you're doing all right. we appreciate it. >> thank you. stuart: i have got to tell everybody about a lawsuit. it alleges that at&t sold customers location data and i'm going to say to ashley, so what? ashley: so what. this is the stuff they're selling on. this is the issue to third parties. people like bounty hunters, repo guys, landlords, even stalkers. "the new york times" did a big story on this last year. said all of the wireless carriers were involved in this selling on your location data to
third parties such as bounty hunters. they all said at the time we'll stop it but apparently at&t is now facing a lawsuit. three people file in california saying look, you got to stop this. we did not give you permission but you continue to do it. there are thousands apparently of third parties who love this information. at&t accused of doing this. stuart: could be a class-action suit. ashley: could very well be. stuart: enough people complain, join the suit. ashley: didn't give permission that is the issue. stuart: the stock is hardly reaction. ashley: right. stuart: $33 per share. it has been there for a long, long time. ashley: exactly. stuart: in 30 seconds we'll give you the latest on mortgage rates, we can't do that until precisely 10:00 eastern time. they have an embargo. ashley: point out the markets come back. we're only down 10 points. we were down 50, 60. bit of a comeback buying on the dip. ashley: it has been this week.
just above or below the water line this week. stuart: it is difficult to put on a live show. it is middle of summer. it is doldrums of summer. you don't get that much trading activity. bottom of the screen netflix is down$1. 10:00 eastern, the mortgage rates. ashley: i get very excited i kid you not. coming in at 3.81%. how does that compare to last week? ticked up a little bit. 3.75% last week. apparently we're continuing to see a high volume of refi's and purchase applications. you wanted to keep going. stuart: when the yield on the 10-year treasury comes down that is the benchmark for mortgage rates. you expect mortgage rates to come down. ashley: not this week. stuart: i didn't expect a tick up. 3.81. i'm not going to refi.
we have another story. foreign buyers, bought what, fewer homes? susan: record drop actually in the past year. foreign buying dropped in half over the past two years. they lost $78 billion in total asset purchases over the past, 12 months, basically. you know, we're looking at the lowest level of foreign purchases of 2013. guess who the number one foreign buyer is in america. stuart: number one foreign buyer? susan: number one for inbuyer. ashley: want to say china. stuart: i want to say the brits. susan: no. the chinese for the seventh straight year. 13.4 billion. next group, canadians, asian indians, uk buyers, mexican buyers. where are they buying? deals in coastal cities. they're buying florida. and california. stuart: i'm not surprised. thank you, susan. look at the big board. no impact from the mortgage rate news at all of course. we're down 25 points on the
dow industrials. now this? at war with america? okay, maybe that is too strong a word. let me tone it down a notch. say europe is increasingly hostile to the united states. that word fits. you see europe is a mess. economically, culturally, militarily. they are thrashing around eager to blame someone other than themselves. europe has joined the blame america first club. they are taxing and regulating american technology companies. they are fighting us on trade. won't spend money to defend themselves. we have to do it for them. they're manipulating their currency and that hurts us. their media pumps out anti-trump, anti-american mate tread flat-out, that is what they do. that is hostility. it must be pretty bad for them to go so far and it is. can you imagine, when you lend money to the post in europe, you
don't get it all back. they keep some of it. the lender pays the borrower. apart from utterly ridiculous, it is bad for us, it drives down the value of the euro and kills our exports to europe. there is american technology. they can't match it. they don't innovate. so they do their best to rein in our guys like google, facebook and amazon. billions in fines. billions in taxes. volumes of new regulations on us. of course, there is always trump derangement syndrome. europe has a very bad case of it. some of their media are actually worse than cnn. add this all up, there may be some financial fallout, there may be, but i don't think they are going to hurt us that much. i use europe as an example of what not to do. they are socialists, like democrat presidential candidates. they tax, they spend, they have open borders. can't we learn from failing europe? most of all i find europe
intensely annoying. i don't like moral lectures from failing societies. physician, heal thyself. the second hour of "varney & company" just getting started. ♪ you heard what i had to say. i want to bring in scott shellady. he spends a lot of his time in london. he is in chicago. what do you make of this? i say europe is developing extraordinary hostility for the united states because they're flailing, they're failing? >> you know when you see somebody drowning you want to reach out to help them they will take you down with them. i think it's a great idea england, great britain gets out of europe. it is drowning. the euro is 20 years old, right? i lived, 15 of the last 30 years
i went into london. we went into this thing as brits 20 years ago i thought it was bad idea. think about it like this, common senseally, think about it like this, 28 european countries, no same start date, no same langage, no same culture. u.s., 50 states, roughly the same start date, definitely the same language, pretty much the same culture. we have difficult time keeping texas and california together, right? think if we had no same language, no same culture. you're watching the beginning of the end. it will not make it. it will blow up. having britain leave first will be the first key in the cog. at the same time they got immigration problems that makes our problem not look like a problem. right? their population is shrinking. they have less customers for their money and their stocks and everything else. so they're in big trouble. stuart: i will leave it at that for now, that was dramatic stuff. i want to bring in tom rogan, "washington examiner" commentary writer on this.
scott, we heard from scott shellady, pretty strong stuff, europe is shrinking. i say thrashing around, blaming us for their own problems, where do you stand on this? i think you have a british accent, am i right. >> i basically totally agree with your monologue, not trying to suck up to you, having grown up in the uk. i think the key it is the data, stupid. look at for example, france. i had a piece about a few months ago talking about the data point compared with our economy here. youth unemployment, massively high, twice as high as it is here. unemployment, twice as high. the deficit situation is a problem for us as it is for france but the entrepeneural development, we talk about utility of free-market capitalism. one of the things of 2020 democratic focus on the bad things, easy populist bad things, bad banks. what about medical innovation, new drugs and technology? what about the new software
companies? all of our concerns about technology, some legitimate, the ability to have easier lives, choose things as consumers that propel them. these innovations come from a free market capitalist system. the best dividend, whether comparison point between youth unemployment or the innovation of a technology sector, is the fact that america is coming out on top. so as basic point of humor ralty i don't think it is, if you have that data points in your arsenal, it is not hard to make the case. stuart: tom, i want your comment on american politics. president trump held a big rally in north carolina as night. he joined the rally, you slammed, you heard of these people, he slammed "the squad." look at this. >> if they don't like it, let them leave, let them leave. clear cheer. omar has a history of launching vicious anti-semitic screeds.
