Transcripts For FBC Varney Company 20240714

They blame higher costs, they blame amazon for the competition in shipping, and of course, they are blaming china and the tra war, blaming the Global Economy as a whole. We have a huge show for you. Look at this lineup. Senator roger wicker will be grilling social Media Companies on the hill next hour but we have him first. Sarah Huckabee Sanders on that fiery Cory Lewandowski hearing. Martha maccallum on Elizabeth Warren getting grilled by Stephen Colbert. And tom brady and Dennis Rodman are on the show as well. Wow. What a lineup. All the big names are here. Im david asman in for stuart. Varney company starts right now. David we have some breaking news from President Trump. He just tweeted out quote, i have just instructed the secretary of the treasury to substantially increase sanctions on the country of iran. Check oil, it is now trading after hours, remember, it came down tremendously yesterday, its still dropping. Now its under 59. Looks like its headed to 57 a barrel quite a difference from what happened on monday when it zoomed up as a result of those tensions in iran and saudi arabia, and it seems a though the president is going to tighten the sanctions, but it doesnt look like any military activity so that should bring the price down even more. First up, Congress Warning juul to produce documents or risk a subpoena. Deirdre bolton is here with the details. Deirdre thats right. The chairman of the house subcommittee on the economic and consumer policy sent a letter to the ecigarette company juul saying produce the documents that i asked you for in june or we are going to subpoena you. So you have until october 1st, basically, to get these documents together. List of schools that receive funding from juul to prevent teen vaping, this whole list is just saying show us that you are trying not to addict teens. Thats the bottom line. List of grants juul provided to prevent teen vaping. The contract between altria and juul. Altria owns 35 . Then just this limited list of skus that have been sold. Juul voluntarily stopped selling all flavors but a few. David capn crunch. Bubble gum flavor. Deirdre very difficult to say they werent trying to pull in teens. The fda issuing a warning saying get your packaging correct, meaning you cannot say this is safer than cigarettes. Get that off your packaging. If you dont, we will seize your products. We know the president pretty much banning all flavored vaping products. David great stuff. Thank you very much. Take a look at fed ex. The stock is way down this morning after reporting lower profits and its that forecast of the future that is really weighing on the company. Isnt that true . Ashley absolutely. When you cut your profit forecast, you lower your revenue expectations, you know its going to be a tough day on the stock market. Listen, this is a company thats spending more money to expand its services, when we talk about amazon, its just cut two major contracts with amazon that provided 900 million a year. The company instead aligning itself with amazons competitors, walmart and other companies, dicks sporting goods. They just did a contract with them. They are losing money in what they call the express unit, the unit that flies their packages as opposed to the ground unit. This was a very tough report from fed ex. Profits down, revenue down, the outlook also being lowered. They say eventually, they will turn it around. They also mentioned the trade war with china, saying theres less freight and packaging internationally because of whats going on between the u. S. And china. David what i love about this company is how honest they are. They are very forthright in their forecasting, even if it does damage to the company because they think their honesty is one of their biggest selling points. Got to hand it to them. Elizabeth warren appearing on steve colberts show last night, talking taxes but light on detail. Take a look. You keep being asked in the debates how are you going to pay for it, are you going to raise middle class taxes. Right. How are you going to pay for it . Are you going to raise the middle class taxes . So heres how we are going to do this. Costs are going to go up for the wealthiest americans, for big corporations taxes, what you mean bycost . Yeah. And hardworking middle class families are going to see their costs go down. Will their taxes go up . Heres the thing. Heres the thing. David but heres the thing. Liz peek is here with her interpretation that you simply cant pay for socialized medicine just by taxing the superrich. No, you cant. In fact, theres no question Bernie Sanders has said middle class taxes have to go up to pay for medicare for all but heres the problem liz warren has. It isnt Just Health Care shes spending the wealth money on, wealthy peoples money on, its also getting rid of student debt. Its also increasing Social Security payouts. She has like ten programs that are reaching into the pockets of wealthy people and corporations in america. The numbers dont add up. I think people need to press her on this. David just socialized medicine alone will cost 40 trillion to 50 trillion in ten years. Thats doubling the budget. That takes all this money out of the private sector, puts it in the hand of government bureaucrats and theyre going to be more efficient with it than the private sector . We know better. We know better. Heres the other problem she has. General motors workers right now are on strike. They are paying 3 for their health care cadillac benefits, best benefits in the country. Are those voters and those are typical of union workers, hundreds of millions of people across the country are happy with their insurance, are they really going to trade in what theyve got . 3 of the costs theyre paying for higher taxes and higher costs . No, theyre not going to. David liz, thank you very much. Stay with us. More from you later. Good vibrations on trade from white house economist larry kudlow, talking trade with a musical twist. Susan yeah, musical twist. This is after President Trump says that china is making good on their promises buying chinese farm goods once again. This is part, of course, of the low level discussions that are taking place in washington, d. C. This week which will set up these higher level discussions and larry kudlow sounding very positive when it comes to trade. Take a listen. Right now, i think theres a certain optimism in the wind and im an optimist. China has removed some of its trade barriers on agriculture. We welcome that. The u. S. Has postponed some of its actions as a good will response. A little music in the air. David music in the air. Susan music in the air. Well, look, the markets are calling for it and hopefully we will get something as President Trump says on his way to california, he says dont wait until after 2020, china, to sign this deal. David very quickly, is china worried about a usmca deal . Is that providing us with leverage for a china deal . Susan yes, that, and also the japanese deal as well. Remember . Thats right. David wasnt a complete package but part of one. Susan right. Dont forget, longtime adversaries and also probably the pivot in the asiapacific. David General Mills sales falling short and chewy lost more money. Take a look at General Mills. Its down and chewy is down as well, about 2. 5 down. Take a look at oil. Again, theres positive news that can be viewed as positive news. I should put it that way, from the president this morning tweeting out he will increase sanctions on iran but mentioning nothing about any military activity and that is bringing oil down even more. Gold is down a little as well. Check gm as the strike enters day three. Premarket, its unchanged. Grady trimble joining us live from detroit for the very latest. Any movement at all . Reporter we did get some reports that there might have been some progress yesterday, but these conversations going on behind closed doors so its hard to say. This strike, though, officially lasting longer than the last one which was in 2007. That one only lasted two days. We did learn yesterday, though, that gm has stopped paying for Health Care Coverage for striking workers which is forcing the union to pick up the tab, or at least some of it. The union does have money set aside for situations like this but they are also doling out 250 a week for striking workers so the question is how long can they last. Thats also the question for gm, who, according to some analysts, stands to lose up to 100 million every single day this goes on, and here we are in day three which means three days of no vehicles being produced out of this plant in detroit as well as dozens of other plants across the country. Right now, its just a battle of will as to who can withstand this strike longer. David keep us updated. We will go back to you throughout the morning on fox business. Thank you very much. Lets check the futures. Down, but not by much. Everyone is waiting on what the fed does. Believe it or not, it was a month ago there was a zero chance of no rate hikes. Today its a 41 chance that they wont do anything. There wont b even a 25 basis point cut in rates. The market is waiting on that. You Better Believe if theres no rate cut, you will see a drop further than what it is now. Everybody is on hold until that happens. More turmoil for wework. Hours after delaying its planned ipo, a top real estate exec at the company is out. Were on it. Former Trump Campaign manager Cory Lewandowski, did you see that, ripping into House Democrats during an impeachment probe on capitol hill. Sarah sanders is coming up later this hour on that one. You dont want to miss it. Top execs from google, facebook, twitter, they will all be there sitting in the hot seat on capitol hill. Senators want to know what theyre doing to combat hate and extremism online. Senator roger wicker up next on that. Varney company just getting started. 