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tv   After the Bell  FOX Business  July 2, 2019 4:00pm-5:01pm EDT

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thank you so much coming to us from the hennessey funds. [. [closing bell rings] as the market closes they're settling up. dow gaining 55, nasdaq 15, witnessing another record close for the s&p. melissa: aiming for new highs. a choppy session on wall street as major averages drift in and out of record territory. the dow closing up 69 points marking the third day of a winning streak. i'm melissa francis. connell: i'm connell mcshane and this is "after the bell." the s&p 500 at a record high here second day in a row, up nine point on the day. as for the nasdaq, five straight up days for the nasdaq composite up 17. we'll call it 18 point today. oil, the big story. look at a drop for oil. 4 1/2% on the day to the downside. melissa: i knew they couldn't hold up to the upward move. not going to happen.
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connell: 56.38. forget about $30 for now. we'll talk all about the big market movers. first, here is what is new at this hour. brand new numbers from president trump's 2020 campaign. massive fund-raising haul as the top democratic fund-raisers start to lose some steam. the latest on the race for the white house. plus the president sounding the alarm about the rise of homelessness in the united states. the commander-in-chief's pledge to maintain our cities, how we should address the real cause of the crisis. right now, how about this, a total solar eclipse. melissa: getting closer. connell: starting to completely brock -- block out the sun. starting across the south pacific and parts of argentina. we'll keep you updated on cosmic spectacle. melissa: did you say chile. connell: that's right. melissa: 7th record close for the s&p 500 this year.
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we have fox team coverage of the eclipse. no. gerri willis at new york stock exchange, phil minute from covering oil and gas prices, huge, phil, 4th of july weekend, 49 million people expected to travel as gas prices increase across the country. phil, i will start with you, you know how i love oil and gasoline prices. reporter: i know you did, this selloff won't hit in time for 4th of july holiday at pump. gas prices were up again going up before the holiday weekend. probably fall after the weekend. people at opecs have big headaches looking at the market action. down almost 5%. why the big turn around from the opec meeting today? a lot of traders are saying they believe that opec disappointed the market by dropping hints the production cut could actually be bigger. there is also talk that perhaps slowing demand in the economy isn't going to be enough to be
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offset by these opec production cut. there is a sign today saudi arabia cut their selling price of oil to asia i w i could be a sign of slowing demand or a sign of panic by saudi arabia that they are losing market share to u.s. oil producers. you put it all together, it was a big selloff. now a lot of times when you go into the 4th of july holiday, you get a selloff like this, it raises questions why the big selloff? it es out of whack with everything else. 4:30 eastern time for the api report t might bring us back. melissa: phil, thank you for that. let's bring in our market panel to redact. we very erin gibbs, gibbs financial management chief financial officer. what do you make of sell off? what does the tell you might be going on with the economy down the road we see a global
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slowdown? >> this makes sense, the runup in the chart, the run-up in june was so high, largely it was a reaction to iran tensions. it really wasn't increased demand. we had a big bankruptcy just last week. so, this is actually making sense. certainly more dramatic than we expected but overall the outlook for oil specifically isn't so great. at least for most of the stocks. the gas, the increase in gas prices, helping them offset and keep the profit as little higher. melissa: veronica, what i love about this, remember back in the day, if there was any turmoil in the middle east, now there is a ton of it, we would be worried about markets, worried about oil prices, worried about how it is affecting our economy. while we're concerned about violence obviously and tensions, we don't have the pile-on with the economy as well because we're more fuel independent, what do you think? >> that's right. america has become very energy efficient, energy big producer in the country, in the world and so opec in the past, they could
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really do what they wanted to do with supply. they still can but the end of the day they can't control the demand. that is a problem. if you look at the effect of this trade war it is having on demand requirements across the worldthere is less demand and that is putting pressure on oil producers. american consumers this will be good for them going later in the summer. people drive more, positive news for the consumer but at the end of the day some middle eastern countries have to be worried. they are doing what they can but not enough for them. melissa: interesting. guys, don't move. connell. connell: we're shifting to the fighting disinformation. facebook and youtube are finding themselves once again in some hot water. "wall street journal" suggested that the two sites are flooded with bogus advertisements for cancer treatments. it is fake medical news. here now the reporter behind that investigation, bob mcmillan. great work, bob, thank you for
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coming on the show to talk about that work. how did you find out about this, what was being done if anything about it before your investigation? >> this all started in january. there were a lot of stories around anti-vaccine information on facebook, youtube and these platforms and at that time my colleague daniella hernandez and i started looking at things could be potentially harmful. we did searches on youtube, facebook, for cancer related information and what we found was just a, like looking under a rock. there was a wide range of material there from sort of well-intentioned videos people posted about really questionable cancer cures they claim to have found to, you know, convicted criminals basically running multilevel marketing schemes and bilking people for money. connell: they were getting millions in some cases, millions and millions of views, right? >> that's right.
