tv Mornings With Maria Bartiromo FOX Business July 19, 2019 6:00am-9:00am EDT
maria: good morning, big show this morning, coming up mit professor of oh economics and obamacare architect is here to talk democrat medicare for all professes, international policy analyst richard here to talk iran, lots to talk about this morning, don't miss a moment of it. rally underway, joining the conversation fox business dierdre bolton and wall street journal editorial page editor james freeman and host of the secrets of wealthy women podcast verónica dagger. happy friday. we have a firmer tone this morning, stocks surging earlier in premarket also the highs right now, but still higher as markets continue in rate cut,
2-day meeting, july 30 or 31. >> 25 basis cut and this morning to you i keep thinking of microsoft, what a huge surprise that was the first time ever that cloud business just rocketed. but stock was left for dead, right, after the eu declared monopoly, it's not just a one-man show. maria: leadership has helped the company. >> yeah, for sure, i wonder why is it a 90% chance of -- maria: i agree with you. >> pretty good news out of philadelphia fed manufacturing survey. >> okay, to maria's point it is 90% chance. maria: let's go through, 51-year low in unemployment.
[laughter] >> interest rates in terms historically low. inflation pretty low, mortgages now 30-year fix under 4%. >> 2.1% magic number and first time in a decade, it's not crazy high either. maria: yeah, rick from blackrock on friday said we could actually see a 50-basis point, not just -- >> okay, wait a minute. i feel like spent more time, but it's a little -- i feel like 50 is what happens if we need something. what are left. maria: he made the case that the reason that the federal reserve has to cut rates is because the rest of the world is stimulating, the rest of the world is lowering rates, if you have the euro at such an advantage to the battle because of their stimulating, then the
federal reserve has to follow suit. >> such a bifurcation in how u.s. consumer feels, consumers we are seeing that in home mortgages, they are borrowing, they are using their credit card, businesses are still a bit more cautious about this environment. exactly. maria: good point. meanwhile u.s.-china trade negotiations taking step forward with lighthizer and steven mnuchin speaking by phone with chinese counterparts yesterday, we don't know what came out of the meeting, james, but i guess the idea that the talks are continuing is somewhat positive? >> yeah, i think there's a lot of pressure on china to cut a deal here, they're gathering -- chinese leadership gathering summer camp, all leaders in
communist party. plot strategy and i would think this is topic and recent reports on the chinese economy, you know, slowest growth since 1992. i think there's every reason here to cut a deal, but we have communist in charge there and who knows if xi jinping will want to come along. >> wow, the chinese are hoping to wait out this administration, they are hoping in 2020 somebody else will win and somebody easier to deal with. >> they have to be with deal with trump another 5 and a half years, i think you say maybe they will. maria: at this point it's very difficult for the president to accept any deal that does not include a promise to stop stealing intellectual property given the fact that the president, you know,
communicated this and secretary pompeo has communicated and much of the country understands there's national security risk. >> i'm sorry, tech companies, silicon valley, top priority for them, they may not be super vocal about it. this is top of their agenda for their conversations in washington. maria: i think u.s. corporate ceo's increasingly will start to understand that for the last couple of decades they've been so interested in selling to 1.4 billion people in china that they protect to -- forgot to protect their own products. >> if you're running a restaurant and you know a bartender steals 200 bucks a week, wow, that's the cost -- >> you only hire your family to work. [laughter] maria: when it becomes $10 billion like it has for microsoft. >> yeah, yeah. >> projected revenue as well from all the patents, i just don't see how china can
legitimately given their system either they are going to tell us they will stop stealing or keep stealing or not say anything. >> it would be good for them too, you have a lot of frustrated entrepreneurs in china who would like a rule of law to move in that direction, at minimum the chinese will have to come up, the government will have to come up for better argument on why they can't protect intellectual property, the last round of negotiations was it's too hard to move through legislature as if it's actual real -- there are people who say there is very much a thriving business community in china that's grateful for president trump because changes that they want to make so they can be business on world staged and not be perceived as thieves. >> chinese companies are moving out of china because of trade uncertainty and also probably some of the technology issues as well. maria: really good piece in forbes, actually, on jonathan ward who has been a guest on
this program a couple of times as well as sunday morning futures, he really lays out the china story, i highly recommend the piece, tensions in the persian golf escalating this morning, the u.s. navy shot unmanned iranian drone, ship took defensive measures and president trump commented on it, watch this. >> took defensive action against iranian drone which had closed into a very, very near distance, approximately 1,000 yards, ignoring multiple calls to stand down and was threatening the safety of the ship and the ship's crew, the drone was immediately destroyed. maria: meanwhile this morning iran denying anything even happened going so far the u.s. may have shot its own drones by
mistake, whatever you think about the story, james, definitely feels like the issues between iran and u.s. are escalating. >> could be, the reason there's something of a dispute, iranian official taking to twitter, we got drones back, wasn't actually shot down, what happens is the u.s. ship jams the communications between the iranian drone and home base without getting any guidance that it naturally crashes, i'm not sure that anyone actually saw it crash, that's why there's road for dispute here, basically what's happening is the president -- is not seeking ward here but he is maintaining pressure, maintaining the freedom of the seas for oil, obviously going through the strait of hormuz. maria: we watched oil prices and haven't seen massive escalation but provocations, it's like a
creek. boeing setting aside 747 boeing, the stock is up better than 2%, i don't know your read on this, is $5 billion less than what people expected, $5 billion. >> the price tag, that's a big one. i mean, there's no way to say it, boeing, you will have a long way back, i mean, yes, i have no idea. maria: stock is up better than 2% this morning, we are talking about spending, showdown going on, secretary steven mnuchin say white house and congress have agreed on spending levels, raising the country's borrowing limit for next 2 years, i spoke with senate majority leader mitch mcconnell and he commented on the budget battle, watch this. >> the agreement with liberal house of representatives getting a caps deal between the president and the speaker is the best option. it prevents chaos, multiple
potentials for shutdowns and defaults and all of this, so i'm hoping that the secretary of the treasury and the speaker and house majority in the house can come with an agreement that we can all lock arms and support because it will give us a chance to turn the government in an orderly fashion for the next year and a half. maria: well, sounds familiar, james, another continuing resolution here. >> once they agree on the top line, of course, debate how much for defense versus social programs and that's the big senate versus house argument here, but unfortunately i think taxpayer who is were hoping for spending, discipline in washington are probably going to have to -- maria: by the way, one news that came out of that mitch mcconnell interview yesterday that he broke links with president trump as it relates to nafta and, smca when i said to him over the weekend one senator told me, maria, there's absolutely no way in my view nancy pelosi brings
the, smca to the floor at all. the question is what becomes plan b, what is plan b, then we go thank prenafta, get rid of prenafta. mitch mcconnell said there's no way we can get rid of nafta, sharp hit for the economy. we will see what happened with usmca done, what confidence that we would get a deal? we will see, one major priority for the administration. coming up, 2020 vision, the stage is now set for the second democratic debate, the dangerous seat this -- heat this weekend, americans braising for blistering temperatures, coming up
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>> welcome back, president trump to nominate eugene scalia. cheryl: the name sounds familiar, respected not only as lawyer but lawyer with great experience working with labor and everyone else. the 55-year-old is the son of late supreme court justice antonin scalia. federal prosecutor negotiating a deal with jeffrey epstein. jeffrey epstein will not be leaving jail any time soon, new york federal judge has denied him bail, saying that no bail package can overcome the danger to the community that he poses, 66-year-old has been in custody since arrest back on july 6th on sex trafficking charges, he's
pleading, we should say not guilty. budweiser looking to selling units. selling unit would be backup plan after initial public office of korean and australian businesses. shares are rising in premarket up almost 4%. maria: thank you so much, scalia story, james, what are your thoughts, the president putting gene scalia? >> this is the nominees, the expert practicing today, served at the labor department previously, top lawyer and also taxpayers of scalia to thank, he was the lawyer who gave us one
fewer too big to fail institution, challenged the status and so we are all standing behind financial institution thanks to gene. maria: i forgot that he worked at labor department, that's a very natural fit. >> if you want absolutely bullet proof rule that's going withstand legal challenges and do well in dc circuit this is the guy you would want running the agency. >> what do you think he will tackle first? >> overtime rules and employer issues, basically lawyers trying to hold mcdonalds, for example, accountable for everything that employees of the franchisee do if they are not working for the corporation, that's been the big focus from people on the left, expand liability even for employees who don't actually work for a given employer and i
think looking at that and crafting that, smart, sensible rule that is immune from challenges will probably be a focus. maria: good stuff there, let's take a break, millions of americans will be inteating up this weekend, massive sweep lion king heading theaters as we get ready for another top gun coming up.
can't see what it is yet.re? what is that? that's a blazer? that's a chevy blazer? aww, this is dope. this thing is beautiful. i love the lights. oh man, it's got a mean face on it. it looks like a piece of candy. look at the interior. this is nice. this is my sexy mom car. i would feel like a cool dad. it's just really chic. i love this thing. it's gorgeous. i would pull up in this in a heartbeat. i want one of these. that is sharp. the all-new chevy blazer. speaks for itself. i don't know who they got to design this but give them a cookie and a star.
country this weekend, fox news senior meteorologist janice dean in fox weather center, janice, give us the news. janice: maria, it is going to be hot, they canceled the new york city triathlon. heat advisories for over 190 million people across the country, so this will be the warmest weekend for many this season, perhaps in many years because we can flirt with high-temperature records, look at what the heat index is going to feel like today, well over 100-degrees in dc, 106 in louisville, 107 in minneapolis, 101 in new orleans, we could flirt with record temperatures in dc today as well, that's going on ongoing not only today but through the weekend, 106 in new york city, that was a good idea that they canceled do new york city city triathlon.
