tv Varney Company FOX Business July 15, 2019 9:00am-12:00pm EDT
dagen: outperforming the broad markets. the economy looks good. that's the most important thing. retail sales out later in the week for last month. does the u.s. consumer look healthy? mitch says yes. >> i say yes. dagen: no recession. deirdre, mitch, veronica, thank you so much. mr. stuart, take it away. stuart: i shall indeed. good morning, dagen. good morning, everyone. christmas in july has begun. amazon prime days are off and running. 18 countries, a million deals. amazon won't give official numbers but the analysts expect more than $5 billion worth of stuff will be ordered in the next 48 hours. it's an extravaganza. walmart's in this, too. they have four days of deals. ebay has crash deals. target is joining in. you add it all up, this is now as big a retailing event as black friday or back-to-school. let's get to the markets. yes, it is monday morning and we're starting out with new highs. a good start, i'd say. last week, the value of all
stocks went up $225 billion. we're up $10.1 trillion since the election of donald trump. this monday morning, the dow's going to be up about 50, modest gain for the s&p, but look at that nasdaq. up about one-third of 1%, 24 points up. big tech looks like it's rallying today. earnings season has begun. good numbers from citi this morning. it's goldman tomorrow, ibm wednesday, microsoft thursday. how about this from peter teal. google, he says, is treasonous, his word. he asks three questions. has google's artificial intelligence project been infiltrated by foreign secret agents? does google's leadership believe it has been infiltrated and number three, is that infiltration the reason for google's treasonous decision to work with the chinese military and not the pentagon? well connected and influential.
here we go. new week, record highs, profit reports and wilbur ross, out at commerce? "varney & company" is about to begin. stuart: if this doesn't cause outrage, what will? shocking videos, anti-i.c.e. protesters in colorado took down the american flag and replaced it with a mexican flag. that's like red rag to a bull. ashley: immigrant rights groups, look at that, that's the tricolor mexican flag -- stuart: in america. ashley: after pulling down old glory. they also replaced the colorado state flag. then they went on to vandalize a banner spray painting across it abolish i.c.e., then flew that from a neighboring flagpole. i want to give you a tweet from
nikki haley, former ambassador to the united nations. she said there are no words for why the democrats are staying silent on this. if this is your way to winning an election, fire your strategist. this is disgusting. love your country and if you don't like what is happening, then tell the members of congress to get to work and fix it. stuart: well, strong stuff. ashley: rightly so. stuart: rightly so. rightly so. i think they made a mistake a couple of years ago when there were some immigration protests and they flew the mexican flag. ashley: yes. i remember it well. stuart: like red rag to a bull. you don't do that. you don't fly a foreign flag. now this. at an american detention facility. ashley: yep. stuart: not good. not good. i agree with nikki haley. that's a very bad election tactic on the part of the democrats. ashley: disgusting. stuart: it's just wrong. well, that's a good start today. thank you very much. welcome back. ashley: thank you very much. stuart: amazon's prime day kicks off, has kicked off, i should say. the numbers are staggering.
18 countries, a million deals, $5 billion to $6 billion in revenue expected. look who's with us. susan li is at the amazon warehouse facility in minnesota. i think, straighten this out for me, i think this is all about selling membership, prime membership, just as much as selling a lot of products. susan: yeah, well, exactly right. as you heard from the prime head at amazon, when spou you spoke him, this is about engagement for prime membership, especially when you are paying $119 a year. you have 100 million prime members across north america and they add 200,000 each and every month. it usually spikes on prime day because you want to get those deals, you want to get those instant bots and google pixels for half off. we are looking at big numbers. $4 billion to $7 billion in sales over the next 48 hours. they are going to sell about 100 million items in those 48 hours. compare that to black friday,
and that was 180 million so it's pretty comparable. this is exactly right when you compare it to christmas in july. stuart: aren't you at that facility where they are expecting a strike this afternoon? is that going to go ahead? susan: that's right. as you mentioned, the shopping bonanza has kicked off. great for consumers and great opportunity for workers at this fulfillment center just outside minneapolis to get their voices heard. what they are protesting, not pay, because they make at least $15 an hour, as amazon has moved up the minimum wage. in fact, amazon says on average, full-time staff here make $16 to $20 an hour which is higher than what most fulfillment and warehouses pay across the state. but what they're upset about are worker conditions and these unfair quotas they need to fulfill each and every hour. 600 boxes, according to one worker that we spoke to, whether big or small. you have to get that done in 60 minutes. also full-time staff. a lost tht of them are being his temporary workers and they want more full-time positions. amazon has said 90% of the workers here are full-time but
we will get more from the workers when that strike kicks off later this afternoon. back to you. stuart: let's see what happens. susan li, thank you very much indeed. let's move on to this. we are going to stay on prime day. i should say days because it's two days. jerry storch is with us. he's been at the top of all kinds of retail operations including toys "r" us. welcome back to the show. >> morning. stuart: what astonishes me is this is a retailing revolution. am i right to say this is christmas in july? >> well, we have been trying to sell christmas in july for decades and nobody showed up. amazon has succeeded. i give them a lot of credit. it's a little like going out to the middle of the desert, because july is a retail desert, and building las vegas and becoming the entertainment capital of the world. that's what they've done and now everybody has to play, all the other retailers are playing, too. it's a big deal. if they do $6 billion in these two days which a lot of people think is true, put it in
perspective. that's about what j.c. penney does in half a year. in just two days. that's about what nordstrom does in three or four months, in just two days. it's a big deal. stuart: now, does this mean that online selling has really come to dominate the whole retail scene? >> well, it certainly is the most rapidly growing part. in fact, it's almost all the growth in retail today. it's still only about 10% to 20% of each retail category depending on the category you're talking about, but it is more than 100% of the growth and for all the bricks and mortar retailers, if they don't adapt rapidly their profit margins are getting destroyed by that business. stuart: to me, it's all about execution. when i order something, i want it to be easy and i want it to be delivered on time in the right place. amazon seems to dominate execution. they seem to do it really well. >> well, they have been investing more than anyone, they have been investing in distribution capacity, in systems, and they continue to do it. they keep re-inventing themselves, adding new businesses. they added the whole cloud
business out of nowhere, it seemed to come. now that's the most profitable part of their business. they are looking to put up satellites in order to do internet service. they are becoming one of the largest freight companies in the world. when you look at everything they have in the workser they' not going to slow down. stuart: you're not a market commentator or analyst, but do you think $2,000 a share for amazon is justified? >> i think they're approaching their all-time high. i think only one thing will stop them. that would be some form of government action. that's the only cloud i can see in an otherwise bright blue sky. they had the issue in new york where they pulled out. that kind of tarnished them a little bit, i think. you had the unions who have been taking aim at r they get, the m people want to take aim at them. jeff bezos's personal life brought them down to a more human scale. you hear a lot of noise now about antitrust. whenever a company is really successful, people start talking about antitrust. you have to look at behavior more than size to see where
that's a question. stuart: that's the only dark cloud. thanks for joining us, as usual. always appreciate it. >> my pleasure. stuart: breaking news, the trump administration is moving to end asylum protections for most central american migrants who pass through mexico. tell me more. ashley: this is sweeping new policy. essentially migrants coming towards the united states will first have to seek asylum in the countries they traverse, whether it be mexico or other central american countries. if that country is considered safe. mexico would be considered safe. they have to first apply for asylum there. if that's denied, then they are allowed to move on. what they are trying to do which has been a problem from day one, is to stop migrant families basically gaming the system, coming to the united states, seeking asylum, then of course, they are told to come back for their hearing and they are never seen again. they just disappear into the country, never to be found. what they are trying to do is to
stop that exposure of a loophole and force migrants to seek asylum elsewhere before they get to the united states. stuart: this is a proposal, proposed rule? ashley: you can guarantee this is going to be challenged. we know that. but this is the aim of the administration to try and stop down on the thousands, hundreds of thousands of people trying to get into the country on the asylum rule. stuart: monday morning, 20 minutes away from the opening of the stock market and it looks like we are going up from the opening bell. the dow is up about 50, six points up for the s&p, about a quarter percent up for the nasdaq. that's 21 points. new numbers from china's economy, slowing to its slowest pace of gain in expansion in 27 years. is that because of the trade fight or is there something fundamentally wrong with the chinese economy? we will ask larry kudlow. he's at the top of our 11:00 hour this morning. president trump holding a
made in america showcase at the white house, highlighting all the products made right here in america. you will see it live. and new orleans dodged a bullet from barry, but the storm still has dumped a lot of rain on the city. we have a report from the city coming up for you. "varney & company" just getting started. hopes you drive safely. but allstate actually helps you drive safely... with drivewise. it lets you know when you go too fast... ...and brake too hard. with feedback to help you drive safer. giving you the power to actually lower your cost. unfortunately, it can't do anything about that. now that you know the truth... are you in good hands?
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stuart: president trump went down to defeat with the census citizenship question and now commerce chief wilbur ross may be on his way out. wait a minute, he runs the commerce department. is he possibly out because he didn't get the question in the census? ashley: good question. nbc news is quoting administration officials, that anonymous group -- stuart: back-stabbing. ashley: back-stepping people that want to be secretary of commerce, apparently. look, there is frustration from the president that this has not come through and we know the president wants results. there were reports that once or
twice before, during wilbur ross's, you know, leadership that there has been frustration from the trump administration but i think he may get a reprieve with alex acosta leaving secretary of labor, they may not want this kind of turnover. certainly, the census question was a stinging defeat for mr. trump and he doesn't like it. stuart: we haven't heard yet from mr. ross or the president. ashley: not at all. stuart: let's move on to barry, the tropical storm. it drenched louisiana but new orleans pretty much dodged a bullet. that would be my opinion. we've got video of crews trying to restore power, trying to get the jouice back to new orleans. jeff flock is in the city right now. what are you seeing? reporter: largely back to normal in some ways. i just want to show you something, sometimes you wonder what your tax dollars go for. $14.6 billion spent on improving the flood wall system. this is what you're looking at. see down there, that's a flood
gate there. those swing wide. this one over here, come over here, if you would, these roll across and what it does is it completely shuts you off from the river which -- hey, you see it? okay, great. it rolls right across here and protects the city. there's another that's closed. they have 250 plus of these in the city. they closed them all for the storm and there was not a problem. now they are in the process of reopening them. to tell you, hey, come out here for a second. see this guy here? they are back to normal. even the street cars are running again. hi. how are you? back to you. tax dollars at work. stuart: i didn't know about those doors. flood doors, flood barriers. i didn't know about them. they obviously work. that's all good news. jeff flock, as usual in the middle of it. reporter: only $14 billion. stuart: yeah, but they work. come on, they work.
