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tv   Varney Company  FOX Business  July 26, 2019 9:00am-12:00pm EDT

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who wants to be a model, he's a huge influence. i find these people, seek them out on social media. that's my word of the day. maria: big story was the gdp, better than expected. 2.1% growth. lot of catalysts on the horizon. fed meeting next week. have a great weekend, everybody. thanks to the great panel. "varney & company" begins right now. charles payne in for stuart. take it away. charles: good morning, everyone. charles payne here. stuart will be back on monday. we got a ton of big stories for you. maria just mentioned, the economy grew at 2.1% the second quarter. wait until you find out how much consumers drove that. now you can see it's driving the markets as well. we are near the highs of the morning session. coming up, commerce secretary wilbur ross first on fox business on that gdp number, and of course, the latest with our china trade negotiations. check alphabet. google still the dominant force in online ads. that stock looks like it will really take off today despite a federal antitrust probe that's hanging over its head. amazon made $2.6 billion
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last quarter but not enough to move the stock. it's down right now, higher shipping costs hitting the bottom line and a lot more we will discuss there. wait until you see what happened during my interview with senator marsha blackburn. "varney & company" is about to begin right now. this is what people want to see done, and i got to tell you, summertime it might be hot but people are pretty happy campers. charles: real quick, you mentioned -- are you okay? >> yes. charles: oh, my goodness. you just never know what's going to happen on live tv. that was my interview with senator marsha blackburn from yesterday. a pretty rousing interview to say the least. going to be a rousing start this morning also. we just got the latest read on the economy. i want to bring in david mcintosh with club for growth. david, just your initial reaction to these gdp numbers
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which i should let the audience know, the official consensus was 1.8%. the wall street whisper number was 1.3%. obviously significantly better than what the experts were expecting. >> you're right, charles. this was a very good gdp number, given all the pessimists were saying it's going to take a significant drop last quarter. it means the trump policies that have stimulated economic growth are continuing to work. what we're seeing now, though, up on capitol hill, is an effort to spend the additional receipts that are coming into the government with a huge spending bill. that will, i predict, dampen the federal reserve, frankly both items will dampen the federal reserve's willingness to have another rate cut. we might see one but it's not going to be as big as everybody expected. charles: really. i got to tell you, i have been listening to mario draghi yesterday and reading and listening to jay powell, i think we are at low rates for a long, long time to go.
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i do want to get back to this gdp report. there are two distinct things here. the consumer, 4.3%, that shattered any estimate out there. the american consumer is back, they're confident, they're spending money, their wages are up. how does that tie into the election? >> it means very good news for president trump and the republicans because they realize the policies that he's put into place have stimulated the economy, they have created job growth, they brought back jobs and the consumer, the worker, both feel very confident. as long as that maintains into -- well into next year, it should be a boost for the republicans all up and down the ticket. charles: i know you're not big on government spending. government was huge in this report as well, up 5%. federal spending up 7.9%. non-defense spending up almost 16%. so it's almost like a pox on both houses. i know this is why the club for growth was organized in the first place but in reality, is it ever possible to stop government, republican or
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democrat, from spending this kind of money? >> well, the voters definitely don't want it and i think you are going to see particularly for republicans that violated what they told voters they would do, basically they all say we are going to cut spending, wasteful spending, now they vote for a bill that enables $320 billion more spending. i think you are going to see in tough races, maybe north carolina senate with thom tillis and arizona senate with martha mcsalley, the republican base isn't enthusiastic. tillis has a primary challenger on this issue. so there will be political consequences but you're right, the system, it drives them to spend more. they figure that helps them win votes and both republicans and democrats do it. charles: stay right there. i will get back to you on what the definition of wasteful spending is. i want to take a look at google, parent alphabet, they had a big beat. joining us, market watcher scott martin. obviously a real nice pop even though it's a $1,000 stock, it will make a huge move this morning. what are your thoughts? >> everything looks pretty good
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in tech land, doesn't it. you know, a couple things to take in mind or take up mind here if you are an investor at home thinking what do i do now. google's kind of business model if you will of search is kind of back in action. after a couple quarters of kind of languishing, it perked up again and of course, google cloud is now growing considerably. youtube contributing as well. google's got a lot of those little ventures that are out there. waymo is another one, their self-driving car division, that seem to be really helping the company along aside from their traditional business. that's very interesting to see if you are looking to play that at home. amazon, on the other hand, is just absolutely amazing. it doesn't bother me at all, in fact, it's a great opportunity today if you have cash on the sidelines and want to buy this name because it will be down on the open, because of the fact that they are losing money, as far as like they're starting to see some decelerating growth in some of the big areas but the reality is this. amazon has lost money before and look what's happened. people who slept on that stock obviously paid for it dearly and lost profit. that's a reason to take a look at amazon today if it falls any
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further. charles: amazon is interesting. it's going to be down but at the initial reaction, it got crushed right after the numbers came out. you know, everyone was able to go along with jeff bezos and the idea he was building a juggernaut. then for awhile it became an earnings story. he's seemingly saying we are going to spend $9 billion on content technology, $9 billion on fulfillment, another $4 billion on marketing. spend, spend, spend, forget about the bottom line. you're saying wall street will be okay with that? >> yeah. because they have done it before. you got to look at the body of work, as we kind of do sometimes with ncaa basketball teams. when you see them, you have to look at their body of work. amazon has done that before. they have made money over time. they have made investments in things like whole foods and the cloud and aws and advertising development that have now really driven the company top line. here's the thing, too, as you mention, wall street really had a tough time reacting to this number in the aftermarket yesterday but it seems that it's kind of settling out. we are seeing buyers come in at
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these levels. don't sleep on amazon if you want to get a position here. i think you will get a good chance today. charles: great stuff. thank you very much. more on amazon, there's talk now they may be moving into the lord & taylor building here in new york city. it's a huge building. tell me more. susan: beautiful building as well. out here on fifth avenue. it's not the second headquarters for amazon, that's 25,000 jobs, but this is a 100 year building and apparently it could house around 4,000 amazon employees in the future. i think it's a storefront, amazon is trying to get into brick and mortar as they dominate the e-commerce space. you could put whole foods there and amazon go store in the future. lovely brand new bookstores. they are going to lease this from wework. wework actually bought this building for around $800 million back in 2017. it helps weworkload up their balance sheet. heading into their ipo later on this year. amazon gets more space as well, especially in a city they wanted to be in because of all the tech
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talent out here and of course, the access to -- charles: you know who will tweet about this if it happens? susan: let me guess. a man who does real estate in new york. who could that be? charles: also aoc. know what she's going to say? we didn't have to give them billions of dollars. they are going to come to new york anyway. she will say this proves her point. susan: i thought it was president trump you were talking about. charles: i want to get back to the budget deal passed by the house. of course, it didn't receive a lot of support from republicans but it passed. want to bring back david mcintosh, club for growth. obviously you mentioned early on you didn't like the budget deal. i lost track, to be quite frank with you, how many times the debt ceiling has been raised under both administrations. it feels like the political narrative always wins out over the financial narrative. federal workers who can't feed their families or pay their mortgages. how would you, if you were really in office, how could you go about this? >> so the key here are the
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senate majority in the republican side. it's a negotiation between republicans, democrats and the administration, and mitch mcconnell and his leadership team basically gave into the democrat demands for higher spending. the president had tried through omb to put the brakes on that but he then ended up sending mnuchin down who i think just doesn't understand how to negotiate with congress, and they came up with a very bad deal. the real way is to just start pointing sunshine essentially on some of the unneeded spending. charles: with all due respect, we have seen the video of the treadmill, wasteful spending for years and years. does it really move the economic needle when for the most part, many people like officials that go to d.c. and bring back those bridges to nowhere? >> well, what they elect them to do is real government work
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that's needed, infrastructure, provide for the national defense, and then people in their own district will, yeah, they'd like to spend on a government parking garage that costs twice as much as the private sector, but overall, they want the congress to put the brakes on that. you see some real serious reports on this. mckenzie did one of the defense spending that identified a few years back $120 billion that doesn't go to national defense, but gets siphoned off on social programs. charles: i'm glad you're sticking to your guns. maybe one day you will be able to help with the negotiations on this, because it ain't nothing changed so far in that respect. thanks a lot. >> yes. disappointing but we've got to keep fighting. charles: at least the economy is rocking it. let's check on the futures right now. we ticked down initially on that stronger than expected gdp report. i think the thinking was maybe that stops the fed but now we are turning higher and these are the highs of the session right now. we will have another amazing day in the market. meanwhile, take a look at
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capitol hill. congress is taking the rest of the summer off. don't you love it? the house is in recess for the next, get this, 46 days. don't expect much of anything to get done in d.c. between now and september 9th. you know, this could be interesting. speaker pelosi having a closed door meeting with congresswoman alexandria ocasio-cortez. of course, the relationship has been more than a little rocky of late. we are going to hear from speaker pelosi in the next hour. congresswoman rashida tlaib says ivanka trump and jared kushner should have no expectations of privacy. what will first daughter-in-law lara trump have to say about that? she's next. you traded options. i'm not really a wall street guy. what's the hesitation? eh, it just feels too complicated, you know? well sure, at first, but jj can help you with that. jj, will you break it down for this gentleman? hey, ian. you know, at td ameritrade, we can walk you through your options trades step by step until you're comfortable. i could be up for that. that's taking options trading from wall st. to main st.
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a kohler walk-in bath provides independence with peace of min. would you mind passing my book there. once again, that's... and financing is available for qualified purchasers. charles: profits declined at intel but not as bad as wall street was thinking. intel will also sell its smartphone modem chip business to apple. they lost $1 billion on it so good move for them, good move on the stock.
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twitter also reporting this morning they beat on the top and bottom lines. in the meantime, dow component mcdonald's, they reported higher sales, the comp sales in america and internationally off the chain. that's why that stock is roaring higher. we got a new fox poll that shows president trump head-to-head with democrats. the president trails biden by ten points, sanders by six points. joining me, senior adviser to trump 2020, lara trump. forget the polls. >> you can't pay any attention to the polls. charles: i don't really, to be quite frank with you. it's fodder at this point and probably even the day before. but here's the more important thing in my mind. the big dark cloud probably was mueller. it feels like that's a rear view mirror issue. the economy is soaring. we had a great gdp report this morning driven by the american consumer. it feels like president trump has a clear runway to re-election here. >> i have always said that. listen, before even -- we knew at the campaign what there was that mueller was going to find which was nothing.
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of course we had this circus we saw with the democrats this week trying their last ditch attempt, i really think they thought this was their last chance to possibly win in 2020. we saw what a disaster that was for them. but people are always going to vote with their pocketbooks and their wallets. whenever you have more money, when the economy is working for you, when you have a better job, people care about those things and they want to see those things continue versus what the democrats are offering which is government control of everything. guess what, if i decide i don't want to go to work today, you are going to pay for me because that's how they want -- that's how it should be to the democrats. charles: sometimes that stuff sounds great on paper. certainly in college it sounds great. all this stuff sounds great but to your point in australia, the conservative government was going to lose by every single poll. when people got in the voting booth, they thought about this, we haven't had a recession in almost three decades. why mess this up. here's what some people are concerned about, a lot of people who support president trump, he
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may be his own worst enemy. he say smay say or tweet someth out of left field democrats can pick up and turn into an issue. are you concerned about that? >> no, if we were concerned about that, we would have all been stressed out for many years. listen, we all know this is a president who is incredibly transparent. if you like the tweets, great. if you hate the tweets, at least you always know what he's thinking. but no, we don't get concerned about that. you even look at what we saw happen with the squad and so many people gave him so much criticism over what he said, but now the squad is representative as a whole of the democrat party. charles: there's a method to the madness. speaking of the squad, congresswoman tlaib taking direct aim at the president's family. i want to roll tape. take a listen to this. >> they are choosing to protect family members of this current administration. they don't have any privacy anymore.
