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tv   Varney Company  FOX Business  July 10, 2019 9:00am-12:00pm EDT

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>> that's robust. maria: patience. >> as a voter, sometimes cross-currents push you in the right direction also. maria: looks like it's pushing the right direction today. market is up 100 points. have a great day, everybody. that does it for us. "varney & company" begins right now. stuart, take it away. stuart: good morning, maria. good morning, everyone. the democrats stake out positions that move the party further and further to the left. okay. we are going to deal with the fed and the market in a moment but some of the things the socialists are now pushing for, just take your breath away. for example, aoc now says she wants to get rid of the department of homeland security because it runs immigration policy. can you imagine? open borders and no deportations of illegals. try this one. joe biden wants to cut the prison population by more than 50%. that's what he told an interviewer in south carolina. that's radical stuff. the socialists will be front and center later today.
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aoc and rashida tlaib will be questioning the fed chair, jerome powell. income inequality, climate change, oh, the evils of capitalism. stay tuned. all right. now look at the markets. we have seen a copy of mr. powell's opening remarks. he will say the economy performed reasonably well in the first half of the year. he did also say uncertainties in outlook have increased in recent months. to me, that's the money statement. that seems to be what's moving the market and look at this. the market is moving up. we opened this morning -- we didn't open yet, but first thing this morning we were down a few points. now we're going to be up about 100 at the opening bell. look at that nasdaq, up probably three quarters of one percent. market's going up this morning. big show for you. britain's ambassador to america, out. and the women's soccer team takes its ticker tape parade. "varney & company" is about to begin.
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stuart: i'm going to call this disturbing video an engine on fire in a delta jet. now, that was shot by a passenger looking out the window. tell me about what happened. susan: how would you feel if you were one of the 148 passengers on board this delta flight 1425 from atlanta to baltimore, looking out your window, then all of a sudden you might see flames shooting out of the engine on this 32-year-old md-88. yeah. stuart: mcdonnell douglas? susan: that's right. they are still flying those, which is surprising. yeah. basically, they diverted emergency landing at raleigh-durham and all passengers got a $30 voucher. stuart: $30. susan: that's right. stuart: voucher. all right. got it. all right. we've got to take you to the canyons of wall street because the ticker tape parade for the women's world cup, the champions, is going to take place in new york city. it starts pretty soon.
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team captain megan rapinoe told cnn last night she would not be going to the white house if invited but would love to meet aoc and speaker pelosi. more on that coming up for you. all right. let's get to the far left, what they're up to. aoc and bernie sanders, they want congress to declare a national emergency on climate change. also, aoc says a $15 minimum wage is not enough in new york city, and here she is going after the department of homeland security. roll that tape. >> i.c.e. is not under doj. it's under the department of homeland security. and so we have now -- >> would you get rid of homeland security, too? >> i think so. i think we need to undo a lot of the egregious -- a lot of the egregious mistakes that the bush administration did. stuart: wow. how far left can you go without dropping off that cliff. joining us, fox news columnist liz peek. could i be forgiven for saying aoc is the de facto speaker of
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the house? >> nancy pelosi would take some issue with that, as she has taken issue with aoc recently. but look, on the department of homeland security, it's the ignorance of that statement that is so galling to me. that includes dhs, it includes fema, it includes the secret service, it includes tsa. does she just want to blow up every aspect of those departments that basically protect our country? it is an appallingly stupid proposal and remember, dhs was created after 9/11 because we had all these different agencies that weren't coordinating and that basically sort of missed the opportunity to prevent 9/11 from taking place. so that's why we have dhs. to call for blowing it up is just sort of another random, rash proposal coming out of aoc who is just a headline producer, constantly looking for attention. stuart: she's moving the whole party to the left. >> and people are really scared of her but there are forces,
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nancy pelosi has kind of pushed back on climate change. remember, tom perez, the dnc chair, refused to have a debate at one of their presidential candidate debates on climate change because he knew this was an issue that the american public was divided on. yes, everyone says they are concerned about climate change, but these policies that she has proposed in the green new deal and that this resolution might open the door for are basically an attack on poor people. that's what people really have to understand. if you start pushing energy prices or electricity prices higher in this country, doesn't hurt us. not a big portion of our budget goes for paying for heat and electricity. it really hurts poor people, driving up the minimum wage above $15 as she wants to do, we know it costs jobs. who does that hurt? it hurts poor people. open borders. drives wages down. who does that hurt? poor people. stuart: can you make sense of this for me? aoc is being sued because she blocked users on twitter based
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on their personal viewpoints. first of all, tell me what that's about. susan: remember we talked about this yesterday when the second court of appeals, second circuit, basically reaffirmed a lower court ruling that president trump cannot block critics on twitter. well, that's going on to other public figures as well. so the court, because they say this goes against the first amendment rights of free speech and critics of people, especially public figures, and government figures, that make policy and they use twitter accounts to make those statements. so now aoc, one person has also launched a lawsuit against aoc saying you can't block me. for instance, she's blocked the daily caller, students for trump, she has a lot of followers, very influential. now there's a lawsuit against aoc saying you can't block me if president trump can't block his critics. >> she has a mob. let's just be clear. if you basically confront aoc on twitter, you are assailed in the most horrible way. and yet she does not take
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criticism easily. that we have seen. stuart: thank you, susan. i understand that. thank you. let's get to the fed chair, jerome powell. he's going to be testifying on the hill today. he's in front of the house financial services committee. market watcher joel shulman with us now. we know what his opening statement is. we have reported on it. to me, the money sentence is he said uncertainties in outlook have increased in recent months. that seems to imply we're worried, so maybe the market will see a quarter point rate cut. >> right. he said that. he also had a comment at the very end, so i agree with your point there. he also had a comment at the end, he said there are a couple members of the committee who are accommodating or maybe more accommodating to evaluating policy. that additional statement seems to be what moved the market this morning at 8:30 from being down to positive. a few factors going in. let's hope the rate cut does come in because the market's already priced in 100% likelihood of the rate cut so if it doesn't, we will see a strong negative reaction.
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but i believe there's now hope that maybe the rate cut will exceed 25 basis points. stuart: a guy like you, i know how you invest and what you invest in, i don't think you really care that much about the federal reserve. you care about investing in good companies. >> that's right. publicly traded entrepreneurial companies. i don't think the 25 basis point rate cut if it does occur and should occur, is going to make a big difference with many of these companies. we are talking about interest rates already very low. they are looking at housing as a concern, they are looking at manufacturing sectors as a concern. most of our companies tend to be in i.t., consumer discretionary and communications services and health care. i don't think those sectors are going to be significantly affected by 25 basis point change one way or the other. stuart: okay. you don't really care, do you? i know you don't. thank you very much indeed. we better check futures. looks good, actually. look at this. we are up, what, exactly 100 points on the dow industrials. down a little yesterday, up 100 this morning. i'm really looking at the
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nasdaq. you're looking there at a 54-point gain. that's the best part of two-thirds of 1%, a bit more than that. solid gain for tech, looks like, this morning. how about netflix? they're losing one of their most popular shows. i know which it is and susan is going to tell the world. susan: yes, that's right. so "friends," you watched it, right? stuart: every one of the episodes. susan: "friends" is going to at & t's new streaming service, hbo max, which will be launching in the spring, hopefully in the next year or so. this is another case, netflix is losing "friends" second most watched on netflix in terms of sit-coms. number one was "the office" which they keep until 2021, until it goes to nbc universal comcast, launching their own streaming service as well. did you know netflix was paying $80 million a year to keep "friends" streaming? stuart: 80 million? susan: basically nbc universal warner media are taking back
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their properties. they might be losing some of the streaming revenues that they are getting from netflix but they are taking it back on to their own streaming service exclusively so you will sign on to many, many more in the future. stuart: "friends" is at least 20 years old, isn't it? susan: at least. i think it went off the air in the early 2000s. stuart: there are 236 episodes. susan: you are doing the math. stuart: okay. they are still getting $80 million a year just from netflix. susan: can you imagine the checks the actors are getting? the residuals they are pocketing? stuart: we are in the wrong business. check futures one more time. we are still up nicely, thank you very much. it's wednesday morning, up 100 points for the dow. big health care right near the happiest place in the world. health officials in florida say if you are visiting epcot this summer, be on the lookout for rabid feral cats. that's bad p.r. aoc, bernie sanders trying to relaunch the green new deal with a resolution that would declare climate change a national emergency.
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i want to know, if it was implemented, would it do anything to change the temperature of the planet by the end of the century? because that's what they want. not sure it will work. some sad news to report. the actor rip torn has died. he's best known for his roles in "men in black" movies and "the larry sanders show." rip torn was 88.
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stuart: britain's ambassador to the united states has resigned. this follows what you might call a war of words with president trump. tell me all about it. susan: okay. well, kim darroch, of course, the ambassador to the u.s. from the uk, after leaked cables that the daily mail somehow got ahold of, basically called the trump administration inept, clumsy, a lot more shall we say insulting words were used. the uk government says look, we expect our ambassadors to be frank and transparent, but when asked about this last night in a
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uk debate, the uk is looking for a new prime minister, jeremy hunt versus boris johnson, that will be decided at the end of this month, and in that debate, boris johnson who will likely be the next leader of the uk, was asked about this and here's his answer. >> he was dragged into a british political debate in which he sometimes is. i don't think that's necessarily the right thing for him to do, as jeremy has said, but -- >> was he wrong to make the comment? >> our relationship with the u.s. is a fantastic importance. susan: a special relationship as well. let's see how special it gets when boris is supposedly in ten downing street. stuart: i think he is going to be the next prime minister. susan: i think the polls show that. stuart: i think he's going to try to be a close friend of president trump and get a trade deal going. he's treading very carefully around kim darroch. the far left's green new deal didn't get any traction in congress. aoc and bernie sanders have resubmitted it in the form of a national emergency declaration
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on climate change. daniel turner is with us. he's with power the future, a nonprofit that focuses on energy. daniel, look, forgive me, but i'm going to ask you an off-the-wall question. i hope you've got an answer for me. let's suppose the green new deal were fully implemented, everything they want, they get. would it really control the temperature of the planet by the end of the century? >> no, not only would it not control the temperature of the planet, it would have nothing to do with the temperature of the planet. what it would really do is destroy our national economy. you and your viewers know the energy industry undergirds our economic success right now and if we begin to destroy our electric grid and our energy production, we raise the cost of all goods and services. so it does nothing for the planet and it destroys the national economy. stuart: well, as an observer of the climate scene, that's what you are, do you think that there's any chance that any of this green new deal will, in fact, be implemented? >> no. i think this is important that all americans push back on this, as an agenda, because they use
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the green new deal as a means to implement just another form of socialism, and the name of combatting climate change, in the name of protecting the planet, this is an effort really to just take over one of the largest aspects of our industry -- of our economy, which is the energy industry. stuart: wouldn't it be better if we allowed the full scale production of natural gas, exported that natural gas, shipped it to all parts of america, and replace oil and coal with natural gas? wouldn't that be the best short-term answer to carbon emissions? >> there are tremendous opportunities through technology, through clean coal, through natural gas, et cetera. but look, here's the problem i have with this proposal by senator sanders and aoc. that at the same time that president trump pulled us out of the paris climate accords, we have lowered our emission and increased the amount of oil and gas we produce and we put coal miners back to work. so if we are doing both of these things simultaneously, what is the national emergency here in
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our country? and they don't have an answer to that question. stuart: okay. we got it. loud and clear. daniel turner, thanks very much for being with us. that was an off-the-wall question on my part but you answered it very well. that's pretty good. if you're not careful, young man, you'll be back. >> i hope so. thank you. stuart: sure thing. see you soon. look at futures. we are going to be up at the opening of the market about 100 points. i keep saying, watch that nasdaq. home of the technology stocks. it's going up about three quarters of 1%. there is some backlash against home depot after its founder, one of its founders, bernie marcus, said he's a trump supporter. the left calling for a boycott. by the way, the president's weighing in on this, too. we will tell you what he's saying about it after this. hey, who are you? oh, hey jeff, i'm a car thief...