glad to hear that. all right, jeff. look at this dramatic video. this is the coast guard rescuing someone from the roof of their home. this is in rural louisiana. on the phone for us now, senator john kennedy, republican from louisiana. mr. senator, it was not as bad as expected state-wide. that is accurate? >> yes, stuart. it wasn't as bad as it could have been, but it was still bad. our urban areas were spared, baton rouge, new orleans. some of the parishes, we call our counties parishes, from old new orleans and southwest louisiana, got clobbered. some interior levees were overtopped. we have a big storm surge where the water is pushed inward but what saved us from further damage was the fact that we didn't have the rainfall that we
feared. we had heavy rain but we didn't have anything like 15 or 20 or even 10 inches for sustained periods of time. and look, some people are frustrated with the meteorologists saying well, you know, you overhyped it, it wasn't as bad as you said it was going to be. my response to that is thank the good lord. we did have damage and it's bad, but in terms of numbers of people hard hit, it wasn't as bad as it could have been. stuart: mr. senator, should, should the state or federal governments suggest rebuilding in areas which flood frequently? >> we don't know -- in areas that flood frequently, we're going to have to address that. now, if you're talking about, for example, in 2016, we got 20
inches of rain in, i don't know, two days. if you get that kind of rainfall in two days, you're going to flood even if you're on pikes peak. it was an isolated incident. but if you flooded ten times in the past 20 years or ten years, it's something we have to talk about but that's really not our problem. our problem is, quite frankly, that we don't know why, but these terrible rain events are becoming more frequent. much of our land in south louisiana is naturally subsiding because we have levees and that's just a fact we have to deal with. the other bit of good news is, as you said, hurricanes, that the american taxpayers, thank you, helped us build around new orleans, levees and flood walls worked fine. they were great.
that's one of the reasons why new orleans was spared. stuart: that is truly good news. senator john kennedy, republican, louisiana, thanks for being with us this morning, sir. always appreciate it. >> thanks, stuart. stuart: sure thing. take a look at futures this monday morning. we are going up again. should be new highs certainly for the dow industrials. we'll be right back. this is the couple who wanted to get away who used expedia to book the vacation rental that led to the ride ♪ which took them to the place where they discovered that sometimes a little down time can lift you right up. ♪ flights, hotels, cars, activities, vacation rentals. expedia. everything you need to go. expedia.
can't see what it is yet.re? what is that? that's a blazer? that's a chevy blazer? aww, this is dope. this thing is beautiful. i love the lights. oh man, it's got a mean face on it. it looks like a piece of candy. look at the interior. this is nice. this is my sexy mom car. i would feel like a cool dad. it's just really chic. i love this thing. it's gorgeous. i would pull up in this in a heartbeat. i want one of these. that is sharp. the all-new chevy blazer. speaks for itself. i don't know who they got to design this but give them a cookie and a star.
stuart: the mayor of new york city, bill de blasio, under fire because he was out of town during the blackout which occurred here on saturday. "the new york post" is calling for his resignation. what else do you have? lauren: let's show you the cover. the mayor was 1,000 miles away in iowa. de blasio must go. they cite his failures, they cite his lack of attendance. that is something governor andrew cuomo picked up on. >> look, mayors are important. when situations like this come up, you know, you have to be on site. i believe that. i'm governor of new york and have been for eight years. i can count the number of times i leave this state basically on my fingers. lauren: mayor de blasio did return to new york city 13 hours
after the lights went back on. stuart: but there's no love lost between the sgrovgovernor and t mayor. lauren: being hailed as mayor of new york city is cory johnson, who helped with the crisis. stuart: stay there, please. five minutes from now we open this market and we will be up, not much, but up at the opening bell. stay there. what do you look for when you trade? i want free access to research. yep, td ameritrade's got that. free access to every platform. yeah, that too. i don't want any trade minimums. yeah, i totally agree, they don't have any of those. i want to know what i'm paying upfront. yes, absolutely. do you just say yes to everything? hm. well i say no to kale. mm. yeah, they say if you blanch it it's better, but that seems like a lot of work. no hidden fees. no platform fees. no trade minimums. and yes, it's all at one low price. td ameritrade.
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the buck's got your back. stuart: joe biden's rolled out his health care plan. what is the price tag? ashley: how about $750 billion over a decade, stu. there it is. $750 billion over a decade. what's interesting, though, this builds on the affordable care act as we know, which is so popular. many of the democrats of course are calling for medicare for all which would basically end the affordable care act. biden says the aspects of the original plan worked. he is going to build on it. he still calls the individual health insurance market and he wants to bring back the penalties of people who do not have health care. stuart: ah, so $750 billion spread over ten years, it's kind of a middle road between the old obamacare and the medicare for all, somewhere in the middle. ashley: exactly right.
stuart: let's see how that works. all right. we've got 15 seconds and we will open this market this monday morning. we are going to go up. not a huge amount, by any means. earnings season has begun. we've got at least one earnings report so far this morning. here we go. bang, it's 9:30 eastern time. the market has opened for yet another week. it was a great week last week. i think the value of all stocks last week went up $225 billion. we have now gained $10.1 trillion since the president was elected. we have actually opened on the downside. now we're up. we are all over the place. we actually opened at an all-time high for all three of them, the dow, s&p and nasdaq. there's the dow. it's now turned slightly south. show me the s&p. where is that? that's an all-time high, up a fraction. show me the nasdaq. if it's up at all, it's a new all-time high. 8,260. how about that.
microsoft just hit an all-time high as we speak. the yield on the ten-year treasury, 2.11%. pretty much where it was last week. the price of gold, still above $1400 an ounce. it's just up a buck this morning. there's a lot to go at today. we need jeff sica, we need keith fitz gerald and we need ashley webster. welcome back. ashley: thank you very much. stuart: keith, to you first. you say there is a correct coming, right? make your case. when does it come and how bad is it? >> i don't think it's going to be very bad but i think this week or the next, because people have to reset before earnings. there's a lot of money on the table. i think traders have overplayed their hand when it comes to the fed. they are relying on it too much. we need to get back to headlines driven by the companies. that's what i'm looking for. stuart: you don't think the profits that are going to be reported in the next couple of weeks, they're not going to be as good as the market wants, is that your point? >> other way around. they're not going to be as bad as the market wants because the
fed's going to come in, it's a bad is good meme. if it's bad, the fed comes in. if it's good, the fed says we got to raise rates. it's the reverse. stuart: let's bring in jeff sica. i say the future of the stock market depends for the next three or four weeks largely on the performance of profit reports. what say you? >> right. i agree with keith, it depends a lot on profits. the fed has already been factored in. i think traders have put an overemphasis on what the fed is going to do. if jerome powell does not deliver, it's going to be problematic. as far as earnings are concerned. what people are going to be looking for is the forward projections and the results from the tariffs. if you start to see margin compression, these companies making less money, you will see a lot of people that were buyers of this momentum are going to be sellers because keep in mind, this will probably be the second quarter we've had declining earnings which could be problematic. stuart: okay. we're at new highs for the dow industrials right now, 27,348.
that's what we've reached. i want to talk about what -- there's citigroup, they came out with earnings today. they're pretty good, made more profit than expected. the sdoutock down a fraction. look at amazon. its prime days, plural, kicks off today. 18 countries, a million deals. keith, i think this is all about signing up new prime members. that's my position here. what do you say? >> i agree with that. this has been a stroke of genius because they make it feel like an exclusive benefit. it's driven by fear of missing out. if you're not a prime member, you can't participate in prime days. extending it to two, that's icing on the cake. stuart: if you've got 100 million prime members and they are all paying $119 a year, that's a fair chunk of revenue coming in from your membership. >> it is. keep in mind amazon is using these to build up their prime, as everyone is saying, but they are also envisioning a world in which most people are amazon prime members. that adds to a lot of revenue in
the future and what they have been able to do is take these doldrums of the summer and turn them into revenue producing seasons which we never had in history. this is a big, big deal. ashley: my question is what percentage are left out there who aren't prime members? how many people do they have to go after? everyone i know is a prime member. i'm not. stuart: i've got a kindle and i read on kindle. in other words, i'm plugged into amazon and i buy at least a book a week for my kindle. that's how they got me. i'm part of the amazon ecosystem whether i'm a member or not. stop laughing, keith. all right, we're up three points for the dow industrials, a fractional gain, basically that's where we are. better take a look at boeing. the "wall street journal" says the grounding of the 737 max jets, that could extend way into next year, 2020. the stock's down five bucks. $359 on boeing. have a look at bitcoin.
it dropped below $10,000 earlier. it struggled back to $10,200. that's down $1,589. bitcoin took a hit. how about oil? still at $60 a barrel. how about gasoline? it's moved up to an average national price now of $2.79. ashley: no $2.50. stuart: you will never let me forget that. now, this is fascinating. listen to this. the co-founder of paypal, the man who is now a facebook director, peter thiel, really went right after google. what did he say? ashley: he's calling for the fbi and cia to come in and investigate whether chinese intelligence officers have infiltrated google. you mentioned this earlier, he made three points. foreign intelligence agencies have infiltrated the so-called manhattan project of facebook, he says thus google's senior management, does it consider itself to be thoroughly infiltrated by chinese intelligence and do they
consider themselves to be so thoroughly infiltrated they have basically given up and are continuing to do what he calls treasonous work. stuart: he's a powerful guy. ashley: he is. stuart: a billionaire. well connected. he makes a treasonous accusation against google and the stock is only down five bucks. >> here's what peter thiel is saying. what he's saying is he's looking at the artificial intelligence, google decided not to help the military with artificial intelligence -- stuart: our military. >> our military. then they decide to create -- help create this touchscreen for the chinese military. that is what peter thiel has a problem with. he's right to have a problem with that. they need to get to the bottom of whether or not the chinese used this technology on their fighter jets. if they did, there's a big problem. google's made a statement. they don't want their artificial intelligence to be used for military. if they're not going to use it for here, they certainly should not use it in china.