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they also have to be accountable to us in this chamber. >> this subpoena is for personal e-mails who their domestic help is, who is watching -- that's ridiculous. charles: all right. your reaction? >> well, none of us should really be surprised to hear this. they have been accosting all of us since day one. they know they can't beat this president when it comes to the economy. they know this president is so strong fighting for americans across the world now and how are you going to defeat that. you attack his family. we are all sadly used to it. but it's crazy. of course we have a right to privacy. of course jared and ivanka have a right to privacy. we are american citizens. charles: if president obama's children were off-limits and rightfully so, it's unfortunate they have been attacked. the market will open in 12
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minutes. also, folks, senator kirsten gillibrand, the latest 2020 democrat to unveil -- there's the futures, by the way, looking strong, still -- kirsten gillibrand unveiling a climate change bill. hers will only cost $10 trillion. details coming right up. fact is, every insurance company 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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charles: kirsten gillibrand releasing her $10 trillion deal, a ten-year plan to fight climate change. obviously it's a lot of money. >> only $10 trillion. charles: there has been more. the most expensive plan so far was a $93 trillion plan from one of the candidates. this is the discount version. >> it's sort of crazy whenever i continue to hear about all these environmental plans. right now the united states is in the best environmental shape we have been in almost 40 years since like the '70s. and you look at what china is doing when it comes to emissions. india. why is it incumbent upon us as the united states to be the only people to do anything about it? you know, they banned plastic straws in so many places now. that was there's a war against plastic straws. when you actually look, when they do these ocean cleanups at what they find, plastic straws are like the fifth most common thing. the most common thing are cigarette butts. let's ban smoking, if we are
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really trying to clean stuff up. i think most people when they think about $10 trillion and what it could do for this country can think of a lot better ways to use it. charles: it's so amazing because essentially they want us to sacrifice our economy and what really bothers me is the usurping other things, other legitimate issues and transferring it to climate change. when i hear aoc complain about asthma in the bronx, that has nothing to do with climate change and everything to do with poverty, decrepat this time conditions, people not changing their matt tremendousresses for roaches, rats. >> i think again, this is why i really believe we will see a victory for president trump on november 3rd, 2020 because the american people out there, the general public, doesn't want to hear about this nonsense. they want to hear about how $10 trillion could possibly fix infrastructure, fix their roads
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and highway systems and whathave you. so i really think the more we hear on this stuff, if they want to keep talking about it, let them keep talking about it because i think it will only benefit the president. charles: great seeing you. thank you very much. >> absolutely. charles: the market is going to be opening here in just five minutes. futures near the highs of the session. looks like we will have another phenomenal day driven by corporate earnings. "varney & company" will be right back. jardiance asks:
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charles: presidential candidate tulsi gabbard suing google for $50 million. what's going on here? susan: that's right. the outsider, the hawaiian congresswoman, is the first presidential candidate to sue a major tech firm, $50 million. what she's alleging is that google infringed on her free speech, briefly suspending her campaign's advertising account. we got in touch with google. here's what they say about it. google says we have automated systems that flag unusual activity on all advertiser accounts, including large spending changes and that's in order to prevent fraud and protect our customers. it's important to note that in this case, our system triggered a suspension but the account was reinstated shortly thereafter. we know conservative politician senator cruz and even president trump has contended a lot of these social media sites,
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including google, censors conservatives, right. there's a liberal bias against conservatives, but it looks like you have democratic candidates -- charles: she's not your typical democratic candidate. she does have views that sometimes cross the political line and come down to really the folks who make these algorithms. folks, you can hear the opening bell. we are starting to populate the board. wall street loves what google and amazon had to say. you got dow chemical on the downside. boeing still continues to be weak. let's take a look at the s&p 500. this is a broader measure. right now, up ten points, looking really good there. then nasdaq, not maybe the big winner today. already we can see a hefty move right out the gate, up 56 points for the nasdaq composite. all right. some of these names that reported. check on google, wall street loves what they had to say, up
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almost a hundred bucks, almost 9%. that's a monster move for the fang name that has been lagging this year. then there's amazon, down $31 but it was down like a hundred points immediately after the announcement last night. maybe they will fight their way back. starbucks, that's a new all-time high. they have reinvented themselves. business is going extraordinarily well around the world. intel again, you know, used to be one of the four horsemen, we forgot about it. they are still in the picture. joining us to discuss all of this, joel shulman, david dietze, susan li. joel, first i want to talk about this morning's gdp number. 2.1%, the consensus was 1.8 but some people were thinking 1.3%. this is certainly better than anyone anticipated. >> yeah. what's particularly interesting about this is the consumer discretionary spending is up. it came in 4.3% growth. they were expecting a little bit lower. many expect the consumer discretionary now to carry us through the year. so with trade being off, the
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china trade war, we are really looking at consumers, consumer discretionary and of course, tech continues to carry the ball for large cap companies. charles: inventory down $44 billion, that was an adjustment to the first quarter. that's going to probably be a little better in coming quarters also. >> yeah, that's right. with inventory down a little bit, it was a blip from period to period. again, we should see consumer discretionary carry, interest rates are low, they will probably go down next week. charles: does this change your thinking on the fed? >> no. that's why i think it's almost a goldilocks number. it's not so strong as to cause the fed to change from its basically dovish tilt here. i thought the numbers were very good given all the head winds that are actually external to our country, for example, the weak overseas economies, for example the dollar continuing to move upwards puts a head wind into the exporters. i basically liked it. also, when you looked at the comparisons versus last year, last year was first year of the tax cuts, that made comparison more difficult. i like this number. susan: finalized data shows 2018
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didn't grow at 3%, but when you couple so far 2019, the first quarter, the longest government shutdown in history, saw almost 2% growth, you are adding 2.5 almost in the second quarter. i think people are taking a step back. yes, it's baked in, we will get an interest rate cut next week, but the two or three, some are saying that will be a little hard. it's a high hurdle to cross at this point. charles: let's talk about strong numbers also in the earnings front. google, david, google, wall street loves what they have to say. their traffic acquisition costs were a little bit less. it's apparent these other businesses are really starting to do well. they are telling us more and more about them so obviously, the youtube and search and some other things are doing pretty good here. would you buy the stock at the open? >> well, we were buying it yesterday. charles: i know you're in it. for the viewer who didn't catch you on my show saying buy this stock. >> i think of all the fangs, google is probably the one to buy because it's the most reasonably priced, and i think they still have a lock on the display advertising with their
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search. youtube is coming along quite nicely. now of course, the extent they are sharing more about what the drivers are behind their business, a lot of combination, a lot of synergy there. finally, they announced a $25 billion stock buy-back. if they are buying back their stock, that's a good cue for the investor. charles: the irony is that lock on search, maybe 95% is one of the reasons why they can't get outside of the scope of government, you know, this government looking at them closer and closer. many say of all these big tech names that d.c. are concerned about, maybe this is the one that gets broken up. >> i'm not as concerned. this is a great company. of course, you always have considerations on antitrust but this is an entrepreneurial company. they are growing across the board, lots of areas, 16% up on ad click revenue which overall for a $39 billion revenue company is impressive. when you look at their stock, the earnings per share are going from expected 11 to 14.
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growth across the board. this is a company investing a lot in r & d, creating a lot of jobs for the country so people are looking at them from an antitrust standpoint. they have to remember companies like this are growing jobs by about 15% per year. this is a company that's driving the growth, a great entrepreneurial company that we strongly believe in that's helping americans and people around the world. susan: it's a great quarter given this is the quarter also where they accounted for the $5 billion european union fine as well. i think there's a lot of concerns in terms of growth and paid clicks decelerating for a second straight quarter. growth rates were not what they used to be at 50%, 60%. yes, a lot of people would take around 30% growth but when you are looking at a saturated advertising market online, especially one that google dominates, some are saying where's the next leg up going to come from. charles: to that point, you had revenues increase by a run rate, eight billion on the cloud. this is a company just like microso microsoft, that was a big
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number, six billion ready to go higher. let's talk about amazon for a moment. the online retail giant, they had record profits streak come to an end. you just talked about how much google is helping society. amazon says they are going to triple their work force, their sales force, in the next three years and all they talked about was investing, investing, investing. this is huge. >> r & d has been up 26% for the last year. in 2013, they had 117,000 jobs. right now they have 647,000 jobs. in about five years, so this is the fastest growing company in terms of employees. if you look at the entrepreneurial companies, particularly in tech which we will break out separately, when you look at the tech companies and entrepreneurial companies, almost all the growth in jobs are from about 30 companies in the s&p 500. so this is a company, now, aws has dropped from about 10%, they have grown from 10% to 12% -- charles: there's more competition for aws.
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google has broken out. susan: i want to talk about the cloud, because aws had a six-year head start ahead of microsoft, ahead of google and for the quarter, they made $8 billion. that's a run rate of 37%. the company on its own is worth about $30 billion, with an annual run rate on average of 40%. there's concern of a slowdown in aws. charles: hold on. let me bring david into this. listen, we know it's going to be more crowded but the idea is the cloud itself has so much more to grow that there's room for more than two players perhaps. maybe there could be three giants in there. >> absolutely. of course, at one point, we have strong cloud results from microsoft, google stole a key player from oracle, there's a lot of pressure there. i think that's the one concern because so much of the profits is coming for amazon from aws. that's the golden goose which allows them to do so much in
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terms of their retail. charles: to this point, last year, the revenues were 10% from aws, profits were 75%. this year it's 12% of the revenue is aws, 50% of the profits so the profit price is coming down, sales force by the way is another player in the cloud space. there are a lot of players. susan: let's get back to what consumers understand about amazon which is buying and also getting that one-day shipment, if you are a prime member. i believe that shipment costs actually bit into the bottom line. they jumped some 35%. charles: that's why the argument now shifts back to the argument it was for amazon for a decade. forget about the bottom line. this is a company that's building for dominance. they will spend $9 billion on technology and content, up 25% fulfillment, what you are talking about, over $9 billion, up 17%, marketing up almost 50%. going after that consumer. let's broaden out the conversation here, check on the big board. we are a little bit, you know, sort of feeling our way around right now. let's talk about some of these other names.
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twitter's revenue, they beat the street. then we had a really strong rosy forecast from starbucks. twitter, the guidance was so-so. everything else was phenomenal. >> five million new users, high growth, the best growth they've had in years in terms of acquisition i think in about three years, biggest number of users increase. five million -- charles: monetized daily active users up 14%, 139 million. twitter trying to break out through $40 this morning. starbucks had a good number. mcdonald's had a mind-boggling number. it's just more than these names we talk about often. >> so yeah, the profits recession was much exaggerated and despite all the concerns about the trade war tiff, about the higher dollar, we are seeing some of america's greatest companies just powering right through it. they are cautious flicking forward but how could you not be? >> one point on mcdonald's. revenue in the last five years has dropped about 30% but profit margins have increased by 13%. i haven't been to mcdonald's in awhile but apparently burgers are now more expensive.