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i think he reacts to things as they happen and he's got common sense that tells him this is right and this is wrong, and he acts on it. by the way, that's why the american people voted for him. they're so tired of the slick politicians. they are slick but they don't do anything. stuart: careful, bernie. home depot founder bernie marcus praising president trump. can't do that. some anti-trumpers are planning to boycott home depot because of bernie's support for the
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president. now, here's what president trump tweeted. here we go. a truly great patriotic and charitable man, bernie marcus, co-founder of home depot, who at the age of 90 has come under attack by the radical left democrats with one of their often-used weapons. they don't want people to shop at those great stores because he contributed to your favorite president, me. these people are vicious and totally crazed but remember, there are far more great people, deplorables, in this country than bad. d do to them what they do for you. fight for bernie marcus and home depot. what's home depot saying? susan: home depot came out with a statement saying bernie retired from the home depot more than 15 years ago and isn't speaking on behalf of the company. in fact, as a standard practice, the company does not endorse presidential candidates. bernie marcus for himself is a great philanthropist. he donated $2 billion to charity and he's committed to donating 95% of his wealth to good causes
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in the future. [ inaudible ], same thing. he paid for the entire tuition of the new york university medical school. try matching that. stuart: mr. marcus has not worked at home depot for 15 years. one more thing here. ross perot, we reported his passing yesterday at the age of 89. did he give to trump right before he passed? susan: according to "the boston globe" they reported he wrote two checks, maximum amounts to trump's re-election and that includes general election next year as well. it's very interesting that back in 2000, president trump briefly considered running for president in perot's reform party before scrapping that idea. they have a history together. stuart: ross perot gave him some money, according to reports. got it. we are going to be up at the opening bell. that's important. it's a wednesday morning. i will show you, we will be up about 110, 113 points. this follows the release of some comments by fed chair powell. he suggested uncertainties in outlook have increased in recent
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months. the market taking that as a sign we are going to get a rate cut. look at that nasdaq, up 58 points. we'll be right back.
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stuart: boeing is a dow component. there is news on boeing. airbus, the european air maker,
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plane makers, are going to make more planes than boeing. airbus is going to be the biggest plane maker in the world. boeing's stock not suffering, it's up a buck, $350. softer profits at levi's. costs related to the march ipo hurting the bottom line and it's down 8%. how about that. then we have france, the french. they've got a new green tax on plane flights. wait a minute. you mean to tell me if i get on a flight at charles degaulle airport, fly out of france, i get taxed for leaving? susan: it's not just there. there are two airports in paris. but yes, every flight leaving france will now be taxed, not a lot. it's a moving scale from $1.70 to $20 a flight, according to the transport minister who wants to implement this starting next year. but you know, france is just the latest. we have sweden doing this as well, the uk has considered this. they want to find alternative ways to travel that's not so --
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stuart: how do you suggest i go from france to the united states without flying? rail line that i've not yet heard about? susan: shorter flights somewhere else. stuart: i will do anything to escape a green tax. three seconds, we open this market and you will like what you see because we are going up, ladies and gentlemen. ignore that right now. look at that. we are up 71 points, 72 points. 73. 26,856. 82 points higher. one-third of 1%. i got that. show me the s&p, please. where is that? it's got to be up. it is, a third of 1%. here's what i want to see. the nasdaq composite. home of the technology stocks. show me -- yes, it's up a half percentage point. that is an all-time high, sports fans. 8,183. don't you love it. i bet microsoft is doing well. check the ten-year treasury. the yield this morning, 2.04%. no wonder he's in a good mood. the price of gold, where is that today? it's at $1411.
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that's pretty good. the price of oil, close to 60 bucks now. i think everything's up this morning, isn't it? treasury bond prices are up. oil's up. gold's up. stocks, up. joining us, shah gilani, jack hough, susan li. start with fed chairman powell. he's testifying on capitol hill. we know what he's going to say. here's the key sentence. uncertainties in outlook have increased. i think investors believe that means there's a cut, rate cut coming. >> that's exactly what it means. i think he wanted to telegraph that. don't forget, he said this in spite of also saying in the same prepared statement, i'm going to quote him directly, our baseline outlook is for economic growth to remain solid. so they're going to cut, presumably cut, in the face of solid growth. the markets of course are going to love that. susan: yeah. stuart: you agree with this? >> i think we are getting a little obsessive-compulsive about the fed funds rate. 2.25% is half its historic
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level. a quarter point cut, i mean, sure, typically that's good for the stock market but the past two big rate cutting cycles, over the past couple of decades, actually led to declines for stocks in the first year so it's not a slam-dunk that you get higher stocks. susan: rate cutting cycles usually start when the economy is going down and slowing down. that's why you see stock markets deteriorate six months afterwards. but can i point out that now there's a 20% probability of a half point cut, 50 basis point cut. zero this morning until you got the statement. stuart: that's what the market likes. >> i'm going to go out on a limb and say they have to cut now. they have to cut in the july meeting because they set the market up for it. it would hit the market if they don't. it's a guarantee. >> they have to cut but make it look like there's no dire need for a cut. there's no emergency. stuart: okay. they've got some cover for the cut. in other words. have we all agreed on this? let's move on.
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netflix. they are losing the hit show "friends." i don't know why this is such a big deal. look, i know the comedy. i have seen it, i watched all 200 episodes. why is this such a big deal if it leaves netflix? susan: i think it's a big deal because first of all, this is a number two watched sit-com on netflix last year. number one is "the office." they are losing that in 2021. stuart: the stock is up. susan: how do you attract viewers to netflix? you have to cash burn and produce original content. stuart: they're good at it. susan: but it's cost a lot of money. especially with a highly indebted company like netflix. not good. stuart: quick word from shah? >> this is going to continue. all the streamers will pick off whatever they can from netflix. everyone is trying to bring into their own gravitational pull the shows everybody wants to watch. stuart: you are buying it at $383? >> no. streaming is becoming very crowded. content is becoming very expensive. on these two shows, anybody with the slightest interest in
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watching them will watch them before they go off netflix. absolutely no one will watch either of these shows on the services they are headed to next. stuart: favorite episode? susan: i don't know about that. stuart: -- goes to a tanning salon. remember that? susan: no. do you remember the tanning salon? which character was it? ross? do you know their names? stuart: ross. is that right? ross. ross. susan: who is ross married to? this is fun. rachel. i think they got married at the end. stuart: okay. check the big board, please. get me out of this. the dow is up 133 points. what more do you want, sports fans? exactly a half percentage point on the upside. all right. oil, close to 60 bucks a barrel. the price of gas actually moved up a bit overnight. the national average is now $2.75 per gallon. as i always say, in california, it's $1 more expensive than it is in the rest of the country. the dow component boeing,
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airbus on track to surpass it as the world's biggest plane maker. both stocks up. airbus up 2.5%. boeing up a couple bucks there at $355. is this all about the max jet mess? >> it definitely is. boeing will bounce back from this eventually but it will take longer than it has in the past, and the reason is because these days, you have so much information in your hands when you're booking a flight, suddenly 737 max as a brand name, no one ever knew the model plane they were flying on 20 years ago. today, people know and it's impairing boeing's ability to sell more planes. stuart: amazon, well, story of the day. here it is. lady gaga launching a beauty brand on amazon. what does that mean? are they getting close to the cosmetics business? >> they're in the cosmetics business. they want to grow it. it's a very lucrative business. other companies whose businesses they are impacting are going to have to take another look at what they're doing and how they sell. amazon, when it steps into any
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space, look out. stuart: look at the stock. >> they want to make a big move here. this is just the beginning of what they will do. >> they want more exclusives like this. they want more private label merchandise. then they want to convince regulators they're not getting too big in either of those spaces. stuart: am i right in saying taylor swift is doing a concert for them? susan: yeah. they can pay a lot of celebrities. this is about driving traffic and preorders for prime day on the 15th and 16th. don't forget, rihanna, successful beauty line. >> how could i forget? stuart: the s&p, all-time high. is that correct? susan: yes. stuart: 2,996, an all-time high for the s&p. just a few moments ago we had an all-time high for the nasdaq. we are doing okay this morning. not bad at all. susan: risk on. stuart: what does that mean? susan: meaning you are taking on risk. equities are risky. it doesn't go one way. investors feel confident thanks to jerome powell they will be cutting interest rates. >> that's the mantra. risk on.
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thank you, federal reserve. stuart: okay. all right. one of uber's top executives says uber will take years to make a profit. the stock's up a little bit but is that a problem? >> a huge problem. stuart: wasn't a problem for amazon. >> but amazon is a completely different model. uber ride sharing sales growth was down 9% last quarter. that's the slowest growth they've had. some of the other stuff was up, uber eats was up about 89% but the margins are much thinner there. it's a problem for the company. to me it's a trading stock, not an investment stock. stuart: not an investment stock. >> not for me. stuart: i shouldn't buy it? >> i wouldn't touch it. i know you like it. it's not my cup of tea. >> you nailed it when you said amazon. amazon paved the way for companies to be able to have permission to do this in the beginning. but you need to keep that excitement coming. you need to keep investors convinced that your growth story is strong enough that those cash flows in the future are a slam-dunk, don't worry about the lack of profits today. can uber keep that excitement going for years and years and
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years like amazon. stuart: answer the question. can uber keep that going for years and years and years? >> i don't really think so in this business. amazon has shown an ability to go into so many different businesses. >> amazon has amazon web services, too, which is the base behind all the services it provides. uber has nothing like that. if my competition is coming up on uber's heels very fast and furiously. stuart: if i buy uber stock, you better turn bullish on me. >> i will be neutral. stuart: facebook releasing its annual report on work force diversity, says that it wants to double its number of women globally and black and hispanic employees in the united states. are they detracting or distracting from their privacy concerns? i notice the stock is back to $200 a share. >> you looking for me to say something negative about facebook wanting to hire more -- stuart: no, i'm not. >> that's not a hand grenade i'm interested in jumping on this morning. i think it's a great move on facebook's part.
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stuart: is this diversity move a distraction away from their privacy concerns? does it matter? obviously not, because the price of the stock is 200 bucks a share. >> they've got concerns, they are going to hear from, you know, from the left about privacy, they will hear from the right about restricting conservative thought. it has no natural political friends and it's still doing fine on growth. susan: i will give you the diversity report. what facebook found is that its u.s. work force was 46% white, 41% asian, 4.9% hispanic and 3.5% black and 3% reporting other, either biracial or two or more ethnicitieethnicities. they want to change that. it's not like they're not divorce. they just want more hispanic workers, african-american workers and more women to make up their work force which as a woman, i applaud. stuart: okay. you've got a lot of this show this morning. i'm going to get in my ten cents here. look at microsoft. i don't know whether you can put it up.