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. [upbeat action music] pilot re gog to be on the tarc for another 45 minutes or so. David checking roku and netflix, they are both down after comcast announced they are going to be providing free streaming to internet only customers. It takes away some of their market share. A new poll has new york city mayor bill de blasio with zero, 0 support for his president ial bid in new york city. You might think that the mayor of new york city would have more than zero support for his run for president. No . No, you would not. Not if you live in new york. Honestly, i think he has done one good thing in new york. I actually believe in prek. I think its good they got that done. Everything else david one out of 1,000 is good. Everything else about the city is in a shambles and theres no plan, no oversight, no hiring of good people who can manage a city. Look, being a mayor is all about being responsive to local problems. Hes not responsive. He could care less. David hes not here. Iowa, for heavens sake, where nobody wants him, no one recognizes him, trying to run for president. David even among liberal democrats you talk to in manhattan, the guy has very little support. Very hard to find anybodys support because the subways are terrible, the streets are dirtier. Its a disaster. David it is not a good situation. All right. We always go through these periods, then we rise again. It will come back up. Plantbased protein is gaining in popularity but its not just meat substitutes that are on the rise. How about plantbased tuna substitutes . Joining us is the founder of tuno and former Bumblebee Tuna executives. Great to see you. Why would you want phony fish when real fish is supposed to be good for you . Well, its not really phony fish. Its plantbased protein. Its an alternative that was created many many years ago in order to address the david forgive me for interrupting but its not real fish. Thats what i mean when i say phony fish. Its not real fish. Theres no fish oil in it. Its substitutes, correct . It is an alternative, not necessarily a substitute. But it can be used as a substitute in the processing, yes. David forgive me for being specific here but the words have meaning. Again, the question is, if you are eating fish, some people say it actually makes you more healthy so why would you want to switch to a fish substitute, to use your word, rather than just eating the fish . Its being able to create a product thats going to be a more global application, not just for ourselves as we go towards the future. Its an alternative protein source. Its got application, of course, as any tuna product or other products we have in the product line. David in other words, its not so much focused towards keeping you healthier as much as it is towards the environmental concerns, am i right . Well, its environmental, its a healthier product. Its the healthiest product as far as plantbased protein. We tried to create a product thats clean label, its got dha component of omega3, because we add seaweed to it, algae oil, its all natural plantbased protein. David liz peek wants to know does it smell like tuna . I hope not. We tried to create a product didnt have the same, that particular type of attribute. David what do your friends at bumblebee think of what youre doing . Oh, theres a pause there. Go ahead. Im still in the seafood business. Of course, i catch a lost commentary for it but some of them are actually appreciative of what we are trying to accomplish here because the oceans are pretty well, they are under some stress on the global side of it. Its being able to develop an alternative. Again, its not just necessarily for the tuna lovers out there as it is for the new people coming into the david i get you. Its great to see new enterprises and you are charting new territory. All the best to you. Thanks very much for being here. Appreciate it. Take a look at futures. They are down but again, everybodys waiting on what the fed does at 2 00 p. M. Today. We should get an idea of whether or not they are going to lower rates at all. There is now a 41 chance among investors that there will be no rate cut. Can you imagine the tweets from the president if that happens, not to mention the reaction by the markets if that happens. You can bet its going to go down from 26 to the negative if we dont have any rate cuts. But again, most people believe there will be a 25 basis point cut. Still, that number was zero just a month ago, people who thought there would be no rate cut. Now its 41 . Have you ever wanted to work out like tom brady . Now is your chance. Hes opening up a new gym in boston. We have a sneak preview for you. Plus, we are going to be talking to the star himself at 11 00 a. M. Right here on varney company. Well be right back. Mom youve o get yourself a new car. I wish i could save faster. Youre making good choices. Youll get there. Were you going to tell me about this . I know i cant afford to go. I still have this car so you can afford to go. I am so proud of you. Thanks. Principal. 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David the big tech names we talk about every day are back on capitol hill, this time for a hearing on extremism and mass violence. Joining us is senator roger wicker, who chairs the committee hosting the hearing. So what are you going to be asking them, senator . Well, we have executives from google, facebook and twitter and also, we have a witness from the an Antidefamation League to talk about what theyre doing, what they see on social media. This is part of a coordinated response of three committees after the recent spate of gun violence in august. Judiciary will be looking at gun sales, well be looking at another committee on Mental Health issues, but today, its about the social media platforms, what they found to be successful, what else needs to be done, and also some advice from an outside group on where they think we ought to be going on this. David a lot of folks are suspicious when politicians Start Talking about extremism online because it all depends on your perspective. I mean, somebodys extremism may be another persons moderate, you know what im saying . How do you define extremism . No question about it. The courts have dealt with this for quite a bit. There are First Amendment considerations. We have the right to free speech and so we have to deal with that. And also, a lot of these decisions seem now to be made by artificial intelligence. As a matter of fact, most of the content now is brought down because there is so much of it. A lot of its brought down by Machine Learning and a. I. Instead of by individuals. We are going to be talking about that today. David how would you define extremism . Well, lets talk about that today, but anything that advocates violence or hate and of course, we had the example in christchurch, new zealand of someone who actually perpetrated a mass shooting and broadcast it himself while it was going on. David yeah. Well, thats a clearcut, but you know as well as i do, as you mentioned some of these algorithms jump in when Praeger University goes up online and i would not call their online broadcasts extremist, would you . And theres the example of senator mcconnell putting on twitter some of the threats that had been made to him so that people would understand what youre up against as majority leader of the United States senate. That was taken down temporarily by twitter because