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they are making more money on less revenue. charles: they are getting rid of the cheap stuff? >> they really are getting rid of the cheap stuff. charles: know what's making it work? service. susan: there was $100 billion in buy-backs and dividend boost over the last few years. that helped the stock. charles: comp store sales in america were 5.7%. the street is looking for 4.5%. international, 6.5%. wall street was looking for 5.1%. that's why mcdonald's is surging. guys, thank you all, and gal. thank you all very much. hey, we got a big guest coming up on this topic. commerce secretary wilbur ross will be live on set, 11:00 a.m. eastern time. we will get his reaction to the gdp report. obviously, we also want to get an update on china trade talks. and despite the crisis on our border, the senate can't come together to make a deal on asylum reform. ken cuccinelli, acting director of citizenship and immigration services will be with us next on that one. [ dogs barking ]
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charles: let's check on the big board. dow is up about 30 points here. big names, though, that are looking phenomenal this morning. you know all of these. these are household names, you use all of them almost every day, i bet. google, mcdonald's, starbucks, twitter, all big, big moves, big pop for mcdonald's. in fact, that stock hitting an all-time high. senate judiciary committee chairman says discussions are dead. joining us is ken cuccinelli. now what? >> excellent question. president trump has done everything he can at the executive level to attack this problem. it isn't going to get solved until congress actually weighs
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in here and they are about to go on vacation. senator graham's effort over in the senate to achieve bipartisanship and work to a solution that could help ease the crisis just fell apart. i give senator graham credit for trying. i know he's not done, he's going to push ahead, but it is disturbing to see the other side simply pull out and essentially take the same position the house leadership has taken which is just we're not going to do anything but complain. they'll have show hearings over there in the house but they won't actually put anything up to fix the problem. charles: i think it's more than disheartening. you could almost argue it's despicable. it feels like this is better as a political topic and therefore, why ever resolve it when it's the kind of crisis that you can use over and over again for political gain. >> yeah, it's sure easy to conclude that, isn't it? look at last month. last month, congress finally did what the experts have been
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telling them to do for months with respect to children and overcrowding. and we saw the supplemental go through and in one month, one month, we went from 2500 kids in facilities not made for them to a couple of hundred with almost all of them but maybe 20 or so, less than 72 hours in those facilities. we can solve these problems when congress does what so many of them say, oh, we just want to hear from the experts. the experts have been telling them there's a crisis for a y r year. many of them on one side were denying there even was, oh, it's a manufactured crisis and so forth. you don't hear that much anymore. but they are still going on vacation instead of staying here to solve this problem. charles: along that line, democrats have had a lot of fun in the last couple weeks making fun of president trump saying there's been no border wall built, despite the fact they are against a border wall being built. what is the progress? where are we right now with respect to the border wall?
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>> sure. so vast sections, some of the most traveled sections on the border, have been rebuilt and look, if you've got sticks and cinder blocks there that you can walk through or drive vehicles over, you don't really have a wall. we replaced over 50 miles of that again in the most heavily trafficked areas so where it does the most good. we've got another more than 50 miles being built now, as you and i speak, with contracts and dollars in the pipeline that we expect will allow us to add another hundred miles by the end of next year. that's not counting what the department of defense is doing. that's just in the department of homeland security where i work. so there's a lot of progress being made and we are doing it intelligently. the president has made very clear i want this to go first where it's most needed and he is more than willing, unlike congress, to listen to the experts who tell him where that's needed. that's where we're building.
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charles: thanks for the update, ken. we really appreciate it. >> good to be with you. charles: keep pushing. it's a crisis that everyone agrees on. now we need solutions. we appreciate your time. >> good to be with you. charles: dramatic video from the coast guard. susan, what exactly is going on here? susan: high speedboat chase. we have coast guard members in san diego, so they were chasing cocaine smugglers. they intercepted this small boat, motor boat, and as they caught up to it, as you can see, some of the smugglers started tossing off some of the 2300 pounds of cocaine that was on board. the high speed boat chase taking place in the pacific ocean. the orange boat is the coast guard. you are looking at the smugglers here. nine suspected smugglers surrendered. this comes off the video just about a week ago with the submarine chase. that had 17,000 pounds of cocaine on board. looks like they are taking to the high seas to get some of these drugs across the border illegally. charles: something tells me they
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will have a high spring ejection button in the future. just push the button and it springs all the coke into the ocean. we'll see. that's great stuff. better than any movie. folks, let's check on the dow 30. market's been open for 17 minutes here. a majority of the stocks are higher. you can see it being led by coca-cola, mcdonald's, intel, really great results for strong american companies. the dow is up 25 points. by the way, it's good, you might have known this already, good to be a congressman. they are heading out of town for a 46-day recess. we are heading to capitol hill, a ghost town, after this. we're the slowskys.
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♪ charles: wow. look at that. that's one of those old songs right, that makes you feel like everyone's chilling out. well, you know, the reason we're playing it is because congress is going to be chilling out. they are going to go on recess for the rest of the summer. that's right. despite everything that's going on in the background, capitol hill will be a ghost town. joining me, congressman wriggleman, republican from virginia. six weeks off. must be nice, congressman. >> you know, i actually have to come back to capitol hill to get some rest sometimes. it's crazy.
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but this morning, i'm sorry i'm dressed down. this morning, me and myself and our fellow veterans were cleaning the vietnam memorial this morning. sorry i'm not in suit and tie. i'm a little wet still. we just came back from the vietnam memorial, cleaning it this morning. it's been a great morning. charles: you are really good because i was going to bust your chops about being in casual wear. it's for a very noble reason. >> yes, sir. yes, sir. i was going to wear a flower shirt but i thought, you know. charles: none of our viewers watching this show are going to get 46 days off, particularly when there's so much going on in capitol hill. what can be done? what can realistically be achieved in washington, d.c. between now and say the election? >> well, for me, this weekend i leave for the border, i go there for five to six days. my district is 10,000 square miles so it's bigger than new
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jersey. i will be making a southside trip in southside, virginia, staying overnight on the north carolina border. my district is huge, bigger than new jersey. going to the north carolina border, talk to everybody with really listening tours, see what's going on and trying to help everybody. we have a pretty fall august. we will come back and hopefully take those lessons learned from our constituency, do some great things. charles: good your district is bigger than jersey because everyone is trying to move out of jersey. i do have to ask you about this budget deal passed by the house. didn't receive a lot of support from republicans. where do you stand on this deal and overall, again, realistic, the reality of government spending, it never stops on either political party. >> charles, somebody told me something interesting the other day, hey, how about the out year strategy, voting for this or voting for the one last year, then trying to do something better when we get re-elected. i have been in politics seven months. i was elected congressman, came from business and military intelligence. i think what you're saying right now, it's not really worked for decades.
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we are at 22 trillion heading towards 23 trillion. i'm on the republican study committee. we parse the numbers. i can look at numbers. we shouldn't probably be spending over $300 billion over the budget caps on discretionary spending. it was a difficult vote for me but i voted no, charles. charles: you voted no. many republicans did as well. but president trump of course, you know, essentially what i'm hearing coming out of the administration is that to get re-elected, really to the point you just kind of alluded to, to get re-elected this has to go through, there can't be any more shutdowns but afterwards, perhaps in that second term, really make a legitimate attempt to curb spending. should we hold a lot of hope that that can be done? >> i don't think that has actually happened, maybe. as long as i know. i think that was the worry that i had. it was a difficult vote, charles. you know, there's a lot of people who really agree with the president on almost everything he's doing but a budget deal like this was very difficult for those who are fiscal conservatives. it put us in a tough place, but we had to do what's best for our districts and you know, we take
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an oath to the constitution and we do the best we can with every vote. there's no anger to it. it's just we do the best that we can. charles: i want to say thank you for your service and thank you for what you and others did this morning. that was a noble thing and we appreciate it. we appreciate you taking the time with the audience. thank you very much. >> charles, i appreciate you. next time i will wear a very nice tie for you. charles: if you need one, i can send you one. >> it will be a flower tie, by the way. charles: see you soon. folks, let's check on the big board because we are trying to get some traction here. the markets are up, the key names are doing extraordinarily well but we are near all-time highs and sometimes that creates a little bit of profit taking as well. you know, first it was fake meat. now baskin robbins wants you to eat plant-based ice cream. and congresswoman rashida tlaib is at it again, comparing israel to nazi germany. you will hear what she had to say. more "varney" after this. from fidelity. a visual snapshot of your investments. key portfolio events.
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charles: good morning i'm charles payne in for stuart. we have big headlines for you today. the dow is up almost 45 points. the stocks are higher after the economy grew better than expected in second quarter, 2.1% it will have implications of federal reserve decision. markets moving higher. in washington, speaker nancy pelosi and alexandria ocasio-cortez held their summit on capitol hill. the dems are split. and nancy pelosi might be the voice of reason. speaking of the squad. you will want to stick around hear what congresswoman rashida tlaib talked about boycotting israel. here is a hint. she is talking about nazi germany. the people are throwing buckets of water at police in
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new york city and buckets themselves. we have the president of "blue lives matter." we have congressman kevin ross, kevin brady, pete hegseth, judge jeanine, the father of the cannabis industry, steve d'angelo. stay here. hour two starts right now. ♪ charles: now this. speaker nancy pelosi meeting with aoc this morning. we expect the speaker to hold a news conference later this hour. i want to bring in tammy bruce, independent women's voice president. democrats divided. pell-mell knows -- nancy pelosi knows it. she has a clear problem on her hand. >> americans don't like the messaging from of aoc plus three. they don't like messaging of socialism or division. who are you seeing on television
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for the last several weeks? none of the democrats running for president of the united states. you have seen these individuals arguing for boycotts of israel and talking about hitler and nazis comparing them to israel. miss ocasio-cortez's case you have got her being facilitator or leader of this. but, started of course a while ago. you had nancy pelosi dismissing their influence. then ocasio-cortez implying that pelosi was racist. tweets have upon up, and everything, meantime as they have been trying to de-escalate, certain tweets have been deleted. i would suggest this meeting we're going to find that nancy pelosi which try to manage or mitigate, even try to bribe in a way their efforts that have been going on. so you might see them getting some certain kinds of positions. charles: they got a lot already. >> i know. charles: they have pretty good positions for freshmen
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lawmakers. >> they should be removed from committees. not put on more. charles: what is really compelling about this the democrats spent decades of identity politics and stoking anger and hate. this is within the party. same things they always painted republicans with. >> correct. charles: has come home to roost. it's a firestorm. they don't know how to put it out. they created it. if you want to talk about fringe ken stein's monster, they created this. >> this is what happens if you create an environment, a strategy to oppress your opponent, you will have eventually a generation when that is all do you because you don't have anything else to offer. you're going to be raising a generation that gets inculcated in that. and that they see it is successful. so why wouldn't they apply it to their own when it comes to power they want? it was destructive used it against conservatives. it will destroy them internally. i don't think nancy pelosi has what it takes to end this. charles: president trump on
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other hand has been successful portraying the entire democratic party, those running for president as being part of the squad, being run by the squad. >> effectively they are. because they haven't been able to over come them. all he has to do is point to them. he doesn't need to convince anyone. he needs to point at them. charles: they will want to stand up. >> nothing will stop them what they want to do. that is the frankenstein's monster. charles: thank you, tammy. greg valliere, chief global strategist. question about congress, going away for 46 days, they're not getting much done anyway. for the markets do we like a congress not getting anything done? >> traditionally, charles, good morning, when congress is out of town the markets do better. i think it removes an irritant. we can focus on monetary policy, earnings, things like that. congress being gone is not a big
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deal in my opinion. charles: wall street had a sigh of relief when the debt ceiling deal was done. i always point out, for the last several times the government is shut down, a rabbable rally this year, seems like a sigh of relief, at least the government, the shutdown and that theater wasn't around? >> i always thought we would get the debt ceiling raised. sometimes it happens pretty awkwardly. all the spending that has people upset in the short run, it is positive. it's a little bit of a booster shot for gdp. in the long term however, as we go into the next decade, we have a lot of debt to service. charles: that will be a problem when rates go up. we have breaking news. a tweet from president trump. it is on google. share it with the audience. there may or may not be national security concerns with regard to google and relationship with china. if there is a problem we will find out about it i. i sincerely hope there is not.
