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tv   Varney Company  FOX Business  July 22, 2019 9:00am-12:00pm EDT

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focus on the economy, health care and immigration and really make your decisions based on that because it's so easy to get lost with what's going on here. dagen: thank you and the markets , focus on the markets, mr. varney it's all yours. stuart: whatever you say. good morning. you caught me by surprise. dagen: i gave you two extra seconds. let me say good morning to everyone. stuart: this will be a good week for your money with the biggest names in business telling us how much profit they will make and how much they expect to make in the future, all of that is me and potatoes for stocks. profits are up over 80% above last year keeping stock prices closest to record level in this week all eyes are on tech. tessier-- tesla reports wednesday, amazon google thursday, the twitter friday and i think we are starting out this monday morning with the market moving higher. there's a report in
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leading hong kong newspaper that american trade negotiators will fight to basing-- beijing for talks later this week took the dow jones about 200 points away from all-time high, up about 50 at the open. s&p below 3000, but the nasdaq nice gain about a half a percentage point up for the nasdaq composite. chuck schumer went to the border and said this is heart wrenching. this has to end it now. he didn't offer a solution. president trump once a border crisis meeting with him. mike pompeo's tells fox the mexican government has made a commitment to getting numbers down but aoc says we need a 911 style commission to get rid of the department of homeland security. iran seized a british oil tanker in the golf, america restrained no retaliation. the price is around $56 a barrel and if it wasn't for american production price would
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have spiked to $100 or more. hong kong, real violence. fights on the subway as men thought to be attached to beijing attack protesters and members of the media. beijing government says the protesters are threatening its authority. iran, the border, hong kong, here comes the robert mueller testimony in stocks are still close to record highs. varney on company is about to begin. ♪ >> usa. usa. usa. stuart: i think we could be justified in calling him the wedding crasher in chief. president trump unexpectedly dropped into that wedding and his golf club in new
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jersey or tell me about what happened. >> locale pleased the bride and groom were. they were getting married in bedminster over the weekend and sec president trump wearing a dark suit without a tie putting his arms around the two as he just popped into the ceremony. this couple was actually engaged in bedminster in 2017 so maybe if you are a repeat customer you make it the president to make an appearance. stuart: at the kind of drop in a lot of weddings could use. since that a minority chuck schumer toward a detention center friday calling the conditions there inhumane to president trump tweeted that he wants to set up a meeting with senator schumer as soon as possible. there is the tweak your joining us now charles hearst. charles, anything will come of this proposed offloading? >> i hope so, i mean, i think it's a great step in the right direction that chuck schumer went
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to the border. remember, it was earlier this year that the president shut down the government over this very issue or i guess last year shut down the government over this very issue and you had all of washington led by chuck schumer declaring that is a manufactured crisis-- crisis with no problem. the fact that you have chuck schumer coming to the table admitting he was completely 100% wrong about that and going to the border to see the conditions that donald trump and all of the decent americans want to see in and put to, i think that's a step at least in the right direction. now, whether they come up with goofball ideas for doing something about it or whether they will come up with commonsense ideas remains to be seen. stuart: speaking up goofball ideas: not that i wish to be-- here's your daily dose of aoc calling for a 911 style
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commission to investigate the immigration policies of the administration. it's a rather long soundbite, the child, it's worth it took rolled tape. >> we cannot allow this administration to define immigration policies for the united states, but is it something i think we'll have to take a 911 style commission? they were charged with investigating and making sure they dug up every new contract cranny of what happens and how it happened in our system and i think that kind of study is what's going to be required in order to reunify children with their parents. when people say when you want to talk about dismantling dhs or abolishing i.c.e., these are such radical agendas first of all, i think that reorganizing and getting rid of dhs is not as radical as george bush's implementation creation of dhs in the first place. stuart: charles, i'm trying to
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act as interpreter. open borders, what say you? >> absolutely. this would be hilarious except it's the same woman whose calling the situation at the border concentration camps and basically comparing our i.c.e. agents to the people that ran concentration camps. it's appalling. all of her credibility has gone out the window, but of course she talks about the president setting immigration policy to what is she talking about? congress that immigration policy. donald trump is trying to enforce the laws that congress put on the books. that's where our immigration policy comes from and democrats have had plenty of opportunities to change all of those policies if they wanted to. they have not done it. about policies remain. we have a border. we are supposed to enforce the border and if you're in the country illegally you are supposed to be sent home. those are the facts and the only thing about the children so-called
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family separation thing comes up because you have this horrible situation where you have people coming taking children we don't know whose children they are and they are getting into the country and getting-- they think they will get preferential treatment. is a terrible situation. stuart: i thought at the one stage was it winning democratic issue and i no longer think it's a winning democratic issue. i think it's a flat out loser for them. >> because even mainstream democrats don't buy into open borders. stuart: charles, thanks for joining us. let's get back to your money with a look at futures heading into the open. up about 50 for the dow jones, nice gain for the nasdaq. please remember profits earnings as they say on wall street are up 8.4% among the s&p 500 companies, up 84-- 8.4% from last year. rebecca joins us on this monday morning. are we on the way to new highs, do you think,
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from here? always on this program, are you still? >> i think we have some runway left for this market and i think we will have a great week of news. netflix is that without wires and now think we will have good news. stuart: we have a raft of earnings coming up on deck for this week with the biggest names in tech among us with tesla coming up, facebook, amazon, google, coming up later this week. or do you think these profits from the tech companies will be strong enough and good enough and looking forward into the future strong enough to lead the whole market higher as they have been leading the market for the past couple years? >> you know, it's a bit of a mixed bag because you can see what everyone is doing is setting expectations a bit lower for the balance of the year because of trade tensions and gold slowing global, so i don't know their outlooks for the rest of the year will be that strong, but i think
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everything was lowered after first-quarter so i think we have a great growth over a percent year-over-year and so i do think we will see greater numbers this quarter, but i think it will be hampered a bit with lower expectations for the balance of the year as pretty much everyone else is doing across the board. stuart: i just don't see-- i don't know about you but i don't see a huge selloff coming as i look at this market today. you don't either? >> no, i don't especially after everything like i said is beating because we lowered expectations, so the companies are coming out and we are getting revenue base timing obviously we are doing well with that i just think it will be tamped down. i think with facebook we will look to see what mark says i'm a call about the new cryptocurrency and that will be interesting. amazon has a lot of stuff going on, so we have so much in news this week.
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phenomenal week. stuart: good week i think. rebecca, thank you. we will see you soon. how about the price of oil this morning? where we ought? $55 a barrel. you have all this action with the iranians seize any british oil tanker in the price of oil is 55 bucks a barrel. higher prophet at halliburton. the stock is up 1.8%. overall the market is monday morning will go higher when it opens in 20 minutes time. 50 up for the dow, 30 up for the nasdaq. more protests in hong kong over the weekend as police fired rubber bullets if it's come so bad that apple says it's closing its doors in hong kong early. they are worried about the violence. stock price of apple not affected by this, but will forget to you anyway, $203 a share for apple this my. iranian commandos dropped into seaside oil
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tanker in the gulf. president trump and the britts have shown restraint with the price of oil still at $55 a barrel. who would have thought. with drivewise. it lets you know when you go too fast... ...and brake too hard. with feedback to help you drive safer. giving you the power to actually lower your cost. unfortunately, it can't do anything about that. now that you know the truth... are you in good hands?
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stuart: lots of news on iran. of the iranians say they dismantled aci set-- cia spy ring. >> 17 arrested in death sentences issued to several members of this group, which iran said was embedded in sensitive parts throughout iran and the roundup took several months and was completed by the end of march. the private sectors involved included economic, nuclear, military, cyber areas as well. secretary of state mike pompeo said this morning he had to take this with a hint-- a grain of salt and president trump has said the report of iran capturing cia spies, zero truth according to the president just more lies and propaganda like
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their shot down and round put out a religious regime badly failing with no idea what to do that-- their economy is dead and will get worse. iran is a total mess. stuart: that refers to the spy situation from iran from president trump. iran has is a british oil tanker in the gulf. 20 national security expert. there seems to be a great deal of restraint going on here by american and the britts. that's what we want is that? don't fight a shot in anger. >> absolutely. they wanted to drag us in the uk and others into a ironic and calculated equation meaning they want us to hit back so they can hit again and then disarm us politically by saying we are the aggressive. i think the us allies have all the capacity to respond in a massive way, but the timing and ability to control the situation is what we are concerned about.
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stuart: do you think the oil tanker crew is basically hostages? >> they are hostages and of course the iranian regime will use them to exchange with what they consider hostages by the uk or the us. if we arrest of some of assets, so they have entered an area that's dangerous playing with fire. stuart: talk to me about this venezuelan fighter jet, that buzz the us navy reconnaissance aircraft. is it another attempt to provoke america into shooting it down so they have an issue? >> it's a repeat of what the iranians have been doing now the venezuelan and regime is doing it and it looks like some of his probably from the us or the west advising them that the us will not respond massive lisa go ahead and trigger any incident you can especially venezuela. they are much closer and we are much more-- you know we are much more present-- presentation. it's an indication those regimes are upping the ante against the us.
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stuart: at what point do we stop being restrained? at what point does the propagation especially from iran get to the point where you have to respond? >> when they cross red lines such as directly harming, killing us person in my concern is in iraq and syria where we pru-- troops on the ground. in the gulf coast there's water between us and them. at the same time we are capable but not ready yet because our response should be massive if needed and we don't have all the assets in place. remember it took the last six months to be ready for-- stuart: i wonder if you would, now what we samples to be down on this cobra-- program with what's going on in the golf it was five or 10 years ago price would be a hundred dollars a barrel, but it's not it's 55. is this because of america's huge oil production these days? >> absolutely, i mean, we are now at the level
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that we have warned about and once we are independent we can sustain and absorb those crisis. stuart: thank you for coming on the show this morning. we appreciate it. thank you. again, look at futures. we open the marketing 12 minutes time and we will be up 4050 on the tao, 30, for the nasdaq. more dramatic video of hong kong. a group of masked thugs believed to be gang members perhaps working in conjunction with the beijing government. assaulting protesters on a subway station. we have more on that coming up next for you.