>> send her back! send her back! stuart: some people didn't like the chants of send them back or whatever it was, send her back, i think it was, send her back. some people didn't like that. but oh all my takeaway from that rally was that president trump just defined his campaign by making "the squad" the leaders of the democrat party. he knows that they are unpopular. those are very smart political move. what say you? >> i wish the president had tried to interject the crowd, send them back, listen, they are americans, perhaps i should have equaled my tweet in a different way. i wish he had done that. the basic point of suggesting that sentiments by americans that are counter to i think even the great majority of americans would believe in, including many democratic voters, is probably a clever campaign strategy pour the president.
and because of just how far left and just how popular these four democrats are, the president has an advantage in the sense that they will do a lot of his work for him. because of the battle now, news networks perhaps more anti-the president will have to cover the what democrats say, when they do reinforce by a lot of americans we agree president trump more than them. stuart: he learned quickly, hasn't he? he came to the oval office as a pure play business guy. that is all he has ever done. he is a business guy. yet 2 1/2 years into his presidency he seems to learn the political game rather well, you think? >> speaking to the great dividend of the marketplace of consumer marketplace in capitalism, the marketplace of ideas. as a businessman he is chasing the opportunity, whether that be business or politics. free-market capitalism, democracy. stuart: it's a great country, tom.
i'm very happy to be here. i hope you are too. >> yes, exactly. stuart: got it, tom rogan. see you again soon. thank you, sir, check the big board. we're down 30 points at the moment. >> did you lose me? stuart: another start to the day where we don't have much stock price movement. we're down 30 points. look at netflix, ouch. they lost about 130,000 subscribers, in america, first time in eight years they lost paid domestic customers. look at the stock. it is down 11%. that is $40 lower for netflix. it is at 322. in the news today iran says it captured a foreign tanker it accused of smuggling oil in the straits of hormuz. tensions in the middle east escalating. general jack keane is on that. "el chapo" sentenced to life in prison. senator ted cruz says seize the
fortune, use it to help build the wall. not a bad idea. we have this, actor chris pratt called a white supremacist wearing a shirt showing the gadsen flag? is that the, that is "don't tread on me." we will set the record straight about that historical flag along with the betsy ross flag later this hour. ♪ this is the couple who wanted to get away who used expedia to book the vacation rental which led to the discovery that sometimes a little down time
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obviously, for auto insurance, we've got the wheel route. obviously. retirement, we're going with a long-term play. makes sense. pet insurance, wait, let me guess... flea flicker. yes! how'd you know? studying my playbook? yeah, actually. stuart:down 20 points on the dow industrials after 45 minutes worth of business. that is fractional loss. microsoft is a trillion dollar company. they report earnings after the bell later this afternoon. it's a go nowhere stock this morning as you would expect because you don't get the official numbers for a few hours yet.
136 on microsoft as we speak. iran's revolutionary guard says it seized a foreign oil tanker in the straits of hormuz, seized it. we don't know where the tanker came from, we don't know why they seized it but they did. retired general jack keane with us now, fox news strategic analyst. is this something of an escalation in the gulf, general? >> they're trying to create a crisis certainly that will put pressure on the international community and our allies. an therefore push the united states to back off on the sanctions but i'll tell you, stuart, the iranians are really off their game because when you look at what they have been up to, these acts of desperation, sabotaging the six vessels, they got caught, it backfired. shooting down a drone and that backfired, president chose not to respond, left the united states on a moral high ground.
brits seized one of the tankers, a violation of sanctions. they tried to do something with a british tanker and that operation fails embarrassingly, a british warship prevent it from happening this one continuous act after another that is indicating just how desperate the iranians are because of these crippling sanctions on them and they're not doing too welcome accomplishing what they want and that is develop a crisis mentality that will put pressure on the united states. that is not happening. stuart: what do you make of this talk about senator rand paul, kentucky senator, may be opening up some meetings with iran's foreign minister, start negotiations? it is kind of muted. it is out there. sounds like it is a win for the trump administration. if they're starting to talk, they're in their box and they have got to talk. what do you say? >> i don't think they are ready to talk yet because they still have options left to include more military provocations but
certainly from what i understand the senator asked the president, if he would be willing to do this for him. i suspect the president said go right ahead. i don't think senator paul is going there to establish terms with the iranians. that would only be done likely by secretary pompeo and his team, but just to see if the iranians are willing to talk. sarif, he is in new york, the foreign minister. he is the ultimate con man. he conned secretary kerry actually into thinking as a result of the nuclear deal the iranians would act as a responsible nation as part of the international community. they would knock off their aggressive maligned behavior in the region as a condition for signing that deal and of course that same year that they signed the deal, stuart, the iranians toppled the regime in yemen that was friendly to the united states and our allies in the region. that same year they went to moscow an convinced putin to
intervene in syria. you got to understand what you're dealing with here. stuart: they're not doing real well, are they? okay, by the way, they seize another tanker, news gets out the price of oil actually goes down. they're not doing very well at all. general jack keane, thank you as always. see you soon. >> good talking, stuart. stuart: yes, sir. senator ted cruz want to use "el chapo"'s drug money to fund the border wall. president trump says it is an interesting idea. we'll have details for you. ♪
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.03%, 27,200. if you stick around long enough, we might go positive. texas senator cruz, ted, says he want to use drug lord's "el chapo"'s money to build the border wall. lauren simonetti knows more about this. >> $12.6 billion, build that wall. stuart: if you get the money, get it into america somehow or other, can you legally pour it into a border wall? >> the "el chapo" act is literally a bill. there is one in the senate, senator cruz and one in the house. if congress acts where this can happen, the interesting part of the story, where is the money? if you fly a plane ticket and shovel, you can go to the mexican desert, where is the money. it is more of an idea what he might be worth. he had a zoo in mexico with a train inside of it. he has had properties. he has been in the legal system for years. whatever money he has is hidden, if you could find it, it would
be sweet poetic justice. mexico paying for the wall through "el chapo." stuart: difficult how you get $12 billion cash out of him. it is buried somewhere. not all of it. it is in assets all over the place. if you sold the zoo in mexico, but the money wouldn't come to america t would go to the mexicans. >> it is not easy. in a perfect world maybe part of it could be used to pay for the wall. 5.7 billion for the wall? maybe part of it. stuart: part of it built. >> at one point there were 300 companies attached to "el chapo" for money laundering. you can go after those companies. stuart: president says it is an interesting idea. >> it is. "el chapo" act, ensuring lawful collection of hidden assets to improve order. it is a thing. ashley: maybe in tiger cage in the zoo. stuart: who knows. lauren, thank you. the city of oakland, california,
the third city to ban the government's use of facial-recognition technology. tell me more. susan: third after jacksonville, and somerville massachusetts. oakland has been stringent in uses facial-recognition technology. it replace as law from 2018 that required city staff members, the secure provision from the chair of the oakland privacy commission, before getting any funds from for surveillance technology. why are you banning facial recognition? you know, misuse of force for one. also a, it could be lead to false incarceration, and also they say, some discrimination against african-americans and minorities. we had an mit study back in 2018 that found facial recognition software actually incorrectly misplaced, misunidentified 35% of dark-skinned women. misidentifying. it is not 100%. we should not rely on it, should be banned to protect our
privacy. stuart: that is what they say. three cities done it. >> actor chris pratt wore a shirt that read "don't tread on me." that is the motto of the gadsden, flak. "don't tread on me." the actor is being accused of wearing a symbol of white supremacy. we have a presidential his tore on on the show. i want to know, is that flag racist? we had fake meat. now fake fish. that is next on the menu for impossible foods. the obvious question is, would you eat fake fish? susan says yes. more "varney" after this. ♪
♪ she's got a ticket to ride stop it, please. i gave a list of beatles songs at 10:30. what do i get? "ticket to ride." ashley: you're in a bit of a isn't today. stuart: i can't remember. ashley: you're being rough. stuart: go with "ticket to ride." that's what we've got. stay with the brits, shall we? boris johnson broken the record for the most money raised by a politician running for prime minister. ashley: yes. stuart: hold on a second. parliamentary election in britain are funded by the taxpayer. ashley: correct. stuart: this is a race to lead a political party. ashley: which is not. relies on the individual contributions. boris johnson raised by american standards a paltry amount, 702,000 pounds, about 900,000
u.s. dollars. that is a new record. mostly getting money from financiers and business people who are strong leave-ers. it will be between him and foreign ministry jeremy hunt. by latest poll, johnson has 2/3 of the conservative vote. he is in. the tame parliament as theresa may. parliament doesn't want to leave the eu. threatened parliament to get out on october 31st. just this morning the mps are backing a bill that would prevent him from doing that. er what boeing around, around on brexit. three years and uk still in the eu. stuart: i hope they're out on october 31st. which would be halloween. ashley: of course. stuart: of course, our next guest. i like this man's research. he says fake fish is the next big trend in the grocery store. he hayes there is a.