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on youtube we found some sites that had over 100 million views promoting really, things that kind of shocked doctors. ideas like you can treat your cancer without surgery, chemotherapy or radiation. connell: right. so people start to believe this they start to make obviously poor decisions for themselves. to go back to what the companies are doing about it now, i've seen statements. they seem like they're on top of it, they say they are. were they before the investigation? how has that changed? >> well i think since 2016 the, all of the platforms have been worrying about misinformation. the sort of crisis of confidence that we've seen about what we're reading online. so they have kind of been circling around this but sometimes it takes you know, take as story, takes more attention to push things forward. so my sense is that facebook and youtube, when the anti-vacs stuff blew up in january, they
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were aware they had a problem. they started looking at it. really just in the last few weeks that facebook, for example, made a significant change to its gore gore. connell: wish they said they were already doing that with, quote, unquote, fake news, political news. so this is similar to that, right? same type of fix for the company? >> yeah. connell: is it only facebook and youtube you guys looked at? does this affect anyone else? >> we focused on those two because literally billions of consumers. if you do a google search you can find misinformation all over the internet. these are really powerful platforms. these companies have a lot of money and they really should be doing better. connell: important reporting that affects real people. bob, great job. thanks for coming on to talk about it with us. we appreciate it. >> my pleasure. melissa: budweiser parent, inbev is getting ready for the biggest ipo on the hong kong stock exchange. let's get details from gerri.
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reporter: melissa, that's right the biggest ipo of the year not coming from silicon valley. not from the floor of the new york stock exchange. anheuser-busch invery much asia-pacific will be valued in hong kong at 68 billion. it is bigger than the biggest food and beverage deal of the past including budweiser in 2019, pardon me kraft foods in 2001 and santori in 2014. china will surpass the world's largest beer market in 2021. you have an opportunity over the holiday to set that right. costco, big headlines the company in the washington post said it is quietly becoming an apparel destination, selling $7 billion of apparel each and every year. so you can go get your a whole bunch of coca-cola and jessica simpson distressed jeans taint.
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we tried to find this number. could not. looked through public filings. we did not find a breakout for apparel sales but think about this. 95% of the company's business is done in-store. that would mean it would be a great location for apparel because so many of these retailers have difficulty selling in store. back to you. melissa: totally. gerri, thank you for that. connell: taking on big tech. there is a u.s. retail group that represents the big companies in the retail industry, walmart, target and others, they say they're ready to help antitrust enforcers investigating whether the tech giants, amazons, googles of the world are harming competition. to veronica and erin still with us on this story. veronica, you first. the basically the argument is amazon and google have too much control. they control what you search for. they pretty much providing the platform, so the information about pricing what have you is in their hands. what do you make of this?