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stuart: expected to happen today in washington, top executives lb tech ceos from google, intel and micron invited to me. officially, the meeting is about general economic matters. at the issue of huawei will likely come up. let's get to that violence in hong kong. gang members known as triad members going after protesters with the video from the hong kong subway system. tell me more. >> very disturbing
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especially for those in hong kong. the protesters encircled the beijing liaison office that's when we saw the rubber bullets and tear gas, but later that evening you see this violence at a rural basically north part of the city subway station with the vigilantes. some say they are tied to gang members. stuart: the guys in the white shirts stephen yes, part of that triad. they basically attacked those wearing black shirts, antigovernment protesters. 45 were injured. one critically. as you know hong kong is a peaceful place over this type of violence to erupt has really shaken the core of the city. hong kong police have been criticized for not responding earlier and one video circulating widely is a probe beijing lawmaker in hong kong was seen shaking hands with some of these white shirted vigilantes stuart: that's not good.
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now, apple says it's closing stores early. they are doing that because of the tear gas and protests in the street. >> and also these clashes. stuart: what about the general business climate? >> not good because you have the hang seng index falling one half percent. yesterday a lot of big names say because of these ongoing protests businesses stalling of falling in hong kong so apple is the latest. they open their first tour in 11 and four out of five stores and apple which is a big meeting point and always packed with people in the city, they had to close 45 hours early and one closed the whole day. stuart: you and i both know hong kong well and to see that in the streets, hong kong is rattled. >> yes, it's very safe-- you can walk in the middle of the street at two, three, 4:00 a.m. and feel safe but with these ongoing protests it's a whole new ballgame.
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stuart: political violence is almost unknown they are. thank you. a check of the market as we open up in five minutes and 10 seconds. we will be up across the board 40 for the dow jones, 30 for the gnostic and we will take you to the opening of the market this monday morning after this
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stuart: the economy is strong, job-- job market is supertight and restaurants are using perks to keep workers or higher new ones. which perks? >> flexible scheduling, higher pay and even paying for college tuition for some employees. for instance mcdonald's is doing that using a hundred $50 million they say they have recouped from lower taxes for college tuition for some workers. we have a high quit rate as it is, but especially so when it comes to restaurants. it looks like that quit -- quit rate was 70 million restaurant workers quit last year of the heist from 2001 with about 10 billion food service hotel workers hired. stuart: that's an indicator of a strong job market that if you are quitting the job you have you're probably going to a better one. >> us hourly restaurant pay an average 14--
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$14.79 an hour including tip. stuart: wasn't like that in my day. lots of things are different now. i got paid a dollar 73. >> i don't want to ask when. stuart: 1973. 9:30 a.m. eastern. here we go off and running up 20 points for the dow jones industrial , make that 31. up 30, fractional gain in the early on. that's the dow industrials. s&p 500 up about a fractional gain, five points up, still below the 3000 mark on the s&p nasdaq composite well above the 8000 level and a nice game today implying technology is doing well with the nasdaq up one third of 1%. looks to me like foreign money is flowing into american treasury pushing the yield on the way down to 2.02%.
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how about the price of gold? $1147 an ounce as of this moyle-- this one in an oil emirate $55 a barrel. jeff is back with us and so is key fitzgerald and susan lee. s&p 500 earnings up what, 8.4% compared to last year. strong numbers, strong enough to put the market to new highs. are you going to throw cold water over it? >> no shock here. i'm not as enthusiastic as you. we got it about 15% of the s&p earnings have reported, but now, we have big tech and big tech has driven a lot of the market. keep in mind the tech is facing major headwind with what-- they are staring down the barrel of government regulation and what we have going on with the trade war of china. is a big week is this
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week, the monumental week to determine where the market is can ago. stuart: we do have a raft of big tech earnings on deck for this week with twitter, google, facebook, amazon, tesla all report this week. keith, let it come to you. what you think the big tech will do, their numbers just prophet and outlook how will they do >> i tickets going to be very very strong, much stronger than many people expect. arguably the bar is low to begin with, but it doesn't change the fact that these companies are doing very innovative things changing the world we live in and i think it's worth a lot of money to savvy investors. stuart: before you take off, suit-- susan, have to say i don't care about this regulation that might come down the pipe. if these companies report strong profits and a strong outlook it goes up. >> the bar is set low for them to be anyway because 7% of coveney's
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heading into the earnings season has regarding on expectations and said we might not do as well as you had expected and that's kind of a game isn't it heading into earning season, set the bar low and easy to jump over stocks usually rally when you put in better than expected numbers. investors should watch the markets, russell 2000 has underperformed so far. down 9% as the s&p 500 is up 6%, the gap is wide especially when small gaps some would say the proxy to playing the health of the us economy. stuart: it may come in the lower stocks i suppose. >> may be lower value in the smaller companies. stuart: let it to the protest in hong kong took apple as reported closing its stores early because what's going on in the streets and you see it now china money report are coming to the state is drying up so bringing back keith fits again, please peered do you think what's going on in hong kong and what china is
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thinking about what's going on in hong kong, isn't now part of the trade negotiations could make you know, i don't think it's going to be part of the trade negotiations explicitly, but implicitly you bet because they risk losing control. hong kong is usually peaceful and it was naïve-- night to think the asian china would leave alone after taking them over. but china has huge anticorruption probe's going on and i think ultimately-- ultimately it weakens their hands. stuart: american trade negotiators may go to dishing this week and that momentary lifted the market because people thought that was a positive. >> there are 1400 companies located in hong kong that do business in hong kong that have always done well because it's been the model for asia and if the us needs to support that model and show china that their model is not the model that's going to work, it's hong kong's model.
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>> also the amount of chinese money coming to invest in the us has dried up. i was looking at the stats in last year $5.4 billion into the us from china. in 2016 the number was up 46 and a half billion dollars. that's a drop of 88%. stuart: a drop and a half right there. >> they talk about the real estate-- real estate market especially in big cities like new york, a lot of the chinese money has stopped coming. >> also silicon valley startups. if you cannot get access to this money what is it mean? stuart: it's a sharpening and a freezing of the relationship tween the us and china. that's what's going on here. let's have an individual stock, first of all halliburton at a nice profit boosted by global demand for oil field services and the stock is up 5%. revenue down gnc is closing some stores, tightening the balance sheet.
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a dollar 87, hit by online training. microsoft $137.94 per share up a dollar 32 up nearly 1%. we have the price of oil again despite was going on in the golf-- gulf hardly a spike. gasoline $2.76. big weekend and, i mean, a really big weekend for disney. avengers beat that avatar is the highest grossing movie of all time. "the lion king" is the big winner at the box office this week. jeff, disney's keynote-- look all this stuff like "toy story" in the line king goes on the streaming service? >> they are the undisputed king of content and now that they going into the streaming business not only do the content companies need to be aware but the streaming companies that like netflix need to be aware
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they will dominate. they have a movie like "the lion king" that comes out that the critics don't really love this film, but this film is still churning hundreds of millions of dollars. this is a dynasty. this has been disney's year. stuart: should i buy disney, keep? >> i'm absolutely with jeff. and they have figured out the library is where the town of money because they have bought ancillary merchandise, netflix doesn't have that. they are just content providers and here you are talking about the library. >> disney bought marvel in 20094 $4 billion and they made $18 billion at the box office since, one of the best purchases. they know how to pay and also leverage off the content so you bet that streaming service will do well. >> not only did they buy marvel for $4 billion, but out of bankruptcy which is the irony of the bankruptcy of the century when it comes to buying something-- this
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is the deal of the century. stuart: let me move on to equifax. they may have to pay as much as $700 million because of that data breach, 700 million is the number they are talking about in the stock, as soon as you know the number in your liability the stock tends to go up. that's what's happened. >> it's honestly not enough to find them. they need to find them more in excess of a billion dollars. this was a slap on the wrist to them. they failed to protect personal data and that's their business to protect personal data appeared they should have been hit a lot harder. stuart: what you say, keith? >> they should have had criminal charges. they have involuntarily made all of us their customers and they are reaping the benefits, we are not. i think to allow them to settle is a mistake. there should've and depositions with a harsh light on how the business works. stuart: chevy launching the new corvette.
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i know you have seen this, keith, and i know you're not a fan of the new corvette. with the problem? it looks terrific. >> great-looking car. engineering looks beautiful, but it's hardly on four wheels. their customer bases aging out and i wonder if the case is really their. stuart: wait a minute, they are aging out of it? >> yes, the corvette is an iconic branded it attracts a specific customer just like harley does the harley hasn't been able to overcome this problem. they have 30000-dollar motorcycles at a time with a relatively small customer base buying. they cannot transition i think chevys corvette is the same thinking and i worry about the broader business picture. stuart: i thought for a moment older people were dying and therefore corvettes-- >> keith knows more about cars than anyone i know and i said that before but they are going after the bmw and
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porsche loyalists trying to lure them away from their brand. they won't succeed and i agree with keith that the real corvette lovers love the 60s and 70s corvette. they have not fallen back and let with this brand since. stuart: if you watch a cbs on at&t directv then you are out of luck. they couldn't come to terms on a distribution agreement. i had a problem with direct tv last weekend. >> that's when millions of customers including in new york lost access to cbs programming. stuart: i lost access to nbc on my dish network thing. i cannot watch golf, cannot watch the british negotiate-- british open. >> that has nothing to do with these negotiations. stuart: i thought i would just bring it in. i was not happy with my cable tv this weekend. i couldn't watch what i wanted to watch so i thinking of cutting the cord although a man who
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is working on cable tv should not cut the cord. 9:40 a.m. eastern time. thank you very much. where we? barely maintaining a tiny fractional gain for the dow jones. we have just about lost it. we are up .12 and if you stick around long enough it will go down. remember this video of mark zuckerberg appearing to show him criticizing facebook for not protecting privacy? turned out the whole thing was fake made by computer. how is there any way to spot a fake? we have a cyber security guy coming up with an answer. talking about the fake meat trend here, but it's not just meet, fake dairy products are starting to catch on. we are on a for youth. toys "r" us making a comeback. elizabeth warren says private equity firms are to blame for toys "r" us demise. we will see what the former toys "r" us guy
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stuart: we have recovered a little bit and we are now up 20 points for the dow jones. say that again? >> we are up. stuart: we are up 20 points on the dow in just rails. the market got a little bit of the left earlier when the south china morning post, a hong kong newspaper, suggested that our trade to guys will be flying back to china this week for more trade negotiations. that's regarded as a mild positive, colette-- enough to lift the dow jones a couple points.
