Transcripts For FBC Mornings With Maria Bartiromo 20240714

Senator Bernie Sanders and senator Elizabeth Warren at the debate last night tackling topics like Climate Change, tariffs and trade. You outcompete them and put chief manufacturing officer in place to make sure we rebuild the manufacturing base, we have to fill the factories, we have to fill them with workers that are making batteries, charging stations, making sure making solar panels. Senator warrens plan basically that she would put out we would not be able to trade with the United Kingdom. We would not be able to trade with the eu, its so extreme. Thank you, congressman. What the congressman is describing as extreme is having deals negotiated by the American Workers for American Workers. American workers want those jobs and we can build the trade deals that do it, people want access to our markets all around the world, then the answer is lets make them raise their standards, let their workers unionize, Environmental Standards before they come to us and say they want to be able to sell product. Anyone here thinks that Corporate America gives one damn about the average american youre mistaken, if they can save 5 cents by going to china, mexico or vietnam or any place else, thats exactly what they would do. Warren and sanders spent most of the time taking on everyone else on stage defending like the Green New Deal. Democrats need guts to do big things like shutting down fossil fuel industry and called the work criminal activity, when challenged about some of the points in Green New Deal came up, Elizabeth Warren said those are madeup republican talking points, maria. Maria Hillary Vaughn, what a night, your reaction . Dagen who doesnt hate Elizabeth Warren hate, who doesnt Bernie Sanders hate . American corporations are destroying the planet, they dont care about their workers, it is the evil Insurance Companies and the evil Drug Companies that are making people sick in this country. If Elizabeth Warren and Bernie Sanders won the night last night, then donald trump gets reelected next year. Maria she kept saying i bought ceos and i beat them, i fought this one and i beat them, i dont know, i dont understand what she was saying. They are going against the moderates, that was clear, representative john delaney did key playing key moderate and Going Forward its the two of them distancing themselves. Dagen Bernie Sanders tried to stand out by cursing, thats always a losing proposition. [laughter] i dont know it worked for donald trump in 2016. I thought it was a great point because the race for democrats has been going left, going left, a line was drawn last night, a number of candidates on stage oppositional and talking about winning and not just building the left which is interesting, whether that sticks i dont know, different dynamic that we have seen. Tim ryan, that would be john hickenlooper, klobuchar. They are focusing how are we going to win, what is the public going to want instead of going which is different dynamic. I dont know if they will get past tom perez and getting the focus, he really has to show progressive, you know, guts. Thats how its been so far and that seems to be where the energy is. We will see if theres any change in the momentum. Dagen energy also with mare marian williams. I think her name was the most googled. Maria i loved watching her, shes terrific to watch. Dagen its something hopnotic about her voice. She married by the way elizabeth taylor, efficient at wedding when Michael Jackson on the medicare for all, the hospitals will save substantial sums of money because they will not be spending a fortune and all the bureaucratic things they have to do today. Second of all, you maybe you did that and made money off of health care but our job to launch a healthcare nonprofit. His math is done, well documented that if all the bills were paid at medicare rate, which is specifically, i think its in section 1200 of their bill, then many hospitals in this country would close. Ive been going around all america and asked hospital administrators one question f all your bills were paid at the medicare rate last year, what would happen and they all looked at me and say, we would close. It matters when we say that our law that we would lock people up who come here seeking refuge and who come here seeking asylum and thats not a crime and as americans, what we need to do is have the same system that keeps us safe at the border but does not criminalize mothers fleeing here. Right now if you want to come into the country you should at least ring the doorbell, we have asylum laws, i saw the kids in grand rapids, its shameful what is happening but donald trump is doing it and even if you decriminalize which we should not do, you still have statutory authority, the president could still use authority to separate families. So weve got to get rid of donald trump, but you dont decriminalize people just walking into the United States. Maria joining us mercury management director and former camp cane Communications Director brian along democratic strategist from Obama Campaign field director robin byro. Robin, let me kick it off with you, your reaction, seems like there was a moderate verse, progressive style on stage sort of clashing. Yes, but the good news is that we have options and thats fantastic because really only about 20 of the electorate identifies as that liberal. For those theyve got candidates, theyve got Elizabeth Warren and Bernie Sanders and i guess marian williamson. Maria 20 only identify as that progressive, then yet that seems to be the theme of the Party Every Day not just 20 . Thats because policies win in primary, now as we all know going in general they will dial it back just like barack obama did in 2008, these are winning issues in primary. Maria brian, how do you see it . The extremists have taken over the Democratic Party, lets look at Elizabeth Warren and Bernie Sanders, top of the polls, tim ryan is not there, that just saying to me energy is in 20 and the 20 will decide candidate for president. Health care for illegal aliens is extreme positions, those arent interesting positions. Let me ask you something, brian, is the anger from the democrats working for them or sit going to catch up with them, one thing they have in common is they are very angry on many fronts. Maria they are upset about donald trump, thats for sure. What do you think, robin . Oh, yeah, the anger is very real but one thing that did resinate was that every one of them came out for Strong Border protections, we have to shut down the narrative that we are for open borders. No, thats thats what your candidates are spousing, thats what they openly said they want. No, no one said they want open borders. Decriminalizing maria did they vote against sanctuary cities. Point taken. Maria they voted that they want open borders. I just open borders thing is a nonstarter, we have to get away from that. Not enough of them maria all the things that they dont vote for so thats why it suggests that they vote for open borders, what were you going to say, brian . Listen, its the only reason that the democrats are talking about the border is because President Trump has been shouting about it for the last 4 years, you know, its finally great that the media and the democrats have decided that theres a humanitarian crisis at the border but their solutions arent solutions, they want to shut down dhs, decriminalize border crossings, Julian Castro said that. What i saw last night was that aoc primary, everybody trying to get the most extreme position so that she can tweet something nice about they them. The country is not where extreme liberals are today. Dagen robin, i dont know how you moved to the middle after you promised 180 million american that is they will lose private Insurance Coverage and people hate health insurers, they actually dont, if you get your Health Insurance through your employer people are perfectly happy with that and they are not being honest and they will get hammered on it. Bernie sanders medicare as we know it, the Hospital Fund goes broke in 7 years, broke, we will be able to pay out 89 cents on the dollar in benefits through tax revenue and hes talking about okay, medicare for all, we know its all horse hooey and he needs to get called out on it. Thats where joe biden is at a win coming right out of the gate because this is i agree with you, dagen, nonstarter. Maria former Vice President will take the second stage today, faceoff against california senator Kamala Harris again, what are you expecting there, more fireworks between the two . Yes, i do. At least she will be getting away from busing. More interesting to see what Julian Castro is going to say and cory booker. Maria good point. So brian, you think that the showing last night, what, you said that it helps President Trump, what about tonight, youve got, you know, joe biden in the lead there in terms of the polls and hes considered more moderate . I mean, listen, joe biden is going to have to defend last 8 years of barack obama and the Democratic Party, those conflicting feelings there, lets not forget the obama was the deporter in chief and joe biden was the deporter and deported more illegal aliens and thats tough to defend in democratic primary and castro is a good contrast and can talk about those things, with the extreme radical, the left, the liberals in the Democratic Party, biden, hes thinning on ice, melting fast and hoping that his record doesnt catch up to him. Dagen even after the hits he took from Kamala Harris in the first round of debates he still got strong support in south carolina, strong support in mississippi, and the 60 of the primary voters in south carolina, i think, 60 are black voters and so that is going to be critical for his path to the nomination and hes still in the lead in the overall polling. Maria how do markets in wall street view last night, lindsey . The markets are worried about the fed is going to do today, they are worried more about the election as we get into next year and second half of next year. Maria we will leave it there, great to see you, thank you so much for joining the conversation, plus apple, the stock to watch this morning, the company reporting overall Revenue Growth even though iphone sales slumped, hollywood hypocrisy, check this out, criticized on the not so green route, the story just ahead, back in a minute. [ soft piano music playing ] mm, uh, what do you do for fun . Not this. 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Cheryl apple shares higher, coming better than expected after bell last night, revenue rose 1 , 54 billion, earnings per share expected to fall, the company as you can see, the stock up quarter percent in premarket. The god news iphone sales but revenue grow in any other area including sales from services, 13 , shares of apple, the regime maybe trying to further pressure the United States as two countries are struggling to set up fresh nuclear talks. Well, judge found no wrongdoing in federal lawsuit by the Democratic National committee, democrats sued the 2016 Trump Campaign and wikileaks claiming they worked with russia to Seal Committee materials, President Trump praised the decision, here is what he tweeted. The judge said the dnc case was entirely divorced from the facts, yet total and complete vindication and exoneration, maria, wrote the president on that decision, those are your headlines. Maria all right, cheryl, thank you, all eyes on Federal Reserve today, the central bank making final decision about rate cut we are expecting announcement today at 2 clk eastern, then base brawl, the reds and pirates go at it in last nights big game, right here back in a minute. This was me before liberty mutucustomized my car insurance, so i only pay for what i need. And this is me now any physical changes to this mans appearance are purely coincidental. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Lick fast like a cookie dough ninja. Apply that same speed to the ford hurry up and save sales event. For the First Time Ever get 20 estimated savings on select ford models, plus earn complimentary maintenance through fordpass rewards. It all adds up. Dont you love math . So get here asap because tasty deals and summer go fast. Get in or lose out on 20 estimated savings on select ford models, plus earn complimentary maintenance through fordpass rewards. 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If you asking, i think its overpriced into the market which is part of the issue. Obviously pressure from the white house, pressure from what happened in december and the way market reacted, though, the expectation is we see 25basis point rate cut today and we actually think you maybe get 50point rate cut thats placed into the market. Maria today . Today, whats based in the market and having strong quarter, leading indicators are strong yesterday, we saw some purchasing power numbers that came out and we are really quite frankly overwhelming, so we Glass Half Full and half empty and people are reading it clear what the markets are expecting. Maria lindsey you said the Earnings Period are looking good, beating estimates, growth of 2. 