robert, i heard about fake fish. i never seen it in a grocery store or restaurant. is it out there yet? >> you know what? it is barely out there and i haven't seen it either. stuart: okay. >> thing that makes fake fish interesting is, it is not the same size market as land-based protein. so globally only 20% of the protein consumed is from the sea. the rest of it is is from the land. americans eat 16-pounds of seafood a year. so there is a substitute a potential for a substitute market. the issue it is probably not as large as land-based protein in terms of a substitute market and there are two other challenges when it comes to seafood, fake fish. the first one is that most americans, the big one-two punch
on american's table for food is shrimp, followed by salmon. but shrimp overwhelmingly. if you want to build a product that really starts to disrupt the seafood space you have to find some kind of a solution for seafood and the taste for salmon. i think both of those could be tougher. stuart: impossible foods, impossible meats, what is the name of the company? impossible meats, impossible burger, do they have a fake fish product. >> i'm not sure. i think they have been working on a fake fish product. i think i have seen writing about it. stuart: okay. >> there has been, there have been other discussions about, this is actually an old discussion because the world's fisheries in the oceans are being depleted. so there has been a discussion around this but solution is largely been to create fish farms. stuart: yeah. >> instead of fake fish. stuart: i'm not sure fake fish
will fly as well as fake meat. i'm just not sure about that. >> i think it is a smaller market. stuart: robert, i told our viewers i read your stuff and one of the things i've been reading from you is cranes, construction cranes. you say they are an economic indicator. you say seattle has more cranes than anybody else. that is why, it is an indicator of the strength of seattle, is that right? >> yes. so in the -- in north america the largest number of cranes appears to be in toronto. followed closely then by seattle. i think, you know, the construction boom in seattle has to be attributed in part to amazon. i think is a very obvious one. the washington, d.c., area is, has been increasing in its crane usage. so that has been coming up. but basically there is an rlb
crane index that looks at number of cranes used all around the world and especially north america and that gives you an insight into what cities around the world are growing fast etf. dubai, by the way has enormous number. it has over 1000 cranes in use which is, you know, not an inconsiderable chunk of all the cranes in the world. stuart: the crane used to be state bird of, i think it was california. they wanted to, or maybe texas, the state bird of texas is the crane as in the bird. there you go. robert, i don't see a single crane operating in my home state of new jersey. gee, i wonder why. robert moran, thanks for joining us. always a pleasure. keep sending me that stuff, young man. it is always good stuff. >> thank you. stuart: big board is at a loss. we've been open what, one hour
four minutes? another go-nowhere market. however, netflix, ouch, down 10%, $39. if this keeps up the value of the company is set to lose about $18 billion today alone. now this, boeing, they will give millions of dollars to the families of the 737 max jet, victims thereof. kristina partsinevelos is with us now. now, how much are we talking about here? >> $50 million, separated amongst the victim's family members. the crash in march and indonesia in october. stuart: doesn't sound like money, 50 million to 300 people? >> they hired ken feinberg who is the compensation expert, worked with 9/11 and school shootings. he will divvy up the money as he
sees fit. they will give money for communities and non-profits that have been affected. stuart: whoa. >> they have not detailed the outline. we reached out to the company, only got a statement how they regret the loss of lives and working with communities and the family members. stuart: does that seem right to you, that 50 million goes to the victims, families and relatives? >> right. exactly. those are affected. stuart: 50 million goes to non-profits? >> they main change because, that announcement was made just before the hearing yesterday. they had a hearing on i have avn safety and there could be lawsuits against boeing. that is independent from any type of out come from the lawsuits. when we talk about the victims, paul njorofe, 35 years old, he spoke and fav testimony, lost his wife, mother-in-law, three small children, 6-year-old boy, 4-year-old daughter and a nine-month-old. he talked about the pain, how he questioned boeing's intentions.
listen in. >> they have not reached out to us and i do believe that they did that in the days leading up to the paris airshow because for commercial reasons. i believe it's a publicity stunt. >> so you have that statement there. just the latest news we're getting right now that southwest will continue to ground more of their planes up november 2nd. these are the 737 max jets. that could potentially remove 180 daily flight from their roster. this is affecting a lot of people because 737s are grounded. stuart: i wonder when the max jet comes into service. >> they're working on certification for faa. stuart: somebody will say, what kind of plane is that? is that a max jet? i ain't getting on. >> people are doing that now. stuart: i think so. i think it's a long-term problem. kristina, thank you very much indeed. we heard a moment ago about
fake fish. beyond meat partnered up with blue apron, fake meat deliveried to your door. are the stocks a buy? that is pretty good question. we'll answer it. actor chris pratt face being outrage for wearing a "don't tread on me" t-shirt. activists say it is racist. we'll talk about that. believe me. ♪ (ben) if you're a grandparent, you know what i'm talking about when your little grandchild
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stuart: the big board shows there is a loss of 20 point on the dow industrials. it has been that way for most of the session which is one hour and ten minutes old. microsoft reports after the bell today. before we get those official numbers the stock is down 50 cents at 135. by the way 4:00 eastern this
afternoon, connell mcshane, melissa francis will have the microsoft numbers the moment they come in. we'll be watching. the world health organization declared a ebola outbreak in central, eastern africa a global emergency. tell me more. susan: long overdue for people in the health community. ebowl law outbreak in central congo. 2500 hupp people are affected. this is one of the most deadly diseases on the planet. this is only three times there was global pandemic emergency call. that was in 2009. remember the pandemic flu influenza. 2014 for polio resurgence. the biggest ebola outbreak in history as 11 thousand 300 people have died.
places which have been contained before but now have seen a resurgence. stuart: i'm well. don't worry. thanks very much. actor chris pratt is being called a white supremacist for wearing a t-shirt with the gadsden flag on it. that is the "don't tread on me," flag? they think he is a white supremacist for that. we'll deal with that. here is a headline from yahoo! entertainment. chris pratt criticized for white supremacist t-shirt. presidential historian doug weighed is with us. i thought thises flag was a sign of freedom and liberty. give us your take. >> general gadsden, it was talking about breaking away from great britain. some of the greatest emancipators throughout history would not survive political
correctness by today's standard. it is sad. stuart: it is indeed very sad. how about the betsy ross flag? it was featured on the nike sneaker. kaepernick complained. he thinks it is offensive. nike got rid of it. does that flag have any kind of racist history? >> none whatsoever. to give you a sense of the chain here, there would be no barack obama without abraham lincoln. yet abraham lincoln signed the emancipation proclamation which left a million slaves in bondage. there would be no lincoln without george washington t took george washington, yet he owned slaves. there would be no george washington without the magna carta. yet britain didn't free slaves until 1830. you might as well outlaw the union jack. go back to antiquity in greece, half the population why slaves. the word slave itself comes from the slavic eastern people of europe, who were white, were enslaved by islamic conquerors.