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the big winners, look at walt disney. we are not surprised at that. "the lion king" had a terrific opening weekend and they seem to have lining up great content for their track streaming service this fall. i want to show you our own guy, jeff, landing. that's a small propeller plane. jeff, can you walk? reporter: are you here? stuart: yes. reporter: christmas. yes, this was better than the fs 16, but here's the problem. this is something called the wild the blue rodeo. they didn't tell me josh boudreau is an f-16 pilot who was flying with me on the f-16 when i was in texas; right? >> yep. reporter: okay. how did we do?
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>> you did awesome. reporter: you are full of crap. you said we could do a whole lot more and we didn't. >> i took it a little easy towards the end, but we did the whole show profile, we know verse, hammerheads, loops. reporter: we don't know what the hell you are talking about. >> we streaming? was that the noise i heard? that was awesome. stuart: how are you. reporter: this is what we were in, stuart. i mean, i have a parachute on. you didn't even explain to me how to use that. >> i was going to grab you and take you with me if i needed to. this is not typically an aerobatic airplane, but we have-- reporter: put a pilot like you in their, air force veteran of how many years? >> i have been in the air force 15 years as an
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officer. stuart: can you hear me, gentlemen? can you hear me because i went to ask a different question. i don't think they can hear me. jeff, jeff, jeff. reporter: drop me over the lake. i may have lost you, stuart. stuart: you did. we have to move on. >> thank you. it's a real honor. stuart: i am losing this. we have to wrap it. i wanted to know was did he throw up, you do the loop to loop i wanted to know. we will show you video from inside that plane a little later in the show. quickly, the dow jones 30 most in the red with us by majority but the dow jones overall is up 32 points. more "varney & co." after this
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stuart: we have recovered to a gain of 36 points on the dow industrial, 27190. let's talk retail. dress barn closing more stores. coming more. >> we expect 7100 stores of retail to be closed at this year and it
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dress barn will shut all 650 locations by the middle of next year 2020, but they are doing this in peace mail so closing nine in july this month and 53 next month in august appeared dressed barn owned also owns ann taylor, but 7100 stores will be closed this year up from last year when we saw around 5400 stores closed so you know there is a retail ice age it is not brick-and-mortar anymore. stuart: lee is a warren, that would be senator elizabeth warren blaming private equity for the demise of toys "r" us. role that tape. >> anyone remember shopko? do you know why shopko is closed? private equity. anyone remember sears? sears, private equity. toys "r" us, gymboree and it's not just retailers. and they have done this to nursing homes,
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grocery stores and the idea over and over and over is suck out the value, line of the pockets of the private investors and leave the community and workers behind. stuart: i think we better bring in our friend gerald who happens to have been a former toys "r" us ceo. you listen to what the good senator had to say. issue right, gerald? >> well, anyone who follows retell nose the issue is the growth of that internet, e-commerce and amazon is killing these retailers. it's not who happens to own them are not. of the markets are causing this and the markets will fix it. the customers are to shop on amazon. it's more difficult for others. look at the companies that are not private equity bound, they are also in difficulty. jcpenney, q1 imports,
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great management, but they are the epicenter of the problem which is the peril mall -based stores and the internet is just destroying these guys. stuart: gerald, what would happen to the stores you just mentioned if there was no such thing as private equity and senator warren got her way and ends private equity? >> none of the ones mentioned are private equity fact. that's my point. what happened is private equity bought a lot of retailers before the internet grew to the skillet is now. these retailers were reviewed as cash cows by private equity. what they did not understand is that capital demand would increase with the growth of the internet because you had to remodel stores and invest in internet at the same time so we saw a lot of companies highly leveraged due to private equity or others are the first ones to be victims of the growth of the e-commerce, but not the only once. of the companies i named are none private equity backed and they are all in trouble.
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meanwhile the markets will fix this. you see toys "r" us coming back now with a different concept they hope will be more internet helpful. private equity guys cannot even get private financing today and they don't want to do it. stuart: i think we just lost the satellite feed. just went down right there. it happens, live television. the thing is, if you are sitting here anchoring a show live tv and your guest is suddenly cut off the one thing you must not do is complain and lose your temper. live television. that's what you have to do. you have to do it. i think that is where the commercial should have been. anyway, big smiles. look at that that. the dow jones is up 70 points pick let me do the lunar tapes says our producer. did pay day for the seller of the original tapes of the moon
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landing. wait a minute, with a nasa tapes? >> yes. stuart: how did the seller get a hold of them? >> former nasa intern gary george bought 1150 reels of nasa tapes for $270 in 1976, but at auction he sold three of the videotapes of the apollo 11 moon landing for $1.82 million. stuart: sharp guy. >> very sharp. gary george loved the moon landing. 50 years since neil armstrong and the crew took their first steps. stuart: that's a prophet and a half i call it. the democrats some would say are at it again criticizing the president for his handling of the border crisis renewing calls for impeachment because the robert mueller carries are wednesday. my personal opinion is i don't think investors really care. my take coming up next. this is the couple who wanted to get away
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stuart: same opened, same old week much. the left at it again. i don't think investors care, i don't think voters care either. some of this stuff is getting old. you will hear another impeachment tirade. robert mueller testifies yesterday. congressman understand lear says there is evidence that president trump indeed committed high crimes and misdemeanors. does the impeachment drive really had legs? unless mr. mueller comes up with something new that he didn't disclose in his two year exhaustive investigation, russia, russia, russia, it is done. senator schumer went south and deplored conditions in detention facilities. he said quote. this is heart wretching. this is wrong. it has to end now.
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alexandria ocasio-cortez weighs into the immigration debate. she wants a 9/11 debate how to dismantle the department of homeland security. i can't figure out what immigration control she supports, if any. the democrats are still trying for a win on a crisis they created. isn't it obvious the left has no solution. they don't want a solution. they want open borders. e what is voter turn i don't have that is. the charge of racism, that will come back too. i think the charge lost its sting, when the word is bandied about everywhere, it loses its sharp edge. it is same old, same old. it doesn't seem like investors are paying much attention. stock prices are at or near record highs. profits big tech, economic growth, prosperity, that is what they care about, the no impeachment or aoc. voters? hey, it is summer. only committed radicals get fired up by socialism when the temperature is in the 90s.
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sit back this week. watch us. we'll enjoy watching the left thrash around while prosperity rolls on. the second hour of "varney & company" is about to begin. ♪ >> the president and the attorney general and others have spent the last few months systematically lying to the american people about what the investigation found. they said it found no collusion. it found no obstruction. that is exonerated the president. all three statements are absolute lies. stuart: okay, that was congressman nadler there, strong accusations. a absolute lies is quote i picked up on. "wall street journal" editorial member bill mcgurn is with us. you heard my editorial, top of the hour. >> right. stuart: i say voters, investors turning a deaf ear on
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washington, d.c. >> right. the debate is going donald trump's way. the left-wing of the democratic party is taking over. remember last year, last march, that conor lamb won in republican district. former marine, moderate. we were talking about how brilliant nancy pelosi was, the iron fist she ruled with, more mod fat face. stuart: you may have done that. >> which they did in the november election taking 30 republican seats. that is all gone now. the left is driving this we'll see the stuff you talked about, see it at the next democratic debate. i would ask one other thing the bds movement. the day after, within a few days of the racism resolution against donald trump, ilhan omar rewarded her party by introducing a resolution supporting bds. didn't name it boy, divestment and sanctions. stuart: against israel. >> the resolution doesn't mention it. the bds supported it.
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the democrats don't want to talk about that there was a pro-israel resolution on this in the senate. of the seven senators running for democratic nomination, six voted against it but these, the left-wing will bring it up as part of the debate. they will be asked where they stand. stuart: it really does seem that the left-wing, you call them the squad, progressive, i don't care what you call them, they now run the house democrats. >> absolutely. look at joe biden. it is affecting the dominant democrats. joe biden's credentials was his moderation. he is throwing them overboard one by one. the hyde amendment, working with democrats in the south, there is nothing left of joe biden. we'll see it at the debate. stuart: you would sum it president trump is winning the debate? >> he is getting them to take stands they will find hard to
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defend in a presidential election. stuart: thank you, bill. thank you very much indeed. we always appreciate it, lad. thank you. bring in market watcher dennis gartman. i want your comment on what i was saying earlier, the markets, voters don't care about all this political stuff this, churning, this nonsense, what i call it, going on in washington. i don't think they care. what do you say? >> well i'm not sure it is nonsense, but i think you're absolutely right. market doesn't want to care, investors don't seem to care. one day if they care we'll open up 500 points lower that has not happened for a while. it hasn't happened for a while. i fell into that crowd believing this would be a serious circumstance. it has proven to be utterly nonsense. it's a bull market. stocks going from lower left to the upper right. anytime you sell it short, get out of stocks that are long, it is an i'll advised decision. it is still a bull market. i have to believe that, it will
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continue to be until it stops. nothing i learned in 40 some years being involved in the markets is more sensible. the trend will continue until the trend stops and right now there is no trend that it is starting to stop. stuart: dennis, can you see the nasdaq composite. >> i can see it. stuart: up a very nice gain. seems maybe big tech is leading the next leg up. i know you don't invest in it, but seems like big tech is on a roll again. >> it has been tech that has led the market for several years. i find myself having a difficult time understanding tech. i leave that to the younger people, to fellows wiser than i, wiser than my friends of my age. i will look, you heard me say this before, the things if i drop them on my foot will hurt or high yielding debt securities. those are things i like. it has been a good year for me thus far. i will continue. do i wish i bought into tech a while back, closed my eyeses?
