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tv   After the Bell  FOX Business  July 15, 2019 4:00pm-5:00pm EDT

4:00 pm [closing bell rings] two new indices, two never-before-seen record closes, that nasdaq and the dow industrials. that will do it for "the claman countdown." ashley: liz, thank you very much. closing new record highs. the dow closing up 26 points. fighting for gains into the lows. but any gain is a new record. not bad. the s&p 500 not quite joining the party. nasdaq just went positive. i will take credit for that. i'm ashley webster in for connell mcshane. melissa: we'll give you credit for record. we won't tell connell, what do you think? ashley: don't tell him anything? melissa: here is what is new at
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this hour. amazon workers on strike. it is prime day but that is not stopping employees at one shipping facility in minnesota, from walking off the job about one hour ago, calling for better working conditions. more job security, higher wages. we are live on the scene with the breaking headlines. a new warning after a massive blackout crippleed heart of new york city. what officials are saying today. how the mayor of the city, who wants to be president by the way is defending himself for being thousands of miles away. the first hurricane of the season to hit the u.s. is making its way north where we are he can track barry's past. residents begin cleanup efforts. ashley: so much to go at. fox business team coverage. jackie deangelis at the new york stock exchange. edward lawrence as always live
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at white house. susan li at a amazon fulfillment center warehouse in shakopee, minnesota. we begin with you, jackie. reporter: even though these were small positive gains on nasdaq and dow, hitting records psychologically so important to investors. it is interesting, on a day where you had a couple of laggards and reasons to worry about this market. we started out of session overnight, getting the news out of china it had the lowest quarterly growth in 27 years. when china's growth slows. tough worry about global growth. that impacts the companies here. citi this morning reported earnings. a beat on the top and bottom line. the stock was trading lower because the inverted yield curve is a problem for banks in terms of their profitability. net interest margin for citi was unexpectedly dipped to a five-quarter low. analysts were focusing on that. boeing lower on the session.
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united airlines saying it was going to extend the grounding of the max jet. american saying the same thing to november. so consumers can plan better. insiders were telling "the wall street journal" this plane could be grounded until the end of the year. when it comes to boeing that plane is so important. it's a third of its operating profit. what is interesting, sort of a tale of two markets. there is optimism, individually, some of the news wasn't so great, guys. ashley: jackie, thank you very much. let's bring in at that's market panel. gary b. smith, kadena group president. could be kadena. thank you both for being here. gary, let me begin with you. we continue to climb. it's a wall of worry, we worry about trade with china. the global economy slowing down. maybe profits won't be great in the second quarter. what we do, continue to move higher. what changes that? >> you mean, i think we're kind
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of running on fumes, ashley. maybe i've been pessimistic for a little too long. surely when i give in, start buying with both handses then the market will top. the fed will reduce cutting once, maybe twice. if there is any hint there we could drop down. earnings will not be terrific. maybe that comes to go fruition. ashley: if things turn around, good news is bad news, in other words we have good economic news, things pick up we'll not get rate cuts we expected. is the market too complacent with the fed? >> ashley, absolutely. last friday we saw that manifest
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with non-farm payrolls to the upside. labor report was strong. what happened? s&p fell. good news is now bad news. the markets are in a complete sugar rush. the fed funds futures markets is discounting way too many cuts, that is over the course next six months. that is fed funds futures. that is 50% of probability between three and five basis point cuts. this is an economy growing strong with equity markets at record highs. inflation is low but there is no reason on earth for the fed to cut up to five times. melissa: no. >> i think market will be vastly disappointed with the amount of fed cuts the fed will realize. ashley: i think you're right. melissa: okay, go ahead. pull up there for me. walking out on prime day. susan li is on location at an amazon fulfill plane center where workers are on strike.