1 . Exactly, Economic Data is coming in better than expected just like you said, so the question is going to be what is jay powell going to signal for future rate cuts because that is really what depends on the market, is this going to be by the rumors, sell the news type of deal. Exactly, like in the last updates we have gotten from the fed, whether its from jay powell testifying in front congress, i think the devil will be in the wording, a lot of questions regarding some of the different ways that the Federal Reserve has put forward for evaluating things like inflation and we really are in unchartered territory, but, again, we are seeing a lot of strength, we recently came out with our Investor Survey which we do quarterly and its its, you know, its pretty positive, people are investing, people are, you know, overarching concerns about politics and certainly trade but businesses are overwhelmingly hiring, people are overwhelmingly putting money into the markets so you sort of have these maria Business Investment was down. Business investment has been an issue as the fed cut make big difference assimilating that. I think it is, to the extent that you have some of leading indicators and access to capital already freeflowing imagine that at 50, 7 know, i think that we are going to try to spur this economy clearly and defer and deter a recession Going Forward but things dont look so bad and we are actually expecting rebound in some of the in the earnings Going Forward globally not only in the u. S. But we will see how all this works but i think other Federal Reserves are going to be looking to the u. S. As we expect europe to cut down as their very, you know, loose and supportive policies in china, so we will see. Maria which is the reason the fed is probably cutting, the Central Banks lowering rates and stimulating. Dagen when you get an yield curve starting in the spring, the fed needs to lower those shortterm rates in order to get banks to lend, the banks are in a bind when you have higher shortterm rates and longer longerterm rates and theres no Interest Rate merge in lending, the market is sending the signal to the Federal Reserve and what it needs to do and to keep the banking, the money from the banks falling in this country. In 95 and 98 the federal cut 3 small cuts and the economy did avoid a downturn and in 98 it looked a lot worse, we had the russian debt default, Longtime Capital management blowing up and president being impeached if you want to talk about what was going on in washington and we did not end up in recession until i think it started in early 2001. Maria so what are you telling clients right now, you want to buy stock . The truth is its hard to sell stocks, a lot of people trying to take money out of the market but when you think about the other alternatives to invest in, theres not a lot out there, the u. S. Is definitely the place to be putting money, now we are at historically above where, you know, pe levels and trading, and theres still room to move, its not like we are at historical highses. Maria yeah. We are putting money in u. S. Market, staying diversified, we have serious cash positions, others are smaller to japan, you know, to, again, the u. S. And within the Consumer Discretionary and Consumer Services areas that are robust and low unemployment and healthy consumers can push, we definitely, a point in the cycle, the point for clients that you not only want to be diversified across and globally but fixed income, have cash on the side, some clients are definitely buying protection and insurance full out in terms of buying. Maria we will see what happens today. Thank you. Maria thank you so much for being here, ellen mccartney. Fed meeting and the decision of the rate cut, thats at 2 00 p. M. Eastern, i will be joining Charles Payne and colleaguing, later on today join us this afternoon on the fed, meanwhile breaking news, General Electric earnings are out, you saw it on the screen, Ashley Webster with more details, ashley. Good morning, digging through the reports, headline numbers first on earnings per share, 17 cents, the access estimate was 12 cents, also beat for ge, 28. 83 billion, estimate 28. 68 beat on the revenue. Now unchanged, kind of a mixed bag when you go through some of the headlines, this is a big generator of revenue as it tries to figure out how its going into the future, 26. 8 billion, segment down 1. 3 , they are also saying with the aviation segment again big part of the company with the engines that they make, as of june 30th, they had about 2. 1 billion of net assets related to the 737 max program we know that program has been grounded, maria, and ge says if that continue it will have a negative impact, of course, on their production of those engines, but overall, its good on major headlines but big deeper and perhaps a little weakness in some areas. Maria all right, stock is flat right now, thanks so much, Ashley Webster, apple the stock to watch this morning, the company reporting overall Revenue Growth even though iphone sales slumped, we will give you details, stock is up 4 and google glits and glam, hollywood elite heading to Climate Change conference but definitely not carpooling it, the controversy about the choice of transportation coming up back in a minute. vo the ant mindlessly marches on. Carrying up to 50 times its body weight. It never questions the tasks at hand. But this year, theres a more thrilling path to follow. father kids. Change of plans vo defy the laws of human nature. At the summer of audi sales event get exceptional offers now maria welcome back, good wednesday morning, good morning to you, it is wednesday july 31st, fed day, top stories this morning, 6 33 a. M. On the east coast. The big day for earnings this morning, General Electric with double beat moments ago but also warning that it could be feeling the pain of 737 max grounding. Central banks expect today cut rates if r the First Time Since 2008 since Great Recession ahead of the decision futures are higher, take a look at markets, dow futures up 60 points, s p futures up 4 and nasdaq futures higher by 25. Yesterday stock dropped after china will not come through and going to get tougher after 2020, according to Chinese State media, trade on or abouters will negotiators will meet in the United States, european indices are mixed, ftse 100 down 45 but cac quarante down 2 points and dax in germany up right now. Posting biggest monthly jump in 2006, welcome news for region that cannot generate any growth. Theres also some signs of slowdown in china, activity contracted for the third month in a row, we will have the numbers coming up. Shanghai composite down, hang seng and hong kong down one and a thirty percent. Trying to keep President Trump off the ballot, controversial move California Governor Gavin Newsom making this morning. Italian summit, focus of the conversation, though, Climate Change, more on the hollywood hypocrisy today. Massive brawl on the diamond, find out what caused the fight that cleared the benches, what a night. Apple earnings, double beat on adjusted earnings per share last night, revenue up as well in Second Quarter. Apple credit card will be unveiled next month, the stock is up, lindsey bell, whats your reaction . I think this was a good report, it wasnt all that outstanding, the great news was what was happening in china, china revenue declined 4 , they are riding the ship there, 2 quarters prior it was down over 20 in two consecutive quarters, they are doing things like cutting prices, offering trade and financing to help really pick up the region there, now on the Services Side sales were up 13 which was a good number, but people were looking more like 15 when you add foreign exchange, they were up 18 , investors with giving path and guidance was really great, i think what you are seeing here and across industrial and tech earnings is that the trade and tariff situation in china is actually manageable because china is a huge business for the company. The other thing is that there are product exclusions, should the president decide to put the final tariff on the 325 billion of remaining goods coming from china, theres conversation happening that there are certain product exclusions, i wonder if thats so widely used like the iphone would actually get a product exclusion, just throwing that out because thats been the worry now. Tim cook made a big deal about manufacturing in the United States and clearly in talks with the white house, so something going on there. Look, on the services i want to echo, lindsey, this is a better quarter than the first two quarters to have year which was rough, the guidance was good, they are making Services Transition despite falling bit short of expectation,ics phone iphone sales are continuing to slow. I think its making a turn for them than last couple of quarters. Dagen china could be a big trouble spot for apple, hauwei touting its product in the nation which the wall street journal writes, touting its product as the patriotic choice for chinese consumers, dont buy apple, buy hauwei, we are in the fight with the United States, but i highly doubt that the iphones assembled in china would get hit ever with a tariff, certainly not going in Election Year because the white house and the president have benefited people really not feeling consumers feeling the tariffs up front, but you might start seeing that over the holidays, youve heard say sony talk about the Police Station and play station and tariff. Maria that will be among dagen right. Maria the other things about hauwei, i mentioned in the air, even with all the pressure of hauwei, the company had gained market share against apple and against others, i mean, it is the largest smartphone maker, i believe, its actually gave gain market sharing in the last quarter. I think its interesting the news of hauwei release of first half earnings going into this week where u. S. And china are having these trade exactly. Even i know the wall street journal report that you just mentioned but tim cook said on the Earnings Call that hes not seeing any nationalist big boycott against the iphone in china, i dont know if we are talking two sides apple is not gigantic presence in chinese market, i know chinese are sensitive on hauwei and how its being talked about and u. S. Campaign has not really taken route around the world despite pretty aggressive efforts by the administration and its an issue of the United States, but i dont think its made many inroads maria europeans are still fighting, getting rid of their hauwei infrastructure even after secretary pompeo said, we are not going to share as much information with you. Moments ago u. S. And chinese trade negotiators said they will meet in the United States for next round of talks in september after trade talks underway in shanghai right now, the president spoke about the negotiations yesterday. We have people in china right now negotiating with china, we will see what happened, we are either going to make a great deal or not a deal at all but a lot of great things are happening and our country has gone way up in terms of the difference, number one economy in the world, picked up tremendous in the last years since ive been here and a lot of great things are happening. You have to believe that the u. S. Economy has been hit more . I think thats clear, they are probably headed to a small deal despite what the president just said, both sides want to get something done and show that some of the animosities are off to sides, the big mela deal are very narrow. Maria i totally agree with you, im not sure that i am expecting a deal anymore. If the chinese cannot stop stealing intellectual problem, how are they going to do any deal, you cant do a deal just with china buying more stuff. Both sides have interest in domestic political purposes in having some transactional deal, as dagen was saying from the United States perspective in buying soybeans and in china to tamper the temperature down a bit. Maria for sure. Dagen the president s fictionation on deficit, he might be satisfied with that, ultimately thats what he thinks resinates with the voters as opposed to china stealing from u. S. Companies. Maria we will see, faa investigation reaching troubling conclusion, two fatal crashes of boeing 737 max jet, we have been following this as well in terms of stock, Cheryl Casone with more details, cheryl. Cheryl new report out this morning, maria, something else, internal risk analysis after first crash of 737 max, crash that happened last year, high probability that a similar cockpit emergency could happen within months this is according to report that came out in wall street journal. Faa analysis show it didnt take that much for similar malfunction to occur, as we know second crash happened in ethiopia, boeing fixing system which is being blamed in both disasters, slightly higher for bowing in premarket. Samsung is feeling the pressure, weaker demands for smart phones, hurting the bottom line, secondquarter profit tumbled 53 from a year ago although it still managed to beat the estimates, Companies Facing far out from pullback in global spending and u. S. China trade tensions which you were talking a moment ago. The worlds rich and famous are set off setting off for italy to talk about Climate Change but turns out they may be contributing to it. A listers, president obama, prince harry, leonardo depap decaprio, a thousand kilograms of co2 will be released, there you have it. We have seen this before, by the way. They are like, save the planet, ive got 5suvs that i need to travel in today. Dagen do as i say and not as i do. They should all go vaguan and couple everywhere they go. Leo is a veg and everybody else needs to be a vegan. Maria i dont see that happening. Bejclearing brawl, massive brawl, what starked straight ahead. Gavin newsom signing new state law to pressure President Trump into releasing tax returns, thats next, back in a moment. Im so happy. Whatever they went through, they went through together. Welcome guys. Life well planned. See what a Raymond James Financial Advisor can do for you. Dear tech, lets talk. We have a pretty good relationship. Youve done a lot of good for the world. But i feel like you have the potential to do so much more. Can we build ai without bias . How do we bake security into everything we do . We need tech that helps people understand each other. That understands my business. Weve got some work to do. And we need your help. We need your support. Lets expect more from technology. Lets put smart to work. 