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absolutely. stuart: i dennis, i was telling you microsoft is the place to be, up a couple bucks. i give all the good investment advice, dennis, you turn a deaf ear to it. >> i don't turn a deaf ear to it. the things that i do well i'm going to continue to do. things i don't understand i will let wiser people such as you involve yourself in them have a jolly good time. well-done. stuart: wait, i got to pursue this have you never bought a single share of microsoft, facebook, amazon, google, netflix, nvidia? you never touched them? >> i have been short on nvidia at times. i have never bought netflix. i won't buy netflix. i don't think i have bought any microsoft in the last three or four years. i did try ibm but that is not a high-tech stock by anybody's imagination. so the answer is an abundant no. i spend more my time looking what is going on in the corn market, what is going on in the
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grain market, what is going on in cotton, what is going on in the debt and what is going on in the foreign exchange markets. i leave tech to wiser investors like you and susan li. stuart: come back see us real soon. >> hopefully next week. thanks for having me on. stuart: hold on a second. i have "the new york times" reports there is less chinese money coming into the united states. what do you make of that? >> i think china has its own problems. we should not be surprised there is less money coming into the united states from china as there had been in the past. we know what is going on in hong kong. that is only getting worse we know what is going on in the western provinces. that is worse. they have problems with their houses built on debt of the they have problems. we should not be surprised less money coming into china than had been in the past. doesn't shock me in the lightest. stuart: strong analysis on a good subject. come see us soon. dennis gartman. >> thanks for having me on.
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stuart: never touches technology, till makes a ton of money. happening this hour, nancy pelosi speaking at naacp convention. what to expect. the naacp president main talk will be the xenophobic, racist climate germ nating from the white house. that is what they say. we're watching for any news. senator schumer visited a migrant detention center. he called conditions unbearable and inhumane. he says what is happening at the border not a manufactured crisis. he calls that fake news. the new book, "justice on trial," how democrats tried to stop the brett kavanaugh's nomination. "new york times" didn't want it on "the new york times" best he willer is list even though it is a hot seller. we'll deal with that later this hour. ♪
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stuart: big week for earnings. in advance we don't have a lot of stock price movement. after 43 minutes of movement up just 18 points. now a group of democrat senators including senate minority leader chuck schumer visited the border on friday. president trump tweeted this. based on comments made by senator schumer he must have seen how dangerous and bad for our country the border is. this is not a manufactured crisis as the fake news media and democrat party tried to portray. he said he tried to meet. i will set up a meeting asap. former i.c.e. director tom homan is with us right now. do you think this may open the door to real dialogue between
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the president and leading democrat senators? >> no. i don't. you know dick schumer, chuck schumer makes a trip down there. you know, him and nancy stood shoulder to shoulder after the president addressed nation on national emergency, they said three times, manufactured crisis, manufactured crisis. apparently he doesn't think it's a manufactured crisis. he went down to the border saw himself what results from congress' failure to close loophole. stuart: he was still talking about inhumane conditions but, why are the conditions some would view as inhumane? >> look, they're not inhumane. the facilities are overcrowded. congress is just now funded a supplemental. so children are being moved within two days, rather than a week. so the law says have to be removed, moved to another facility within 72 hours. now they're meeting that. but the facilities are still, when you have 500 people in
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facility built for 100 you will have issues. they warned congress months ago, stuart, they were beyond the breaking point. these are historic high numbers. they need help, need money to move women and children into hhs facilities quicker but congress stalled. they stalled for month. now they just got the fundamental funding. things are improving. stuart: i think you're mad as hell what congress did to you in the q&a session 10 days ago. you're still mad, aren't you? >> i gave it back to them. they wanted to silence me. they wanted to upset me, get up and walk out. wasn't going to give it to them. ii treated unfairly by. they would rather abolish law enforcement agency and abolish dhs, according to ocasio-cortez than do their jobs. stuart: i don't want to rile you up. >> you're getting me riled up. stuart: i'm going to play the
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sound bite of aoc calling for the abolition for the department of homeland security. roll the tape. >> but is this something that i think is going to have to take a 9/11-style commission? i think reorganizing and getting rid of dhs is not as radical as george bush's implementation creation of dhs in the first place. stuart: all right, tom, have at it, lad. >> 9/11, what does she know about 9/11? was she seven? increasing dhs was great idea, every agency deals with homeland security, i.c.e., cpb, keeping airways safe, secret service keeping leaders safe, coast guard, keeping waterways safe, been a congressman six months, she knows everything about everything but she doesn't. every time she speaks on this issue -- stuart: i think we have another situation there. we this last hour, actually, all of sudden in the middle of an interview on remote you get a
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problem with the feed, the connection and we lost the connection. he is back. he is back. tom, i interrupted you or you were interrupted in full flight. don't let me stop you. keep going, lad. >> no, i'm saying, she much rather get rid of an entire department with half a million people than to do her job and fix the loopholes that are causing the border crisis. the department of homeland security makes sense of the it is built for the right reasons. every agency within dhs has to protect the homeland. one agency, talking to the other agency, that didn't happen before 9/11. she needs to do a little bit of research. every time she opens her mouth she is wrong about everything she talked about. stuart: by the way, tom, aoc was 11 on the attack on the world trade center in new york city. she was 11 years old. want to straighten that one out for you. i don't think it changes your perspective. she was 11 years old. >> 11, nine, what is the difference. if she was there, she would have
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saw what you and i saw. sticks in my heart today. apparently a lot of people have forgotten but we haven't. stuart: tom homan, always a pleasure, tom, good to see you. >> thank you, sir. stuart: yes, sir. johnson & johnson back in court today. they're facing thousands of lawsuits over its baby powder. the lawsuits allege it contained asbestos and caused some cancers. the judge coming up with that story for us. ♪ i don't know what's going on. i've done all sorts of research, read earnings reports, looked at chart patterns. i've even built my own historic trading model.
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stuart: as you know, johnson & johnson is facing a lot of lawsuits over the safety of talcum powder. they're back in court today. judge napolitano is with us. now, okay, they're back in court today. thousands of these lawsuits. >> yes. stuart: what is this federal judge going to decide? >> one federal judge, freida woolf son, appointed by the chief justice to decide on the quality of evidence for 14,000 cases nationwide. chief justice consolidated them all sent them to her chambers. you hear the plaintiff's experts. you hear the defendant's experts. you are the gatekeeper. you decide whether this is junk science and if it is real and if it should come in, if juries would believe it. by doing that, if she does her job, very intelligent, experienced judge, i'm sure she will, that will help 14 lawyers and 14,000 cases that are lined up behind this to settle the cases, to, to end the, more
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quickly. stuart: could she just miraculously say there is junk science there, is no part of that in this courtroom, get out of here? >> she could. she could. stuart: she won't. >> i doubt she will look at it. j&j's defense, this approved by the fda we're not a rogue company. we don't do anything without government approval. plaintiff's case is you should have known about this. the fda missed this, people were harmed. remember they were huthit by a st. louis, missouri jury, for $2.6 billion. there were only 22 plaintiffs in that case. in that case the jury believed all the plaintiffs experts. it is those same types of experts that j&j lawyers as we speak are trying to persuade judge wilson energies is junk science, don't accept it. stuart: what i always think about -- >> i always think about this think how rich the lawyers are going to get. stuart: not just about that. this is point of principle.
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the lawyers turned into this kind of a case is a business. it should be a profession. >> yes. stuart: the law is sacred profession. >> there is an even worse case starting soon in ohio where the plaintiffs are local governments who say, you have caused such harm to our people, we want to be compensated. this is when the states shook down big tobacco for 50 billion, how much 50 billion ended up in the pockets of people actually harmed by smoking? none. or next to none. stuart: would you agree with me, we need english rule, loser pays? >> we don't have the english rule, i don't think it will apply in this case but the idea of a bellwether, looking at all the evidence before the juries get it, decide if it is junk or real is efficient way to move the cases. stuart: i think i'm moving you grad allly along the curve -- >> i'm trying to go ahead you. i can't succeed. you must have had a nice, mellow weekend [laughter] stuart: thank you, judge. thank you very much indeed.
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we'll see you again soon. the. check the market. we're now on the downside. we have a loss of 26 points, that is .1 of 1%. we're still above 27,100. netflix, big hit last week. another big hit today. that is a 2 1/2% drop. eight points down. netflix barely above $300 a share. the rest of big tech, however, i still think pretty much on the upside. apple's up. microsoft's is up. facebook, small loss for google and amazon. this week a raft of tech earnings coming out, google, facebook, amazon, tesla, they all report later this week and they will surely move the markets. there is a lot of hype around fake meat. turns out americans consume a lot of plant-based milk, soy milk, almond milk. demand is increasing. we have the story.