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tell me about that. reporter: we're here in shakopee, 25 minutes from minneapolis at an amazon fulfillment center. two days of prime day kicked off. also an opportune time for these workers to get they're message heard. what message they want to send to amazon is about the worker environments, the productivity quotas in particular where one worker we spoke to said she needs to fill 600 boxes in 60 minutes, which she contends is hard on her body physically and stressful as well. another point they are contending with amazon, they want more full-time positions. recently they say amazon has been hiring more temporary staff. they want full-time jobs that have benefits. they are not protesting the fact it is about pay because amazon as you know moved up the minimum wage to $15 an hour. they told us here at this facility the average pays 16 to dollars with benefits. we caught up with the senior
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spokesperson for amazon operations, we asked what about these workers, going on strike, walkouts on six hours on probably one of the most busiest days for amazon? will there be retaliation from the company? >> we have zero tolerance policy when it comes to retaliation. no employee will feel that. we respect their rights to do so. we encourage them to come inside and have conversations with us on areas that they compete for improvement but the fact they know we already provide great working conditions. it is, this is all being conjured by outside organizations who have a business cause to defame amazon. reporter: amazon did invite us in. we got the first look inside the shakopee full tillment center on two busy days of prime sales. we can't speak to spokespeople according to organizers.
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we'll get more access to them in a bet. hear what their concerns are. melissa: ashley and i were sitting watching, they had the same question, there doesn't look like a ton of people behind you. how many protesters are there? reporter: from what we see right now, 100 were expected. 1500 are employed at this fulfillment center. 100, 1500. looks likes there is around 40 to 45. speaking to some of those in this picket line, actually a lot of them don't actually work at this amazon fulfillment center. we'll get more answers in just a bit. melissa: that kind of defeats the purpose. thank you. gary, katherine are back with us. gary, they don't actually work at that facility the people out there picketing in my other question was, you know, that one guy was holding a sign that said we're humans not robots. we were both thinking you could be replaced by a robot really soon, right? >> exactly. you know, it is difficult to know, i don't, i didn't know if
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susan mentioned it, i didn't know if this particular facility was unionized. sometimes that is behind it. whether it is or isn't, i say, good for the workers. but good for amazon. look, if you don't want to work there, and you think conditions are bad, by all means raise your hand, talk to management. on the flipside, amazon is in the position there in minnesota, these are our conditions. we're doing everything legal. you don't have to work here. we can hire someone else. i love the interaction between labor and corporate in this case. melissa: no. i mean it is the american way. catherine, let me ask you, it is interesting to highlight this type of thing on a day when we're having amazon prime day. everybody is on their ordering tons of stuff. my mother-in-law, oh, you can get this for a trip on amazon prime day, everybody is talking about it. someone has to fill all those
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boxes or do they? can they use robots? >> i love jobs. i love jobs. bring all those jobs to south florida of the we have great tax incentives. a great quality of life. miami was one of the big con -- contenders hq2. we would love to have the productivity quotas. amazon, 16, to $20 an hour, closest competitors, walmart 14, target 13. so hey, good for them. strike all you like. amazon, i would say, diversify, come to south florida. we would love to have you. melissa: good for you. thanks, guys. ashley? ashley: made in america, that has been a theme at the white house today. let's go to edward lawrence with the details? >> the president highlighting fact that products are made in america. he is talking about the airstream trailer and the thaad missile system and motorcycles.
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the president held the their annual made in america showcase. he talked about questions about the twitter fight with four new members of congress. it started out over the weekend with the president saying this, on twitter, quote, so interesting to see democratic congresswoman who originally came from government countries where their governments are complete total catastrophes. adding why don't they fix the totally broken and crime-infested places they came and come back to show us how. of the four, three of them were actually born in the united states. only one representative was born in somalia. that is ilhan omar. the president defending his tweets and the democrats accusations that he is racist. >> if you're not happy here, then you can leave. as far as i'm concerned, if you hate our country, if you're not happy here, you can leave. that's what i say all the time. that's what i said in a tweet which i guess some people think
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is controversial. reporter: the white house also announcing new rules related to asylum. the asylum seeker must file for asylum in another country before coming to the united states and showing up at the u.s. border. mexico is exempt from this. also anyone who is a victim of human traffickng is also exempt. but applications starting on tuesday will no longer be taken by just showing up without documentation that triggers one of the exemptions. >> this is going to send a clear message though to people considering coming up illegally to this country to overwhelm our borders with the hope that they i will get by that first hurdle and then disappear into our interior. that isn't going to happen anymore. reporter: this new rule expected to be challenged in court. quick to note, treasury secretary steve mnuchin was here, talked about cryptocurrency, specifically facebook's libra. he has serious concerns about libra going forward. he says it needs at this moment,
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he is not believe it is ready to be released. he says there needs to be serious regulation on this before anything can happen. back to you, ashley. ashley: good stuff, edward lawrence at the white house, thank you. melissa: building on obamacare, former vice president joe biden unveiling a health care plan with a 750 billion-dollar price tag over the next decade. why critics warn the costly push could backfire in the 2020 race. ashley: plus allegations of treason. billionaire investor peter thiel is calling for a federal investigation into google. why president trump's top economic advisor is pushing back. melissa: conspiracy theorists preparing for a raid. the facebook event calling on alien hunters to invade area 51. how the u.s. air force is responding to the potential threat. that is coming up. i might join them. ashley: let's go. melissa: let's do it. ashley: road trip.