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the market is up 143 at $147.89. >> you know the amazing thing about microsoft? there are so many stocks in the breakdown lane because they are seeing this technological victim. this is a company five or so years ago was ten times earning. now it's 27 times earnings. microsoft is the path back for some of these companies. stuart: well said, jack. by the way, microsoft stock is up 34% this calendar year. it's only july whatever it is, 10th. >> you know i loved it for many, many, many years. stuart: you are good. let me tell you. it's 9:40 eastern time. i think we got a little plug in there. i don't know why i'm in such a good mood. susan: microsoft. >> facebook's hiring. stuart: jack, shah, thank you very much indeed, gentlemen. check the big board again. solid rally. we are up 122, 26,906. bernie sanders going after
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president trump over that citizenship question on the census. sanders says the only reason why he's doing it is to undercut latinos. you will hear about that. moments from now, fed chair powell testifies before the house financial services committee. i'm told climate change may be a hot topic with the democrats at that hearing. why would you ask the fed chair about climate change, i want to know. we will ask a republican who is going to be on that committee. he's next. hmm. exactly. liberty mutual customizes your car insurance, so you only pay for what you need. nice. but, uh... what's up with your... partner? not again. limu that's your reflection. only pay for what you need. ♪ liberty, liberty, liberty, liberty ♪ dto experiencer gthe luxury you desire on a full line of utility vehicles.
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stuart: the nasdaq is at an all-time high. the s&p, all-time high and the dow is at 26,900. records across the board. now we are going to take you to lower manhattan, if i can call it that. a live look at the parade for
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the champion women's soccer team is in progress. there you have it. holding the cup high. right through the streets of manhattan. senator joe manchin, a democrat, west virginia, has introduced a bill requiring equal pay for men and women soccer players ahead of the 2026 world cup which will be played in north america. what else have we got? susan: that is the debate this year, right? joe manchin, west virginia democrat, he was inspired to sponsor this legislation after he received a letter from the west virginia university's women's soccer coach asking for his support in the women's pursuit of equal pay. this has been the controversy because this is a four-time champion, number one ranked women's soccer team in the world. at one point, about a year ago, they made 33% of every male soccer player. that was boosted up to 80% but given basically the ratings, you saw that, 20% more than the actual world cup as well, why shouldn't they be making more? sponsorships have been up 50% since 2015-2016 when they last
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won the world cup. stuart: no argument. susan: the men didn't even qualify for the world cup, by the way. stuart: okay. okay. i got it. if you look at the float going by there, i don't see all the members of the team on that float. maybe i'm missing something. i don't know. we'll ask. we will ask our reporter on the scene. i've got to get to fed chair powell, testifying before the house financial services committee later this morning. congressman wriggleman, a member of that committee, is with us now. congressman, i think you are going to see an explosion from the left. aoc, rashida tlaib, maxine waters, they are all going to be questioning him on climate change and socialism and the evils of capitalism. you've just got to sit there and take it all in, right? >> i think he's probably going to fire back. i think vice-chairman quarles already said the fed's job is to regulate banks. my question for people, first i want to tell you i love clean water as a republican. i love clean air.
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i think, though, if we try to use rules and regulations, you know, for climate change or the fed to become sort of the climate change sort of power broker, i think it's going to put us behind other countries like china and russia. why would we do this? let's do what we are supposed to do. there's three ss. it's really about staafety, soundness and systemic risk. climate change is not part of what the fed does. i think it's ridiculous to be focusing on that. stuart: do you think, do you agree with president trump, that we should, the fed should lower interest rates soon? >> i think you probably saw i think "the journal" this morning, every indication and i had dinner with the chairman just a couple weeks ago. every indication to me is he's going to lower the rates. i think he's going to do that, even with the 224,000 jobs that we produced last month and also the 3.7% unemployment. i think he's going tloer to low rates. i think he's giving every indication on the interviews he's doing and even on private
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conversations. stuart: do you have a question in mind you will ask him? >> oh, my gosh, i have about ten of them. i'm number 60 on 60 in the financial services committee, i have to have about 100 questions prepared as people go through it. there are some things i'm better at than others based on my backgrou background. i'm going to really hit him on indicata, interoperability, cybersecurity but also, when you are looking at cecil, why do we have to book losses five years in advance? i own a distillery. i can't book five years of bourbon sales in advance for losses. it's some of those rules we have to get out of the way. we legislate as congress for laws. guidance is guidance and rules are rules. why don't we stick to those, sort of stick to those limits. my questions will be based really on my district, based on what their mandates are and also based on really data but what the heck are we doing? why can't we see into the black box of the fed? why aren't we more transparent? stuart: i didn't know you owned a distillery. what do you brew up? >> we started with vodka and gin
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and 150 proof moonshine, the pocket rocket. we have bourbon, rye whiskey, honey rye whiskey. let me tell you how much i love the environment. we have a geothermal distillery, one of the first in the country. innovation is what we should be going through for any type of environmental protection. again, china and russia aren't going to follow the rules. so i think you can combine free markets with innovation, with environmental responsibility, without actually having the government force it down your throats because that's what makes us americans, our freedom of choice, buddy. that's why we just celebrated independence day. stuart: how about that. you are really cool, sir. nobody else could possibly get together the fed, monetary policy, a distillery and whatever else you brought up there. >> i've tried to, varney, but i think sometimes in congress you have to have a little drink to deal with the fed. i just want to let you know all of it actually merges together. stuart: i have no comment on that, sir, whatsoever. great guy. thanks for joining us. >> thank you, varney. always, brother. stuart: check the big board.
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high of the day, straight up, look at that. two-thirds of 1%, 174 points up. i see 28 of the dow 30 in the green. only two are in the red. big pharma scores a victory in the fight with president trump over lowering drug prices. a judge striking down the president's plan to require drug makers to show prices in tv ads. doc siegel explains it all after this. ♪
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stuart: how about this. florida's issued a rabies lert f alert for the area near disney's epcot. susan: a feral cat tested positive for rabies and the health department is warning to be careful, especially during the summer months as families go to visit disney world. the health department has issued a 60-day rabies alert for a two-mile radius that does include epcot center, but also typhoon lagoon, hilton, marriott, disney's caribbean beach resort and saratoga springs. be careful, don't go near stray animals and make sure you have that booster shot. stuart: i will be sure to avoid stray animals in my next visit. susan: young children, you get
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seduced so be careful. stuart: the s&p 500, a broad-based stock market indicator, just crossed 3,000 for the first time ever. that's a very significant move. big gain, 3,000 on the s&p. drug makers, a judge blocks president trump's rule requiring them to list their prices in tv ads. doc siegel is with us. seems to me like a big win for drug companies, isn't it? >> yes, it is. a lot of lobbying went into it. one thing he did say, it's not a first amendment issue. in other words, he thinks hhs has the right to tell drug makers to put prices on there. by the way, there's no teeth to this. they had no way to enforce it. but the judge is saying congress has to pass a law to authorize hhs to do it. he's saying there's no current law. i don't agree with that but you know what, president trump should turn around and tell congress pass a law, because we need this. we need this. stuart: what was going to happen was when you saw an ad on tv, for a drug, and you see lots of
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drug ads on tv, that ad would have said you're going to pay x, y, z dollars for that drug. that's what was going to happen. >> over $35. stuart: the judge says oh, no, you can't do that. >> drugs already show the side effects. if you're going to have a long list of side effects on tv, i want the price. why do i want the price? because the list price ends up being reflected in what my patients pay in co-pays in the pharmacy. you know what happens, the middleman, the pharmacy benefit manager, the insurance company, they take their profits out of the middle. high list prices predict what my patient pays out of pocket. i want my patients to know the list prices. that will help price transparency is all about competition and negotiation. if we know prices, somebody else can march in and say hey, i'm a generic, my price is less, guess what happens, drug prices come down. stuart: i'm just tired of the judges always getting involved in what i think are political issues. i mean, where am i going wrong
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here? >> look, stuart, according to new york university, 90% of all of president trump's initiatives to improve the market essentially, to bring the market back into health care, have been blocked by courts. stuart: that sounds just wrong to me. i'm sorry. >> wrong to me, we want to bring prescription drug prices down. this is one way to do it. one tool. stuart: i think i've got a right to see the price that i'm going to be charged if i have this treatment from this drug. >> because the more capacity there is, the more people can play games and jack up the price. stuart: i was in a good mood until you came but you're all right. thank you very much indeed, sir. calm me down. moments from now, fed chair powell on capitol hill. we are watching it for you. any fireworks, you'll see them pronto. that's a promise. that's a live look, momentarily, there you have it, a live look at the victory parade, the women's world cup team. they played brilliant soccer. yes, they do. but their big win has, in my opinion, become politicized and i don't like it.
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stuart: 10:00 eastern time. fed chair powell is about to deliver his testimony to the house financial services committee. edward lawrence is with us. you know exactly what he is going to say. why don't you give as you little idea what is coming up here? reporter: stuart, i got an inside peek so to speak. he will talk about the strong consumer spending, how that bounced back. he says the economy is solid. he highlights weaknesses in his testimony. he is looking at uncertainties specifically in trade testimony. also the debt ceiling which is unresolved at this moment as we as brexit. now powell says inflation pressures remain muted that means that they are looking again at undershooting that 2% target range for inflation. this could be indication after
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rate cut this month. also in the testimony, the federal reserve chairman, acknowledge that certain federal reserve members want ad rate cut during the last meeting that they had here. this again could be an indication that there might be a rate cut coming at the end of this month at the end of this meeting. he says there are crosscurrents in the economy have grown through the first half of the year. he is talking about trade tensions, as well as global economic slowdown. there is concern in the testimony that the global slowdown will start to affects u.s. economy. that is something he is watching. slowdown in fixed business investment is due directly to the trade tensions and the global slowdown. but he says again consumer spending picked up, remained solid. he also says there is a benefit to the strong job market. it has affected more than in recent years. now the federal reserve chairman is leaning towards a rate cut, but some justification, stuart, there could be a pause still remain. leaning rate cut. stuart: leaning rate cut. leaning rate cut. that is the key words there,
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edward. thank you very much indeed. that is having a mighty impact on the stock market this morning. already a new high for the nasdaq. a new high for the s&p. the dow jones industrial average is up 186 points, 26,000 the 70. we're on the cusp of 27,000. the fed is what is powering this market up as of right now. and now this -- another sport has been politicized. women's soccer. the world cup winners are now firmly in the democrats camp. when all the team members are okay with this, we don't know. but captain megan rapinoe has done most of the talking. she really can't stand our president. what a shame. i watched team usa played brilliant soccer. they won and deserved to win. i didn't enjoy the politics. in the back of my mind i didn't want to deal with the team captain's using an obscenity
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when she refused to white house. i want to watch the game. not the point of view. hijacking a great sport achievement for political purposes. the left feels differently. they want to intech every aspect of our lives. now that the victorious team is back in america, miss rapinoe has a big platform. cnn gave her a prime time interview with anderson cooper. she told him she wants meaningful conversations that can really affect change in washington. she has a political agenda. the democrats have jumped on it. senate minority leader chuck schumer used team to push for equal pay for women, enhancing a favorite 2020 democrat theme. the team mavis it capitol hill. rapinoe wants to meet aoc and speaker pelosi but not president trump. it is a takeover, isn't it? rapinoe made a gift of the world cup to the left. i think the team represents america, all of us, not some of us, all of us. partisan politics does not
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unite, it divides. what a shame. because they really are a great team. the second hour of "varney & company" just petting started. ♪ -- getting started. stuart: i think we're looking at an all-time high for the dow -- are we? yes, all-time high. 26,968 as we speak. we're up nearly .7%. this is a big rally across the board. nasdaq, s&p, dow, straight up. 26,980, 83 is the actual high. we're real, real close to it. we may have topped it in the last few seconds. now this, that pa ray is underway in new york city. the team is for team usa who won their fourth world cup. our own kristina partsinevelos
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is there at the parade. tell us what you got, kristina. reporter: they started behind me at 9:30, led by motorcycles, all female. this is making her story. making their way on the canyon of heroes up to city hall. what you're seeing probably moments ago was broadway. confetti, tickertape thrown in the air. there is a lot going on. people traveled all the way. one man from las vegas to see the parade. stu, you touched on a few topics in your take. one came up, topic of equal pay. we had mayor de blasio speak to reporters. i asked him specifically, if you were president, what would you do about that? listen to what he had to say. >> i would insist the congress amend the amateur sports act, require pay equity for all the national teams, men and women. second if congress wouldn't act i would immediately put together an executive order. that executive order would instruct the treasury department to enforce the tax-exempt status of the u.s. soccer federation.