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bernie sanders says he can't run a campaign paying workers $15 an hour. what does he do? he cuts worker hours. wait until you hear my take, top of the hour. ♪
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♪ stuart: ah, a good one. a good one. it has rhythm. the pace is light. 15, 16 years old, it was fantastic news. susan: excellent. you're happy with the choice. stuart: i like it. i like it. next case, boris johnson, chances of him becoming britain's next prime minister,
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very, very strong. you will know about it pretty soon. now president trump he had some positive comments about boris johnson. what did he say? susan: he has indeed t would be great to work with a bojo government. stuart: oh, no. susan: take over the conservative leadership on tuesday and effectively he will take over the prime ministership on wednesday when theresa may leaves 10 downing street but there have been defections. we have phillip hammond, the finance minister in the uk on sunday. he says he would quit along with sir alan duncan of the foreign office. in total seven mps might be defecting that would leave boris johnson, lond an mayor, a minority government. stuart: there will be a general election fairly soon. susan: it will be difficult to get a brexit deal, fully supported, executed. boris johnson said during his part on october 31st, we're leaving the european with or
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without a brexit deal. so-called hard brexit, even if we don't have consensus. you know how markets will react if that does indeed happen. stuart: boris, we love you. susan: so exciting. i think it is. stuart: i like the idea. get out of the socialist mess called the european union. susan: with or without a deal? stuart: get on with it. susan: the uk pound is two-year low because of uncertainty with brexit. a two-year low. stuart: that should help our trade exports or their trade exports, shouldn't it. susan: it has been three years. let's get it done. stuart: i'm with you. big board is slightly flat. that is the message of the day. now this. democrats launching a campaign in seven battle group states, telling that the trump economy, the trump economy is not helping them. now the president won all but one of the states that you see on your screen. nevada is the only state that he didn't win. the deputy director of
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communications for the trump 2020 campaign. erin, welcome to the program. i think the first time on the show. >> it is. stuart: i got to say, surprised democrats are trying to attack the president on the economy. what are you going to do about that? >> if democrats plan to run on the economy in 2020 they are campaigning to reelect president trump to a second term. it is as simple as that. they will ask americans not to believe reality they see with their eyes. 90% of americans received a higher paycheck because of the trump tax cuts. there were 174,000 new jobs created in arizona alone, one of the states they are trying to target. let alone half a million jobs created in florida. democrats can try their best. this economy is booming because of president trump's policies. stuart: i agree with you. you can spin an economic policy a different way. democrats i'm sure will say it is not fair. income inequality is rising. the rich got all benefits from
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the tax cuts. big business cot all the benefits from the tax cuts. it is you little guys, you have been left out. that is going to be the line. how are you going to oppose that? >> let's start with the reality, the facts here. the facts are wages are growing at the fastest rate in decades. for those in the lower half of the income spectrum they're growing twice as fast. that means that people that are not in management positions, those who are living paycheck to paycheck are more likely to see their paychecks go higher than their bosses. that is what we'll be talking about. we're talking about fairness and opportunity here in america that doesn't always mean fairness in outcome but it means a better tomorrow. the opportunity at a better tomorrow. democrats can try their best but they are not going to win on the economy. stuart: do you expect to see a lot of rallies organized in these states, especially pennsylvania, ohio, wisconsin, florida, and arizona? i mean it is important.
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he will get out there and hold these rallies, isn't he? have you planned them already? >> we have announced our next rally august 1st, in cincinnati, ohio, one of the key states at that came in president trump's camp in 2016 we fully intend to hold in 2020. the president already has been in number of key battleground states. you mentioned wisconsin, michigan, pennsylvania, florida. president already has been there. north carolina last week. we'll be across the country spreading the president's message of economic opportunity, prosperity, freedom. that is the trump economy. that is america first. it will resonate everywhere across america. we'll expand on the 2016 map. stuart: erin, i recommend that you go to youtube, watch election night coverage on some of the non-fox networks, see how they reacted when president won ohio, florida, especially wisconsin. take a look at that. erin, thanks very much for joining us. we appreciate you being here.
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thank you. >> thank you, stuart. stuart: fake meat, we cover it a lot on this program. a lot of hype around it. beyond meat stocks still way above its ipo price. now we have plant-based milk on the rise. kristina partsinevelos at the new york stock exchange. okay, now, we're talking about almond milk, that kind of thing, right? >> dairy-free alternatives and we can list a bunch but we always talk about beyond meat and there is so much hype because the ipo, we've seen the stock price trip till since the ipo. we're not focusing on dairy alternatives. this comes out from the good foods institute. they found dairy-free cheese sale up 20% in april. dairy-free yogurt, could be made from coco cut, cashews, all monday that doubled compared to last year. meat alternative sales only increased 10% year-over-year. we keep talking about beyond meat and impossible burgers but
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dairy-free alternatives keep growing because a lot of vegans out there, vegetarians, those lactose intolerant like myself so i buy all these goods, i don't know if you can name them, i would guess you haven't tried it. talk about dairy alternatives, soy, almond, cashew, hemp, coconut pea protein. they have almond milk, almond breeze, has only 2% almonds. 37% of u.s. households are buying milk alternatives this could potentially be a 38 billion-dollar market by 2025. i don't know, are you sold, stuart? you have a dairy farm, right? stuart: i have an association with an organic dairy farm in new zealand. we're scared to death of synthetic milk. not the almond variety. synthetic, we're worried about that thanks for the fine report,
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kristina. >> thank you. stuart: here we go. new tweet from president trump. i will read it for you. going with first lady to pay our respects to justice stevens, leaving now. john paul stevens, as you know, lying in repose at the supreme court. the president will be going over there right now actually to go and see. back to iran. as they say, tensions are heating up. i have been saying that for 40 years. they say iranians say they broke up a cia spy ring, arrested 17 people, sentencing some of them to death. now we have a response from president trump, what was it. susan: that's right n a tweet, the president says the report of iran capturing cia spies is totally false. zero truth. just more lies and propaganda like their shot-down drone put out by a religious regime that is badly failing, and has no idea what to do. their economy is dead and will get much worse. iran is a total mess. back to the dismantling and
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arresting 17 members, some of those sentenced to death. iran says they were embedded in what they call sensitive parts of economy. sensitive departments, nuclear, economic, military, cyber. this roundup took several months, completed by end of march. secretary of state mike pompeo, he said take this news with a grain of salt since we know the history of iran, sending outfalls information. stuart: look at that, price of oil $55 a barrel when you have a british oil tanker seized in the gulf. stories about spies, all rest of it, nothing happens on the oil market. susan: to be fair it was up 1 1/2% in the last 24 hours. stuart: it comes back again. susan: in the heyday it would be up $100 a barrel, two oil tankers attacked one british one being seized, downing of mile-per-hour drones. stuart: thank you, frackers for making. a an american rapper is detained in sweden over alleged assault.
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president trump wants to help him get out. trump even called sweden's prime minister about it. he says he will personally pay the rapper's bill. full story for you, next. ♪ -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.
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stuart: justice stevens lying in repose at the supreme court. president trump will arrive there soon along with the first lady. they will be paying their respects to the late justice john paul stevens. when he appears there at the supreme court we will take you there too. congressman elijah cummings made a big, strong, accusation against president trump this weekend. here we go.
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>> do you believe president trump is a racist? >> i believe he is, yes, no doubt about it. stuart: yes, no doubt about it. pastor darrell scott, urban revitalization ceo with us now. you worked with the president a lot. isn't racist? >> absolutely not. this guy needs to get another platform other than president is a racist, president is a racist, the president is a racist. to be honest that whole narrative played out. it is worn out card. if that is what the campaign strategy is for 2020, they will lose worse than they lost in 2016. stuart: if you keep on using that word, and applied it to lots of different people, lots of different circumstance, i think that charge you're a raisist, it loses that sting, not as powerful as it was when you talk about real racism?
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what do you think about that? >> absolutely right. every single thing the president does, everyone of his achievements, everyone of his accomplishments, they too to undermine it. only thing they have to under mine it with, you're a racist, you're a racist. if you're building that platform. i was in the civil rights movement 50 years ago. you haven't had any accomplishments since then, keep going back to that, accuse people treating others wrong based on race, you need to get another platform or you need to retire. stuart: pastor, we have president trump president trump tweet about an american rapper, asap rocky. i will read it. he assured me american citizen asap rocky will be treated fairly. i assured him asap was not a flight risk and offered to vouch for his bail and or an alternative. is the president trying to look
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good to the minority community? is that why he is doing this? >> absolutely not. listen, it just became public this past friday, however we had been working on asap rocky's release for a week 1/2 before the president made a public state about it. he was working on it behind the scenes. i was involved in it. in fact myself and my partner we connected the white house with asap rocky's management. when we first brought it to the president's attention, he didn't ask what color was he. he didn't say maybe i can use this to get black votes. we put the request in. i will look into it. we have an american citizen detained over in sweden. he immediately detached the state department. beyond a reasonable doubt kushner made calls to make sure rocky was moved to more comfortable settings. that he taken out after filth hole, put into better living conditions. it wasn't until friday the president made it public.
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it is something we were doing behind the scenes for two weeks. it was not a publicity grab, none at all. stuart: i don't think the president is getting as much credit what he is doing. i understand 3,000 inmates will be released, i think the release started but don't see it anywhere in the media. the man doesn't get the credit for what he is doing? >> 3100 inmates were released from federal prison and halfway house this is past friday. there is another 1600 that are receiving sentencing reductions, qualified for sentencing reductions under the first step act that were convicted of charges connected to crack cocaine. now the president is overturning that 1994 clinton crime bill that disproportionately incarcerated african-americans and targeted, hillary clinton called super predators. it targeted the black community. the president is undoing that. there is prison reform. there is criminal justice reform. there is also sentencing reform for those that were
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oversentenced. he is doing this once again in the face of, in the light of all the people that criticized him and tried to call him something that he is not. stuart: the president, candidate donald trump, got i think around 8% of the african-american vote in 2016. what percentage of the african-american vote will he get in 2020? >> let me say this first. he got 8% of the black vote and still won. so he doesn't have to pander to the black community for votes. anything he does for the black community he is doing it out of a genuine desire to help americans, fellow americans. i'm looking probably, my guessmation we'll wind up with 25% of the black vote this year in 2020. excuse me. i'm shooting for 25 to 30%. i think we're now between 15 and 20 right now. but i believe by the time the campaign, election rolls around in 2020 we should be at around 25, 30%. stuart: he would win with that proportion of the vote. pastor darrell scott. where have you been? you shouldn't be such a stranger
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to the show. you're my bro. remember that. >> i've been incognegro. stuart: stop it. >> we've been working real hard with the opportunity zones and urban coalition which president dispatched, got good stuff, good business stuff, good business stuff. stuart: tell us more about it. >> we need to talk about it. stuart: heartbreak, here we go, pastor darrell scott, we appreciate it. >> bye-bye. stuart: "justice on trial." new book, tells behind the scenes effort by democrats to block justice kavanaugh's nomination to the supreme court. now the book is selling big. mainstream media saying silent on that success. the authors say, they're not surprised. here the sound bites next. in the 11:00 a.m. hour, a retired navy captain who trained pilots at the original top gun flight school. we'll ask him, what does he think about the new movie coming out, top gun maverick?