it contained threatening comment. Actually, the idea was to let the public know what sort of things can be said to elected officials. So once that was straightened out, the site was put back on. These are absolutely considerations. But let me say this, quickly. There are steps that can be made and i think you would be surprised based on what were going to hear today, the amount of hateful threatening advocacy that there is online, and we are glad that these platforms are coordinating with Law Enforcement on this. David very quickly, antitrust issues, some people are saying the doj and the ftc are getting over their skis a little bit on criticizing people just for being too big as far as big tech is concerned. What do you think . You know, we are the worldwide web. One of the questions is if the United States government cracks down on some of these platforms, who steps in, will it be china, will it be russia. So i think we need to be very thoughtful and very careful before we rush into something. David well, we wish you the very best. Please come back and let us know what decisions you have made, particularly about this extremism, what it is, how you define it, et cetera. Roger wicker, great to see you. Thank you for being here. We have breaking news from President Trump, who tweeted out quote, i am pleased to announce that i will name robert c. Obrien currently serving as the very Successful Special president ial envoy for Hostage Affairs at the state department, as our new National Security adviser. I worked long and hard with robert. He will do a great job. Liz, i saw a thumbs up from you. Good guy. Very very successful, kind of beneath the radar work being done on hostage recovery, and this president has really made that a high priority, and this guy has done a terrific job from everything ive heard. David all right. We at least have a nominee for that position. We will see what happens. Moving on to wework, first the ipo gets delayed, now the companys top real estate executive is leaving. Susan, what do you know . Susan look, its looking to be a train wreck with this ipo now being delayed. They say they are hoping to complete it by the end of this year, delayed until at least october. But take a look at the executive departures we have seen at wework. You see on the screen, sarah was the head of Global Real Estate partnerships. This week she has a mutual agreement to leave the firm. On top of that, by the way, we have seen multiple departures as well. Jennifer skyler, the chief comms head going into this ipo, she left the company. Ted stenham, head of business and Financial Operations as well. This company has sliced their valuation in half, maybe even to onefourth of what it was. People actually dont even think it will go off this year, in 2019. They have some real issues on their hands. David are ipos going to be slowing up now as concerns about who wins the election and all sorts of things start to weigh in, or are we going to see as many ipos . Susan given the poor performance of the likes of uber, lyft and wework failing to get their ipo off the ground, it hasnt been a successful year for everybody this year. I think the outliers are the successful ones like beyond meat and zoom communications. I would say for Companies Like this, this isnt even a tech company, by the way. Its a cosharing office space and they are bleeding right now. Companies that arent making money, given that weworks losses are equivalent to their sales which are horrific accounting numbers, by the way, if you are losing money, i think its going to be tough to go to market. David tesla started the concerns i think about the bleeding cash. We saw what happened, initially tesla went up, it was nothing but great news from it, then people started saying my god, not only are they not making money but the way they are bleeding money, as we know, amazon did make moneyor a long time but they werent bleeding money like these other companies. All right. We are close to the opening bell ringing on the market. It is down, by the way, in premarket activity but thats because a lot of people are waiting to see what the fed does. Are they going to lower rates at least 25 basis points, or in fact, will they give us no rate cut . Theres a 41 chance now that there will be no rate cuts. A monthgo that chance was at zero. Now its at 41 . Its a modest loss as we open the bell, down now about 25 points. You see about an equal amount of red and green on the screen although now the red is growing a little bit. But again, its probably going to be like this until about 2 00 when we get those fed numbers. Lets take a look at the s p, see how thats doing. In relation to the dow. Its down again, just by a fraction. Its still over that 3,000 mark by just a fraction. Nasdaq is down by about 11 points, well over the 8,000 mark, 8,175. Look at fed ex. This is a stock that could be a sign of bad news ahead because of whats happening with china. A lot of loss of business with china, of course, a lot of competition from amazon as well. The stock is down 11 . 11. 5 right now. We it was going to be down but it is down even further than was expected. 153. 25 a share. Bad forecast for the future, but again, fed ex is probably the most forthright in these financial documents as any company out there, and they tend to put all the bad news in the financial forecasts. I bet at some point, ash, we will see them turn around. We will get into more of that in a moment. Lets take a look at oil, if we can. President trump says he will substantially increase sanctions on iran but no talk at all about any kind of military activity. I think that actually put o down a little bit further, premarket activity wasnt down a full 2 . Right now it is, trading at about 58. 17 for a barrel. Joining us, liz peek, shah gilani, susan li, ashley webster. Shah, first to you. What happens to the market if the fed doesnt cut rates at all . I think we see a selloff. David how big . I would say a couple Percentage Points i think over the balance of the week and probably into next week. I think the expectation, i think in terms of the markets reaction, is that it is baked in. We were very close to alltime highs and the market is anticipating at least a 25 basis point cut. There is some talk of a 50 basis point cut. I highly doubt that. A no cut would be devastating. The markets do not expect that. David imagine the tweets from the president. Not only about powell but specifically pointing to powell. We should mention, powell is not like greenspan or voelker, who were kind of bulldozers who would run over the other members of the fed. Powell is very much of a team player. He looks to the team. Im wondering if the focus on that one guy is necessary. What do you think . Well, i think the committee, the focus is going to be on the committee in terms of david but the president likes to focus on individuals. Trump supporters have no idea what the rest of the committee looks like. Right . Obviously the president is going to lean on him but part of the discussion after the meeting and in terms of the press conference is going to be what the committee has to say, is there agreement, i doubt theres agreement last time around we had two fed president s disagree, Esther George and rosengren and they dissented. This time around, we will see who else dissented and what about the dot plots . David dont get too in the weeds. Susan its important because basically it indicates to us how much appetite is there for one more rate cut this year before the end of 2019. I have to get into this conversation the fact we had an incredibly good production number. Fed ex is out there saying its china, its trade. Wheres the evidence . Industrial production was up. 6 . Another big beat versus expectations after a. 4 decline the prior month. But look, i think yeah, i think the market sells off because its pavlovian. You have the fed david what about the president . Is he going to fire powell . No. Hes not going to fire powell. The problem is, this is not a recessionsaving move by the fed. The economy, although we have gotten some mixed signals, look at Housing Starts. At a 12year high. Its not like a crazy economy. We are doing it for other reasons. David we are the only game in town, right . You look at whats happening in europe, whether 17 trillion, 18 trillion worth of negative rates. And theres more conversation about that, the fact we have to be in touch we are nowhere near a recession. Nowhere near it by any of the metrics anybody would look at. This rate cut is just preventive and they talk about concerns over Global Growth in the trade war. Thats all it is. Ashley and the dollar. Strength of the dollar. Susan powell