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>> companies are so worried that google and amazon are taking all of the oxygen out of the room. i think this goes to show how important search is among other things, right? so if you can't find something, based on internet, basically doesn't exist in the mind of the consumer. the question though they will be facing regulators if they decide to look at this more closely, how are you going to set up rules that will debate, design how much people can search what they can search for? connell: right. >> how would you even enforce those rules especially dealing with a company like amazon that is not only a marketplace, 50% of all e-commerce sales cross the internet? it is huge. connell: this retail group is saying you have to do things disclose where products are from, erin. you should talk about whether they are new or used. whether sales are authorized. they want, veronica's question, they want types of rules put in
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place. veronica is right. that is tough to enforce. first of all is there a problem here, do you think and should something be done about it? if so, what? >> they're just jumping on the bandwagon. there are multiple ftc investigations an department of justice investigations into these companies. they're taking advantage of an opportunity where they see potential weakness to cause trouble for their competitors and they're jumping in. none of the complaints seem particularly new. we all heard them for much i think some of the suggestions were good helping investigations get focus what the new rules should be. connell: right. >> ultimately sort of the same story we've been hearing for the past month. google is more vulnerable, see that in the stock price. amazon still has a lot of strength, and money to fight any investigation. connell: erin, veronica, thanks to both of you. we appreciate it. melissa: putting iran on notice. president trump's stern warning to the regime after the company announces a major break from the
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2015 nuclear agreement. what the escalating tensions could mean for our standing under the world stage. that's next. connell: nike under fire for pulling a special 4th of july sneaker featuring betsy ross's flag. a move that is bad for business says critics. melissa: i don't care, spectacular in the sky. people awaiting the world's total eclipse in two years. a stunning event will plunge large portions of south america in complete darkness. we're following the moon's path as it aligns with the sun. connell: this hour? melissa: i'm fired up. can you tell? connell: this is huge. melissa: it is huge. ♪ but this... this is my forte.
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melissa: doubling down, president trump warning iran after the regime announced it had exceeded its uranium stockpile limit. listen this from yesterday. >> no message to iran. they know what they're doing, they know what they're playing wits. i think they're playing with fire. no message to iran whatsoever. melissa: joining us peter brookes from the heritage foundation. he is also a former deputy
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assistant secretary of defense. what's your reaction to that? >> i think the president did send a message, didn't he? he said he wasn't sending a message but he certainly did. iran decided voluntarily to break the stockpile caps under the joint comprehensive plan of action. it is talking about, melissa, next week being going from 3.67% of low enriched uranium to maybe 20%. which would put it on the path to potentially a nuclear weapon. tensions could certainly increase. of course we have to remember, the problem is really iran, it is not the united states. a lot of people want to blame the united states but if you look at iran's international behavior from syria, afghanistan, yemen, tankers in the gulf, shooting down of american drones, support of terrorism, iran is really the problem. the president's policy of maximum pressure is having an effect. melissa: it strikes me that people want to defend the iran deal and the president have moved the conversation to a place where they say iran never
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violated the deal which is sort of the wrong way to look at it in the sense that, you know, the iaea didn't have the right to go in and inspect any military sites. >> yeah. melissa: obviously where you would keep stuff. >> right. melissa: when they wanted to go look at one facility that they thought there might be something going on they have video of them, satellite imagery of them building over it for month. then eventually, iranians were ones that collected the samples. >> right. melissa: seems like we've gotten off, we've been tricked into talking on the other point that isn't the point? >> the original deal was well intentioned but it had a lot of shortcomings. that is what this administration brought out. the fact it didn't include ballistic missiles. iran is in violation of u.n. security council resolutions firing nuclear capable missiles, testing the missiles. iran's international behavior never improved. all the problems we were having
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with iran prior to this. you're right, it didn't allow no notice inspections of any suspect site in iran. iranians said you're not coming to military site or islamic revolutionaryily guard corps sites. these are the people behind the military weapons problem. there are all sorts of short comings. the other part, melissa, we're putting pressure until you come back to the table but we're willing to talk to you. president trump said a couple times in passing he would be willing to meet with senior iranian leaders. >> yeah. >> if they come to the table, talk about these things it, could be a different future for the u.s. and iran. melissa: i want to get your take about the president's comments about the future of u.s. troops in afghanistan. take a listen to what he said? >> we reduced the force very substantially in afghanistan. i would just like to get out. the problem is, it just seems to be a lab for terrorists. melissa: peter, what do you think of that? >> well the president is right. i mean we have about 15,000
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brave americans there, we lost a few recently, which obviously ace terrible tragedy. the fact of the matter is we're concerned the taliban associated with al qaeda will allow terrorist groups to find a safe haven there. is ice is there. they are called isis islamic state, a group operating in afghanistan. haqqani network which a lot of people don't talk about. that is also a al qaeda affiliate. one of the major negotiating points for a peace agreement which is going on right now that the taliban won't allow afghanistan to become a place where terrorists can plan, train operate, especially against the united states. so in fact, i would, melissa, i think today, afghanistan is probably the most terror-afflicted country in the world. we've seen a lot of violence from the taliban recently. melissa: peter brookes, thank you for that. appreciate your insight as always. >> thank you. connell: a growing epidemic. president trump sounding the alarm on homelessness. the crisis is spreading across the country.