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will this boost sign-ups like the first "top gun" did? this one is about drones. 11:00 hour. here he comes. hopes you drive safely. but allstate actually helps you drive safely... with drivewise. it lets you know when you go too fast... ...and brake too hard. with feedback to help you drive safer. giving you the power to actually lower your cost. unfortunately, it can't do anything about that. now that you know the truth... are you in good hands?
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stuart: new tweet from the president just in. he says the following, the squad is racist group of troublemakers, who are young, inexperienced, not very smart. they're pulling the once great democratic party far left and were against humanitarian aid at the border and are now against i.c.e. and homeland security. so bad for our country. so the president is keeping "the squad" story very much alive and well. new book on the confirmmation of justice kavanaugh, the book is called, "justice on trial," almost completely ignored by amazon and by "the new york times" too, even though the book is selling big. the authors were on "varney & company" friday. they were not surprised by this. roll tape. >> sadly i'm not surprised by it. we are thrilled with the success of the book t was the number one hardcover nonfiction by publishers weekly. number one on amazon. we have 260 or so reviews.
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we're happy about it. but there were problems. stuart: there were some problems. media buzz host howard kurtz is with us this monday morning. welcome to the program. hasn't "the new york times" suppressed conservative books before and would you say this book has been suppressed? >> well, "the new york times" has certainly been accused for decades of, there have been lawsuits knocking down on the all-important rankings how a book does. i would say in the age of amazon who cares about number six on "new york times" best-seller, "justice on trial" is or number two, where it should be, amazon is actual, you can't cook the books. it tracks who orders it on that giant retail service. but as far as the, go ahead, stuart. stuart: but i think amazon did something about the reviews. if you wanted to read reviews of this book amazon was blocking those reviews? i think that is the story? >> yeah. i don't know. as an author you're often
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frustrated by the fact that more information is not available. i think the bigger story, by the way, you know, again the "new york times," when i had number two best-seller on "new york times" i thought the formula was great. since then i had a lot of questions about it. i think the bigger story is, here is a book clearly one of the top five or six best-selling books in the country. mollie hemingway is tremendous reporter. the authors come from a conservative point of view. there is a lot of solid reporting in there, a lot of interest, when i wrote about this before fox news, had more than million page views. why aren't they inhave ited on network morning shows. it doesn't fit the narrative. if the same quality book was guilty of accusations that christine blasey ford was telling the truth, that person would be fetted on these networks. stuart: there is intrinsic, anti-conservative boyce in the establishment media.
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it pops up in all different formats and ways. i don't think it is going to come to an end anytime soon. >> so have the authors on, engage in a good debate. challenge the findings of the report. have a good discussion. this was one of the biggest stories in america. justice kavanaugh on the supreme court. but sometimes through booking you can exercise partisan judgment by simply ignoring something. clearly this book is highly successful. stuart: but again, i don't see, i just don't see things changing. i mean it has been like this for years and years. the era of donald trump made it actually worse. now they're really going after conservatives. >> i would say no question that a lot of this, because, so many in the mainstream media see being anti-trump as somehow their patriotic duty as opposed to their journalistic duty to be balanced toward any president, aggressive yes, but balanced but i think you know, this shows the power of the marketplace. this book is selling a whole lot
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of copies, "justice on trial," whether "new york times" puts it high or low on the list or whether the networks cover it, doesn't seem to matter. people want to buy it. that is capitalism in being a shun, stuart. stuart: it is fox news, fox business, we're leading the charge on this thing, saying it is a great book. i think that is part of the reason why the sales are so strong. howard, we'll go through this again and again and again. i know we will. we always thank you very much for being on the show. >> thanks, stuart. stuart: appreciate it. look at this, the market is doing rather not too badly. we were down 60. now we're down 40. there is not a great deal in movement on stock prices this monday morning. we're waiting for those earnings reports especially the big tech earnings reports that come out later this week. so far this earnings season profits are up about 8 1/2% over last year and that's a pretty solid gain. this is for s&p 500 companies
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that reported so far. up 8.4%. nonetheless the dow at this moment is down 50 points. we're back to 27,100. we're waiting for president trump who is about to arrive at the supreme court. he arrived there, lying in state as john paul stevens, the late justice there is his coffin. lying in repose. president and first lady arrived. you call it the rotunda. to pay respects for john paul stevens. susan: funeral expected this week. burial at arlington cemetery. he served 35 years on the supreme court until his retirement in 2010. he died at the age of 99 years old. when he retired in 2010, he was longest serving and oldest on
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the supreme court during his time. stuart: okay. the president has arrived. reviewing coffin. correct expression, john paul stevens, late justice lying in state. lying in repose. i'm sorry. get protocol and words correct here. lying in repose. president will pay his respects momentarily. several stories on hand for you this monday morning. developments from iran and president trump. he tweeted about the squad. developments in your money . stuart: lots of stories here especially with hong kong. this may seem distant and almost irrelevant to our american viewers but it is not an it is a
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very important story and have been, i would hesitate to say, riots but there has been a political fighting in the subway in hong kong. that has really rattled hong kong's community and it has battled it because it has the reputation of being peaceful and quiet and law-abiding and now we have that extraordinary strong business climate being interrupted at the goings-on on the streets of hong kong. that is an important story and you may not think it's of great importance and does not affect us immediately but nonetheless it may well be part of the china trade negotiations in the china trade story. i'm terribly sorry, producer, they that again. we are waiting for the president and as we wait now this. stuart: bernie sanders has run out of other people's money and run straight into the bus sought
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known as economic reality. this is good news. his socialist ideas and their consequences need to be out in public in full display. central plank of bernie's campaign is near doubling the federal minimum wage to $15 an hour. unfortunately the workers on his campaign do not make $15 an hour and they complained and complained they were being paired paid starvation wages. for a socialist, that is an embarrassment. like being a restaurant owner finally hit the doubling of weight staff wages and what do you do and bernie did what any capitalist business owner would do but cut the hours and i guess you could say the workers one and will do less work but will not get paid more. he was caught in his own socialist hypocrisy. it's really not acceptable that
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his people complain to the media and that's rich. bernie let a media circus when he stood at the walmart shareholder meeting to demand $15 an hour and if you remember he mocked the wealthy walton family. cover, senator. you will three homes and worth one million years. we see this play out in the court especially in the restaurant business when the minimum wage goes up shortly jobs are cut in hours are restricted and employers bring in technology. that is economic reality. there is more reality coming down the pipe and headed straight for the democrats 2020 campaign. the reality of no more private health insurance and the reality of no more fossil fuels and the reality of rich, socialist playing politics with other people's money. the third hour of varney & company is about to begin. ♪
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>> it has long past time and we have a 15-dollar federal minimum wage. >> minimum wage that is a living wage winning that fight for 15. >> many reasons we need to raise the minimum wage. >> minimum wage we need to be raising it to $15 an hour. stuart: yes, $15 an hour for me but not for the. two big names to react to my editorial, nathan author of how to be a capitalist without capital and anthony chan, j.p. morgan economist. is this i hesitate to say but is this the first nail in his campaign coffin? >> he's learning a lesson i want learned in college when i heard my first employee there are certain things like supply and demand if you increase the cost of what it cost to produce goods especially wages it means you to charge more to consumers and
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unfortunately the product bernie is selling socialism from the people are not necessarily buying when he increases his cost. stuart: what would a capitalist doing the same situation? for the hours that you work or cut jobs or introduce technology that's the grim reality. >> yes, you pay people what they are worth. then he says will pay people more but then they don't want more because all of a sudden they don't qualify for certain health benefits. it's a double whammy on his policies. stuart: it really is. anthony chan, you're the economist and i need to bring. he's doing what any capitalist would do cut the hours, cut the jobs or bring in technology. >> is not only doing that but pursuing what most economic theories will tell you. economic theories tell you that whenever you raise the wages if there are slack in the labor market you certainly don't have to pay the wages and you'll use
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technology or cut hours. but the economic return out there, academic research tells you if there's a tight labor market you have no other choice and you have to pay the wages and can't do anything else. good news is what bernie sanders is doing is telling me there is slack in the labor market and if there slack in the labor market that means from a national perspective we don't have as much of a worry about inflation as some people might think. stuart: what about this golden rule, do not legislate wages but let the market take care of wages. what you say? >> most economist will disagree with that, including myself. [laughter] stuart: stay there for a second bid the president has arrived at the supreme court and justice john paul stevens is lying in repose in the president and first lady are approaching his coffin and they will now pay his respects. we'll pause for a moment to listen and watch.
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stuart: there you have it a moment in history and our nation's capital. the president and first lady paying their respects to john paul stevens lane in repose and now viewing his portraits. he passed away at the age of 99 last week and retired from the
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supreme court at the 35 years as a justice and retired in 2010. stuart: there you have it. that was indeed a moment in history for our country. the president and first lady and john paul stevens. let me quickly update you on money. it is just 11:07 on a monday morning the dow industrial is going nowhere thus far. anthony jan is with me, former chief economist at j.p. morgan, did i get that right? so you know all about earnings, don't you? tell me about earnings for facebook, alphabet, tesla, amazon and they are all on deck this week.