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your thoughts on that. google is up 116 points. >> the tech sector is pinata in washington. both parties don't like big tech. there is headline risk and legislative risk. i think the legislativistic is fairly minimal. the industry has a lot of support on capitol hill. there will be headline risk almost daily. charles: they have a lot of support. they bought a lot of support. lobbiest spending has gone through the roof, millions and millions of dollars. is there something to be said about being a good american citizen? sometimes wall street talks about the bottom line but should they be defacto aiding the u.s. military while kicking the u.s. military to the curb, that kind of stuff? >> you have to say the industry is suffering from self-inflicted wounds, whether it is this story this morning, whether it is privacy issues, whether it is
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competitive issues. they have created an environment where they are a pretty easy target. charles. have to ask but the overall economy, gdp is 2.1%. there are things going gangbusters. things going down a lot. most of that is anticipated. how does that change the thinking for the fed at next week's meeting? >> dare i use the word goldilocks i think it is appropriate. moderate growth. moderate inflation. rates steady or lower. okay labor market and earnings. you have a very good environment. frankly if i'm on the fomc, i'm not, if i was i might not vote to cut rates next week. the markets were promised it. they will get it. i maybe want to conserve ammunition. this economy is okay. we're growing 2.25 growth pace which is trend growth. charles: fed chair williams,
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president williams said lack of inflation perhaps becoming something worse. yesterday we heard the same thing from mario draghi from the ecb. it would be interesting to read from the fed if they indeed cut rates, it won't be an indictment on our economy. it is saying there is interesting aspect about no inflation or possibly stagnation or deflation. is that the new paradigm we're in? is that the amazon effect? >> i think so. let me make a contrarian argument briefly. when everyone in the world agrees on something i get worried. everyone in the world seems to agree inflation is dead forever. i'm not sure it is. we've seen a few since. michigan have run out of workers in michigan. you have wages headed higher. everywhere i look i think there are signs inflation is not dead. charles: this morning mcdonald's is up because they were able to pass on price
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increases. >> right. charles: greg, always appreciate your conversations. >> you bet. charles: less than one hour, commerce secretary wilbur ross is the at the top of 11:00 a.m. eastern time. check out amazon. retail giant profits streak came to end. higher shipping costs for one-day delivery. slower growth in the cloud hurting that stock today. starbucks, talk about a company passing on some costs. strong growth for the coffee chain. not just in the united states but also china as well. global sales are up 6%. u.s. sales up 7%. great day for them. twitter is having amazing session despite the fact they gave so so guidance. wall street like what is they see. technical break out at 40. congresswoman rashida tlaib a member of squad, a boycott of israel is a boycott of nazi germany in world war ii. we have the sound bite.
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charles: we're sideways, there is tremendous action beyond these headlines. check out vista. 8.25 a share, trading lower. not necessarily the hottest area to ipo these days. meanwhile we have breaking news from president trump. we have some tweets coming in. this one on apple. here it is. apple will not be given tariff
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waivers or relief for mack pro parts made in china. make them in the usa. no tariffs. this one, one of the members of the squad, congresswoman rashida tlaib defended her position on boycotting israel. roll tape. >> the right to boycott is deeply rooted in the fabric of our country. americans boycotted nazi germany in response to dehumanization and imprisonment and genocide of jewish people. in 1980s, many of us in this very body boycotted south african goods in the fight against apartheid. charles: nazi germany, really? i want to bring in bruce abramson. bruce, your thoughts. >> first of all the more appropriate analogy to the nazi boycott of the jews, rather than going the other way. but this was a hugely important teachable moment. i mean this brief clip we just saw, taught us a tremendous
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amount of about the squad themselves. it taught us about the bds movement and taught us about the the democrat party. charles: did it teach us or remind us? this is not the first time the statements, similar to this have been made? how many times do we have to be reminded? how many types does the democratic leadership need to be reminded? >> for some of us, this is confirmation. but each time they come out with these sorts of statements more and more people wake up to the actual danger of what's going on. the, the, the squad keeps promoting not just jew hatred but conspiritorial anti-semitism. the notion that israel is the new nazis is a staple. charles: bds, what are they trying to do there. >> bds, boycott, sanctions
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movement. boycott of israel. what you saw by comparing this to the boycott of nazi germany, apartheid south africa. she was telling us this is the regime change movement. the purpose of the movement is to end the jewish state. charles: we have only 30 seconds but why is there such a different bifurcation between israeli jews and american jews when it comes to not just rashida tlaib and bds but overall to these sort of actions? why are american jews so tolerant of this? >> israeli jews feel threatened. the state is threatened. they actually take a look at world realistically. american jews are mostly comfortable. they bought into the progressive mythology. they are not paying attention what is going on around them like most progressives. charles: scary stuff. bruce, appreciate it.
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want to go back to the trump tweet on apple because there is more, susan. susan: don't forget there were reports that apple would shift production of the mac book pro. it was last device produced in the u.s. they were going to shift production to china. apple hasn't confirmed this yet. apple, looking at this, not to what they say escape tariffs but also to look at a lower base in terms of lower cost manufacturing. so this is not being confirmed by apple, obviously something they're taking a look at. don't forget the mac book pro is not a big contributor for the bottom line. it is high-end for graphics designers and artists. it noise the a big part of the revenue contributor but it's a big deal. charles: we saw apple give up gains but a big deal for americans who may have those jobs. makes you wonder why apple would take a massive gambit in the first place. you know at some point this will not be a discussion about president trump and tariffs, why are you shipping american jobs
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for something that could be a loss leader because it is so insignificant to your bod line? susan: they were going to invest $30 billion next few years because of lower corporate taxes, the one-time 15% tax on money they bring back from overseas. apple feels like they're still hiring in the u.s. they have campuses they will open in austin. they're looking for other campuses as well. they will create lots of jobs. for a non-big revenue contributor to move the mac book pro will not sell a ton of laptops for china to compilation, to them not a big deal. more after business -- charles: they might have made a mistake. these companies feel like, wait this out. ironic because a lot of companies, every single day, list of companies moving their supply chain out of china continues to grow. so it is interesting to see a company willing to take jobs from americans, move it into china in the midst of a trade battle. susan: what is more important for apple's bottom line, tariff
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waivers not given to the mac parts on the mac book pro. didn't say about iphones or other accessories. charles: testimony cook has been to the white house several times. he and president trump talk a lot. teen vaping is a huge craze. we have the story. baskin-robbins jumping on the train, they will start selling vegan ice cream coming up. ♪ hey! i'm bill slowsky jr.,
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charles: check the big board. the dow struggling a little bit, still higher for the session but off the highs of the day, tight trading range. check boeing. we learned yesterday the faa has no timetable for the max 737 return. the shares got hit yesterday. it continues to sell down this morning. also southwest airlines, of course they have the largest fleet of those jets in the united states. that stock continues to see a lot of pressure as well. now there is this, e-cig executives from joule, they may be adding vapor detectors in high schools. >> these are vaping products, e-cigarettes in front of a congressional hearing that lasted over two days. the concerns among a lot of committee members is that juul is advertising itself to america's youth. more specifically there is a study from 2018, the national
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youth tobacco survey found 3.6 million student that is high school as well as middle school student, used vaping, were still using vaping. if you think the number is not that high, it jumped 1.5 million in one year. so the chairman of the hearing started off the conversation, shared his concerns about vaping. listen in. >> today we'll learn how juul effectively used social media influencers to build a youth oriented brand, making vaping a cultural phenomenon. just before as an aside, just before i came to this hearing my wife informed me that my child's high school is now installing vape detectors in the restrooms. reporter: it wasn't only his report saying that. students that testified just two days ago saying that juul representatives came to their school, showed them how to use the vaping products. one even said it was safe.
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juul said no, we don't target youth. if anything geared toward smokerses wean off cigarettes, use jull instead. you think about the market asking, there is mint flavored. altria which owns marlboro cigarettes bought a 35% stake in juul. so the fda right now has not approved juul as alternative to quit smoking. the fda given juu-l to 2020 that they are more beneficial than detrimental. charles: we'll see what happens. kristina. shocking stuff. up next the details behind a jewelry company, bank of america and gender discrimination and a $1.1 billion lawsuit. we have the lawyer who is leading the charge up next. earlier this week federal lawmakers met to discuss the possibility of big banks doing business with pot companies. we'll ask the father of the cannabis industry, steve
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d'angelo all about that in the 11:00 hour. ♪ (woman) somebody would ask her something and she would just walk right
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past them because she didn't know they were talking to her.
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by a fingernails on the dow. all major industries are higher. check on apple shares, which gave up, you can see the spike where they gave up some gains a tweet from president trump, they will not get any tariff waivers for the macbook parts made in china. next hour we'll ask commerce secretary wilbur ross about this and that strong gdp report this morning. nancy pelosi tweeting, put out a picture of her meeting with aoc, with the quote, congresswoman aoc and i sat down working together to meet the needs of our districts and country. we expect to hear from speaker pelosi in this hour. we'll see if she can make any new news on this. now there is news. bank of america is being sued for $1.1 billion over gender discrimination. the case is being brought forward by a jewelry brand that was actually featured in a pro-diversity campaign by that very bank. i want to bring in harmeet
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dylan, national gop lawyers association. are you representing the folks bringing the suit? >> that's right. i represent the company, alex and ani. an american-made, 100% american-made jewelry company with significant sales. charles: it is. let me tell you, my wife, my daughter, everyone loves their products. it is a hot brand. i can see why bank of america wanted to hook up with them in a advertising campaign. so what's the problem now? >> the problem the bank, bailed out by taxpayers is now trying to recoup all of its profits and on the back of some discriminatory practices. so alex had a great relationship with the bank, so long as they had a male cfo. when they brought in a young female cfo at the end of 2017, all of sudden everything changed. there began to be belittling remarks. there were questions about the dating habits of this and another female executive. and it went downhill from there
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to the point that there was a false default declared by the bank and as a result of that, the bank shut off their line of credit. their revolver. for several months there is arguments about that. without any resolution, as you know, for a large company like that, having line of credit totally shut off in seasonal business can be very impactful. charles: right. >> and devastating. so that's what we're suing about. charles the law, federal law prevents banks from engaging in this type of predatory and discriminatory lending behavior. bank of america has been sued and paid out over 200 million in dollars in fines over the years for various defend der discrimination problems. charles: two things. was there any kind of formal complaint by your client to anyone above, anyone in supervisory position above the people they interacted with at the bank? then secondly, what's the bank saying? how did they justify all of
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this? >> i don't think they justified it. but to your question about a complain, this is not employment discrimination complaint. charles: sure. >> they're not employees. charles: you're dealing with people across the table. there is a great relationship. you bring in a female cfo. and next thing you know the relationship changes. did they go above their heads to say, we need to speak to your boss because something is not right here? >> i can tell you they were not just one person they were talking about here. there were many men at the bank who engaged in activity, repeatedly, not just against the female cfo, the chief marketing officer. generally belittling remarks, treating them like secretaries. this is the kind of thing you see, i used to see when i was younger woman. very disappointing to see that in 2019. it is illegal. so the bank can't do that and what's most galling as you mentioned in your lead-in, charles, because of their bad relationship, with women and
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minorities tried to rehab themselves by featuring minority and women-owned businesses in their advertising. so the hypocrisy is sticking in our craw. we gone to court to try to remedy this. we hope we work it out either in litigation or otherwise. get back on track because you know, charles, this is an american-made business. these are 1500 american jobs that are impacted by this. so bank of america needs to do what's right here. charles: we hate hearing about this, we hate corporate virtue signaling i hate it. it is so phony. i see it every time i open up a corporate website, i see a black person's face. very few black people work there and very few in the executive ranks. >> exactly. charles: thank you. we're reaching out to bank of america for a statement. when we hear back from them, we'll let you know what they have to say. there is this baskin-robbins will have a vegan ice cream. lauren simonetti with hip stuff.
