Transcripts For FBC Varney Company 20240714

Aoc and Rashida Tlaib will be questioning the fed chair, Jerome Powell. Income inequality, Climate Change, oh, the evils of capitalism. Stay tuned. All right. Now look at the markets. We have seen a copy of mr. Powells opening remarks. He will say the economy performed reasonably well in the first half of the year. He did also say uncertainties in outlook have increased in recent months. To me, thats the money statement. That seems to be whats moving the market and look at this. The market is moving up. We opened this morning we didnt open yet, but first thing this morning we were down a few points. Now were going to be up about 100 at the opening bell. Look at that nasdaq, up probably three quarters of one percent. Markets going up this morning. Big show for you. Britains ambassador to america, out. And the womens soccer team takes its ticker tape parade. Varney company is about to begin. Stuart im going to call this disturbing video an engine on fire in a delta jet. Now, that was shot by a passenger looking out the window. Tell me about what happened. Susan how would you feel if you were one of the 148 passengers on board this delta flight 1425 from atlanta to baltimore, looking out your window, then all of a sudden you might see flames shooting out of the engine on this 32yearold md88. Yeah. Stuart Mcdonnell Douglas . Susan thats right. They are still flying those, which is surprising. Yeah. Basically, they diverted Emergency Landing at raleighdurham and all passengers got a 30 voucher. Stuart 30. Susan thats right. Stuart voucher. All right. Got it. All right. Weve got to take you to the canyons of wall street because the ticker tape parade for the womens world cup, the champions, is going to take place in new york city. It starts pretty soon. Team captain Megan Rapinoe told cnn last night she would not be going to the white house if invited but would love to meet aoc and Speaker Pelosi. More on that coming up for you. All right. Lets get to the far left, what theyre up to. Aoc and Bernie Sanders, they Want Congress to declare a National Emergency on Climate Change. Also, aoc says a 15 minimum wage is not enough in new york city, and here she is going after the department of Homeland Security. Roll that tape. I. C. E. Is not under doj. Its under the department of Homeland Security. And so we have now would you get rid of Homeland Security, too . I think so. I think we need to undo a lot of the egregious a lot of the egregious mistakes that the Bush Administration did. Stuart wow. How far left can you go without dropping off that cliff. Joining us, fox news columnist liz peek. Could i be forgiven for saying aoc is the de facto speaker of the house . Nancy pelosi would take some issue with that, as she has taken issue with aoc recently. But look, on the department of Homeland Security, its the ignorance of that statement that is so galling to me. That includes dhs, it includes fema, it includes the secret service, it includes tsa. Does she just want to blow up every aspect of those departments that basically protect our country . It is an appallingly stupid proposal and remember, dhs was created after 9 11 because we had all these different agencies that werent coordinating and that basically sort of missed the opportunity to prevent 9 11 from taking place. So thats why we have dhs. To call for blowing it up is just sort of another random, rash proposal coming out of aoc who is just a headline producer, constantly looking for attention. Stuart shes moving the whole party to the left. And people are really scared of her but there are forces, nancy pelosi has kind of pushed back on Climate Change. Remember, tom perez, the dnc chair, refused to have a debate at one of their president ial candidate debates on Climate Change because he knew this was an issue that the American Public was divided on. Yes, everyone says they are concerned about Climate Change, but these policies that she has proposed in the Green New Deal and that this resolution might open the door for are basically an attack on poor people. Thats what people really have to understand. If you start pushing Energy Prices or electricity Prices Higher in this country, doesnt hurt us. Not a big portion of our budget goes for paying for heat and electricity. It really hurts poor people, driving up the minimum wage above 15 as she wants to do, we know it costs jobs. Who does that hurt . It hurts poor people. Open borders. Drives wages down. Who does that hurt . Poor people. Stuart can you make sense of this for me . Aoc is being sued because she blocked users on twitter based on their personal viewpoints. First of all, tell me what thats about. Susan remember we talked about this yesterday when the second court of appeals, second circuit, basically reaffirmed a Lower Court Ruling that President Trump cannot block critics on twitter. Well, thats going on to other public figures as well. So the court, because they say this goes against the First Amendment rights of free speech and critics of people, especially public figures, and government figures, that make policy and they use twitter accounts to make those statements. So now aoc, one person has also launched a lawsuit against aoc saying you cant block me. For instance, shes blocked the daily caller, students for trump, she has a lot of followers, very influential. Now theres a lawsuit against aoc saying you cant block me if President Trump cant block his critics. She has a mob. Lets just be clear. If you basically confront aoc on twitter, you are assailed in the most horrible way. And yet she does not take criticism easily. That we have seen. Stuart thank you, susan. I understand that. Thank you. Lets get to the fed chair, Jerome Powell. Hes going to be testifying on the hill today. Hes in front of the House Financial Services committee. Market watcher joel shulman with us now. We know what his Opening Statement is. We have reported on it. To me, the money sentence is he said uncertainties in outlook have increased in recent months. That seems to imply were worried, so maybe the market will see a quarter point rate cut. Right. He said that. He also had a comment at the very end, so i agree with your point there. He also had a comment at the end, he said there are a couple members of the committee who are accommodating or maybe more accommodating to evaluating policy. That additional statement seems to be what moved the market this morning at 8 30 from being down to positive. A few factors going in. Lets hope the rate cut does come in because the markets already priced in 100 likelihood of the rate cut so if it doesnt, we will see a Strong Negative reaction. But i believe theres now hope that maybe the rate cut will exceed 25 basis points. Stuart a guy like you, i know how you invest and what you invest in, i dont think you really care that much about the Federal Reserve. You care about investing in good companies. Thats right. Publicly traded entrepreneurial companies. I dont think the 25 basis point rate cut if it does occur and should occur, is going to make a big difference with many of these companies. We are talking about Interest Rates already very low. They are looking at housing as a concern, they are looking at manufacturing sectors as a concern. Most of our companies tend to be in i. T. , Consumer Discretionary and Communications Services and health care. I dont think those sectors are going to be significantly affected by 25 basis point change one way or the other. Stuart okay. You dont really care, do you . I know you dont. Thank you very much indeed. We better check futures. Looks good, actually. Look at this. We are up, what, exactly 100 points on the dow industrials. Down a little yesterday, up 100 this morning. Im really looking at the nasdaq. Youre looking there at a 54point gain. Thats the best part of twothirds of 1 , a bit more than that. Solid gain for tech, looks like, this morning. How about netflix . Theyre losing one of their most popular shows. I know which it is and susan is going to tell the world. Susan yes, thats right. So friends, you watched it, right . Stuart every one of the episodes. Susan friends is going to at ts new streaming service, hbo max, which will be launching in the spring, hopefully in the next year or so. This is another case, netflix is losing friends second most watched on netflix in terms of sitcoms. Number one was the office which they keep until 2021, until it goes to Nbc Universal comcast, launching their own streaming service as well. Did you know netflix was paying 80 million a year to keep friends streaming . Stuart 80 million . Susan basically Nbc Universal warner media are taking back their properties. They might be losing some of the streaming revenues that they are getting from netflix but they are taking it back on to their own streaming Service Exclusively so you will sign on to many, many more in the future. Stuart friends is at least 20 years old, isnt it . Susan at least. I think it went off the air in the early 2000s. Stuart there are 236 episodes. Susan you are doing the math. Stuart okay. They are still getting 80 million a year just from netflix. Susan can you imagine the checks the actors are getting . The residuals they are pocketing . Stuart we are in the wrong business. Check futures one more time. We are still up nicely, thank you very much. Its wednesday morning, up 100 points for the dow. Big health care right near the happiest place in the world. Health officials in florida say if you are visiting epcot this summer, be on the lookout for rabid feral cats. Thats bad p. R. Aoc, Bernie Sanders trying to relaunch the Green New Deal with a resolution that would declare Climate Change a National Emergency. I want to know, if it was implemented, would it do anything to change the temperature of the planet by the end of the century . Because thats what they want. Not sure it will work. Some sad news to report. The actor rip torn has died. Hes best known for his roles in men in black movies and the Larry Sanders show. Rip torn was 88. Stuart britains ambassador to the United States has resigned. This follows what you might call a war of words with President Trump. Tell me all about it. Susan okay. Well, kim darroch, of course, the ambassador to the u. S. From the uk, after leaked cables that the daily mail somehow got ahold of, basically called the Trump Administration inept, clumsy, a lot more shall we say insulting words were used. The uk government says look, we expect our ambassadors to be frank and transparent, but when asked about this last night in a uk debate, the uk is looking for a new prime minister, jeremy hunt versus Boris Johnson, that will be decided at the end of this month, and in that debate, Boris Johnson who will likely be the next leader of the uk, was asked about this and heres his answer. He was dragged into a british political debate in which he sometimes is. I dont think thats necessarily the right thing for him to do, as jeremy has said, but was he wrong to make the comment . Our relationship with the u. S. Is a fantastic importance. Susan a special relationship as well. Lets see how special it gets when boris is supposedly in ten downing street. Stuart i think he is going to be the next prime minister. Susan i think the polls show that. Stuart i think hes going to try to be a close friend of President Trump and get a trade deal going. Hes treading very carefully around kim darroch. The far lefts Green New Deal didnt get any traction in congress. Aoc and Bernie Sanders have resubmitted it in the form of a National Emergency declaration on Climate Change. Daniel turner is with us. Hes with power the future, a nonprofit that focuses on energy. Daniel, look, forgive me, but im going to ask you an offthewall question. I hope youve got an answer for me. Lets suppose the Green New Deal were fully implemented, everything they want, they get. Would it really control the temperature of the planet by the end of the century . No, not only would it not control the temperature of the planet, it would have nothing to do with the temperature of the planet. What it would really do is destroy our national economy. You and your viewers know the Energy Industry undergirds our economic success right now and if we begin to destroy our electric grid and our energy production, we raise the cost of all goods and services. So it does nothing for the planet and it destroys the national economy. Stuart well, as an observer of the climate scene, thats what you are, do you think that theres any chance that any of this Green New Deal will, in fact, be implemented . No. I think this is important that all americans push back on this, as an agenda, because they use the Green New Deal as a means to implement just another form of socialism, and the name of combatting Climate Change, in the name of protecting the planet, this is an effort really to just take over one of the largest aspects of our industry of our economy, which is the Energy Industry. Stuart wouldnt it be better if we allowed the full Scale Production of natural gas, exported that natural gas, shipped it to all parts of america, and replace oil and coal with natural gas . Wouldnt that be the best shortterm answer to Carbon Emissions . There are tremendous opportunities through technology, through clean coal, through natural gas, et cetera. But look, heres the problem i have with this proposal by senator sanders and aoc. That at the same time that President Trump pulled us out of the paris climate accords, we have lowered our emission and increased the amount of oil and gas we produce and we put coal miners back to work. So if we are doing both of these things simultaneously, what is the National Emergency here in our country . And they dont have an answer to that question. Stuart okay. We got it. Loud and clear. Daniel turner, thanks very much for being with us. That was an offthewall question on my part but you answered it very well. Thats pretty good. If youre not careful, young man, youll be back. I hope so. Thank you. Stuart sure thing. See you soon. Look at futures. We are going to be up at the opening of the market about 100 points. I keep saying, watch that nasdaq. Home of the technology stocks. Its going up about three quarters of 1 . There is some backlash against home depot after its founder, one of its founders, Bernie Marcus, said hes a trump supporter. The left calling for a boycott. By the way, the president s weighing in on this, too. We will tell you what hes saying about it after this. Hey, who are you . Oh, hey jeff, im a car thief. What . im here to steal your car because, well, thats my job. What . What . . What . laughing what . . What . what . [crash] what . haha, it happens. And if youve got cutrate car insurance, paying