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all those companies have done well in the past but not so much tesla but they are the big names and will be c continuation of extraordinary profits by america's big tech companies? >> the answer is yes but the expectation of the growth of those companies is accelerating even faster so as a result it's not that difficult to disappoint and on top of that many of the companies are facing many headwinds and of course facebook is a notable one is the libra situation with congress so that is the huge headwind and then the other companies of course are facing the headwind of potential fines and privacy issues. even though their earnings are large they are not growing as quickly and on top of that they got the headwinds of all this other stuff coming down. stuart: you don't think the earnings and the profits made by these companies are growing as fast as they used to? >> they are slowing down. just a little but remember the investors are raising their expectations. google, for example,
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disappointed the last time the chances are it may disappoint the sun again but on top of that you have the fines they have to worry about. stuart: i'm still in favor of big tech and like them. >> if your capitalist why not? only way to go. stuart: anthony chan, thank you. another stuck alert for you but expected happy today in washington top tech ceos from google, intel and micron have been invited to meet larry kudlow and trade secretary munition officially the meetings about quote, general economic matters and you can bet the issue of pete buttigieg will come up almost guarantee. bill is the ceo of faulty capital and promised to donate $30,000 for a veteran if president trump retreated him and of course, president trump did not disappoint. he then bought a brand-new 20,000-dollar car in 10,000 dollars in cash gated to one lucky veteran and he's on the show later the show and the
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president is changing liberty. right now were talking [inaudible] and a deal. i'll put it to him. washington cannot ever cut spending a matter who is in charge. rhonda paul coming up. ♪ [ sigh ] not gonna happen.
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once again, that's... and financing is available for qualified purchasers. [background noises] stuart: it's quite unmistakable that that is president trump and dare i say he crashed the wedding over the weekend and it was not - it was at his golf club. tell me more. >> the bride and groom are big fans of the president and got engaged at that very golf club and the bride reached out to the
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president numerous times saying he would be more than welcome to stop by should he wish and well, it seems like he did. what is interesting is secret service kept most of the guests at bay with the exception of the bride from whom he got a big h hug. pretty festive. i'm sure that will be memorable for many reasons for that coup couple. stuart: looks like a deal on the debt ceiling and spending is close, at least we are told a deal is close. this deal would raise the debt ceiling for another two years and come on in, ron paul, former texas congressman. sir, you know what i will say. i don't see how the government can ever cut government spending and it never has before and i don't think it will in the future. >> absolutely right but the politicians are a reflection of the people. there is demand for the money in the financial markets wanted and
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people want it and nobody wants cuts so it will be there. the one item that a lot of people don't think about is it would not happen if you do not have artificial interest rates. let's say this year we have a trillion dollar deficit what if they had to borrow that in the market and what would that do to interest rates? that would be true capitalism and that's what i believe in and i don't believe you should just print this stuff because eventually you have to keep lowering interest rates because it becomes a double and you can't stop treating the money and the people long change their advertising and that is why some of us are predicting that in the head but doing pretty good now and we will wait and see. stuart: i see where you're coming from and we have a trillion dollars deficit this fiscal year at a time when we have full employment and a strong economy and over in europe they've got this negative interest rates where you actually you are the lender and you pay the borrower to give them money. i agree with you. at some point there will be
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trouble but we been saying this in 20 or 30 years and never happens, does it? >> well, i do think so. we've had a few apples first and we have had discrepancy in the distribution of wealth so the problems are out there so i think that we can't avoid that and it will continue and we can't turn it off but i think were addicted to it. it might be of medicine but if you try to take people off of drugs they get upset and it is like a drug but i think stuart we are closer to negative interest rates than people will admit so i think there's a higher inflation rate than they will limit so where are we? have a 3%, 2% and some people live with that and if you look at the statistics these 30, 40 years as the six to show what happened to the median income and real wages especially since 1971 cents [inaudible] the wages
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never kept up with the spending and sometimes the spending for some people went five times faster than wages so it is difficult but the one thing that bothers me most is that the problems you and i are talking about and generally agree with we are going to be late because let's say this thing does come unglued then the socialists are coming in already doing this and saying all the problems come from capitalism, free markets and you know we have shortcomings and i don't want to be blamed for this. i want people to know there's a difference. stuart: you worry about printing money and the socialists will print trillion after trillion if they get in power. ron paul, always a pleasure to talk to you. you make a lot more sense than a lot of people these days and it's great to have you on the show but ron paul everyone. >> thank you. stuart: i want to show you this tweet from president trump again and look at this.
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the squad is a very racist group of troublemakers who are young, inexperienced and not very smart. they are pulling the once great democratic hearty bar left and are against humanitarian aid at the border. they are now against ice and homeland security so bad for our country. the president waiting into the fight and that is taking place in dc. the squad versus virtually everybody else. equifax they have agreed to pay up to $700 million to the ftc because of that massive data breach in 2017. remember, 147 million people have the personal information leaked including social security numbers and they will pay up to 700 million. once you have the number out there the stock could recover. it's up 69 cents, 137. coming up, we have a cyber guru on the show and i want to know
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if the spine on equifax is a big enough and on your screen now even talking about it since friday the trailer for the new top gun maverick movie is out and we will talk to a former flight instructor at the top gun school. does the film help recruiting. i'm not sure how it can because it's about drones. first you remember this video. getting off a flight with the u.s. air force and he could barely walk. we think it's pretty good television. today he's of the world's largest air show in oshkosh, wisconsin and flew in wild blue, small propeller driven plane and that is him coming off of that flight a couple hours ago. next we will see the video from inside the cockpit. turn away if you get the sick. ♪ hey! i'm bill slowsky jr.,
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i'll pass. stuart: video of a great white shark you can barely see. an attack of families would be catch of the cape cod. tail of the shark just missed hitting his face and ripped off his fish, the one he had caught. the shark ran opposite or swim with it in full disclosure, great arthel are a normal
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occurrence and you see a lot of them off cape cod. you can now place your order for the world's largest hybrid plane called the il, made from retrofitted 337 powered by gas engine and a battery-powered engine. the word on the price tag but you can order it at this year's air venture show in wisconsin. it just so happens that her own jeff flock is that that huge air show in wisconsin and been flying around all morning and gas powered planes i have to ask and jeff is with us now and give us some footage from that flying around. have you recovered yet? reporter: i just got off this one and i can hear you now but this is a t28 mark t28 trojan big trainer and i got - >> you survive, jeff. >> back he took me just to the edge of throwing up. >> we know where the edges so we want to experience with the
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maximum extent without losing your lunch and you did that. reporter: thank you so much. this is a more stable plane but the one we were on earlier what do they call it? >> are baa. reporter: your like up and out lawnmower engine with couplings on it. >> more powerful and more stable than that but . reporter: to a guy like me. we did a roller what do you call it? >> we did a loop. you went through a barrel roll and hammerhead in québec down and you got upside down for a bit. reporter: i want to mention your company because you are how many years in the air force? >> 23. reporter: now you train future air force pilots. reporter: yeah, we do with our company is a contract adversary company and contracted air services. reporter: what you do is go in and play the other guys.
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>> we are the aggressors. we train them to all our guys are trained from the military. reporter: stuart, this is an incredible place to be. i wish you were here and would experience what i did to see if you got as sick as i did. stuart: very funny. no way on god's green earth you will get me doing that. jeff, you're alright. thank you. good stuff. serious stuff, more protests in hong kong over the weekend and police used tear gas, rubber bullets at those protesters and it's gotten so bad apple is closing its doors in hong kong early. they're worried about the violence taking place there. we brought you the story friday, major cyber security company has been - it says it has seen three successful audio attacks where a company ceo called another executive to request an urgent transfer of money but it wasn't
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stuart: i hate to keep saying that they go nowhere market but that is what it is. were down 28-point at 27,000 with 125. we are watching oil and seems to be fending off any turmoil in the oil markets after i ran seized a british tinker over the weekend and a lot going on in the gulf but no reaction to the oil market. if this had happened five years ago oil would be $5 a barrel. for continue in hong kong with closing the store there early because of the turmoil. >> turmoil in the streets indeed. we know 45 people were injured and there is escalating violence and police are firing smoke canisters to clear the streets but apple set up a store in 2,011 and solidified hong kong's image as international center and we always thought of it as such but you have apple there and a lot of american businesses and american or rather abercrombie and fitch, hollister, estée lauder and all the companies told their
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employees monday you should leave early but if you want to leave early go. stuart: hong kong has a favorable business climate and i could be upset dramatically. the video of the hong kong subway - run it, please. what you are about to see is guys in white thought to be triad members, gang members, possibly employed by a working with beijing to beat up protesters. >> yeah, the protesters used pro-democracy protesters have traditionally been wearing black t-shirts and as you can see from the video what we assume are the triad members wearing white t-shirts and so the criticism of hong kong is that the police had turned a blind eye to the triads coming out and beating up the pro-democracy protesters who are in black and that the accusation is the police said some of these
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black shorted pro-democracy protesters called for the police, sounded the alarm and the police were extremely slow in responding. people sustained serious injuries. stuart: i know hong kong quite well and it's been rattled by this. you just don't see the silence. >> yeah, and the idea and the issue is if you commit a crime in hong kong this proposition that you could go and be tried in china is what kicked off this latest stream attention. stuart: you don't even have to commit a crime will be visiting. there you go. now to a story by you on friday. this is deep, fake off where being used by hackers to mimic precisely the exact voice, for example, a ceo. one example is a senior finance guy told to transfer money to the hackers. sultan interactive is with us. is this a precise mimic of someone's voice? how do they do that? >> absolutely. there were listening to hundreds of hours of analyst calls and call that ceos had made to their
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shareholders so you listen to shareholder meeting of hours of audio which are - you're able to take that audio and build a deep fake program that you can have it they exactly what you want. the challenges we had to - deep fake audio in deep fake leo are the future. we've had millions extorted over the past several months. stuart: what are the deep fake mimicking a ceos voice? what can you do about that? >> what we will have to do is threefold. one, new technology protocols so in some calls and says transfer money will have to have secondary validation. two, will the new technology. as the video and audio become more citizen journalism we need technology that validates this stuff of blocking and i think on the third inside you just have to be ever vigilant. stuart: but you can take all the hours - i've been on television
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for 10,000 hours a lot of tv out to me out there. you take my voice and imitated precisely, take my image and imitated precisely and make me say anything you want. >> that is the challenge. stuart: and take it out on youtube or someplace. >> it's worse than you too. if they were to leak this is video of you and a vacation or something like that and all of a sudden it becomes a scandal. inside of the media hype that were delivered today people are going to argue about it on twitter for three hours before you catch it. stuart: i'm sorry i brought this up. [laughter] don't give them ideas. can we talk about equifax? there is talk about a 700 million-dollar settlement because of the data breach of what has been over 100 million people. >> half of america. stuart: half of america - okay. the settlement would be for $70 million and is that enough?