for the next couple of days, i want to make sure everyone is taking precautions, light-weight clothing, plenty of water, don't leave your kids or your pets in vehicles, don't do it altogether especially when it's this hot outside, you want to check on the elderly because they are more susceptible to extreme heat and humidity, all all the factors, know where your cooling centers are, so the air-conditioning running all weekend will be a problem and could cause power outages, back to you. maria: all right, janice, great advice, janice dean, democratic showdown, former vice president joe biden and senator kamala harris going head to head on stage, second democratic debate coming up and earnings alert, microsoft, record fails, netflix
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and you can offer them the perfect products. that ceo gets it. from adding unique capabilities to your company's apps to bringing you loyalty programs, our financial and tech solutions are changing what's possible in all sorts of ways. so, how can we change what's possible for you? maria: welcome back, good friday morning, thank you so much for joining us, i'm maria bartiromo and it is friday july 19th, top stories before 6:30 a.m. on the east coast, driving global markets this morning, take a look, futures indicating a gain of better than 60 points in dow industrials, nasdaq is up 19, doveish comment from new york federal reserve john williams, investors pumped up and start buying stocks ahead of rate cuts. futures off of earlier highs,
nonetheless positive territory. dow, nasdaq and s&p finishing higher yesterday, fractional move on the dow 3 points but s&p was up 10 and nasdaq up 22, global market this is morning look like this, european indices are mixed with ftse 100 up 2 and cac quarante in negative territory but quarter point and asian markets, expectation drove markets higher there, nikkei average up 2% in japan, shanghai and china, 3 quarters a percent, hang seng and kospi each up better than 1%, 2020 democratic debate stage setup, former vice president joe biden and kamala harris will have rematch 30 and 31st of this month, preview this morning. the lion king ready to roar, the live-action movie heading theaters tonight topping $100 million in sales, plus this, tom cruise surprise friends with sneak peek of top
gun 2.0, a look at new trailer coming up. all the stories coming up this friday morning but first top story this half an hour, 2020 vision, cnn announcing lineup for second democratic debate coming july 30th, first night front runners bernie sanders, elizabeth warren, pete buttigieg, the second night biden, harris and bill de blasio, among others joining us right now attorney general and republican strategist, former senior adviser and democratic strategist, obama campaign adviser robin byro. let's talk expectations for the upcoming debates, what are you expecting, what will be be watching for, another rematch, kamala, biden or something else? >> definitely something else. the democratic party seems to insist to remake the american dream and they continue to put forward policies that fail, they have a real opportunity here to beat president trump if they focus on policies that the average american are interested in and they aren't learning the
lessons of 1972 when nixon ran, he focused on 3 things, the democratic party seem today insist to fail to learn the lessons. maria: robin, hard to argue with that given the fact the hatred of president trump and really haven't seen much policy getting done. >> except for elizabeth warren, she -- look, she's a policy wonk and given so much policy that it's hard to actually keep up with and what i'm looking forward with that is she's taking the stage the night with bernie sanders and peeled away at his base, i'm expecting fireworks there on the first night, the second night of course with biden-kamala matchup, even mayor pete has great foreign policy position, so we are getting there. maria: what's his policy position?
>> look, he put 100 -- a dream team of 100 foreign policy experts together and whole speech on foreign policy. maria: what's the policy? [laughter] >> it's too much, maria, to keep up with. maria: okay, go ahead, james. >> i wanted to mention elizabeth warren and bernie sanders on stage center, elizabeth warren grabbing the bernie sanders vote successfully, you mentioned fireworks, but i'm wonder if her strategy will be to say she's just like bernie, yes i agree, medicare for all, no private insurance, her interest is not really to differentiate right now, is it? >> exactly, i don't think that she will take up the position, i'm expecting because bernie has been lagging in the polls, he's been losing support, he may come from her, he's been adopting many of her policies and
tweaking them for his own, i think that we will see basically from attacks from him. >> i think they are still focusing on one the most important foreign policy that the democratic party insists on, fundamental lack of understanding as to what is going on in the right now, they seem to think that president obama it was okay to enter in 2015 nuclear deal, carried over $40 million in cash and drive iranian government with $1.3 billion to not enrich ewe ran -- uranium and that's part of of pete's plan and the individuals watching cnn debate july 30 and 31st, understand that there's a selective morality in democratic party where they get to pick winners and losers on 15-dollar minimum
wage. but what about the person who makes $16 an hour now, will they also have incremental increase of $7, the democratic party will tell you on july 30th and 31st that what is important to them is that we take and make sure from these hard-working americans who do one, two, three jobs that they need to pay aggregate tax rate of 40% to do medicare for all, bribe iranian government not to enrich uranium and make sure illegal immigrants have health care before they do. the working force does not have health care. where is the plan for that? >> the minimum wage battle has come to the front row here, the house passed a bill to raise the federal minimum wage yesterday to $15 an hour, the legislation doubles of 7.25 an hour, yesterday i spoke with senate majority leader mitch mcconnell
about the plan and here is what he said. this can set the tone for 2020, give us your stamp on this? >> according to congressional budget office between 1 and 3 million jobs lost, we don't need to lose jobs. we don't have enough jobs now. more people looking for work than jobs available. at a time of economic boom, we will not be doing that in the senate. maria: employee salaries at the campaign do not match wage proposals that the senator is promising voters, robin, what do you say about that, you have bernie sanders' workers basically saying, you know what i'm out of here because he's proposing $15 and we don't even get $15. >> exactly. you probably heard me chuckling at that.
look, it's hard to argue with that which is why elizabeth warren is the creme of the crop campaigns that because she's paying more than anyone else for campaign salaries, so bernie needs to step it up. i couldn't afford -- [laughter] >> the pay was just too low. >> i think the minimum wage is going to die in the senate, right, probably not going to go through but that said, what's the biggest risk, right now i feel like the trump administration should be talking about the economy, right, and just stay on that message, is that how you see the talking points forward going? >> i absolutely agree, senator mcconnell pointed out the congressional budget office report and while 1.3 million americans might potentially get out of the working level we will also lose 1.3 million jobs, we will diminish the gross domestic product by 0.8%, there's a larger conversation of the democratic and robin not aware of.
we have lost it over nafta and conceding it over to china, lost it by allowing malaysia to take the manufacturing jobs from the united states, you can implement a 15-dollar minimum wage but as we have seen in seattle where in 2013 they raised the minimum wage to $15, they lost 3.8 million productive hours of work. so you have a choice, you can either mandate $15, lose jobs to méxico, china and our competitors and then borrow money back at higher interest rate or you can increase competition and through competition increase wage. maria: minimum wage jobs are often jobs of what, students, young people, so, i mean, i know it's a generalization but, you know -- >> entry level. maria: entry level. >> you want people to get that experience. so the experience is more valuable than the 15-dollar an hour, you would think.
great conversation, sarah great to see you, robin, appreciate it. cheryl casone on headlines with that, cheryl. cheryl: stock to watch, maria, the stock sup about 3% in the premarket, the company blew passed earning expectations, 37 per share, 16 cents better than forecast, much coming from strong sales. meanwhile the last 24 hours netflix losing after disappointing subscriber growth, first single day drop for netflix, we are seeing small sign of life in premarket, well, we were, it was done -- down. there's also the story that we were watching, cofounder adam has reportedly cashed out more
than $700 million from the company ahead of ipo which is interesting, newman sold stake and he borrowed against holdings, investing money in real estate and start-ups, current ownership and had not been disclosed. and police were called after 99-cent sneaker promotion between arizona and adidas triggered chaos, pop-up store, exclusive kicks, two teenagers were assaulted, organizers were forced to shut the entire event down, all over sneakers, maria, go figure. >> listen, i think people online , something like 70 people
in front of stores. maria: quick break, the language police, why one california city is changing the city code, coming up. the lion king bringing sales, the world ready to sell top gun round 2. your daily dashboard from fidelity. a visual snapshot of your investments. key portfolio events. all in one place. because when it's decision time... you need decision tech. only from fidelity.
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maria: welcome back, headlines across america this morning, import tariffs, steel maker 80 to 100, imported metals, pennsylvania steel plan has furloughed dozens of workers, mlk relied and scrambling to find countries not affected by the tariff, water flows again in ft. lauderdale, learned water supply is in trouble, the mayor announced that the no water crisis continually and openfully been everted, a boil water in effect, thankfully residents can flush their toilets. replace certain language with
neutral terms, personal pronounces, she, her, him will switch to they and them, firemen and wirewoman will become firefighter. mornings with maria this week, take a look at top moments. >> right about the squad turning into a socialist country. it's a lot broader, speaker, presidential candidate, green new deal, takes away your job, medicare for all which would take away private health insurance, in order to pay for that, maria, they have to go after top 10% taxpayers in america because that's where 70% to have revenue for the federal government comes from so they would slow the economy down.
maria: what do you think about the squad? >> what they are talking about is nonsense. i'm going to give them credit that they want to make life better for people, that's the motivation. >> the four women represent bullying, so, i mean, we have a situation that's relatively out of control. we have a president who i think will do better if he was more restrained, i think we have congressmen who are not showing respect to office of the presidency. i think we have a dysfunctional situation. maria: what is your expectation on the contempt issue? >> well, this is just more political theater. it doesn't have any substantive basis. the census was intend today ask the question are you a citizen or are you not. maria: right. >> never asked about legal status. >> process for coming into our country it is legal and that's going to port of entry, for
those who chose to come illegally they are likely to end up in overcrowded facilities, one solution to basically continue to highlight this and to show that this is not the way to come into the country. >> law enforcement operations have to be taken on case-by-case basis, if no other reason officer safety. it's really, i think, people are misconstruing that and -- and let's remember just how far we've fallen, ice just doing their job, so many loyal confident ice officers just doing their job has suddenly become news and this is what they do every day. >> congress recognized to stop the rhetoric, stop attacking the men and women of ice for doing statutory responsible mission, they are enforcing the laws have
congress has enacted. so congress doesn't like the current laws, they need to change it. >> said in the senate hearing that it's helping chinese military indirectly. they are fine helping chinese military? >> yeah, i think they are working with chinese university -- >> google operating ai laboratory in beijing to attract and we know the way the chinese government operates, every single employee is working for being vetted by chinese intelligence, google is trying to reassure us we don't work with chinese military, that's nonsense. it's going to go through employees to chinese and be used by the chinese military. ful. i love the lights.
oh man, it's got a mean face on it. it looks like a piece of candy. look at the interior. this is nice. this is my sexy mom car. i would feel like a cool dad. it's just really chic. i love this thing. it's gorgeous. i would pull up in this in a heartbeat. i want one of these. that is sharp. the all-new chevy blazer. speaks for itself. i don't know who they got to design this but give them a cookie and a star. 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, wait, let me guess... flea flicker. yes! how'd you know? studying my playbook? yeah, actually.