for this could feel like getting robbed twice. So get allstate. And be better protected from mayhem. Like me. Wanna take your xfi now you can with xfi advantage. Giving you enhanced performance and protection. When devices are connected to your homes wifi, theyre protected. Helping keep outsiders from getting inside. And if someone tries, well let you know. So you can stream, surf and game all you want, with confidence you can get coverage where you need it most. Thats xfi advantage. Make your xfi even better. Upgrade today. Call, click or visit a store. I think he reacts to things as they happen and hes got common sense that tells him this is right and this is wrong, and he acts on it. By the way, thats why the American People voted for him. Theyre so tired of the slick politicians. They are slick but they dont do anything. Stuart careful, bernie. Home depot founder Bernie Marcus praising President Trump. Cant do that. Some antitrumpers are planning to boycott home depot because of bernies support for the president. Now, heres what President Trump tweeted. Here we go. A truly great patriotic and charitable man, Bernie Marcus, cofounder of home depot, who at the age of 90 has come under attack by the radical left democrats with one of their oftenused weapons. They dont want people to shop at those great stores because he contributed to your favorite president , me. These people are vicious and totally crazed but remember, there are far more great people, deplorables, in this country than bad. D do to them what they do for you. Fight for Bernie Marcus and home depot. Whats home depot saying . Susan home depot came out with a statement saying bernie retired from the home depot more than 15 years ago and isnt speaking on behalf of the company. In fact, as a standard practice, the company does not endorse president ial candidates. Bernie marcus for himself is a great philanthropist. He donated 2 billion to charity and hes committed to donating 95 of his wealth to good causes in the future. [ inaudible ], same thing. He paid for the entire tuition of the New York University medical school. Try matching that. Stuart mr. Marcus has not worked at home depot for 15 years. One more thing here. Ross perot, we reported his passing yesterday at the age of 89. Did he give to trump right before he passed . Susan according to the boston globe they reported he wrote two checks, maximum amounts to trumps reelection and that includes general election next year as well. Its very interesting that back in 2000, President Trump briefly considered running for president in perots reform party before scrapping that idea. They have a history together. Stuart ross perot gave him some money, according to reports. Got it. We are going to be up at the opening bell. Thats important. Its a wednesday morning. I will show you, we will be up about 110, 113 points. This follows the release of some comments by fed chair powell. He suggested uncertainties in outlook have increased in recent months. The market taking that as a sign we are going to get a rate cut. Look at that nasdaq, up 58 points. Well be right back. Stuart boeing is a dow component. There is news on boeing. Airbus, the european air maker, plane makers, are going to make more planes than boeing. Airbus is going to be the biggest plane maker in the world. Boeings stock not suffering, its up a buck, 350. Softer profits at levis. Costs related to the march ipo hurting the bottom line and its down 8 . How about that. Then we have france, the french. Theyve got a new green tax on plane flights. Wait a minute. You mean to tell me if i get on a flight at Charles Degaulle airport, fly out of france, i get taxed for leaving . Susan its not just there. There are two airports in paris. But yes, every flight leaving france will now be taxed, not a lot. Its a moving scale from 1. 70 to 20 a flight, according to the transport minister who wants to implement this starting next year. But you know, france is just the latest. We have sweden doing this as well, the uk has considered this. They want to find alternative ways to travel thats not so stuart how do you suggest i go from france to the United States without flying . Rail line that ive not yet heard about . Susan shorter flights somewhere else. Stuart i will do anything to escape a green tax. Three seconds, we open this market and you will like what you see because we are going up, ladies and gentlemen. Ignore that right now. Look at that. We are up 71 points, 72 points. 73. 26,856. 82 points higher. Onethird of 1 . I got that. Show me the s p, please. Where is that . Its got to be up. It is, a third of 1 . Heres what i want to see. The nasdaq composite. Home of the technology stocks. Show me yes, its up a half percentage point. That is an alltime high, sports fans. 8,183. Dont you love it. I bet microsoft is doing well. Check the tenyear treasury. The yield this morning, 2. 04 . No wonder hes in a good mood. The price of gold, where is that today . Its at 1411. Thats pretty good. The price of oil, close to 60 bucks now. I think everythings up this morning, isnt it . Treasury bond prices are up. Oils up. Golds up. Stocks, up. Joining us, shah gilani, jack hough, susan li. Start with fed chairman powell. Hes testifying on capitol hill. We know what hes going to say. Heres the key sentence. Uncertainties in outlook have increased. I think investors believe that means theres a cut, rate cut coming. Thats exactly what it means. I think he wanted to telegraph that. Dont forget, he said this in spite of also saying in the same prepared statement, im going to quote him directly, our baseline outlook is for Economic Growth to remain solid. So theyre going to cut, presumably cut, in the face of solid growth. The markets of course are going to love that. Susan yeah. Stuart you agree with this . I think we are getting a little obsessivecompulsive about the fed funds rate. 2. 25 is half its historic level. A quarter point cut, i mean, sure, typically thats good for the stock market but the past two big rate cutting cycles, over the past couple of decades, actually led to declines for stocks in the first year so its not a slamdunk that you get higher stocks. Susan rate cutting cycles usually start when the economy is going down and slowing down. Thats why you see stock markets deteriorate six months afterwards. But can i point out that now theres a 20 probability of a half point cut, 50 basis point cut. Zero this morning until you got the statement. Stuart thats what the market likes. Im going to go out on a limb and say they have to cut now. They have to cut in the july meeting because they set the market up for it. It would hit the market if they dont. Its a guarantee. They have to cut but make it look like theres no dire need for a cut. Theres no emergency. Stuart okay. Theyve got some cover for the cut. In other words. Have we all agreed on this . Lets move on. Netflix. They are losing the hit show friends. I dont know why this is such a big deal. Look, i know the comedy. I have seen it, i watched all 200 episodes. Why is this such a big deal if it leaves netflix . Susan i think its a big deal because first of all, this is a number two watched sitcom on netflix last year. Number one is the office. They are losing that in 2021. Stuart the stock is up. Susan how do you attract viewers to netflix . You have to cash burn and produce original content. Stuart theyre good at it. Susan but its cost a lot of money. Especially with a highly Indebted Company like netflix. Not good. Stuart quick word from shah . This is going to continue. All the streamers will pick off whatever they can from netflix. Everyone is trying to bring into their own gravitational pull the shows everybody wants to watch. Stuart you are buying it at 383 . No. Streaming is becoming very crowded. Content is becoming very expensive. On these two shows, anybody with the slightest interest in watching them will watch them before they go off netflix. Absolutely no one will watch either of these shows on the services they are headed to next. Stuart favorite episode . Susan i dont know about that. Stuart goes to a tanning salon. Remember that . Susan no. Do you remember the tanning salon . Which character was it . Ross . Do you know their names . Stuart ross. Is that right . Ross. Ross. Susan who is ross married to . This is fun. Rachel. I think they got married at the end. Stuart okay. Check the big board, please. Get me out of this. The dow is up 133 points. What more do you want, sports fans . Exactly a half percentage point on the upside. All right. Oil, close to 60 bucks a barrel. The price of gas actually moved up a bit overnight. The National Average is now 2. 75 per gallon. As i always say, in california, its 1 more expensive than it is in the rest of the country. The dow component boeing, airbus on track to surpass it as the worlds biggest plane maker. Both stocks up. Airbus up 2. 5 . Boeing up a couple bucks there at 355. Is this all about the max jet mess . It definitely is. Boeing will bounce back from this eventually but it will take longer than it has in the past, and the reason is because these days, you have so much information in your hands when youre booking a flight, suddenly 737 max as a brand name, no one ever knew the model plane they were flying on 20 years ago. Today, people know and its impairing boeings ability to sell more planes. Stuart amazon, well, story of the day. Here it is. Lady gaga launching a beauty brand on amazon. What does that mean . Are they getting close to the cosmetics business . Theyre in the cosmetics business. They want to grow it. Its a very lucrative business. Other Companies Whose businesses they are impacting are going to have to take another look at what theyre doing and how they sell. Amazon, when it steps into any space, look out. Stuart look at the stock. They want to make a big move here. This is just the beginning of what they will do. They want more exclusives like this. They want more private label merchandise. Then they want to convince regulators theyre not getting too big in either of those spaces. Stuart am i right in saying taylor swift is doing a concert for them . Susan yeah. They can pay a lot of celebrities. This is about driving traffic and preorders for prime day on the 15th and 16th. Dont forget, rihanna, successful beauty line. How could i forget . Stuart the s p, alltime high. Is that correct . Susan yes. Stuart 2,996, an alltime high for the s p. Just a few moments ago we had an alltime high for the nasdaq. We are doing okay this morning. Not bad at all. Susan risk on. Stuart what does that mean . Susan meaning you are taking on risk. Equities are risky. It doesnt go one way. Investors feel confident thanks to Jerome Powell they will be cutting Interest Rates. Thats the mantra. Risk on. Thank you, Federal Reserve. Stuart okay. All right. One of ubers top executives says uber will take years to make a profit. The stocks up a little bit but is that a problem . A huge problem. Stuart wasnt a problem for amazon. But amazon is a completely different model. Uber ride sharing sales growth was down 9 last quarter. Thats the slowest growth theyve had. Some of the other stuff was up, uber eats was up about 89 but the margins are much thinner there. Its a problem for the company. To me its a trading stock, not an investment stock. Stuart not an investment stock. Not for me. Stuart i shouldnt buy it . I wouldnt touch it. I know you like it. Its not my cup of tea. You nailed it when you said amazon. Amazon paved the way for companies to be able to have permission to do this in the beginning. But you need to keep that excitement coming. You need to keep investors convinced that your growth story is Strong Enough that those cash flows in the future are a slamdunk, dont worry about the lack of profits today. Can uber keep that excitement going for years and years and years like amazon. Stuart answer the question. Can uber keep that going for years and years and years . I dont really think so in this business. Amazon has shown an ability to go into so many different businesses. Amazon has amazon web services, too, which is the base behind all the services it provides. Uber has nothing like that. If my competition is coming up on ubers heels very fast and furiously. Stuart if i buy uber stock, you better turn bullish on me. I will be neutral. Stuart facebook releasing its annual report on work force diversity, says that it wants to double its number of women globally and black and hispanic employees in the United States. Are they detracting or distracting from their privacy concerns . I notice the stock is back to 200 a share. You looking for me to Say Something negative about facebook wanting to hire more stuart no, im not. Thats not a hand grenade im interested in jumping on this morning. I think its a great move on facebooks part. Stuart is this diversity move a distraction away from their privacy concerns . Does it matter . Obviously not, because the price of the stock is 200 bucks a share. Theyve got concerns, they are going to hear from, you know, from the left about privacy, they will hear from the right about restricting conservative thought. It has no natural political friends and its still doing fine on growth. Susan i will give you the diversity report. What facebook found is that its u. S. Work force was 46 white, 41 asian, 4. 9 hispanic and 3. 5 black and 3 reporting other, either biracial or two or more ethnicitieethnicities. They want to change that. Its not like theyre not divorce. They just want more hispanic workers, africanamerican workers and more women to make up their work force which as a woman, i applaud. Stuart okay. Youve got a lot of this show this morning. Im going to get in my ten cents here. Look at microsoft. I dont know whether you can put it up. The market is up 143 at 147. 