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>> i don't think so. the settlement is one piece of this but the other side is what's been done in terms of flagellation to make americans safer. we consider this - half of americans credit reports were put on the deep web available for sale what is the indication for equifax? nothing. what is the business impact for a ton of americans? a lot of folks had to sign up for onerous and expensive credit reporting, credit fixing services out there because they themselves have their credit used in the wrong way. stuart: thank you very much for being with us today. two very important stories and i think we dealt with them well. our next guest or frequent guest on the program, new project, try to quote, rebuild america's flyover states. investing $80 million into one of cincinnati's underdeveloped neighborhoods. jerry is the guy, national association of homebuilders ceo. is this a general all-purpose big picture organized attempt to rebuild the rustbelt or is this a one project in cincinnati?
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>> this project in cincinnati is a pristine example of what can be done when you get to the government, private sector working together. stuart: whose money? >> there is no public funds involved. there's tax payment and private activity, private placement bonds but no federal funding at all. the bit of cooperation between the city government and local builder that we are getting the project done. stuart: when they tried that in new york city with amazon, given tax abatements or whatever you call it, there was now. the far left through it out but you meet the same kind of opposition in the midwest? you know, the mayor of cincinnati and the cincinnati fathers were interested in the junction and it's a project that is taking a part of the old cincinnati rail yards which was a decrepit area of town, totally revamping it and making it into very nice housing for the citizens and stimulating the rest of the market in cincinna cincinnati. stuart: wait, i think the plans and some of these homes go for
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$1 million, 1.3 million - yes, if there'd been city funds available federal funds we could've done affordable housing but as it is for the cost of construction and cost of materials, even with tax abatement and variable help on their regular tray processes we still had hit the right price point that is why we had to go for higher housing. stuart: this is the same story we've been talking about for a long, long time. cost of regulations prohibit the building of low income housing - that is it, isn't it? >> is an example of how you can get housing done in the pleader neighborhoods if you put in extra money and remove the regulations affordable housing crisis will be over. stuart: but you got to get people to buy homes. >> i think there's a very strong market for that. stuart: you would hope so. jerry, always a pleasure. >> thank you be one it was a
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huge weekend for disney. first of all, avengers beat out avatar at the highest grossing movie of all time and then we have lion king, huge winner at the box office. >> i think the heat in this country may have sent people to the movies because you did have the lion king exceeding expectations so just this week and alone successful debut $185 million and analysts thought it would break in 150 million so very strong start for the movie. you have a lot of stars and star power, beyoncé, donna glover lending their voices and it's a remake and a lot of cgi remaking the emanated version which was released a few years ago and yes, avatar is now number two if you like 2.7 billion you have an game surpassing that. stuart: all those movies will be on disney's streaming service this fall? i would imagine they will. >> and if the price is right. stuart: check netflix. down again. another $4 lower that's 1.3% and
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they lost big-time last week after a dismal report of the new suspenders they got in america. seems like they are not bounce back from last week's lackluster earnings reports. the new trailer for top-down maverick dropped friday when the first top gun was released in 86 and the navy saw sign-ups on the filled success. will the new top gun do the same? we are asking the last flight and structure of the top gun school before they moved to nevada is on your screen and he's on the show. is that the man behind the helmet there? okay, it is but you can't tell. also, bill poultry, ceo of faulty capital is promising to give $30,000 to a veteran if we resident retweeted him and the president did exactly that. then he bought the brand-new 20,000-dollar car and gave her 10,000 cash.
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bill faulty is on the show and says the president is changing philanthropy. ♪
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stuart: i know you are thinking why have you played the video for queens bohemian rhapsody and must have been a mistake. no, it wasn't. deidra will tell you why we just played it. >> you are not alone. this video has been downloaded
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now 1 million times and it is the oldest song to do so on youtube. this classic iconic tune just pass that billion-dollar market maybe yours was one that made it pop over that market. stuart: i thought the movie. >> fantastic the one absolutely loved it. >> compelling and amazing music that still stands up decades later not unlike your beatles. [laughter] sport but not to get the beatles and the human rhapsody. i've got a really good, feel good story for you. bill pulte ceo of the capital and promised to raise $30,000 for a veteran if president trump retweeted him. the president did just that and that allowed bill pulte the boost to give the veteran a brand-new $20,000 car, $10,000 in cash but there you have it. $30,000. bill pulte is with us now. sir, you say the president is
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changing how philanthropy works and i but it was you that were doing that. >> well, we are. frankly, i have 83,000 followers now when i first started as i had about three, 34,000 so it's i call him teammates. they are teammates. they done the work and the president stepped in and with one tweet, as you know, can change things and sure as heck changed him. he blew a hole in reality as i call it of the land. were excited and got many things people getting on board, the big fighter who just won the other night, manny pack is on board and it's just been a great experience and will keep the momentum going. stuart: how did you pick on that number, 30,000 bucks? second, how to depict the veteran who would get it? >> well, we asked on twitter for a lot of people and got a lot of applications but there's a great that's organization and they
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been terrific to do it. they found this veteran who was in need, one 100% traumatic brain injury this woman had and we bought her a brand-new car. she was walking to the groceries to get her groceries and taking tubers to the va for medical bills and whatnot and able to give her a brand-new car and she cannot believe it. happy to do it. stuart: what is the relationship between pulte and veterans? give a special relationship of some sort? >> i care about veterans and i thought that the president made two and i thought people - i didn't think he would do it but we got a good relationship with veterans but also looking after single moms and looking after middle-class people and looking at many cases the poor and trying to give them a helping hand. it's not a handout but just a month to get people head start that they need in life. stuart: bill pulte, you're giving capitalism a good name. do you realize what you're doing? >> business is the lifeblood of my charity and business will
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always be one 100% of their focus and my friends have asked about the business but i'll be one 100% and even more so. it is the lifeblood of charity and agreeable to be able to do that and to be able to give in giving we receive. stuart: bill pulte, thank you for coming on the show and congratulations on a terrific - i hate to call it a scheme but a program and that's probably better word, a great program for rewards great movement. >> is a movement. stuart: i like that. bill pulte, we appreciate you being here today. >> thank you, sir. stuart: we talked about this since friday and the new trailer for top gun maverick is out and we have the former head of the top gun school and i wonder will the new top gun movie recruit as many pilots as the old one did. he's on the show and we will ask. ♪ hi i'm joan lunden.
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>> you should be a to start admirable by now if here you are. captain. what is that? >> it is one of life's mysteries, sir. stuart: lots of life's mysteries
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as we all know what a look at the trailer for top gun maverick, tom cruise will be back in his role as pete maverick. the general on the right-hand screen is a former top gun instructor, tom. welcome to the program. great to see you. >> good morning, stuart. hope you're having a fine day. stuart: fine day. i really am. [laughter] the first movie was a huge recruitment vehicle, getting pilots in. but this new movie is about drones and will not have the same recruitment factor in it? >> you know, the trailers that i've seen have a lot of flying and you will see that the one nice notice was this f-18 come across the desert very low so i have not seen too much of the drones spin to it but i've just seen a couple of the trailers so i'm in the dark on the drones. stuart: the original movie and i'm sure the way you taught you
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saw intense masculinity, guys going at it in the air muscle to speak do you think that intense masculinity, if it is in the latest movie, will that be acceptable? [laughter] >> intense masculinity? understatement there, stuart. big egos but you know, it comes with the territory. you don't want the meek and meager so the instructors in particular, the junior officers that trained they are the best of the best and that's what you want. stuart: in the age of the drone and the electronic controlled fighter planes and what have you do you really need top gun pilots like you used to need them? >> good question. i think even dod is trying to still figure that out. there are missions that so then
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themselves to drone or such high threat that you would not want to put a human being at risk. obviously, there are defenses to take down very expensive drones like we just saw out in the persian gulf and that was a very extensive, very sophisticated drone and there are some defenses obviously that can take them down. as technology advances the questions we have to answer. plus, the person in the loop can make a decision so rapidly that a drone will not necessarily be able to do it, even with ai. stuart: one question i've been longing to ask you, what is the best fighter jets in the world? >> if i did not say it was some maybe playing my buddies would give me a hard time but i thank you will find this new one, f35, lightning two will be everything
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- it's been a long time and being created and i still go back as much as grief as i might get there is nothing quite like the f-22. the kill ratio for an f22 in exercises is off the scales. you can't see it and it goes very fast, super cruise. supersonic without [inaudible] and a great weapon system. those airplanes called fifth-generation are hard to beat. hard to beat and hard to find. stuart: kill ratio that the intense masculinity i was talking about. i hope to see some of it in new movie. tom trotter, thank you for being with us. we appreciate it. >> yes, sir. my pleasure. stuart: yes, sir. more varney after this. ♪ carvana is six years old this year
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stuart: we have the seen for you. that is the front portico of the white house. we expect the prime minister of islamic republic of pakistan. he is at the white house for a meeting with president trump. look at the price of oil, it moved back above $56 a barrel. i think behind this move, not a huge move, but behind it is iranians tanking that british tanker. >> that is exactly right. oil, brent, crude have been moving higher. this is the second day of this movement after iran seized a uk tanker. these are tensions that started when the u.s. sanctions against iran took effect at start of may. iran is trying to provoke the u.s., trying to provoke the uk. so far we are showing our wiser side, not taking the bait. stuart: we have not retaliated
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if these incidents happened, in the gulf, say this every time, oil would be hundred one dollars a barrel. our frackers pot us out of this. that is my opinion. neil, it is yours. neil: any other time it would be calamity. stuart, thank you very much. iran sinks to one new low after another, things look rockier in the persian gulf. we're all over that. not everything is rocky. a debt deal coming together, not cuts both sides were promising. a deal a deal but is it a good deal. a hearing that the democrat say the president should be impeached. it will also prove that republicans say that mr. mueller had an agenda. this foes on and on. focusing on developments much blake


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