>> you must take your place and the circle of life. maria: that was the clip from the lion king, much-anticipated remake of classic debut, michael tamaro. >> hello, maria. maria: lion king. >> most anticipated movie of the year, critics are not liking this movie, that said it's probably the biggest box office to date this summer, predicting 150 to $180 million, down 10% to date so far from last year.
i saw it last night, i liked it, very different from the first. when you go see it, sort of go with fresh eye. maria: what do you mean colder? >> it's cold, part has to be with cgi and all the technology. maria: that's what dierdre said earlier. [laughter] maria: cartoon animation -- >> yeah, yeah. maria: maybe that's the issue. >> more of a kid's movies or parents? >> i think little bit of both. i had forgot how dark the original was. there was scary moments. >> okay. >> keep in mind. maria: do you think the box office gets a boost because it'll be so hot, the heat wave. >> definitely.
trying to figure out what to do with it and take me to see lion king again, hollywood really needs it. the last 5 weekends have failed to top the previous weekend from last year so part of that is franchise fatigue but much-needed boost from mother nature. maria: the hot does send you to theaters. long awaited sequel to tom cruise classic debut yesterday, let's take a look. >> setting toward extinction. >> not today. maria: he's back. >> i still get chills, biggest enemy is drone. val kimmer returns to this, tom cruise, he does deliver and took
him 34 years and we wanted to deliver and judging by the trailer it looks like they've done that, june 2020. closed workly with the -- worked closely with the navy. [laughter] >> the internet was weirded out by it, though. they said it was creepy by the use of cgi, iconic music lives on, let's take a look. ♪ ♪ maria: wow. >> big props to dropping this on the weekend that lion king opens in terms of marketing.
maria: was that by design? >> probably, has to be. cgi, they put everything after the fact. this is sort of the result, a lot of stars are just seeing it for the first time. it's bizarre. it's the music, i'm taken by perspective, the size of everything else, sort of interesting, i keep getting drawn into that. [laughter] >> i feel like i would have nightmares. [laughter] >> okay. >> 100%. >> taylor swift. >> that's good. >> jennifer hudson is singing title songs, i don't know, the musical that everyone loves to hate. maria: good stuff, michael, thanks so much, have a great
weekend, still ahead the entrepreneurial spirit makes bank-selling what appears to be beer, but there's a catch next mornings with maria, stay right here (vo) the hamsters, run hopelessly in their cage. content on their endless quest, to nowhere. but perhaps this year, a more exhilarating endeavor awaits. defy the laws of human nature,at the summer of audi sales event. get exceptional offers now.
maria: welcome back. good friday morning, everybody. thanks so much for joining us. i'm maria bartiromo. it is friday, july 19th. your top stories right now, 7:0. rate cuts continue to drive markets. this morning we're looking at a higher opening for the broader averages after doveish comments from john wills jams. the dow industrials up 31 points, nasdaq up 9 and a quarter. after the comments resonated with investors, the new york fed walked some of that back. futures are off of earlier highs this morning. the dow, the nasdaq and s&p edged higher yesterday, was a fractional move but it was positive across the board. global markets are more mixed. european indices are lower with the fq100 down 15, cac in paris down 8, the dax is higher by 1 point.
in asia overnight expectations of a rate cut drove markets there as well. the best performer was japan, up 2%. growing tensions with iran, president trump announcing a u.s. war ship destroyed an iranian drone in the strait of hormuz when it came too close to the ship. iran is denying it happened. oil prices are up on the news, up 1 and a third percent. healthcare in america, ilhan omar is pushing hard for medicare for all. coming up, the actor detective of obamacare is here. the return of toys r us, the store relunching in time for -- relaunching in time for the holiday season. find out where the stores are reopening. it is coming back in a couple cities. chevy gives the corvette a big makeover. take a look at the car's newest features and how much it will set you back if you want one. all those stories coming up this friday morning. joining me to break it down,
deirdre bolton, james freeman and wall street journal wealth management reporter, veronica dagger. >> it's fascinating to r hear what's going to happen with iran. how hot does this situation get and what's the iranian's end game here? i'm not clear on that. maria: well, we'll see. >> we'll watch oil prices, at least markets today, right, that's the big tick tok tock on that. >> one would be to stabilize their currency, their economy. this is close to the worst inflationary currency in the world. they have a strong incentive from the u.s. to stop funding terrorists, stop the missile and nuclear program. maria: doesn't look like they have any incentive to do that, even though the u.s. is ready to help in terms of stabilizing their economy. this could be one of the richest
countries in the world, given the oil they have, yet they squander their money on terrorists. >> there's big upside here. some signs lately that maybe they do want a deal. we'll see. it's like a lot of the foreign policy challenges where the president takes an unconventional approach. it's to be determined with iran, with china, with north korea. it should be an interesting year. maria: top story this hour, the heated healthcare debate. ilhan omar the latest lawmaker to support medicare for all. she touted the plan at town hall meeting last night. watch. >> one in four americans cannot afford or access healthcare they need, because of the prohibitive costs. this is unacceptable. it is a moral imperative that we fix it and medicare for all will do that. maria maria: joining me right now in
a first on fox interview is professor of economics, the architect of obamacare and a former treasury department dep sigdeputy assistant secretary, jonathan gruber. your reaction to what you just heard from omar, it's of prohibitive for most people in terms of the cost of healthcare. >> health insurance is really expensive for many americans and unaffordable for many americans and it's a problem we need to so. we need to solve it in a way that recognizes that we can't allow insurance companies to discriminate against the sick. that's the fundamental goal that most americans agree on. it sometimes goes by the name pre-existing conditions. the bottom line is, the main accomplishment of the affordable care act was banning insurance market discrimination against the sick. we need to maintain that, while expanding affordability. maria: many markets saw prices and premiums go up after obamacare was in place by double
digits. >> in the first three years after obamacare, before president trump was elected, premiums went up on average 7% a year. they went up zero the first two years, then 22% the third year. maria: in some markets, you look at arizona, it was up 25% or something. you're giving me an average. there are some states that saw prohibitive, very expensive premium increases. >> absolutely. any price varies, maria. the key thing to focus on is the average. the average was that the cost growth was much slower, half of what it was before. president trump unfortunately and the republicans by doing things like taking away the individual mandate and creating uncertainty, insurance premiums went up a lot. maria: you can't blame the trump administration for premiums going up. they went up under obamacare. under obama's plan they went up. >> president trump was elected. they went up 7% per year on average.