89. You know the amazing thing about microsoft . There are so many stocks in the breakdown lane because they are seeing this technological victim. This is a company five or so years ago was ten times earning. Now its 27 times earnings. Microsoft is the path back for some of these companies. Stuart well said, jack. By the way, microsoft stock is up 34 this calendar year. Its only july whatever it is, 10th. You know i loved it for many, many, many years. Stuart you are good. Let me tell you. Its 9 40 eastern time. I think we got a little plug in there. I dont know why im in such a good mood. Susan microsoft. Facebooks hiring. Stuart jack, shah, thank you very much indeed, gentlemen. Check the big board again. Solid rally. We are up 122, 26,906. Bernie sanders going after President Trump over that Citizenship Question on the census. Sanders says the only reason why hes doing it is to undercut latinos. You will hear about that. Moments from now, fed chair powell testifies before the House Financial Services committee. Im told Climate Change may be a hot topic with the democrats at that hearing. Why would you ask the fed chair about Climate Change, i want to know. We will ask a republican who is going to be on that committee. Hes next. Hmm. Exactly. Liberty mutual customizes your car insurance, so you only pay for what you need. Nice. But, uh. Whats up with your. Partner . Not again. Limu thats your reflection. Only pay for what you need. Liberty, liberty, liberty, liberty dto experiencer gthe luxury you desire on a full line of utility vehicles. At the lexus golden opportunity sales event. Lease the 2019 rx 350 for 389 a month, for 36 months, and well make your first months payment. Experience amazing. Who used expedia to book the Vacation Rental which led to the discovery that sometimes a little down time can lift you right up. Expedia. Everything you need to go. Stuart the nasdaq is at an alltime high. The s p, alltime high and the dow is at 26,900. Records across the board. Now we are going to take you to lower manhattan, if i can call it that. A live look at the parade for the champion womens soccer team is in progress. There you have it. Holding the cup high. Right through the streets of manhattan. Senator joe manchin, a democrat, West Virginia, has introduced a bill requiring equal pay for men and women soccer players ahead of the 2026 world cup which will be played in north america. What else have we got . Susan that is the debate this year, right . Joe manchin, West Virginia democrat, he was inspired to sponsor this legislation after he received a letter from the West Virginia universitys womens soccer coach asking for his support in the womens pursuit of equal pay. This has been the controversy because this is a fourtime champion, number one ranked womens soccer team in the world. At one point, about a year ago, they made 33 of every male soccer player. That was boosted up to 80 but given basically the ratings, you saw that, 20 more than the actual world cup as well, why shouldnt they be making more . Sponsorships have been up 50 since 20152016 when they last won the world cup. Stuart no argument. Susan the men didnt even qualify for the world cup, by the way. Stuart okay. Okay. I got it. If you look at the float going by there, i dont see all the members of the team on that float. Maybe im missing something. I dont know. Well ask. We will ask our reporter on the scene. Ive got to get to fed chair powell, testifying before the House Financial Services Committee Later this morning. Congressman wriggleman, a member of that committee, is with us now. Congressman, i think you are going to see an explosion from the left. Aoc, Rashida Tlaib, maxine waters, they are all going to be questioning him on Climate Change and socialism and the evils of capitalism. Youve just got to sit there and take it all in, right . I think hes probably going to fire back. I think vicechairman quarles already said the feds job is to regulate banks. My question for people, first i want to tell you i love clean water as a republican. I love clean air. I think, though, if we try to use rules and regulations, you know, for Climate Change or the fed to become sort of the Climate Change sort of power broker, i think its going to put us behind other countries like china and russia. Why would we do this . Lets do what we are supposed to do. Theres three ss. Its really about staafety, soundness and systemic risk. Climate change is not part of what the fed does. I think its ridiculous to be focusing on that. Stuart do you think, do you agree with President Trump, that we should, the fed should lower Interest Rates soon . I think you probably saw i think the journal this morning, every indication and i had dinner with the chairman just a couple weeks ago. Every indication to me is hes going to lower the rates. I think hes going to do that, even with the 224,000 jobs that we produced last month and also the 3. 7 unemployment. I think hes going tloer to low rates. I think hes giving every indication on the interviews hes doing and even on private conversations. Stuart do you have a question in mind you will ask him . Oh, my gosh, i have about ten of them. Im number 60 on 60 in the Financial Services committee, i have to have about 100 questions prepared as people go through it. There are some things im better at than others based on my backgrou background. Im going to really hit him on indicata, interoperability, cybersecurity but also, when you are looking at cecil, why do we have to book losses five years in advance . I own a distillery. I cant book five years of bourbon sales in advance for losses. Its some of those rules we have to get out of the way. We legislate as congress for laws. Guidance is guidance and rules are rules. Why dont we stick to those, sort of stick to those limits. My questions will be based really on my district, based on what their mandates are and also based on really data but what the heck are we doing . Why cant we see into the black box of the fed . Why arent we more transparent . Stuart i didnt know you owned a distillery. What do you brew up . We started with vodka and gin and 150 proof moonshine, the pocket rocket. We have bourbon, rye whiskey, honey rye whiskey. Let me tell you how much i love the environment. We have a geothermal distillery, one of the first in the country. Innovation is what we should be going through for any type of environmental protection. Again, china and russia arent going to follow the rules. So i think you can combine free markets with innovation, with environmental responsibility, without actually having the Government Force it down your throats because thats what makes us americans, our freedom of choice, buddy. Thats why we just celebrated independence day. Stuart how about that. You are really cool, sir. Nobody else could possibly get together the fed, Monetary Policy, a distillery and whatever else you brought up there. Ive tried to, varney, but i think sometimes in congress you have to have a little drink to deal with the fed. I just want to let you know all of it actually merges together. Stuart i have no comment on that, sir, whatsoever. Great guy. Thanks for joining us. Thank you, varney. Always, brother. Stuart check the big board. High of the day, straight up, look at that. Twothirds of 1 , 174 points up. I see 28 of the dow 30 in the green. Only two are in the red. Big pharma scores a victory in the fight with President Trump over lowering drug prices. A judge striking down the president s plan to require drug makers to show prices in tv ads. Doc siegel explains it all after this. Most of us dont know how much data we use, but we all know were paying too much for it. Enter xfinity mobile. Americas best lte with the most wifi hotspots, combined for the first time. When youre near an xfinity hotspot, youre connected to wifi, saving on data. When youre not, you pay for data by the gig. Use a little, pay a little. Use a lot, just switch to unlimited. Get 400 back when you buy the new lg g8. Call, visit or click today. Stuart how about this. Floridas issued a rabies lert f alert for the area near disneys epcot. Susan a feral cat tested positive for rabies and the Health Department is warning to be careful, especially during the summer months as families go to visit disney world. The Health Department has issued a 60day rabies alert for a twomile radius that does include epcot center, but also typhoon lagoon, hilton, marriott, disneys caribbean beach resort and saratoga springs. Be careful, dont go near stray animals and make sure you have that booster shot. Stuart i will be sure to avoid stray animals in my next visit. Susan young children, you get seduced so be careful. Stuart the s p 500, a broadbased stock market indicator, just crossed 3,000 for the First Time Ever. Thats a very significant move. Big gain, 3,000 on the s p. Drug makers, a judge blocks President Trumps rule requiring them to list their prices in tv ads. Doc siegel is with us. Seems to me like a big win for Drug Companies, isnt it . Yes, it is. A lot of lobbying went into it. One thing he did say, its not a First Amendment issue. In other words, he thinks hhs has the right to tell drug makers to put prices on there. By the way, theres no teeth to this. They had no way to enforce it. But the judge is saying congress has to pass a law to authorize hhs to do it. Hes saying theres no current law. I dont agree with that but you know what, President Trump should turn around and tell Congress Pass a law, because we need this. We need this. Stuart what was going to happen was when you saw an ad on tv, for a drug, and you see lots of drug ads on tv, that ad would have said youre going to pay x, y, z dollars for that drug. Thats what was going to happen. Over 35. Stuart the judge says oh, no, you cant do that. Drugs already show the side effects. If youre going to have a long list of side effects on tv, i want the price. Why do i want the price . Because the list price ends up being reflected in what my patients pay in copays in the pharmacy. You know what happens, the middleman, the pharmacy benefit manager, the Insurance Company, they take their profits out of the middle. High list prices predict what my patient pays out of pocket. I want my patients to know the list prices. That will help Price Transparency is all about competition and negotiation. If we know prices, somebody else can march in and say hey, im a generic, my price is less, guess what happens, drug prices come down. Stuart im just tired of the judges always getting involved in what i think are political issues. I mean, where am i going wrong here . Look, stuart, according to New York University, 90 of all of President Trumps initiatives to improve the market essentially, to bring the market back into health care, have been blocked by courts. Stuart that sounds just wrong to me. Im sorry. Wrong to me, we want to bring Prescription Drug prices down. This is one way to do it. One tool. Stuart i think ive got a right to see the price that im going to be charged if i have this treatment from this drug. Because the more capacity there is, the more people can play games and jack up the price. Stuart i was in a good mood until you came but youre all right. Thank you very much indeed, sir. Calm me down. Moments from now, fed chair powell on capitol hill. We are watching it for you. Any fireworks, youll see them pronto. Thats a promise. Thats a live look, momentarily, there you have it, a live look at the victory parade, the womens World Cup Team. They played brilliant soccer. Yes, they do. But their big win has, in my opinion, become politicized and i dont like it. My take on that, next. Businesses that spend more time picking the right partner will reap the rewards. At ram commercial, we consider every detail for our promaster and promaster city work vans. Because like you, we know its the Little Things that make the biggest difference. Thats how you go from surviving. 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Reporter stuart, i got an inside peek so to speak. He will talk about the strong Consumer Spending, how that bounced back. He says the economy is solid. He highlights weaknesses in his testimony. He is looking at uncertainties specifically in trade testimony. Also the debt ceiling which is unresolved at this moment as we as brexit. Now powell says inflation pressures remain muted that means that they are looking again at undershooting that 2 target range for inflation. This could be indication after rate cut this month. Also in the testimony, the Federal Reserve chairman, acknowledge that certain Federal Reserve members want ad rate cut during the last meeting that they had here. This again could be an indication that there might be a rate cut coming at the end of this month at the end of this meeting. He says there are crosscurrents in the economy have grown through the first half of the year. He is talking about trade tensions, as well as Global Economic slowdown. There is concern in the testimony that the global slowdown will start to affects u. S. Economy. That is something he is watching. Slowdown in fixed Business Investment is due directly to the trade tensions and the global slowdown. But he says again Consumer Spending picked up, remained solid. He also says there is a benefit to the strong job market. It has affected more than in recent years. Now the Federal Reserve chairman is leaning towards a rate cut, but some justification, stuart, there could be a pause still remain. Leaning rate cut. Stuart leaning rate cut. Leaning rate cut. That is the key words there, edward. Thank you very much indeed. That is having a mighty impact on the stock market this morning. Already a new high for the nasdaq. A new high for the s p. The Dow Jones Industrial average is up 186 points, 26,000 the 70. Were on the cusp of 27,000. The fed is what is powering this market up as of right now. And now this another sport has been politicized. Womens soccer. The world cup winners are now firmly in the democrats camp. When all the team members are okay with this, we dont know. But captain Megan Rapinoe has done most of the talking. She really cant stand our president. What a shame. I watched team usa played brilliant soccer. They won and deserved to win. I didnt enjoy the politics. In the back of my mind i didnt want to deal with the Team Captains using an obscenity when she refused to white house. I want to watch the game. Not the point of view. Hijacking a great sport achievement for political purposes. The left feels differently. They want to intech every aspect of our lives. Now that the Victorious Team is back in america, miss rapinoe has a big platform. Cnn gave her a prime time interview with anderson cooper. She told him she wants meaningful conversations that can really affect change in washington. She has a political agenda. The democrats have jumped on it. Senate minority leader Chuck Schumer used team to push for equal pay for women, enhancing a favorite 2020 democrat theme. The team mavis it capitol hill. Rapinoe wants to meet aoc and Speaker Pelosi but not President Trump. It is a takeover, isnt it . Rapinoe made a gift of the world cup to the left. I think the team represents america, all of us, not some of us, all of us. Partisan politics does not unite, it divides. What a shame. Because they really are a great team. The second hour of Varney Company just petting started. Getting started. Stuart i think were looking at an alltime high for the dow are we . Yes, alltime high. 26,968 as we speak. Were up nearly. 