stuart: what do you make of this, keith? >> i'm totally in agreement. i think it's absolutely logical that the chinese have infiltrated google but also, i think we are looking at facebook, amazon, at a number of companies. that's what intelligence agencies do. stuart: look, facebook has been slapped, i believe, with this $5 billion fine. this is about privacy violations. the stock is still above $200 a share, jeff. i don't think all these accusations, they don't make any difference. if they lose subscribers -- >> keep in mind, $5 billion to facebook is probably what he spends on hoodies and tee shirts. the reality of it is it's a drop in the bucket for him. you know what, i like facebook as a company but they have done an awful job protecting our private information. they need to do that. the government needs to take a stand. i never take sides with the government, hardly ever take sides with the government,
especially in regulation. in this case, they have to do something. if they don't start self-regulating, the fines are going to keep rolling. ashley: europe has been so far ahead of the u.s. on this. they have been putting down the hammer on them for some time. you can't just keep -- the monetary thing doesn't seem to have any impact at all. certainly not on the stock. it's when you change the business model. stuart: what do you say, keith? >> the problem that there's a settlement means no disclosures, no depositions. that's the problem. they have to go full court press if we are serious about protecting privacy. $5 billion, slap on the wrist. get them in front of a court, where they can't squirm, where they have to disclose what they've done. then you will see some changes. stuart: good stuff. the stock, though, still above $200 a share. johnson & johnson, that is a dow stock, j & j denies there's asbestos in its baby powder. however, there is a criminal probe into those claims. keith, when i hear the words criminal, criminal probe, it's
not good but the stock is up a fraction this morning. but it's not good, is it, keith? >> no, that surprises me that it's up, because this is big tobacco but with baby powder. i think they probably know a lot more than they have said and again, the harsh light of depositions is where you are going to see this data come clean. i wouldn't touch the stock right now. i would be very concerned if i were a long-term owner. stuart: you in that camp? >> no. even what keith has said, i agree with that but what they have to realize is the jury is still out whether this actually happened. but they are going to spend a lot of money fighting this litigation and that's going to affect them. they're not growing like they once did. this is not a good thing to happen. ashley: they are also facing charges in oklahoma of flooding the market with painkillers. let's not forget that. they have a number of legal issues surrounding them right now. stuart: if you look at the stock price, you can see it fall off a cliff in june -- january, i should say. it's come back a bit but not all the way back. it is a dow stock. drag on the dow. has been for some time. look at that.
it's almost 9:40. keith, jeff, gentlemen, thanks very much for joining us. see you again real soon. we are ten minutes into the trading session. very little movement on the dow. we opened with a brand new all time high for the dow industrials. we have come back a bit, now down just 11, 12 points. the former governor of wisconsin, scott walker, will take over as president of the young americas foundation. he wants millenials to embrace capitalism and ditch socialism. he's on the show in our 11:00 hour. how is he going to do that? the mainstream media going after president trump after he tweeted that four far left democrats should quote, go back to where they came from. we are on that story. the president's tomorrow economi top economics guy, larry kudlow, joins us. lots of key questions about the market and the economy. "varney" continues. -driverless cars... -all ground personnel...
stuart: a go nowhere monday morning for the cdow industrial. the nasdaq is up nicely. president trump's under fire for a controversial tweet over the weekend. went after four far left democrats including aoc and ilhan omar. here's just part of a long tweet. why don't they go back and help fix the totally broken and crime-infested places from which they came. joining us now, he's in new york, for heaven's sake, john barrasso, senator, republican, from wyoming.
long way from wyoming. very different place out there. >> i was there over the weekend. rodeos, parades. great americans. stuart: so what do you make of the president's tweets? lot of unhappiness. >> i've decided a long time ago not to comment on every tweet. what he has said here isn't consistent with my sentiments but i prefer to focus on the policy rather than the people, and the policy is terrible. the democrats are putting forward a far leftist -- [ speaking simultaneously ] >> it is open borders, eliminate i.c.e., eliminate the department of homeland security which was set up after 9/11 to protect our country and they are chanting now let them all in. the criminals, the drug dealers, the human traffickers, let them all in. that's the democrat approach. it's not just those four. we saw that on the debate stage with the democrats running for president. they don't want to make coming into this country illegal a
criminal offense. just a little civil thing, we will give you a parking ticket for it. stuart: you don't like that, do you? >> not at all. neither do the people of wyoming. stuart: you mentioned the mexican flag. we have some video of that. anti-i.c.i. prote anti-i.c.e. protesters in colorado took down the american flag and ran up the mexican flag. were you at a rodeo this weekend? what did the people at the rodeo think about the mexican flag there? >> at the rodeo they bring in the american flag, people stand, put their hands over their hearts, we sing the national anthem. there's great respect for the american flag. i think they were already saddled up at the rodeo, ready to head to colorado to put up the american flag. to see those people take down the american flag, turn it upside down and print on it abolish i.c.e., it's disgusting. people in wyoming, i don't think people anywhere in america will tolerate that sort of behavior. but that is the direction that
the democrats who are running for president and the groups want to take this country in. open border. our immigration system is broken. it's a real crisis, not a manufactured crisis. the democrats are not helping. the mexicans are doing more to help us with dealing with this situation than the democrats are doing. stuart: you were a practicing orthopedic surgeon, i think, for 25 years, if i'm not mistaken. what do you make of joe biden's health plan? it was announced this morning. i don't have the real details here but it does cost $750 billion over ten years. what does a doctor think of that? >> what the democrats have been proposing, the bernie medicare for all, so-called one size fits all, any of the plans the democrats are proposing all come down to this. people are going to pay more to wait longer for worse care. people aren't going to tolerate that in the united states. what joe biden and democrats are proposing, they are fighting over details, it's a far leftist
approach. they're talking about eliminating the health insurance that people get from work. stuart: joe biden's not. >> he's talking about a very expensive proposal. the democrats are saying obamacare didn't work, it cost too much, it didn't solve the problems, it's too bureaucratic. most democrats want to eliminate obamacare, repeal it and replace it with a one size fits all approach. stuart: but can you, as a republican, can this administration take away something that was given? obamacare gave free health care to large numbers of people. okay, it's not sustainable. you can't afford it. but that's what was done. it's awfully difficult to take something away, especially like health care, that the government has given. >> that's why it's astonishing at the democrat debates to see the hands go up when people say who will take away insurance from 180 million americans who get their insurance from work. who will take away medicare advantage from the 20 million people who sign up for that? but that's what the democrats
are proposing. 107 members of the house of representatives, this liberal house under nancy pelosi, they have co-sponsored that approach. that is the problem. whatever joe biden is proposing or not, you have a majority of the democrats in congress supporting -- stuart: 107? >> have co-sponsored the so-called medicare for all as have the democrats who are running -- stuart: 107 democrats in the house have said get rid of this private health insurance, 107? >> 107 of them have co-sponsored that. plus the democrats who are running for president who have all co-sponsored medicare for all, which is one size fits all, longer lines, higher costs. stuart: i'm glad you're in new york. >> the american people will not tolerate what the democrats are proposing and it is their whole -- they have taken a sharp left turn. they are careening over the
cliff and we are seeing it on health care, plus the green new deal. you would have to raise gasoline prices to $13 a gallon to do what they are talking about doing in eliminating the internal combustion engine and -- stuart: not going to do that. wyoming is a very attractive state. >> it is. stuart: i'm surprised we could drag you out of your state to come to new york city. >> we need to bring you to wyoming. you will love it. >> i have been. >> come again. stuart: senator barrasso, thanks for joining us. appreciate it. check that market, please. we are down just 20 points on the dow industrials. there are more winners than losers among the dow 30. mixed picture. beatles fans in los angeles got a treat. paul mccartney brought ringo starr onstage with him at a concert. more on that in our 10:00 hour. oregon officials trying to
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rundown. who's up? who's on deck? jackie: good morning. you can see facebook and google are lower today, because they are going to be in the hot seat. a number of tech companies, also about a number of issues, antitrust, crypto, sencensorshi. tomorrow, the banking committee will probe about crypto, project libra. that will continue on wednesday. then the house antitrust subcommittee, various tech companies will be under scrutiny as well. the senate judiciary committee looking at google and censorship issues through its search engine. this is all coming with a backdrop of bitcoin, of course, clinging to those support levels and really struggling after being fired at on twitter by the president but crypto leads into tech, because you have facebook wanting to launch this new cryptocurrency libra that lawmakers will be looking into. right now tech is in focus, especially as we have got earnings season under way. it looks like, stuart, a whole host of questions coming from
the regulators, looking at these companies a lot closer than they have been in the past. stuart: let's see if it makes any difference to the stock price. so far, it has not. jackie: not much. stuart: jackie, thank you very much. see you again later. oregon's pot growers, as in marijuana growers, are learning a hard lesson about the laws of supply and demand. ashley: if you grow too much, you are going to have a glut. we have a pot glut. that's not something you hear very often, is it. but you have this in oregon. the problem is other states like, well, colorado and washington, they put a limit on the number of plants you can grow which helps keep a cap on the number, the amount of product. what happened in oregon, there is no limit and people have been cranking out the pot. now they have a mountain of it and of course, let's not forget they can't sell interstate. they can't sell it across states. stuart: you grow it in oregon, you have to smoke it there. ashley: they try and sell on it the black market because that way they get at least some money for it and get rid of it. there is a real push for the
federal government to allow the sale of this pot across state lines. that would be the beginning of perhaps a nationwide allowance of recreational marijuana. stuart: such are the results of a glut. all right. check that market. we have been open for, what, 26 minutes and we are down 25 points. the nasdaq, though, just barely ever so slightly higher. same with the s&p. go nowhere monday morning thus far. in our next hour, we will talk with a retired army sergeant who received the medal of honor after saving his fellow rangers in afghanistan. he lost a hand from an enemy grenade. now he wears a robotic prosthetic hand. we are going to show you the technology and show you how this thing works. the man is with me. the left bundling together the immigrant community with illegals.