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you don't need milk or ice for ice cream. >> if it has cookie dough ice cream. don't need eggs for the dough. all plant based. dunkin' donuts, owns baskin-robbins, which owns it, two flavors hitting market. chocolate chip cookie dough, almond extreme, no eggs or milk. dunkin' donuts is launching beyond meat sausage sandwich. charles: right. >> this is alternative protein market. there is a number on it. just about $20 billion right now. it is expected to capture 10% of the meat market in 15 years. every company is getting into this space. charles: the dunkin' news sent shares of dunkin' donuts through the roof. sent shares of beyond meat higher, up 800% with larger market cap than campbell's soup. >> they report on monday. charles: i don't know where this is going. there has been a lot of false
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starts. apparently they perfected the taste or texture. apparently makes it different. >> i haven't tried any alternative protein products. i'm a rare steak, sugar, whole milk creamer type of gal but there is a market of people who are flexible. they want meat, to eat less of eat. they are concerned about the environment. they will eat fishless fish, they are concerned about oceans and over fishing. there are climate problems some people pay attention to. when you hear chocolate makers nestle coming out with a meatless burger, you have to say what's going on here? charles: it's a growing market. it is rapidly growing. you could probably charge a lot of money. if you have pangs of consciousness. you will pay extra to keep the environment clean. >> how much would you pay for new baskins robbins cookie dough ice cream?
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charles: nothing. >> could i pay you to try it? charles: a dollar. >> i have to say. i don't know. i don't know. charles: it is tough. thanks a lot, lauren. speaking of food, let's check on mcdonald's. that hit all-time high with real meat. u.s. sales beat, international same-store sales beat. stock higher. >> pew research center found children's content was more on youtube than other videos. susan: this is concerning. family research center tracked youtube for 2019. what they tracked was high subscriber channels. those channels with 250,000 subscribers. what they found is that 56% posted a vido in the first week. only 56% which i found was interesting as well.
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there are over 250,000 videos uploaded. 17% were in english. over 48,000 total hours. 14 billion views in just one week. what they found which was very disturbing, was the fact that the content featured children received more views than any other video. charles: i can tell you right now, my six-year-old granddaughter loves watching you tunes video, someone slow moving video. all kids at her school. i tell you. it is phenomenon. people are worried about it. i would never sell google stock because of it. that is the next platform. too much time. susan: are you saying kids like to watch other kids play. charles: usually adult playing slow moving videogames. i can't even grasp. she showed me cool things on youtube. she has. amazing how emersed she is in that. how she navigates it. it is the wave of the future. i'm not sure what it means. it will have other societal impacts.
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>> youtube part of alphabet which reported better earnings yesterday. we got more youtube numbers on that. charles: all right. house speaker nancy pelosi just sat with congresswoman alexandria ocasio-cortez. of course she is a member of "the squad." the speaker now expected to hold a news conference this hour. did they set things straight? how did they make up? we'll find out. president trump taking aim at new york city mayor bill de blasio after repeated attacks on nypd. buckets of water thrown at them, even the bucket himself. hear what the president said next. ♪ hey, who are you? oh, hey jeff, i'm a car thief... what?! i'm here to steal your car because, well, that's my job. what?
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what?? what?! (laughing) what?? what?! what?! [crash] what?! haha, it happens. and if you've got cut-rate car insurance, paying for this could feel like getting robbed twice. so get allstate... and be better protected from mayhem... like me. ♪
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but how do i know if i'm i'm getting a good deal? i tell truecar my zip and which car i want and truecar shows the range of prices people in my area actually paid for the same car so i know if i'm getting a great price. this is how car buying was always meant to be. this is truecar. charles: president trump just tweeting on economy. gdp up 2.1%, not bad considering
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we have a very heavyweight of the federal reserve anchor wrapped around our neck. almost no inflation. usa is set to zoom. now there is this, the new york city police department is investigating a number of cases where officers making arrests were doused with water. listen to what president trump had to say about the situation. roll tape. >> well it is a bad mayor, probably the worst mayor in the history of new york city. he has done a bad job. now he is running for president, that people can't even believe it, he is a horrible mayor, that policemen, just, and women cannot stand him. they don't respect him. they don't like him. charles: president clearly not a fan of the mayor. i want to bring in "blue lives matter" nyc president and founder. joe, images absolutely shocking. the restraint of those police officers just mind-boggling in the midst of making arrests doused with water, one was hit in the head with bucket.
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>> should never happen in the first place. we went out couple days later make arrests. you would never think it was okay to do something like that. arrests should be made on scene. we are not happy about it. president trump has major advocate next couple years. this is the reason we still have our head above water. we believe somebody out there has our back. mayor one second bashing doj not liking out come against a police officer in new york city. going on the road for president telling the nation that he has to sit down with his son, say how bad cops are. he wants to come out with this incident, play mayor, he has our backs. that is big reason why police don't trust him. charles: joe, do you think that the general sense, most people, not just the police, most new yorkers get the sense that the mayor is willing to look the other way or just sort of tying the hands of police officers so, it is one thing to have restraint. but what we saw, that wasn't restraint. that was unfortunately they're becoming victims now. >> be honest with you.
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certain people in the police department, all over the nation, police sisters aren't standing down, complete lie. 911 call, officers do their job. they're not being proactive. they're not stopping people possibly have a gun, crimes before they happen. officers job is to stop things and save people. that is why we become police officers not sit behind a desk. this mayor has put in officers, second you do your job, public doesn't like it, we'll go after you. charles: i grew up in harlem in the '70s. it was really rough, a lot of police were afraid to come in there. there was a lot of friction back in the day. i worry about us going back into that time. on the other hand, you speak of political candidates, a lot of folks are saying, a lot of officers who have shot unarmed black people for instance. do you feel the messaging from the police has changed since the old days, with the old blue thin line, blue wall of silence? >> really difficult to say. since 2014, we had seven nypd officers killed in the line of duty.
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mayor of chicago, female, call the fop president call him a clown. they go on in a podium spew hat. i don't know if it is getting better. i believe it is not. charles: you brought up the mayor of chicago. mayor lori lightfoot. i want to share with the audience what you just said. listen what you were talking about. roll tape. >> the next speaker is pat murray. oh, back again. this fop clown. charles: so, again, making her resentment to the police, you know, now, it is out there. probably people can feel it anyway. how hard does that make your job? >> makes job very difficult, coming from the mayor where chicago has some of the highest crime rates. you have the north side, south side completely divided. police go out there they don't have the backing of their political leaders. somebody like that shouldn't open their mouth. it makes our job out there. they're misinformed, do bad
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things that cost officers their lives. charles: joe, you mentioned president trump and his support. i noticed there has been a real massive wave of public support for police officers and you know, it's a tough job, it's a dangerous job. individuals can make mistakes. most americans know that 99% of the police force, these are folks put on the uniform, risk their lives every day. human beings, there will be always a couple bad apples but i think the public is more and more pulling for the police right now. don't feel that? >> i absolutely do. small voice of people making a stink. normally people go against the grain causing all the problem. so many times individual come up to you, old man, old lady, we respect you of the goes such a long way. they drop of pizza, do you need water. that is why we're out there. we put on the unform, put on gun belts to make sure people are safe, on top officers. charles: you keep everyone safe, even bad people. >> we try. charles: joe, thanks a lot.
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>> thank you very much. charles: 200 of the world's top "fortnite" players battle it out for 30 million bug ones in biggest competition in the new york city. our game being expert withwill tell us all about it next. ♪ what's going on up here? can't see what it is yet. what is that? that's a blazer? that's a chevy blazer? aww, this is dope. this thing is beautiful. i love the lights. oh man, it's got a mean face on it. it looks like a piece of candy. look at the interior. this is nice. this is my sexy mom car. i would feel like a cool dad. it's just really chic. i love this thing. it's gorgeous. i would pull up in this in a heartbeat. i want one of these. that is sharp. the all-new chevy blazer. speaks for itself. i don't know who they got to design this but give them a cookie and a star.
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call or go online and find out more. ♪ charles: now this, the "fortnite" world cup semifinal this week. hundreds of the world's top players, they're all coming together to compete for $30 million. want to bring in greg levine, esl global chief strategy officer. 30 million big ones. who knew? you knew. >> we've been doing this since the late '90s. really over the last three years the whole industry just exploded. charles: feels something like this was sort of a niche kind of thing, maybe for the nerds but it is breaking out mainstream big time. what has been the sort of the reason? is it natural growth or been a catalyst? >> last eight years the videogame industry overall is bigger than hollywood and music combined. videogames is no longer a niche
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subculture. microtransactions, ongoing engagement with consumers. e-sports is tool of retention and monetizaton for game publishers. they're creating games with competitive features in mind? charles: how did it get the cool factor? what made it -- high school with the captain of football team used to be the cool kid. >> it happened with the growth of op line video streaming. our ability to put these competitions out on there, for fans all over the world to create celebrity status with best players, hundreds of thousands, millions of social media followers, these guys are the next lebron james. charles: they are. your league taken full advantage of it. >> esl been around since 2001. we're largest e-sports company. we holdhost 12 large arenas. coming up at end of september the barclay center featuring another one.