7 . This is a big rally across the board. Nasdaq, s p, dow, straight up. 26,980, 83 is the actual high. Were real, real close to it. We may have topped it in the last few seconds. Now this, that pa ray is underway in new york city. The team is for team usa who won their fourth world cup. Our own Kristina Partsinevelos is there at the parade. Tell us what you got, kristina. Reporter they started behind me at 9 30, led by motorcycles, all female. This is making her story. Making their way on the canyon of heroes up to city hall. What youre seeing probably moments ago was broadway. Confetti, tickertape thrown in the air. There is a lot going on. People traveled all the way. One man from las vegas to see the parade. Stu, you touched on a few topics in your take. One came up, topic of equal pay. We had mayor de blasio speak to reporters. I asked him specifically, if you were president , what would you do about that . Listen to what he had to say. I would insist the congress amend the amateur sports act, require pay equity for all the national teams, men and women. Second if congress wouldnt act i would immediately put together an executive order. That executive order would instruct the Treasury Department to enforce the taxexempt status of the u. S. Soccer federation. That status means you cannot discriminate. Reporter you have him speaking. He is on a float. You have a few other politicians here as well. But were here to celebrate the women. The u. S. Womens national team. They will continue on for about another hour or so. The streets are packed. Thousands of people. We did really crickly also discuss just situation whether there will be invite to the white house. So far we know there has been no invite but rapinoe did say she would not go to the white house should she be invited by the president. She reiterated that 24 hours ago. There you have it, stu. This is the beginning of the parade. Theyre making their way up to city hall. Back to you. Stuart Governor Cuomo prominently displayed on the float. I noticed that. Kristina. Well be back with you later on. I want to bring in al damato, former new york senator. Great to be with you. Stuart i made two points, i dont like politics intruding into sport, just dont like it. I think the democrat coopted this winning team, using it for political purposes. Where am i going wrong . You happened on unfortunately to hit the nail on the head. Rapinoe should be ashamed of the disrespectful manner, her use of vulgar language with respect to the president. That is number one. Number two, equal pay, really has nothing to do in this situation where were celebrating this great victory. And by the way, if there should be some adjustments on compensation that is awarded one as to the other, there are reasons there has been some disparity. I dont agree with them all but where is the money come from . If the men take in four or five times as much, maybe the purse will be much larger. However, i think this teams victory and the sport becoming one that women really now excel, youre going to see that pay thing really rise. Im not opposed to that but dont use it as political weapon, say, no were not visiting the white house but well go see representative ocasio, chuck, who by the way defeated me, i have Great Respect for him is overplaying this political thing. Come to capitol hill to see us. Stuart coopted the winning team for democrat causes and democrat issues. I think he is coopted them, brought them on board, his team, actually. Let me tell you an issue they should jump on, okay . Stuart you want to talk about drug price. Quickie where the president said, that we should advertise the cost of these, thats Something Congress should work with the president , making reality. Mainstream america is being screwed over with these prices. In some cases two to 300 more than than they charge in other countries. Why is that going on . Stuart the judge says you cant force the Drug Companies to put their prices up in tv ads. Guess what . Guess what . Congress can pass a law makes it a fact that you must put your prices on. Stuart you think they should . Absolutely. The president is right. He should lead this fight. Stuart got it. Senator al damato. Good being with you. Stuart sue you again soon. , you got it, the markets, cant ignore the markets because theyre all at record highs. Nasdaq at 2800. Dow close to 27,000. The s p momentarily crossed 3,000 a few moments ago. Why . Because fed chairman powell is testifying before the House Financial Services committee and i think he is hinting at a rate cut. Rebecca wallser. Rebecca, good to see you again. Welcome back. Thank you, stu. Glad to be here. Stuart can i describe this as a goldilocks market . The beginnings of a china trade deal, we have a strong economy, now we got record highs across the board, are you happy . I was taking a picture of 3,000 with a camera. Oh, my gosh. Of course im happy. Im beaming with joy but i also know the market is reacting to the fact that chairman powell alluded in his comment that they are looking for a rate cut in july. I personally dont think we need one yet. I think everything is going so okay right now, we should hold and wait until china trade does or doesnt happen because that is when well really need help if it doesnt happen. Stuart you better hope for a rate cut this month because if we dont get it, the market will be very, very disappointed. I think it would sell off big time, would you . Yes, i know. I know. Sign of irrational exuberance. Youre right, stuart, the market is happen with the precursor comments. I cant wait to see testimony before congress. We have democraticled house now. They dont want to give trump credit for the economy. They also dont want to push powell to give him a rate cut. That is what he wants. They have a very fine line to walk during this hearing today. Stuart we have stock prices across the board at record highs. Are you comfortable suggesting to our viewers that maybe it would be okay to put more money, fresh money, into the stock market right now . Would you be comfortable saying that . You know, stu, the market is definitely counting on a rate cut. We can see it. We were down in pretrade. Then as soon as the comments came out we went up. Now record highs. S p 500, 3,000, First Time Ever . My god if we dont get a rate cut at the end of the month, it will not be a shortterm great win for investors. We have to, lets listen to the next two days. Figure out what will happen here. Whether he gives us anymore trade winds what he will do. Used crosscurrents for the first time, Global Economic slowdown. I would like to get a little more direction. Yes, the market is high. Looks like exuberance. Were leaning for a cut. I dont think there is 50 basis points. No chance of that in my opinion. It is 25 point or nothing. Stuart it had better be. Record highs across the board. Rebecca is pleased. Thank you, stu. Stuart here is a question for you. What on earth is going on in venezuela . The rule of law crumbling . We know that. But maduro is still there. Doesnt appear like he is going anywhere. Where is the end game here . Weve been asking this for months, months. When and where is the endgame. Were asking Mary Anastasia ogrady that next. The headline, he promises to put 40yearold man any pacquiao into retirement when they fight in las vegas in a couple weeks. He is on the show shortly. Stuart it is still a rally, a nice one. Record highs for the dow, plus the s p, plus the nasdaq. Rally across the board. Look at comcast, that is another stock that hit an alltime high. Goldman sachs raised it to a buy. Lets get to venezuela. New reports that the rule of law under the maduro regime has crumbled. I think we knew that. Mary Anastasia Ogrady wall street journal columnist, specialist on venezuela is with us now. Im not going to ask you, when is this thing going to end . Well say that, there are talks going on now in barbados under the auspice of norway. Right. Stuart the talks bring together maduro and the opposition. And the opposition. Stuart they are together in barbados. Many people in the opposition saying why are you doing this . There have been two rounds of talks already in oslo. They both failed. Lets face it, maduro has been talking to the opposition all threw the Obama Administration. There was dialogue. It didnt get them anywhere. Stuart its a waste of time. Maduro has the guns. I think its a waste of time too. They are saying, the ones who agreed to go to this table and talk, theyre saying, if he agrees to new elections, we can sort of discuss whether he swings at the end of a rope or whether he goes to cuba, were willing to discuss that but we have to have new elections and the people who are opposed to these talks say, there should be no more talking until he steps down. I actually am in that camp because i think that stuart he will not step down. I think he is stalling. Stuart he is never going to leave. He has the guns behind him. They have established venezuela, theyre like cuba. They are communist. Will stay communist no matter what. But one thing i will say is that the opposition has, if they, if these talks fail, it strengthens the position of the opposition, i should say when these talks fail, they already have a u. N. Report about horrific Human Rights Violations that came out last week. They have the International Jurists basically saying that this is, this is absolutely preposterous the condition the country is in. So they have the International Community more and more on their side. That is maybe this will help. Stuart maybe. He aint leaving. Maduro stays. That is my opinion. Its ugly. Stuart i have to interrupt because the president just issued a tweet. It is about iran. Iran has long been secretly enriching in total violation of the terrible 150 billiondollar deal made by john kerry and the Obama Administration. Remember that deal was to expire in a short number of years. Sanctions will soon be increased substantially. That is the president tweeting on iran. No impact at all on the stock market. None that i can see at this point. The price of oil is up close to 60 bucks a barrel. Bernie sanders and alexandria ocasiocortez have a new green deal. They want to declare a National Emergency on Climate Change. You can bet it will cost awe ton of money. 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I dont know who they got to design this but give them a cookie and a star. Play it cool and escape heartburn fast with new tums chewy bites cooling sensation. Tum tum tum tums stuart the rally holds. Were up 160 points. That is better than half a percent. Close to 27,000 on the dow. Airbus on track to surpass boeing as the biggest airplane producer in the world. How many planes are they going to produce . Susan okay, look likes airbus will deliver 389 planes in the First Six Months of this year compare that to boeing, 289. Stuart whoa, that is a big lead. Susan boeing number of 239 First Six Months down from the 378 from last year. Stuart is this max jet . Susan of course it is the max jet. So yesterday they showed their delivery numbers. Basically they havent sold for the Third Straight month, they have not sold one 737 max jet. Stuart ouch. Susan boeing took the number one plane making crown from airbus back in 2012. For a decade airbus did own that title. It has been going back and forth. We should point out the headline should cross that boeing and qatar, President Trump promised announcement on the boeing deal, but they will buy seven, five of these 777 freighters. Stuart the stock still languishing at 353. Susan were down 50 billion. Stuart because of the mack jet problem late last year. 353 on boeing as we speak. Susan tell me about the kanye west sneaker line. Weezy. How much . Susan they will make 1 1 2 billion dollars in sales in 2019. That is a lot of money. Stuart 2 1 2 billion dollars . Susan 1 1 2 billion dollars. Stuart 1 1 2 billion dollars of yeezy shares. Just this year. Susan thats right. Kanye west negotiated an unheard of wholesale royalty of 15 on every shoe. 15. Compare that to michael jordan, arguably, probably the most successful shoe endorser of all time. He has 5 royalty on air jordan lines that make 3 billion in sales. That is twice as much as yeezy is doing. Yeezy was on nike in 2009. Moved to adidas in 2014 because adidas was willing to give him the wholesale royalties. It is notable, his shoe sales sell out this ten minutes, range from 100 to 6,000. 10 times more, hasnt been hurt by his endorsement of President Trump. Stuart 15 of the gross, not the net. Susan brilliant. Stuart big, big deal. Coming up the border crisis, democrats basically they are for open borders. Let them all in. Republican senator rob portman joins us next. What does i think about that . Because he will visit the border this week. That British Ambassador called President Trump a very stupid guy, he is out of a job. Well tell you all about after this. Your daily dashboard from fidelity. A visual snapshot of your investments. Key portfolio events. All in one place. Because when its decision time. You need decision tech. Only from fidelity. You need decision tech. Is it to carry cargo or to carry on a legacy . . Its show of strength or its sign of intelligence . 