there's two truths in the world, maria, healthcare costs go up -- maria: they were continuing with obamacare and the premiums went up. i don't want to argue about what obamacare was. i want to ask about medicare for all. what do you think about omar's answer? she says the only way this is going to get cured is medicare for all. >> i don't agree with that answer. i think that what is absolutely true is that the private market alone is not serving the interest of many americans and we need more expanded government involvement. that can take many forms. one form would be to build on what the affordable care act accomplished as joe biden recently suggested, by making premiums more affordable, by offering a public option to individuals, not a mandate, not forces people to go into government insurance but offering public options, like towns have public parks. if you can't afford a backyard, you have a public park to go to. the same should be true for
health insurance medicare for all, you're doing away with the entire private insurance industry. 180 million people get insurance from the private sector. doing away with that is creating medicare for nobody. >> well, basically that's not true. you are creating medicare for all. i completely agree with your main point, maria -- maria: you're not creating medicare for all. it will do away with people's private insurance, 180 million people. >> it will put them in medicare. i agree with your main point. i think it's very difficult, you look at the opposition under obamacare, the fact that a very small number of people had to give up really crappy health insurance and they got very upset. you take that analogy, ask 180 million people to give up good health insurance, they're not going to be happy about it. i think we need to separate two points here. one point is that we need more
government involvement to ensure that the health insurance, the broken health insurance market provides care for everyone. that doesn't mean medicare for all, necessarily. but it does mean more steps forward. maria: i take issue with the whole idea of having a federal program doing healthcare for everybody. i mean, why would i want some barr cratbureaucrat making decin my healthcare, if i'm able to get that mri test, if i'm able to get the medicines i want, maybe it's too expensive a according to the government. that's the whole issue, having the government own that piece of my life. >> well, maria, the government would not own that piece of your life if you didn't want that. people on medicare, the government owns that piece of their life. they seem pretty happy with it. that's why medicare for all has caught on. i don't support that for everyone. i think if you and i want a different health insurance plan, that makes different choices than medicare, we should have
that option. you and i can afford that option. the people in florida and texas who are below the poverty line and the governors have committed medicamalpractice of denying heh insurance, they don't have that option. it's either take the government plan or be uninsured. maria: can you have a program where you keep the private industry in place, 180 million people continue to get their healthcare the way they want to get it, for others you can do some kind of program for those without messing with the large group of people who are getting their healthcare from private? >> as we know, any time you do a massive public change, there will be some impact on the private market. but it will be minor. so if you look at obamacare, that was a huge change and yet employer sponsored insurance continued to grow. some people did have to change their plans. we'll admit that. it was a very, very small number. to answer your question, maria, for the vast majority of people
and overall if you put in a new public option they could keep what they like. i think it's a mistake to promise that literally no one will be affected but that's not the relevant question. the relevant question is if you can provide new health insurance for 30 million poor americans and a very small number of those with health insurance, for example, have to change the kind of plan they have, i think that's a price worth paying. maria: this all sounds like day have view tdayhavedejavu. maria: watch this. >> anyone who has their employer based health insurance they like, they can keep it. >> if you've got health insurance, you like your doctor, you like your plan, you can keep your doctor, you can keep your plan. maria: yeah, right. we know how that ended up, jonathan. democratic hopeful, california senator kamala harris spoke out assuring voters they can keep their doctor under her plan. this is your first television
interview reacting to the democrats' healthcare plan. what's your reaction. >> my reaction is the statements they're making is for the vast majority of people this will not affect you. for the vast majority of people, their lives were not touched, by the law. did that mean health insurance didn't change? no. i remember going to the white house after obamacare was passed and his advisors said we own the healthcare market now and even the changes, people will blame us for. that's what happened. most people's health insurance changed. it wasn't because of obamacare. it was because health insurance changes. maria: it was because of obamacare. it was way too expensive. what it did to businesses, it's worth noting, it increased the business' cost and then they were facing these higher expenses so they pulled back on money he'll where. so for -- elsewhere. for small businesses in particular, they complained up and down the street about how expensive obamacare was,
jonathan. >> it may have -- you may have heard complaints. maria: a lot. >> we had this conversation before. i urge you to look at the data. maria: i looked at the data. >> since obamacare was passed, the premiums employers pay for health insurance have grown at the slowest rate in measured history. that's what the data shows. that doesn't mean some employers didn't pay more. before obamacare some employers paid more. in the 10 years before obamacare, in the 10 years before, 10% of americans lost their employer sponsored health insurance. was that obamacare's fault? no. things change. costs go up. there's two truths in america. healthcare costs go up and baseball games take too long. health insurance costs were going up before and after obamacare. they went up slower after obamacare than they did before. maria: we'll leave it there, jonathan. thanks so much. >> thank you so much for having me. maria: good to see you, sir. thank you. coming up, jeffrey is coming back, toys r us returning for
the holidays. the new locations, up next. and then american muscle, chevy's new corvette, it's sleek, fast and affordable. we'll take it for a ride. stay with us. ♪ all my life, i've been waiting, i've been waiting for someone like you, yeah. ♪ all my life, i've been, i've been waiting for -- to the ford hurry up and save sales event. for the first time ever get 20% estimated savings on select ford models, plus earn complimentary maintenance through fordpass rewards. it all adds up. don't you love math? so get here asap because tasty deals and summer go fast. get in or lose out on 20% estimated savings on select ford models, plus earn complimentary maintenance through fordpass rewards.
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maria: welcome back. senators agree to vote on the 9/11 victim compensation fund. cheryl casone with headlines now. cheryl: the senate reached a deal to vote on the house passed 9/11 victim compensation fund bill next tuesday. the bill would ensure that the fund never runs out of money. senate majority leader mitch mcconnell discussed the issue in an interview with you yesterday. >> we're going to pass the 9/11 emergency bill. we always deal with this tragedy and we will do that and we will do it shortly. cheryl: lawmakers clashed over a republican senator's proposal,
mike lee wants an amendment that would cap the budget allocating funds to first responders who survived the attack. democrats say the proposal would not pass. well, the toys couldn't stay away. toys r us making a comeback with plans to open two new stores by november. one's going to be in houston, texas, the other in paramus, new jersey. the goal is 10 stores in the u.s. by the end of next year. jeffrey expected to make appearances. toys r us went out of business last year after filing for bankruptcy protection. jeffrey's back. then there is this. a utah boy pretty popular after his roadside business debut. there he is. this is 11-year-old seth. he set up a shop with a white sign, as you can see, it says ice cold beer. police were called to check on him. upon closer inspection they saw a clever marketing strategy. basically it says root beer,
maria, but he wrote it in tiny little font. maria: that is funny. cheryl: he got a lot of business and a visit from the police. [ laughter ] maria: that is really funny. cheryl: it's pretty good, though. cheryl.maria: a very enterprisg young man. cheryl: future entrepreneur. maria: what do you think of that? >> i wish i would have thought of that. great idea. >> i'm concerned about the consumer protection issue. [ laughter ] >> i don't see the root part of it -- >> false advertising. >> i pull over, i'm going to be disappointed. >> you're going to pull over? maria: you want honesty, as we all do. quick break and then mideast tensions hitting the price of oil this morning. crude is reacting after the u.s. shoots down an iranian drone. that story coming up. and one man's death defying deg
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maria: welcome back. iranian tensions affecting oil prices, the revolutionary guard confirmed the capture of a foreign oil tanker in the strait of hormuz, before president trump announced the u.s. military took out an iranian drone. the price of oil up 1.5% at $56.09. joining us right now is the former president of shell oil, john hofmeister. how do you view the most recent provocations from iran and their impact on oil? >> i think what we're looking at is international piracy and as
we know from somalia, there's very little penalty for piracy and so i think if we had 10 or 12 captured super tankers lined up in an iranian port it would be dramatic. one or two, every once in a while, i think it's just playing havoc with the region and just keeping the water stirred. the big cutoff point, though, maria, as i see it, is if physical harm comes to whether it's iranian revolutionary guard or whether it's sailors on the ships or whether it's american sailors, if physical harm comes to the region, then i think you'll see a gigantic spike in the price. >> just to elaborate on we've got all these fuel stockpiles and investors are focused on that. what is going to change their mind about that? when we see blips in the market, different reports out of the strait, that doesn't really seem to have any long-term effect on
investors' viewpoints. >> it really doesn't, because we do have the good fortune of having a lot of storage all over the world. so i'm speaking about the day-to-day trading factors which are very psychologically driven and i think if there's physical harm, the psychology of that will spike the price significantly. that doesn't mean it stays high once the emotion goes away and once people realize that we do have in stock a significant amount of reserve capacity. >> john, james freeman here. i guess trying to get -- a break down in the price here, how much is psychology and how much is supply and demand. building on veronica's question, we think about this u.s. energy revolution. i thought that's why you hadn't seen a price spike. but you're saying the big one is coming, if there is more of a military confrontation. >> yes, i think -- that's not to say it would last for weeks or
months but you would see instead of a one and-a-half percent spike, you might see a 5% spike because of the dramatic effect of it. the good news is that we have a lot of energy in storage and that's likely to continue. >> does u.s. production mean that long-term while this is a rule of law issue of concern, this isn't really a supply concern. >> not unless the straits are essentially closed. if the straits of hormuz become the issue, rather than just the capturing of a ship, the straits of hormuz i think something like 25% of our daily oil production goes through the straits. that could send the price skyrocketing like we haven't seen in a very long time. and i don't think the iranians want to cut off their nose to spite their face which they would do in the straits of hormuz were shut down or
inaccessible. and of course the u.s. navy is there as well as the british navy and the idea is to provide some security of passage to the ships going through the straits. and it would be i think a very bad thing for the world and the global economy if those straits were somehow closed. maria: john, it's great to have you on the program this morning. thanks so much. >> thank you. maria: coming you, major changes in the dominican republic to tell you about. the vacation destination taking new steps in the wake of tourism deaths that have been reported. and the trump administration agreeing on some spending. where they're divided, next up. ♪ say what you mean. ♪ tell me i'm right. ♪ give me a sign. ♪ i want to believe. ♪ -driverless cars... -all ground personnel... ...or trips to mars. $4.95.
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maria: welcome back. good friday morning, everybody. thanks so much for joining us. i'm maria bartiromo, it is friday, july 19th. your store rise rightop stories. futures indicate a higher opening this morning with dow futures up 64 points, s&p up 3 and nasdaq up 16 and-a-half. st. louis federal reserve president telling the wall street journal he would support rates rising by a quarter point at the fed meeting later this month but nothing larger than that. the fed meeting is july 30 and 31. the dow, nasdaq and s&p finished the day in the green yesterday. it was fractional moves higher across the board. european indices were lower but have now since turned positive. fq100 up about a point, as is the cac, the dax index up 5 points. in say shark asia, markets werer across the board, best performer was japan. congress and president trump moving toward a budget deal as the clock ticks away. what's at stake, coming up.
new safety measures in the dominican republic, find out what is being done to bring back tourists following a string of illnesses and deaths. a daring escape. this dramatic video of a man's climb out of a building that was burning. pretty incredible. chevy gives the corvette a big makeover. we take a look at the sleek car's newest features and how much it will send you back if you buy one. breaking news, american express out with second quarter earnings, lauren simonetti with the numbers as the numbers hit the tape right now. lauren: dow component, american express reporting better than expected earnings, adjusted epps, $2.07 a share, the estimate was for $2. $2.04. revenue came in at $10.84 billion, the estimate for $10.82 billion. the issues for american express siis retail sales, slowing in te second quarter versus the first quarter. that is certainly something, if
the consumer pulls back or the global economy slows down or slows down more than it has, how does this impact the american express customer, the card holder. the stock is trading at $127 in the premarket. that is down 1.1%. maria: they're also reaffirming 2019 outlook and yet we're looking at the stock under pressure nonetheless. lauren, thank you. we'll keep watching that. lauren simonetti. our top story this half hour, government spending, a deal comes together between president trump and congress, raising the government's borrowing limit for two years. negotiators are working out how to offset those costs. mitch mcconnell spoke with me yesterday, saying that he hoped this agreement would happen and happen soon. >> well, look, of the unpleasant alternatives we have in reaching an agreement with a liberal house of representatives, getting a deal between the president and the speaker is the best option. it prevents chaos, multiple potentials for shutdowns and defaults and all the rest. so i'm hoping that the secretary of the treasury and the speaker
representing the president and the democratic majority in the house can come together on an agreement that we can all lock arms and support because it will give us a chance to run the government in an orderly fashion for the next year and-a-half. maria: joining me right now is the president of the american action forum, former mccain campaign advisor, former cbo director, doug holtz aiken. thank you for being here. here we are, looking at a continuing resolution. your reaction to this as we face down, what, trillion dollar deficits. >> well, i think the important thing at the moment for markets and the economy is the debt limit. they tied the budget deal to the debt limit. anything that tiptoes up to the catastrophe that would be a default is dangerous for the u.s. and has to be avoided. so i think leader mcconnell got the stakes exactly right yesterday. i'm pleased about the happy talk about a topline agreement on spending and two years raising
the dent. hillarydebt limit.now they're tt limits. time is short. they need to get a deal on offsetting the spending they're going to do and they have to get the president to sign off of this. so far, we've heard surrogates. until the president says yeah, this deal's okay, there's no guarantee. maria: but why is it that every time we're faced with this deadline it's the same thing, as if it's new information that we have to wait and take it to the end in order to actually have an agreement on spending. these are the many same issues that we deal with every and over again. >> i can't disagree. how many times have i sat in this chair, you've been at the other end of this discussion, and they don't come to terms with the fundamental issues and the fundamental issues are that spending is growing very, very rapidly and will continue to do so over the next decade, raising the debt to something like 100% of gdp.