has said theres no recession. This is like 1995, 98 when you are trying to get ahead of the curve and stave off any hint of recession. Thats a great point. Thats what he said last time. He talked about midcycle. Referring to those two years. Im guessing we have 25 point basis cut, then no guidance about nothing further basically. The market will sell off and people will say david we will all find out after 2 00 p. M. Stay with fbn for full coverage on the feds decision on Interest Rates. That will be live followed by Jerome Powells News Conference at 2 30. We have some breaking news. Look at facebook. Housing Companies Getting sued over facebook ads. Lauren simonetti is here with the details. Lauren seven Housing Companies sued for age discrimination for buying ads on facebook that discriminated against older americans. Lets show you an example of an ad. Looking for tenants ages 28 to 45 so if you are 27 or 46, you are not seeing this advertisement. Facebook has been sued by users as well as the department of housing and urban development or hud for microtargeting and for discrimination in advertising in the past but this is the first time the Housing Companies are being sued. Attorneys say Digital Discrimination is a systemic problem on facebook. We have reached out for comment and will get back to you if we get it. David thats kind of interesting. Lets stay on facebook. Shah, is the company teflon or what . It has been. David bad headlines dont seem to affect the stock price. It has been a teflon stock for sure. This is a big deal. I dont know whether this is going to impact the stock. David its down by the way, a fraction of a percentage point. The news is already out. If this goes to any kind of trial or if theres any [ inaudible ] to think it has impact on the stock, overall, you are correct. This is a teflon stock. It fights everything back. David isnt it primarily because regulators dont know what theyre doing . Every time the facebook people appear before congress they look like idiots compared to the technicians. Facebook has done a great job pushing back on all the regulators. Any time Mark Zuckerberg is in front of congress they do a pretty good job of pushing back. Susan they are making a lot of money. 5 billion in stealales. David that doesnt hurt. Susan that doesnt hurt. Especially when billions of the planets population is on the platform. We had to give europe the reins in regulating these companies because we are unable to do it. David imagine giving the regulators in europe the reins of anything. Exactly. David we teased this all morning. Take a look at fed ex. After giving weak guidance, very weak, its now down 12. 5 , over 12. 5 . Ashley analysts are pouring in, all with price target cuts today. They are piling in. Fed ex cutting its profit outlook, its revenue outlook, its talking about higher expenses for its expanding services, the express unit which uses planes as opposed to the ground unit. Lets not forget changing their strategy, it is costing them a big contract, two contracts with amazon that provided 900 million a year. They are reassiligning themselv with walmart and target. In the long term, they will be david this might be the chance to jump in. It seems like in the long term, you cant go wrong by holding fed ex, right . Traditionally its been a great stock to own. Obviously it had a tremendous run, a phenomenal run. Its been going nowhere but down. David you dont own it . I dont, and i wouldnt even dabble in it. David at what point i think it will get to 120. I think thats worth a buy down there. Its a little too high for me here. The chatter has been really the strategy is under fire. I had to erupt about industrial production. I dont think this is an economic problem so much as it is David Company specific. Yeah, strategic decisions, which my guess, its a very smart company, it will work out but it will take awhile. Susan proxy to global trade as well. Thats what fed ex and dhls of the world trade like. They are trying to expand to seven days a week and working in the Postal Service to help them get to that last mile delivery. Thats going to cost them. Definitely. David its cost them today. The stock is down 22. 36 right now and it is continuing to go down. Its now down almost 13 . You just heard shah say it could go down at 120. Big hit for fed ex. We knew it was coming but we didnt know it would be this far down. Quick check of the big board. The overall market is down but not by that much. Nevertheless, it is trending down. Right now its down about 51 points on the dow to 27,057. General mills sales falling short. Thats bringing that stock down about 1. 5 to 54. 20. And chewy lost more money. Take a look at chewy. Its down about over 6. 5 right now, down 2 to 28. 21. Bitcoin is down, still trading above 10,000 but just barely. 10,183. And gold is down as concerns perhaps over the middle east problems, lessen a little. The president is squeezing the economic sanctions a little more on iran but no talk of any military action. And the treasury yield looks to be down a little at 1. 77 for the tenyear. We thank everybody for chiming in. Very exciting morning here. Lot of market activity, president ial tweets, the whole ball game. We have breaking news. Repeating President Trump just tweeting out that hes going to name Robert Obrien as his new National Security adviser. Obrien is currently an envoy for Hostage Affairs at the state department. We saw liz peek give her thumbs up on that one. This is a jampacked show this morning. You definitely dont want to miss the 11 00 hour. We have tom brady and Dennis Rodman in the 11 00 hour on this show live. Tune in for that. Also, we have early uber investoradley tusk on the show. California just passing a law that classifies uber drivers as employees, not independent contractors. Now new york is looking to do the same. Is this bad news for the company . We will ask him. And coming up next, former White House Press secretary, what a woman, sarah sanders. Imagine what she had to deal with the two years she had that job. We have a lot to talk with her about, the Cory Lewandowski hearing, trump versus the New York Times and what about her run for arkansas governor . We heard a lot about that a couple weeks ago. Not hearing too much about it. We will ask her about it next. In studio. This is the family who wanted to connect. To go where they could expre and experience adventure in unexpected places. Who were inspired by different cultures and found that the past can create new memories. Leading them to discover were woven together by the moments we share. For everywhere you go, expedia has everything you need, all in one place. Should always be working harder. Thats why your cash automatically goes into a Money Market Fund when you open a new account. Just another reminder of the value youll find at fidelity. Open an account today. David checking the big board, the market is down about 45 points today. All eyes on the fed as they say. Today is an important day. Its extraordinary that we are expecting a 0 now or at least 41 of investors are expecting zero movement in fed rates when a year or a month ago, a lot of people, 100 said there would be a 25 point cut at least. Fireworks on the House Judiciary Committee featuring Cory Lewandowski. If you missed any of it, heres a clip. Are you the hit man, the bag man, the lookout, or all of the above . I think im the goodlooking man, actually. You didnt think that was illegal to obstruct justice . Congressman, the president asked me to do nothing illegal. Are you ashamed of the words you wrote down . President swalwell, im very happy of what ive written but youre welcome to read it if you like. You are here to be telling the truth, mr. Lewandowski. The truth will set you free. The time of the gentle lady has expired. The witness may answer the question. I dont believe there was a question, congressman. Very well. Yes, there was. Could you repeat the question . I will be happy. It was just a rant. David the chairman wasnt happy. Joining us, sarah sanders, former white house spokesperson, the woman who had to deal with more flack than anybody in politics. Great to see you. Great to be here. David congratulations on being at fox. Its good for all of us. What did you think of that spectacle yesterday . I thought cory did a great job dealing with the circus that has become that committee. I think the democrats should be embarrassed. We have some major things taking place in this country. Instead of focusing on fixing them, doing something productive, they continue to do this absurd spectacle day after day, whether its an impeachment process or its not an impeachment process, they cant seem to make