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Maxine water questioning fed chair powell. Retail payment purposes would warrant close scrutiny by authorities to insure they are subject to high standards of regulation, end quote. Signaling that global regulatory coordination of facebook will be a priority. Chairman powell, did the Federal Reserve speak with facebook about their libra currency and if so, were any concerns raised . Does the Federal Reserve have any authority to supervise and regulate what could be the Worlds Largest Payment System . Does the Federal Reserve have any concerns about Monetary Policy with regard to libra . Thank you, madam chair. We did actually have a meeting with representatives of facebook a couple of month before the announcement. Think they made fairly broad set of visit to authorities around the world but getting to your questions let me start by saying that we do support responsible innovation in the Financial Services industry as long as the associated risks are appropriately identified and managed. As well discuss, while the project sponsors hold out the possibility of Public Benefit including improved Financial Access for consumers libra raises many serious concerns regarding privacy, money laundering, Consumer Protection and financial stability. These are concerns that should be thoroughly and publicly addressed before proceeding. That is why at the fed we set up a working group to focus on this set of issues. Were coordinating with our colleagues in the government, in the United States, the regulatory agencies and treasury. Were coordinating with Central Banks and governments around the world to look into this. I will just add that the process of addressing these concerns, we think, should be a patient, careful one, not a sprint to implementation. Susan are you speaking after working group within fsoc . We have our own working group. I believe fsoc has a working group at the staff level. In effect has a working group. Fsoc has a working group. Is fsoc or this working group reviewing potentially policy questions and impact libra and colibra have . Do you know what they are doing . I do believe they are. There was a staff level meeting just last week to focus on libra at fsoc. So all the agencies were there. So i think the answer to your question would be why he. Do you think fsoc would designate or is fsoc considering designating the libra and colibra as systemic Financial Market utilities or Nonbank Financial Companies and subject them to enhanced Regulatory Oversight . Are you aware of that . I think it is early to say. There hasnt been a principles meeting of fsoc since the libra announcement. While there have been conversations i think, i think it is highly likely that fsoc will take this on in a serious way but that is in the hands of the treasury secretary who chairs fsoc. Thank you very much, mr. Chairman, if you got a call from the president today or tomorrow, and he said im firing you, pack up, it is time to go, what would you do . Well of course i would not do that. I cant hear you. [laughter]. My answer would be no. You would not pack up and you would not leave . No, maam. Because you think the president doesnt have the authority, is that why you would not leave . I have, i kind of said what i intended to say on the subject. What i have said is that the law clearly gives me a fouryear term. I fully intend to serve it. Okay. So i hope everybody heard that. With that, i will yield to gentleman from north carolina, the ranking member, mr. Mchenry. So, chairman Powell Stuart okay, did you catch that . Pointed question from the chair there, maxine waters, what would you do, mr. Powell if you got a call from the president of the United States saying get out of here, resign, leave . He said he would not do that. Miss waters said, cant hear you. He repeated it, im not going to do that. Before that they were talking about facebook, the libra currency, got into all kinds of jargon i absolutely do not understand. We promised to bring you fireworks if we get them. We got a little bit of it. Well go back with more, if we get more pointed questions and sharpedged answers from fed chair powell. Got to tell you mr. Powells testimony thus far has really helped the stock market. We established new highs for the dowsdow industrials, for the s p 500, nasdaq. The dow is holding on to a half a message point gain, up 140 points. We also had breaking news at 10 30 00 of oil. How much oil have we got in storage, how much have we used . The answer is we used a lot of it. It is called a drawdown. We took 9. 4 Million Barrels out of storage because we wanted to use it. Im pretty sure the price has gone up a little bit. Not that much. I thought it might touch 60 bucks a barrel. Were at 59. Susan oil prices basically spiking because the American Petroleum institute saying we have supplies colling down by eight Million Barrels last week. That is five million more than expected. So couple what you just got with the eia report where inventories drew down three times as much as anticipated and there might be less supply than anticipated because of the iran issues, the venezuela issues. Dont forget the gulf of mexico is evacuating with an incoming storm as well. Stuart thats right. There is storm possibly approaching rigs in the gulf of mexico. That is always a problem for the oil market. When i see oil at 59 a barrel, i have to believe the price of gas has stopped falling. We were down, what was it, 2. 75 . The National Average, 2. 74, 2. 75. It started to go back up a little bit. I think it will go up some more, bearing a 59. 3 the price for oil. Susan gasoline futures are extending the gains after the drawdown. Stuart gasoline futures, telling the price a little way down the road up again this morning. Now this, our next guest is going to head to the u. S. Mexico border this week, to see the humanitarian crisis what is really going on at the border. Ohio senator rob portman, republican, joins us now. Sir, i believe youre going to visit the border at the end of this week. Are you going to investigate conditions at these detention facilities . Stuart, we will. Were going to the centralized Processing Center. That is the big processes center in the mcallen area. This is frankly where most of the refugee crisis is occurring in southern texas. Opportunity to see firsthand what is going on. See what conditions are. Also sit down with the officials who are on the ground, department of Homeland Security officials, customs, Border Protection folks, border patrol, hhs, handling unaccompanied kids, hear what is going on. How we come up with better solutions. Stuart i dont know what we can do when 1000 people a day, walk across the border, declare themselves eligible for asylum, have to be put in a detention facility overcrowded. I dont know what we do about this . I do know the democrats are making this, sort of a scandal that President Trump is responsible for. Do you think our president is responsible for what is going on at the border . No, he is not but he is trying to come up with solutions to deal with it. It is obviously a crisis, not a manufactured crisis which some democrats were saying. They acknowledged that finally 10 days ago, stuart, when they finally agreed to support the humanitarian assistance. Some of the same people complaining about the conditions would not send funding down there to deal with clearly a humanitarian crisis as well as drug crisis, as well as an immigration crisis. In terms of seven solutions, one thing im promoting as you know is refugee alternative. In other words to tell these people who live in Central America that the traffickers are wrong. You shouldnt come to our border. You should go to a Processing Center run by the United Nations. There are several in Central America, one in mexico. Have yourself presented there to determine whether you qualify for asylum. The criteria for refugees and asylums is the same. It is a credible fear standard. U. N. Does this all over the world. This would be an opportunity for people to make their case. For those who qualify, to come, not just to america, but be resettled through the Refugee Resettlement efforts. As you know ultimately 15 of these cases, these cases of asylum are being granted. For vast majority of people would not be permitted to come under this. By the way some would go to other countries, not just the United States. What happens with the refugee process. I think this is a very Good Alternative to keep people from making the long and dangerous journey north. Stuart how can you argue against proposal youre putting out there . The United Nations runs this. It is an attempt to stop this mass migration out of Central America. Im not going to say it is an easy fix but its a fix. How do you argue against that . I think it is. I talked to a number of democrats about it. Some are willing to talk about it. That is great. Others say that doesnt allow people to have due process. It does. It is International Due process. Something you may remember president obama did at one point with regard to unaccompanied children. He allowed them to apply in their home country to deal what at that time was a surge of young people coming to the border. It goes back to an Obama Administration proposal. I will say, with regard to the administration, who i talked a lot about this, they would have to raise the refugee caps. Right now the cap is limited to 2,000 from Central America. You have to assume based on numbers we know, 15 , there would be more than 2,000 coming. That is something that is far better than the current situation. As you know. You said it so well. People come to the border. They eventually just walk into our country. Stuart senator portman, would you come back to us, tell us what you saw when you go to the border . I sure will, stuart. Thanks for following this so closely. We have to stop being partisan about this. This is a crisis. It is an american crisis. We need to deal with it. Stuart senator, it is. Thank you. The Womens National soccer team, celebrate the world cup win with tickertape parade in new york city. Fans lining the streets. Big crowds. Their win, it has got the democrats jumping on the team and using the team to push for equal pay. I think they have politicized what is a great moment in sports history. Martha maccallum will join me next to talk about that. vo the hamsters, run hopelessly in their cage. Content on their endless quest, to nowhere. But perhaps this year, a more exhilarating endeavor awaits. Defy the laws of human nature,at the summer of audi sales event. Get exceptional offers now. I thought i was going to lose her. It was important for me to go where i could get immediate genuine care and i found it at Cancer Treatment centers of america. After my treatment ended, brianna, my daughter, was diagnosed with the same type of cancer. When you get a cancer diagnosis just like brianna and jean, it can be very devastating, so we treat them as if theyre a Family Member of ours. After my mastectomy, it was maddening because i felt like part of my identity was being taken away. When youre able to restore what cancers taken away, you see that transformation firsthand knowing that she had options that she could choose helped restore hope. Dr eid and my team made me feel like a whole person again. In our books, nothing can compare. Cancer Treatment Centers of america. Appointments available now. Stuart we lost some of the rally. Were up 180, 190 points. 26,887. S p 500 moved to alltime high. Moved above the 3,000 level. Nasdaq composite, also brand new high earlier this morning. 8192 right now. That is a significant rally on the nasdaq. Kim today today today this is likely about Boris Johnson . It is about him, really. They had a televised debate for the leadership of the conservative party to become the next uk prime minister. In that debate when asked whether or not darroch would keep his job. He dragged into a political debate sometimes he is. That is not necessarily right thing for him to do as jeremy said. He is wrong to make the comments. Our relationship with the u. S. Is a fantastic importance. Susan yes, a special relationship as it has been called between the uk and u. S. Also that debate, Boris Johnson declined to back darroch would not commit to keeping him on the job. He saw writing on the wall. Given johnson is likely according to the polls to be the next uk prime minister. Stuart he has to get on well with President Trump. He needs President Trump. The brits need america badly. Susan with brexit happening, mess messy as it is. Stuart doesnt go insulting our president. Not a good tactic in my personal opinion. Now well do something completely different. We had prominent sports guests on our show recently, we have another one right now. The world welterweight boxing champion. Keith thurman. There he is. He has been on the show before. He will take on manny pacquiao. Some say could be unof the best fights on the weight class. He has hit built with him there. Keith, you are going to knock him out, arent you . I am going for the early knockout. I cant wait for the fight next saturday, fighting manny, pacman, pack at this yow stuart are you going to put him in retirement. He 40 years old . That is the plan. I will not be nice in the ring. I we will be friends afterwards. He has another job. He is senator in the philippines. I have to point him into the right direction. Stuart i have to look into your background here. I know we did this last time we were on the show. You use yoga to train, i believe. You call yourself a christian booed it. That is not what we expect from works boxing champions. Explain yourself. Buddhist. There is benefits doing joga, stretching. I like to do it more in the offseason. Not in my real camp. Im really focused with my boxing tactics an losing weight and dieting. Meditation helps with focus. You need to be calm in the ring when somebody is trying to knock your head off. When it comes to my religious background. I was raised a christian. I love the bible. I love the moral, ten commandments. I did my own studying in the early 20s, buddhism really resonates with me. I love the law of karma, what you do to others there is effect. To be World Champion i had to put in certain actions to be where i am today. That is karma effect in itself. Manny pacquiao gets knocked out that will be proof. Stuart we are a financial program, you know the question i will ask, how much do you expect to make out of the fight . Im hoping to walk away with a solid 10 million. Stuart thats all, 10 million . Thats all for now. And hopefully tomorrow, it will be 20. And then 30. Hopefully just keeps going up. Stuart so if you win, and you beat manny pacquiao, your next fight will be 20, 30 million. That is how it goes . That is not how it goes per se. That is the overall goal. Keith onetime thurman he was worth 1. 5. Then 2. 5, 3, five. Today it is 10. Tomorrow it will be 20. An hopefully one day, it will be 30, 40, 50. Stuart do you invest in the stock market . I do. Im not one to trade a lot but i do have robin hood app on my phone. I do play with a little bit of money. Im a big gambler. So i like to mess around with options. Not always the best then. Ive seen my account jump up. Ive seen my account jump down but it is really hard to get to the casino here in florida. The stock market is a lot of fun for me. Stuart keith, we wish you best of luck in your fight. We hope you win, come back and tell us how you did it. Keith thurman fights in vegas in couple weeks. Thank you. Thank you. Stuart sure thing. Big celebration in new york city for the womens world cup, the team that is. Extraordinary athletes. I think the win has become politicized. That will be my opinion. Well see what Martha Maccallum has to say about it. Shes next. Joe biden meets the Congressional Hispanic Caucus today. With unemployment for latinos at historic lows because of President Trump, what will joe biden get them, the hispanicss to vote democrat . Well be right back. 