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. Maria welcome bark, headlines across america this morning, la times New California election law, governor gavin newsom filed and must be submitted late november, Chicago Tribune writes this morning, will pot be sold at shops in your town come 2020, officials throughout illinois have begun debating the issue. Adult use in illinois will be legal and the fight on where it would be sold and grown. They may be able to decide whether residents can buy it legally in their hometowns and just in time for breakfast, las vegas review, pizzeria pie, insectinfused pizza, one local pizza shop getting crafty, massive grasshopper invasion, culinary master piece, goat cheese pie topped with grasshoppers, rattlesnake sausage creation. Dagen new yorkers dont eat its nevada. Its nevada. Not new york. Maria that lowers dagen im vegan, dont look at me. That includes grasshoppers. Maria okay. You eat pizza, i thought. Dagen tomato sauce and maybe vegan cheese, no grasshoppers. Maria quick break, pirates and reds, what turned into fists coming up, the new tactics some parents are using in order to cash in on financial aid, the morality debate coming up, back in a moment. So. How are you feeling . 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. Maria welcome back, Cincinnati Reds game turned into a brawl. Jared reds and pirates have been joined all season until boiling point was reached last night. Garrett is on his way to dugout and here we go. Oh goes in there and punches. Not a good scene at all. You could feel it brewing and brewing. Jared pirates pitcher who used to play College Basketball at st. Johns charged at pirates dugout and got stung by swarm of yellow, he got into it with the rival manager clint who was celebrating birthday. Among cincinnati players ejected yasiel puig. He kept playing and fighting and defending his teammates who are no longer his teammates. The indians get yasiel puig. Saturday he threw a tantrum, baseball from pitchers mount over the fence, move he was fined for. The head coach of the United States womans soccer Team Stepping down officially in october, 52yearold englishborn coach led the United States to titles to two world cups, coached since 2014, will remain with the squad as they begin the world cup victory tour kicks off saturday in rose bowl against ireland. On dirt track friday in minnesota blew out engine in first lap and heckled by a fan when he socked the fan right in the jaw, tony stewart is tony stewart. Maria a lot of fighting. Jared how about this, fighting is alltime low in National Hockey league. Maria all right. Jared that was the support that everybody fought. Maria and tony stewart. Jared what do you think of tony . Dagen i know him. Maria we know, thats why we are asking you . Youre retired, not bringing as much income, maybe dont hit somebody. Jared some nasty words thrown but we will see where this goes. [laughter] dagen sticks and stones, my friends, sticks and stones. Jared punches will cost you. Maria do they not know they are being filmed . Jared i mean, that was like, have you ever seen the movie grand terino, swinging away, yasiel puig extends it. He might be a great teammate defending guys hes not playing for, wow. Maria really. Jared timeout in baseball, i guess you get traded. Maria during game. How do you trade during the game, i was questioning that when you were reading . The word got around that he had been delved and he gets into the big fight. Stunning. Maria Jared Max Fox news 24 7 or siriusxm 115, thank you. Have a good day, jared. Take a look at General Electric, stock jumping 4 , companys profit reached expectations, 5 move in the stock, we will be right back. Ot. For starters, we provide you with Financing Options for your customers. That way, you can help them buy the things they love instantly and pay over time. And that turns them into serious fans. Hang on, theres more. Want Customer Insights . Weve got those, too. We use data to show you what your shoppers have already bought so we can tell you what they might consider buying next. And you can offer them the perfect products. That ceo gets it. From adding unique capabilities to your companys apps to bringing you loyalty programs, our financial and Tech Solutions are changing whats possible in all sorts of ways. So, how can we change whats possible for you . Youre smart,eat you already knew that. Is and you can connect with a truecar certified dealer. Now youre even smarter. This is truecar. Maria welcome back. Good wednesday morning, everybody. Thanks so much for joining us. Im maria bartiromo. It is wednesday, july 31. Apples strong Third Quarter, the stock is up this morning, set to add 60 points to the Dow Jones Industrial average, even as iphone sales declined. Ceo tim cook says the decline was actually good news. Well tell you why. Countdown to the Federal Reserves decision, the central bank expected to cut Interest Rates today, First Time Since the Great Recession back in 2008. Markets and the health of the economy on tap right here. Futures right now getting a lift from apple, trading up, 60 points, quarter of a percent on the dow. S p futures up 4 and a quarter. Nasdaq higher by 25. General electric out with a double beat. It raised its profit outlook. The companys cfo is stepping down and the search is underway for a replacement. The stock is up almost 5 . Weve got more on that coming up. Yesterday, the markets slipped after President Trump made a comment about china trade talks, saying that china does not come through on its agreements and warned china not to wait for the 2020 election to do a deal. Trade negotiators will meet again in september, this time in the United States. Mnuchin and lighthizer are in shanghai today. Markets this morning globally are mixed. Take a look at the europe indices, fq100 down 50, cac up 4, dax up 36. Germany was down big yesterday. The consumer strengthening in germany. Retail sales posted the biggest monthly jump since december 2006 in germany. In asia markets were down as hopes of a u. S. China trade deal happening any time soon diminished. We have new Economic Data today. Factory activity contracting for the third month in a row. The hang seng was the worst performer. Democrats going head to head last night on the economy, immigration, healthcare. Weve got more big moments from last nights debate. The high cost of higher education, parents taking extreme measures to get a break on tuition, giving up guardianship of their kids. All those stories l coming up this wednesday morning. Joining me to break it down, dagen mcdowell, the wall street journal editor in chief, matt murray and investment strategist lindsey bell. Great to see everybody this morning. What are you looking at . Dagen trade. I want to know, do the markets lindsey talked about this all year. Do markets need to see a trade deal before the end of the year. That was the prediction. Listening to industrial and tech companies, i think what they need to see is nonescalation of trade conflicts. And no increases in tariffs. As long as we can drag this thing out, the companies are able to deal with the tariffs currently in place. Maria the longer we go without a usmca ratified is going to be unnerving, right . I mean, now yesterday we had a couple guests on who said they expect it will come to the floor in the fall. What is going to move nancy pelosi to move usmca to the floor, get a vote, matt . I dont think shes got a lot of motivation, other than to show the one thing that might help her move it is to show the democrats are moving legislation, are getting things done, arent just sort of pursuing unrealistic policies but are trying to show a record of achievement. That might help. I dont think shes particularly strongly emphasizing this. Maria a lot of people think if it does come to the floor it will pass. Dagen what will make her monday of it is knowing that republicans only need to win 18 seats, 19 seats next year to win back the house so shell move on that if she thinks the house is in jeopardy. If she thinks the democrats need the that win, theyll do it. Maria were watching the economy, the adp report is coming out. A big story on apple, the stock is on the move after an earnings beat, reporting earnings of 2. 18 a share versus an estimate of 2. 10, that was better than expected. Revenue was up, following back to back revenue declines in the previous quarters. Guidance topped expectation, pushing apples market cap back towards a trillion dollar territory. Iphone sales did slump in the quarter. Customers holding onto smartphones longer weighing on the results. The stock is up this morning, 4 and a third percent on apple, joining us right now is Research Senior equity analyst, angelo zino. How has the reporting season going so far . Overall, i think its been better than expected. I think kind of the key for apple as as well as for the broader Coverage Area that i cover is companies are beating fairly low a very low bar, in terms of guidance as well. The expectations have been fairly low and theyre exceeding expectations. I think a lot of that specifically is coming out of china. I think youre seeing better than feared numbers coming out of that region specifically. Maria its the guidance that everybody cares about. What do they think about the rest of the year and going into 2020, right, and the guidance you say has been better than expected. Absolutely. When we look at apple specifically, if we were to take the one big takeaway out of the quarter, it comes down to china. China was down 4 year over year this quarter compared to down 22 and down 27 the last two quarters. So again, the trajectory much better than expected. We expected stabilization out of china to start coming closer to the december quarter when you started seeing kind of the more favorable comps on that side of things, came two quarters earlier than we anticipated. Angelo, broadly how does the Global Economy look for a lot of the companies youre following . China as you say is an issue, they really slowed down. Europe is not in good shape. The u. S. Is hanging in pretty well at this point but how long can the u. S. Keep powering growth for companies . Its interesting. I think from a broader level, the u. S. And europe have hung in there. We are seeing some pockets of weakness, id say from some of the supply chain names in areas in certain areas of the u. S. And europe, areas like autos potentially. But that being said, listen, i think it hangs in there. I do think the order trajectory in china is starting to see some notable improvement in the supply chain. So even if we were to see some softness come out of the u. S. And europe, i think thats more than offset in potential better than expected results coming out of china. Maria we havent seen a lot of growth out of europe. Its really hard to generate any growth there and we heard mario draghi say more stimulus is on the way. What will that stimulus look like . I told you what rick reeder said from blackrock, he was on the show a couple weeks ago. He said theres no wiggle room whatsoever in terms of rate, theyre already negative. So what are they going to do. Christine laguard coming in, shes going to buy european equities. Thats why rick reeder is buying european equities. What do you think about that . As far as europe is concerned too, to your point, theres been essentially no growth coming out of there and we think that just continues in the foreseeable future. We were talking yesterday before the apple report about the huawei report that came out that revenue was up 23 in the first half, theyre taking market share over there in china and you said to me, you see this as a positive for apple. Can you explain why . When we think about whats going on in china for apple, they made moves on their end. We think its really helped them, whether it be tradein programs, Financing Options for the consumer, bu i think as you look at huaweis results and apples results, it tells you the consumer is coming back in china. Thats helping apples results. I think thats helping a lot of the consumeroriented names as well. Maria we saw the consumer strong in the gdp last week. It was the consumer that was driving the gdp last week, not the business sector. Dagen in china, do we need to watch out for disinformation campaigns out of the Chinese Government about apple, huawei maria i think youre right about that. Dagen thats not something you would necessarily see on the surface but it bubbles up from wherever in china, but also with huawei touting itself as the patriotic option in the country. So what should we watch out for in terms of hazards . When we think about the two biggest risks for apple in general, one is the china market. The other is the regulatory issues because of that Services Business growing. But when we think about china, clearly it has to do with trade and whats going on on o the tre side of things. The bigger risk in china continues to be if you look at samsung a couple years ago, they once owned 20 of the market, they now own less than 1 of the market in china. Theyve essentially been thrown out because of huawei. When we look at the risk for apple here in china, i think it potentially is them continuing to lose market share. At one point they