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that status means you cannot discriminate. reporter: you have him speaking. he is on a float. you have a few other politicians here as well. but we're here to celebrate the women. the u.s. women's national team. they will continue on for about another hour or so. the streets are packed. thousands of people. we did really crickly also discuss just situation whether there will be invite to the white house. so far we know there has been no invite but rapinoe did say she would not go to the white house should she be invited by the president. she reiterated that 24 hours ago. there you have it, stu. this is the beginning of the parade. they're making their way up to city hall. back to you. stuart: governor cuomo prominently displayed on the float. i noticed that. kristina. we'll be back with you later on. i want to bring in al d'amato,
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former new york senator. >> great to be with you. stuart: i made two points, i don't like politics intruding into sport, just don't like it. i think the democrat co-opted this winning team, using it for political purposes. where am i going wrong? >> you happened on unfortunately to hit the nail on the head. rapinoe should be ashamed of the disrespectful manner, her use of vulgar language with respect to the president. that is number one. number two, equal pay, really has nothing to do in this situation where we're celebrating this great victory. and by the way, if there should be some adjustments on compensation that is awarded one as to the other, there are reasons there has been some disparity. i don't agree with them all but where is the money come from? if the men take in four or five times as much, maybe the purse will be much larger. however, i think this team's
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victory and the sport becoming one that women really now excel, you're going to see that pay thing really rise. i'm not opposed to that but don't use it as political weapon, say, no we're not visiting the white house but we'll go see representative ocasio, chuck, who by the way defeated me, i have great respect for him is overplaying this political thing. come to capitol hill to see us. stuart: co-opted the winning team for democrat causes and democrat issues. i think he is co-opted them, brought them on board, his team, actually. >> let me tell you an issue they should jump on, okay? stuart: you want to talk about drug price. >> quickie where the president said, that we should advertise the cost of these, that's something congress should work with the president, making reality.
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mainstream america is being screwed over with these prices. in some cases two to 300% more than than they charge in other countries. why is that going on? stuart: the judge says you can't force the drug companies to put their prices up in tv ads. guess what? >> guess what? congress can pass a law makes it a fact that you must put your prices on. stuart: you think they should? >> absolutely. the president is right. he should lead this fight. stuart: got it. senator al d'amato. >> good being with you. stuart: sue you again soon. >>, you got it, the markets, can't ignore the markets because they're all at record highs. nasdaq at 2800. dow close to 27,000. the s&p momentarily crossed 3,000 a few moments ago. why? because fed chairman powell is testifying before the house financial services committee and i think he is hinting at a rate cut. rebecca wallser.
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rebecca, good to see you again. welcome back. >> thank you, stu. glad to be here. stuart: can i describe this as a goldilocks market? the beginnings of a china trade deal, we have a strong economy, now we got record highs across the board, are you happy? >> i was taking a picture of 3,000 with a camera. oh, my gosh. of course i'm happy. i'm beaming with joy but i also know the market is reacting to the fact that chairman powell alluded in his comment that they are looking for a rate cut in july. i personally don't think we need one yet. i think everything is going so okay right now, we should hold and wait until china trade does or doesn't happen because that is when we'll really need help if it doesn't happen. stuart: you better hope for a rate cut this month because if we don't get it, the market will be very, very disappointed. i think it would sell off big time, would you? >> yes, i know. i know.
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sign of irrational exuberance. you're right, stuart, the market is happen with the precursor comments. i can't wait to see testimony before congress. we have democratic-led house now. they don't want to give trump credit for the economy. they also don't want to push powell to give him a rate cut. that is what he wants. they have a very fine line to walk during this hearing today. stuart: we have stock prices across the board at record highs. are you comfortable suggesting to our viewers that maybe it would be okay to put more money, fresh money, into the stock market right now? would you be comfortable saying that? >> you know, stu, the market is definitely counting on a rate cut. we can see it. we were down in pretrade. then as soon as the comments came out we went up. now record highs. s&p 500, 3,000, first time ever? my god! if we don't get a rate cut at the end of the month, it will not be a short-term great win for investors.
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we have to, let's listen to the next two days. figure out what will happen here. whether he gives us anymore trade winds what he will do. used crosscurrents for the first time, global economic slowdown. i would like to get a little more direction. yes, the market is high. looks like exuberance. we're leaning for a cut. i don't think there is 50 basis points. no chance of that in my opinion. it is 25 point or nothing. stuart: it had better be. record highs across the board. rebecca is pleased. >> thank you, stu. stuart: here is a question for you. what on earth is going on in venezuela? the rule of law crumbling? we know that. but maduro is still there. doesn't appear like he is going anywhere. where is the end game here? we've been asking this for months, months. when and where is the endgame. we're asking mary anastasia o'grady that next. the headline, he promises to
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put 40-year-old man any pacquiao into retirement when they fight in las vegas in a couple weeks. he is on the show shortly. ♪
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stuart: it is still a rally, a nice one. record highs for the dow, plus the s&p, plus the nasdaq. rally across the board. look at comcast, that is another stock that hit an all-time high. goldman sachs raised it to a buy. let's get to venezuela. new reports that the rule of law under the maduro regime has
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crumbled. i think we knew that. mary anastasia o'grady "wall street journal" columnist, specialist on venezuela is with us now. i'm not going to ask you, when is this thing going to end? we'll say that, there are talks going on now in barbados under the auspice of norway. >> right. stuart: the talks bring together maduro and the opposition. >> and the opposition. stuart: they are together in barbados. >> many people in the opposition saying why are you doing this? there have been two rounds of talks already in oslo. they both failed. let's face it, maduro has been talking to the opposition all threw the obama administration. there was dialogue. it didn't get them anywhere. stuart: it's a waste of time. >> maduro has the guns. i think it's a waste of time too. they are saying, the ones who agreed to go to this table and talk, they're saying, if he agrees to new elections, we can sort of discuss whether he swings at the end of a rope or whether he goes to cuba, we're
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willing to discuss that but we have to have new elections and the people who are opposed to these talks say, there should be no more talking until he steps down. i actually am in that camp because i think that -- stuart: he will not step down. >> i think he is stalling. stuart: he is never going to leave. he has the guns behind him. they have established venezuela, they're like cuba. they are communist. will stay communist no matter what. >> but one thing i will say is that the opposition has, if they, if these talks fail, it strengthens the position of the opposition, i should say when these talks fail, they already have a u.n. report about horrific human rights violations that came out last week. they have the international jurists basically saying that this is, this is absolutely preposterous the condition the country is in. so they have the international community more and more on their side. that is maybe this will help.
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stuart: maybe. he ain't leaving. maduro stays. that is my opinion. >> it's ugly. stuart: i have to interrupt because the president just issued a tweet. it is about iran. iran has long been secretly enriching in total violation of the terrible 150 billion-dollar deal made by john kerry and the obama administration. remember that deal was to expire in a short number of years. sanctions will soon be increased substantially. that is the president tweeting on iran. no impact at all on the stock market. none that i can see at this point. the price of oil is up close to 60 bucks a barrel. bernie sanders and alexandria ocasio-cortez have a new green deal. they want to declare a national emergency on climate change. you can bet it will cost awe ton of money. we'll dig into that shortly. kanye west's sneaker brand, it is selling big. we'll tell you how much his shoe
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stuart: the rally holds. we're up 160 points. that is better than half a percent. close to 27,000 on the dow. airbus on track to surpass boeing as the biggest airplane producer in the world. how many planes are they going to produce? susan: okay, look likes airbus will deliver 389 planes in the first six months of this year
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compare that to boeing, 289. stuart: whoa, that is a big lead. susan: boeing number of 239 first six months down from the 378 from last year. stuart: is this max jet? susan: of course it is the max jet. so yesterday they showed their delivery numbers. basically they haven't sold for the third straight month, they have not sold one 737 max jet. stuart: ouch. susan: boeing took the number one plane making crown from airbus back in 2012. for a decade airbus did own that title. it has been going back and forth. we should point out the headline should cross that boeing and qatar, president trump promised announcement on the boeing deal, but they will buy seven, five of these 777 freighters. stuart: the stock still languishing at 353. susan: we're down $50 billion. stuart: because of the mack jet problem late last year. 353 on boeing as we speak.
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susan tell me about the kanye west sneaker line. weezy. how much? susan: they will make 1 1/2 billion dollars in sales in 2019. that is a lot of money. stuart: 2 1/2 billion dollars? susan: 1 1/2 billion dollars. stuart: 1 1/2 billion dollars of yeezy shares. just this year. susan: that's right. kanye west negotiated an unheard of wholesale royalty of 15% on every shoe. 15. compare that to michael jordan, arguably, probably the most successful shoe endorser of all time. he has 5% royalty on air jordan lines that make $3 billion in sales. that is twice as much as yeezy is doing. yeezy was on nike in 2009. moved to adidas in 2014 because adidas was willing to give him the wholesale royalties. it is notable, his shoe sales
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sell out this ten minutes, range from $100 to $6,000. 10 times more, hasn't been hurt by his endorsement of president trump. stuart: 15% of the gross, not the net. susan: brilliant. stuart: big, big deal. coming up the border crisis, democrats basically they are for open borders. let them all in. republican senator rob portman joins us next. what does i think about that? because he will visit the border this week. that british ambassador called president trump a very stupid guy, he is out of a job. we'll tell you all about after this. ♪
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their medicare options... before they're on medicare. come on in. you're turning 65 soon? yep. and you're retiring at 67? that's the plan! well, you've come to the right place. it's also a great time to learn about an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. here's why... medicare part b doesn't pay for everything. only about 80% of your medical costs. this part is up to you... yeah, everyone's a little surprised to learn that one. a medicare supplement plan helps pay for some of what medicare doesn't. that could help cut down on those out-of-your-pocket medical costs. call unitedhealthcare insurance company today stuart: watch this. maxine water questioning fed chair powell. >> retail payment purposes would warrant close scrutiny by authorities to insure they are subject to high standards of
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regulation, end quote. signaling that global regulatory coordination of facebook will be a priority. chairman powell, did the federal reserve speak with facebook about their libra currency and if so, were any concerns raised? does the federal reserve have any authority to supervise and regulate what could be the world's largest payment system? does the federal reserve have any concerns about monetary policy with regard to libra? >> thank you, madam chair. we did actually have a meeting with representatives of facebook a couple of month before the announcement. think they made fairly broad set of visit to authorities around the world but getting to your questions let me start by saying that we do support responsible innovation in the financial services industry as long as the
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associated risks are appropriately identified and managed. as we'll discuss, while the project sponsors hold out the possibility of public benefit including improved financial access for consumers libra raises many serious concerns regarding privacy, money laundering, consumer protection and financial stability. these are concerns that should be thoroughly and publicly addressed before proceeding. that is why at the fed we set up a working group to focus on this set of issues. we're coordinating with our colleagues in the government, in the united states, the regulatory agencies and treasury. we're coordinating with central banks and governments around the world to look into this. i will just add that the process of addressing these concerns, we think, should be a patient, careful one, not a sprint to implementation. susan: >> are you speaking after working group within fsoc? >> we have our own working group.