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30 day risk-free trial and schedule your free hearing evaluation today. stuart: there is a difference between the immigrant community and illegal immigrants. of course there's a difference, there's a big difference. the two groups should not be conflated. don't lump them all together but that is exactly what the left is doing. it is deliberate and it is another example of controlling the language for political purposes. lump them all together. deportations of illegals started this weekend and officials across the nation lept to defend the i am in i grant community. they want voters to think any and all immigrant are under attack. that anyone born overseas is being targeted. this is not true. one million immigrant settle here legally every year. nobody is targeting them. the deportations are for people
who already had their day in court. they were told to leave the country but they have stayed. we have the mayors of big cities from new york to los angeles protecting them. all the time claiming that they are protecting the immigrant community. no they are not. they are protecting the illegals. they are really saying that in this nation of immigrants we all need protection from our own immigration laws. no, we do not. it is a political ploy. it's a play for votes. you see this in politics all the time. shift the language to shift the vote. don't say government spending. say government investments. sounds better. don't say liberal. say progressive. sounds forward-looking. don't say illegal. say immigrant community. that will confuse them. there is this, at a detention facility in aurora, colorado, demonstrators raised the mexican flag. many americans are outraged at this. surely it is now okay to use the
word invasion. don't we control the language? second hour of "varney & company" is about to begin. ♪ >> we all heard reports from the trump administration is threatening round up and deport thousands of immigrant families across america this weekend. no matter their immigration status i want every angelino to know their rights, how to exercise them. you have the right to remain silent. you don't have to open your door to an i.c.e. agent that doesn't have a warrant signed by a judge. your city is on your side. rest assured here in los angeles we're not coordinating with i.c.e. >> our police force does not do the job of federal law enforcement. i want to rerate what the mayor said. the los angeles police department is not assisting i.c.e. in any way. stuart: you saw it right there. that was the mayor of
los angeles and the police chief, they talked about protecting immigrant families, okay? they were confused. they're just putting everybody in one pot. illegals and legals all in the same pot as the immigrant community. use of language. jason chaffetz, former utah congressman, author of this book, "power grab." jason is with me now. are you with me on this, directly putting everybody into the bucket, the immigrant community which obscures reality? >> it is disgusting. i think you're 110% right. there are people that are trying to come here legally and lawfully and i think we're failing those people. i think i have a higher moral obligation to those people but when you're here illegally, you commit a crime, you pardon me, you commit a crime, a judge orders you to leave this
country, then you need to leave this country. for mayors and these democrats to say, hey, it's wrong for these people to be deported who are they supporting? why are they fighting harder for people here illegally committing crimes than they are for legal, law full americans? it's disgusting. stuart: but i don't think it is going to change. i think it's a play for votes. if you say that immigrants or immigrants are under threat, that is simply not true, it makes people think, whoa!, maybe we won't be under threat if we vote democrat? it's a play for votes i think. >> they are trying to expand and confuse but it is absolutely a losing formula. there is a reason why donald trump is thriving and stronger politically than he ever has been. he understands even people that are immigrants, came here legally, law fully, came from central or south america or mexico, they don't like the fact that the criminal element is here too. so the idea that i.c.e. is just
doing its job is the right thing. remember, stuart, 80,000 times under barack obama people here illegally committed doing a crime. instead of deporting them. they served their time and barack obama released them back out into the american public. stuart: not good. last word, what do you make of the mexican flag raising? take down the american flag and detention facility and raise the mexican flag? i'm utterly outraged at that? >> that is such a total and complete outrage, you're absolutely right. howe that happened in the first place, who overtook the flag, who raised that flag, how did that all happen, i'm telling you they cannot, that is happening literally in our backyard. it is total, totally wrong. stuart: i'm going to call it a invasion, like it or not. jason, thanks for joining us sir. >> i agree,. stuart: thank you very much indeed. back to the market, go nowhere
monday. we're down a point, look at that absolutely unchanged. dead in the water. say that. got it. how about amazon, big sales underway, prime days plural. got more on that coming up. the stock is down 3 bucks. 2008 a share. on the markets, i want to bring in dennis gartman, after all it is monday morning, "the gartman letter" author, publisher. i think it is key to the future progress of the market. what say you? >> i think it has been key to the past progress of the market. in all instances markets are made by people looking forward and there will be a little trouble looking forward to profits because profits have been slowing down. the growth rate, the second terminology of growth has been slowing the past self months. nonetheless there is huge amounts of money still on the sidelines coming in. i've, for a long period of time i thought the market was overvalued. i understand this is still a
bull market. movement from the lower left to upper right there is still cash from the sidelines. anybody, smart guys, dumb guys, people with money on the sidelines have been waiting for the market to break. it just doesn't seem it want to break. it is lower left to upper right, anytime you sell it short, i tried to do it, it was illogical and ill-advised decision. it is still a bull market. stuart: we talked about before what is going on in europe with negative interest rates where the lender pays the borrower to take the money, the world upside down. is that one of the reasons why money is pouring into america because you get a rate of return here? >> absolutely. why would anybody want to move money into europe at this point when you're getting negative rate of return, 12, $13 billion worth or trillion dollars worth of negative debt. the fact that greek debt is 20 basis points premium to the
united states dollar. do you want to buy greek debt. the fact that the german bund sell 25 to 30 basis points, actually 200 basis points discount to the u.s. 10-year treasury pays you, would you want money to to to germany? the answer is no. money is moving agood to the united states. the dollar is holding. the united states remains the world's currency. until that changes the trend is still up. stuart: what's the biggest dark cloud for investors on the horizon? >> i would say geopolitical risk. something that would happen in the middle east again. something that might happen along the north and south korean border. something that might happen on the chinese north korean border. geopolitical risk is what keeps me up at night. something that might happen on the kashmir-indian border those thing can come from nowhere. that is probably the biggest risk. the fact the monetary authorities around the world
continue to ease monetary policy led by the fed, as we all know the fed will take the overnight fed funds rate lower by at least 25 basis points at the july meeting in two weeks. probably going to move again another 25 basis points later in the year. the real risk is geopolitical risk. that is the one thing you have no idea where it will come from. we've seen it already several times in the middle east, persian gulf. may see it again in the south china sea. those keep me awake at night and cause you worry. is there any way to hedge against that? stuart: no. >> i don't think there is. stuart: dennis, thanks for joining us. we'll see you real soon. >> thanks. stuart: coming up a former fema administrator who says the media coverage of barry the storm was overhyped in new orleans. he will make his case in a moment. former i.c.e. director tom homan getting into it with members of the congress on friday. watch this tape. >> first of all your comments
are disgusting. what i've been trying to do 34 years in my nation is to save lives. for you to sit there, insult my integrity, my love for my country, for children, that is why this whole thing needs to be fixed. you're the member of congress. fix it. >> we agree on that. stuart: he is not backing down. that was his appearance friday. he is not backing down. you will hear what homan said on "fox & friends" on the fox news channel earlier this morning. we'll play for it. medal of honor recipient leroy petrey joins us later this hour. he will tell us about his new robotic hand. he is an american hero. ♪ hmm. exactly. liberty mutual customizes your car insurance, so you only pay for what you need.
stuart: we're down 20 points after 43 minutes worth of business, not a big move. look at boeing. "the wall street journal" says the grounding of the max jets could extend into next year. boeing is a dow stock. that is taking a number of points off the dow as it goes down six bucks. coming up next hour, i will talk to larry kudlow,ings in economic director. we have the new numbers showing that china is growing at the slowest pace in 20 years. is that because of the trade fight or is there something wrong with the chinese economy? we'll ask larry kudlow. hurricane barry struck louisiana and mississippi but new orleans may have dodged a bullet. joining us michael brown, former fema administrator. michael, you say the media hyped the storm, they overhyped it? this is the city that was
withstood katrina was downed out by katrina. you have to expect the media to say it is bad? >> that is precisely what they did do. if you look at all the weather report were, we had the mississippi river beginning to crest, we had all the rainfall. we did not have the all-important storm surge, which is caused by wind that would be the true test whether or not new orleans was prepared this time the flooding we saw unfortunately is the typical flooding you see when you have a tropical storm. if you recall in 2001, we had a tropical storm hit houston, tropical storm allison t was one of the most expensive storms and disasters fema ever dealt with. the same could have been true with new orleans had the rain continued. we would not see the kind of wind and storm surge we saw with katrina. i think there were some members of the media that almost wanted to see that for whatever strange
reason. stuart: i saw this morning, our reporter jeff flock is in new orleans. showed us these storm walls, barriers, which can be rolled into place at a costs of $14 billion. it appears they worked, they kept some of the water which could have flooded the city area, they seemed to have worked. that is all post-katrina, isn't it? >> that's all post-katrina i would caution everybody. those storm walls are bit just for that, for flooding. they're not built for storm surge. the storm urge is where when you have a hurricane, so you have the moisture, you have the rain, then you have the wind. what the wind does, the wind pushes all of the water up against those barriers. you get either topping or breaches. we didn't really see a test of that during this storm. stuart: do you think climate change makes any difference to new orleans and a city and storms it has to withstand? >> no. what we're seeing goes on today, it occurred 100 years ago, it
occurred 200 years ago. this is pretty standard fair what happens in new orleans. >> the city could withstander a storm surge in the future you think? >> i think they could better withstand a storm surge. i watched the mayor very closely. deciding whether or not to evacuate a city is an art based upon science. i thought this mayor did a really good job, trying to balance, here is what the meteorologists tell us, here is what we know what is happening on the ground. she made a decision not to evacuate the entire city which i think was the right thing to do. had she ordered an evacuation, then it kind of played out as it did, it would have been crying chicken, crying foul. the next time when you really needed to evacuate people may have not done it. stuart: local officials have a tough call to make in this situation. >> very, very tough. stuart: that's a fact. thanks for joining us again. we always appreciate it, michael
brown. >> good to see you, stuart. stuart: yes, it is amazon prime day. it is another one tomorrow. it is prime days. that is not the only place you can get deals. target, walmart, ebay are offering big discounts. i call it christmas in july. good story. we're on it. former i.c.e. chief tom homan got grilled on capitol hill. got heated. homan is still not backing down. here is what he is saying now after this. ♪ hey, who are you? oh, hey jeff, i'm a car thief... what?! i'm here to steal your car because,
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stuart: the dow industrials down nine points, that's it. not much movement. how about the s&p 500? same story. not much movement, down one point. nasdaq composite, where is that this morning? same story, up less than one point. this is flat, ladies and gentlemen, across the board. overstock.com, that stock is down 4% after the chief executive indicateed a possible sale of the retail unit. overstock at $18 a share. congresswoman alexandria ocasio-cortez gave emotional testimony at a house hearing on conditions at border detention centers. after she had spoken it was former i.c.e. director tom homan, it got heated. members of the congress went on the attack. >> first of all your comments are disgusting. what i've been trying to do 34 years serving my nation is to save lives. for you to sit there, insult my
integrity, love for my country and for children that is why this whole thing needs to be fixed. you're the member of congress. >> we agree on that. stuart: clearly he was fired up. what else did he have to say? ashley: this was a question he had to face from congressman garcia. mr. homan, i'm a fare, do you have children, how could you allow this to happen under your watch? do you not care? because the children don't like the children that are around you? i don't get it. have you ever held a deceased child in your arms, mr. homan? tom homan speaking on "fox & friends" said, talked about that question and how he responded. take a listen. >> that is when i broke. that is when i, if you notice i hesitated a minute before i started yelling because i actually think about getting up throwing a man a beating in the middle of the room. when you tell somebody that spent their career saving lives, i don't care about dying children and i'm a racist, that is where i broke. that is, i had enough. ashley: as you can see, it was very heated hearing on friday.
he was under attack. he gave as good as he got. he basically said look, as someone who represented all of the border patrol at one point, those men and women who choose a life of service to this nation deserve better. how can you complain about the conditions on the border and overrun detention centers when you vote against the bill that provided money to help relief that problem? stuart: you have invited them in. you created the problem. ashley: but refuse to do anything about it. stuart: i'm with mr. homan on this. ashley: yes indeed. stuart: president trump lags behind joe biden in a new poll, head-to-head. the president is nine points down on joe biden. trump's 2020 press secretary kate mcinerney responds to that poll in a moment. paul mccartney got a little help from some friends friday night in los angeles. ringo starr joined sir paul on stage for a surprise
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♪ stuart: we normally play real beatles music. that is is real beatles music. we've taken the opportunity to show sir paul mccartney joined by a special guest on the set. ashley: here he comes. stuart: it was, wait for it. i think he will make his appearance. here it is -- somewhere or another, ringo comes on. ashley: took his time. stuart: he is on the set already?