that's unacceptable so they don't get ahead of the curve and deal with the fundamental spending problem, they instead end up patching it for a couple years, raising the debt limit and having to fight again. it's not really an effective solution. >> doug, james freeman here. given that we are headed toward that 100% of gdp debt level, this can't continue, this makes me miss the sequester. how about bringing back that 2011 idea that, you know, yes, we accept some restraint on defense spending in order to get limits on social spending but as you suggest, u.s. really can't remain a super power if we're heavily indebted with a declining economy, can we? >> no. i think you've got that exactly right. what's at stake right now is in fact a sequester. if congress does nothing on the budget front we will get the very last of the 2011 budget control act sequesters.
it will cut 130 odd billion dollars out of the fed's nondefense combine. the problem with that, is, am, this is a hit to an economy that has head winds already. more importantly, it's the wrong part of the budget. our problem is not defense spending however much waste you want to find in it. our problem is that 70% of the budget that is outside the sequester and is in the mandatory spending programs, the social security, medicares, medicaid, affordable care act, farm subsidies, that should be on the table. >> doug, it's deirdre. if you could say here's the one thing we could solve, let's just say in the next 60 days, what would it be? >> for me, it would be social security reform. and here's why. the current plan, the law of the land that allows the actuaries to certify social security as solvent is to cut benefits across the board 25%, 15 years from now which is a horrific way to run a pension program.
it's a disgrace, quite frankly. so why don't we take a program that is very simple in structure, it's money in, money out, put it on a sustainable basis, let people plan for retirement and stop bleeding so much red ink. >> everybody says that's the third rail in american politics, right? >> well, i think the real problem here honestly is that for eight years president obama told the american people there's nothing wrong with the federal budget that can't be fixed by taxing rich people. president trump has been essentially silent. there's no problem with the federal budget. most americans don't know there is a problem. there is a very big problem that threatens our very ability to project our values around the globe. someone needs to start talking about that in a serious vacation. >> doug, it's veronica. what tradeoffs do you think the republicans are going to have to make to get this budget deal done? >> well, they're going to give up more on nondefense discretionary spending than they'd like. this should be fully offset.
every dollar of additional discretionary spending should be offset by a dollar cut in mandatory spending somewhere so total spending doesn't go up as a result of a deal. i doubt they'll get that. how much of that offset they'll get is the place i see as a potential sticking point. you can't sell this to conservatives if there's no offsets or minimal offsets and that's why time is short and there isn't a deal yet. there's a lot of happy talk. the hard work i finding the offsets. maria: do you think if president trump gets reelected for a second term that he will deal with social security? >> i don't know if he'll deal with social security but he will have to deal with the larger budget problems somehow. the numbers are overwhelming. we're at trillion dollars and we'll have trillion dollars deficits as far as the eye can see. that's not a revenue shortfall. that's a spending growth. social security growing at 8% a year. medicare, 7.5. medicaid, little over 7. there's no way that an economy and revenue are going to grow that rapidly. have you to deal with the core spending issue.
those things have been off the table so far. maria: why do you think the markets don't seem to care about this? when you recognize that rates are going to go up, well, actually they're going to go down, we're going to get a rate cut next week. maybe that's why. but the interest on the debt is as frightening as the overall debt. >> i think if you look at the tail risks, it's a big problem. because the single biggest source of potential financial instability is in the u.s. budget. interest costs are enormous. if interest rates go up, it would be a lot of instability. markets are pretty calm about it because markets are global and in the global glue factory we're a pretty good looking horse. maria: great to see you always. thanks so much. >> thank you. maria: coming up, protecting tourists, changes in the dominican republic focused on keeping visitors safe in the wake of several visitor deaths. and one man scales a business saving himself from a fire.
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plus no payments for up to 90 days. only at your lincoln dealer. -keith used to be great to road-trip with. but since he bought his house... are you going 45? -uh, yes. 55 is a suggestion. -...it's kind of like driving with his dad. -what a sign, huh? terry, can you take a selfie of me? -take a selfie of you? -yeah. can you make it look like i'm holding it? -he did show us how to bundle home and auto at progressive.com and save a bunch of money. -oh, a plaque. "he later navigated northward, leaving... progressive can't protect you from becoming your parents. but we can protect your home and auto when you bundle with us. maria: welcome back. the deaths of several american tourists prompted the dominican republic to make changes when it
comes to safety. sure surcheryl: the company wip an emergency center, staffed with specialists who connect tourists and their families with the government there or home government if there's a problem. the country's hotels will be required to ensure that all food and drinks are safe and they're going to have to provide information to the government on all of their suppliers for food and drink. now, these new measures do coincide we should say with a visit by former president bill clinton to the island. there's a picture from twitter for you. all right. well about 3,000 federal inmates are being released today as part of a sweeping criminal justice overhaul. president trump signed the measure known as the first step act into law last year. it reduces mandatory minimum sentences in certain cases. then there's this. talk about being cool under pressure. a man climbed down 15 stories to escape a high rise fire in
philadelphia in just bouts three minutes. this happened last night. the fire was sparked in a trash chute on the first floor, sending smoke up to the higher floors. the man was not hurt. i learned last night i'm not cool under pressure. i got trapped in an elevator in my own building. i freaked out. i won't win any awards for keeping my cool in a scary situation. maria: wow. it's surprising he's the only one who decided to come out and scale -- where is everybody else? cheryl: i'm assuming it's -- some people when these fires happen, they freeze and stay in their apartments and have to be rescued by firefighters. most people are too afraid to do something like this. maria: that's incredible. he's okay and he did it. cheryl: he's okay. i don't think the fire department would recommend anybody do that. maria: of course. by the way, why did bill clinton go to the dominican republic? i don't get that. >> yeah, i'm not sure that's
exactly the solution. maybe -- maria: taking selfies after all these people die. >> i guesses trying to support their local government who say that the deaths have been coincidental of americans. maria: i'm not buying it. i'm not buying it. something is obviously amiss with those people going in their mini bar an drinking whatever they drank and then dying. >> also, tourism is such a huge part of their economy, i would just assume that officials are somewhat pressured to at least have a public face that says these are coincidental while they're looking into hopefully what's going on. maria: so bill clinton goes to the dominican republic. let's take a look at markets. we're looking at a firmer tone. dow industrials at the high of the morning, up 76, nasdaq up 18 and-a-half. we're in the middle of second quarter earnings reporting season. it will be another big week for earnings next week. so far, it looks better than the lowered expectations.
>> exactly. so far that's what's been shaping up which is great. we heard from lauren, axp, dow component, beating earnings estimates, confirming the full year. next 1 10 dow components reportg next week. expectations were pretty low. this isn't the best quarter that anybody's seen but they are better than expected. we'll take it. maria: we'll take a short break. when we come back, a faster breed of american muscle, chevy rolls out the corvette that goes from 0 to 60 in less than three seconds. what it will cost you, next up. stay with us. ♪ oh, yeah. ♪ kick start my heart, never stop. ♪ oh, yeah, baby. ♪ oh, -- that's a blazer? that's a chevy blazer? aww, this is dope. this thing is beautiful. i love the lights. oh man, it's got a mean face on it. it looks like a piece of candy. look at the interior. this is nice. this is my sexy mom car.
i would feel like a cool dad. it's just really chic. i love this thing. it's gorgeous. i would pull up in this in a heartbeat. i want one of these. that is sharp. the all-new chevy blazer. speaks for itself. i don't know who they got to design this but give them a cookie and a star. 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, wait, let me guess... flea flicker. yes! how'd you know? studying my playbook? yeah, actually.