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i believe fsoc has a working group at the staff level. in effect has a working group. >> fsoc has a working group. is fsoc or this working group reviewing potentially policy questions and impact libra and colibra have? do you know what they are doing? >> i do believe they are. there was a staff level meeting just last week to focus on libra at fsoc. so all the agencies were there. so i think the answer to your question would be why he. >> do you think fsoc would designate or is fsoc considering designating the libra and colibra as systemic financial market utilities or nonbank financial companies and subject them to enhanced regulatory oversight? are you aware of that? >> i think it is early to say. there hasn't been a principles meeting of fsoc since the libra announcement. while there have been conversations i think, i think it is highly likely that fsoc will take this on in a serious way but that is in the hands of the treasury secretary who
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chairs fsoc. >> thank you very much, mr. chairman, if you got a call from the president today or tomorrow, and he said i'm firing you, pack up, it is time to go, what would you do? >> well of course i would not do that. >> i can't hear you. [laughter]. >> my answer would be no. >> you would not pack up and you would not leave? >> no, ma'am. >> because you think the president doesn't have the authority, is that why you would not leave? >> i have, i kind of said what i intended to say on the subject. what i have said is that the law clearly gives me a four-year term. i fully intend to serve it. >> okay. so i hope everybody heard that. with that, i will yield to gentleman from north carolina, the ranking member, mr. mchenry. >> so, chairman powell -- stuart: okay, did you catch that? pointed question from the chair
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there, maxine waters, what would you do, mr. powell if you got a call from the president of the united states saying get out of here, resign, leave? he said he would not do that. miss waters said, can't hear you. he repeated it, i'm not going to do that. before that they were talking about facebook, the libra currency, got into all kinds of jargon i absolutely do not understand. we promised to bring you fireworks if we get them. we got a little bit of it. we'll go back with more, if we get more pointed questions and sharp-edged answers from fed chair powell. got to tell you mr. powell's testimony thus far has really helped the stock market. we established new highs for the dow'sdow industrials, for the s&p 500, nasdaq. the dow is holding on to a half a message point gain, up 140 points. we also had breaking news at 10 30:00 of oil.
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how much oil have we got in storage, how much have we used? the answer is we used a lot of it. it is called a drawdown. we took 9.4 million barrels out of storage because we wanted to use it. i'm pretty sure the price has gone up a little bit. not that much. i thought it might touch 60 bucks a barrel. we're at 59. susan: oil prices basically spiking because the american petroleum institute saying we have supplies colling down by eight million barrels last week. that is five million more than expected. so couple what you just got with the eia report where inventories drew down three times as much as anticipated and there might be less supply than anticipated because of the iran issues, the venezuela issues. don't forget the gulf of mexico is evacuating with an incoming storm as well. stuart: that's right. there is storm possibly approaching rigs in the gulf of mexico. that is always a problem for the oil market. when i see oil at $59 a barrel, i have to believe the price of gas has stopped falling.
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we were down, what was it, 2.75? the national average, 2.74, 2.75. it started to go back up a little bit. i think it will go up some more, bearing a 59.3 the price for oil. susan: gasoline futures are extending the gains after the drawdown. stuart: gasoline futures, telling the price a little way down the road up again this morning. now this, our next guest is going to head to the u.s.-mexico border this week, to see the humanitarian crisis what is really going on at the border. ohio senator rob portman, republican, joins us now. sir, i believe you're going to visit the border at the end of this week. are you going to investigate conditions at these detention facilities? >> stuart, we will. we're going to the centralized processing center. that is the big processes center in the mcallen area. this is frankly where most of the refugee crisis is occurring in southern texas. opportunity to see first-hand what is going on.
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see what conditions are. also sit down with the officials who are on the ground, department of homeland security officials, customs, border protection folks, border patrol, hhs, handling unaccompanied kids, hear what is going on. how we come up with better solutions. stuart: i don't know what we can do when 1000 people a day, walk across the border, declare themselves eligible for asylum, have to be put in a detention facility overcrowded. i don't know what we do about this? i do know the democrats are making this, sort of a scandal that president trump is responsible for. do you think our president is responsible for what is going on at the border? >> no, he is not but he is trying to come up with solutions to deal with it. it is obviously a crisis, not a manufactured crisis which some democrats were saying. they acknowledged that finally 10 days ago, stuart, when they finally agreed to support the humanitarian assistance. some of the same people complaining about the conditions would not send funding down
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there to deal with clearly a humanitarian crisis as well as drug crisis, as well as an immigration crisis. in terms of seven solutions, one thing i'm promoting as you know is refugee alternative. in other words to tell these people who live in central america that the traffickers are wrong. you shouldn't come to our border. you should go to a processing center run by the united nations. there are several in central america, one in mexico. have yourself presented there to determine whether you qualify for asylum. the criteria for refugees and asylums is the same. it is a credible fear standard. u.n. does this all over the world. this would be an opportunity for people to make their case. for those who qualify, to come, not just to america, but be resettled through the refugee resettlement efforts. as you know ultimately 15% of these cases, these cases of asylum are being granted. for vast majority of people would not be permitted to come under this. by the way some would go to other countries, not just the united states.
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what happens with the refugee process. i think this is a very good alternative to keep people from making the long and dangerous journey north. stuart: how can you argue against proposal you're putting out there? the united nations runs this. it is an attempt to stop this mass migration out of central america. i'm not going to say it is an easy fix but it's a fix. how do you argue against that? >> i think it is. i talked to a number of democrats about it. some are willing to talk about it. that is great. others say that doesn't allow people to have due process. it does. it is international due process. something you may remember president obama did at one point with regard to unaccompanied children. he allowed them to apply in their home country to deal what at that time was a surge of young people coming to the border. it goes back to an obama administration proposal. i will say, with regard to the administration, who i talked a lot about this, they would have to raise the refugee caps. right now the cap is limited to
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2,000 from central america. you have to assume based on numbers we know, 15%, there would be more than 2,000 coming. that is something that is far better than the current situation. as you know. you said it so well. people come to the border. they eventually just walk into our country. stuart: senator portman, would you come back to us, tell us what you saw when you go to the border? >> i sure will, stuart. thanks for following this so closely. we have to stop being partisan about this. this is a crisis. it is an american crisis. we need to deal with it. stuart: senator, it is. thank you. the women's national soccer team, celebrate the world cup win with tickertape parade in new york city. fans lining the streets. big crowds. their win, it has got the democrats jumping on the team and using the team to push for equal pay. i think they have politicized what is a great moment in sports history. martha maccallum will join me next to talk about that.
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stuart: we lost some of the rally. were up 180, 190 points. 26,887. s&p 500 moved to all-time high. moved above the 3,000 level. nasdaq composite, also brand new high earlier this morning. 8192 right now. that is a significant rally on the nasdaq. kim today today today this is likely about boris johnson? it is about him, really. >> they had a televised debate
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for the leadership of the conservative party to become the next uk prime minister. in that debate when asked whether or not darroch would keep his job. >> he dragged into a political debate sometimes he is. that is not necessarily right thing for him to do as jeremy said. >> he is wrong to make the comments. >> our relationship with the u.s. is a fantastic importance. susan: yes, a special relationship as it has been called between the uk and u.s. also that debate, boris johnson declined to back darroch would not commit to keeping him on the job. he saw writing on the wall. given johnson is likely according to the polls to be the next uk prime minister. stuart: he has to get on well with president trump. he needs president trump. the brits need america badly. susan: with brexit happening, mess messy as it is. stuart: doesn't go insulting our president. not a good tactic in my personal
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opinion. now we'll do something completely different. we had prominent sports guests on our show recently, we have another one right now. the world welterweight boxing champion. keith thurman. there he is. he has been on the show before. he will take on manny pacquiao. some say could be unof the best fights on the weight class. he has hit built with him there. keith, you are going to knock him out, aren't you? >> i am going for the early knockout. i can't wait for the fight next saturday, fighting manny, pac-man, pack at this yow! stuart: are you going to put him in retirement. he 40 years old? >> that is the plan. i will not be nice in the ring. i we will be friends afterwards. he has another job. he is senator in the philippines. i have to point him into the right direction. stuart: i have to look into your background here. i know we did this last time we were on the show. you use yoga to train, i believe. you call yourself a christian
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booed it. that is not what we expect from works boxing champions. explain yourself. buddhist. >> there is benefits doing joga, stretching. i like to do it more in the off-season. not in my real camp. i'm really focused with my boxing tactics an losing weight and dieting. meditation helps with focus. you need to be calm in the ring when somebody is trying to knock your head off. when it comes to my religious background. i was raised a christian. i love the bible. i love the moral, ten commandments. i did my own studying in the early 20s, buddhism really resonates with me. i love the law of karma, what you do to others there is effect. to be world champion i had to put in certain actions to be where i am today. that is karma effect in itself.
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manny pacquiao gets knocked out that will be proof. stuart: we are a financial program, you know the question i will ask, how much do you expect to make out of the fight? >> i'm hoping to walk away with a solid $10 million. stuart: that's all, 10 million? >> that's all for now. and hopefully tomorrow, it will be 20. and then 30. hopefully just keeps going up. stuart: so if you win, and you beat manny pacquiao, your next fight will be 20, 30 million. that is how it goes? >> that is not how it goes per se. that is the overall goal. keith one-time thurman he was worth 1.5. then 2.5, 3, five. today it is 10. tomorrow it will be 20. an hopefully one day, it will be 30, 40, 50. stuart: do you invest in the stock market? >> i do. i'm not one to trade a lot but i do have robin hood app on my phone.
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i do play with a little bit of money. i'm a big gambler. so i like to mess around with options. not always the best then. i've seen my account jump up. i've seen my account jump down but it is really hard to get to the casino here in florida. the stock market is a lot of fun for me. stuart: keith, we wish you best of luck in your fight. we hope you win, come back and tell us how you did it. keith thurman fights in vegas in couple weeks. thank you. >> thank you. stuart: sure thing. big celebration in new york city for the women's world cup, the team that is. extraordinary athletes. i think the win has become politicized. that will be my opinion. we'll see what martha maccallum has to say about it. she's next. joe biden meets the congressional hispanic caucus today. with unemployment for latinos at historic lows because of president trump, what will joe biden get them, the
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hispanicss to vote democrat? we'll be right back. ♪ truecar is great for finding new cars. you're smart, you already knew that.