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Im gonna tell you that was the best 150 i ever spent in my life. Life line screening. The power of prevention. Call now to learn more. Stuart well, were holding on to a tripledigit gain. Only just. Were up 110. That is about half a percentage point up. 26,892. I want to get back to my editorial about the womens soccer team and the democrats. Look in my personal opinion the democrats have politicized the World Cup Team and the team captain, Megan Rapinoe certainly did. Martha maccallum is with us, host host of the story. You have a news show. I have a an opinion show and that is what im express. Im been hearing about this all morning [laughter]. If the democrats wanted to politicized womens soccer team the womens soccer team handed it to them on a silver platter. They politicized long before the democrats decided to seize the moment, Megan Rapinoe saying she would not go to the effing white house which i thought was lovely. I think it is a shame this whole thing has become about her. I cant help but wonder. I think sportsmanship is about team work and about sort of, respecting the team and respecting the viewpoints of the team. I find it hard to believe that there arent one or two women on this team who might like the opportunity to go to the white house but my guess they, there is not a whole lot of freedom of speech on this team. Stuart they have been silenced. I think the it comes from the top and everybody better get in line is my guess. Stuart im a soccer fan. Everybody knows it. I watch english premier soccer religiously. Its a beautiful game. That is what i wanted to watch. Yeah. Stuart i thought the soccer, they are brilliant players. Absolutely brilliant players. Stuart best in the world, i wanted to sit back to watch that. I didnt want in the back of my mind this political element. I dont want politics. I truly agree. I have happen to have been at the squire watching the game, the finals match, the other day, a place you know well up in massachusetts. The whole crowd was so taken with the team, cheering them on, chanting usa. I thought, you know, i do think it is sad it is such a big distraction. I dont think shy is correct when she talks about her vision what she thinks president means that he wants to make america great. Does the anyone believe the president would like to turn back the clock to before you 50 years ago, in the beginning of the gay movement, so that people have to be closeted and persecuted, even arrested . I dont think that is what the president wants. Stuart do you think, do you think that my opinion, which is, keep politics out of sport, is that a popular opinion in the United States at this moment . Honestly, i think for most people it is. I think for most players it is. It is only these unique, personalities, who decide, you know what . It goes back, go back to muhammad ali. There are athlete chosen to use their platform to take a political statement this is the night of america. Nobody wants to take that right away. We also have a right to receive it postively or negatively in terms of how it makes you feel. Stuart you are right yet again. Thank you, stuart. Stuart youre welcome. See you tonight. 7 00. Well see you tonight. Thank you. Stuart joe biden wants to cut the prison population by more than 50 . What happened to the moderate candidate there . Radical stuff. More proof democrats going to the left. That is my take. Alexandria ocasiocortez says 15 an hour, minimum wage, not enough. She wants to raise it for new york city. Well see what new york city councilman joe borelli thinks about that. All coming up in the 11 00 hour next. See thats funny, i thought you traded options. Im not really a wall street guy. Whats the hesitation . Eh, it just feels too complicated, you know . Well sure, at first, but jj can help you with that. Jj, will you break it down for this gentleman . Hey, ian. You know, at Td Ameritrade, we can walk you through your options trades step by step until youre comfortable. I could be up for that. Thats taking options trading from wall st. To main st. Hey guys, wanna play some pool . Eh, im not really a pool guy. Whats the hesitation . Its just complicated. Stepbystep options trading support from Td Ameritrade on a scale of one to five . One to five . Its more like five million. Theres everything from happy to extremely happy. Theres also angry. Im really angry clive actually, really angry. Thank you. But what if your business could understand what your customers are feeling. And then do something about it. Turn problems into opportunities. Thanks drone. Customers into fanatics change the whole experience. Alright who wants to go again . I do i do i have a really good feeling about this. Stuart joe biden throws out another policy bombshell. He wants to cut the nations prison population by 50 . Correction, more than 50 . Thats radical stuff. On yet another issue, hes moved left. Theres nothing moderate about what hes been saying. Heres another bombshell. Joe biden has become very rich since leaving the white house. He and his wife jill made nearly 16 million from speaking engagements and book publishing. Wealth is not admired by the socialists. 16 million in three years . I dont think thats going to go down very well at all. What is he going to say today when he meets the hispanic congressional caucus . He desperately needs the hispanic vote so hes got to figure out what hispanic voters want. Open borders . Like the rest of the democratic pack . No detention at the border . No deportation at all of any illegals . Aoc says she would get rid of the department of Homeland Security which runs the immigration service. The hispanic caucus may ask him, joe biden, if he agrees with that. What will he say . Its a mine field, joe. He has to meet a group that detests President Trump but its President Trumps economy thats provided the lowest hispanic Unemployment Rate ever. Heres the irony. If the very rich joe biden, is he going to demand a tax the rich policy . By the way, the bidens paid a tax rate of 33 on their 16 million income, aoc would surely not be happy with that. Only a third in tax . She wants way more than half. I keep waiting for the moderate joe biden to emerge but he keeps dancing to the socialist drummer. Frankly, i think the democrats have left him behind. Its not his party anymore. Its just not. Theyve left him. The third hour of Varney Company is about to begin. Stuart more on that editorial in a moment. First, what youre watching now is fed chief Jerome Powell testifying before the House Financial Services committee. If he says anything thats going to move the market one way or the other, youll hear about it real fast. The other big story, of course, is the market. The dow, the s p, the nasdaq, all three of them have hit alltime record highs early this morning. All three have backed off a little but weve still got a rally across the board in stocks. I do want to mention this very briefly. New alltime high for microsoft. Yes, i own some of it. We are at 137. 66 as we speak. Up 1. 20. Lets get back to the editorial. Joining me, daniel garza, Libre Initiative president. Where does the hispanic vote stand when it looks at the democrat candidates . Is the hispanic vote with the far left, the socialists, Elizabeth Warren, Bernie Sanders, or is it more with joe biden, the moderate, if i can call him that . There are several polls that actually show that the latino vote is not baked in for anybody. Its actually split down the middle, with 30 actually selfidentifying as conservative, 30 32 as moderate, then the other as liberal. So as you can see, there is a fight for the latino vote right now. You can win those in the middle by with smart policy. Stuart joe bidens got a very hard time in front of him. I mean, today he meets the hispanic caucus. I dont know what hes going to say. What is he going to say about an open border policy . Well stuart whats he going to say about detention in these facilities . I would hope that joe biden would actually tack to the middle on this one because it makes sense. Thats where most americans are. What i mean to say by that is, look, to say that you want to abolish i. C. E. , much less Homeland Security, doesnt make sense. Stuart aoc did say that. The other side is saying to close the borders. That doesnt make any sense. There is a consensus in the middle where we can have security and then of course, accommodate for those who want to strengthen america and contribute their hard work, as immigrants have done for decades, throughout the existence of america. Thats where joe biden should be. Stuart are you telling me that donald trump, President Trump, is not a turnoff for hispanics completely . Well, look stuart i know hes not that popular. Millions, millions of latinos want to lessen the tax burden, regulatory burden. They want to increase energy production. They want jurors who are going to honor original intent. They want choice for educational freedom. Look, on issue after issue after issue, donald trump actually has been governing well and i think latinos are responding to that. You can see that in the Approval Ratings that have been soaring with latinos. At the same time, he has to be careful, sometimes, with the rhetoric by turning people off. He needs to connect and he needs to show that there is going to be that continued governance of unleashing the marketplace, getting people a square deal, equal opportunity in america. Stuart different subject but very much up your street. Bernie sanders was on cnn last night with anderson cooper, and he sounded off on why President Trump quote, really wants a Citizenship Question on the census. Watch this. Anderson, i dont think theres anybody who has any doubts as to why they want that question. Its to undercount latinos so that they can create congressional districts which will not be democratic and also make sure that federal funding does not go to those underserved and often minority communities. Stuart okay. He says the president wants to undercount the latino community. Where do you stand on the Citizenship Question on the census . Well, look, i think it makes sense. If you are going to ask me about the question, if you are going to ask about gender, about race, about the number of folks in my home, you can ask me about, you know, my citizenship. Look, there is absolutely no eviden evidence, vox online yesterday reported there is no evidence to say you are going to diminish the folks that are going to be counted because immigrants already are resistant to the census. Theres a fear to the census. So im not saying that its not going to undercount but theres no empirical evidence to prove that. I think it makes common sense to figure out who are the type of citizens or residents we have living in america. Stuart you dont have a problem with the question . I dont. Stuart okay. By the way, 55 of latinos dont either, according the a harvard poll. Stuart thats a harvard poll, 55 of hispanics, latinos say you should include the question. Stuart thank you for that. You shouldnt save the best until last. Daniel, thank you very much, sir. Always a pleasure. Stuart lets get back to your money. Come in, jeffrey cleveland. Now, jeffrey is an economist and ive got an economics question. Good morning to you. Good morning. Stuart you say that we do not need a rate cut at this point, but the market, ive got to tell you, obviously the markets anticipating one, right. But you say we dont need it . The market wants one to keep the party going. I dont think we need one. Jobs report on friday, stuart, showing you the u. S. Economy continues to grow. Thats your best realtime growth indicator, the jobs report. We are adding nearly 200,000 jobs per month. We have a 50year low nearly on the Unemployment Rate. Wages are ticking up. Expect that to continue. That will bolster the consumer. So i dont think you need a rate cut, but i think this morning, chairman powell at 5 30 a. M. My time, 8 30 a. M. Your time, signaled pretty clearly the fed is likely to cut, perhaps as early as the july meeting. I think a rate cuts coming. Stuart its a goldilocks situation, isnt it. The markets across the board hitting new highs, the economy is strong, the Federal Reserve seems to be online to cut rates maybe a quarter point and weve got a china trade deal progressing. Thats a goldilocks market scenario, isnt it . Its a great backdrop. I think it is more akin to say 1995 or 1998, even, than 2007. So the worry that some investors still harbor that were on the cusp of a more significant slowdown, recession, even, i think thats wrong. I think you have easing financial conditions, they are about to get easier. If we get good news on the trade front, plus as i mentioned, the labor market remains solid, i mean, i dont like the term goldilocks, but i think that is a goldilocks tailwind like scenario for risk assets. Yes. Stuart okay. Last question. Just 20 or 30 seconds. Would you have any problem advising investors, stock market investors, to put some more fresh money into stocks now . Would you have a problem advising that . Well, i think theres the near term and the long term, stuart. Near term, i think theres a chance in the next couple of months where the markets will be disappointed. The bond market is pricing for rate cuts in the next 12 months. I dont think that happens. I think one insurance cut makes sense. Thats whats being signaled here. There could be some disappointment. Longer term, though, investors, the most important question they face, if we do not have a recession, i think we have continued Earnings Growth and stocks make alltime highs even from here. We will get a new fresh alltime high sometime in the longer term, next six to 12 months. That time horizon, im a buyer. Stuart jeffrey cleveland, thank you very much indeed. Short, sharp, to the point. We like that. Thank you very much indeed. Have a good day. Stuart i will. New york, San Francisco, could face new lawsuits under a bill proposed by several senate republicans. Good story. Were on it. Book publishers say we could soon be hit with a bible shortage. They are blaming President Trumps tariffs. Cant make this stuff up, believe me. House democrats continue to grill fed chair powell. Any fireworks from the hearing, you will see them and hear them, too. Heres a live look at new york city. Theres a ticker tape parade being held for the u. S. Womens soccer team. I think its about drawn to a close by the looks of it. You are watching the third hour of Varney Company, just getting started. Truecar is great for finding new cars. Youre smart, you already knew that. But its also great for finding the perfect used car. Youll see what a fair price is and you can connect with a truecar certified dealer. Now youre even smarter. This is truecar. Stuart Elizabeth Warren has come out with a new plan to require Public Companies to disclose their Climate Change risk. What exactly does she want from corporations . Liz she wants corporations to disclose, all corporations to disclose their Climate Change risk to their bottom line in their s. E. C. Filings. Its an overreach, though. What shes suggesting, she wants to force clean energy via using the Public Companies and the markets to leverage, you