it is pretty ridiculous. it is a lack of understanding. stuart: i don't understand what is going on here. seems like anything in the past is bad. anybody associated in the past is bad. any symbol of the past is bad, because it is the past. we used to have slavery and segregation, what, it is bad. i don't get it. i don't see how you eradicate history like this? >> yeah. it is very interesting. it happened in the soviet union. in fact it is very interesting, in the soviet union today there are stories all overs especially the ukraine, about the cossacks. their rage, they like to see series of television about them. the old people who lived in the soviet-era, that is not true. there were no such thing as cossacks because that was all erased by the soviet censors. unfortunately censorship does work. eventually you don't know what you don't know and that is scary. stuart: is this all a nasty little phase we're going through
which we will recover from? what do you think? >> oh i'm nervous about it. i'm an old gone. i will be gone. the way the trend is going, if free speech not allowed on campuses there can't be free thought. there is no free thought, what is the purpose of education? when you have students coming out who think the betsy ross flag is racist, that gives you an idea the type of education they're getting. thank god we had people who wanted freedom and liberty. that's what led to freedom of the slaves. stuart: well-said. doug weighed, you make far too much sense for this, the times in which we live. doug weighed, everyone, historian, good to have you on the show. doug, appreciate it. democrats want to race of national minimum wage to $15 an hour. there will be a vote on it today. restaurant workers, their owners, they could be hit hard by this if it passed. we have celebrity chef rocco
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points. i'm telling you, another go-nowhere day. 27,200 or thereabouts. president trump backs peter thiel's calls to investigate google over its ties to china. that is big news. charlie kirk with us, turning point usa. charlie, you were at president trump's social media -- peter thiel what he said about google came up during the summit. what did the president say? >> what peter thiel said recently is quite amazing for those of you who might not be sure. he actually said that google is treasonous for working with china. look, google has an unbelievable amount of power, whether be their power to be able to manipulate search results. they control 92% of all search engine results now in the country. if you actually look at the split of political contributions in google, back in 2016 google employees gave over a million dollars to hillary clinton and zero dollars to donald trump. it is real questions here
whether a company with this kind of power will really continue to do no evil? remember that used to be the ethos of google? there is questions and evidence to show it is really not the case anymore. how to handle it as a free market conservative is a question i'm asking myself and our movement is continually trying to figure out the answer because we don't always want to put on more government regulation to some of these companies that are acting in not the best way. stuart: these are america's super performers on the world stage. you don't want to rein them in too much when they're doing so well but maybe sometimes you have to. mr. trump is questioning the pentagon's proposed clough computing contract that it will award either amazon or microsoft. what do you know about this? >> this is cronyism at its finest. look, there is a 10 billion-dollar potential contract for the department of defense which is called jedi. it is acronym, joint enterprise defense infrastructure contract, which would mean cloud computing
for all the department of defense. it would be one of the largest contracts ever given out by the government, funded by the u.s. taxpayer. amazon spent over $15 million lobbying for this last year. a lot of independent analysis, senators such as senator rubio, senator grassley, senator johnson from the written letters in the white house, urged caution giving entire contract to one company, especially a company that pays 0% federal corporate tax. a company honestly has the owner has been impartial in the political process, owning "the washington post," even if it wasn't that way, stuart, even if they are more towards my politics i don't think this sort of crony system good for the american taxpayer or good for commerce. i would urge this to be broken apart into many different contracts, not giving a 10 billion-dollar contract to one of the most valuable
companies in the world and the world's richest man. >> we should point out that is very important contract. a 10 billion-dollar contract would go to microsoft, amazon, maybe both or some others involved but it would essentially put the pentagon into artificial intelligence. that is how big it is. it's a huge deal, right? >> it is massive. also, look, but there why would you put all the eggs in one basket, if the one company gets compromised, that is our national security. a lot of tech experts decentralize, make it competitive between six or seven other companies. that would be a lot more efficient, a lot safer. look there is a lot of questions about amazon's ethics how they got the deal. senator rubio articulated that in the letter. senator elizabeth warren voiced opposition towards this deal. it is right-left agreement towards this. there is so many distrust of the government procurement system. feels if there is cronyism
embedded. this is one of the examples, about to give 10 billion-dollar contract to a company some would say disenfranchised middle america, does a lot of things to pay corporate tax, why would we give them taxpayer money to give that sort of behavior? i'm a free market guy. i'm not interested in the u.s. taxpayer subsidizing it. stuart: wasn't that the central dilemma mat at social media summit? you're a free market guy, you don't want to bring the government into too big of a role reining them in, but at the same time there is problems with these companies, i'm thinking particularly of google and facebook as opposed to amazon and the pentagon contract. how do you balance this out? how does the summit balance out a desire to let them succeed, but at the same time, stop them abusing our privacy for example? >> that is such a great question, stu, most of the people in the room, including myself, are milton friedman free
market guys. we believe market-based solutions are the best way to solve problems, yet here we are, these companies some would argue are more powerful than the government. this is the discussion at the social media summit. how do we balance our principles with some of the problems happening now. i am hesitant to say throw the regulators at them. i think it might have adverse effect and help them even more. i think the solution do everything we can first and foremost stop government cronyism, encourage competition, entrepreneurship, encourage at final limits how we change publisher to platform. hold these companies to answer questions about the political imbalance with some of their behavior. stuart: i got a tweet coming in from the president. president trump just tweeting this. most of the ms-13 gang members indicted and arrested in l.a. were illegal aliens. 19 of 22. they are said to have killed many people in the most brutal
fashion. they should never have been allowed in our country for so long. 10 years we have arrested and deported thousands of gang members, in particular ms-13. out of time. charlie kirk, thank you very much indeed. more "varney" after this. yeah, that too. i don't want any trade minimums. yeah, i totally agree, they don't have any of those. i want to know what i'm paying upfront. yes, absolutely. do you just say yes to everything? hm. well i say no to kale. mm. yeah, they say if you blanch it it's better, but that seems like a lot of work. no hidden fees. no platform fees. no trade minimums. and yes, it's all at one low price. td ameritrade. ♪ car vending machines and buying a car 100% online.vented now we've created a brand new way for you to sell your car. whether it's a year old or a few years old, we want to buy your car. so go to carvana and enter your license plate, answer a few questions,
stuart: last night, president trump skewered the democrats. for a man with a business background, he's learned politics very quickly. it was a raucous rally with every seat taken and he made the squad the leaders of the democrat party. he will run against them. ilhan omar, rashida tlaib, ayanna pressley and alexandria ocasio-cortez. that's the squad. the president bundled them together with speaker pelosi and the two dozen presidential candidates. got them all together. he knows that the far left is deeply unpopular with much of america. he knows that moderate democrats will lose if they're associated with the squad.