had 15 share. They now have less than 10 of the market. To your point, dagen, apple could kind of be smeared in terms of the china market there Going Forward and i think thats once again an opportunity for huawei. If you think about it here in the u. S. , huawei has no share. The u. S. Doesnt allow huawei to compete in this market. I think that could potentially be harmful in china at some point in time. Maria theyll use propaganda to make the point. Angelo, great to have you. Thanks for having me. Maria . Maria 2020 democrats fg off yesterday in detroit. Hillary vaughn was there for round two, part one of the democratic debates. Hillary, good morning to you. Reporter good morning, maria. Voters got to see a tug of war between progressive policies and a more moderate approach at the debate last night. In fact, senators Elizabeth Warren and Bernie Sanders were asked if they think their ideas are too far left to beat trump in 2020 and some candidates on the stage with them last night said that they do think that progressive promises are not a Winning Strategy for 2020. I think if were going to force americans to make these radical changes, theyre not going to go along. Throw your hands up. I will. [ laughter ] i can do it. But you havent implemented the plan. You cant just bring a plan on the world and expect it to succeed. Every credible poll that i have seen has me beating donald trump. Hillary clinton was winning in the polls too. In this discussion weve talked about taking private Health Insurance away from Union Members in the industrial midwest. We talked about decriminalizing the border and we talked about giving free healthcare to undocumented workers when so Many Americans are struggling to pay for healthcare. I quite frankly dont think that that is an agenda that we can move forward on and win. Reporter one of the progressive policies in the hot seat, medicare for all. John delaney has personal experience in the healthcare industry. He told sanders that his plan for medicare for all will not pay for itself because sanders wants to eliminate private insurance. He says medicare for all rates only cover 80 of the cost. Private insurance picks up the 20 remaining. So delaney told sanders last night the math doesnt add up. Maria hillary, thank you. Hillary vaughn in detroit this morning. Coming up, details emerging about the a accused hacker behind the capital one breach. Cloud security front and center. And high cost of college, some parents go to the extreme making sure their kids Education Bill gets paid. What theyre doing, coming up next. A little bit dangerous. But baby, thats how i want it. A little less conversation. vo the hamsters, run hopelessly in their cage. 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That understands my business. Weve got some work to do. And we need your help. We need your support. Lets expect more from technology. Lets put smart to work. And here we have another burst pipe in denmark. If you look close. Jamie, are there any interesting photos from your trip . Ouch, okay. Huh, boring, boring, you dont need to see that. Oh, here we go. Can you believe my client steig had never heard of a home and auto bundle or that renters could bundle . Wait, youre a lawyer . Only licensed in stockholm. What is happening . Jamie anyway, game show, kumite, cinderella story. You know karate . No, alan, i practice muay thai, completely different skillset. Maria welcome back. We are learning more about the woman accused of hacking into more than 100 million credit card accounts at capital one. Deirdre bolton with the latest right now. Good morning. Good morning, maria. This person was struggling and i think we can tell that by her actions. The woman has been charged with stealing the data from 100 Million People. She was a transgender woman, hopping from job to job. She was described as someone who was angry. She tweeted that she was going to check herself into a Mental Health facility a few weeks before she was arrested. On her twitter account, she wrote something, said ive basically strapped myself with a bomb vest, to the point where another hacker on another platform said please dont go to jail over this. I think this happens with a lot of hackers. Theyre operating on the fringe but they still want credit some somehow from the community for stealing something, in this case stealing Social Security numbers, credit card numbers and dates of birth. What this means for these companies is to what extent are they willing to go more and more to the cloud. Unfortunately, for capital one, it was an early adopter five years ago, went to the cloud. Most Security Experts are saying that while Amazon Web Services is at the heart of this particular issue, that its not really at fault. For example, this young lady actually used an access point in the firewall. It wasnt really a problem technically with the cloud. She accessed it another way. But just in the way the story is developing, she had worked for Amazon Cloud Services for a number of years. Shes clearly mentally having a lot of battles. One thing that let the fbi find her home address was she had shared a vet bill, i guess her cat was sick, so it had her home address, her real name and thats one of the reasons they were able to find her and arrest her. Maria wow, incredible story. It just shows somebody very much on the fringe but who wanted some sort of acceptance if you like from her peer group. But we know with equifax, for example, which went through a similar hack, they paid 700 million to settle a lawsuit, i should mention a Class Action Lawsuit was filed yesterday in dc, someone in connecticut who has been affected has started to gather the troops. You know, maria, what is chilling in this case, a lot of hacks we think of foreign agents or people overseas. Its a reminder that for Big Companies, youve got all kinds of developedders coming in and out, vendors coming in and out, and a determined hacker who has an inside track, its very, very hard to stop. Its very hard to do anything about that. And i thin i think thats got ta lot of Companies Looking at things closely and thinking of security protocols. Maria we were saying that yesterday when the story first broke, we were thinking maybe its china or russia, oh, no, its an american citizen, a woman. Scary stuff. Well keep watching that. All eyes on the Federal Reserve, the Central Banks crucial decision coming this afternoon. Fox business will have complete coverage, live at 2 00, were expecting a quarter point cut. Back in a minute. Weve got a long way to go. Scared to live, scared to die. We aint perfect but we try. Get along while we can. Liberty mutual customizes your car insurance, so you only pay for what you need. I wish i could shake your hand. Granted. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Lick fast like a cookie dough ninja. Apply that same speed to the ford hurry up and save sales event. For the First Time Ever get 20 estimated savings on select ford models, plus earn complimentary maintenance through fordpass rewards. It all adds up. Dont you love math . So get here asap because tasty deals and summer go fast. Get in or lose out on 20 estimated savings on select ford models, plus earn complimentary maintenance through fordpass rewards. While managing your type 2 diabetes why think about your heart . Because with my type 2 diabetes, im more likely to have a fatal heart attack or stroke. Lower a1c helps, but type 2 diabetes still increases my risk of a fatal cardiovascular event. Because type 2 diabetes is more than a1c. Wowthese are great answers and thats why theres jardiance the first type 2 diabetes pill that offers a lifesaving cardiovascular benefit for adults who also have known Heart Disease. Because jardiance can reduce my risk of dying from a cardiovascular event. And it lowers my a1c, with diet and exercise. Andits the 1 prescribed pill in its class. Jardiance can cause serious side effects including dehydration, genital yeast or urinary tract infections, and sudden kidney problems. Ketoacidosis is a serious side effect that may be fatal. A rare, but lifethreatening bacterial infection in the skin of the perineum could occur. Stop taking jardiance and call your doctor right away if you have symptoms of this bacterial infection, ketoacidosis, or an allergic reaction. Do not take jardiance if you are on dialysis or have severe kidney problems. Taking jardiance with a sulfonylurea or insulin may cause low blood sugar. So, now what do you think . While my a1c is important, theres so much more to think about. Ask your doctor about jardiance today. Maria welcome back. Futures are higher this morning. Were at the highs of the morning. Dow futures up 71 points, the s p futures up 5 and three quarters, nasdaq up by 30 points right now. Investors are waiting on the fed this afternoon. The Federal Reserve expected to cut rates by a quarter point. Well know at 2uz 15 00 p. M. 2 15 p. M. Eastern. Joining us now is head of Investment Solutions group at bank of america, keith banks. Youre obviously expecting a cut as well, right. We are. Maria what kind of impact is that going to have do you think, Market Reaction and impact on the economy. I think if we get 25 basis points that i think the world believes is going to be the outcome, that shouldnt do a whole lot. I think the key is going to be what is the verbiage coming out, do they talk about the reinforce the possibility of further cuts, number one. Do they talk about maybe ending quantitative tightening a bit early, this Balance Sheet runoff, that would be i think new news. What th the market wants to heas theyll continue to look at the data and the data will dictate further action and most people believe further action thats required will in fact be additional cuts. Maria i wonder if were going to hear the winddown slowdown, 3. 8 trillion now on the Federal Reserve Balance Sheet, theyre supposed to get that down to close to 3 or below 3 trillion. Is that something youre hearing as well, maybe they come out with commentary on the Balance Sheet that maybe the they stop the winding down. I think its one of the areas of speculation. Maria thats in effect the tightening. Can i ask, what problem do you think theyre trying to solve . Im asking because even though the market priced it in, Mortgage Rates are coming down on their own, the economy is doing pretty well, they didnt move last december when the market went haywire for a few weeks. Is it the right thing to cut rates . Should they keep cutting . What is the problem do you think theres a problem for them to solve . I do think they should cut rates, number one. I do not p think theyre solving for the markets. I dont think care a whole lot about what the equity markets do unless it begins to back up on consumer and business sentiment. I think the real key is weve got were now in the 11th year of the economic expansion and weve got inflation around 1. 5 . When we go into the next downturn and there will be a next downturn, we dont think soon, thats not a lot of cushion. 150 basis points of inflation and zero and deflation is a pretty tight fan there. Maria especially while the rest of the world is cutting and stimulating. Especially while the rest of the world is cutting and slowing. I think theyre trying to get the economy to run hotter, see if we can get a reflationary environment and ensure we have as healthy an environment as possible when we enter the next downturn which we dont think will b be for at least a couple years. To get inflation going, 2 a 5 basis points, do you think 25 basis points, do you think thats going to do it or are you saying there will be multiple cuts into this year and into 2020. 