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officials say it's a potential public health risk. that is coming up. cashing in on 2020. president trump smoking his democratic rivals in the fund-raising race. what the early cash boost could mean for his re-election bid. that's next. ♪ which led to the discovery that sometimes a little down time can lift you right up. expedia. everything you need to go. but dad, you've got allstate. with accident forgiveness they guarantee your rates won't go up just because of an accident. smart kid. indeed. are you in good hands? my body is truly powerful.
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melissa: breaking news now. tesla just releasing production and delivery numbers for the second quarter. let's go right to gerri willis for the numbers. gerri? reporter: this is a big surprise on the upside. the stock performing up 7% in after-hours training. here is what they say, quarter two we achieved record production, record production of 87,048 vehicles. record deliveries of 95,240 vehicles. this has been a sore spot, sticking point for the company. they have not been able to get the cars into market as they wanted to. this problem could be ending this quarter. tesla says we believe we're well-positioned to grow total
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production and deliveries in q3. we achieved second quarter, deliveries of 95,200 vehicles. vehicles in transit at the end of the quarter? 7400. the model 3 drilling down to one of cars they're focused on. over 72,000 produced in the quarter. good news for tesla. the shares are up handily, up 7.3%. melissa. melissa: thank you, gerri, big number for tesla. president trump's re-election bid was able to raise a total of $105 million in the second quarter of the year. that just blew away his democratic rivals who released their numbers. cassie smedley, joins us, rnc deputy director of communications. robin biro, former obama campaign regional director. cassie, speaking of president obama, this number when you combine it with the dnc, president obama running for re-election, that is better
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number. those two numbers were in mid '80s. this number is over 100 million. what does it tell us? is there wider message you say this will happen because the president has been able to raise this much money? >> or to look at the we're able to raise money as as a results of president. that is response to the enthusiasm. one number we have 15,000 new small donor numbers that came to us in the week of the president's relaunch. that speaks to the people hearing message. president, feeling results on their own lives. volunteering or yes, donating. that is great prospects for the 2020 election. connell: robin, we think how difficult it is, spend so much time on field of democrats, we even had the conversation ourselves again in a minute or two, but it speaks to the challenge of running against an incumbent. very difficult to beat an incumbent. this president so far has a strong economy? >> yes, connell. it is very difficult, especially in the age of citizens united.
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with 22 candidates right now, even if you pooled all their money together i don't believe it matches president trump's numbers but we do have enthusiasm. we're registering tens of thousands of new voters. we have really good ground game strategy we've taken ever since my days on the obama campaign. so president trump, i get those messages every day, donations quadruple matched. i believe has something to do with his fund-raising numbers, but we're doing good. connell: but again it is an uphill climb, anytime, whether this president or any incumbent, especially with this president with these types of numbers. on the other side i think numbers we had on the polls the other day are worth talking about. kamala harris surged in another poll, just two points behind joe biden. this is from quinnipiac. 22 biden, 20% for harris, cassie after the debate in miami last week we wondered whether it was a new race on the other side,
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from your perspective looks like it is here. what do you make of that? >> certainly kamala harris went into the debate with a strategy and agenda. she came off a little bit rehearsed. i don't think those pole tested rehearsed lines will work standing toe-to-toe with president trump on debate stage. we'll take any of the candidates last week, when you talk about the record of results, enthuse as. in this country, nothing can compare to what president trump is delivering for the american people. connell: i read it, robin, what about issue of busing or former vice president's relationship with segregationist senators, i read it more people on democratic side looking at stage, you know what? maybe someone other than joe biden could be the candidate have a chance to win. the argument for biden, he could beat trump. maybe some democrats are they now looking at that differently? >> connell, my experience with people out in real life, that is
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exactly what they're saying. they're saying they were disappointed with biden's performance. he came across underprepared, if not just unprepared. went into that with too high and mighty, was taken down. connell: who would you rather, robin, on the spot, who would you rather going against trump? rather kamala harris than biden? >> i think so. connell: really? >> she has more, she is more feisty. connell: interesting. >> she really handled those confirmmation hearings really well. connell: real quick, cassie, who would the president rather run against? i don't know you rather answer that. >> we maintain we'll take anyone. >> i like that. connell: i just figured i would try. >> we feel real good about the chances. connell: thank you, both. we appreciate it. melissa: i think he is right. think kamala harris would be harder to beat than joe biden. connell: you do? melissa: i do. connell: i think the whole thing about the debate, last week from the democrat, they're looking, you know what? maybe as opposed to just, that was the whole thing for biden.