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charles: this one this weekend where will it be? >> epic games, "fortnite" world cup, arthur ashe stadium. 200 of the best "fortnite" players of world. what is 100 million-dollar prize purse over qualifications. everyone who attends. each 200 competitors guaranteed to walk out with at least $50,000. charles: i want to ask you, you brought up the idea how this whole thing grew. it is a community aspect. there is a survey, from the anti-defamation league, 65% of online gamers experienced severe harrassment, stalking, things like that. that is the downside. that is the ugly subculture there, how do you think that can be fixed? >> i think this issue isn't really unique to videogames or e-sports. it is the anonymous nature of the internet. as an industry we're aware of it on the game development, publisher side, creating tools, publishing a.i. that can detect
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these, use carrot and stick. punish those creating bad behavior, reward those doing good things. we launched an initiative for few years with intel built towards building day veersty inclusion in gaming. it has over 200,000 people pledging to have good behavior online. charles: what about winner of this event ultimately at barclays, turns out they have ugly posts somewhere in social media, that comes out. it could be a bad headline obviously for the event and organization. how do you, at some point you have to find a way to guard against that? >> we work closely with all our participants and players to educate them on best practices. like any sport these are individual personalities out there. they are representing their brand first and foremost. i think they're really in tune with being a better role model going forward. charles: congratulations, man. it is rockin'. you guys are killing it. >> thanks a lot. charles: coming up in the next hour commerce secretary wilbur
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ross. we'll get his reaction to president trump's latest tweet on the economy and how the u.s. is set to zoom. another one on apple. no tariff exemptions. wilbur ross at the top of the hour. also judge jeanine pirro. she will be here. she will deliver her final verdict on the mueller hearings this week. we have a real estate company partnering with amazon to find your next home. that's maybe the place to go. we have their ceo. hour three coming right up. ♪ jardiance asks:
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has been excellent. they really appreciate the military family and it really shows. with all that usaa offers why go with anybody else? we know their rates are good, we know that they're always going to take care of us. it was an instant savings and i should have changed a long time ago. it was funny because when we would call another insurance company, hey would say "oh we can't beat usaa" we're the webber family. we're the tenney's we're the hayles, and we're usaa members for life. ♪ get your usaa auto insurance quote today. we're on the move. hey rick, all good? oh yeah, we're good. we're good. terminix. defenders of home. charles: happening right now, house speaker nancy pelosi holding her weekly press conference. let's take a listen. >> -- ended sequestration. what that means in the lives of
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the american people, sequestration is a place you go when you can't reach agreement and you start cutting how we meet the needs of the american people in a very indiscriminate way. it's harmful to children and other living things, it's harmful to our national security, it's over. we avoided a shutdown for the moment. we still have to go through the appropriations process, but the way the legislation was written for bipartisan agreement for us to proceed on any extraordinary measures, i think we have forestalled any prospect of a shutdown. offsets, they wanted overwhelming offsets -- charles: nancy pelosi talking about the debt deal. she just met with aoc and if she starts to sfe about thapeak abo will go back to the press conference. stuart is out. he will be back on monday. meantime, what a show we have for you. right now, the markets look
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innocent enough. the dow up seven but there's a lot of action going on and in just a moment, we will talk with commerce secretary wilbur ross. he is in studio. i will also be joined by kevin brady on the usmca. we have also got fan favorite, pete hegseth. we've got to ask him, of course, about nancy pelosi meeting with aoc and we can't forget judge jeanine will be here with her take on the mueller hearings and of course, deangelo, the father of the cannabis industry. we're not done. realogy just signed a mega-deal with amazon. we have the ceo there. he will be on with us shortly. stay with us. we have a star-studded jam-packed hour. it is the third hour of "varney & company" and it starts right now. charles: let's get right to it. bring in the man with the velvet slippers. wilbur ross, commerce secretary. mr. secretary, first of all,
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always great to see you. a lot of republicans are angry at this debt ceiling deal, the budget deal. why did this go through? now we are breaking all the caps. she's taking a victory lap of sorts. >> i think it's good to de-politicize that, get it past the election. that's really what this does. there's enough adverse political environment in washington right now. we really need to get on with the real business, passing usmca, things like that that will really help. charles: tell the conservatives in our audience maybe the administration will fight for lower spending in a second term? >> i think so. charles: let's talk about the big news, which is that gdp report. 2.1%. the consensus coming into the week was 1.8% but let's be honest, wall street was looking for 1.3%. that's a blockbuster number
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driven by the american consumer. >> absolutely, and it's despite the problems in transportation equipment. as you know, boeing has been sidelined on the 737 maxes. that probably took .4 off so it's really lowered -- it's really better than the numbers even said and that will come back in once those problems are solved and those planes are delivered. charles: the other red flag, business investment, a lot of people are saying it hasn't necessarily lived up to what we were expecting or promised by corporate america when it got the big tax cut. some are saying it's being influenced by tariffs. what do you make of the business investment part of it? although i.p. has been stellar since the administration's come in. >> right. well, i.p. should be counted very much as business investment because we're changing the mix of the economy away somewhat from bricks and mortar to i.p.
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software, artificial intelligence. so it's not surprising that that kind of a shift would occur. what is interesting is business inventories went down. inventory's down. that's a good thing because they are going to have to be replaced later on. charles: $44 billion is a lot. that's an anomaly and to your point, that means third quarter should be really good in that regard. let's talk about china trade for a moment. where are we, the meeting is next week, we don't expect a deal out of that, but it feels like perhaps we are moving toward a deal again. >> well, the real question next week is will they go back to where we were before they changed their mind. that's the important thing. we were very close the a transaction before and not just at the 40,000 foot level, fairly detailed level. charles: were you surprised, some china, long-time china watchers said that's what they typically do. in regular business deals they
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take a shot at the last moment, see what happens, if it doesn't, go back to the drawing board? >> it's not a unique negotiating tactic to get the other guy to where he's agreeable, then see if you can further improve the deal for yourself. if that's all it is, it shouldn't be a big deal and we will get over it. charles: one of the things that seemed to be helping is corporate america trying to get some of these corporations to cooperate. on that note we had a tweet from president trump out earlier where he says apple will not be given relief for mac pro parts that are made in china, make them in usa, no tariffs. your thoughts on that? >> well, the president is very committed to make america, buy america and hire america. that's our dogma. we will stick to that. and it's appropriate. that's what he was elected to do. that's what he's doing. he's honoring his campaign promises. charles: there's a research report out from zillow where
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they go with their agents and analysts and they think we will have a recession next year. what do you make of that? >> the enemy keeps postponing when the recession's going to come. they are dying to have a recession. they can't bear going into next year's election with the economy the way that it is. but you get usmca through, that's a half a point or thereabouts on the economy. it's -- charles: what if they don't get it through? everyone wants it. farmers want it, manufacturers want it, americans want it. >> if they do hold off and don't give it, it's a wonderful campaign issue because they would clearly be starving the u.s. economy, starving the u.s. work force simply to avoid giving the president a win. that's not a good idea. charles: secretary wilbur ross, great to see you. i want to bring in congressman kevin brady, texas republican. congressman, let's pick up on that usmca talk. as far as i know, there hasn't
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been an ounce of progress in the house on that and now they are going on this giant recess. how do we get usmca passed? >> charles, it is crucial that it pass and it pass this year. my only difference with your comment would be that i actually think there's really good progress being made in the house, both on the democrat and the republican side. i'm convinced that the speaker wants to get to a yes and bring a majority of house democrats with her. a lot of work is being done in the working groups with ambassador lighthizer. we are holding state bipartisan delegation groups and we've had a group from our tech community, manufacturers and others weighing in, having these conversations, so i'm optimistic that we can get this to the president's desk this year. not that there isn't still work to be done, there is, but i feel every day, i feel stronger there's a path this year. charles: you know, you mentioned
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pelosi wanting to get it through. she would have to have her frin fingerprints on it. could it change so dramatically mexico or canada might change their minds? >> i don't think so. mexico has passed it but as the president there has said, we will continue to work to fine-tune it, to address issues. canada, they are not reopening it. they have said the same thing. we will continue to work with usa to help find that path. ambassador lighthizer really designed this new trade agreement to be really a dream agreement for democrats, dramatically better than the existing nafta. so now i think focus on what we need to do to enforcement, some other issues, i think there's a way. charles: congressman kevin brady, great to see you. thank you very much. >> thanks, charles. charles: let's check the big board. we dipped into the red for a moment. we are still near the lows of the session but in a very tight trading range. want to take a look at alphabet. that is the parent company of google. that stock popping big time. ad revenues up really nicely
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from last year. sales of google's own devices exploding at this point. at the other end of the spectrum, amazon, looks like the string of ghostbuster profits has come to an end. the growth of their cloud service slower than wall street wanted, they had higher shipping costs, that's hitting the profit stream so the stock is taking a bit of a dip here. coming up, we will be speaking with the father of cannabis, steve deangelo. he cofounded several iconic pot companies. we are also wrapping up the mueller hearings. jeanine pirro will be with us next. first, pete hegseth. i want his take on aoc and pelosi, the meeting at the last possible moment before their recess. stay with us. third hour of "varney & company," just getting warmed up. ♪
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is where people first gathered to form the stock exchangeee, which brought people together to invest in all the things that move us forward. every day, invesco combines ideas with technology, data with inspiration, investors with solutions. because the possibilities of life and investing are greater when we come together. ♪ >> -- in our caucus and that is a good thing. we are not a rubber stamp representation of anything except representatives of our district and what that means. so in our caucus, we have our differences. respect that instead of making a big issue of it. respect that. those are our differences and how we express ourselves as representatives of our district
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is our responsibility. i have never seen actually -- yesterday we had 219 votes for the bill. is anybody asking any questions about that? 219, a very unified, very unified caucus in doing what we needed to do for the american people even though it was a compromise. even though it was a compromise. i certainly wanted more but it was a compromise. when we win the white house and we win the united states senate, and we continue to win the house of representatives, then we'll have more leverage in that conversation. but i don't think -- i would never even say it was a hatchet but i do think that we sat down today, we had a good meeting and the congresswoman is a very gracious member of congress, so we had a very positive conversation about our districts and how we represent them, our country and how we need to meet
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the needs of the diversity of america and the challenges we face in terms of issues and how immigration and people are respected. i again referenced ronald reagan as opposed to the current occupant of the white house. so i feel -- i have always felt, again, it's like you're in a family. in a family, you have your differences. but you're still family. your family always agree on everything? reporter: sometimes we have meetings to clear the air. >> you do get meetings in your family? oh, my god. oh, my goodness. well, you may be a model for us. and we just had a meeting to clear the air. reporter: what are your differences? >> i'm not going into that. i just said what i'm going to say on that subject. anything else? we have a diverse caucus. when i came to congress, the fight was on how we deal with what was happening in central america. then who would become speaker
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eventual eventually. jim wright, no, he was speaker when i got here but he would be a leader to stop the aid to the contras. our caucus was divided. certainly thereafter it was nafta. very big division in the caucus on that. before your time. very big division on nafta. then the war in iraq, differences of opinion. as you know, you may not know, i was ranking member, it was adam schiff at the time, we didn't have the majority, but i said the intelligence did not support the threat. they said you are calling the president a liar. i'm not calling him a liar, i'm stating a fact. the intelligence does not support the threat that this administration is using as a justification for war. people said to me then, and i had been in congress over ten years by then, you're never going anyplace in this party unless you vote for this war. well, i didn't vote for it and a
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majority of our democrats didn't vote for it, and senator graham didn't vote for it, he was a democrat in the senate leader on the intelligence committee. it was a big division among democrats on that subject. that list goes on and on. there are some personality issues and the resthat are minor. we have a big schism in our country between what is happening, could happen in this congress and what is happening in the white house. everybody knows we have to keep our eye on the ball. yes, sir. reporter: some of your colleagues think it looks indecisive and it overshadows the agenda -- charles: nancy pelosi responding to a question about burying the hatchet between her and aoc. want to bring in pete hegseth, "fox & friends" co-anchor.