25 basis points in and of itself isnt going to suddenly change everything. Maria the market expects three cuts. The market expects three cuts. Our hope is that as you begin to see in the second half a pickup in foreign activity, weve seen a lot of stimulus coming out of china, we think will begin to show itself. Youve got at last count at least 15 Central Banks are in easing mode. Well probably see something in september out of europe, maybe a quantitative easing too out of europe. Maria what are they going to do . Theyre at negative rates, right . Lower rates, going from negative 41 basis points on the 1 o10 year in germany to negae 51 is not going to do a whole lot. Its going to be more creative in terms of buying back bonds. Maria or buying stocks. Or buying stocks. You mentioned rick said that last week. Theyve got to get more creative, not just about lowering rates. Dagen what about structural reform in europe. Maria what about labor reform. Im not sure we can count on that, but that would be what about brexit . Were seeing the pound take a beating this week. Is that going to matter at all here in the fall . Well, i think brexit is one of a number of things that matter and its part of i think when the even the fed thinks about the u. S. And our rates, theyre looking at a global picture because our u. S. Companies are so global, especially in the s p a 500, foreign activity matters. I think over almost 32 of s p 500 earnings now come from foreign profits. Maria its a big number. The fed is looking at a big mosaic of information that i think is driving them toward the action we hope theyre going to take today which would be the beginning of multiple steps. Maria eurozone gdp out, Second Quarter was in line. Taiwan was better in the Second Quarter. How would you characterize the Global Economy right now. Its interesting. Were on a dual track. Our Research Team wrote a report called the great divide. Youve got the u. S. , powered by the consumer, Small Business, housing, things of that nature, all of which are strong or in good shape, at least Small Business and consumer, and the rest of the world is more dependent on trade and manufacturing which is the sweet spot of weakness. And so whats been ironic is that the tightening we did in the u. S. In 2018 and the trade war weve been undertaking with china has had a bigger impact and a much more negative impact on the rest of the world. Were kind of pulling away from the rest of the world as far as growth which is one of the reasons why we like the u. S. Market better than we like the International Developed markets because we just think thats going to continue. Were going to grow we believe at or above trend in the u. S. And the rest of the world is going to struggle to grow at trend, more likely for a while below trend. Maria i love what you said earlier, that you think this is going to be another couple years of this economic expansion. Here we are in year 11. Thats a good backdrop for stock. Its interesting. The excesses arent building. Inflation is low, going lower, rates are going lower, Consumer Sentiment is strong, old age doesnt tip over the economy. Old age tips us over, doesnt tip markets over. People have to remember that. Maria keith, good to see you. Thank you so much. We will have special coverage on fox business of the Federal Reserve decision today at 2 00 p. M. Eastern. Join us. Weve got all hands on deck this afternoon. Coming up, the dems in detroit, 2020 candidates going head to head, debating winners, losers and what to expect tonight. Paying for college, the tricks some parents are playing to get more financial aid. Wait until you hear this. Is it moral . Weve got that debate l coming up. Stay with us. Im so star struck. All right brad, once again i have revolutionized the songwriting process. Oh, here we go. I know i cant play an instrument, but this. This is my forte. Obviously, for auto insurance, weve got the wheel route. Obviously. Retirement, were going with a longterm play. Makes sense. Pet insurance, wait, let me guess. Flea flicker. Yes howd you know . Studying my playbook . Yeah, actually. Youre smart,eat 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. 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. Or trips to mars. 4. 95. Delivery drones or the latest phones. 4. 95. No matter what you trade, at fidelity its just 4. 95 per online u. S. Equity trade. Maria welcome back. Good wednesday morning, everybody. Thanks so much for joining us. Im maria bartiromo. It is wednesday, july 31st. Your stop stories right now. Investors across the world keeping a close eye on the Federal Reserve and the decision on Interest Rates along with a string of earnings for the Second Quarter. Markets are higher, were at the highs of the morning right here, markets getting a push from apple with Dow Jones Futures up 74 points, s p up 6, and the nasdaq futures higher by 30 points. General electric out with a double beat and it is raising its profit outlook as you see, ge shares were up 4. 5 . Human thaa seeing a jump in rev. Yesterday, stocks slipped after President Trump said that china trade talks are basically slow and saying that china does not come through on its agreements. He warned china not to wait for the 2020 election to do a deal. He says it will be tougher then. Global markets are lower. That was yesterdays trade. The dow was down 23, the s p down 7. The nasdaq was lower by 19 points. Global markets this morning are mixed. Take a look at european indices where the consumer is strong in germany apparently, retail sales posted the biggest monthly jump in germany since december 2006 and the dax is up 27 points. The fq100 is down 50 points. The cac is up 5. In asia overnight, declines across the board. There is more signs of slowdown in china. Factory activity contracting for the third month in a row in china. The showdown in motor city, democrats going head to head on the economy, healthcare and immigration. We have a look at the top moments from last nights debate and anticipating tonight. The high cost of higher education, parents are taking extreme measures to get a break on tuition. Giving up guardianship of their kids. Plus this. Valuable life lesson from monopoly. The hilarious video that captures a young boy feeling the pain of taxes. We feel your pain. All those stories coming up this wednesday morning. Our top story this half hour, democratic debate, 102020 candidates went face to faith last night. I think if we force americans to make radical changes, theyre not going to go along. Throw your hands up. I will. You havent [ laughter ] i can do it. But you havent implemented the plan. You cant just spring a plan on the world and expect it to succeed. I think democrats win when we run on real solutions, not impossible promise, when we run on things that are workable, not fairytale economics. I dont understand why anybody goes to all the trouble of running for president of the United States just to talk about what we really cant do and shouldnt fight for. [ cheering and applause ] maria joining us right now is the cohost of the five, Juan Williams. Great to see you. How was the debate from your standpoint . I think wait as success for the democrats overall. I thought it was a l real debate about real issues and you were able to see the moderate wing of the party versus the more liberal progressive wing of the party and what happened there i think was not only illuminating if you were watching but you saw for example the debate about medicare for all play out in a way i think people could understand, appreciate and decide who they wanted to back. The bigger point is i think that Elizabeth Warren and Bernie Sanders who going into this were positive as potentially fighting each other for the left lane of the party actually were unified and unified against the more conservative democrats who were on the stage. Maria like tim ryan or delaney. I thought tim ryan did pretty well. Delaney, i think he disappeared. He had that moment with the hands in the air business that i dont think worked for him. But thats the only memorable moment he had last night. Maria you dont think it worked for hickenlooper. I dont think it worked for hickenlooper at all. Juan, how worried do you think democrats are getting about electability . It was striking. In the first set of debates it was a march to the left. Everybody topping each other. Here you had very clear lines with moderates really kind of arguing were not going to beat the president with these policies and warren and sanders kind of allied and going further and farther. How much concern does that reflect in the Democratic Party about how the race is going and about the chances of beating the president . I think theres a pretty strong sense that you can beat the president but the argument is do you do this with a vision, do you have to say heres what i see beyond President Trump . Or do you simply say, as you suggest with your question, that i can beat President Trump a and this is where tonight were going to see a little bit of this with joe biden, the former Vice President. Is sig. Is biden saying well tas back to the point before trump, where you didnt have racial divviedivide in the country. Is that enough or is it to say i think we can do better. We can do better in terms of healthcare where so many people dont have coverage or being bankrupted. We can help our kids who are burdened by High School Tuition debt. I have a question. Cardi b has come out at as a wild card. She is vocal about getting to know your democratic primary candidate. And she had a sitdown with Bernie Sanders. How do you think her getting involved is going to play out for the candidates . I think you should answer the question. Youre the young person on this panel. [ laughter ] for people like me, i used to cover campaigns for a living. And you go out and you have a 24 hour news cycle. And then you turn in the morning shows or the morning paper, wall street journal. Now cardi b does something with Bernie Sanders, gets 2. 5 Million People pick it up. You think wait a minute, who are these people, do they vote and do they give money . I dont know the answer. My experience as a political journalist, im like i understand were playing a different game. Donald trump got that before i did. He plays the twitter game too. This is unbelievable. She has not even endorsed Bernie Sanders. Dagen and she wouldnt. Ill tell you why. Go right ahead. Dagen in the past, it must have been in the last years she did a video online on social media that says i dont know why my friends in the Music Industry have to pay so much in taxes. We have shortlived careers in music and we have all these people, all these family members that we need to support and were handing over more than half our money to the government in taxes. Again, she could come at these candidates the way they might not be expecting. She has a very real world look at taxation in this country. Maria i had forgotten that. Youre right. That was a good moment. Dagen shes very, very smart and very savvy and she came at it from that. But i want to ask you, though, ultimately Bernie Sanders and Elizabeth Warren have to justify taking private Health Insurance away from 180 Million People and they have to convince people that they government and barr bureaucrats somehow are going to deliver Better Health coverage than private companies. I think that is a long, long way to go on that. I think they did very well on just that point last night when they pointed out that person see saiberniesaid this explicit. Youll pay less in deductibles and less in coverage. Maria i asked about raising taxes in the middle class. The average american middles class family will benefit more from medicare for all than the current tax structure. The private insurers that are there now are the ones that as bernie said is ripping off people, making huge profits while large numbers go uncovered or inadequately covered. Dagen they need to explain how theyre going to deliver this when medicare as we know it is going broke. The Hospital Trust fund goes broke in 2026. Peoples benefits will get cut to 89cents on the dollar. Hes not in favor of fixing that. He wants to rip the entire thing up. Ultimately its going to wind up with price controls and rationing. If you have anything else wrong with you other than an ear infection and need and antibiotic you will have to wait months. Thats scare language. Thats fear mongering. What bernie said in response to your point is you need structural change. If you believe in a vision beyond the status quo, will that sell to voters or do you simply have to say this donald trump guy is off the rail. Dagen when government that was charge of peoples healthcare, you had individuals in this country who were mentally disabled being sterilized by states across the country. How is that relevant to this . When the government takes over healthcare, thats what happens. 1979 is when it ended. Maria government put in a major, big federal program, doing away with 180 Million Peoples healthcare plans let me get this straight. Im talking to small government conservatives, the two of you and i guess you back Donald Trumps budget which is that Big Government maria no, that has nothing to do with this conversation. Im just saying maria you need to watch this program. I talk about federal programs every day and how theyre bad. Look at the post office. What happened here, Mitch Mcconnell, republicans, they backed this budget, didnt they. Big spending, big deficits. Maria the dems want the discretionary spending. They wont allow the republicans to protect the military. What did donald trump do on taxes, he raised taxes that benefited the rich in this country. Maria every income level went down in terms of taxes, you know this and they doubled the standard deduction. Every income went down. 25 of the benefit of that tax cut when to the 1 and youre saying you cant afford to help out people who need help. Maria last year we got this year we got growth in the first and Second Quarter. The tax cut legislation has moved the needle on economic growth. You have to admit that. We are talking about healthcare. Were talking about education. Were talking about a vision for america and you guys say we cant afford it. We can give tax cuts to the rich. Maria should we go back to the under 2 2 under barack obama fr eight years. How about consistent growth. Maria sounds like we got it. An afluent society can help people. Dagen wages are growing faster than we expected. If you were a numbers nerd like me you would have been reading the analysis. You know what you should be saying, thank you, obama, thank you. Maria oh, come on, juan. Thats a fact. Maria its not a fact at all. Nothing happened until donald trump got in there and started moving things around in terms of economic poll civil you know that. Tax cuts opened up the spigots on oil production. Its doing so great, the fed doesnt have to raise anything today, doesnt have to help us. No, no, no, things are just going great. Maria juan, thank you. Well be right back. Kevin, meet your father. Kevin Kevin Kevin Kevin Kevin Kevin Kevin Kevin Kevin Kevin trusted advice for life. Kevin, hows your mom . Life well planned. See what a Raymond James Financial Advisor can do for you. Maria welcome back. A little boy learning a big life lesson. Courtesy of the game monopoly. Cheryl casone with the details. Cheryl this is a viral video, a young boy loses it when monopoly teaches him a really hard lesson about life and money. Wheres all your money gone . Taxes. Its the worst part of the game. Is what . Taxes. Cheryl we feel your pain, honey. The now viral post first went