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that was his whole, or still is electability. melissa: this is yours or mine? connell: you take it. melissa: the irs is releasing new data from the first tax season under the new tax law. grover norquist, americans for tax reform president breaks it all down for us. connell: might be key takes down the betsy ross sneakers before it is initial release. after criticism from colin kaepernick. what it means for the nike brand and. melissa: i hear they're selling for a fortune on ebay. connell: i saw that. melissa: a total solar eclipse happening moments from now. look how close we're getting! resident and tourists in chile are lining up to see the phenomenon. we're bringing it to you live just as soon as it happens. ♪ ♪
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melissa: breaking news. we do not want you to miss it. more importantly i don't want to miss it. the solar eclipse the path of totality where the moon visibly blocks the sun. it is happening right now. it is happening across parts of chile and argentina before ending in buenos aires. a partial eclipse is visible in ecuador, brazil, paraguay,
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uruguay. won't let you miss it. connell: a minute or two away from the total. we'll get to that. proud of its american heritage. nike responding to controversy today, explaining why it pulled its new sneakers, featuring early version of the american flag following outrage from a nike spokesperson. not just any nike spokesperson, colin kaepernick, over concerns that the shoes could be found offensive. jared max, here, fox news headlines 24/7 sports reporter on your satellite radio. a lot of people are talking about this. it is interesting, how much influence, number one colin kaepernick has on the business at nike. >> amazing here we are talking about colin kaepernick again. very good for our business. very good for nike business. sales rose after that ad came out last year 15 percent jump in stock. bad for nfl business. why can't he get a job?
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he is bad for business. he wasn't in the nfl. is this good for nike's business? the question i'm wondering, how did this pass through the cracks of the full chain of command of nike, go into production, sneakers get made, takes colin kaepernick saying hey, this isn't cool. connell: right. >> what does that say about the organization? they're supposed to be leaders. i think they're followers. they say just do it. should change the slogan, should we do it? connell: should we do it. to your point there was no reaction until kaepernick bottom involved. after that the stock probably went down after the governor of arizona, governor ducey got involved, we'll take away some incentives. it might be different this time. >> for every action, there is equal and opposite reaction. colin said what he said nike responded. we see their reaction. reaction from the arizona governor. it comes down to business. people don't like to be pushed around. until colin kaepernick gets out
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front an center, become as communicator, explain all things important to him. i wonder, this florida is no good, how about today's flag if how about the philadelphia 76ers logo with 13 stars. connell: you giving people ideas. >> you have to take the betsy ross bridge there from new jersey. connell: the point you're making, at some point where is the line? >> i want to know how we become better people, better society. there seems to be underlying anger that is driving this. i think that is what is at the root. let's find out. connell: will there be pushback from consumers? some sort of a boycott? people thought, guests came on last time kaepernick got involved this would be disaster for nike. to your early point, it wasn't. >> it wasn't. may draw people to buy nike. comes down to the bottom line, if he is bad for business, they will not want him around. imagine that, what do they do? they start calling nfl owners what do we do. connell: we have total eclipse
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to get to. melissa: there it is. total solar eclipse. your screen is not just black. that is a solar eclipse taking place over south america. depending on where you are, it could last up to four minutes and three seconds. this is according to nasa. i will not stop talking. oh, yes. connell: wow. look at you! melissa: wow! okay, i'm freaking out over this. i love this. that is amazing. here it comes. wow, very, very cool. connell: that was a great moment, oh! split screen. melissa: they doing this. connell: just playing around with you. melissa: do you think we're faking this now? it is way too cool. that is really cool. connell: that might be the best thing -- melissa: i have to say this is lot more impressive than here in north america, we were standing outside on the street here in front. this i think maybe because you can see it close up this is awesome. connell: how about that shot. it could last a few minutes,
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right? three or four minutes? melissa: yeah. connell: should we keep doing it? melissa: probably not but i kind of want to. connell: what do you think, if we kept the shot on that, talk about other things. jared max. melissa: talk about all kinds of other things. talk about the stock market while we're watching this. this is amazing. we won't see this anymore in few million years because the moon will be too far away at that point. connell: now you have it. melissa: isn't that heartbreaking? a few millions years from now, if you're still here you will not see it. this is your only chance. >> that is it. melissa: we should stay focused. connell: now we move on to a little bit of trade news. we can keep looking at the shot president trump long touted success with farmers. may not be peaches and cream in the state of georgia. under the administration's new usmca trade deal. experts say it coo cost the industry 900 million doll 800,000 jobs.