and he's absolutely right when he says socialism would bankrupt the country. lump them all together and run against them. that's what he's doing. of course, his opponents are incensed by this. candidate kamala harris tweeted last night's speech she said was vile, cowardly and xenophobic. elizabeth warren says trump's desperate. omar says you may kill me with your hatefulness but still like air, i will rise. that is a quote from maya angelou. aoc said we can get through this better than when we started. not sure what that means. but the president has the whole democrat party worried. they should be. the rasmussen polling people who were right in 2016 have the president's approval rating now at 50%. and mr. trump has seized the moment to put all the democrats under the leadership of the squad, the most radical group in congress. socialism, the green new deal, open borders, abolish i.c.e., the squad leading the charge. trump can beat that.
my opinion. the third hour of "varney & company" is about to begin. tonight we renew our resolve that america will never be a socialist country, will never, ever be a socialist country. it just won't happen. a vote for any democrat in 2020 is a vote for the rise of radical socialism and the destruction of the american dream. stuart: that was greenville, north carolina last night. i say the president laid out his campaign right there and then. we have bret baier coming up later this hour. not only is he going to respond to what the president was saying last night, but he had jon stewart on his show last night. jon stewart tore into senator rand paul, who had blocked the
9/11 responders bill. you bet we are going to show you what jon stewart had to say. stay here for that, please. first, though, we will take you to your money. now we are down about 50 points on the dow. it's not been a heavy duty day so far. down 20, down 40, down 60, now down 47. story of the day, though, is netflix. we told you yesterday that subscriber growth was on the make or break number. turned out it was a break. they lost 130,000 subscribers in america. global numbers also came up short. andrew is back with us. is the bull run for netflix over? >> good morning, stuart. i have been bearish on netflix for the past year. people can read about it, for the exact reasons that we saw this quarter. which is the bull run is totally over in this particular stock. not only was the quarter bad, it was bad for all the wrong
reasons for netflix. the subscriber growth was especially hurt in areas where they raised prices. people who own netflix thought they could just keep on raising prices and people wouldn't care. second of all, it shows they need to create new content which means spending money, money, and even more money. so i just think everything is bad for netflix right now. you can like the product, you can like the tv shows, you cannot like the stock. stuart: so you wouldn't buy it. some would say it's a bargain price ofs $322 but you wouldn't touch it? >> there's nothing bargain about it. they have to constantly create new content. that's very important. they don't have a platform. this is not facebook or google that creates something and people keep coming to it or uber and lyft. they must create new shoews. they actually said last quarter they had the best of all the content makers and obviously, they don't. their content fell short this quarter. subscribers fell short. people aren't paying the money. this is before they get to major
competition from disney. stuart: i think we know where you're coming from. let's move on. beyond meat. i know you're not so hot on it. you know they are teaming up with blue apron, the meal kit guys. you think this is going to save blue apron? the stock has really recovered since they got this deal going with beyond meat. >> oh, first, it hasn't recovered. you can't buy blue apron. it's small. beyond meat, you can like the burgers. i actually think impossible is better than beyond. i didn't even know i was supposed to eat fake fish until this morning. i always thought fish was healthy. i didn't know i was eating fake fish. again, you can like the product, you can't buy these stocks. they are in the stratosphere. beyond meat will have to raise more money. they will do a secondary, the float will loosen up, the stock will go lower. right now the fees are high. you can't short it, you can't own it. it lives in purgatory just like netflix, because you like a product doesn't necessarily mean you should own the stock. stuart: let me go to a big winner.
a big winner for you, as i understand it, a genetic testing company. as i recall, you said you liked it, you said you recommended it, and the thing went up sharply. have i got that right? >> i have owned this stock for around six months. i think the stock goes to -- i know it sounds crazy when i say it could trade up to $100 in the next few years. haven't we always heard our whole lives it's all about your genetics, people say are you sick, how long you going to live, how are your genes. this company tells you how your genes are, what diseases you will be predisposed to. it's not 23 & me. it's clinical grade. there's a huge mode to it. artificial intelligence, the more gene samples they examine, the smarter it becomes. i think in the next few years we all will get genetic testing to check our health, especially women who are pregnant. it's a tremendous company and it's not the kind of company everyone is talking about like netflix or beyond meat.
it's the kind of company i think you can buy and it's the start of a megatrend. i love it. stuart: there are a couple other winners i picked out of your first half performance. first of all, revolve. that was your pick. i know you own it. what is it? how is it doing? >> it's down today. this is a company, i just find it's disruptive. it's a fashion company, clothing. it's a disruptive company. i call it fash-tech. they added technology to fashion like no one else has. i think it's going to be a big winner long-term. i like to find these companies that not everyone is looking at. everyone is looking at netflix, at beyond. it's very tough to find an informational edge when everyone's looking at the same exact stocks. stuart: here's another winner you picked. zillow. i think you have owned it for much of this year. i think you still own it. what's so good about it? >> they're changing the way people buy real estate.