up on reddit. Many on social media clea cleary relating, expressing sympathy for his big losses. This is actually the way you play monopoly if you pay it the right way. Maria i never paid taxes. Cheryl well, youre cheating. Maria come on. Cheryl if you played the game, the real way, theres an income tax hit on the board and you either pay the bank or you fork over 10 . Maria you have to land on it. Cheryl you have to land on it. Maria that i know. Cheryl he got hit by the taxes, wasnt very happy about it. Maria i love it. Thank you, cheryl. I wish juan was here, we need Juan Williams back. Come upping, the high cost of college, some parents are going to the extreme, why its sparking a morality debate around that. Next up, stay with us. Can my side be firm . And my side super soft . With the sleep number 360 smart bed you can both. Adjust your comfort with your sleep number setting. So, can it help us fall asleep faster . Yes, by gently warming your feet. But can it help keep me asleep . Absolutely, it intelligently senses your movements and automatically adjusts to keep you both effortlessly comfortable. Will it help me keep up with him . Yup. So, you can really promise better sleep . Not promise. Prove. And now, save up to 600 on select sleep number 360 smart beds. Plus no interest until january 2022 on all smart beds. Only for a limited time. Maria welcome back. The high cost of college, the wall street journal highlighting an option some parents are using, bending the rules to get that tuition bill paid up, giving up custody of their kids to get more financial aid. Joining us now, columnist peter marici. Thank you for being here. Nice to be with you. Maria this is pretty extreme. Absolutely. But its not novel. Going back to the 60s when i was a kid in school, there were people who would try to become financially independent of their parents or at least claim under independence to max their financial aid. This is a different wrinkle, you sign over custody to a poorer relative. I think we need to say that this is wrong but also to look at it in the context of the recent admissions scandal and ask why are parents going to such extremes and i think the answer is the way colleges and universities treat them. Frankly, very cynically. They do a lot of differential pricing. They do a lot of price gouging. They have bloated bureaucracies. Theyre terribly high cost operations. I think the healthcare mess has a purpose, its to keep a spotlight off of people like me. Maria you make a good point in terms of what colleges are doing to encourage this. Matt, talk about the story in the journal in terms of whats being done out there. So it was a story that came out of illinois where we noticed there were a spike in guardianship requests and tract id dowtracked it down to colle. Its got the university of illinois very concerned. This is a new tactic, in the suburbs of chicago. A lot of these families, their income is good, would put them fairly high but the cost of college is so high, theyve got three or four kids. Some of them are deploying this tactic. There was a College Counselor in illinois, advising people this is a smart strategy to use. The ideas gotten out there. I think what peter said is interesting, because navigating college for your kid is one of the most complicated, gutwrenching, challenging things for any family, wealthy or not. Its true that wealthy people are learning to game the system pretty aggressively for their kids in a way that seems unfair to others, because the programs are there to help kids who cant afford college. Maria peter teal joined Tucker Carlson last night with a different take on elite institutions and their tax exempt status. If elite colleges were educating people, if harvard or stanford were educating people, they should be troubling or p tripling the enrollment. What sort of business is doing something great for its customers and doesnt increase the number of its customers. Thats a really weird business. The closest analogy to business i can come up with is that its Something Like the studio 54 nightclub. You have an incredibly long line outside, only a few people get in and the value comes from being exclusionary. Theyre not inclusive. Thats where the value comes from. And highly self satisfied bouncer. The stanford, yale or hard vardharvard, the studio a 54 nit nightclub youre running, its good for the prestige of the students but it doesnt deserve a tax ex. Mariaexemption. Maria youre ms there and a lot of people are getting hurt. The reality is, you talk about university enrollment, most universities dont was to have huge undergraduate enrollments. The State University has to have a large undergraduate enrollment. Thats our mandate. A place like harvard for cornell or columbia or what have you, the ivies, northwestern and so forth, they have to th they e themselves as research institutions, with largee large endowments that can devote themselves to phd students and mbas, things of that nature. Many of those are not particularly profitable but endowments provide for it. Maria they want to be ex clogs fairly. Its exclusionary. Its not only that. Its what they want to do with their faculty. Maria peter, good to see you. Thanks so much. Weve got the adp number coming out and then u. S. China trade talks. Back in a minute. All right brad, once again i have revolutionized the songwriting process. Oh, here we go. I know i cant play an instrument, but this. This is my forte. Obviously, for auto insurance, weve got the wheel route. Obviously. Retirement, were going with a longterm play. Makes sense. Pet insurance, wait, let me guess. Flea flicker. Yes howd you know . Studying my playbook . Yeah, actually. Lick fast like a cookie dough ninja. Apply that same speed to the ford hurry up and save sales event. For the First Time Ever get 20 estimated savings on select ford models, plus earn complimentary maintenance through fordpass rewards. It all adds up. Dont you love math . So get here asap because tasty deals and summer go fast. Get in or lose out on 20 estimated savings on select ford models, plus earn complimentary maintenance through fordpass rewards. Maria welcome back. Good wednesday morning. Thanks so much for joining us. Im maria bartiromo. Wednesday, july 31 top stories right now 8 a. M. On ease coast democrats headtohead on Economy Health care immigration weve got a look at top moments from last nights debate anticipating another big one tonight, one countdown mode this morning for Federal Reserve decision on Interest Rates the central bank expected to cut rates for the first time this year the year 2008 Great Recession a closer look at markets health of the economy apple strong Third Quarter surging take a look 4 1 3 percent to add 60 points to the Dow Jones Industrial average, even as Company Reported iphone sales declined. Tim cook said decline is good news we are telling you why. China trade negotiations basically ended in shanghai composite u. S. Representatives announcing more tariff exceptions for goods imported from china, we are expecting more waivers on huawei according to wilbur ross. Market higher futures a lift from apple await fed decision today dow futures up 67 s p futures up 6 nasdaq futures higher 30 points yesterday stocks lower after tough comments on china trade taukz dow industrials down 23 s p down 7 nasdaq lower by 19 points, Global Markets mixed european nooksz ft 100, down twothirds of 1 cac quarante down nine dax higher 36, the consumer in germany this morning retail sales posting biggest monthly jump sings december 2006. Naisht markets lower as folks u. S. China trade deal happening any time soon diminished hong kong down one and a third persons shanghai composite down twothirds of a percent signs of a slowdown in china reports out activity contracting for third month in a row in china. Stories coming up wednesday morning joining me to break it down Fox Business Network dagen mcdowell, the wall street journal editor in chief matt murray cfr investment strategist lindsey bell great show so far. Great to be here. Dagen i want to add one thing having trouble with talk over there. Yeah . Dagen buyer economic analyze came out with update it revisioned to personal income data yesterday the wall street journal he had tor aisle page writes about it today the revisions show Employee Compensation up 4 1 2 in 2017, 5 in 2018. Running at 3. 4 for six months of this year june wages salary grew annual rate of 5 1 2 . Maria bingo dagen after adjusting for inflation north of 4 great for growth and benefits 99 . You sa he said. 830 households tax cut under President Trumps plan we have had our pants on fire over budget bill so we can maybe turn on tv. A lot coming up dlaug top story this hour is china, the trade in focus, we learned this morning that, u. S. Chinese trade negotiations will meet again in United States for the next round of trade talks in september. Talks in shanghai wrapped up no sign of a deal no major breakthroughs they were talking about china buying more Agricultural Products u. S. Trade representative Robert Lighthizer on anies moreds exclusions, joining us rights now, chinese strategy sr. , fellow director mike pillsbury, jennifer. Thanks for joining us. Thanks for being here let me get your take on what went down in shanghai. The chinese side i try to follow media talk to delegations, visit them in beijing, unfortunately they have lost their sense of panic that they had a year and a half ago, this whole thing might really hurt them, they see themselves maria three times faster growing three times faster than we are a small slowdown doesnt affect that number two see weakness dont understand why president has not put strzok lisa page people in jaim in china instigate a campaign against president xi jinping you are in jail quickly so they see him as weak president you add into that all praise for mnuchin demonetization of Bob Lighthizer, President Trump himself being too tough, so i am kind of turning pessimistic the president is right quite right just looking for the next president , they hope will be a democrat. Two year nonsense everybodys head on fire includings between d collusion give a fire pour. They dont understand a lot of chinese, involved in talks, have masters degrees phds from american universities even ones peter thiel calls exconclusory watch politics your show sense of a weak president they thought he was going to go to a full one hundred percent tariffs on all chinese exports to america he didnt do that even Chuck Schumer, back in may i think it was no march Chuck Schumer had a tweet saying mr. President you need to put all the tariffs on all of chinas exports, he looks weak from point of view of schumers tweets not good. Propaganda about chinas economy jennifer we saw huawei saying gained market share great first half of the year should we buy into this is there an investment play in any of this. Working in china not because of overall trade talks but bottom up perspective there is a lot of intoing opportunities in china gdp per capita risen 28 times last 30 years so that is a lot of the fastest creation of Consumer Wealth basically human history, so that hasnt a lot of opportunities in consumer space we like investing in consumers, that play consumers spending more money on goods, services, and experiences from bottom up perspective still finding chaep stocks that we can put money to work in he also like, aligning with entrepreneurs not state owned companies we know entrepreneurs typically more about efficient about about will profitable in terms of running business. What about the fed rate cut how important is that to investment thesis in china markets in general because it helps currency the Chinese Government doesnt have to continue to minute anipulate it. Rate cuts good for markets he overly globally case for u. S. Effect on china as well i think our economy has been very strong, though, i mean unlike other countries, that are easing like European Central bank, bank of japan our economy is already in a much stronger state, and so a member we dont need those cuts as much but they would certainly help markets. Maria michael. Good to see you, i want to go back to something you said a minute ago waiting for democratic president possibly in china, the democrats have not exactly been too krim of President Trump on some china behave in fact some raising their issues as you said with schumer did chinese assume that should we assume that whatever happens in 2020 were in a different world now of tariffs our relationship with china that we are moving toward some kind of moderate decoupling is that how chinese see it how we should see it. I think a reduction in the sense of panic in beijing you saw year and a half two years ago yes some deexpectincouplind of it having moving to Vietnam Companies in india not mass panic chinese were afraid of of it is very small percentages decoupling so if you are a chinese analyst talking to president xi jinping, about how long can we go on how long can we take this trouble from america, you would be pretty optimistic economy growing three times faster than americans that is about 60, or 70 the size of american gdp. Chinese are pet optimistic at this point so i dont see them making this same concessions they apparently made by may 1 legally binding agreements, they seem to have backed off legally binding part now want agained what they call normative suggestions also a story to tell making reforms themselves, foreigner investment intellectual property courts being expanded this seems to be their strategy President Trump is not as show you should we phrase this Steve Mnuchin they see as better partner for china they see him more in more in charge of talks dont see steve Bob Lighthizer being in charge any more they see mnuchin. That is who they want in charge i guess, quick what was your assessment of what went down in shanghai the talks end now looking towards september for the next round in the u. S. Yes supposed to be two days only were one day really, the choice of shanghai makes it much further less to fly there is a strange analogy they seem to have in line that Nixon Kissinger made huge concessions in shanghai, in 1972, so this is the place to get american concessions, shanghai for americans to surrender we guy away taiwan in talks said taiwan no longer a country that is still the case today we dont recognize taiwan as country at all they were thinking this magic would a hold the tanks are going but f16s not approved unless president changes his mind. Maria we leave it there a lot to come come back on. Jvr please come back soon we appreciate you both joining us, coming up july adp report out moments from now economists expecting increase jobs 150,000 private sector the number right after this we will see if markets move on that number. Stay with us. To mars. 4. 