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only just. we're up 110. that is about half a percentage point up. 26,892. i want to get back to my editorial about the women's soccer team and the democrats. look in my personal opinion the democrats have politicized the world cup team and the team captain, megan rapinoe certainly did. martha maccallum is with us, host host of "the story." you have a news show. i have a an opinion show and that is what i'm express. >> i'm been hearing about this all morning [laughter]. if the democrats wanted to politicized women's soccer team the women's soccer team handed it to them on a silver platter. they politicized long before the democrats decided to seize the moment, megan rapinoe saying she would not go to the effing white house which i thought was lovely. i think it is a shame this whole
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thing has become about her. i can't help but wonder. i think sportsmanship is about team work and about sort of, respecting the team and respecting the viewpoints of the team. i find it hard to believe that there aren't one or two women on this team who might like the opportunity to go to the white house but my guess they, there is not a whole lot of freedom of speech on this team. stuart: they have been silenced. >> i think the it comes from the top and everybody better get in line is my guess. stuart: i'm a soccer fan. everybody knows it. i watch english premier soccer religiously. it's a beautiful game. that is what i wanted to watch. >> yeah. stuart: i thought the soccer, they are brilliant players. >> absolutely brilliant players. stuart: best in the world, i wanted to sit back to watch that. i didn't want in the back of my mind this political element. i don't want politics. >> i truly agree. i have happen to have been at the squire watching the game, the finals match, the other day, a place you know well up in
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massachusetts. the whole crowd was so taken with the team, cheering them on, chanting usa. i thought, you know, i do think it is sad it is such a big distraction. i don't think shy is correct when she talks about her vision what she thinks president means that he wants to make america great. does the anyone believe the president would like to turn back the clock to before you 50 years ago, in the beginning of the gay movement, so that people have to be closeted and persecuted, even arrested? i don't think that is what the president wants. stuart: do you think, do you think that my opinion, which is, keep politics out of sport, is that a popular opinion in the united states at this moment? >> honestly, i think for most people it is. i think for most players it is. it is only these unique, personalities, who decide, you know what? it goes back, go back to muhammad ali. there are athlete chosen to use their platform to take a
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political statement this is the night of america. nobody wants to take that right away. we also have a right to receive it postively or negatively in terms of how it makes you feel. stuart: you are right yet again. >> thank you, stuart. stuart: you're welcome. see you tonight. 7:00. >> we'll see you tonight. thank you. stuart: joe biden wants to cut the prison population by more than 50%. what happened to the moderate candidate there? radical stuff. more proof democrats going to the left. that is my take. alexandria ocasio-cortez says $15 an hour, minimum wage, not enough. she wants to raise it for new york city. we'll see what new york city councilman joe borelli thinks about that. all coming up in the 11:00 hour next. see that's funny, i thought you traded options.
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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. hey guys, wanna play some pool? eh, i'm not really a pool guy. what's the hesitation? it's just complicated. step-by-step options trading support from td ameritrade on a scale of one to five? one to five? it's more like five million. there's everything from happy to extremely happy. there's also angry. i'm really angry clive! actually, really angry. thank you. but what if your business could understand what your customers are feeling... and then do something about it. turn problems into opportunities. thanks drone. customers into fanatics change the whole experience. alright who wants to go again? i do! i do! i have a really good feeling about this.
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stuart: joe biden throws out another policy bombshell. he wants to cut the nation's prison population by 50%. correction, more than 50%. that's radical stuff. on yet another issue, he's moved left. there's nothing moderate about what he's been saying. here's another bombshell. joe biden has become very rich since leaving the white house. he and his wife jill made nearly $16 million from speaking engagements and book publishing. wealth is not admired by the socialists. $16 million in three years? i don't think that's going to go down very well at all. what is he going to say today when he meets the hispanic congressional caucus? he desperately needs the hispanic vote so he's got to figure out what hispanic voters want. open borders? like the rest of the democratic pack? no detention at the border? no deportation at all of any
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illegals? aoc says she would get rid of the department of homeland security which runs the immigration service. the hispanic caucus may ask him, joe biden, if he agrees with that. what will he say? it's a mine field, joe. he has to meet a group that detests president trump but it's president trump's economy that's provided the lowest hispanic unemployment rate ever. here's the irony. if the very rich joe biden, is he going to demand a tax the rich policy? by the way, the bidens paid a tax rate of 33% on their $16 million income, aoc would surely not be happy with that. only a third in tax? she wants way more than half. i keep waiting for the moderate joe biden to emerge but he keeps dancing to the socialist drummer. frankly, i think the democrats have left him behind. it's not his party anymore. it's just not. they've left him. the third hour of "varney &
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company" is about to begin. stuart: more on that editorial in a moment. first, what you're watching now is fed chief jerome powell testifying before the house financial services committee. if he says anything that's going to move the market one way or the other, you'll hear about it real fast. the other big story, of course, is the market. the dow, the s&p, the nasdaq, all three of them have hit all-time record highs early this morning. all three have backed off a little but we've still got a rally across the board in stocks. i do want to mention this very briefly. new all-time high for microsoft. yes, i own some of it. we are at $137.66 as we speak. up $1.20. let's get back to the editorial. joining me, daniel garza, libre initiative president.
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where does the hispanic vote stand when it looks at the democrat candidates? is the hispanic vote with the far left, the socialists, elizabeth warren, bernie sanders, or is it more with joe biden, the moderate, if i can call him that? >> there are several polls that actually show that the latino vote is not baked in for anybody. it's actually split down the middle, with 30% actually self-identifying as conservative, 30% -- 32% as moderate, then the other as liberal. so as you can see, there is a fight for the latino vote right now. you can win those in the middle by -- with smart policy. stuart: joe biden's got a very hard time in front of him. i mean, today he meets the hispanic caucus. i don't know what he's going to say. what is he going to say about an open border policy? >> well -- stuart: what's he going to say about detention in these facilities? >> i would hope that joe biden would actually tack to the middle on this one because it makes sense. that's where most americans are. what i mean to say by that is, look, to say that you want to abolish i.c.e., much less
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homeland security, doesn't make sense. stuart: aoc did say that. >> the other side is saying to close the borders. that doesn't make any sense. there is a consensus in the middle where we can have security and then of course, accommodate for those who want to strengthen america and contribute their hard work, as immigrants have done for decades, throughout the existence of america. that's where joe biden should be. stuart: are you telling me that donald trump, president trump, is not a turnoff for hispanics completely? >> well, look -- stuart: i know he's not that popular. >> millions, millions of latinos want to lessen the tax burden, regulatory burden. they want to increase energy production. they want jurors who are going to honor original intent. they want choice for educational freedom. look, on issue after issue after issue, donald trump actually has been governing well and i think latinos are responding to that. you can see that in the approval ratings that have been soaring with latinos. at the same time, he has to be
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careful, sometimes, with the rhetoric by turning people off. he needs to connect and he needs to show that there is going to be that continued governance of unleashing the marketplace, getting people a square deal, equal opportunity in america. stuart: different subject but very much up your street. bernie sanders was on cnn last night with anderson cooper, and he sounded off on why president trump quote, really wants a citizenship question on the census. watch this. >> anderson, i don't think there's anybody who has any doubts as to why they want that question. it's to undercount latinos so that they can create congressional districts which will not be democratic and also make sure that federal funding does not go to those underserved and often minority communities. stuart: okay. he says the president wants to undercount the latino community. where do you stand on the citizenship question on the
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census? >> well, look, i think it makes sense. if you are going to ask me about the question, if you are going to ask about gender, about race, about the number of folks in my home, you can ask me about, you know, my citizenship. look, there is absolutely no eviden evidence, vox online yesterday reported there is no evidence to say you are going to diminish the folks that are going to be counted because immigrants already are resistant to the census. there's a fear to the census. so i'm not saying that it's not going to undercount but there's no empirical evidence to prove that. i think it makes common sense to figure out who are the type of citizens or residents we have living in america. stuart: you don't have a problem with the question? >> i don't. stuart: okay. >> by the way, 55% of latinos don't either, according the a harvard poll. stuart: that's a harvard poll, 55% of hispanics, latinos -- >> say you should include the question. stuart: thank you for that. you shouldn't save the best until last.
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daniel, thank you very much, sir. >> always a pleasure. stuart: let's get back to your money. come in, jeffrey cleveland. now, jeffrey is an economist and i've got an economics question. good morning to you. >> good morning. stuart: you say that we do not need a rate cut at this point, but the market, i've got to tell you, obviously the market's anticipating one, right. but you say we don't need it? >> the market wants one to keep the party going. i don't think we need one. jobs report on friday, stuart, showing you the u.s. economy continues to grow. that's your best real-time growth indicator, the jobs report. we are adding nearly 200,000 jobs per month. we have a 50-year low nearly on the unemployment rate. wages are ticking up. expect that to continue. that will bolster the consumer. so i don't think you need a rate cut, but i think this morning, chairman powell at 5:30 a.m. my time, 8:30 a.m. your time, signaled pretty clearly the fed
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is likely to cut, perhaps as early as the july meeting. i think a rate cut's coming. stuart: it's a goldilocks situation, isn't it. the markets across the board hitting new highs, the economy is strong, the federal reserve seems to be online to cut rates maybe a quarter point and we've got a china trade deal progressing. that's a goldilocks market scenario, isn't it? >> it's a great backdrop. i think it is more akin to say 1995 or 1998, even, than 2007. so the worry that some investors still harbor that we're on the cusp of a more significant slowdown, recession, even, i think that's wrong. i think you have easing financial conditions, they are about to get easier. if we get good news on the trade front, plus as i mentioned, the labor market remains solid, i mean, i don't like the term goldilocks, but i think that is a goldilocks tailwind like scenario for risk assets.
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yes. stuart: okay. last question. just 20 or 30 seconds. would you have any problem advising investors, stock market investors, to put some more fresh money into stocks now? would you have a problem advising that? >> well, i think there's the near term and the long term, stuart. near term, i think there's a chance in the next couple of months where the markets will be disappointed. the bond market is pricing for rate cuts in the next 12 months. i don't think that happens. i think one insurance cut makes sense. that's what's being signaled here. there could be some disappointment. longer term, though, investors, the most important question they face, if we do not have a recession, i think we have continued earnings growth and stocks make all-time highs even from here. we will get a new fresh all-time high sometime in the longer term, next six to 12 months. that time horizon, i'm a buyer. stuart: jeffrey cleveland, thank you very much indeed. short, sharp, to the point. we like that. thank you very much indeed. >> have a good day. stuart: i will.
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new york, san francisco, could face new lawsuits under a bill proposed by several senate republicans. good story. we're on it. book publishers say we could soon be hit with a bible shortage. they are blaming president trump's tariffs. can't make this stuff up, believe me. house democrats continue to grill fed chair powell. any fireworks from the hearing, you will see them and hear them, too. here's a live look at new york city. there's a ticker tape parade being held for the u.s. women's soccer team. i think it's about drawn to a close by the looks of it. you are watching the third hour of "varney & company," just getting started. ♪ truecar is great for finding new cars.
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you're smart, you already knew that. but it's also great for finding the perfect used car. you'll see what a fair price is and you can connect with a truecar certified dealer.