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that's xfi advantage. make your xfi even better. upgrade today. call, click or visit a store. ashley: well i guess you can call it obamacare plus. former vice president and presidential candidate joe biden unveiling his plan to protect and build on the affordable care act. hillary vaughn live on capitol hill with the expensive details. hillary? reporter: ashley, joe biden
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actually blasting his fellow democratic candidates that want to completely ditch obamacare in favor for "medicare for all." >> i knew the republicans would do everything in their power to repeal obamacare. they still are. i'm surprised some democrats are running to get rid of it. reporter: like "medicare for all" with public auction, caps for middle class family was 8.5% of their household income to pay for their public option. the plan has cost controls for new specialty drugs, allowing hhs to essentially decide what is reasonable price for consumers t would let patients buy prescription drugs from out of the country as long as the drugs are considered safe. as biden hones in and attacks fellow democrats like bernie sanders who have advocated "medicare for all," bernie sanders is is hitting biden back, he knows where he stands on health care. he stands with a
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"medicare for all" type option. bernie tweeted video with president obama calling "medicare for all" a quote, good new idea. he tweeted with this i passed all over the country to fight for the repeal of obamacare but i will not be determined from ending corporate greed that creates dysfunction in our health care system. we must pass "medicare for all." biden's campaign estimates his option, his add-on to obamacare would actually cost $750 billion over 10 years. but that is a lot more affordable than some estimates for "medicare for all." ashley? ashley: affordable, that says it all, 750 billion. hillary, thank you very much. melissa: here to react, holly turner and kristie setzer. thanks to both of you joining us. holly, let me start with you, kind of a middle of the road position, when you look at details as far as the democrats are concerned, saying undocumented immigrants would be
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allowed to purchase coverage in the aca marketplace although they wouldn't be eligible for any federal subsidies. how does that play? >> this middle of the road option is not something a lot of americans are going to like and support when they see the price tag on it. look, i think when we have these other stories about homelessness and medical needs going unmet across the country adding things in like allowing undocumented immigrants to participate even without the federal funding, it is still going to cost americans. it is going to increase wait times, things like that. i don't see americans really jumping on to this. melissa: christie, on the other hand he says to double investment in community health care centers. that is something that might address some of the problems that holly just talked about, more of the sort of urgent care for communities that is subsidized by the government, that takes some pressure off of emergency rooms? >> yeah, sure.
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i think that is a good idea. the biggest criticism biden faced about his plan though it is not just middle of the road but ultimately at the end of the day tinkering around the edges. the system we're in now he is rightfully proud of, the affordable care act given 20 million new people health insurance, there is millions of people who don't still. and the truth is that, if you're looking at a high deductible of several thousand dollars, effect testifily you don't have insurance for many people who can't afford it. melissa: you bought insurance but you don't have health care. >> exactly right. so what i think a lot of other people in the field are saying, whether or not you will embrace "medicare for all," but you want to leave your options open so there is more you can do than just taking the system that we is right now than tinkering the edges of it. melissa: i want to get your opinion. widest margin between the president and former vice president joe biden.