♪ write me up a 125. ♪ post my face, wanted dead or alive. ♪ take my license, all that jive. ♪ i can't drive 55. maria: a classic gets a radical redesign. the new 2020 chevy corvette is unveiled with sleek new lines and mid-engine design and a price starting at under $60,000. chevy looks to take the all-american sports car to the next level. joining us right now is the car coach, lauren fix. thanks for being here. what's your reaction to the new corvette? is that going to resonate. >> oh, it's going to resonate. you'll have polarization, you'll have those enthusiasts who say it's got to be front engine, those be manual transmission, has to look like the corvette. this is the 89t eighth generatif the corvette. when it came out in september of '54 it looks a lot different than it does today.
then they had the stingray. the father of the corvette wanted it to be mid-engine in the '50s. it would have totally been a different corvette. now we're getting the mid-engine corvette finally. we're very excited. maria: the engine in the middle of the car, what does that do in terms of the drive? >> it makes it handle so much better. you can control the power. i race cars so it's different for me. when the driver is in the center, you get a better balance of power and performance. when you drive in a corner on a track, on a street, you have better control of the vehicle. it's going to stick better. you can do more with it. it makes it more competitive to the other super cars that are out there. maria: cool. >> so this is a -- i can think of a lot of people who are going to be attracted to this car. they're not necessarily looking for the most fuel efficient vehicle. [ laughter ] >> they are looking for fun and performance and that -- it's funny, because a lot of reporting on cars, the consumer
doesn't seem to be mentioned so much. >> you know, it's very interesting when it comes to cars. every single auto show i say this. it's very polarizing. you have the green cars out there and the complete other end it's performance. fiat chrysler is coming out with demons and hell cats and ford is coming out with gt-500s. gm has the corvette. you find this interesting polarization between i want to be green and fuel efficient to who cares, this is my car, my fun, like owning a porsche. i need to having to live life, you know. >> what do you think about tesla's cars? to my surprise, actually, for the first six months of this year they having like 63% of the electric vehicle market. >> well, they also hit the market stronger and harder and he has a huge popularity on social media. some of the people that follow him may not follow him in the future.
he sort of set the pace for the electric car market. he's shown what can be done and opens up the usage of his technology and literally every brand making from performance to fuel efficient suvs that are electric, you could say he's the father of the electric car. in 1960 in -- baker had an electric car. they were trying different forms of propulsion. they didn't last. there were pressures from people in oil and gas that wanted that version to go. >> he seems to be more conceptual. to meet manufacturing deadlines seems trickier. >> he's not great at manufacturing. he should get experts in there and become the figurehead of the brand. he's a my cre micro manager ando be involved in every as peg. now he needs to make profit. if you're not making profit, you shouldn't be in business. maria: what about that. electric vehicles are basically sold by a lot of automakers now
but they've got the federal tax credit shrinking and tesla delivered a record 95,200 cars in the second quarter, partly because people wanted to buy before that tax credit shrank on january 1, the tax credit was cut in half. on july 1st it was cut by another 50%. it goes away by the end of the year. lauren, can automakers sell these cars and are they resonating? tax credit or not, i don't know -- is it resonating with consumers? >> i hear the doubt in your voice, maria. and i agree with you. maria: it's been a long time. it's been a long time we've been talking about electric vehicles and yet it doesn't matter where the price of oil is, i see people still buying big. suvs. >> part of it is a green thing. i want to be green. they want to be environmentally friendly. it's a personal choice. if you look at the bulk of vehicles, what's selling, pickup trucks, suvs and crossovers. less than 2% of the vehicles
sold today are electric vehicles. those that are sold, they're not making a profit. talk to any manufacturer. tesla is taking a huge loss in every vehicle that's sold. you can't take a loss and make it up in volume. every brand that sells an electric vehicle is not making it because they're making profit which is why we're in business, they make them because the federal government or the government of the country they're working with is demanding it because they think it's a smarter choice. i think 10 years down the road we'll be talking to each other and saying are we crazy, all these batteries, there's no way to recycle them. what have we done to the environment because cradle to grave on these vehicles is a bigger negative impact than a combustion engine. maria: we'll leave it there. thank you so much. lauren fix. still a ahead, tensions in the persian gulf reaching a new high, the u.s. downs an iranian drone. the latest from the white house next hour right here, "mornings with maria." stay with us. ♪ we'll all be here forever.
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maria: welcome back. good friday morning thanks for joining us i am maria bartiromo. friday, july 19 top stories right now 58 a.m. on east coast u.s. destroyed iranian drone tehran this morning is denying that it even happened oil prize are up on news up 1.3% this morning on crude oil, we've got very latest, rate cut hopes driving global markets this morning, dow futures at high of the morning up 76 points nasdaq up 16. john williams getting investors excited saying it is wrert to containing preventative approach rather than wait for disaster basically, encouraging a 50 basis point cut rather than 25, later after the speech, tried to walk that comments back saying williams wasn't necessarily talking future
policy actions on july 31, all that nonetheless sent markets up this after the dow, nasdaq skp subpoena all edged higher yesterday take a look at yesterday close dow up 3 s&p up he ten nasdaq up 22 global markets mixed ft 100 in london positive up 6 cac quarante also higher, 4 1/2 the dax in germany up 11 we've had back-and-forth in european markets but now, he this are higher by a dpraks fraction. >> asia overnight nikkei average up 2% rate cut optimism drove markets on the heels of john williams speech a heat wave warning millions of americans are facing dangerous temperatures this weekend, we've got forecast and advice for you, then cryptocurrency debate facebook proposed currency facing fire from lawmakers across the globe "the wall street journal" reporting could it help people, we've got news and new o op-ed on cryptics crypto from the journal.
>> home sales to foreign buyers on line decline, the surprising pros and cons of a garage at your house, stories coming up friday morning joining me to break it down fox business network deirdre bolton "the wall street journal" assistant editorial page editor james freeman, "the wall street journal" reporting host of podcast veronica great to see everybody. >> a teaser on real estate having a garage. >> yes, new yorkers obsessed with real estate referred to that conversation highlighted futures ming microsoft from yesterday giving a boost to tech and american express not only exceeding expectations confirming rest of the year green on screen. >> you said 10 dow components reporting next week. >> huge, huge right in the middle of earnings. >> another big week in terms of earnings brrlt than lowered expectations, love the analysts looking for a negative showing from s&p 500
exactly for second quarter but most companies have been executing pretty well, even netflix we know obviously, took a big dive yesterday but earnings outperformed contenders about costs going forward. >> guidance real important james people wants to know if they are predicting a slowdown second half of the year. >> that is right we've seen, limited corporate investment recently, a lot of ceos concerned about trade global growth but happy consumers veronica mentioned retail sales, types of -- measurements showing people are spending. >> so far the manufacturing side of this economy has shown weakness and slowdown, so july 30, 31 two important days not only do you have two-day fed meeting we are expecting a fed cut, you have purchasing manager indices a sense of where manufacturing is before the fed meeting mario draghi july 25 next week, so a lot of talk about rates that is going
to be the conversation driving markets, for the near-term as well as earnings. >> we have seen the conversations that different fed numbers about okay do we cut because everybody else is cutting? or do we hold steady because economy looks pretty good? i have to say i am wary about that race to the bottom mentality, as far as rates go but seems like -- might be joining in. >> if you cut too much firepower what do you have when you need it some people would argue we don't need it right now. maria: exactly, when you look at europe, there, out of firepower talking negative rates negative rates, rick from blackrock told me one mechanism buying equities in europe he is buying european equities this could ecb will start buying european equities his call? germany bond market you are paying for right to loan money. >> good guess but crazy european monetary policy is
going to get crazier you have a politician going to be running the european central bank, not a traditional economist, not that they've been applying any kind of traditional economic sense to this point. but the idea that we want a model our monetary policy, after this bizarre experiment never before in human history charging people for the privilege of loaning you money, hst says it can't last. maria: you are absolutely right about the -- the change in ecb, i agree with you. christine lagarde becoming the president of the ecb is huge news just understanding where her where her priorities are, so that is going to be. >> she has respect right of that peer group mario draghi didn't but i think coming in to james' point new lease. >> but a politician not the an economist. >> an important point. >> yeah. >> that you will coming up top study this hour tensions in
persian gulf escalated iran denying u.s. nay downed a drone in strait of hormuz pentagon claims defensive measure. >> full fledged denial from iran claim u.s. did nots shoot down one of their drones yesterday in strait of hormuz take a look at tweet from irn deputy foreign minister says we have not lost any drone in strait hormuz nor anywhere else i am worried uss boxer shot down their own uaf by mistake however this was statement yesterday, from the pentagon half announcement made spokesperson said a fixed wing unmanned aerial uaf approached and closed with an threatening range the ship took did heffensive action against uaf to sure safety of the ship and crew u.s. officials tell fox iranian drone was shot did you know by
an he electtronic jamming defies deployed for the first time in january xheerp in chief at the white house announced the takedown. >> this is the latest of many proactive hostile actions by iran against vessels operating, in international waters. the united states, reserves the right to defend our personnel our fasts our interests calls upon all nations to condemn iran's attempts to disrupt freedom of navigation and global commerce. >> maria last month iran shot down unmanned u.s. drone before announcement yesterday president trump resilientiterat disdain for nuclear deal and said of iran i am in no rush. >> maria. maria: blake we will watch blake burman at white house joining us right now florida congressman member of the
house judiciary oversight reform veterans affairs committee greg steube thanks for joining us. >> good morning. >> so reaction to the prove indications out offiran what u.s. needs to do to respond. >> i think, i know, we should absolutely not allow iran to get any type of nuclear capabilities so any defense that i think we need to make sure we defend our assets there, in the illustrates, ain the straits the president is doing made a very strong commitment to doing that. >> james freeman here iranians i believe passed two thresholds essentially of violating commitments on nuclear enrichment, fuel do you get a sense they may actually want to turn back from this path they may be seeking a deal now? or do you -- do you think we are just headed toward more and more tension as the president applies pressure with sanctions? >> well, i applaud the