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now you're even smarter. this is truecar. stuart: elizabeth warren has come out with a new plan to
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require public companies to disclose their climate change risk. what exactly does she want from corporations? liz: she wants corporations to disclose, all corporations to disclose their climate change risk to their bottom line in their s.e.c. filings. it's an overreach, though. what she's suggesting, she wants to force clean energy via using the public companies and the markets to leverage, you know, clean energy but here's the problem. she's saying the companies would have to disclose how climate change would affect their investors and their customers. this is a road map for the green tort bar to sue companies if they don't abide by what she wants. stuart, she tried this last fall, it fell flat. she wants to push investors to divest also from fossil fuel companies by using s.e.c., you know, the s.e.c. stick. so i mean, this is a heavy thing
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that she's trying to do and whether it flies, you know, it may not. i mean, already the s.e.c. rules say you should disclose that companies don't really abide by it and now she wants a federal law to force them to do it. stuart: the tort bar will be right there. another one for you. let me get back -- first let me get back to fed chair powell's testimony on capitol hill. earlier, maxine waters, chair of the committee, brought up powell's relationship with the president. watch this. >> if you got a call from the president today or tomorrow, and he said i'm firing you, pack up, it's time to go, what would you do? >> well, of course i would not do that. >> i can't hear you. >> my answer would be no. >> and you would not pack up and you would not leave? >> no, ma'am. stuart: all right, south dakota senator mike rounds is with us. he will be questioning mr. powell tomorrow. senator, it seems to me chairman
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powell is completely immune from and resisting all the political pressure, whether it's from the president or from maxine waters. he's completely resisting it all. >> well, i have known the chairman for several years and i can tell you that's one of the reasons why we thought he would be a good fed chairman. look, what the president wants and what the fed chairman wants or what the federal reserve wants is for a good strong economy. you will have lots of different ideas about how to make that happen. nonetheless you have to have that interaction back and forth. the president will do everything he can to lobby what he thinks is right to try to push to make sure the economy is growing and the federal reserve will take a look at it and think about what they see from their perspective and that's a healthy discussion. there's a lot of other countries in the world that wish they could have that kind of discussion. i think this is healthy to have that discussion ongoing. i think the fed chair is doing a great job. i'm very satisfied with the way he's moving forward.
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i think the interaction between these two individuals is a good thing for the country. stuart: i want you to listen to what chairman powell said about raising the minimum wage. roll tape. >> number of people get higher wages and a number of people lose their jobs, and those numbers will change depending on what assumptions you make. and it really is something that there's no consensus among economists. economists are all over the place on this. so it's really a question for you. stuart: i would agree with that. it is a political question, isn't it? it's not a question for the federal reserve. it's a political question. do you think, mr. senator, we should have a federal minimum wage of $15 an hour? >> well, what i tell people is i was one of the guys from south dakota, i actually lobbied for an increase in the minimum wage one of the last times it was moved in south dakota. if you're going to have a minimum wage, keep it up to date. there's nothing wrong with that at all. at the same time, there is
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absolutely a cost if you do have a minimum wage increase, and right now we are trying to get people employed. we are trying to keep them employed. every time you make that move upwards with a minimum wage increase, you risk losing jobs. that's the reason why it's a political question. that's the reason why this should not be done by anybody that's not been elected. you should stand by what you do. if you are going to talk about a particular number, then you have to analyze it and see what you expect the costs to be. doesn't mean you can't consider it. but you shouldn't consider it without looking at all the factors involved. stuart: apart from your appearance tomorrow with your committee, you will be questioning him, what do you think about interest rates? do you think the federal reserve should lower rates now? >> i'm going to leave that up to the federal reserve. i think they've got the same goals that the rest of us do. first of all we want a good strong economy, but we also want the tools to make sure that we get through some of the dips as well. if you are going to have a slowdown, you want to have the tools available so that you can actually help to infuse some dollars into the economy.
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you know, if we didn't want those tools available, we could always just leave it at a very very minimal rate like .25 of 1% and leave it there forever. but that's not necessarily good healthy policy because then you start to see inflation begin to increase and you can overheat that economy. when you overheat it, you can cause some real problems as well. there was a discussion that goes on among economists and among people within the federal reserve about what the right number should be. if you keep the interest rates too low, then you don't have people investing in interest-bearing accounts and so forth. if you are a senior, someone in a fixed account, or if you are living on treasuries or have that as part of your investment, that rate of return is not high because the fed keeps it artificially low. this is once again a discussion that has got to be taking place based on all the factors involved. i like the fact that the federal reserve takes all of those into account. stuart: maybe tomorrow, you could ask the fed chairman about what's going on in europe, where if you lend the government
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money, you don't get it all back and you don't get any interest. heaven forbid we get to that here. >> that's exactly -- those are the types of things that people say well, that can't happen in america. but one of the reasons why in america, we want to have a healthy economy, the real issue here is you can't really grow stuff unless you're investing and you're taking some risk and you're actually putting something into the creation of real wealth. you don't do that by just simply investing in treasuries. stuart: senator rounds, i've got to run. thanks for joining us. see you tomorrow. all right. taxicab drivers in new york city say their industry is being decimated by uber and lyft. they want the city government to give them a bailout. we've got the story for you. which is the best city in the country for starting a new business? we have the results of a new study. we will tell you next. we're the slowskys.
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today's xfinity service. simple. easy. awesome. i'd rather not. stuart: budding capitalists, lend me your ear. we've got a list of the top cities to launch your startup. lauren simonetti is going to give us number one. lauren: seattle. you think of amazon and starbucks and microsoft, but they also fund and provide seed money and consulting services
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for startups and small businesses. seattle came in at -- stuart: they do? lauren: yes, they do. stuart: part of my money i've got in microsoft goes to seed money for a bunch of leftists in seattle? lauren: well, the city does. i'm not sure if microsoft does. stuart: don't burst into tears. lauren: i'm sorry. but you have so many startups in seattle and that is one of the reasons. also, they pay well. engineers, they make $135,000 on average. let's move on to number two. i love this. it is austin, texas. you know the whole california folks are moving to texas because of better quality of living, it's certainly cheaper. i called the chamber of commerce. they sent me this big list of companies that moved out of san francisco to austin specifically. i counted 19 since the year 2016. stuart: number one is seattle. number two is austin. three is san jose? lauren: they also provide good seed money and support for small businesses. stuart: south of silicon valley. four was nashville? lauren: country music but also
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health care. and denver. cannabis. stuart: okay. all right. we'll take that. good report. think about microsoft. i like that. thank you, lauren. democrats ramping up their calls for labor secretary acosta to resign because of his role in jeffrey epstein's 2008 plea deal. we will update you on this story. new york city honoring the women's soccer team with a ticker tape parade. i think they clearly deserve to be celebrated, no question about it. but i think the team has been politicized. i think that's a shame. we've got the full story for you coming up next. ♪
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stuart: well, we've lost almost all of the rally. couple of hours ago we opened with a gain of close to 200 points. we are still up, only just, 60 on the upside on the dow. the s&p 500 earlier, was above the 3,000 mark. new record high there. the nasdaq was also at a record high earlier this morning. it's pulled back a bit but still a nice gain, 32 points there.
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we are watching interest rates. the yield on the ten-year treasury, very important rate, 2.04%. next case. the u.s. women's soccer team in new york city today for that ticker tape parade. their win, in my opinion, fully deserved but in the background, their captain is playing politics. roll that tape. >> i think that i would say that your message is excluding people. you're excluding me, you're excluding people that look like me, you're excluding people of color, you're excluding, you know, americans that maybe support you. stuart: all right. that's the captain of the u.s. women's soccer team talking politics about why she doesn't want to meet with president trump. on your screens now is michael o'keefe. he's a money guy, but i do want to ask you about politics in everything, because everything is politicized, including several big name publicly traded companies which take a radical position on the issues of the
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day. i'm sorry, i don't like it. >> yeah, i think i look at it as two sides of a coin. that's really free speech. one of the things that makes our country great, right, it's also the thing that sort of fuels capitalism, companies, you know, publicly trading and listing stocks and away we go. so it's sort of part of what we have to put up with, in my view. stuart: you don't really care about the politics which a company may express, you care about the quality of the company and how much money it's going to make going forward? >> yeah. at the end of the day, if they are implementing strategies that are influenced by that, we will take a look and decide whether we think those strategies are good for the company, good for earnings, but otherwise, again, i kind of look at it as a part of what makes our country great. free speech. stuart: i wouldn't want to take away from that. >> i will say this, too. because i have been watching this news. the thing that i miss a little bit is the reverence that we see sometimes for apolitical celebrations. so that tradition of a winning
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athlete or team going to the white house and celebrating that, you know, in the past in my view has been apolitical and there's a reverence for that, a respect for the country, which i think it's unfortunate these days that we don't see that sometimes. stuart: i'm with you on that. well done. look, how about this market. record highs across the board. >> yes. stuart: how about this economy, very strong. >> yes. yes. stuart: how about that fed, willing to accommodate and lower interest rates. >> yes. stuart: how about that trade discussion with china, looks like it's going places. >> yes. stuart: looking pretty good, this market. >> pretty good. yes. you asked me the same kind of question about a month ago and you gave me a little bit of a hard time that i said the market could go up a little bit. we are up 5% since then. stuart: okay. you got that one in nicely. >> no, the reason i say that is because my answer's a little different today. we generally speaking have a view that's positive. our sort of anchor case, base case, is a little higher from here, some volatility, but more than most of the time, we are in an environment that is
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susceptible to a breakout, either a breakout up, so to your point, u.s./china trade comes through, we see the market going strong. you know, fed doesn't cut, which is actually our base case view, we think the market's going to move down a little bit. we are in this environment where it's going tbo be a breakout on direction or another. stuart: there's the possibility of a melt up. >> no question. stuart: there is a possibility of that? >> no question about it. at the end of the day, if you think about it, when you look through to the numbers, the economy remains strong, right. things look pretty good. business has slowed down, we think it's a pause for the worries about trade, we are back at that table, especially if they get a deal done, businesses are back to it, investing. cap x spending, et cetera, going higher as a result. stuart: i think investors have the fed over a barrel. the fed must cut rates now. >> that to me is the most interesting thing. are they sort of painted into a corner. but you know, what i find interesting, we read the various
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reports from friday and the prepared statements today, and when you read between the lines, the message is we are going to cut. when you read the lines, not so much. the facts as they lay them out, they are talking about future risk, not risk today. stuart: i don't know how you deal with that. i like clean-cut answers. thanks very much. appreciate it. thank you, sir. the democrats and the mainstream media. they have really been buzzing toefr je over the jeffrey epstein case, focused on his loose ties to president trump. now the democrats want labor secretary alex acosta out. let's have a look at what senator schumer had to say about all this yesterday. roll that tape, please. >> epstein should have been behind bars years ago, but unfortunately, secretary of labor alex acosta cut epstein a sweetheart deal. i'm calling on secretary acosta to resign. if he refuses to resign,
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president trump should fire him. stuart: let's bring in kelly sadler, america first action pac, director of communications thereof. kelly, why is the epstein case all about trump and his cabinet? i put it to you the democrats are really good at politics. >> yeah. you know, only the democrats and the liberal news media can have a case, have a story where you have a billionaire liberal democrat who is a child sexual molester and then have a u.s. attorney prosecuting the case and have the u.s. attorney be the villain in this situation, not the child molester. i mean, it's absolutely vile. it is so sick. and if you look at the stories, where is bill clinton in any of these stories? he's been wiped clean of this. if you go on google right now and look at the suggestions, type epstein and clinton and there are literally no suggestions. if you type epstein trump, epstein acosta, there's a litany, a laundry list of
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suggestions of stories for them. this is sickening. it's just the democrats doing what the democrats do and they do it really well. they play politics with these sorts of issues and turn the narrative around, but it just defies common sense and i think of the american people, they see right through it. stuart: well said. i think you are exactly right on this. let me bring this up to you. house speaker nancy pelosi, she just said this off camera, but she said this to reporters. she was asked you got any regrets about the remarks you made about the far left representatives like aoc. she said, i'm trying to quote now, i do not, no. i have no regrets about anything. regrets are not what i do. that's what she said. really digging in, isn't she? >> yeah. well, she knows that her party is going off the rails. she has four freshman members that are just totally progressive that could not vote for funding for the border for these -- for the humanitarian crisis that's going on, $4.6
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billion, then they go down and stage photo shoots like aoc. they driving the party off a cliff, going left and nancy pelosi recognizes this. and she is the house speaker, she is the leader in the house and she's got to bring the caucus together so yeah, i think she's putting her foot down with these four freshman members. good for her. stuart: fascinating. just fascinating. just watching politics unfold in front of you is fascinating. aggravating at times but fascinating. kelly, thank you very much for being with us. we appreciate it. you got to keep smiling. you've just got to keep smiling. why don't we check bitcoin. why not. it was over $13,000 a coin earlier today. it's come back. it's now $12,400. there you have it. bitcoin. facebook. fed chair powell took a lot of questions about their new digital currency, the libra. he says the libra raises some serious questions, needs a careful look and we need to take our time with this one. facebook stock, no response,
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$200 a share. some republican senators have introduced a new bill making sanctuary cities more responsible for crimes committed by illegal immigrants. liz: yeah. watch out, cities like new york, l.a. and chicago. it would let victims of illegal alien crime sue these cities for their sanctuary policies. any sanctuary city that has these policies and a victim of a crime associated with those policies, that victim would be allowed to sue under this law and also, the government could deny community block grants to these jurisdictions if there is, you know, evidence of -- of the lawsuit against it. stuart: this is a proposal, proposed legislation? >> powerful republicans, chuck grassley, ted cruz, tom tillis, joni ernst, marsha blackburn, they want justice for victims of sanctuary city policies. here's what's going on.