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biden hold as nine-point lead, according to a new "wall street journal" poll. christie, do you think, do you think this is accurate? do you feel comfortable with this? >> i do. there were polls in october of 2016 showing hillary clinton had a 10, 15 point lead over donald trump. not to say that it can't close. i think it probably will. but i also think that it is really ominous for donald trump, the people who are best known in the democratic field are the ones who have the lead against him. probably anybody who has a, national name recognition and really gets to a certain level in the democratic field would be not just competitive against him but probably doing better than him. that is a number he needs to look at. not just biden or just kamala harris or just. pete, it is many of them. melissa: before we run out of time, holly, would you like democrats to rest on the confidence they have there? >> absolutely. we cannot, we can't believe these polls. if you really dig into them,
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they're over sampling on the east and west coast. it is not a true sampling of the electorate. i think a lot of republicans shrug it off, just another misaligned poll with what the american people really want but i really think there is a bit of maliciousness behind these polls. what it is doing, trying to show the rest much the voters they are losing members, that they're losing supporters. that they are a shrinking part of the electorate. that is really, it's a tactic by democrats to try to solidify their base. to try to raise money. >> or it is true. melissa: we'll see. we'll see. >> if you believe that, i'm happy for you. ashley: there are a lot of polls that said brexit could never pass. guess what? it did. city in the dark. a leader off the grid. new york city mayor bill de blasio feeling the heat being on the campaign trail during a major power outage in his city. how de blasio is responding to his critics.
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cleanup efforts underway in louisiana after tropical storm barry hit the state. not as bad as we thought. officials warn the storm's wrath, far from over. we're on the ground in new orleans next. ♪ award winning interface. award winning design. award winning engine. the volvo xc90. the most awarded luxury suv of the century.
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ashley: shelter from the storm. louisiana recovering from hurricane barry, now a tropical depression but the storm still hitting the region with heavy rain as it moves north. more than 40,000 homes an businesses still without power. 73% of oil production in the gulf of mexico has been temporarily capped. let's go straight to jeff flock who has been in new orleans with the very latest. jeff? reporter: that's the good news, ashley. it is temporarily put off that means no big jump in oil prices or oil prices or gasoline prices. i come to you from the banks of the london avenue canal. this is some of 350 miles of floodwall here in new orleans that has, you know, been
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recently updated, did pretty well for this. not so much to the north. if you look north, that is where you see flooding in places like arizona, arkansas, another a state as well as kentucky, tennessee, missouri. that is the where the rain is falling, flash floods are threatened n and around new orleans, things went reasonably well. we have pictures at plaquemines parish, that was a rare occurrence. this floodwall has been updated recently by the army corps of engineers as a result of the katrina flood has really done the job. water down here anyway. i leave you here with this, ashley. look where the water is in the canal, look at these homes over here, you wonder why new orleans is in such jeopardy. they're all so far below sea level.
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this level, not flooding, if you get a breach in the levees, you flood those homes, the whole neighborhood goes down. that is what happened in katrina, what they're hoping to avoid. $15 billion spent by the federal government to make new orleans safe. so far it is. but then again it is july. hurricane season has barely begun. ashley: if anyone would know that is jeff flock, who is our hurricane expert. thank you so much. we definitely dodged a bullet. melissa: yeah. tragedy in the dominican republic. the state department confirming the death of tracy jerome jester from georgia, marking 14 now mysterious deaths of americans in the tourist destination just this year. jester died in march of apparent respiratory issues. now following the widespread coverage his family wants to find out the truth. ashley: all right. let's move on. big tech on capitol hill this week. google, apple, facebook, amazon,
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set to face off with law makers this week. we'll let you know what is going on. what those questions will involve. melissa: more than one million people are signed up to storm area 51 nevada as ufo enthuses seeking classified information. joke or not, officials are taking this seriously. amazon is the not the only company offering deals. domino's half prize deals. the pizza chain is joining a growing list of companies offering discounts on prime day. jump on the bandwagon. ♪ key portfolio events. all in one place. because when it's decision time... you need decision tech. only from fidelity. while managing your type 2 diabetes- why think about your heart? lower a1c helps, but type 2 diabetes still increases my risk of a fatal cardiovascular event.