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jackie deangelis in georgia. it is light out there. no eclipse, jackie. reporter: good afternoon to you, connell. knot necessarily that usmca will hurt farmers, trade in general. it was not particularly better for them unnafta but there is a university of georgia study that is saying as a result of the provisions in usmca, the farmers here, produce farmers, small farmers, they could suffer up to $900 million in revenue losses. there is the potential for 8600 jobs to be in jeopardy as a result of this deal. just take a look at this. what they tell me is, it is all about price. they cannot compete with the same crops coming in from mexico. cucumbers, they need $16. mexico gets six. squash, they need 14, mexico gets 6.50. blueberries that's where we are, they need 21. mexico selling them for 16. that price differential is huge. a lot is labor as well.
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look at the blueberry field behind me. these are automated machines to help picking produce to reduce man needed labor on frowned. one farmer is paying 10 to $15 in wages, they could pay a dollar or two in mexico. it is pretty tough to compete with that. sam watson, he was a farmer i spoke to on the ground yesterday. he told me they like competition, like healthy competition. take a listen. >> we like competition. competition is good for everybody. a competitive market is good but i don't feel like we're in competitive market. it is hard to compete when they're able to do, i can do things a lot different if i didn't have to pay the wages i have to pay. reporter: secretary of agriculture said in an op-ed, disputing the uga survey, says the administration was hoping to make progress in the renewed nafta, but remember that u usmca
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is not a step back here. still there are farmers on the ground that are pleading with president trump, even though they support him, saying do a little more for us, guys. melissa: jackie, thank you so much for us. breaking news, we want to take one more look at the total eclipse. come on, do we have it? give it to us. one more look. there it is, wow! for democrats this is the world ending. for trump it is his fault. president probably tweet soon, take credit for this, fantastic total eclipse. connell: best ever. melissa: best ever eclipse. i don't know, you could make a million jokes. could you just look at it. it is truly incredible. look at that! connell: how cool is that to watch live? melissa: yeah. it is amazing to watch it live, disappear and come back, do it so slowly because, i guess when you imagine it ahead of time, it seems like it will happen rapidly, will be dark all of a sudden but no. i love it.
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no, i will not stop talking. talking over the top of me. all right. connell: who is she talking to? melissa: you. all right. i love it. solar eclipse. connell: of the heart? melissa: we'll be right back. connell: all right. 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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>> you can't have what is happening where police officers are getting sick just by walking the beat. they're getting actually very sick, where people are getting sick, where people living there, are living in hell. some of them have mental problems where they don't even know they're living that way, perhaps they like living that way. they can't do that. we cannot ruin our cities. melissa: president trump sounding alarm on country's homeless population, suggesting a public health crisis, here to discuss, dr. marc siegel, fox news medical correspondent, address that point, how dangerous for other people living in the city not directly there where all of these homeless encampments are? >> dangerous for other people in the area, if you have garbage, rats, fleas spreading disease,
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and dangerous for public health. los angeles has one out of four homeless in the country. 24% of the home less population in the united states lives in california. cities in california have four out of 10 top homeless population. they're gathered together in certain streets called typhus zone. four thousand in a typhus zone are spreading typhus and other diseases. sanitation is affecting. water supply is affected. garbage is affected. people coming into the area could get sick. melissa: why do public officials don't have responsibility to do something about it? >> i think they do. collecting garbage more, one of the things los angeles is trying to do. put six million dollars, collect garbage more, portable showers is tip of the iceberg will not stop primary problem. people living on streets don't
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have proper sanitation. a large part of this population is mental illness, not being addressed, that is 1/3 of the population, another third are working part time with nowhere else to live. they're living in their cars. extremely up unhealthy for children in that area. there are no shelters in los angeles, there is not enough shelters in california cities. if you have a shelter involved, melissa. you have the ability to decrease spread of disease. melissa: what was the knock on shelters? they have spent so much money, floated bonds. they spent a ton of money. they have the money to build shelters. why have they not done that? >> they're not think about this properly. they're not accepting that they have a housing crisis in los angeles and san francisco. they have obligation to be spending money on children. they're interested in cosmetics. show a garbage truck going by. show a cleaning crew going by.