know, clean energy but heres the problem. Shes saying the companies would have to disclose how Climate Change would affect their investors and their customers. This is a road map for the green tort bar to sue companies if they dont abide by what she wants. Stuart, she tried this last fall, it fell flat. She wants to push investors to divest also from fossil fuel companies by using s. E. C. , you know, the s. E. C. Stick. So i mean, this is a heavy thing that shes trying to do and whether it flies, you know, it may not. I mean, already the s. E. C. Rules say you should disclose that companies dont really abide by it and now she wants a federal law to force them to do it. Stuart the tort bar will be right there. Another one for you. Let me get back first let me get back to fed chair powells testimony on capitol hill. Earlier, maxine waters, chair of the committee, brought up powells relationship with the president. Watch this. If you got a call from the president today or tomorrow, and he said im firing you, pack up, its time to go, what would you do . Well, of course i would not do that. I cant hear you. My answer would be no. And you would not pack up and you would not leave . No, maam. Stuart all right, south dakota senator mike rounds is with us. He will be questioning mr. Powell tomorrow. Senator, it seems to me chairman powell is completely immune from and resisting all the political pressure, whether its from the president or from maxine waters. Hes completely resisting it all. Well, i have known the chairman for several years and i can tell you thats one of the reasons why we thought he would be a good fed chairman. Look, what the president wants and what the fed chairman wants or what the Federal Reserve wants is for a good strong economy. You will have lots of different ideas about how to make that happen. Nonetheless you have to have that interaction back and forth. The president will do everything he can to lobby what he thinks is right to try to push to make sure the economy is growing and the Federal Reserve will take a look at it and think about what they see from their perspective and thats a healthy discussion. Theres a lot of other countries in the world that wish they could have that kind of discussion. I think this is healthy to have that discussion ongoing. I think the fed chair is doing a great job. Im very satisfied with the way hes moving forward. I think the interaction between these two individuals is a good thing for the country. Stuart i want you to listen to what chairman powell said about raising the minimum wage. Roll tape. Number of people get higher wages and a number of people lose their jobs, and those numbers will change depending on what assumptions you make. And it really is something that theres no consensus among economists. Economists are all over the place on this. So its really a question for you. Stuart i would agree with that. It is a political question, isnt it . Its not a question for the Federal Reserve. Its a political question. Do you think, mr. Senator, we should have a federal minimum wage of 15 an hour . Well, what i tell people is i was one of the guys from south dakota, i actually lobbied for an increase in the minimum wage one of the last times it was moved in south dakota. If youre going to have a minimum wage, keep it up to date. Theres nothing wrong with that at all. At the same time, there is absolutely a cost if you do have a minimum wage increase, and right now we are trying to get people employed. We are trying to keep them employed. Every time you make that move upwards with a minimum wage increase, you risk losing jobs. Thats the reason why its a political question. Thats the reason why this should not be done by anybody thats not been elected. You should stand by what you do. If you are going to talk about a particular number, then you have to analyze it and see what you expect the costs to be. Doesnt mean you cant consider it. But you shouldnt consider it without looking at all the factors involved. Stuart apart from your appearance tomorrow with your committee, you will be questioning him, what do you think about Interest Rates . Do you think the Federal Reserve should lower rates now . Im going to leave that up to the Federal Reserve. I think theyve got the same goals that the rest of us do. First of all we want a good strong economy, but we also want the tools to make sure that we get through some of the dips as well. If you are going to have a slowdown, you want to have the tools available so that you can actually help to infuse some dollars into the economy. You know, if we didnt want those tools available, we could always just leave it at a very very minimal rate like. 25 of 1 and leave it there forever. But thats not necessarily good healthy policy because then you start to see inflation begin to increase and you can overheat that economy. When you overheat it, you can cause some real problems as well. There was a discussion that goes on among economists and among people within the Federal Reserve about what the right number should be. If you keep the Interest Rates too low, then you dont have people investing in interestbearing accounts and so forth. If you are a senior, someone in a fixed account, or if you are living on treasuries or have that as part of your investment, that rate of return is not high because the fed keeps it artificially low. This is once again a discussion that has got to be taking place based on all the factors involved. I like the fact that the Federal Reserve takes all of those into account. Stuart maybe tomorrow, you could ask the fed chairman about whats going on in europe, where if you lend the government money, you dont get it all back and you dont get any interest. Heaven forbid we get to that here. Thats exactly those are the types of things that people say well, that cant happen in america. But one of the reasons why in america, we want to have a healthy economy, the real issue here is you cant really grow stuff unless youre investing and youre taking some risk and youre actually putting something into the creation of real wealth. You dont do that by just simply investing in treasuries. Stuart senator rounds, ive got to run. Thanks for joining us. See you tomorrow. All right. Taxicab drivers in new york city say their industry is being decimated by uber and lyft. They want the City Government to give them a bailout. Weve got the story for you. Which is the best city in the country for starting a new business . We have the results of a new study. We will tell you next. Were the slowskys. We like drip coffee, layovers and waiting on hold. What we dont like is relying on fancy technology for help. Snail mail we were invited to a y2k party. Uh, didnt that happen, like, 20 years ago . Oh, look, karolyn, weve got a mathematician on our hands check it out now you can schedule a callback or reschedule an appointment, even on nights and weekends. Todays xfinity service. Simple. Easy. Awesome. Id rather not. Stuart budding capitalists, lend me your ear. Weve got a list of the top cities to launch your startup. Lauren simonetti is going to give us number one. Lauren seattle. You think of amazon and starbucks and microsoft, but they also fund and provide seed money and Consulting Services for startups and small businesses. Seattle came in at stuart they do . Lauren yes, they do. Stuart part of my money ive got in microsoft goes to seed money for a bunch of leftists in seattle . Lauren well, the city does. Im not sure if microsoft does. Stuart dont burst into tears. Lauren im sorry. But you have so many startups in seattle and that is one of the reasons. Also, they pay well. Engineers, they make 135,000 on average. Lets move on to number two. I love this. It is austin, texas. You know the whole california folks are moving to texas because of better quality of living, its certainly cheaper. I called the chamber of commerce. They sent me this big list of companies that moved out of San Francisco to austin specifically. I counted 19 since the year 2016. Stuart number one is seattle. Number two is austin. Three is san jose . Lauren they also provide good seed money and support for small businesses. Stuart south of silicon valley. Four was nashville . Lauren Country Music but also health care. And denver. Cannabis. Stuart okay. All right. Well take that. Good report. Think about microsoft. I like that. Thank you, lauren. Democrats ramping up their calls for labor secretary acosta to resign because of his role in Jeffrey Epsteins 2008 plea deal. We will update you on this story. New york city honoring the womens soccer team with a ticker tape parade. I think they clearly deserve to be celebrated, no question about it. But i think the team has been politicized. I think thats a shame. Weve got the full story for you coming up next. Stuart well, weve lost almost all of the rally. Couple of hours ago we opened with a gain of close to 200 points. We are still up, only just, 60 on the upside on the dow. The s p 500 earlier, was above the 3,000 mark. New record high there. The nasdaq was also at a record high earlier this morning. Its pulled back a bit but still a nice gain, 32 points there. We are watching Interest Rates. The yield on the tenyear treasury, very important rate, 2. 04 . Next case. The u. S. Womens soccer team in new york city today for that ticker tape parade. Their win, in my opinion, fully deserved but in the background, their captain is playing politics. Roll that tape. I think that i would say that your message is excluding people. Youre excluding me, youre excluding people that look like me, youre excluding people of color, youre excluding, you know, americans that maybe support you. Stuart all right. Thats the captain of the u. S. Womens soccer team talking politics about why she doesnt want to meet with President Trump. On your screens now is michael okeefe. Hes a money guy, but i do want to ask you about politics in everything, because everything is politicized, including several big name publicly traded companies which take a radical position on the issues of the day. Im sorry, i dont like it. Yeah, i think i look at it as two sides of a coin. Thats really free speech. One of the things that makes our country great, right, its also the thing that sort of fuels capitalism, companies, you know, publicly trading and listing stocks and away we go. So its sort of part of what we have to put up with, in my view. Stuart you dont really care about the politics which a company may express, you care about the quality of the company and how much money its going to make Going Forward . Yeah. At the end of the day, if they are implementing strategies that are influenced by that, we will take a look and decide whether we think those strategies are good for the company, good for earnings, but otherwise, again, i kind of look at it as a part of what makes our country great. Free speech. Stuart i wouldnt want to take away from that. I will say this, too. Because i have been watching this news. The thing that i miss a little bit is the reverence that we see sometimes for apolitical celebrations. So that tradition of a winning athlete or team going to the white house and celebrating that, you know, in the past in my view has been apolitical and theres a reverence for that, a respect for the country, which i think its unfortunate these days that we dont see that sometimes. Stuart im with you on that. Well done. Look, how about this market. Record highs across the board. Yes. Stuart how about this economy, very strong. Yes. Yes. Stuart how about that fed, willing to accommodate and lower Interest Rates. Yes. Stuart how about that trade discussion with china, looks like its going places. Yes. Stuart looking pretty good, this market. Pretty good. Yes. You asked me the same kind of question about a month ago and you gave me a little bit of a hard time that i said the market could go up a little bit. We are up 5 since then. Stuart okay. You got that one in nicely. No, the reason i say that is because my answers a little different today. We generally speaking have a view thats positive. Our sort of anchor case, base case, is a little higher from here, some volatility, but more than most of the time, we are in an environment that is susceptible to a breakout, either a breakout up, so to your point, u. S. china trade comes through, we see the market going strong. You know, fed doesnt cut, which is actually our base case view, we think the markets going to move down a little bit. We are in this environment where its going tbo be a breakout on direction or another. Stuart theres the possibility of a melt up. No question. Stuart there is a possibility of that . No question about it. At the end of the day, if you think about it, when you look through to the numbers, the economy remains strong, right. Things look pretty good. Business has slowed down, we think its a pause for the worries about trade, we are back at that table, especially if they get a deal done, businesses are back to it, investing. Cap x spending, et cetera, going higher as a result. Stuart i think investors have the fed over a barrel. The fed must cut rates now. That to me is the most interesting thing. Are they sort of painted into a corner. But you know, what i find interesting, we read the various reports from friday and the prepared statements today, and when you read between the lines, the message is we are going to cut. When you read the lines, not so much. The facts as they lay them out, they are talking about future risk, not risk today. Stuart i dont know how you deal with that. I like cleancut answers. Thanks very much. Appreciate it. Thank you, sir. The democrats and the mainstream media. They have really been buzzing toefr je over the Jeffrey Epstein case, focused on his loose ties to President Trump. Now the democrats want labor secretary alex acosta out. Lets have a look at what senator schumer had to say about all this yesterday. Roll that tape, please. Epstein should have been behind bars years ago, but unfortunately, secretary of labor alex acosta cut epstein a sweetheart deal. Im calling on secretary acosta to resign. If he refuses to resign, President Trump should fire him. Stuart lets bring in kelly sadler, America First action pac, director of communications thereof. Kelly, why is the epstein case all about trump and his cabinet . I put it to you the democrats are really good at politics. Yeah. You know, only the democrats and the liberal news media can have a case, have a story where you have a billionaire liberal democrat who is a child sexual molester and then have a u. S. Attorney prosecuting the case and have the u. S. Attorney be the villain in this situation, not the child molester. I mean, its absolutely vile. It is so sick. And if you look at the stories, where is bill clinton in any of these stories . Hes been wiped clean of this. If you go on google right now and look at the suggestions, type epstein and clinton and there are literally no suggestions. If you type epstein trump, epstein acosta, theres a litany, a laundry list of suggestions of stories for them. This is sickening. Its just the democrats doing what the democrats do and they do it really well. They play politics with these sorts of issues and turn the narrative around, but it just defies common sense and i think of the American People, they see right through it. Stuart well said. I think you are exactly right on this. Let me bring this up to you. House speaker nancy pelosi, she just said this off camera, but she said this to reporters. She was asked you got any regrets about the remarks you made about the far left representatives like aoc. She said, im trying to quote now, i do not, no. I have no regrets about anything. Regrets are not what i do. Thats what she said. Really digging in, isnt she . Yeah. Well, she knows that her party is going off the rails. She has four freshman members that are just totally progressive that could not vote for funding for the border for these for the humanitarian crisis thats going on, 4. 