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ashley: taking a shot at google. peter thiel, one of silicon valley's most influential investors is urging the fbi and the cia to investigate the tech giant for what he says working with china, saying, quote, it is because they consider themselves to be so thoroughly infiltrated that they have engaged in the seemingly treasonous decision to work with the chinese military and not with the u.s. military. but white house economic advisor larry kudlow is pushing back. he had this to say on fox business earlier today. take a listen. >> my sense is they are very supportive, 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,
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treason. ashley: interesting stuff. let's, joining us now david mccabe, "axios" technology reporter. david, i mean you start using words like treasonous, that is pretty, pretty heavy stuff. what have you heard about this attack by peter thiel? what do you think about what he is saying? is google infiltrated? >> so, let's start, let's start with that second question. ashley: yeah. >> there is no evidence, he hasn't presented evidence, no one else presented evidence that either google in the senior ranks or elsewhere has been infiltrated by foreign intelligence. i was in the room when he made these comments at a conference in d.c. he framed it as three questions. as the a.i. project infiltrated? is senior management infiltrated by chinese military and has that led them to commit, quote seemingly treasonous acts. he didn't even present any
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evidence, not even for implicit question asking accusations. ashley: is he trying to make the point. they obviously don't want to work with the u.s. military. ethically the workers don't like it. appears they're working with the chinese. is he just trying to make that point? >> you know, i can't speak to what is in his head, in terms of intent but the fact remains that he made, he is a director for a google competitor, facebook. last night, he is a supporter of the president. he is close to people in the white house. last night he alleged this company, this american company is infiltrated by foreign intelligence or might be, might be. he asked the question. he did so absence of presenting any evidence. ashley: we'll leave it there. big tech executives under the spotlight this week on capitol hill. lawmakers will hold their first hearings on facebook's libra currency, cryptocurrency. four big tech companies will go before a house antitrust panel. david, begin with facebook's
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plans for libra. we'll not launch this until we have the regulatory approval. how quickly can facebook get this thing up and running? >> i think that is a question still sort of being determined. they said they will wait from soft announcement. i think it was a year. i think part of that is to allow them time to work with regulators. they have an immense amount of regulatory pushback on this we'll see how that affects their timing. ashley: exactly. i want to get to the bigger picture, antitrust, we hear it all the time against the big tech companies. is there grounds for antitrust, do you think? >> you know, that is the question going on at the department of justice, the federal trade commission. tomorrow on capitol hill, when the house judiciary subcommittee questions witnesses from apple, google, amazon, facebook, about this issue. i think that hearing tomorrow is one to watch versus appetite for actual action versus just talk. ashley: that will be fascinating. we are already out of time.
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thanks for joining us today. >> thanks for having me. melissa: taking it to the next level. harley-davidson unveiling the electric version of the iconic motorcycle, livewire. the price tag a ghoul $30,000. -- cool $30,000. we have gary gastelu, automotive editor. what do you think of this machine? people that drive a harley, as ashley says they want the vroom, they don't want electric. >> none of that. this thing make as whirring noise. it is pretty cool but nothing like the loud pipes the regular harley has. it looks and ride nothing like one. it is much more of a sports bike. if you don't know didn't say harley-davidson, you wouldn't know it was one. it is zero to 60 in three seconds. melissa: you rode it? did you say this from experience? >> i had it out at the track at formula-e race in brooklyn the
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other day. not the kind of place you would normally testing the harley-davidson. they were pretty brave to bring us there. it was a fantastic experience. it feels like a quality motorcycle. doesn't feel like a science experiment like their first try building a bike. they have been working on it for five years now. whether anybody will buy them, we'll see. the electric motorcycle market much smaller than the electric car market right now. a couple thousand sold each year. harley is not predicting what they will sell. they say there are more models coming, cheaper models. this is the halo, the show piece for those other bikes on the way. melissa: in your mind, does it make sense for them to get into this arena early, because we're heading in that direction or is this just not a place where folks will go electric? what's your feel? >> when you look at the scooter area, i don't mean the little birds and those things a the regular scooter business, there is a lot of action in the electric scooter business. they are coming into
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motorcycles. there is brand zero motorcycles come pretty well. the other major brands show concepts. they have not got into it yet. if harley can stake a claim, convince this is brand for young people, interested this sort of thing, this is the way the company sees itself. it needs to save itself, sales are going down. they are not terrible yet. if they could transition to this, beat everybody by a couple years which they have now done, that could be big for them. >> gary, you're a genius getting into the field you did. everyone is jealous of you. very smart. he is test driving motorcycles. ashley: that is something. melissa: that's work. ashley: i know. he gets paid for it. which we cannot believe it. melissa: very smart. very smart. ashley: time to resign apparently. the "new york post" attacking mayor bill de blasio following his absences let's put it that way from the city during a massive power outage that hitman hat tan. melissa: making history in hollywood, a new report revealing a black british
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actress, la shanna lynch plays 007 in the new james bond movie. she is taking over bond's secret agent number, after he leaves mi6. that is pretty cool. ashley: i wonder how she likes the martini? shaken and stirred. indy film sharing a box office record held by "the avengers" endgame. this is pretty impressive. don't feel too bad for tony stark and company. endgame is highest grossing film of all time, behind guess what, "star wars," "the force awakens" on all 2019 models. experience amazing at your lexus dealer.