up their mind. One thing we can be sure on, its a big waste of time for american taxpayers. David even jerry nadler, the chairman who is of course pushing impeachment because hes in a tight race with people further to the left of him in new york city, i live in his district, by the way im sorry. David well, it happens. But the point is, even he felt that it was going a little too far sometimes. There were some of his democratic colleagues who wanted to censure lewandowski. He said no, we cant do that. Again, this has gotten completely out of control. I think the democrats have no strategy, have no path other than to destroy the president and Anyone Around him. He cant, you know, do anything without them screaming impeachment. Every move he makes, they try to tie it back to this. Its really gotten out of control. Nancy pelosi needs to free up the calendar and lets get usmca done, lets make some big things happen. There is stuff on the table they need to address and they continue to sit there and waste all of their time dealing with this. David as we are looking at the president with lewandowski himself, the president really did sort of egg on the media in calling them out for the mistakes that no other president ever called them out for, and you were in the heart of it. You were the recipient of a lot of their pushback on that. I just wonder, the milestone really seemed to be with this New York Times story on kavanaugh where the key feature of that story, the fact that the woman doesnt remember it happening, the socalled there is no victim. You cant have a crime without a victim. David how does all this end up . The president has been talking about the New York Times, not talking about the death of the New York Times, talking about maybe it will be reborn because of this. Do you agree snfrj . I think all of media needs to taout. Much where theres no process, theres no accountability, no check and balance, and its not just the New York Times. Politico, cnn, they all within the last week have had these major gaffes in their coverage. They have put out, you know, the story about the air force sending people through the president s property when that started in 2015 under president obama. I can assure you president obama wasnt looking to do favors for donald trump. David they still have their readers. Actually, the New York Times company has not been doing bad financially. The question is whether a rebirth of the New York Times perhaps back to the way it was when 20, 30 years ago when you could rely on it for news stories, whether thats possible anymore. I hope so. And i think that we have to start taking so much of the opinion out of the news. Its a good news story if you can read it and you have no idea which side the journalist is on and its very hard to find that. Theres a big difference between commentators and news, and we have blended those so that there is no difference anymore. Weve got to go back. David i only have ten seconds, are we going to have another governor huckabee . Well see. Right now my focus is on the 2020 election, helping the president get reelected and other republicans. We will see what happens after that. David seemed like you were more talkative about it a couple weeks ago. Now less so. No . Im not the one talking about it. A lot of other people are. Thats fine. But you know, thats a good bit of time off before i have to make that decision. David having lived through the governorship in your family, would you want it for yourself and your family . I would want it for our state. I love arkansas, i love the people of arkansas, and if i felt like i could bring something that was special and unique to the process that could benefit the state, then that would be the driving force behind that. I had incredible experience watching my dad as governor of arkansas for 11 years and i got to see firsthand his ability to really impact change and do great things. If i felt like that was something i could do, that would be what would make that decision for me. David sarah huckabee, great to see you. Thank you very much for being here. A lot of confusion out there about the risks of vaping and ecigarettes. What exactly is leading to these deaths and illnesses . Doc siegel breaks it down next. Beyond the routine checkups. Beyond the notsoroutine cases. Comcast business is helping doctors provide care in whole new ways. All working with a new generation of technologies powered by our gigspeed network. Because beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected. To do the extraordinary. Take your business beyond. Im off to college. Im worried about my parents retirement. Dont worry. Voya helps them to and through retirement. Dealing with todays expenses. While helping plan, invest and protect for the future. So theyll be okay . I think theyll be fine. Voya. 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This morning, the House Oversight committee warning juul to produce documents or face a subpoena. Joining us is dr. Marc siegel. First of all, we have to remember, a million americans got off of tobacco, smoking cigarettes, by vaping. Thats something that we dont want to see reversed. Thats a story, thats where the story needs to start. Because i have always used ecigarettes for that and a study came out of david you mean for your patients. To get them off cigarettes, yes. A study out of the new england journal of medicine this year shows it works better than any other nicotine replacement product, the gum, the patch. They all work for different groups of people, but i needed in my arsenal, i need it in my bag of tricks. I necigarettes. Its definitely less toxic than cigarettes which clearly lead directly to david what should they focus on . They havent proven what the longterm health risks are but theres two separate stories. Story number one, flavors are the problem. The federal government, because of a law that was passed in 2009, has every right to ban flavored ecigarettes from the market. We are heading in that direction and you know why . Because when teens were surveyed this year, they said were doing this because of the flavors. Most of them didnt even know there was nicotine in this product. David they didnt know they would get addicted to the nicotine. They would put a cartridge in their pocket, do three pods a day, the equivalent nicotine for three packs of cigarettes. David thats one part. The other part i imagine is the fact people are dying as a result of vaping. But not necessarily nicotine. Sometimes they are juicing the nicotine with thc and other stuff. I want to talk about that. Thats a separate story. Granted, its bringing a lot of attention to this story. I have been in touch with the centers for Disease Control on this. They have their Emergency Operations center going fullblown on this. They are telling me without being definitive we are going to know more thursday. Tomorrow, they are going to come out with more news but they are basically indicating to me that its the unregulated product, product thats not being controlled, its not the juul or the one thats on the market. It is the one that has, most of them have thc in them. Most have cannabis oil or marijuana type products. They are illicit, they are being bought illicitly, theres no control on this kind of a product. This is probably where the diseases are coming from and people are getting quite sick, many are ending up david so flavored ecigarettes that lead to teen addiction and getting rid of the stuff that juices up this, the nicotine flavored or the nicotine stuff. The bottom line, whatever ends up on the market should not be for kids. It should be for recalcitrant smokers and needs to be highly regulated so we know whats in it. David dr. Marc siegel, thank you very much. Good to see you. One celebrity chef isnt jumping off into the fake meat market bandwagon. He says plantbased meat is not as healthy as advertised. He joins us next. David half hour into trading markets are stable. Dow down 55 points right now. All indices down the same,. 2 . Or about that. Everybody is waiting on the fed decision, that comes later toy, 2 00 p. M. The question whether or not there will be a rate cut at all of at least. 