it's been years in the making. for years, it was just a tool where you search looking at home values, and now they are actually getting in the middle of the transaction. many people would agree the 5% days of real estate agents should come to a quick end. that's way too much people have to pay. people find a way, automated way to find and sell things, zillow is doing that to the home buying process. they have become the most dominant name in real estate. i think they have a superstar ceo. i used to be bearish on them. for years i didn't like it and they finally turned the corner this year and got in the middle of the transaction which is the holy grail of this. stuart: okay. now, there's two losers here. i want to get your thoughts on them. number one, wayfair. furniture online, got it. what's wrong with them? didn't you own it at one point? >> no. god, i never owned wayfair. i'm suhort wayfair. it's down today because there
are two corporate resignations. in my opinion, the gentlemen realized we made a lot of money with this company, we probably don't want to work anymore, and the best days of the stock are behind it. a company like invitae is unique, genetic testing, companies that are doing something, i like companies that are doing something unique. wayfair is selling furniture online. amazon, restoration hardware, they sell furniture online. there's nothing unique about this. that's why they are still unprofitable. stuart: that was good stuff, especially the thing about invitae. i'll take a look at that one. >> keep your eye on it. stuart: i shall indeed. $24 now. let's see where it goes. andrew left. good stuff today. thank you. see you again soon. jon stewart, did he go after rand paul in an interview with bret baier last night. remember, please, the kentucky senator has delayed passage of the 9/11 victims compensation
fund. jon stewart didn't like that. bret baier will join us later this hour. we rls talking to senator rob portman. he took a trip to the border, says it is a true humanitarian crisis. he will tell us what he saw. and the republican from new york, we found one, running for alexandria ocasio-cortez's seat in congress. she's on the show. can a republican appear and win in the bronx and queens? we will find out. the house going to vote today on a bill that would raise the minimum wage to $15 an hour. bean counters say it would eliminate 3.7 million jobs. we are going to talk to a celebrity chef, rocco dispirito. how is he handling the minimum wage hike? what's he going to do about it? he's on the show. back in a moment. ♪
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stuart: responding to that yahoo! news article that says abigail disney went undercover at disneyland to check out working conditions. what is disney now saying about that report? deirdre: first of all, the journalist who says she did it is incorrect. she did not say on twitter i am incorrect but she says for the record, abigail disney never said she went undercover to anaheim. all she says is she went to anaheim. the difference is important to point out. while the journalist is flagging the faulty reporting, she is not exactly saying i made a mistake, heere's the correction. she's saying here's where all of you misunderstood my reporting. disney very quickly and clearly responded to her. i will read you one line because i think this says it all. this widely reported stunt is a gross and unfair exaggeration of the facts that not only the misinterpretation, misrepresentation, rather, but also an insult to the thousands
of employees who are part of the disney community. that is part of a much larger statement that disney issued in response to this faulty yahoo! news report. stuart: they have come out swinging. that's very sharp. deirdre: disney does not play at all. stuart: i don't blame them. here you have this report of an heiress, abigail disney, undercover. misquoted or misstated. deirdre: i think for many people their brand is about fantasy, about joy, about family, so anything that contradicts that, they obviously have a corporate issue with. stuart: they sure do. thank you very much. next case, berkeley, california. i can hardly believe this. they are banning the use of natural gas in all homes, and the ban starts in january. i guess that's next year. energy guy daniel turner is the founder and president of the power for the future organization and he's with us now. >> thanks for having me on. stuart: wait a minute. come next january, you're living
in berkeley, how are you supposed to cook or say warm the water in your shower without natural gas? >> yeah, this is the stupidity of green philosophy when it's taken to the extreme. in california, they think the only good energy is solar or wind. what they forget to understand is to make wind turbines and solar panels, you need an awful lot of fossil fuels. you need to extract rare earths, you need to forge steel. so by moving everyone to green technologies, you're not getting rid of the fossil fuel industry. what you're really doing is displacing costs and for homeowners, making it extremely expensive because utility rates for green industries are three and four times the size. look at, for example, in germany. they pay three times what we pay in utilities costs. in scandinavia they pay four times what we pay in utility costs because they have gone green. why do we want to bring this to america? stuart: because they are rabid -- >> exactly. stuart: what other explanation? have they laid out what you're
supposed to do? you can't use natural gas come january, what do you do with your stove? with your shower? have they said? >> this is for all new home construction. they have already passed new home construction laws in california. but that is estimated to add about $10,000 in construction costs. california is already leading the nation in the cost of housing, and it's also leading, almost leading, it's second, new york is first, people leaving the state because it's so expensive to live there. so i do not understand people like the berkeley city council that is putting in policies that really drive people out of their community because who can afford them? stuart: what are you supposed to cook on? you buy a new house, you've got this brand new kitchen but you can't use natural gas. what do you cook on? >> electric. stuart: electric. >> but the electric stoves run on the electric grid which is powered by natural gas and by coal predominantly. stuart: it's wildly expensive and nowhere near as good as natural gas. >> you know who's going to bypass this? rich people. if you are building a new home
in berkeley and you have bucks, no way you're not getting a six burner viking gas range. i'm sorry. stuart: daniel turner, you're all right. you can come back any time. thank you very much, sir. what a story. next case. oakland, california. the city council there just unanimously voted to ban the use of facial recognition software. city agencies including law enforcement can't use it. this is the third city in the country to do it behind san francisco, summerville, massachusetts. no facial recognition technology. the 2020 election more than a year away. microsoft says it's already detected 750 attempts to infiltrate political parties, campaigns and think tanks. microsoft wion't name the targes but says all of them are protected by microsoft service that identifies cyberthreats. by the way, microsoft's bill gates just knocked off his perch
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♪ stuart: okay. we always talk about billions on this program. it's been a tough week, though, for the former second richest guy in the world, bill gates. he's now number three. who beat him out? deirdre: bill gates, $107, nothing to sneeze at. but he was beaten by just a billion. what's one billion between bu y buddi buddies? people know the brands christian dior, louis vuitton, dom perignon and sephora as well. stuart: where does he live? where does he pay taxes? ashley: monaco. deirdre: i bet. stuart: it would not surprise me at all.
deirdre: i also want to mention for bill gates, he would still have the number one position but he has given away $35 billion already through the bill and melinda gates foundation. he would clearly have that top spot. he's just been giving a lot away. stuart: when you can give away $34 billion or $35 billion -- deirdre: and not have it change anything. stuart: you're doing okay. all right. senator robert portman, rob portman, he just visited the southern border. he was there with vice president pence. he says yes, there is a clear humanitarian crisis. he's going to give us a report on what he saw in just a moment. we are going to be joined by the woman running for aoc's seat in congress, challenging aoc. i think she's got an uphill battle. a republican? can a republican win in the bronx and queens? by the way, we have a resident of that district who works on our show and he says no way. we'll be right back.
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dropped. that's not a big factor but it hurts the oil companies. number two, there's a proposal to restrict huawei, the chinese tech company, from buying or selling u.s. patents. that's considered bad news on china trade. and number three, you've got boeing, united health and home depot, those are three dow stocks, all of them down sharply, taking a lot of the wind out of the dow industrials overall. that's why we're down, what, 104 points on the dow as we speak. now this. texas senator, republican ted cruz says he wants to use drug lord el chapo's drug money to fund the border wall. how is he planning on actually getting the money? deirdre: so senator cruz admits that is the biggest challenge. no one knows exactly where this entire $12.5 billion that is estimated to be is kept. he introduced the el chapo act in january 2017. it died but he reintroduced it
this january. el chapo sentenced the life in prison and this money is out there somewhere. senator cruz says yeah -- stuart: if he can find it, get it, bring it here, then you can legitimately build the wall with that. deirdre: it's poetic justice because all the drug trafficking, then you put the wall up with that exact money. stuart: they're looking for $12 billion? deirdre: $12.5 billion. stuart: i don't think they are going to find that lying around in cash anyplace. deirdre: i don't think so, either. it's not in a coffee can buried somewhere. stuart: can you actually get it. deirdre: good question. stuart: i want to get right to our next guest. a very special person, may i say a brave person, a businesswoman, immigrant from jamaica, and a republican, and she is running against aoc for her seat in congress, which is centered in the bronx and queens, new york city. this lady right here, very brave. scherie murray, welcome to the program. >> thank you for having me. it's a pleasure to be here.
stuart: forget all the pleasantries, for a second. what's so wrong about aoc? >> well, she's killing jobs with the intro of the green new deal. she kills jobs with the amazon deal in new york. we lost some 25,000 jobs with the rhetoric and forcing amazon to move out of new york in their hopes for having new york as their second headquarters. i mean, kitchen table issues are important to the constituents in queens and the bronx, and those issues aren't being addressed on the national stage. we have comprehensive immigration reform that needs to be tackled. we have infrastructure that needs to be tackled. we also have education that needs to be tackled. these are some of the reasons why i have tossed my hat into the ring and i'm in the race for congress. stuart: this is such a shock. a, to find a republican in new york and b, to challenge aoc. i'll bet in your campaign, you don't mention trump.