president for applying those sanctions i think i that is what he needs to do, i think that is getting them to the table the president made very clear he doesn't want war with iran also doesn't want to do anything to allow them to get a nuclear capabilities or nuclear weapons so i hopefully, we can all get to the table have negotiations, as relates to that i think the president made it very clear what his position is, and i support his position, and ensuring in a iran doesn't get nuclear capabilities we defend our assets in the region allow for the free flow of markets, and free flow of vessels in the strait of hormuz. maria: congressman let me ask you about trade about usmca the pressures on congress to find way to pass trade deal legislation with mexico and canada, yesterday, i spoke with majority leader mitch mcconnell in senate and he talked about it, listen to this fox business exclusive, stay with us here. >> are you expecting usmca to come to the floor any time nancy pelosi seems to be sitting on it they don't want
president trump to have a victory, obviously, but this is an important piece of legislation. >> most democrats are not good on trade issues they don't seem to understand how trade benefits the american economy. and so you see that reflected in the difficulty the speaker is having in making a decision, to take it up. i am hoping she will. i am hoping she will do it sometime soon. i am hoping we get enough democrats to pass it because we can't pass it -- republicans only, in the house ensure going to have the stay stay with nafta i guess if it doesn't come to the floor president says there is a plan b, pre-nafta would hit the economy. >> no, i think, no i don't think we ought to walk away from nafta we weh if we can't get this done we ought to get this done. maria: interesting to see the senator mcconnell break from president trump in terms of plan b, on usmca, congressman are you going to vote for us u.s.? >> i absolutely support
passage of usmca i have cattle in district the hill supportive getting this done president wants this deal done only thing holding the deal up is nancy pelosi and democrats in the house i hope she will hear from number of members in our caucus to bring that to the floor i believe if brought up to floor of the house it will pats pass. maria: that is what oefrp is saying if brought to the floor will pass is she going to bring to do it the floor kau characterize for us what is going on on the other side of the aisle in the house with fighting between nancy pelosi and aoc, and seemingly ini ability to to do anything that will help the president get the ball across the line? >> well, that is because all their focused on is investigations. and next week mueller last week was we brought up homeland security secretary that is focus in the house right now nancy pelosi even said she has six committees investigated the president if investigating the president they are not moving the country forward in addressing important issues of our
nation, like usmca, like the crisis at our border all issues that americans want is to demography instead they rather spend our time investigating the president. maria: right that is what is happening, you got robert mueller testifying next wednesday as if going to say anything else we know collusion was a complete lie what delay what are you expecting out of mueller testimony on wednesday? >> well till about delay was based on the fact trying to still negotiating the terms of him coming and speaking and for how long when committees going to get to hear him i don't know what robert mueller can tell us that he hasn't already told us in 4400 something-page report i am curious to see weigh is willing to answer, under oath that is not going to be outside of his report, democrats just want to keep this narrative going, investigating the president, investigating the president, instead of focusing on what our nation needs us to focus on right now. >> before you go let me ask you robert mueller took over
jim comey was fired april of 2017 i believe. april 17 robert mueller started investigation april 17 he finished and he left -- like as you know, earlier this year so in 19. when do you think he. >> you there was no collusion? >> well that is a great question, that i hope that somebody answers or asks him tomorrow, because if he knew early on that there wasn't any evidence to support the fact the trump campaign colluded with russia fisa court used the phony dossier to spy on trump campaign why didn't he stop the investigation at that point cop concluded there frs evidence to support trump campaign colluded or conspired. >> is there a case to be made he sat on it we can have question up in air around midterm election. >> a great question i can't
help but think there wasn't politics behind this. >> thank you so much. >> coming up scorching heat wave on the way dangerous threatening millions of americans all weekend what you need to know next the advantages of a glamorous garage experts say can give home a major boost in value we will tell you all about it. stay with us. ♪ ♪ -driverless cars... -all ground personnel... ...or trips to mars. $4.95. delivery drones or the latest phones. $4.95. no matter what you trade, at fidelity it's just $4.95 per online u.s. equity trade. most people think a button is just a button. ♪ that a speaker is just a speaker. ♪
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maria: welcome back president is tweeting this morning here is what he just said it is amazing how the fake news media became crazyed over chant send her back by a packed arena a record crowd in the great state of north carolina but is totally calm accepting of the most vial guessing statements made by three cad radical left
congresswomanstream i can'ted officialsl or unofficial a part of the left radical wing of the democratic party covered a tiny staged crowd as they greeted foul mouthed omar in minnesota state i will win in 2020 they can't stand her hatred on country they appreciate all that i've done for them opening mining much more, led to the best employment and economic year in minnesota's long beautiful history writes the president, president talking 2020 welcome back talk being about a hot dangerous temperature kroovg the country this weekend fox news senior meteorologist janice dean live in the weather center. >> we are going to flirt with records new york city triathlon scanseled series dealing with temperatures, well exceeding 100 greece --
degrees with heat feeling over 100 degrees he 180 million people under some heat advisory this weekend, you can see the forecast, heat index for friday, into saturday, where we get into northeast feeling 106, 107 all towards northern new englands serious situation we want to making sure everyone is taking care of elderly pets kids staying indoors try not to be outdoors a great len of time know where cooling stations are we could have oujtages, heat advisories for millions of folks we will see break in the heat as we get into sunday and monday, for now, the big story will be the hot temperatures i know july we expect this kind of heat but humidity the oppressive heat i am concerned about into this weekend back to you. maria: important concern, janice thank you janice dean, escalating tensions with tehran president trump confirming u.s. war ship
can't see what it is yet.re? what is that? that's a blazer? that's a chevy blazer? aww, this is dope. this thing is beautiful. i love the lights. oh man, it's got a mean face on it. it looks like a piece of candy. look at the interior. this is nice. this is my sexy mom car. i would feel like a cool dad. it's just really chic. i love this thing. it's gorgeous. i would pull up in this in a heartbeat. i want one of these. that is sharp. the all-new chevy blazer. speaks for itself. i don't know who they got to design this but give them a cookie and a star.
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or reschedule an appointment, even on nights and weekends. today's xfinity service. simple. easy. awesome. i'd rather not. maria: welcome back real estate sales u.s. foemz to foreign buyers a record nose-dive two years by trade sanctions with china strong dollar slowing growth joining us right now dolly cofounder, and dolly real estate managing
director thanks for joining us i was wondering in terms of real estate markets a long time was you russian spying big money, apartments condos then china, has that gone away? >> china certainly has gone away china is down 56%, amazing. >> from last year globally down 36%, we are seeing more u.s. buyers more hedge fund bolstered by -- tax crazy in june as a result. >> it is terrific a buying opportunity for nonchinese buyer so we are seeing people coming out having lunch with someone wants to put together a package, of condos, to rent out hold for the future. because the chinese are out. >> chinese buyers less precise sensitive their goal to take money out of china. so it is good for, you know. >> has everybody who wanted to buy from china already bought is there something else going
on. >> i don't think everybody wanting to apply already baht but they are having difficulty markets are not great i guess no excess money to bring out. >> practice pressure they may get in united states. >> our new llc policies disclosure dpaekting people to have you disclose hows behind llc affecting miami the post all that kind of -- >> funny money? >> going into condos. >> there were a lot of wealthy chinese giving their kids a few million dollars right and then would go invest in it real estate and especially in miami i remember reading that the visas -- all kind of linked. >> building right now as a result of eb5 other principals that feel like you are going to china town every person in the elevator is chinese. >> developers probably happy.
>> well they were. >> kateer to do chinese -- fung sua.i. now look at what am i doing let me shift. >> i think a lot of people nationwide if watching some democratic debates they hear our beloved mayor de blasio expressing extreme positions makes people wonder why new york real estate market is not destroyed by this guy i would say law and order in general maintained i guess a question, lower level creeping in is that something blooifrz ask about? do they ask is new york going to say safe? >> they do ask about it, it is asked about frequently when they read murder rates published i think calm down. >> historically very low. >> that is reassuring.
>> yes. >> people understand that three-quarters offall inmates are going to be released from rikers island come january i don't know if people realize maybe should be told that three-quarters offall inmates er going to be released by january i am told by my source, at manhattan d.a. office. >> that is a disaster. >> quick before i want to get ask you about garage this is we have been teasing talking about this, do you see prices coming down second half of the year on high end in real estate given the fact that there is all this talk about a -- about an economic slowdown. >> not because of economic slowdown specifically but we do see prices coming down there is downward pressure, buyers, supply and demand. >> garage can be selling point, you can also actually pay up for it tell us about the garage what your what your experiencing is it willing you about having a garage. >> so in new york city specifically right now not many garages, doesn't drive, a
lot of my friends don't the lists not a big thing we have sold-million-dollar garages downtown but rest of the country garage -- one garage space, that is much worse than two, and so forth, so something that people ask for. >> not marketable outside new york you cannot market property without a garage. >> where will you put that new corvette? >> we love that. >> because i guess the driving culture, as you said earlier driving in california. >> exactly. >> you see freeway pictures posted all the time, so love your garage if you have it -- it will help you push price -- >> keep it clean. >> right people tend to neglect garage not good for would-be buyers they i think other problems exist, let me check this out, you would be surprised you have to keep that clean and neat. >> interesting.
>> thank you so much. >> thank you. >> great to see you both dolly, jenne joining is, tehran tensions despite iran denial president trump confirming. s warship destroyed iranian drone in strait of hormuz. >> rush arbitered boucher, will join me. >> g7 sounding alarm on crypto serious risk treasury secretary mnuchin warns of its threat to national security the krpt crypto rise was flat this morning it is down actually right now on bitcoin, stay with us. ♪ ♪ ♪ i switched to liberty mutual, because they let me customize my insurance. and as a fitness junkie, i customize everything, like my bike, and my calves. liberty mutual customizes your car insurance, so you only pay for what you need.