25. Oil a big focus, down another 2 this morning. President trump threatening significant sanctions on iran. No talk about any military action there. That leading to the price of oil coming down a bit. Later this hour, saudi arabia will hold a News Conference where they plan to show evidence of irans direct involvement in the attacks on their oil field. Also this hour, the Senate Commerce committee grilling social media executives on policing violent content on social media. Facebook, twitter and google will all be there. Im david asman in for stuart. This is the second hour of varney company. We start with your money. The check the dow 30. It is down about 61 points right now. We get the fed decision on Interest Rates at 2 00 p. M. Eastern. There is more red on the screen than green but only slightly down. It is in terms of quantity, it is big. In terms of the actual depth of that downward movement it is not that great. Joining us is market watcher keith fitz compared. That is going to be a much bigger down movement, keith, if we see no fed rate cut at all, isnt it . I agree, david. I agree the market baked this into the cake. 50 basis points versus 25 . Real deal, power himself. Will hide what he intend to do for the balance of the year. If we get a selloff, i think that is actually triggers it. David were you are is priced to hear a month ago we had zero percent of investors believing there would be no rate cut, to now 41 . That is almost a majority. It is not far from a majority of investors thinking there wont be any rate cut. That surprises me . Well you know, it is interesting. Ive been in this business a long time. The one thing that surprises me, how fast sentiment changes these days, david. When you and i grew up the market would take a little while to adapt to something. Between headlines, internet, twitter, all the feeds we have at our disposal, that changes almost instantaneous. That to me is intriguing for sure. David talk about the price of oil, the effect it has on the economy. The effect it did have a jump. We saw a strike over the weekend, went up over 10 . It has been coming down for the past two days significantly. It is now down under 59 for a barrel of oil. 58. 55 right now. That has to be a relief to the president , other people concerned that the market stay as strong as it has been through the election . Sure. Its a relief to traders because they dont have to worry about volatility. It is also, i think a relief to anybody who is looking at this intelligently. Including the president , related members of his staff. What this points out is the strength of the American Oil Production system. We have really got the machine running right. I think Global Markets reflect that by virtue of the fact that the price relaxed so fast. David also becomes a talking point. Youre not a political guy. It become as talking point for the president on the campaign trail. All Democratic Candidates want to phase out 100 fossil fuels within their administration. If it wasnt for our fossil fuel production, our fossil fuel rebirth. We would not have oil right now at 58. 51 a peril. Certainly from the republican side you have got that. I think if the democrat were smart, they would latch on to this as a discussion point. They would say, you know what . We have this. Here is our transmission or transition plan, not simply tear down the president. This could be used by both sides of the aisle intelligently. That is a rare word in d. C. David focus on one stock, fedex, very important. Sometimes its a harbinger what happens to other stocks in the future is it this time . Right now it is down 13 on the basis of their Financial Report yesterday. That is very intelligent question. My review is a little different. My take is that that this is not about fedex itself. Not about the consumer like everybody is saying. It is that way in the past. Youre seeing amazoncation of the delivery business. I would be long amex and short fedex for a long time to come. David youre short fedex now . I assume you have no fedex stock at all . Yes, that is correct. Im saying that as figure of speech. I dont own fedex in any way, shape, form, my family either. Amazon is much stronger player. We do have positions in that. David i want to switch gears to the New York Times and the kavanaugh story, President Trump going after them, floating idea Justice Kavanaugh should charles hurt of the washington times. Thank you, keith. You bet. David your book is called, still winning. Thinking of various areas or arenas which the president took on the establishment and won. First of all the gop. They didnt want him as their nominee. He got through. He bulldozed his way you there the debates. One solidly in the debates eventually became president. Then there are investors, investor we care about. They were very unsure, unsettled about trump at first. They realized this guy will cut taxes, regulation, make it a Better Business environment. He won investors. The deep state were totally against it. They had a campaign against him and he won. Look at the result of the Mueller Report was essentially there was no there there. He won against the deep state. And now it is the media. I think the biggest prize of all in many ways would be if he won the media battle. You look at kavanaugh and New York Times. It looks like he is on his way to winning that one . He is certainly beating the heck out of them, that is for sure. One of the reasons that he enjoyed all the other victories, he is one of the only republicans to stand up and take on the media in the way, certainly in the way that he has. Just unflinching, never, never avoids a fight. Just goes right after them. Probably a little more than some people would like. The sad thing, though, david, what does winning look like . This isnt what winning looks like in terms of, in terms of fixing the problem. Were a fee republic, we cant have a Free Republic without educated electorate. You cant have an educated electorate without an honest press. While donald trump is landing punches on people like the New York Times and exposing dishonesty, bias, in so many corners we still have the problem. It is not getting fixed. It is getting worse. It is really frustrating. The Brett Kavanaugh situation is a perfect example. There is absolutely no due process. Facts dont mean anything. The thing that is so frustrating about it, would argue that this whole, this whole blow up is Mission Accomplished by those authors. They wanted to get attention for their book. They have gotten miles of attention for their book, but moreover, the far left and the democrats running for president , theyre all calling for kavanaughs impeachment. David they will still use it. It is not just the democrats running for president. The other media sources, biased media sources will use this as though there werent serious questions about the nature of the story. Im talking about the grade middle of america. You dont win the presidency without winning that. People are not political in their bones. They dont consider themselves political. They are more suspicious now of the media than ever, are they not . They are with good reason. All of that i think is owing to the relentlessness which President Trump has gone after them. David absolutely. Doesnt let them get away with anything, whether cnn or the New York Times but you know, it still is a, it is a real problem and something has to be done to fix it. And perhaps david let me stop you there. What do you mean something has to be done to fix it . What kind of thing are you thinking about . I dont know that anything that a government can do but at some point people in the News Business need to rededicate themselves to what theyre here for, which is, exposing the truth. David that is what the president said in tweets yesterday when going at the New York Times. Im not for destroying the New York Times. Im for rebirthing the New York Times where it was 20 or 30 years ago. Absolutely. You know there was a time, the whole reason that people like me, got into the News Business in the first place because we want to expose wrongdoing. We want to hold Public Officials accountable for things. This is crazy. This is none of that. This is fantasyland. I think a big reason why so Many Democrats going, getting so far over their skis, people like jerrold nadler, people like that, for two years, they along with a lot of people in the press pedaled these lies about russia that were completely unsubstantiated. No reason, no good editor would have allowed any of those stories to make it into print. I never had an editor would have allowed that stuff to get into print. It got in,t was hate trump, hate trump, hate trump. So it was all permissible. David now there is big internal battle at the New York Times apparently. Well see how it works out. I think it is overplayed in the press there is internal battle. Both sides of that internal battle are on the same side. David exactly, that is what i meant. Charlie hurt, great to see you, still winning, is the name of the book. We hope it is winning at bookstores. Thanks for being here. Top executives of facebook, twitter, google are testifying on capitol hill how they plan to stop hate and extremism online. How are they defining extremism on line . We have details coming next. Former Trump Campaign manager Corey Lewandoski ripping into House Democrats during a hearing on impeachmentment. We have his response to the hearing with Martha Maccallum coming up. Dont miss the 11 00 hour, tom brady Dennis Rodman, two of the biggest names in sports on the show live. More varney after this. This is the age of expression. But shouldnt somebody be listening . So. Lets talk. Were built for hearing whats important to you, one to one. Edward jones. Its time for investing to feel individual. Imagine a world where nothing gets in the way of doing great work. Where an American Icon uses the latest hr tools to stay true to the family recipe. Where a music studio spends less time on hr and payroll, and more time crafting that perfect sound. 