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nancy pelosi is still grappling with this. she went down a pretty winding road, references to reagan and president trump, strange trip down memory lane, finally saying it's a personality issue and it's minor. obviously it's not minor. >> it's not minor at all. nancy pelosi may have control of her political caucus, meaning the votes, but she's lost complete control of her cultural caucus, of the social media side of the conversation, of the heart and soul of what it means to be a leftist democrat today. that's what comrade cortez represents. that's the stress and pressure she's feeling. when i watch that, i'm so sick of democrats using the phrase the current occupant of the white house. they are so deranged by their hatred of this president, what he represents, that they can't even acknowledge he's president of the united states. so if she's the voice of moderation and that's still the language she's using, they are all far left, she just wants to be able to control their votes and right now that's really tough. charles: it feels to me when i watch that, she can't really
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articulate a rational answer because this is a challenge that i think she feels like she might be losing and it feels like in case of emergency, break glass and deflect to president trump and it's not working. the reporters know, they keep asking the same question over and over again, why did you meet, what are the issues, and you know, so this is -- president trump i think has done a pretty effective job with respect to painting the squad as representative of this democratic party because they are. >> the so-called squad is driving the conversation of the 2020 presidential debate which will soon be the leader of the democrat party. right now it's nancy pelosi. if you look at who the contenders are sounding like, it's much more like the four young freshmen than nancy pelosi. she's also having to hold off the desire of her caucus to lead impeachment hearings. that's the one place where she's been rational. she realizes what backlash would come from that. she's trying to hold back. bob mueller did her a favor yesterday with his lackluster performance. hard to call for impeachment.
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now we are going into august recess of 46 days. whatever energy they thought they have, they don't have. nancy pelosi controls the house right now but she does not control the conversation. charles: you know, i want to mention a fox poll because there's a poll out that shows that both joe biden and senator sanders would beat president trump pretty easily in a head-to-head matchup. i don't put a lot of stock into these at all but i think the underlying message might be, you might have hit on it, the only hope for the democrats might be someone who is a moderate, although how moderate is joe biden if he keeps changing his opinions and even he is being pulled further and further left. >> he's not. that is the reason he's getting these votes right now in these polls. way too early. national polls don't tell us anything. too many debates to come, too many flip-flops biden might take or he holds the line and says this is who i am which is out of step with the current party. if you add up the numbers of all the leftists on those polls they far outnumber joe biden's 33% spot right now. i'm not worried about the head-to-head. but the reason joe biden has the
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numbers he has is because the biggest source of energy for democrats right now is who do they believe can beat donald trump. it's not what are they for, what do they stand for, it's who can beat trump all defined by that. right now, more people think it's biden but we will see where that goes. charles: it's interesting because the next debate is coming up and i have already said i think the big question for joe biden, when they all gang up on him and say should we decriminalize the current illegal entry into america, i think that's going to be the next part of their platform. i don't know how he's going to react to that. >> it will be the hand-raising moment when they say, and that's where the so-called -- charles: that's probably why they won't let them raise their hands this time around. they already said we won't let you raise your hands but we know already, i think that's going to be the issue. >> there will still be a moment where they say where are you all on this issue. he will have to take a stand. he's waffled, remember in the past he kind of put up his finger, didn't do the full hand raise, didn't keep it down, that's perfectly emblematic of who joe biden is right now.
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it's going to be very very interesting to see how he tries to differentiate himself. he doesn't want to do medicare for all but wants to defend obamacare. they are already coming at him on that. he's trying to set the stage on the racial issues to set the terms after being attacked last time. this will be a seminal moment for joe biden. charles: i think you're right on that. in the meantime, mueller's gone. that's a rear view mirror issue. i think they got four more impeachments so up to 96. long way from what they need. the economy is booming. the polls are moving in the right direction for president trump. what are you worried about? what could be the wild card that changes what right now looks like a trajectory for re-election? >> an economic kickup. otherwise, no one at this point can underestimate the political instincts of our commander in chief, of the president right now. every time they say he did something wrong or made a mistake or went too far, it means he's actually got his finger on the pulse of where the american people are. so i don't think there's much to worry about until we know who the nominee is and what that
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showdown will look like. the economy, a huge upside for him. charles: remarkable, every time to your point they say he said something wrong, next thing you know -- >> all the experts have been wrong. why would he start listening to them now? he shouldn't. he's brought this economy roaring back and he will get credit for it. charles: pete, good talking to you. really appreciate it. all right. well, by the way, speaking of pete hegseth, we will check bitcoin for you. still below $10,000. pete is -- >> i just bought it yesterday. charles: huh? >> i bought it yesterday. charles: what's your target, 100,000? >> could be. yeah. i don't have any specific target. it's way more than 10,000. any time it dips below 10, i buy. chles: you're doing pretty good. in the meantime, some folks still looking at the price of gold. it's still a store of value. that's had a pretty good run itself, up to $1430. let's take a look at oil. lot of talk in the commodity space. kind of unchanged, it's not doing a whole lot. i tell you what it is. starbucks. they really had a great quarter. it's a home run quarter for them. i think they did great in
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america, great in china, added 400,000 new customers to their loyalty program alone, done extraordinarily well. their counterpart, mcdonald's, also phenomenal. comp store sales crushing it. they beat in america, they beat internationally. their margins are growing. they are getting away from cheaper items on the menu and that means better margins, the best in seven years. also, beyond meat. i was going to say on the topic of meat but it's not really meat. beyond meat, still soaring. it's been on fire lately. they actually will report earnings on monday. i want to bring in deirdre bolton. we have a developing story of meat-free bacon. i almost couldn't say the words. deirdre: look at this stock. the sources are saying this is in the works, there's another -- charles: i tried that fake bacon in the past. it's terrible. deirdre: okay. well, apparently this time it's different. you got to borrow that line from monty python. take a look at the stock, it's
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at an all-time high, part of it because of this idea of meat-free bacon. other sources say maybe even a meat-free steak, if you can believe it. it's basically either pea protein like green pea protein or soy protein. the impossible burger which we also talked about from impossible foods uses soy protein, beyond meat uses green pea protein, if you want -- charles: impossible burger goes a step further because they have beets in it so it gives you the sense there's actually blood -- deirdre: i tried both. if you are not completely a purist, i think both are passable. charles: a lot of condiments. lettuce, tomatoes, ketchup, mustard. deirdre: what i will say for investors, don't need any special sauce at all since beyond did its ipo in early may. the stock is up 800%. whether or not we think this needs sauce or doesn't need sauce, investors love it. charles: the stock is up 700%,
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800% but i want to ask someone who looks like a true carnivore. >> i'm no fan. i don't understand why you would replace the real thing with made-up but i have tried the side by side. you can tell. you definitely, if you are a fan of the cheeseburger you can tell the difference. they must be on to something. people must be buying this stuff? deirdre: i think especially for burgers, they say some people are vegetarians, some aren't, you don't have to make two stops, some people also are concerned about how meat is processed, what it does to the environment. there's a lot of people, lot of reasons why people choose. >> i never met any of them. deirdre: i personally am an omnivore but listen, this is taking off. charles: i heard the argument we harm animals. do people think we will keep cows if we're not using them? like new york city with the horse-drawn carriages. it's a gig. if we don't draw these horses --
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deirdre: are you saying we are at the top of the food chain for a reason? charles: they're not going to exist. we will have far less cows. if you try not to harm them they will go away anyway. i understand. maybe al gore should be -- remember when al gore said we got to get rid of beef but i can't stop eating cheeseburgers? maybe if al gore takes the plunge we're on to something. >> he might. it's an hour and 20 minutes until i have a cheeseburger. charles: thank you all very much. now there's this. wealthy new yorkers are ditching new york city for sunny miami. it's all about the taxes. more than 63,000 people have fled the big apple in search of lower taxes. we've got our south florida real estate agent, samantha dibianchi next. we know it's been great for business. first, we also have the c.o.o. of realogy who announced a deal with amazon this week. we will go to that ceo and get the details when we come back.
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charles: checking the big board here, we are trying to get some traction. we are still above 22 for the
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dow and about evenly split on the 30 components. another big partnership for amazon, the real estate company realogy teaming up with the retail giant for sales. want to bring in ryan snyder, realogy ceo. this is all about something they call turnkey. how does that work? >> well, turnkey is a product that amazon and realogy together are putting out there to make consumers' lives easier. if you are a consumer and you go to, give a very limited amount of information, we will connect you with a great real estate agent across our brands, coldwell banker, better homes & gardens real estate, era, century 21, and once you purchase your dream house, amazon will step in and outfit that dream house with both a series of smart home products and they will give you a menu of amazon home services like painting, cleaning,
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handiman services that you can actually use to help that stressful move-in experience much, much easier. we are excited together to reinvent the move-in experience for consumers with the power of realogy's agents and amazon's home services. charles: is there any other technology assistance or visibility that you are getting from amazon on this? >> we are working together to market the program to amazon customers out there, of course. obviously we are fulfilling it together and then all of the amazon smart homes come set up and preinstalled and ready to go for the consumer. the way they want it in their new home, whenever they make that purchase. charles: i want to ask you about the survey came out, analysts are predicting we will see a recession sometime next year. first, is that something that you think is possible and what would it mean for your business and industry? >> well, you know, i actually am trained as an economist but i learned not to do too much
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forecasting. while anything is possible, what we have mostly seen people forecasting is for housing to actually improve next year, not to go backwards. it's been a tough kind of past nine months in the housing market, but the data is showing that this year keeps getting better and better each quarter, and most people i have seen are forecasting more optimism on housing later in the year and obviously, the better housing is, the better it is for our business. we watched the macro closely and are obviously rooting for good for the american consumer. charles: it will be about time for the housing to turn around. ryan, thank you very much. we appreciate it. >> thank you so much for having us. charles: we have breaking news on that sprint/t-mobile merger. a big hurdle has been cleared. deirdre, you have the details? deirdre: yes. the department of justice announced that it and five states attorneys general have just reached a settlement between t-mobile and sprint. the settlement does require, this is not a huge surprise, a huge divestiture package in order to basically make it.
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we see this all the time, in m & a. this time is no different. we are going to get more details on that as we go. essentially, the idea here is that it is going to make 5g easier for more american citizens and businesses to have. in the meantime, they have to shed some property. charles: stocks are up on the news right now. want to speak real estate and bring in samantha dibianchi down in florida. sam, well, you have actually got a bone to pick with realogy. we just spoke with their ceo. >> i mean, look, let's just talk about amazon as a whole. i go on amazon, i shop for laundry detergent, toilet paper and now i'm also going to shop for a house after i do that? i don't really think so. i think this is a win for amazon because they are going to get more consumer data. i'm not really sure how, you know, someone going on amazon and then looking for a realtor on amazon, connecting that
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person and then they are going to get motivated by a credit of an amazon gift card or a house cleaning by amazon home services, again, i keep hearing amazon. what's the difference between something that realogy is doing there versus working with me, any other brokerage because at the end of the day, we can also give credit at closing and what i know buyers want is money in their pocket, not just an amazon gift card or smart home or anything else they could just buy on their own, at their own discretion. charles: that's why i did ask ryan if there were other aspects to this, perhaps some technology help, something else. listen, their stock has gone from $52 to $5 in the last six years. so we can see that there's something in that industry, something happening that's not right. it goes beyond the sagging housing market that we have seen although, you know, when it comes to housing, we are getting reports that more and more wealthy new yorkers continue this mass exodus, they are leaving and going down to your neck of the woods.