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east growing tensions with iran u.s. destroying iranian drone, tehran however this morning is denying that it will even happened, oil prices are off, off highest of the morning now up three-quarters of a percent 5571 on sweet crude, rate cuts driving markets this morning, as you see dow futures up 87, nasdaq up 22 new york federal reserve president williams getting investors excited at a speech yesterday. saying that its better to take a preventative approach rather than wait for disaster advocating for a 50 basis points cut when fed meets july 30-3 after speech new york fed tried to walk back comments saying williams was not talking about future policy actions not july 30, 31 global markets reacted gains across the board, european indices higher across the board as well now, ft 100 up 15 cac
quarante up 15 dax in germany up 25. >> in asia overnight, expectations of a rate account drove markets there as well japan up 2% on nikkei average high cost of the 737 max problem, boeing is public sector aside about 5 million dollars to compensate airlines impacted by still ground jets ahead of earnings next week from boeing up almost 2% on boeing a dow component, by the way, profits in the cloudy microsoft beat on earning, stock 27 and three-quarters percent this morning microsoft near trillion dollars in market value. the cryptocurrency debate goes on, facebook proposed currency facing fire from lawmaker across the globe now "the wall street journal" says it could actually help people, interesting op-ed in journal this morning, all those stories this friday morning first our top story this half an hour, and that is conflict in fact gulf president trump confirming u.s. downed iranian drone in strait of harm u.s.
after it got within 1,000 yards of a uask destroyer. >> boxer took defensive action against an iranian drone, whether had closed into a very, very near distance approximately 1,000 yards. ignoring multiple calls to stand down, and was threatening the safety of the ship and the ship's crew. the drone was immediately destroyed. >> iran is denying the incident even happened this morning iran foreign minister tweeted out the this, we have not lost any drone in the strait of harm u.s. nor anywhere else i am worried that uss boxer had shot down their own uaf by mistake, rights the ambassador joining us right now former u.s. ambassador to cyprus foreign international economic policy naflt r richard your reaction in
terms of what took place broadly speaking in terms of provocations by iran first of all, we have no doubt pentagon president said drone came too close to american ship got shot down, this is part of going on with tanks drones in the gulf and that is sort of both sides testing limits of the other, trying to figure out what they can get away with, and in this case the iranians way not dealing with any consequences pretended it never happened i think it is kind of a cat-and-mouse game tit-for-tat situation but neither side looking for con floik can yale get out of hand rairp economy weakened quite a bit in face of the u.s. pushback, and the pullout of the iran deal i mean does this get worse as the that as the economy worsens spurring iranians to continue
provocations, to some extent suffering drop in oil exports 80% or so down to half a billion -- half a million barrels a day so that is that is still a significant amount they have got to get out. the possibility of conflict in the region means they have to taying bigger discount for people coming in to pull oil out it is an economic problem but i don't think they make up for that too much, by having the -- you know military provocations, iranian population looking for a better economic life and not for another conflict. >> let me turn to u.s.-china trade the trade impasse continuing more than 50 countries announced plans they are kg moving manufacturing out of china apple google nintendo dell h-p nikkei asian review your reaction we understand there was another
phone call yesterday between mnuchin and counterpart in china but feels like things are stalled richard. >> it does feels things are stalled i think the deal is is there can be done any day they are ready, what the problem is sort of figuring out who is going to win who is going to lose this you they choreograph the steps the process of companies moving the end point of value chain out of china has been under way anyway because of rising wages tighter labor markets in china. this movement to vietnam to bangladesh under way tariffs on final point china accelerated that you see that movement you see other big changes being accelerated, china's attempt to move up value chain develop its own technology, been accelerated by the tariffs, so in the meantime, longer this stalls the more those changes are going to accelerate. >> you also got the u.s.,
selling on he -- to taiwan you've got hong kong two million people in streets last week i had jimmy la.i. on chinese dissident was exacerbated to make u.s. use moral authority not to allow china top undermine hong kong reaction to that you will. >> i was consul general in hong kong i know the place pretty well, and what is happening in hong kong is every time you the local government, or the chinese in beijing start pushing on hong kong young people get fears for future life what makes hong kong special is integrity of hong kong the integrity of the rules the regulations, of the markets of the freedoms, of hong kong every time this there is is pressure on that the young people who life in hong kong they don't being a wees start thinking what does
that mean for me and future they start actually pushes more to the independence. really, people do have to stand up for hong kong i think, you know call the leader of the g20 should be saying when they see xi jinping hong kong matters hong kong matters for its own sake, it matters for foreign business it matters for chinese businesses who go there en masse to set up -- >> interesting i was thinking about hong kong other day, when i had jimmy lai on i thought of hong kong as international hub for global business i don't see it that way is that just me has the perpetration perception changed as fight as china becomes even more hard line with dictator for life? >> it is still is that kind of hub for global business but it is more and more a hub for global this business and out of china where they get law,
reliable some global or recently headquarters kind of business, not as much in hong kong, some of that moved to singapore. >> interesting to look at the young people and their reactions to that extradition bill thanks so much. >> great to be with you. >> coming up bitcoin backlash g7 sound about arm on crypto serious risk treasury secretary mnuchin warns of its threat to national security. >> anheuser-busch dropping plans for major ipo stock jumping on the news up 5% back in a minute with that. ♪ ♪
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from with economically bad to great in five years governor of the state did a good job that may be true but she could not have done it would you tremendous economic success of country turnaround my administration caused rally nasty to me in average iq column, kissed my -- uh -- a. . on call phony what he is thinks of tom friedman prolonged grounding of boeing 737 max jet hitting bottom line gerri willis on the floor a market seems ready to open higher. >> amazing, amazing what is going on talk employ boeing first setting as you have been saying 5 billion dollars a second quarter charge to earnings higher on this because investors have been asking how are they going to account for this what is going to be the total cost, when future costs to make 737 max jets estimated at additional 1.7 billion that is not good news there.
meanwhile, microsoft, this is an incredible story this morning, redman does it again what dan niles said double beat cloud revenue up 39% the category of spending for cloudy is only to grow 18% year-over-year, eating somebody's lunch raymond james credit suisse raising today, so australian unit to japan asahi 11.3 billion dollars up a possible reboot of ipo for asian business yanksed last week jcpenney hiring advisers to explore debt restructuring options to apply time for money use retail to for the turnaround at 94 cents a share you wonder can it stay listed on new york stock exchange. >> gerri willis president
trump tweeting again this morning on federal reserve, just wrote this, because of the faulty profits we are going for at federal reserve we pay higher interest rates than countries no match for us economically our interest costs much higher than other countries when they should be lower, correct basically saying the fed should cut interest rates now is i highly expected at next meeting, july 30, 31, we take a break bitcoin backlash the g7 sounding alarm on crypto as serious risk as treasury secretary mnuchin warns of threat to national security we are breaking it down when we come back. ♪ ♪ every day, oh rock 'n' roll ♪ is is my forte. obviously, for auto insurance, we've got the wheel route.
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maria: welcome back crypto concerns issues from g7 group of largest economies warning about quote/unquote serious risks posed by cryptocurrency including facebook's libra steven mnuchin talked about it earlier in the week. >> the treasury department has expressed very serious concerns that libra could be misused by money you landerers terrorists financiers,cryptocurrency such as bitcoin, have been exploited to sport billions of dollars illicit activity cybercrime tax evasion extortion ransom waer illicit drugs many players attempted to use cryptocurrency to fund maligned behavior this is indeed a national security issue. maria: joining me right now, joining us right now ceo of
ripple, good takeoff on the show thanks for being here. >> thanks good morning. >> first let's explain providing one frictionless experience to send money globally using blockchain you've got a growing global network reaction to what you heard from steven mnuchin in terms of of the threat cryptocurrencies represent? >> i actually very much agree with the secretary, i agree with the president tweeted last week on these points, it is critical as we think about new technologies really like any new technology, that they are thinking about regulatory framework i think some in cryptocurrency world have taken approach how do we circumvent government, regulation i think clear we should not paint with one broad brush my new technology can be abused what ripple is doing enabling banks we partner with largest banks in the world to help more yeeflz move monday around on crossborder base i very much
debris with secretary and president on these points what we need to be clear about for u.s. regulatory policy is that this isn't one big broad brush everything is the same because then i think we rish stifling innovation in the united states. >> do you not consider rippale crypto indemnify. >> ripple is a blockchain company digit asset -- >> occurrenthe journal editoria borrowed with op-ed talking about cryptocurrency in article titled cryptocurrency to the rescue wieth facebook system needs to be flushed out potential weak necessariees explored could provide low income americans with cheap banking alternative, pressure on banks to lower fees will regulators allow it james
freeman explain. >> i am wondering brad i understand you partner with the banks, but for consumers who may be missed some free checking deals they used to get aren't some cryptocurrencys a way to allow easier cheaper financial services than getting from banks, of course, a lot of people aren't using banks partly because of costs. >> yeah look, i don't think in my lifetime banks are going away what we focused on how do we make banks more efficient more competitive what we have seen happen in the united states some ways is actually, around the are regulatory framework for crypto seen u.s. government do things favoring chinese controlled technologies like bitcoin ether at expense u.s. paying hundreds of millions in u.s. taxes employing u.s. citizens we can solve problems using technologies much same way earliest days of the internet 25 years ago u.s. government created a framework allowed
companies to invest build on top of technologies i think should look at blockchain crypto where very much the same way. maria: we leave it there thanks to much love to you come back a longer conversation we are very interested in digit currency thank you brad. >> thank you. >> final thoughts when this you a star panel with we come right back. ♪ most people think a button is just a button. ♪ that a speaker is just a speaker. ♪ or - that the journey can't be the destination.
maria: all right. final thoughts from this all-star panel. >> real estate prices cheaper in florida makes me want to move to miami. maria: and the tax situation. >> yeah. remain stuck in new jersey. the debates at the end of the month, joe biden has got to deliver. these polls have been slipping. we will see if he's going to remain a contender. maria: this is going to be the test, this upcoming debate.
>> i'm watching earnings. microsoft reaction today, probably going to be a rock star day for the stock. then the ten dow components next week, american express as we have been talking about. second quarter, not the best earnings quarter ever, but better than a lot of analysts expected. maria: thanks, everybody. have a great weekend. "varney & company" begins now. ashley webster in for stuart. ashley: i am ashley webster. stu is off today. he will be back on monday. here is the big story. microsoft, going to be the stock of the day. it will be up big after reporting strong profits. its cloud business as we have been following led the company to record sales in the last three months. maybe that's why stu's off. we'll have to see. the stock will help lead the dow higher, that's for sure, when the market opens in just under 30 minutes from now. dow futures as you can see, up triple digits, 108 points. the s&p and nasdaq also moving higher. modestly so. quarter to a third of a percent. president trump going after the fed once again. this tweet just coming in and