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melissa: breaking news right now, court court, three other democratic congresswoman will hold a news conference on capitol hill. this will start shortly. the foursome minority lawmakers will respond after president trump doubled down on controversial tweets saying if you're not happy here in the u.s. you can leave. fox business will bring the comments live as soon as they happen. ashley: all right, melissa. look at this video. six raptors rescued in
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pennsylvania. the rafters missed a warning sign, saying danger beyond this point. they went straight past the sign. they are okay. melissa: can you stop when you see the sign? ashley: that is good question, apparently not. melissa: the lights went out on broadway, pretty much everywhere else. the mayor of new york city is in iowa running for president. bill de blasio facing criticism for being out-of-pocket for an hour's long blackout in new york. the post calling on new york governor andrew cuomo to remove de blasio as the mayor defends his actions. listen to this. >> as someone who travels, and i traveled before this campaign, you have to be in charge where you are simple as that, with email, cell phones, i'm in regular touch with my folks confirming the situation is being handledded properly. i think all the folks did a
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great job. melissa: he is emailing but there is no power. i don't know if anyone is getting those emails. bill mcgurn, columnist from "the wall street journal." fox news contributor. point this emblematic the way this man has operated in new york city. we have homelessness at highest level. we have all kinds of graphics. homelessness is up 18% since he is in office. commutes in office on public transit, 92% of the time they are late. according to riders alliance. this is, he is has not been a great mayor. >> right. he is awful mayor. thank god for "the new york post." one paper that really reports on new york city in all its dimensions, especially the quality of life. if you read that editorial, it's a litany of failure from the failure of his program to help rotten public schools, to the housing to the homeless problem. it is all, amazing that if you say the word progressive,
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somehow everyone overlooks your failures. melissa: and there are things even more serious. he gave the article want on to outline a whole bunch of things as you said. he gave his wife $850 million for her thrive new york city program. when he was asked how that when, you know, they weren't able to produce any measureable results. >> that is story. melissa: with all that money. >> that is basically the story of his, you know, his time in office. very few results. lots of money. lots of strengthening. the sort of orthodox democratic senators like unions. you forgot the other one, he has groundhog blood. melissa: yeah. oh, that is so true. he, groundhog day he dropped the groundhog. the groundhog died later. peta is no big fan as well. taking it out broader issue, people that don't live in new york, not suffering as we
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are right now, this is the trend, you get progressive city leaders, spend a whole bunch of money, you watch the quality of life deteriorate. look at los angeles, what is going on with the homeless problem there you look at san francisco. at what point is there a tipping point? and people sort of wake up and vote for someone else? it does happen. i mean it did bring rudy giuliani in. there is the great swinging back and forth. i see empty storefronts, see crime on subways and stuff, do we really have to hit rock bottom? >> i think that's a good question because new york has been an exception. some cities once in a while will elect a republican when things have all gone to hell, they're trying to president it back. the post-is arguing that governor cuomo use his authority on state constitution to get bill de blasio out. i'm not for that part. amazing with all the failure the republican party is so anemic in
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new york. as you mentioned, not just new york. i don't think the gop should surrender the cities anymore. we have real answers. one thing donald trump could do, he did it during the 2016 campaign, went into some inner-city areas. just ask people, not necessarily a federal program, are you happy with the way your city is run? are you happy with the crime? are you happy with the lousy housing? are you happy with the rotten schools not teaching your kids? it is time for the republicans to gauge, this should be fertile ground for reformed republican movement. melissa: not just republican mayors. bloomberg came in -- >> give bloomberg credit, i don't agree with him on guns and so forth, he made the city safer, tried to reform the schools. i wish we would have more of that. look, again this is a democracy problem. the people are voting for the mayor. was it menken, democracy is the
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believe at that common man knows what he wants, should get it good and hard. that is what is happening in new york. the party should mobilize ordinary people, you're being ripped off. melissa: it is that simple. bill mcgurn. thank you for your time. ashley: that's it. >> you're being ripped off. you want to walk down the street. you're being ripped off. ashley: says it all, melissa. really does. now this story. your retirement funds might be at risk, a recently passed house bill could reduce the value of every retirement savings plan. our next guest sounds the alarm. we'll explain, we'll be right back. (father) kids... ...change of plans! ...