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in texas, over an eight-year span ending 2018, hundreds of illegals committing homicides, thousands committing assault, nearly 2,000 committing sexual assault. those victims would finally be given a voice that they don't have now. stuart, i can say in hosting the "evening edit" we have interviewed victims of criminal alien crime and they repeatedly said no democrat has talked to us about this. the mere fact this bill would put congress's feet to the fire -- stuart: good story. thank you for bringing that to us. britain's ambassador to america is out of a job this morning. just days after secret cables were leaked in which he criticized president trump. well, that gentleman on the screen, mr. darroch, is out. congressman justin amash giving his first on-camera interview since leaving the republican party. he says his pro-impeachment stance is popular among some republicans on the hill.
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watch this. >> there are lots of people within the house of representatives. i'm not saying it's the majority of republicans on the house floor. what i'm saying is there are several people in the house of representatives and there are many high level officials and others who have reached out to me as well. ♪ patients that i see that complain about dry mouth, they feel like they have to drink a lot of water. medications seem to be the number one cause for dry mouth. dry mouth can cause increased cavities, bad breath, oral irritation. i like to recommend biotene. biotene has a full array of products that replenishes the moisture in your mouth. biotene definitely works. it makes patients so much happier.
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the second congress wouldn't act, i would immediately put together an executive order and that executive order would instruct the treasury department to enforce the tax-exempt status of the u.s. soccer federation because that status means you cannot discriminate. stuart: okay. got that. come in, oh, the gentleman on the right-hand side of the screen wears that smile. ron paul, former texas congressman, great to have you back with us. was it like this in your day? forgive me for being your day, i mean, '80s and '90s. you know what i mean. the political climate today is just plain awful. it's not always been like this, has it? >> no. i think it's gotten much worse. ever since i left, it's gotten much worse. now, i see it as an expected event because i think the country is in bankruptcy. i think they endorse very similar ideas in spite of all the fighting, they endorse the same monetary policy, spending and deficit and welfare. i know you disagree on detail of
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that, but on the big picture, there's an agreement. i mean, it comes up like the ndaa today. they will be voting for the spending. necessity wi they will argue about it. i think they're at an impasse but there's very very strong feelings about who runs the show and who gets to write the checks. i think this represents a policy that is failing. i think the monetary policy is failing. just look at the struggle you have. should we raise the interest rates .25 or lower them .5? you know, the world will change. so yes, i think they're in trouble but it turns into a personality struggle and i think it is uglier, a lot uglier than it used to be. i tried real hard to stay away from partisan politics when i was there because i liked working with people where we had some disagreements, which meant that i could ally with some progressives, but i don't think there's much of that atmosphere right now. stuart: there really isn't. i want to talk to you about justin amash.
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he left the republican party. he wants to impeach president trump. he may end up challenging him in 2020. watch this, ron paul. >> the only thing i've said is what i'll say today, which is that i haven't ruled it out. i don't think in life you should rule out things like that. when you feel like you have the ability to make a positive impact, defend the constitution on a different stage in a way that maybe would be more productive, you shouldn't rule it out. stuart: ron paul, amash leans libertarian like you, but he left the gop, unlike you. are you glad you stayed? >> well, i think i'm indifferent to it. i think political parties are very secondary to what i'm dealing with. i'm dealing with the federal reserve and the financial system and the foreign policy. i'm much more into that than i am into partisan politics. i didn't fight with them, i didn't argue with them, but you
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know, i didn't get anywhere. i didn't get to be a major chairman of the banking committee, although i had seniority. but that wasn't the reason i was there. i was there for a different reason. stuart: do you think it's okay for president trump to put heavy pressure on the federal reserve? >> i don't -- no, i don't think we should have a federal reserve. stuart: okay. >> because that -- that invites people to do exactly what he's doing. he's a little bit more honest about it and i appreciate that, because there's always been a political influence. you know, they call it independence but it's really the secrecy that they're trying to protect. but you can go back on the history of all the federal reserve board chairmen and they were a little bit more polite and sedate about it but it's been there for a long time, but it's a system that encourages that because it is a political system. it's not a free market system. we don't have free market interest rates, for instance. so yes, i think we wouldn't have that if we had sound money but i think trump is more honest about
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it. i think it's been going on for a long time. but i think it's also a sign where are they going to go when they get to minus, minus 10? what are they going to do? they have run out of steam, i'll tell you that. stuart: europe has completely run out of steam. they have negative interest rates on $13 trillion worth of bonds. extraordinary. ron, would you come back when we've got more time? because i would love to talk to you about negative interest rates and europe, the world turned upside down. please do that for us. >> i would love to come back. stuart: see you soon. thank you very much for being here. aoc is still looking for higher minimum wage. now she says 15 bucks an hour in new york city is not enough. she wants even more. a much bigger raise for new yorkers. good story. we're on it, of course. ♪ hey! i'm bill slowsky jr.,
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stuart: there is the possibility of a bible shortage. liz, is this something to do with tariffs? liz: yeah, tens of millions of bibles are printed in china. so there's a fear now if the tariff goes into effect, the top-selling book in the u.s., the bible, would be hit by that.
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there's a fear that from christian publishers that there could be a bible shortage. now, we know that many christian faiths give away the bible for free. there's talk now they may need to charge for it for the first time. but the largest bible publisher, two of the largest, are owned by harper collins christian publishing and they fear this tariff could trigger a bible shortage. stuart: okay. the possibility thereof. liz, thank you. aoc says she wants to raise the minimum wage above $15 an hour. she told fox news that 15 bucks an hour is not enough for new york city. she wants more. i believe it's already $15 an hour. she wants more. look who's here. the voice of sanity. we found one in new york city. his name is joe borelli, he's a new york city councilman. what are you doing in new york? >> living the dream. living the dream. stuart: should the minimum wage in new york city, as of now, it's $15 an hour. should it be more? >> no. i mean, absolutely not. you know, someone needs to
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really explain costs and economics to ocasio-cortez, because i think she thinks this money just grows on trees. $15 an hour where we are right now equals about $31,000 a year in annual salary. we actually pay our city emts just $1,000 more than that. we start our police officers at just a few thousand dollars more than that. you know, this is a cost that ultimately gets put on the shoppers, the consumers, these restaurants, and i will challenge you, if we can find a lunch anywhere within a few blocks of here for less than $10 or $15, i will buy for everyone. this is why 20% of storefronts in manhattan are vacant. this is why if you go into the outer boroughs, it's even worse. these costs just can't be absorbed on the business owners any more than they are. stuart: what about the taxi industry? they are in serious trouble because of uber and lyft. the medallions on the yellow cabs, not worth very much money. mayor de blasio, he says no, not going to bail them out. what do you think? >> it pains me to say that mayor de blasio is probably right
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about this, but if we did decide to bail out the taxi medallion owners, it would cost the city about $10 billion. that's $10 billion, more than the next highest municipal budget in the country. you know, we have to acknowledge that we make the cost and efficiency of new york city cabs so inefficient that people have abandoned them and gone to uber and lyft. you know, the first thing we should probably do is lower the $6, the minute your butt hits the seat it costs to even go the first mile. stuart: does it cost six bucks to sit down? >> the minute your tush hits the seat, before the driver puts gas on the pedal, it will cost you about six bucks. now, we actually charge people $2.50 who are using a cab for the state's congestion pricing charge. so now we are charging people who presumably have actually left their cars home, we are going to charge them a congestion pricing charge. and wonder why taxi cabs aren't competing with uber that well. stuart: is new york city going down? >> no. stuart: real fast? >> no, no, no. there are good things still happening in new york city. it's a shame most of those
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things are what bill de blasio is not meddling with. stuart: joe borelli, always a pleasure. come back soon, okay? all right. more "varney," where are you, you there? no, you're there. are you there? you're there. more "varney" after this. ♪ . .
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stuart: the money story today is the stock market. a series of record highs. the dow, the s&p 500, and the nasdaq, okay, we pulled back a little but we're really still right at record levels. one more story, lady gaga, partnering with amazon? liz. exclusive beauty product line in nine countries t could have a global reach. kylie jenner became a billionaire with an exclusive online beauty product company.
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lady gaga could be headed to be a billionaire. stuart: that is fascinating. amazon is back well above $2,000 per share. 2017 to be precise. that's it for me. time is up. neil, it is yours. neil: stuart, thank you very, very much. all eyes on the federal reserve as jerome powell continues his testimony before the house financial services committee. a lot of people are talking today. the president is tweeting the we'll hear from the labor secretary of united states, alex acosta, in his role in the early epstein cases but probably the most consequential development of all the bigwigs yapping today, would be the federal reserve chairman. he sets interest rates. some say he is the lasted a adult standing in the financial community. that is a matter of opinion but we're going to be living on this, staying on this, what he has been saying. we have cut away here. i wanted to let you know has talked about the tax cuts have to be measured longer term on

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