>> well, listen, i think the president is doing a great job. i think he has delivered on his promises. the economy is booming, the stock market -- stuart: is he a racist? >> do i believe tpt he presidens a racist? no, i don't. the economy is doing well. unemployment is low among all nationalities. i think the president has been delivering. he's put out the tax bill, the tax cuts and jobs act. he's also been the president that we can identify with criminal justice reform. who would have thought of it, right? he's been doing a lot as it relates to policy. that's what i want to hear from our legislative body. not the rhetoric that's going too, too far to the left. stuart: i want to get your reaction to senator joni ernst, republican from iowa, who broke with the party and said that the president's squad tweets were racist. the squad. you know who the squad is, obviously. >> yeah.
aoc plus three. stuart: i'm going to use that. she says the squad's tweets were, are racist. do you think that the squad are racist? >> well, listen, house speaker pelosi came out and said that the president is not a racist so let's just leave that dialogue there. let's start to focus on issues. i mean, it's important to get comprehensive immigration reform on the table. it's been talked about for what seems to be decades and decades and we have yet to deliver. we elect representatives to legislate and right now, they're not legislating. they are more concerned with the limelight than delivering results. i think it's important for us to really reshift the narrative and start to talk about those kitchen table issues that are either making or breaking the pocketbooks of everyday americans. stuart: can you win? >> i can win. i have a record of accomplishments. i have worked across the aisle in the district that i've lived
in. i've worked with my democratic counterparts. for years and years the republican party has cross-endorsed democrats. this will be a historical feat, but listen, i want to focus on the ideologies of my candidacy as a republican in the race, but to be able to garner the support of my democrats in the district, the independents in the district, it's a very diverse makeup so i want to be able to reach all the constituents. stuart: we're just not used to hearing this from a republican in new york city. >> it's time that we start encouraging younger people who can have these types of conversations and promote these type of positive unite the fight policy agendas. i don't want to burn bridges. i want to build them. stuart: what are you doing tomorrow? want to anchor the show? scherie murray, it was a pleasure having you on the show. thanks for being here. come back. >> my pleasure. thanks for having me. thanks, guys. stuart: now i will go to the
crisis on the border. senator rob portman is with us, republican from ohio. senator, you just got back from the border. you were with the vice president. did you see anybody drinking out of toilets? >> no, i didn't, stuart. there's a protest going on behind me so i apologize about the noise if you can't hear me too well. stuart: we got you. shout. we don't mind. >> the protest is about the conditions at the border. i was at the processing facility in the mcallen area. it was families and children, you know, holding facility and they were being well taken care of. i talked to the families, i speak a little spanish and was able to speak with five or six of the families and a lot of the children who were watching cartoons, by the way, had access to food and water and plenty of snacks. that's a holding facility, not a detention facility. but frankly, these children and
these families are leaving that facility to go to a nonprofit center that is taking them into the country so they weren't being detained anywhere else. stuart: senator, i want to explain to our audience exactly what they are seeing and hearing here. senator rob portman has gone to the border, he's looked at the detention facilities, he says they are in pretty good shape. there is a humanitarian crisis but nobody's drinking out of toilets. his voice is actually being drowned out by protesters in the background who object to conditions at the detention center in the border. i'm not going to have senator portman drowned out by protesters. i'm not going to have it. senator, i'm going to ask you to shout your response to my next question. here it is. i want to ask you about the 9/11 first responders bill. your colleague, senator rand paul, mike lee, they're blocking it, saying funding is an issue. it seems like a no-brainer. what's going on in your party? >> well, we need to provide these 9/11 heroes with the help
they need. [ inaudible ] all over the country and new york after 9/11 to deal with the crisis there, including urban search and rescue units and a number of them do have health care problems. we've got to get this bill passed. i think we will. the concern my colleagues have raised it more about the fact this is open-ended in terms of the funding. we want to be sure we can deal with that issue and get it passed. i'm supportive of the legislation, as you know. i think they deserve our help. and i'm pretty confident we can get it done. stuart: thank you very much indeed. you are a valiant guy going up against those loud demonstrators in the background. we did not allow you to be shouted down. you got your message across. for that, sir, we are truly thankful. thank you very much. >> good to be on. stuart: come back soon. senator, come back soon. i want to repeat something here. jon stewart really went after rand paul during an interview with bret baier. that's after senator paul
delayed passage of the 9/11 victims compensation fund. bret baier joins us next about that jon stewart interview. we are also going to talk to him about the president's rally last night. seems to me the president set up his 2020 campaign, slammed the squad and socialism. we're all over it. watch this. >> tonight we renew our resolve that america will never be a socialist country, will never, ever be a socialist country. it just won't happen. a vote for any democrat in 2020 is a vote for the rise of radical socialism and the destruction of the american dream. ♪ -driverless cars... -all ground personnel... ...or trips to mars.
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stuart: colin kaepernick's nike ad has been nominated for an emmy. tell me more. deirdre: so as we know, kaepernick has been working with nike but dream crazy is the name of the ad and the slogan is believe in something even if it means sacrificing everything. of course, that was a nod to the fact that colin kaepernick, for the one or two people who are not paying attention, was an nfl player who turned activist, started kneeling for the anthem in 2016. so this ad has gotten a nod, possible nomination or has gotten a nomination and it is against apple, it's going up against netflix. those are some of the other ads in that category. but this particular ad featured other athletes, lebron james, serena williams. stuart: duly noted. it's been nominated but hasn't won yet. deirdre: exactly. stuart: president trump was in north carolina last night. big rally. he fired up the crowd, taking down socialism, took down the green new deal, and yes, the squad. roll tape.
>> their comments are helping to fuel the rise of a dangerous hard left but that's okay because we're going to win this election like nobody's ever seen before. if they don't like it, let them leave. let them leave. >> now watch, i'll go back tonight, oh, sir, that was so controversial. sir. no, i'm just saying it's their choice. they don't love our country. i think in some cases they hate our country. stuart: i think it's time we brought in bret baier, host of "special report" on the fox news channel. seems to me he made the squad the de facto leaders of the democrat party. seemed like that's his 2020 stand. >> it is. he may have gotten there, you know, after some tweets that he needed to explain and that's when he got to this strategy but yes, after four days of sucking up the oxygen in washington, that's essentially the result. they are now having this battle with the four members of the squad, the democratic progressive congresswomen. i think the moment where the
crowd chanted "send her back" set some people back, as far as raising eyebrows and obviously it was led from the podium but it was not a great moment. he said they have a choice, if they don't like it, they can leave. the chant said something different. stuart: but, for a man who spent his entire life in business and only two years in politics, maybe three years in politics, he's learned the political game pretty fast, hasn't he. >> sure. he's always been a brilliant brander, right. he's branded things. remember the first campaign, lil' marco, low energy jeb. all of those names. they stuck. in the general election, he called hillary clinton crooked hillary. and now he has decided, i think, after this week of coverage, that the squad is going to be the face of the democratic party and that's a battle he wants to have, because as you mentioned at the top, fighting socialism
and making sure this country stays away from socialism appeals to a lot of people, especially independents and people in the middle of the country. stuart: you had jon stewart on your show last night, as we all know now, he tore into rand paul for blocking the 9/11 responders bill. let me run just a quick clip from the interview so the audience can share it. roll tape, please. >> it's absolutely outrageous and you'll pardon me if i'm not impressed in any way by rand paul's fiscal responsibility virtue signaling. rand paul presented tissue paper avoidance of the $1.5 trillion tax cut that added hundreds of billions of dollars to our deficit, and now he stands up at the last minute, after 15 years of blood, sweat and tears from the 9/11 community, to say that it's all over now, now we're going to balance the budget on the backs of the 9/11 first responder community. stuart: now, senator paul has
responded with a tweet. here it is. not blocking the 9/11 bill. simply asking for a vote on an amendment to offset the cost. i can't imagine that the 9/11 responders support bill will not go through. i simply can't imagine that. >> no, i don't think so either. with jon stewart was one of the first responders after 9/11. so you know, they are obviously emotionally into this pitch. i think they have a lot of capitol hill on their side. rightfully so, for the service they have given the country. what they wanted to do in the interview was raise the question rand paul and mike lee from utah raised which was that this bill is for seven decades, $10.2 billion in the first decade alone, and they're saying because of other priorities that the u.s. has, why not cut something else back and make this a reality. i wanted to make sure that that point was made on the interview
and we played the sound bite and ran the clip, but it's painful to listen to these firefighters after having attended many funerals of their buddies. stuart: jon stewart is a very eloque eloquent, forceful and effective spokesperson for the 9/11 responders. i mean, he was very articulate last night. >> he was. and you know, they reached out to us and we decided that it was in the best interest after what had happened during the day to give them the time. so we did. stuart: you still having fun? >> i am, every day. come on. there's like six big stories every day. we'll see what today brings. stuart: our cup runneth over. thank you very much for being on the show. always appreciate it. now this. the house is going to vote today on a bill that would raise the minimum wage to 15 bucks an hour. the bean counters in congress say that would eliminate 3.7 million jobs. we will deal with the whole issue after this.