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>> yeah. let's also start by saying that foreign spending is down by 36% from last year. so florida's number one with foreign buyers and we really rely on south america, canada, but now because of that downfall, we are really focusing on new yorkers because the highest population migration between states is new york to florida, and in 2018 alone, we saw over 63,000 people move from new york to florida. i think especially after september and definitely coming into 2020, we are really going to have south florida in particular be the new new york. charles: there's always been the sort of new york to florida has always been there, the snowbirds, i guess you call them from canada to new york -- i mean, to florida, rather, but is there something specific though about these crazy taxes, they keep layering them on and they keep getting deeper and deeper into our pockets here in new york, new jersey and connecticut. >> right. i think it's taxes but i also think it's price point. you have to remember, what you
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can get here in south florida is a fraction of the price of what you can get in new york. new york's cost of living as a whole is just outrageous. although miami has been named one of the least affordable places in the world, i mean, again, there's deals to be had everywhere, especially now, mortgage rates still under 4% for a 30-year fixed, it's a great time to be buying and just like realogy said, you know, the market's kind of been a little wonky as i like to say but sellers can still make money in today's market if they are realistic and buyers can get the advantage of buying with rates as low as they are, so it is a weird market where everyone can kind of win if everyone is realistic. charles: all right. sam, thank you very much. we appreciate it. good stuff there. thanks a lot. >> thank you. charles: let's get a quick stock check. we are watching twitter. they have pretty good results. they really blew it away, honestly. monthly users are up nicely. that means looking at more ads
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on that site that's working for them. check e-health. online health insurance, guys, their revenue doubled since last year. this stock is soaring, up 25%. they used to come on this show a lot. deckers outdoors, that stock is slipping. looked like it was a good number but it is getting hit, down 11%. something didn't go right in that conference call. elon musk's spacex, another big week for them, launched yet another dragon capsule yesterday. deirdre, i hear this had an interesting payload. deirdre: yeah. nickelodeon slime. i don't know if you ever watch these fabulous tv shows like "double dare" or if you see some of the kids choice awards, but celebrities are often famously slimed. but slime went up. the idea is for research. just to see how this behaves in this kind of microgravity kind of environment. this is serious research. elon musk even apparently said he wants to do this because obviously spacex is his company,
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the idea being that it would make kids a little more enthusiastic about space and what we are doing there. charles: been a great couple weeks for space. deirdre: an adidas soccer ball went up as well. lots of cool objects, just to see how these things would react to pressure of microgravity. charles: okay. by the way, lot of soccer fans. you're looking at another all-time high for the nasdaq. that's right. the s&p hit one earlier. now nasdaq is there as well. coming up, we will talk to the father of cannabis, steve deangelo. he co-founded several iconic pot businesses. what it means going forward if congress allows banks to do business with these companies. some say the sky's the limit. we will ask him next. also, judge jeanine is going to issue her final word on the mueller hearings and what nancy pelosi said about what democrats will investigate next. ♪
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come on! come on! come on! get up!
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come on, get up! get up! charles: of course, that was steve ballmer, former microsoft chief executive, now owner of the l.a. clippers. deirdre: you can never accuse him of not being enthusiastic, right? as we know, the former microsoft ceo is the owner of the l.a. clippers. remember when he bought them for $2 billion, everybody thought he was crazy? he's sort of laughing last. he was introducing two star players to the team and to the press, but as you saw, he basically made the journalists give them a standing ovation. good for them. kawhi leonard and paul george. he's fired up. if you are a player and you just signed with that team, that's the kind of owner you want. charles: everyone wanted leonard. he was the most coveted player. he should be excited. we'll see. it's been a whirlwind week, folks, especially on the hill. former special counsel robert mueller giving two testimonies before two separate house committees.
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i want to bring jeanine pirro in. and you're looking at the author of a new book, radicals, resistance and revenge. judge, can we get a wrap-up of this mueller thing? is this over? what's your final verdict on this? what's the final verdict? >> don't we all -- we waited with such anticipation and what we saw this week was, and i'm talking about this tomorrow night on my show, is anyone ever concerned as to whether or not a real deep state existed, all you had to do was look at robert mueller testifying before judiciary, i think before intelligence as well. the bottom line is this. he was nothing more than a front for a whole group of trump-hating hillary-loving attorneys who on the record were already hillary-loving attorneys. that report didn't tell us anything. there was nothing in it. they didn't look into fusion
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gps. the organization that actually laundered money for hillary clinton and then gave it to christopher steele, who was a foreign agent, to get information from the russians. i mean, we didn't find out anything. christopher steele wasn't investigated. fusion gps. he didn't even know what fusion gps was. charles: that's what i was going to say. what ironic about it is democrats, their talking point into the hearings were saying most americans didn't read the report, wait until they do. we found out that maybe robert mueller didn't read the report. >> well, i think that robert mueller not only didn't read the report and i think it's very sad because what happened here was these players, and they are all part of a clique, comey, strzok, page, mccabe, mueller, all of these people are friends. you've got to understand this clique in washington, d.c. they are all pals. all they wanted was a front. mueller was a front with a good reputation. they slapped his name on a report, nothing, he didn't do the investigation, he didn't
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even know what fusion gps meant and i bet you can go to fifth grade now and find out what fusion gps -- charles: a couple years, $30 million. it would be understandable some of the stuff, he was, some would say, the ceo of this whole thing, but it was -- >> let me tell you something, i was the d.a. i don't care what case it was, whether it was organized crime, whether it was an economic crime, if i went out and my name was on it, i knew what was in it. that is the whole point of this. the deep state ran it, they came up with nothing because there was nothing to come up with, there was no life to breathe into it and all of these people should resign. adam schiff should step down as head of intelligence. he isn't even intelligent. charles: i want to real quick ask you, your book, because nancy pelosi just met with aoc. you talk about radicals, resistance and revenge. is this essentially what we are talking about, the next face of the democratic party? >> the next face of the
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democratic party is actually that. it's a plot to remake america. it's a plot to remake the criminal justice system. there's no more presumption of innocence. we now have a new category of we can't exonerate and right now, we want people with open borders, we want to change the economy, we want socialism if you're on the left and they are trying to change it and this is a fight to the end. charles: judge jeanine, thank you very much. congratulations on the book. i want to get an update on tesla. that stock took a tumble yesterday after a rough earnings report. you can still see it's under some pressure. also, ford taking a hit today. yesterday it was down, it's back a little bit but it was a lackluster report across the board. they lost market share. nothing went right for them. next case, we've gotten word of a colorado pot company ceo carrying around a lot of green. not the green you are thinking about. deirdre, you have those details. deirdre: yeah, indeed. what's difficult is that there are some loopholes in the law and banks are actually sometimes afraid to do the banking for these pot-related businesses.
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sometimes people are carrying around cash. there's one story, john lord, ceo of this colorado marijuana retailer called livewell, had no choice but to bring $3 million in cash. it was almost like that cartoon where of a suitcase full of cash, to a local irs office to pay his federal taxes. i know some entrepreneurs in the space as well and they have actually been cut off from mainstream banks just because the banks don't want anything to do with them, just in case. however, there is a bill that has been proposed, some legislation that has been proposed that does have bipartisan support called the safe banking act, but as you can imagine, as many people as support that, there are other voices who say legalizing this product nationwide is going to be a health risk for our youth. in the meantime, a lot of these businesses are really caught in the middle and they can't do their banking anywhere, and they become actually targets for theft, carrying around this much cash. charles: lot of money. but the potential for interstate
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banking, forget about it. thank you very much. we will stay on cannabis. next, we talk to the father of cannabis, steve deangelo. he co-founded several iconic pot businesses. there was a hearing about businesses, banks doing business with pot companies. if it passes it will be amazing for business. how amazing? we will find out next. ♪ ♪ snowed we're the slowskys.
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charles: earlier in the week, the senate banking committee met on the possibility of big banks doing business with legal pot outlets. i want to bring in steve deangelo, co-founder of harborside, the california pot guys and what many call the father of cannabis, the whole industry. steve, listen, if american banks can do this kind of business, surely it would ignite your market a lot more, wouldn't it? >> well, it would certainly make the market a lot safer. the market has been growing quite rapidly, even without banking access, so i think the major issue here is ensuring public safety. charles: but the idea of being
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able to do interstate business, interstate commerce, and allowing legal banking is just -- i know there's a ton of money going into the industry, there's been a ton of rollups and acquisitions, it's one of the hottest spaces in the country but this seems to me, i know it's not safe to walk around with $3 million to go to the irs office but this could have even bigger business implications. >> well, it would certainly have business implications depending on how effective it is. and you know, while i support the efforts on the safe banking act, i have some questions in my mind about how completely it will open up financial services for cannabis. charles: let's talk about the legalization because you are pushing for that, obviously a gargantuan market. people wonder why it didn't happen already. what's been going on? >> well, new york is a state that is large, it has a lot of diverse interest groups within it.
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there are many people who have different visions of exactly how to legalize cannabis and that conversation is ongoing. in california, it took us almost 20 years, more than 20 years from the passage of medical cannabis initiative to fully regulated adult use market so it's not unusual that it takes a little bit of time. charles: although people would think with the largely progressive state, certainly new york city, and the way other states and cities are really adopting, you know, legalization, i was surprised with new york and to be quite frank, new jersey, that there has been this much resistance so far but you think eventually it will happen? >> you know, cannabis is really a bipartisan issue, and the last election cycle, we won initiatives in north dakota and arkansas and in florida, so it's as much a red state issue as it is a blue state issue. charles: well, again, it brings us back to new york. what the heck is going on? but how confident are you that it's going to happen sooner or later? >> oh, i'm 100% confident that
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it's going to happen in new york, it's going to happen in every other state, and it will happen federally in the not too distant future. charles: the real estate stocks, the publicly traded stocks, they came on like gangbusters last year. this year they have been sort of sideways. as you get more big business, as they become public, and there's extra scrutiny on it, how will that possibly change the industry? >> well, you know, what we hope is that the example of the canadian public markets is going to show american regulators and the federal government how valuable and how important it would be to open -- fully open the american public exchanges to cannabis. right now, canadian cannabis companies are allowed to list on the nasdaq but my california company is not. charles: that's nuts. finally, there's societal impact, there are more and more reports people are pushing back a little bit saying hey, you know what, maybe even though it
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has some medicinal purposes and it works, maybe there's some other things we should be concerned about. are you keeping, are you staying vigilant on the other side of this debate with legal marijuana? >> well, i am, and you know, a lot of the science, so-called science that's being put out in support of those arguments is old, already discredited pseudo pseudoscience. cannabis is a wellness product far more than pharmaceuticals or alcohol and overall is definitely a boost to the national health. charles: thank you very much. congratulations. dig your hat. >> thank you so much. charles: see you again real soon. folks, more "varney" right after this. ♪ -driverless cars... -all ground personnel...
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charles: really amazing. the dow up 39 does not tell a story what is happening. gdp number came in way better than anticipated. earnings for the most part, deirdre blown away what wall street anticipated. >> s&p 500 and nasdaq are the ones trading all-time highs. we would be remiss, didn't point out in the dow, same-store sales. mcdonald's doing well in the u.s., doing well overseas. they invested a lot in technology. they have these automated drive-through windows. there are more of them. robotic fryers. they are showing up. exceeded slightly the revenue number. bang in line with earnings. delivering on all fronts. charles: there is mcdonald's near my home. they renovated. there was time when i went through drive-through, it was cold when they handed it to me.
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now it is hot all the way home. >> that is investment in technology. presumably same-store sales being stronger. you can process more people. charles: absolutely amazing. dow is up 40 points. hand it over to neil cavuto. take it away. neil: i don't know what the whole fast-food fuss is about. i hear it is popular. i did. thank you guys. meantime as charles was saying the economy showing a little bit more growth than we thought possible, but particularly important we'll get into it more this hour, what kind of role you're playing the consumer. consumer spending. that is running at an incredible pace. that is 2/3 of the economy. think about it. we're on that. also on market reaction to that. powwow was more wow than pow. nancy pelosi sitting with alexandria ocasio-cortez. we're told it was


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