6 billion, then they go down and stage photo shoots like aoc. They driving the party off a cliff, going left and nancy pelosi recognizes this. And she is the house speaker, she is the leader in the house and shes got to bring the caucus together so yeah, i think shes putting her foot down with these four freshman members. Good for her. Stuart fascinating. Just fascinating. Just watching politics unfold in front of you is fascinating. Aggravating at times but fascinating. Kelly, thank you very much for being with us. We appreciate it. You got to keep smiling. Youve just got to keep smiling. Why dont we check bitcoin. Why not. It was over 13,000 a coin earlier today. Its come back. Its now 12,400. There you have it. Bitcoin. Facebook. Fed chair powell took a lot of questions about their new digital currency, the libra. He says the libra raises some serious questions, needs a careful look and we need to take our time with this one. Facebook stock, no response, 200 a share. Some republican senators have introduced a new bill making sanctuary cities more responsible for crimes committed by illegal immigrants. Liz yeah. Watch out, cities like new york, l. A. And chicago. It would let victims of illegal alien crime sue these cities for their sanctuary policies. Any sanctuary city that has these policies and a victim of a Crime Associated with those policies, that victim would be allowed to sue under this law and also, the government could deny Community Block grants to these jurisdictions if there is, you know, evidence of of the lawsuit against it. Stuart this is a proposal, proposed legislation . Powerful republicans, chuck grassley, ted cruz, tom tillis, joni ernst, marsha blackburn, they want justice for victims of sanctuary city policies. Heres whats going on. In texas, over an eightyear span ending 2018, hundreds of illegals committing homicides, thousands committing assault, nearly 2,000 committing sexual assault. Those victims would finally be given a voice that they dont have now. Stuart, i can say in hosting the evening edit we have interviewed victims of criminal alien crime and they repeatedly said no democrat has talked to us about this. The mere fact this bill would put congresss feet to the fire stuart good story. Thank you for bringing that to us. Britains ambassador to america is out of a job this morning. Just days after secret cables were leaked in which he criticized President Trump. Well, that gentleman on the screen, mr. Darroch, is out. Congressman justin amash giving his first oncamera interview since leaving the republican party. He says his proimpeachment stance is popular among some republicans on the hill. Watch this. There are lots of people within the house of representatives. Im not saying its the majority of republicans on the house floor. What im saying is there are several people in the house of representatives and there are many high level officials and others who have reached out to me as well. Patients that i see that complain about dry mouth, they feel like they have to drink a lot of water. Medications seem to be the number one cause for dry mouth. Dry mouth can cause increased cavities, bad breath, oral irritation. I like to recommend biotene. Biotene has a full array of products that replenishes the moisture in your mouth. Biotene definitely works. It makes patients so much happier. Their medicare options. Before theyre on medicare. Come on in. Youre turning 65 soon . Yep. And youre retiring at 67 . Thats the plan well, youve come to the right place. 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Soccer federation because that status means you cannot discriminate. Stuart okay. Got that. Come in, oh, the gentleman on the righthand side of the screen wears that smile. Ron paul, former texas congressman, great to have you back with us. Was it like this in your day . Forgive me for being your day, i mean, 80s and 90s. You know what i mean. The Political Climate today is just plain awful. Its not always been like this, has it . No. I think its gotten much worse. Ever since i left, its gotten much worse. Now, i see it as an expected event because i think the country is in bankruptcy. I think they endorse very similar ideas in spite of all the fighting, they endorse the same Monetary Policy, spending and deficit and welfare. I know you disagree on detail of that, but on the big picture, theres an agreement. I mean, it comes up like the ndaa today. They will be voting for the spending. Necessity wi they will argue about it. I think theyre at an impasse but theres very very strong feelings about who runs the show and who gets to write the checks. I think this represents a policy that is failing. I think the Monetary Policy is failing. Just look at the struggle you have. Should we raise the Interest Rates. 25 or lower them. 5 . You know, the world will change. So yes, i think theyre in trouble but it turns into a personality struggle and i think it is uglier, a lot uglier than it used to be. I tried real hard to stay away from partisan politics when i was there because i liked working with people where we had some disagreements, which meant that i could ally with some progressives, but i dont think theres much of that atmosphere right now. Stuart there really isnt. I want to talk to you about justin amash. He left the republican party. He wants to impeach President Trump. He may end up challenging him in 2020. Watch this, ron paul. The only thing ive said is what ill say today, which is that i havent ruled it out. I dont think in life you should rule out things like that. When you feel like you have the ability to make a positive impact, defend the constitution on a different stage in a way that maybe would be more productive, you shouldnt rule it out. Stuart ron paul, amash leans libertarian like you, but he left the gop, unlike you. Are you glad you stayed . Well, i think im indifferent to it. I think Political Parties are very secondary to what im dealing with. Im dealing with the Federal Reserve and the Financial System and the foreign policy. Im much more into that than i am into partisan politics. I didnt fight with them, i didnt argue with them, but you know, i didnt get anywhere. I didnt get to be a major chairman of the banking committee, although i had seniority. But that wasnt the reason i was there. I was there for a different reason. Stuart do you think its okay for President Trump to put heavy pressure on the Federal Reserve . I dont no, i dont think we should have a Federal Reserve. Stuart okay. Because that that invites people to do exactly what hes doing. Hes a little bit more honest about it and i appreciate that, because theres always been a political influence. You know, they call it independence but its really the secrecy that theyre trying to protect. But you can go back on the history of all the Federal Reserve board chairmen and they were a little bit more polite and sedate about it but its been there for a long time, but its a system that encourages that because it is a political system. Its not a free market system. We dont have free market Interest Rates, for instance. So yes, i think we wouldnt have that if we had sound money but i think trump is more honest about it. I think its been going on for a long time. But i think its also a sign where are they going to go when they get to minus, minus 10 . What are they going to do . They have run out of steam, ill tell you that. Stuart europe has completely run out of steam. They have negative Interest Rates on 13 trillion worth of bonds. Extraordinary. Ron, would you come back when weve got more time . Because i would love to talk to you about negative Interest Rates and europe, the world turned upside down. Please do that for us. I would love to come back. Stuart see you soon. Thank you very much for being here. Aoc is still looking for higher minimum wage. Now she says 15 bucks an hour in new york city is not enough. She wants even more. A much bigger raise for new yorkers. Good story. Were on it, of course. Hey im bill slowsky jr. , i live on my own now ive got xfinity, because i like to live life in the fast lane. Unlike my parents. You rambling about xfinity again . Youre so cute when you get excited. Anyways. Ive got their app right here, i can troubleshoot. I can schedule a time for them to call me back, its great you have our number programmed in . Ya i dont even know your phone anymore. Excuse me . what . I dont know your phone number. Aw well. He doesnt know our phone number you have our fax number, obviously. Todays xfinity service. Simple. Easy. Awesome. Ill pass. Stuart there is the possibility of a bible shortage. Liz, is this something to do with tariffs . Liz yeah, tens of millions of bibles are printed in china. So theres a fear now if the tariff goes into effect, the topselling book in the u. S. , the bible, would be hit by that. Theres a fear that from christian publishers that there could be a bible shortage. Now, we know that many christian faiths give away the bible for free. Theres talk now they may need to charge for it for the first time. But the largest bible publisher, two of the largest, are owned by Harper Collins christian publishing and they fear this tariff could trigger a bible shortage. Stuart okay. The possibility thereof. Liz, thank you. Aoc says she wants to raise the minimum wage above 15 an hour. She told fox news that 15 bucks an hour is not enough for new york city. She wants more. I believe its already 15 an hour. She wants more. Look whos here. The voice of sanity. We found one in new york city. His name is joe borelli, hes a new york city councilman. What are you doing in new york . Living the dream. Living the dream. Stuart should the minimum wage in new york city, as of now, its 15 an hour. Should it be more . No. I mean, absolutely not. You know, someone needs to really explain costs and economics to ocasiocortez, because i think she thinks this money just grows on trees. 15 an hour where we are right now equals about 31,000 a year in annual salary. We actually pay our city emts just 1,000 more than that. We start our Police Officers at just a few thousand dollars more than that. You know, this is a cost that ultimately gets put on the shoppers, the consumers, these restaurants, and i will challenge you, if we can find a lunch anywhere within a few blocks of here for less than 10 or 15, i will buy for everyone. This is why 20 of storefronts in manhattan are vacant. This is why if you go into the outer boroughs, its even worse. These costs just cant be absorbed on the Business Owners any more than they are. Stuart what about the taxi industry . They are in serious trouble because of uber and lyft. The medallions on the yellow cabs, not worth very much money. Mayor de blasio, he says no, not going to bail them out. What do you think . It pains me to say that mayor de blasio is probably right about this, but if we did decide to bail out the taxi medallion owners, it would cost the city about 10 billion. Thats 10 billion, more than the next highest municipal budget in the country. You know, we have to acknowledge that we make the cost and efficiency of new york city cabs so inefficient that people have abandoned them and gone to uber and lyft. You know, the first thing we should probably do is lower the 6, the minute your butt hits the seat it costs to even go the first mile. Stuart does it cost six bucks to sit down . The minute your tush hits the seat, before the driver puts gas on the pedal, it will cost you about six bucks. Now, we actually charge people 2. 50 who are using a cab for the states congestion pricing charge. So now we are charging people who presumably have actually left their cars home, we are going to charge them a congestion pricing charge. And wonder why taxi cabs arent competing with uber that well. Stuart is new york city going down . No. Stuart real fast . No, no, no. There are good things still happening in new york city. Its a shame most of those things are what bill de blasio is not meddling with. Stuart joe borelli, always a pleasure. Come back soon, okay . All right. More varney, where are you, you there . No, youre there. Are you there . Youre there. More varney after this. Stuart the money story today is the stock market. A series of record highs. The dow, the s p 500, and the nasdaq, okay, we pulled back a little but were really still right at record levels. One more story, lady gaga, partnering with amazon . Liz. Exclusive beauty product line in Nine Countries t could have a global reach. Kylie jenner became a billionaire with an exclusive Online Beauty product company. Lady gaga could be headed to be a billionaire. Stuart that is fascinating. Amazon is back well above 2,000 per share. 2017 to be precise. Thats it for me. Time is up. Neil, it is yours. Neil stuart, thank you very, very much. All eyes on the Federal Reserve as Jerome Powell continues his testimony before the House Financial Services committee. A lot of people are talking today. The president is tweeting the well hear from the labor secretary of United States, alex acosta, in his role in the early epstein cases but probably the most consequential development of all the bigwigs yapping today, would be the Federal Reserve chairman. He sets Interest Rates. Some say he is the lasted a adult standing in the financial community. That is a matter of opinion but were going to be living on this, staying on this, what he has been saying. We have cut away here. I wanted to let you know has talked about the tax cuts have to be measured longer term on