95. Delivery drones or the latest phones. 4. 95. No matter what you trade, at fidelity its just 4. 95 per online u. S. Equity trade. No matter what you trade, at fidelity 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. Including collusion waiting on adp report for july due out moments from now economists expecting increase jobs 150,000 private sector, this, of course, ahead of the Labor Department report, at the end of the, we are looking at jobs right now, at what 51ier low on unemployment 5year low what would you think 50,000 the estimate adp you think a market mover. That is the estimate i think a good number obviously, we would with like to see it higher, but i think that there is a feeling that we have not hit the bottom, like about despite you know a very low as you say we might have more to go. Intoing keith banks said another couple years economic expansion. Nine months wage growth above 3 pretty good getting another month of that most likely, in july. And so that is what i am looking are forward to on friday the jobs report, pce, core pc out yesterday still. 6. 156 northbound stor to intup you want out asap 156,000 jobs add to economy in july according to adp report released we are looking for any impact pretty much much stable to little better after 156,000 jobs added to the economy we will see if this is going to be in step with friday Labor Department. Labor department expectations for the big jobs report on friday is private payrolls to grow by 160,000 so this is right in line with that, the overall number nonfarm jobs up just 165,000 after that jooin number, could be revised. Right to 224,000 that is o overall jobs number. So adp june up 10,000, and interesting to look at where the jobs were, it was services obviously, service economy, of course, we are looking at where other jobs are, in retail given the consumer strength, the New York Stock Exchange with Market Reaction adp report, it is better than expected jackie. Good morning that is right better than expected trades looking to check this off list, of course, for them all about what happens with the fed this afternoon, so all eyes will be on that, you can see futures higher this morning that is on great earnings everybodying watching apple yesterday 8 cent beat on eps, revenues higher than expected the guidance better than expected seems like, it was a hit on all aspects of this the iphone sales slightly lower, but there is saturation in terms of hand sets Services Revenue light too i thought that would concern street not at this point, tim cook also saying in that services bucket the apple credit card is going to be out in august, i want to focus on ge as well good numbers across the board, 5 cent beat revenues higher than expectations, and industrial freecash flow that is the metrics trader look at seems stabilizing larry ceo said stabilization from improvement in struggling power business positive ge raising Guidance Full Year eps 5 a to 65 cents a lot to watch exciting. Stock off the highs of the morning, still up 3 , on ge. Thank you jackie. 2020 democrats headtohead in detroit so i understandingoff a number of issues including immigration Hillary Vaughn there last night joins us live right now good morning to you. Good morning, maria well a lot of democrats in congress put as many roadblocks down as they can, between the president , and his mission to put a wall on the border but on debate stage, some democrats struck a different tune Bernie Sanders and Elizabeth Warren admitted one crisis at border two want to secure it but where they differ is this, they have they want to decriminalize any one crossing border illegally. Senator sander you wants to provide undocumented immigrants Tree Health Care free college why wont this drive more people to come to the u. S. Illegally. Strong Border Protection i think this is part of the discussion that shows how often debates are detached from peoples lives. We need to fix the price of at the border crises at border a big part we do not play into Donald Trumps have and. We can do that without decriminalizeing providing health care for everyone not me saying that that is the obamas Homeland Security secretary saying further problems at border not making it better. Is it going to incentivize noumentsdz immigrants to come into this country illegally. Yes, right now, if you want to come into the country, you should at least ring the doorbell. Tonight another 10 candidates hit stage for round two to be another showdown between if former Vice President joe biden and senator Kamala Harris after their matchup in miami. Maria one to watch tonight thank you. Holding back on intree. House Speaker Nancy Pelosi garnering more support not to impeach the president the democrats headtohead on Economy Health care immigration top moments from last nights debate after this short break, back in a. Maria welcome back, democrats dealt legal blow over russia judge dismissing dnc lawsuit against Trump Campaign wikileaks the judge ruling they did not participate in wrongdoing obtaining the materials in the first place, joining me right now former acting u. S. Attorney general Matt Whitaker sir good to have you on the program this morning thanks so much for joining me. Pleasure to be with you incredible that russia hoax stories weep coming up even though weve heard umpteen times no collusion. Mueller investigation is over no collusion, no obstruction in conclusions need to put this investigation behind us we need to get fund m origins how this happened to make sure this never happens to another president , i mean i was in the room, with President Trump while he had this investigation going on, he was able to put it to the side, and focus on the important work and work on the economy, and immigration all the issues that need to be resolved so america can move forward Even Stronger than it is. Maria pretty incredible able to continue doing what he was doing in even face of hysteria two and a half years driven by media and left about collusion you are not going to learn anything from Robert Mueller he wouldnt answer questions in that testimony last week. I thought that testimony was extraordinary like a lot of americans, i watched it, with great interest to see what he was going to say. Ultimately he said nothing, i mean the you know i think the analogy was book was better than movie an important time in american heft over Congress Needs to do work of American People we need to end immigration loopholes only congress can figures better funding to ditch hs to men and women doing hard work on southern border with an execute important duties really, make sure we can give tools they can use to grow economy continue boom. You make good points the impeachment theory continues with dems Chuck Schumer says that he sports house Speaker Nancy Pelosi decision to wait on formal inquiry not stopping nadler after third Ranking Member Senate Democratic leadership patty murray called for impeachment they are continuing narrative despite the fact that the economy is going well, the president work has been going well, and there has been now, evidence that something fishy was going on in 2016. Everywhere i go whether my home state iowaor whether i am in floridaor georgia or pennsylvania the folks i am talking to they are talking about impeachment are not talking impeachment nats need to get out of major cities in symphony of impeachment they appear to be hearing from their constituents see what real america flyover Country Place in between the coast about what those folks want those folks are worried about making sure that the wages are increasing, that the economy continues to be strong, and that their families have you know good schools for kids to go to john solomon at the hill is reporting that Christopher Ray continues to workforce up comeys russia shenanigans were not getting missiadmissio into the russia meddling story we are waiting on john durham william barr when do you expect what is timing when do you expect we will hear information in terms of what they uncovered. So you know Inspector General horowitz always does thorough job i was there, waiting for his report in clinton email situation, and all of the tangential issues it took longer than we had hoped women hearing september for horowitz, i think john durham is topnotch u. S. Attorney i expect early answer going to bes extraordinary what they have to hear i read solomons article as well i hope chris ray understands how important it that is we have transparency and accountability on you know what jim comey fbi was doing he and andy mccabe were doing that started this whole investigation. We know there was illegal leaking, and illegal lying to congress, leaking confidential data do you think there is going to be prosecutions will we see accountability here . I do preponderance you have not some issues especially leak cases you can get to universe of those that had access to the information but sometimes very difficult to get to the fundamental as exact individual at the same time i think that bill barr is going to look very carefully, at some policies at doleak investigations can be more streamlined easily brought to conclusion you dont have to find needle in a hay shaq. ,the rio grande area of the southern border said i am told the sector of southern border cracked apprehensions House Democrats left town ignored calls to stay in town do what we said end border crisis now here is what homeland secretary kev secretary. Told me. We do remain in the midst of a significant humanitarian Border Security crises that is stepped up address security on southern borrowered between chop nerz guatemala transportation routs using. Things better given coordination with mexico deal with guatemala yet we continue to see the democrats, sort of poohpooh this when are they going to admit that this is a real crises they need to act in terms of loopholes . I think we saw some of that, last night. Where at least admission that we have some real challenges, and word crises was used ultimately i was there working with the president working with doj to try to get all we could do to some extent it was clapping with one hand tools we need from congress that they were not intomy heart goes out to people down own border trying to enforce laws 30 1,000 praerngs in rgv, extraordinary number very busy sector in and offis i hope that with mexicos help Safe Third Country Agreement new asylum regulations that doj is implementing we can get more security at southern border and prevent the illegal flow into our country. Looking at map Rio Grande City is you know when i was there, it was incredible because the river was dry, and so it was very ease to walk across from no one so easy for so many to come we will see what happens come september when they come back in recess Matt Whitaker thanks so much. Thank you we will do it again. I hope so coming up debate moderator don lemon inserting claims of racism into questions, watch. Congressman orourke President Trump pursuing reelection strategy based in part on racially division how do you convince primary voters you would be he best nominee to take on President Trump and heal racially divide in america. Stuart varneys reactions to how cinitiative n cnn did last night when we come back. Isnt me special, let me guess. Start a claim right from your app. Have you been looking in my notes . Dear tech, dear tech, lets talk. We have a pretty good relationship. Youve done a lot of good for the world. But i feel like you have the potential to do so much more. Are you working for all of us, or just a few of us . Can we build ai without bias . Ai that fights bias . Ai that helps us see the bias in ourselves . We need tech that helps people understand each other. That understands my business. Dear tech, dear tech, dear tech, dear tech, lets champion data rights as human rights. Lets use blockchain to help reduce poverty. Lets develop new solutions with the help of quantum technology. Lets show girls that stem isnt just a boys club. Lets make a difference in peoples lives. Lets do it all. Together. Lets expect more from technology. Lets put smart to work. Joining us a busy show i am maria bartiromo. It is wednesday, july 3 that is fed day top stories 8 34 a. M. East countdown for Federal Reserve decision Traditional Bank expected to cut rates First Time Since great rescission apple betterthanexpected earnings dow futures up 74 points high of the morning s p futures up 6 the nasdaq futures meyer, by 31. We had betterthanexpected report from adp, 