he is on the dream, on the dangerous? my first reaction, when i saw ring -- ring go look thin. ashley: he looks remarkable. stuart: he looks good. ringo is older than me. he is now, he is older than me, how about that? he is. looking pretty good. all right. let's get to the market. we've been in business one hour, the dow is up all of eight points. this is a very slow-moving market, middle of summer, not that much price movement for the dow, s&p or the nasdaq. we got a new poll. it is from the "wall street journal" and nbc news. bad news for president trump. joe biden is ahead of the president by a full nine points. kate at this mcnerney trump 2020 press secretary. don't tell me you don't care about the polls because they're too early. you have taken note of this.
what do you think? >> i haven't taken note of it because it is meaningless at this point. i could tell you a poll that is accurate at this point. it's a defined democrat. right now the american people, you say joe biden, you asked what he stands for, a lot of americans don't know his policy stances. when you say joe biden stands for xy, z, trump stands for x, y, z, versus government control the president wins every time. when we define joe biden as extreme left he is we will win the election, we're confident about that. stuart: we came out with his health care plan, costs 750 billion over 10-year period, that is middle of the road. that is not far left, same as "medicare for all." >> sure, why would you trust the guy who gave us obamacare. the affordable care act sent premiums skyrocketing across this country. i don't have to tell you that, stuart. you know that. it eliminated choice. a lot of these exchange premiums
bottomed out with no plans or one plan. it took president trump to turn free market policies. finally first year we'll not see exchange premiums increase in the first place. why trust joe biden who gave us obama care in the first place. don't give him billions of dollars to wreck our economy with a big health care plan. stuart: the big news is the holdover from the weaken and president's tweets which slammed far left congresswoman. i have them on the screen. so interesting to see, i'm not going all the way through it but essentially was telling these four young women in the house, democrats in the house, go back and fix the mess where you came from. that is what he had to say. there is uproar about it this morning. what is your response? >> well my response is this, these women that you noted rashida tlaib, ilhan omar, alexandria ocasio-cortez they routinely criticize america. they routinely make anti-semitic
remarks. if they don't want to live in country, cherish country, the president made note some of countries you came from are far worse than america, you or your family or parents came here because they wanted to harness the american dream. stop complaining about america, the greatest country on earth. certainly stop the anti-american rhetoric and anti-semitic rhetoric. last time i checked they were calling it racist, some on the left. not racist to call out anti-american statements what we're hearing from these women. stuart: i believe you will be hosting something called a women for trump event near philadelphia. i think it is today. why should, lay out this thing for me. why should women vote for president trump? why don't you make your case. >> yeah. you know, it is really easy, stuart. women have had more access to the american dream in this economy than ever before in american history. 65-year low in female unemployment. wages growing for women across the nation.
small businesses growing with owners and that are female across the nation. this economy is better off for women who have families, for single women, millenial women, shut out of the job market 10 years. we'll celebrate that. right after this, i will head down outside of philadelphia as you said. we have a lot to celebrate. great group of women coming together to support the president. media will tell you women don't support the president. it is just not true. stuart: we'll find out in 2020, probably. caylee thanks for joining us. >> sure thing, amazon prime days is off and running. not without some competition. susan li at a shipping center in minnesota. tell me about the competition, susan. reporter: everyone is getting into it. we're calling it christmas in july, not just amazon. call this counterprograming, run through the big retailers offering deals as well. we'll start with best buy.
70% of the prime shoppers say electronics and gadgets are the main interest when it comes to prime day. they offering online and in sore sales. macy's brought back black friday in july. this started before prime days kicked off. they started to front run. walmart has special rollbacks. they started it a day before prime day. they will end a day after prime days as you mentioned plural, it is two days when that ends as well. let's talk about the deals, i scoured a lot of websites, i went through a lot of recommendations what you should be buying. here is list. it is about the instant pot. for the six quart, get $50 off, 50%, 49.99. google pixel offering a deal 260 off. tvs, a big draw. a lot of buying including some of our camera people. sony led tvs are 50% off prime
deals. ripping video is great deal, you get $100 off. one of the ecodot as well 50% off. ecodot is $25. half what is retails for. stu, you like a bargain. don't forget to gone on amazon today. stuart: i got the message. susan see you next hour. susan, thank you very much. the cofounder of paypal, a man currently facebook director, his name is peter thiel, he is really going after google. he wants the feds to investigate about time. tell me more. ashley: investigate whether chinese intelligence infiltrated google. he is calling on the fbi and cia to investigate this particular claim. he says they need, fbi and cia need to ask google three basic questions, how many foreign intelligence agencies have infiltrated? number two, does google senior
management consider itself to be thoroughly infiltrated? and number three, they consider themselves so thoroughly infiltrated they made a decision to engage in treasonous work with the chinese military and not the u.s. military. you know that google employees say we don't want to make anything that helps the u.s. military. we don't believe ethically we should be doing that, but if they are doing things the chinese military are doing, what state of affairs are we in then? this is very strong statement. using the word treason is incredibly strong. he is making claims. stuart: powerful and influential man. ashley: lone conservative among the big techs. stuart: he is, yes. the stock is not coming down, holding dead flash like the rest of the market. leroy petry saved lives after a grenade blew up in his hand in afghanistan.
he has a robotic hand. he will show it to us live on the set next. got to see that. coming up, larry kudlow, president trump's economic advisor, we have a roaring strong market, unemployment at generational lows. worry is starting to creep into the headlines. kudlow at the top of the hour, for you. ♪ ♪ all right brad, once again i have revolutionized the songwriting process. oh, here we go. i know i can't play an instrument, but this... this is my forte. obviously, for auto insurance, we've got the wheel route. obviously. retirement, we're going with a long-term play. makes sense. pet insurance, wait, let me guess... flea flicker. yes! how'd you know? studying my playbook? yeah, actually.
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his hand in afghanistan, blew it clean off. but he saved lives of fellow soldiers. he has a new robotic hand. that is why he is on the show. come on in retired sergeant leroy petry and stanton jones research principle analyst. you're the gentleman with the robotic hand. you're the science guy who figures out how to make this work, make it better. sergeant, show me your hand. >> yes. stuart: you made your hand clench. >> this is the conversation starter. stuart: yeah, yeah. have we got a closeup of that? do that again. how do you do that? >> it's a, basically it is the same thought process opening and closing my normal hand. there are a couple of sensors inside the prosthetic hand. they sense muscle movement. i think about opening or closing, if i want to spin it,
think about bending my wrist. stuart: you think about it? the connection is to a censors, the brain send as as sends it to muscle. that is extraordinaire. >> like original. stuart: you created this thing. >> i didn't create it. i reserved it. we were backstage, sergeant petry showed me who he has an app connected to his hand. how software is continually improving had is hand. incredible technology. stuart: you have an app. >> there is an app for that. stuart: you can download new software to make it better? is that what you can do? >> it has bluetooth. you connect to it. i was explaining i used to have to go into my doctor to adjust things or check on the health. now i can do it all on my phone. stuart: how precise, can you pinch something? can you pick something up? >> you can pick up a grape
without squashing it. you can pick up just about anything. it has a precision pinch mode. you can hold a mouse. click on a mouse. stuart: if i were to shake hands with you now, not going to do this, could you sort of crush my hand? >> no. a lot of people wonder that, but what this hand is designedded to do, it stops when it meets resistance. so you have more dexterity to grab different shapes. stuart: what is next in line to improve this? >> so i think we'll see rapid advances in the software. we talked about the software. stuart: what will that do for the hand? >> that will improve functionality. sergeant pietri was showing me on way here, replaceable fingers for his hand. stuart: replaceable fingers. >> right. if you think about software, combining with hardware, things like 3-d printing, people will be able to print their own synthetic limbs.
we're improving it quickly over time. every time sergeant petry uses his arm, it continues data fed back into the systems which improve it over time. stuart: i'm sorry this is financial program. i ask a financial question. how much? >> for you? >> that is his question. >> arm and hand combined i want to say 110,000 for so. stuart: okay. but that cost could come down? >> absolutely, that cost will start to come down as technology improves, just generally the cost of technology comes down. software gets better, hardware gets faster. the cost absolutely will come down. >> would you say, sergeant, you have the most advanced prosthetic hand in the world? >> i would say one of there are a some a little more complicated that i have seen out there. it is the best one for myself. everyone choose as different prosthetic, based on their needs, their demands in their life. this one has been a good quality of life to me. i see a lot of my friends are
missing legs. how much their lives have changed getting the electronic legs that are able to create movement in the knees or foot to give them mobility again. stuart: just for -- >> awesome. stuart: awesome. that is very, very good. just for the record, you picked up a hand grenade. it went off in your hand, you saved your comrades, your fellow soldiers lives, that is accurate, you did that. >> yes. stuart: what made you pick it up? >> i looked like those guys were my children, my brothers. had that been one of my family members there in harm's way. stuart: did you think, did you have a moment, to make a decision or was it instinct? >> it was instinct. i saw it as a threat. i knew i had to get it away. i had a unwritten promise to their families to bring them home alive. stuart: you were the sergeant. you were in charge of these young men and women in your command. this was in 2011?