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>> your retirement at risk a new wall street journal op-ed warning congress is coming for your ira and joining us now is the man whose sounding that alarm, he is a conservative wealth management managing director. thank you for joining us, phil. i read the first-line in your piece in the wall street journal , like grave robbers opening king tut's tomb,
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congress can't wait to get its hands-on america's retirement account assets. i can really picture them doing that. explain to us what is going to happen and why we should be so concerned? >> well, the secure act, as it's called is provisions but buried in there is the idea that we're going to do away with a fixture of else indicate planning and retirement planning for the last 20 years and this has been called the stretch ira, and what that means in the past if you died and there was money in your ira your children could deplete the money and they could then stretch out those payments over the rest of their lives, but congress has, i think, tried to do away with it. they want to compress all of those future payments into a 10 year window and what that does is it means they're going to be
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forced out in big chunks, and is under our progressive tax system and is going to be taxed much more highly and so basically it's a tax grab for congress, or for the government, less money for our families. that's what i'm trying to sound the alarm about. ashley: got it and that is a loud alarm. it went through the house very easily. could this thing become law? >> supposedly, it's slated to go through the senate with a unanimous approval and this raises my eyebrows, because where is the debate? this is a huge change and an issue of tremendous public importance. why aren't people up in arms about this? where especially are the republican senators you'd be expecting to say let's put on the brakes and let's talk about this. i don't know if they've been out foxed or if they're complicit in this. either way it's not good. ashley: well phil you're doing your best you're in the wall street journal you're with us
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today keep fighting the good fight and we appreciate your time i'm sorry it's so short but thanks for joining us. melissa: a human invasion heading to nevada more than 1 million people joining a facebook event calling on ufo enthusiasts to "storm area 51" the military base that captured generations of alien hunters who is convinced the areas whole technology from extra terestrial. officials out with the warning on the potential raid saying u.s. air force always stands ready to protect america and its assets. the proposed event is scheduled for september 20 so it's like 1 million people and they say we'll storm in i guess over the fence. ashley: oh, boy what could go wrong. >> they say they can't stop large groups and that's exactly what the military does. >> of course it does. this could be easy to see whether the threat to this actually becomes reality. melissa: should we go? ashley: i think we should
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definitely go. i want to have a camera there and who knows what goes on in area 51. melissa: it could be nothing. ashley: maybe but we don't know unless we get in there. that does it for us. melissa: bulls & bears starts right now. >> breaking news right now freshman democrats illham omar, alexandria ocasio-cortez will be holding a press conference at any moment, that's what you're seeing on your screen right now, to respond to president trump's tweets over the weekend, telling these progressive democrats to go back to their country of origin. the tweet storm igniting a firestorm, president trump saying he meant if you're not happy here in the united states you can leave. we'll see how that go over when you take you back to capitol hill when this press conference begins. and as we await these congresswoman, take a look at this. more history on wall street. you've got the dow, s&p 500 and nasdac finishing


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