156,000 private sector jobs to economy in july ahead of fridays jobs number, ft 100 in europe down 41 points cac quarante in paris up 11 the dax higher by 36 Global Markets mixed this morning, the consumer did well in germany, retail sales posting biggest monthly increase since december of o 06 on dax in asia overnight markets down as hopes of u. S. China trade deal happening soon diminished more signs off a slowdown in china, factory activity contracting third month no raw talks in a shanghai ended there will be more talks in september in u. S. , top story this half an hour democratic debate, 10, 2020 hopefulfuls faced off in groit covering major topics including trade tariffs. Building bridges with people like china, who cheating on agreement stealing intellectual property work on that not with tariff system we need every country working together. China has been abusing the Economic System for a long time. They steel intellectual property, they subsidize goods coming into this country they have displaced steele workers auto worked across the board eroded manufacturing we have transferred wealth of middle class up to top or china to build milt weve got to fill factories in detroit, houston make cars and steel fill with workers making about electric vehicles batteries charging stations we cant ice late from the world from asia senator warren that put out we would not be able to trade with United Kingdom with eu, it is so extreme we will hold china accountable we will bring allies friends like european asian to bear negotiating trade deals, that favor farmers in American Workers protect human rights the environment, and labor not just here in all right division on that stage last night joining me International Brotherhood teamsters general president james hoffa jr. , james great to see you once again thanks for joining me. Al good to be here. First your wreaks to the democratic debate last not a he what did you think . Well, i think we are not hearing enough about the issues that are important to people here in michigan. Dont forget the republicans won michigan, in the last election, that is unheard of because they talked about Kitchen Table issues talked about what are they going to do for people here in michigan. What are they going to do about jobs what are they going to do about trade when a are they going to do about making giving people hope here in michigan . I didnt hear enough of that last night i think people should focus more on that i think that settle a talks about what we have to do a headlined in the paper major plant closes off that is important, because hundreds of people are going to lose jobs. That is what is going on here, so people are worried about their jobs worries about health care, worried about Retirement Security, and they dont have that kind of issues, that should be talking about them, and not talking about other issues we are talking about. I think you make a good point. We have to hear more about issues that affect the average person and that is what donald trump did, that is how he won michigan. I was going to say that that is what donald trump did in 2016 facing on worker things like wages, that is why he won, when you look ahead to the general election, with policies playoffs affect ifing auto Steel Industry how do you think the president of fair in rust belt states. I think going to be an issue the democrats have to get into this game talking about what were talking about, about how do we give you a good job, tougher on trade, making sure that we dont have any plants moving to mexico we talked about that, trump talked about that but still happening today. And people here in michigan know about that they want to hear about what are we going to do what are we going to do about minimum wage what are we going to do about having health care for people that dont have health care, what are we going to do about Retirement Security . People that have worked hard played by rules, those are the type of Kitchen Table issues, that i would like to see these debates focus on i am not hearing that, i think that is what the nats should be doing if they have any interest in winning michigan next time. Maria i couldnt agree with you more, in fact, one of the problems with nafta james i wonder if you agree with this the fact that once nafta was passed enabled that encouraged companies to go put a plant in mexico, and sell back into u. S. , it became sort of the precedent the way trade is done dont worry about it you could see just do a factory in mexican sell back in u. S. One of the reasons president came up with usmca are you happy with terms of usmca now given the fact the focus is on worker to make sure the American Worker is make high wages notgeting undercut by mexican workers. The amended nafta right now that we are talking about is much improved it stops this hemorrhaging of jobs but still not enough we have to do more, as we speak right now, their building plants the cars that could be built here are being built in mexico, that is a decision that the Big Companies are making General Motors and ford that is a mistake because that takes hope away from people that are here in michigan. The good jobs are leaving michigan, and going to mexico. You are right weve got to do more of nafta we have to have a super nafta stops all this. Maria exactly right. Put that up keep jobs here in america. Dont forget nancy pelosi is not bringing it to the floor if you dont get usmca ratified, you are going to have nafta that will be unless like the president told me a couple months ago, when i interviewed him he came on show as ied we will do prenafta wont do nafta so bad we will do prenafta a lot of debate about that impacting the economy Mitch Mcconnell has broken with president on this said no we have to do nafta what i am saying if you dont get usmca ratified you are stuck with nafta how do you feel about that. I think weve got to make sure it is right, make sure it is enforceable but weve got to pass it this year i think it is important, i think nancy pelosi going to keep working on this, with lighthizer who is trade ambassador, i think there is hope here, it is a big improvement to stop this hemorrhaging of american jobs weve got to do it now, anybody that wants to be doing it should be talking on debate tonight about what is happening to american jobs, and about how we need to make sure we have trade agreements, that keep good jobs here in america. Maria james you got to say, that the he American Worker today is betteroff than they were a couple years ago right . I mean you are he looking at wages first wage increase in a decade. Where wages are moving up you are also having this conversation about the minimum wage going up people going to 15, 20 dollars without law what do you think about that how would you characterize the economy day james. Well the economy it was a good economy for the rich, the rich love it they are having a great time, the big boys are doing great. Maria you also have mil income lower income doing well you are seeing, a number of everyoning tens of millions being listed from poverty so there has been a bit of lifting all boats james . I dont agree with you i know people have three jonz out there with three jobs making 11 dollars an hour get 22 hours you cant live on 22 hours, 11 dollars they have three jobs to live in america weve got to make sure people have one job, and this idea that academy is greeconomy is g are 1 dollar jobs i know people 4 two and three jobs we have to make sure people have one job one good job that is the america we need. James hoffa, jr. , joining us a divisive debate don lemon pli. S acing questions with racism. What do you say to those voters to priors the economy over the president s bigotry. Varneys reaction to how cnn did when we come back honda all in with off roaders take you there new four wheeler. Tennis Channel Court report for fox business Jonathan Novack actionpacked day two of the 2019 citi open in washington, d. C. Former champion cop seed stevens was stunned in first round match losing in straight sets, 23yearold swede held first ever top 10 win moves on to round of 16 after the biggest victory of her career. [cheers and applause] and after wimbledon owner 150yearold american cocoa, unseeded diaz in straight sets first round match coco made it to the round earning first main draw since wimbledon couldnt find the rhythm you are warm citi open exclusively daily live coverage from d. C. Starts at 1 00 pm eastern i am jonathan novak. Leep . Yes, it senses your movements and automatically adjusts to keep you both comfortable. Save up to 600 on select sleep number 360 smart beds. Only for a limited time. Youre smart,eat 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. Maria welcome back, 2020 the democrats taking the stage last night with cnn hosting debate the host of Varney Company Stuart Varney good morning. I know what you are going to say i know what you are going to ask did i stay up to watch the whole thing . Did you . I said i would, well let me put it this way, the opening of proceedings was a statement of the rules and national anthem. It was 20, 25 minutes before they got to actual debate too long for me i was asleep the answer to your question i did not. Maria you missed fireworks then. Well, what i missed look i watched the rerun so to speak p what particularly annoyed me something you and i spoke about yesterday don lemon acting as one of the moderators he is a pundit guy opinion guy, expressed his opinion in those questions, i dont think he should do that he said, the referred to the president s bigotry, he stated that as a fact. In fact it is his subrejective judgment he isnt be doing that cnn no have ever have mad this man in panel of moderators detracted from the whole idea of objective debate i object to anybody in the media immediately labeling our president as bigot or racist stating it as a fact he just should not do that apart from that seems to me having watched reruns that it was one and it Warren Sanders ran away with entire debate front runners means Democrat Party is really lulimit of urching moe toward left joe biden surviving moderate. I couldnt believe some questions from don demonstraton one hand divisiveness onstage pro agrees ifrs calling the president racist. President trump pursuing reelection strategy based in part on Racial Division how do you coincidence voters you are best to take on President Trump heal the racially divide it is trumps fault the other one, trump voters who prioritize economy over the president s bigotry. Have take it as fact in subrejective opinion stated as fact has no place in president ial debates, like we said yesterday not cnn that you and i both worked it is jeff zuckers cnn. You should have been on that panel last night not that you should still be at cnn, please, believe me [laughter] am i going to see you this afternoon. For the fed i am excited about that looking forward to working with you then thank you dont misstuart 10 minutes time Varney Company begins 9 00 a. M. Eastern after mornings with maria lot to come right here back in a minute. 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Excitement to new level, we are live in highland, new york taking hondas telon for a raid how does it feel. Hey sidebyside big business, in pour sports business but somebody like this so 20,000 dollars basically all pro sports star can drive on a motocross, 20,000 dollars 100 horsepower a four passenger version coming up bring the family along can drive high speeds, drive through desert really just about fun, sidebyside usually more utility you see them on farms ranches, but this is you cant drive on the road totally off road . Some places cross the road. Good stuff very cool thanks so much. Gary hoans new off road telon final thoughts from this allstar panel. Back in a minute. Maria welcome back. Final thoughts from this allstar panel. I think the one wild card for this economy, for corporate earnings, et cetera, is still trade. We have the next meeting not until september which was announced this morning, and we just got to keep an eye on this very closely. If it escalates well have a problem. Right now corporations are able to manage it. Maria in particular, the internationals are managing it well. Yes. Very well. Maria matt . Well, keep an eye on the democratic debate tonight. See if this moderates versus progressive thing continues and how strong joe biden looks compared to the last time. Maria hes the strongest right now. Still the frontrunner. Maria yeah. Dagen . They need to come up with a way any of these people who are proposing medicare for all and getting rid of internal combustion engines in this country, how they are going to answer President Trump, if theres a nominee, because he will hammer them on that. Maria youre right. We will cover it all tomorrow. Great to have everybody today. Thanks for joining us. That does it for us. I will see you 2 00 for the fed. We are expecting a quarter point cut. Varney company starts right now. Stuart, take it away. Stuart good morning, maria. Good morning, everyone. Apple is in transition, moving away from technical innovation, moving towards services and investors love it. Revenue from fee subscriptions, the Service Sector of the business, now running almost 1 billion a week. That side of the business is doing very well. Iphone revenue, not so shabby. Coming in at almost 26 billion. Heres something new. Apple will cobrand a credit card with goldman sachs. The stock this morning premarket, nice gain there, up about eight bucks at 216. Todays fed day. A rate cut of a quarter point, very widely expected. I think it will be the first of many rate cuts