>> yes, sir. incident was 2018. okay. on memorial day. stuart: you were awarded the congressional medal of honor in 2011? >> yes, sir. stuart: we want to honor you, sir. we think you're a great guy. >> can i show you one thing? stuart: okay. >> this comes off. it is kind of heavy. that is exactly how it looks. stuart: it is kind of heavy. you would want to take it off every now and then. >> some of the advancements we talk about in the military, ounces make pounds. you only weighs three ounces. hoping to see it get lighter. stuart: like to screw it back on again, sir. oh. that is really -- >> just like new. stuart: that was terrific. it is honor having you on the show. you too. >> thank thank you, sir. >> thank you. stuart: i don't know how we follow that but we'll have a try. vice president pence calls out cnn for his coverage in the
stuart: still very much a go nowhere day. we're down 10 points on the dow. 27,323. so the level is still inthere. cnn ratings is tanking. a lot of people say the network lost its credibility. here is how they covered vice president pence's visit to a migrant detention facility. roll tape. >> americans are troubled by what they have read in the newspapers about families not being cared for. >> like this. when you look at that, what do you see? >> well i can't account for that. what i can account for is that the facility that you saw -- >> how do you account for this? >> the facility you saw today represents the level and standard of care that we are working to bring to all those caught up in this crisis. stuart: vice president pence responded with a tweet. here it is. cnn is so dishonest, today we took reporters to a detention facility on the border for
families and children. all they told us they were being treated well. howard kurtz, "mediabuzz" is with us now. would you fault cnn and its coverage of mike pence? >> in part. mike pence deserves a lot of credit for taking reporters a sweltering, really overcrowded be what was supposed to be a temporary facility for men who had no beds, who had no toothbrushes, who until recently had no showers. he didn't sort of try to sugar coat that. but he also track the press to pretty well-run and clean family center where children told them they were being treated well. the cnn reporter who interviewed pence, asked the vice president about the contrast through the view, video on the screen, others did this, was the overcrowded men's facility. that was the nature of the complaint. stuart: want you to look at this one. i know of sign this. maybe viewers seen it too. confrontation between former trump aid sebastian george coand
a ccnn. >> these people are eager for demonic possession. >> you're in front of it, right? >> hey, come over to here to talk to me, brother. >> you are a punk. you're not a journalist, you're a punk. >> go home. journalists go home. gorka, get a job. stuart: that was a little ugly. in the rose garden. i don't think anybody wants to see that kind of thing. there was cnn coming out with it, making comment about that particular meeting. >> that was brian krrem. >> "playboy" reporter, liberal cnn contributor, got a contract after he beat up sarah huckabee sanders at meetings. should gorka called him a punk? he taunted him. called him demonic possession. come outside.
cnn take a look. cnn stand behind that kind of a behavior on payroll as contributor, who was taunting, invited white house guest and former white house official. stuart: one more for you. president trump, just moments ago, tweeted this. here we go with the fake polls. just like what happened with the election against "crooked hillary" clinton. abc, nbc, cnn, "new york times." they all got it wrong. on purpose. suppression, polls, so early, they will never learn. not sure i understand all of that. what is your reaction to it? >> they're not fake polls. fox poll as well showing joe biden, to varying degrees, some of other leading democrats in head-to-head matchup. there are ridiculously early. they will change hundreds of tiles. it is true the polling was off, not by a huge amount, but enough for president trump to win in 2016. but he has this thing. he thinks media organizations are out to get him.
he believes they make up polls. i don't buy into that. that is one way to push back against head-to-head matchups. you have to say so early, you have to question how accurate the polls are. stuart: cnn for a moment, don lemon will be a moderator at democrat debates end of last month. don almost -- lemon is opinion guy. i don't think opinion guys got to ask questions. >> rachel maddow got to do it at cnbc debate. lemon despises trump. cnn has good urn journalists will be there, the idea don lemon added without anyone in the media don't say a peep, if fox had debate, sean hannity or lou dobbs, the media would go crazy. stuart: or stuart varney. >> almost went there. stuart: you should have me in there. howard kurtz, thanks for joining
us. see you soon. i have breaking news on facebook. their executive in charge of libra, david marcus, plans to say libra will not be offered until regulatory concerns and approvals are quote, fully addressed. that's from his prepared testimony in front of the senate banking committee which cops tomorrow. facebook is at 203. coming up, top of the hour, president trump's top man on economy, larry kudlow. we have a booming economy, soaring market, but investors walking on eggshells. we'll ask kudlow how long this prosperity will last. also next hour, the president holding a made in america event at white house. but you never know what the president might say. will he go off script? you can watch it here live. jimmy is a big time publisher in hong kong. he is not afraid to stand stando communist china. he has been with vice president pence. he will be on the show which is
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stuart: you know, investors constantly walk on eggshells. you're taking a risk, aren't you, you might lose your money. yes, investing is something of a gamble and with stock prices at all-time highs, investors are probably as anxious now as they have ever been. we all want to know if corporate profits are going to keep going up and by how much. how much money is a company making? that is the baseline for its stock price. we all want to know if the economy is going to keep growing. with rapid growth and strong profits, it set off the trump rally in the first place. we want to know how trade talks are going, trade with europe, trade with mexico and canada and of course, trade with china. less trade means a slower economy which means less profit which means trouble for stocks. we all want to know if the rapid turnover in the trump cabinet
means trouble getting things done, and done right. the labor secretary leaves within days and commerce secretary wilbur ross reportedly leaves soon as well. yes, investors have questions and we're going to get some answers for you. in a moment, larry kudlow, the president's top economist, he's watching right now, he knows what's coming at him, profits, growth, trade. we'll see what he has to say as the third hour of "varney" gets started. stuart: he's with us. larry kudlow right there. yes. heads up there, larry. thanks for being with us. we always appreciate it. forgive me, but i want to start with something a little different from what i was just talking about a moment ago. peter thiel called out google last night, said they should be investigated by the fbi and the cia. he says they're working for china's military and not ours.
that's a pretty strong charge. he called google treasonous. you on board with that? >> no, i'm not. look, i have not spoken to peter thiel about this. i did read some news stories, not sure where he's going, what he's pointing to. i meet with google, i meet with google's ceo on a regular basis. i think they're working for america, for our military, not for china. i don't know -- peter thiel is a good man, has been a great supporter of the trump administration, he's a very smart guy. i'm just not sure where he's going on this. so i have my doubts but one never knows. just let me say, you know, google, i guess it's very fashionable to pick on some of these big tech companies. maybe some deserve it, maybe some don't. but i want to say in my tenure here in the past year and a
half, i've had long discussions with the google people, with their ceo, their new ceo, long discussions with tim cook of apple. i have not met with all the tech companies but my sense is they are very supportive of a, this country, b, this president and his agenda. i have not found problems there. and i think they're working hard and i don't believe for one minute that google is somehow committing quote unquote, treason. i don't get that. i have to hear mr. thiel's whole story. stuart: could you update us on trade? i mean trade between the u.s., mexico, canada, usmca, trade between the u.s. and japan, trade between the u.s. and the european union, and of course, trade between the united states and china. it seems like there's not a lot going on in these trade areas. can you give us an update, anything positive? >> well, yeah. i think there's a lot of constructive things going on. let me just start with usmca,
which is a terrific trade deal, negotiated by ambassador lighthizer. he's working very hard up on the hill with, i might add, the cooperation of speaker pelosi. i'm optimistic we have a very good chance of getting that through. that usmca deal, by the way, is worth about a half a percent of additional real gdp per year to the united states. stuart: can you get it through congress? will a divided house do it? >> well, look, i think when speaker pelosi gives us the vote and i remain optimistic on that, i remain optimistic, that's just me talking, i think it can pass but again, ambassador lighthizer continues to discuss with her and her leaders, i think that's a very good sign. so without putting any timetables on it, yes, i remain very constructive and i just want to say one more thing here. one more time, how strong this is for the american economy
which is why we believe we will get bipartisan support, not just gdp, but also perhaps a couple hundred thousand new jobs, perhaps $100 billion in new direct investment. there is old economy and new economy provisions in there. there's currency stability, there's labor provisions, there's environmental provisions. it's the most remarkable trade deal and i believe at the end of the day, sometime this year, we are going to get a positive vote. stuart: can you give me an update on china trade talks? i ask this question because we got news this morning that china's economy is growing at its slowest rate in almost 30 years. my question is, is that because of the trade fight with america, or is it because there's something fundamentally wrong with the chinese economy? >> well, maybe a little bit of both. it's a very state-controlled government-oriented economy. to me, that's damaging right there, lacks the kind of free enterprise vibrancy the united
states has, for example. i think china has been hurt. we talked a lot about the economic burden of president trump's tariffs falling more heavily on china. big story in the paper today, bunch of companies are actually leaving china, changing their supply chains and moving elsewhere. some will go to other countries in asia. some frankly, we have had reports, are coming to the united states. i think this has hurt the chinese a lot. regarding the talks, lighthizer and secretary mnuchin have been talking to china's top people. there may be a face-to-face meeting in the cards, though it hasn't been formally decided yet, as far as i know. i will add one last thing. president trump has said on several occasions here it's a good thing to restart the talks. we have opened the door slightly to non-national security transactions with huawei and we have for the moment suspended any new tariffs, but, but, but, but, but, we didn't expect the
chinese to be launching a significant purchase of u.s. agriculture products, goods and services. we haven't seen that quite yet. but we are very keenly watching the developments there and i hope that they make good on that promise. stuart: are they balking at how much agricultural produce we want them to buy? >> stu, i don't want to get into details on that. all i'm saying is we're waiting for some announcements on their side. that was covered during the discussions in osaka and i know that secretary mnuchin and ambassador lighthizer have mentioned this in their conversations with chinese officials. stuart: we had reports this morning that president trump is not happy with the wilbur ross commerce secretary in part because that question on citizenship was not gotten into the census, and the census department is part of commerce department which is run by wilbur ross. have you heard anything about mr. ross leaving? >> i have not. wilbur and his dear wife hilary
are long time, long time multi-decade friends of the kudlow family. i love working with wilbur in this administration. he by the way was a great star in "the kudlow report" many years ago on another network. i know i'm not allowed to say that. i just let the cat out of the bag. he's done a fine job at the commerce department and so far as i know, i have not spoken to the president about any of these recent events, but wilbur ross is a good man and has done a good job running commerce. stuart: later this hour, i think it's later this hour, the president's going to be on the south lawn hosting the third annual made in america product showcase. manufacturers are moving out of china because of those tariffs. can you tell us how many of those manufacturers are actually moving back to the united states? i know there's a big story about that this morning. is there a real flood coming back here or is it a flood going to other parts of asia? >> i think it's a little of both. there's a lot of movement out of
china into asia and there's also movement out of china into the united states. i'm not going to go into a lot of heavy detail. look, usa, we are very hospitable environment, frankly, more hospitable than china, i think. i mean, we got 21% corporate tax rate. we have rolled back so many regulations across the board. the dollar is the dominant currency in the world, as the president tweeted just a few days back. i think it's a great place to invest. so come to america, buy america, come back to america. i will personally shake everybody's hand that comes back to the country. i bet you president trump does, too. we are very optimistic about that part of the story. and i'm shocked, stuart, i mean, i'm shocked, here we are, eight or ten minutes into this grueling interview that you have subjected me to, it's about 120 outside here, and you haven't mentioned the strong american economy. you haven't mentioned the fabulous jobs report that's going on. you haven't mentioned the big stock market rally. you haven't mentioned the fact
that blue collar workers and the so-called non-supervisory workers are the biggest beneficiaries of this boom. i'm shocked, if i reach over, i need some water to cool myself down. stuart: had you been appearing on a different network, your old network, they would of course have raised the issue of the wonderful economy, the wonderful market, the extreme profitability, wouldn't they? >> well, i don't want to make presuppositions on that. i love coming on the stuart varney show. that's why i'm on this thing more. at some point, you all are going to have to give me a box of cigars or something as payment. i know we can't do direct cash. but look, i do want to say, i do want to say and repeat that the u.s. economy is very strong and that's what the jobs report and wages are rising and i grow weary, i want to make one point, i grow weary as i read these articles and some of our critics, some of whom, i'm not political so i can't go down that road, but some of whom
appear to be running for higher office and they are painting a picture of an economy deep into recession. we are in a strong prosperity boom and every data point shows that and when we go into the distribution of these economic benefits, it is precisely the bottom half, in some cases the lowest 10% that have actually done the very best in this economy. so i wish you would ask me about that. stuart: okay. here's what i will ask you, in the last 20 seconds i've got available here. second quarter of this year, what's our rate of economic growth? >> well, we'll see what the last details come in. we don't have all -- stuart: under 2%? >> i think we are on a 3% growth path. we had 3.1% and 3.2% in the first quarter. we are staying with our 3% growth path to the year. the trends look very good. again, again, i guess in the back doorway, the economy, consumers, we are seeing a pickup of business profits, they
will outperform the usual doom and gloom. i'm kind of the happy camper today even though i'm wilting in this sun. stuart: sorry. go back to air conditioning, larry. i understand these things. my studio is freezing cold. larry kudlow, everyone. thanks for joining us. see you again soon. >> thank you, sir. stuart: i want to repeat, president trump holding a made in america showcase at the white house this morning. highlighting all the products made here in america. you are going to see it live. a big publisher in hong kong has met with the vice president and other members of the administration. he supports those protesters in hong kong and is on the show. actually, he's in the studio shortly. just a moment from now, former wisconsin governor scott walker is taking over as president of the young americas foundation. he wants millenials to embrace capitalism and ditch socialism. how is he going to do that? stay with us. third hour of "varney" just getting going. ♪ ♪
all right brad, once again i have revolutionized the songwriting process. oh, here we go. i know i can't play an instrument, but this... this is my forte. obviously, for auto insurance, we've got the wheel route. obviously. retirement, we're going with a long-term play. makes sense. pet insurance, wait, let me guess... flea flicker. yes! how'd you know? studying my playbook? yeah, actually.