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let's have more san take workers. the money needs to be spent on shelters. >> thank thank you, dr. siegel. connell: the impact on tax reform. biggest ones, we received new data, we go over it all with grover norquist. he is next. ♪ but perhaps this year, a more exhilarating endeavor awaits. defy the laws of human nature,at the summer of audi sales event. get exceptional offers now. look limu. a civilian buying a new let's go. limu's right. liberty mutual can save you money
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connell: the irs releasing data from the first tax season under president trump's new tax law and 79% of taxpayers ended up getting a refund. the average $2,908 per person. that is down but slightly from the 80% taxpayers in 2017. this whole tax law, turns out almost as many people did get a refund or the actual tax cut, there's always a perception versus reality issue, which i
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found interesting. a poll was done in april where they found most people didn't realize they were getting a tax cut. why do you think that is? has there been a problem in selling it? our fault in the media? what is your take? >> if you read the new york times and the washington post back when the bill passed in december of 2017 and all the democratic elected officials were out saying it is only a tax cut for rich people. connell: right. >> and you had 14% of americans thinking they were going to get tax cuts and nobody else did. in fact 2/3 got significant tax cuts. it is 25% average cut across the country for people. only 6% of americans saw an increase at all. but we were told by the democrat politicians and by too much of the media all the way through april that point in fact only a few people were going to get tax cuts. that wasn't true. the new york times and the washington post have in print said the vast majority of
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americans got tax cuts. but they did so after the fight over the tax bill. connell: right. so everybody had it in their head. >> yeah. connell: it is everything about electoral politics or presidential electoral politics, but it just seems to me there should be more bang for the buck on this politically for the president. i know you talk to the white house a lot about these issues. could it have been designed differently or was it not reported right? >> no, it was design wonderfully. the fact that they said oh there aren't as many people getting refunds, first of all, it is ridiculous -- connell: right, right, doesn't matter. >> talked about it for months. turns out 1% difference. connell: right. we talked about that story, even if it was a difference, it doesn't necessarily matter, it is your money anyway. >> yeah. connell: let's spend a minute on what's next. we did a story earlier in the week about, you know, maybe the president before 2020, before the election has something else up his sleeve on taxes. have you been talking to the
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white house about indexing of capital gains, for example,? and if so, what can you tell us in terms of where that is? >> absolutely. just as april 15th of this year was an educating moment to teach the american people when they looked at their taxes and saw they were lower than last year, there's one more tax year, next april 15th, before the election. everyone will be able to look for a second time and see how much better they are. but the big change that will come about is that the white house is looking at indexing capital gains so that you wouldn't pay taxes on the inflation when you sell your house or land or stocks, and that drops the cost for stock sales about 40% on average. connell: wow. >> if you're older, you've held stocks for a long time, it could be 80%. so significant cut in the capital gains tax. connell: right. >> it will generate trillions of dollars of people selling assets. connell: good enough. we will check back with you a number of times on that, grover.
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have to go for today. always good to see you. grover norquist on with us. melissa: all right. that does it for us. connell: that was it; right? melissa: i have nothing left to say. connell: thanks for joining us. melissa: bulls & bears starts right now. oh there it is! connell: wow! just don't do it that's what ex nfl quarterback colin kaeper pick reportedly urging -- kenner nick -- kaepernick reportedly urging nike to do it. this would have been a new nike plant that could have created 500 full time jobs in arizona. hi everybody. this is bulls & bears. i'm david asman thank you for joining us today. we have the panel here today. good to see you all. arizona governor making this announcement on twitter, quote, nike has made its decision and


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