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The workplace should be a source of financial security. Keeping your people happy is what keeps your people. Thats Financial Wellness. Put your employees on a path to Financial Wellness with prudential. David capitol hill, a hearing on big tech and online extremism is starting. Hillary vaughn is there. What do we expect . Reporter the hearing is underway. They want answers about social media role in mass shootings, particularly related to the christchurch attack in new zealand that killed 51 people and recently the shooting in el paso. We got a peek at prepared testimony from all three companies that are here today testifying. Here is the case theyre going to make. Facebook, head of Global Policy management, monica vicker will make a case, highlighting a lot of changes they made after the christchurch shooting in new zealand live streamed on their site. They enacted a one strike policy. If youre a user violates one or more of the serious years you will be banned from using live feature 30 days or more or less. Will invest in a. I. Technology significantly in the past few months. Now they can recognize an ascending video on Facebook Live within 12 seconds of the live stream. That is 90 reduction in time compared to where it was just a few months ago. Twitter Public Policy director nick pickles will testify that they dont have an incentive to keep violent on tent on their platform saying it doesnt feed or serve their business interests. So of course theyre willing to do whatever they can to take this content down. He does warn when you take content off of sites like facebook and twitter, users often move to other dark corners of the internest and utilize other platforms that do not have as much oversight, do not have as much visibility or regulation. David . David hillary, thank you very much. Lets bring in andrew napolitano, the judge, the judge, that is all i have to say. Everybody knows its you. The subtitle of this meeting is extremism on line. How do you define extremism . How do these folks inside of the beltway define extremism . One persons extremism is another persons mainstream. This is almost impossible to define. The First Amendment basically says the government shouldnt be in the business of defining it. When the supreme occur has examined hate speech and violence in video games and online, the Supreme Court has upheld the right to post all of that because hate speech is protected and visualizations of violence, whether real violence, that youre seeing a movie of or whether depicted violence by cartoon figures absolutely protected. Ainsley if i go on one of these platforms, judge, incite violence, that is my aim. Am i protected . Great question. The last time the Supreme Court looked at that, unanimous opinion many times said following, all innocuous speech is absolutely protected and all speech is innocuous when there is time for more speech to rebut or neutralize it. So as long as theres time in your hypothetical to challenge what you have said, whether or not the challenge comes is irrelevant. As long as there is time for that challenge your speech is protected and youre not liable for those who follo your commands to engage in violence. David the other thing theyre looking at is actual live time violence on internet. That does have to be curbed, showing murder on internet. Youre making Justice Alitos dissent a famous case. It doesnt show a murder of humans. It showed horrific murders of animals, repellant murders of animals. I dont want to describe what is on there. Justice alito in order to invigorate the dissent described it dramatically. If you want to change this, change the First Amendment. People will decide what they want to look at. Viewers will decide, not the government. David we move over to juul, congress threatened to, that they produce documents or risk getting a subpoena. Im wondering if juul has a need to be worried about their future because of this . Well, juul produces a product is regulated by the fda the problem comes about when others than juul adultter eight the product. Juul cannot be responsible when someone buy as case of their products, adult rates them. David trying to appeal with people under age, coming out with products called bubble gum, captain crunch that do that . It is hard for me to believe calling it bubble gum and captain crunch they could credibly say it is not aimed at children. Those are childlike phrases. So who is responsible here, juul, the fda or the parent . David flavors of these things, kids get involved, not because of nicotine but flavor. As a result of the nicotine they become addicted. It is regulated by fda. The fda approves marketing materials. As long as juul complies with fda approvals the juul is immune from litigation. David the judge. Not immune from litigation, immune from the consequences of litigation. David we talk about fake meat on the show. What a switch. Okay. You got it. You got it. But is it as healthy as it is all made out to be . Coming up celebrity chef who says it is not as good for you as you might think. Elizabeth warren had a hard time answering how she would pay for medicare for all when she appeared on steve colberts show last night. We got the sound. Martha maccallum lives in the same town that he does. Coming up. At fidelity, we believe your money should always be working harder. Thats why your cash automatically goes into a Money Market Fund when you open a new account. Just another reminder of the value youll find at fidelity. Open an account day. Of the value youll find at fidelity. Tv aas many safety features powas the rx, the new. 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Every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. Take your business beyond. David quick check of the big board. It is down 40 points right now. Actually nasdaq is down a little more percentage wise. We got headlines from General Mills. Actually the stock is going the opposite direction, from what were hearing that the ceo is saying growth is slowing because of sales growth in china. But if we can put General Mills up on the board i think well see actually it is trading into positive territory. There is up about a percent 1 2 despite bad news. A lot was worked in before the announcement came out by the ceo. Researchers at uc san diego and yale just finished a two year study on facebook. Lauren simonetti is here. What did they conclude . Facebook is bad for physical and emotional health. This study was two years. They monitored the use of facebook, body mass index. That is what they included. It gives you illusion of closeness, that you feel like you know somebody because theyre constantly posting but theyre not your friend at all. Also this sense of having to be positive. Very few people post negative things, right . Sometimes you need to post something negative because it is real and the world isnt david we want to keep our thousands and thousands of friends, right . John parker came out years ago, when we created facebook, did we really know what it would do to kids bra well it is all of our brains and well being at this point. They make a recommendation limited to one hour a day. Ashley good luck with that. Exactly when it is so accessible on our phone. There is instagram stuff these days. David hey, still very profitable. God bless them for that. Meanwhile President Trump is on a fundraising swing through california. He is expected to raise a lot of money but what is with all the secrecy around the fundraising events . Well ask a guy with the intel on the 11 00 hour. Shortly well hear from saudis on aramco oil attack. Weve got latest figures on oil inventories. That is coming up any moment now. More varney after this. Why accept it frompt an incompyour allergy pills . E else. Flonase sensimist. Nothing stronger. Nothing gentler. Nothing lasts longer. Flonase sensimist. 