stuart: our next guest is the new president of the young americas foundation. now, they're on college campuses promoting capitalism and conservatism. scott walker is the former wisconsin governor and the new man to run the young -- you don't look very young -- well, you do look very young. don't you have to be a millenial to run the young americas? >> i've got a 25-year-old and soon to be 24-year-old. i beat them both in a 5k the other day. i was excited about that. stuart: what classifies as a young american? under 40? >> under 30 is really the target group that we're looking at. not only on college campuses, high school but even junior high. not just on the campuses but really trying to reach out and make the case for capitalism, free enterprise, strong national defense and just good values. stuart: i got it but why do you think that socialism is as popular as it is on college campuses?
>> i think it starts in k through 12. it goes on to many of our liberal college campuses and in other forms of the media, even just looking at kids on their phones, the stuff they get, the facts out there are completely distort distorted. they don't teach good american history or global history, they don't teach economics. if we can get that out there, we win. the facts are on our side. stuart: but you're fighting almost human nature. aren't you? because all young people are idealistic, not out in the big wide world yet, university of hard knocks. they're in the lower levels there. it's inevitable they are going to be idealistic and geared towards the left. >> that's for sure. i think about when i was a kid but i came of age when ronald reagan was just starting to be president. one of the things i love about the young americas foundation is we actually own and operate the reagan ranch outside of santa barbara. spectacul spectacular. i came of age, didn't just become a republican or conservative because of reagan, i became an optimist. even if you don't start out conservati conservative, the seeds of
optimism about the american preenterprise system, about how a democratic republic makes a difference. poverty has been cut in half across the world, why? because socialism has fallen, capitalism has risen and the united states has become the sole super power in the world. stuart: there's a poll that says only 24% of young adults say they are quote, extremely proud to be americans. only 24%. does this -- why? >> it's shocking. that poll just came out last month. i think it's even more disturbing than just the fact that almost 60% embrace socialism as something good for this country. i think it's because they hear all this doom and gloom from people like aoc and others out there who say all these awful things are happening. in fact, remember she tweeted earlier this year that her generation had been bypassed when it came to prosperity. couldn't be further from the truth. she's dead wrong on that. there has been no generation in the history of the world that has had more access to prosperity, more opportunities and when i think about there's plenty of work to be done. there's still poverty to be
fought in this country. but we are going to do it by giving people the tools to succeed themselves, not by the clumsy hand of the government. stuart: if it's any consolation, i was on the left when i was a college student and look at me now. >> that was just a couple years ago. stuart: thank you very much indeed. any time you want to come back, you can. >> good to be with you. stuart: thank you very much. ah, yes. there is lots of hype around amazon prime days but ebay is now taking them on with a new ad, making fun of them. we will play it for you in a moment. first check this out. bastille day in paris includes a man hovering in the air on a flying board kind of thing. french inventor zapata says his fly board has the power to take off and reach speeds of 100 odd miles an hour. he wore a military style suit to show that future soldiers may look like this. more "varney" after this.
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stuart: amazon's prime days, off and running. over a million deals in 18 different countries. it lasts into tomorrow. ebay is making fun of amazon. tell me more. deirdre: we want to just play this clip. it's great. we will talk about it after. here's the clip. >> alexa. >> yes. >> what is prime day? >> prime day's a holiday amazon totally made up to get people excited about their parade of deals. they charge a membership fee. >> what sorts of deals will they have? >> some say it's a bunch of stuff nobody wants. they are probably just trying to clear room in their warehouse. >> is there anything good about prime day? >> yeah. they are having a cross-sale with deals on things people actually want. deirdre: okay. brutal, right? throwing shade as only that generation can do. i do take a look at ebay versus amazon. year to date, ebay is
outperforming amazon. if you look at the 52-week view, though, amazon is outperforming ebay by about four percentage points. we are joking about amazon prime day, you said it's 48 hours for the first time. i think there's a lot of analysts who say obviously this is good for amazon but it's also probably going to benefit target and walmart are trying pretty hard to keep pace. you can order a lot of stuff on an app on your phone, they will run it out to your car if you want. i'm not kidding. stuart: i want. i want. deirdre: why not. stuart: to immigration. nationwide i.c.e. raids in cities, new york, los angeles, rounding up illegal immigrants for deportation, but it reportedly only happened in a handful of neighborhoods. we are talking to the mayor of miami, florida. i want to know what happened in his city over the weekend. we'll be right back. ♪ - did you know that americans that bought gold in 2005
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for the amazing price on your screen. gold is now on sale at prices unseen in years and this year could be one of the greatest gold-buying opportunities of all time! call now while vault inventory remains. as one of the largest u.s. gold coin distributors in the country, the u.s. money reserve has proudly served hundreds of thousands of clients worldwide. don't wait another minute, call now to purchase your american eagle coins at cost for the amazing price on your screen. stuart: this market has been open for two hours now and we haven't gone very far. we're down eight points on the dow industrials. look at that level, 27,323. who would have thought. that's very close to the all-time high. we are waiting for president trump. he's set to host the third annual made in america showcase.
it is at the white house. he's scheduled to speak around 11:45 eastern. once we see the president, you can bet that you will see him as well. next, nationwide i.c.e. raids happened over the weekend. cities like new york, los angeles, miami, all to round up illegal immigrants for deportation. but the rollout was kind of lackluster. only happening in a handful of neighborhoods. the mayor of miami, francis suarez, is with us now. your honor, did you try to protect illegals from i.c.e. in your city? >> no, we do not coordinate i.c.e. raids with the federal government. the federal government does not ask us to do that. they enforce federal law on their own. we're not a participant in that, nor have we been over -- historically over time. stuart: but you didn't try to protect anybody? you just let the raids if they happened in miami, just let them take their course? >> well, frankly, we didn't hear
any -- we didn't hear about any raids. we were monitoring things, obviously, but we did not get any indication that raids were happening or widespread raids were happening. they were supposedly targeting about 2,000 people in ten cities. doing the math, that would mean about 200 people in the city of miami, but we didn't see any evidence of that, nor were we told or coordinated with. stuart: if you did see a raid taking place, if you did see the i.c.e. vans lining up to take people away, would you have jumped in? >> i'm not sure what you mean by jumped in. [ speaking simultaneously ] >> we're not going to take any action against another law enforcement agency. i'm not even sure what that would look like in terms of two law enforcement agencies going at it. you know, they have a job to do.
if something were to go wrong, however, i would say that we would be there to support a law enforcement agency, if something happened that put law enforcement officers' lives in jeopardy. certainly our job is to police our city. we do a great job of it. we have a 51-year low in homicide my first year as mayor, but we have never historically gotten involved in deportation raids and they haven't asked us to, frankly. stuart: how does the city, your city, how does it feel about illegals working in your city? can you make a statement about it? >> look, we have people who are working in our city that are -- many of which are on green cards, they're legal, on work visas. i'm sure there is a percentage of people in our city that are working that are not documented, that do not have any legal status. that's certainly a percentage of the people. we have no idea how many of
those people may be working in our city but certainly, the raids have had an effect on anyone, not only those who may not have legal status but even people who have had legal status, i have spoken to some businessmen who say people who are here legally with green cards have still been apprehended because there's not that much information relative to what these raids are and who they're targeting. stuart: what do you think about the protesters who actually raised the mexican flag at an i.c.e. facility in colorado? they took down the american flag and they put up the mexican flag. now, what do you feel about that? >> you know, i just think that this entire issue has gotten entirely too political. it's gotten nasty. the rhetoric nationally is not helpful, frankly, and it's not conducive to solving a problem. we have a massive problem. we have people coming here every single year in tremendous amounts, we have over ten million people that do not have
legal status that are already in this country and too little of the discussion over the last few weeks has been about solving this problem, and too much of it has been about heightening the rhetoric surrounding the problem. that's a major concern because as a mayor, our job is to solve problems. our job is not to blame people or insult people. our job is to find a solution to the problem so that our citizens can live with a better quality of life, frankly. stuart: okay. mayor suarez, mayor of miami, florida, thank you for joining us this morning. we appreciate it. thank you. >> thank you for having me. stuart: tropical depression barry, making its way out of louisiana this morning. dumping close to 20 inches of rain, though, in some parts of the state. according to locals, it wasn't nearly as bad as it could have been. jeff flock is in new orleans for us. jeff, it looks like things are almost back to normal. reporter: and showing you the reasons why things are getting back to normal, and why they weren't as bad as they thought. we showed you flood walls earlier.