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off and that is something called the philly fed, that's the report on economic conditions in the midatlantic region. it showed a strong performance. that's been interpreted as strength in the economy equals the fed less likely to cut rates. ashley: there you go. stuart: another reason why we are down 130. add on to that a proposal to restrict huawei from buying or selling u.s. patents. that's considered a negative for china trade. plus you've got boeing, united health and home depot, three dow stocks, all down sharply, taking a chunk out of the overall average. there you have it. right now we're down 131 points. anything to add to that? deirdre: netflix as well. a lot of people were really disappointed. that subscriber number from overseas, we know this market pretty well saturated, i think we can say. the growth was supposed to come from overseas and it missed pretty much by half. stuart: and when a stock as big as that goes down $41, everyone feels it. deirdre: and familiar, right?
ashley: don't forget oil, down more than 3% now. the big oil companies are also a drag today. stuart: later on this afternoon, that would be four hours and eight minutes away, 4:00 eastern time, microsoft reports its latest results. now, this is a very prominent stock, obviously. i got a little piece of it, as everybody knows by now, so everybody is waiting for this result. deirdre: really about the cloud numbers, isn't it. how it's taking on amazon's cloud business. microsoft has been doing incredibly well. stuart: really, really well in the cloud. it was up 41% in the first quarter, revenue in the cloud. deirdre: hats off to the ceo. he's really rebuilt, i know it's not him alone, but under his leadership, he's really been building this company back up. we know the eu declared it a monopoly and it was sort of left for dead almost for a decade. stuart: i owned it. i owned it when it was dead. ashley: you're smiling now. stuart: it's at $135.
the numbers in four hours and seven minutes' time. i want to move to the minimum wage, the new minimum wage bill. it goes to the floor of the house today. they are going to vote on it. they are voting on $15 an hour. they are voting right now, i believe. i got a problem with this. look, it's going to pass in the house probably, fails in the senate. what are you doing legislating a minimum wage for all the states in the country? deirdre: as you said earlier, a business would have to pay somebody $15 an hour in a place where the cost of living is not the same as in a big city probably really hurts that business quite a lot. in new york it's less shocking, that kind of price, because everything here is expensive. ashley: but the ownership set the price of what that owner can afford. to your point, if you are a coffee shop in mississippi having to pay $15 an hour, that's probably going to put you out of business. stuart: very probably. ashley: that's where you get all the job losses. stuart: we told everyone rocco
dispirito who runs the standard grill here in new york city, he was going to be on the show to talk about this minimum wage but we got dreadful weather in new york city. it's raining cats and dogs. that's an english expression. sorry. it's raining heavily, shall we say. the traffic is really messed up and rocco couldn't make it. we have invited him back. he will be back again very soon. next case, cruise ships, some cruise lines are canceling stops in puerto rico because of the unrest there. can you tell me more? deirdre: this is pretty big. stuart: that's unrest. deirdre: yeah. there are many people, as you can see, out in the streets protesting the governor to step down and royal caribbean, this is the second ship the company has canceled because of the protests and the company put out a statement saying we have concern for the safety and wellbeing of our guests as well as our staff. basically, they just don't want to dock there. the ship is going to go to st. martin instead and then return to miami. stuart: that unrest was in the capital, san juan.
that's where the cruise ships get close to it and they take people to the old city. you don't want to go there. deirdre: you don't want the liability. stuart: all right. we have this story for you. more "varney" after this. ♪ my experience with usaa has been excellent. they really appreciate the military family and it really shows. with all that usaa offers why go with anybody else? we know their rates are good, we know that they're always going to take care of us. it was an instant savings and i should have changed a long time ago. it was funny because when we would call another insurance company, hey would say "oh we can't beat usaa" we're the webber family. we're the tenney's we're the hayles, and we're usaa members for life. ♪ get your usaa auto insurance quote today.
stuart: rocco dispirit could not make it because of horrible traffic. well-done, son. $15 an hour minimum wage, will vote out on it to make it nationwide. it is already 15 bucks in new york city. how much in new york city? >> $15 in new york city as of january. more than a million. less than 2 million overnight in increased labor costs. it's a big issue for new york city emproers.
at the same time, $15 an hour is close to poverty level. it's a real conundrum for everybody? >> have you had to cut staff? >> doing all kind of innovative things. i would not give away entire strategy, but we're being innovative with staff. stuart: you're not a fast-food operation. they have fon to technology. >> technology and scientific innovation is great way to replace man-hours. we want to keep employees happy. happy employees, happy guests. stuart: a million bucks. >> did i say million bucks? it might be more. definitely substantial. definitely substantial. stuart: all of sudden you get hit with that. there is family medical leave act? whole slew of benefits increase our costs. stuart: i'm glad you made it. >> i'm glad i made it. stuart: we'll have you back real
soon. go back and deal with the traffic again. >> cook some burgers. stuart: not fake meat either. by the way we're out of time. ashley, deirdre, great stuff. rocco, glad you made it. neil, it is yours. neil: thank you, stuart. stocks are sliding not only on mixed earnings front but fears we're not making any progress on the china trading frond. renewed threats right now to ban huawei for selling u.s. patents, directly, indirectly doing business with u.s. entities? getting nasty again. more cord-cutting. netflix saying streaming issues are just beginning. it is not just a matter of subscribers. it could be a matter of whole cord-cutting thing. speaker nancy pelosi set to meet with alexandria ocasio-cortez in the next hour. former speaker john boehner and congressman who cortez
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