this is an earthen levee. this is what protects a lot of the city. you see the buildings. they are below the level of the flood wall which is why, you know, much of this town is below sea level and would flood in a major hurricane. come on up the thing here. there is still flooding going on to the north of us along the mississippi river, and speaking of the mississippi river, i don't know if frank gets up to the top here and is not too out of breath, that's the mississippi river. this is flooding here. i mean, there's flooding all along here. that's typically ground, what you're seeing right there. but this is a levee that was fortified with concrete, if you see after katrina, that's the old levee right there that you see off to the left. that is what was replaced by what i'm standing on right now. these levees have protected this city of new orleans which -- there you see a boat, you talk about things getting back to normal, we have seen all sorts
of river traffic this morning. this of course is typically very busy. it wasn't the last few days but it is now again. stuart: it is. almost back to normal, apart from that flooding i can see right there. jeff flock in the middle of it, as usual. thank you, jeff. i want to bring in major general scott spelman now, army corps of engineers. sir, the levees did not break but i don't think you're quite out of the woods yet. what are you expecting in some areas? >> first of all, thank you for having me on this morning. hurricane barry is really the latest chapter in what has been the wettest year on record in the united states since 1895, and while we have had a positive outcome so far in the city of new orleans, as you said, we're not out of the woods yet. there's still a lot of rain coming down on the middle mississippi and its tributaries and that water will make its way through new orleans in the coming days and weeks. stuart: you have all these new walls to defend the city and you have the raised levees.
i don't think they were really tested with barry, were they? it didn't quite get that high to put a severe test on what you've built since katrina. >> the river height in katrina was about three feet above sea level. as we were going into hurricane barry, the river was at 16 feet above sea level. that was all the water that was coming from the arkansas and the missouri river from our late may flooding. while barry was not a significant threat in terms of a wind and coastal surge, we still had concerns because of the high river stage that the river had coming into this particular storm. stuart: you pretty confident that new orleans is going to weather this okay? >> i'm confident about new orleans, but i do want to say that there are many, we acknowledge there are many other communities across the country that are suffering from flood damage. so if you are waking up this morning in say hamburg, iowa or st. charles county, missouri or yazoo city, mississippi, you have been underwater for many, many months. we know we have a lot of work to
do to help these communities get back on their feet. stuart: well, major general, thank you very much for that update. >> thank you for having me on the show. stuart: joe biden rolled out his health care plan today and has a big price tag. ashley: $750 billion over ten years. interestingly, all the other candidates in the democratic primary, and the presidential race, have made a call for medicare for all. that would completely do away with the affordable care act. this is actually just building on the past aca, to be honest with you. it does help bring down premiums. it does not do away with private health insurance. but it does expand areas of medicare and it's not cheap, as you can see. $750 billion. it's a middle of the road plan as compared to the far left who say we should have a single payer government-run system. stuart: it's in the middle of the debate. ashley: it does bring back penalties as in the old
obamacare, if you don't have health insurance you get penalized. he wants to bring that back. stuart: joe biden's plan. i have some individual stocks which are moving. there's news on them. we will show them to you. more bad news for boeing's 737 max jets. the company says they will not fly again until at least 2020. delays plaguing their software fix. i think it was the "wall street journal" that said that. not sure the company actually said it. boeing is in trouble. take a look at facebook. the fcc is slapping them with a record-breaking $5 billion fine. more fallout from their privacy scandals. on news of that friday, their stock actually surged. it's now $203 a share. point is, once you know the dollar number, you can take care of it. that's why the stock moved up. check the dow component johnson & johnson, facing a new criminal probe over their talcum powder. the justice department says they knew of asbestos in the product but they lied about it anyway.
i don't know whether justice used that word lied. i think they contest that. how was it presented to the public. johnson & johnson up 70 cents. $135. president trump holding a made in america showcase at the white house. he will start any moment. huge array of products on the lawn, including a full-sized missile system that we are told is a sight to behold. you are going to see it. the market right now is down just 16 points. we are also talking to a big publisher in hong kong who has met with the vice president and other members of the administration. he supports the protesters in hong kong and he's on the show in the studio, today. ♪ we're carvana, the company who invented
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he's going to be hosting the made in america product showcase. when he appears, we'll take you right there. back to your money. yes, it's earnings season. it started already, kicked off today. citibank, first up. their profits are up from this time last year. some cost cutting going on there. the stock, though, barely budging, up six cents. that's it. on deck for later this week, johnson & johnson. they come out with goldman sachs tomorrow. netflix is wednesday. microsoft reports thursday. friday, it's american express. lots of the big names this week and even more of them next week. i want to bring in jeffrey cleveland, chief economist at payton and riegel. good to have you on the show. what's your forecast for profits? we are just getting into the profit reporting season. some people are expecting some positive surprises which will help the market. are you? >> well, i think you can expect the second quarter to be weak, stuart, but the question i'm
faced with is what about the rest of the year. that's what investors focus on. profits, what we tend to find is they follow growth. if you have continued gdp growth, that should feed through into corporate profitability. so i expect the second quarter, we will see gdp expand somewhere between 1% and 2%. that means the first half of the year will be at or above 2% and i think we'll get a similar outcome for the full year. if you have 2% growth, that should feed through nicely into corporate profits. 2% real gdp growth is a good outcome for the u.s. economy. it's far from a recession that many were forecasting at the start of the year. i think that will be good. stuart: we have already got stock prices at all-time highs. is there room to go even higher, assuming that profits are up nicely? >> yes. what we found is that time that stocks get really beat up where you have the biggest draw-downs in the equity market is on the cusp of a recession. when you see the whites of a
recession's eyes. we are far from that, i think, at this stage. there are some signs of a slowdown in growth but not an outright recession. that's when we would get more concerned. if recession is avoided stocks can continue to move higher. in particular, i think, stuart, what matters, you know, over the next six to 12 months is the global economy. so on the one hand, i don't see a recession in the u.s. you have the u.s. consumer which is a $14 trillion behemoth, and then you have one other twin, if you will, on the global stage which is the chinese economy, which is roughly a $13 trillion behemoth. as long as those two continue to see growth, that will be good for the global economy. that will feed through into corporate profits. and equities can continue to march higher. stuart: okay. just tell me what is the main dark cloud on the horizon which keeps you up at night as an investor for the next six months? >> i think people are far, far too optimistic or expecting of
the fed to, you know, ease dramatically over the next nine months. what's priced into the bond market is four rate cuts over the next nine or ten months. i think that is, you know, great expectation for monetary policy easing. we probably won't get four. maybe we get one or two but not four. so if investors were buying risk assets, buying equities, for example, because they thought the fed was going to ride in like a white knight, that probably doesn't happen. in the near term, that could cause some distress in the equity market and in credit sectors in global bond markets. stuart: i'm going to buy some more stock. jeffrey, thank you very much for joining us. see you again soon. >> my pleasure. stuart: yes, sir. there's a wide array of products on the white house lawn as of right now. president trump's going to take a tour of them momentarily. sometimes he says things on the
spur of the moment, not necessarily on the spur of the moment, either. we will take you there in a moment. we also have jimmy lai on the program, hong kong publisher. he's on the side of the pro-democracy protesters. that's coming up. he, i should say, is coming up after this. ♪ wanna take your xfi to the next level?
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stuart: everything's ready on the lawn at the white house. you see an rv there. american-made products on display. the president will join and do a tour momentarily. we'll show you that when it happens. right now, look who's with me. special guest jimmy lai, the founder of hong kong's next media. he's on the show with us this morning. sir, welcome to the program. >> thank you for having me. stuart: you met with john bolton. >> right. stuart: you met with the vice president and the secretary of state. >> right. stuart: you are asking them to support the protesters in hong kong. >> right. stuart: correct? >> right. morally, at least. stuart: morally, okay. so the protesters don't want beijing to take over hong kong entirely. >> yes. because you will undermine rule of law. if you undermine rule of law,
you undermine financial center status, undermine the way of life that we know, the value that we treasure and all that. it's the last straw. stuart: you were promised when the british left in 1997, you were promised 50 years, hong kong would have a separate independent judiciary. >> right. stuart: you think beijing is trying to take that off you? >> well, i think with this, yes, they are trying to take it away from us. definitely. that's why the young people are especially, you know, very adamant and very strongly against this, because they are not able to migrate. the only alternative for them is to fight. that's why they are very strongly fighting for it. stuart: so the immediate demand is this extradition law, you don't want it, but who's to stop the mainland chinese of further suppressing hong kong in different ways? >> exactly. that's why people now, they
don't ask just for the withdrawal of the law and amendment. what they're asking for is to retable the political reform bill, which you know, they withdrew some time ago because without it, you reverse suffrage. we will always face a constant threat to our freedom, to our lives. stuart: are the people of hong kong united? >> very much so. stuart: because this is a very power fl opponeful opponent her you are going up against. >> yes, because of this extradition law, the crisis felt by people that has united the older generation like us and the young people. we did not share the same purpose because the young people complained that hey, you have done so much, so many years, what have we got, we haven't got anything. so the young people said well, let us try the new way, see what
works. that's why the young people has come to the front and picked up the torch. now we are supporting them and they are taking the leadership of this resistance. that's going to be a long fight. stuart: are you personally worried, because as i understand it, other publishers have been seized on the streets of hong kong -- >> yes. stuart: -- and taken to beijing for trial. you must worry for your own personal safety. >> no. because they are very skillful in inducing fear to subdue people. if i think about it, i won't have the moral courage to go on to fight, you know. the fight is for the freedom of hong kong people. it's more than a personal security issue. if we think about it as a personal security issue, we won't be able to fight. for me, i will stay until the last day just because as the
owner of a position, media, one of the leaders of the whole movement for a long time, i have to stay. i can't jump boat. stuart: you are a brave man and we thank you very much for being on our program today. >> thank you very much. stuart: jimmy lai, brave and honest man. good to have you on the show. >> thank you very much. stuart: thank you very much. still waiting for the president to appear on the lawn of the white house to inspect the american made products. we say this every time. when he appears, you will see him and you will hear him. we'll be back. ♪ -driverless cars... -all ground personnel... ...or trips to mars. $4.95. delivery drones or the latest phones. $4.95. no matter what you trade, at fidelity it's just $4.95 per online u.s. equity trade.
the white house because it was made in america. that is something that the president will tour momentarily. i'm interested in two stories that took place today. first off, ash. ash ash yes? stuart: peter thiel a leading conservative in silicon valley and describe google and their management as treasonous. ashley: he says treason news. they believe the company has been infiltrated by chinese intelligence. the fact google has done nothing about it in his opinion means they're abetting this situation and acting with treason. >> they were developing a search engine in china which helps the chinese government. stuart: the word treason is a strong word. i want to get this in. the other big story is christmas in july. >> that's right. amazon, the big prime day starting out, prime days plural, right? 48 hours. so if you believe ebay a competitor it's a bunch of stuff
you don't really need be pushed at you. if you believe amazon you can get a good deal on echo and other products. amazon wants you to be addicted to the ecosystem the same way you are with apple. stuart: they revolutionized the industry. blake burman in for neil. blake: i'm blake burman in for neil. this is cavuto "coast to coast." we expect him any moment. we'll bring it to you as this happens. the dow and s&p hit all-time highs for a second straight session but boeing did drag on the dow after "the wall street journal" reports that 737 max 8 groundings could extend for the rest of the yearll