24 hour nondrowsy allergy relief aewith Medicare Advantage plans designed for the whole you body, mind and spirit. That means aetna is helping you get ready to be the best grandmother the world has ever known. We simplify medicare by connecting you to the right coverage, resources and care. So you can be ready for what matters most. Aetna Medicare Solutions. Im back in the ussr ashley i could never quite figure out that one. Why would you want to be back in the ussr . But hey. David breaking news. Happening shortly, a Saudi Defense ministry spokesman, holding a News Conference on the aramco oil attack. You see them settingp there. Expected to share clear evidence of irans involvement in the attack. Not only drones were involved. Apparently cruise missiles as well. As soon as we get details well bring it to you. As you can see oil is down again significantly after yesterdays drop as well. Partly on all of those fears, perhaps being a little over, overdone, over the weekend when we had the attack on the aramco facilities. It is now down about 58. There we go. 58. 21. We have now inventories. Right, ash . Ashley we do indeed. A build up, 1. 5 million barrels. We were expecting a drawdown of 2 1 2 mill barrels. We have a lot more in storage than we expected which should put more pressure on. David we have news from the Business Roundtable. Edward lawrence, what are the ceos say about our economy . Reporter very interesting things here. Business roundtable Third Quarter outlook paint as pessimistic picture in minds of ceos for the Third Quarter. Increased sales for the thirquarter dropped compared to the Second Quarter from 9 . Expecting decreased sales now to 20 . But looking six months out, 61 of ceos see increased sales. Ceos see Capital Investment slowing in the Third Quarter. The percentage growing from 10 to 13 in the Third Quarter. Still 36 of ceos say six months out they see see increase in capital expenditures. In hiring, 56 of ceos see no change or plan to stop hiring in the Third Quarter. All of this can be heavily attributed to uncertainty over trade. The head of the Business Roundtables, the head of the Business Roundtable says this, quote, uncertainty is preventing the full potential of the economy being unleashed, limiting growth and investment here in the u. S. Now ceos were asked a special question this time around looking back over the past year. What was the effect of the tariffs and retaliations that they had on their business. More than half reported a somewhat or negative impact on sales. A fourth said, it was a somewhat or very negative impact on Capital Investment plans. 40 of the manufacturing sector. A third reported somewhat or negative impact on hiring. So the message here is that a long, drawn out trade dispute threatens to slow the economy going forward. Also ceos see some resolution or easing six months out. David, there is light at the end of the tunnel there. David yeah. The question, those expectations how much capex to spend may turn around on a dime if we have a deal. First a usmca deal, then china deal. That could change dramatically port pot the money is there. It is sitting there. Theyre waiting to figure out what happens next in order to spend that money. You get easing as you mentioned. Japan, usmca, maybe something with the eu. Maybe some of that money starts spending. David then it would pop. Edward lawrence, thank you very much. Robert moran, Brunswick Group partner. What is your take in all of this . I think about. Rt ceos are right on target here. Challenges with uncertainties in the Business Environment now is difficult and american businesses essentially been whipsawed with concerns about trade and how some of these trade dispute and the trade war will be resolved. The challenge here, as weve been hearing for a long time now, oh, some deal is around the corner but the deal doesnt actually show up. I think that is put a number of things on hold. And, as the survey shows, caused quite a bit of uncertainty among key decisionmakers. David on the other hand, robert, it is a bit of a rear view mirror look. There is lot of anxiety over the past yearandahalf about a trade deal. We hear good news, bad news. You can understand their hesitancy to go full board, capex spending as i told edward, that could turn around on a dime . If there is a deal, i would expect aice pop in the market. I would expect u. S. Economic growth to come up maybe a third to half a point. You would think that the president would want to get a deal running into his reelection campaign. I think most Business Executives expected a deal a while ago, with that calculation. And that has not happened. If you look at the brt survey data, some of the other questions, it is actually fairly optimistic i think. Weve been getting a lot of back and forth data. Some positive. Then you saw Consumer Confidence sag. Some data from manufacturing that didnt look so good. But their expectations for six months farther out is actually not bad. So we continue to get a very mixed picture from the Economic Data but the hiring generally looks good. So, seems like we just keep the economy chugging along. David those are established companies. What about the startups . You have done research of your own on them . Yes. So, this is actually, i would argue fairly alarming if you think about the long term prospects for American Economic vitality. If you go back to the late 1970s, about 15 of all businesses had been started in the last year. That number today is around 8 . And new business formation, new business startups have dropped over time. And this is a problem of course because little new businesses grow up to be larger businesses in the future. There could be a number of reasons for this. The concern i have is, you know, the u. S. Population is increased but number of businesses being started essentially decreased. So what is going on here . I think it is a range of factors, including tax and regulatory complex theyre, including access to david that is one part of the tax plan really never came through with the trump tax cuts was simplification. Remember that card we were supposed to get . Right. David most startups, correct me if im wrong, they dont start with bank loans. They start with savings, middle class folks have savings, borrow money from their parents, brothers or sisters, whatever. So it is a middle class tax cut and simplification would go a long way to turning that around. I think policymakers need to look radical here for what other countries like singapore do quickly how you start your country. Americans dont understand this. Most businesses are started by people in their 40s. Theyre started by people with nest egg of savings. Student loan debt is reducing some startups because people are paying that off. If people have a great idea, they can quickly take that idea to market and get started. We dont really have a businessfriendly environment in the United States for small businesses. David cutting taxes would go a long way here in the United States. Some of us including steve forbes are looking for that. Robert, thank you very much for being here. Appreciate it. Thank you. David to hong kong, leader carrie lamb looks like she is trying to ease tensions, susan. Susan hong kong has a flat tax, 15 . The hong kong embattled chief executive is under fire. Thousands taking to the streets once again. They are basically protesting against beijing. What they see encroachment on their rights in hong kong. We have had over 1500 people who have been arrested since protests broke out 15 weeks ago. The hong kong chief executive opening dialogue sessions. The public can sign up. They can air their grievances which relates back to more economic, like high costs of living and those afraid of finding jobs in the future. Over in washington, d. C. , we had joshua wong, other prodemocracy activists. They were testifying before the Congressional Executive Commission on china. Joshua wong floating the idea maybe we should pass the Hong Kong Commission on human rights, basically giving President Trump more authority to protect the citizens of hong kong but also to review the special trading rights that hong kong, china has with the u. S. David does mr. Wong have to go back to hong kong facing authorities after appearing in public in the United States . No he was given special permission to travel to washington, d. C. , by the hong kong government. Using economic levers to get hong kong come buy. David this is good cop, bad cop, theyre playing that the chinese authorities in hong kong. Susan with carrie lam, the chief executive . Yeah. David look at boeing. Boeings ceo testifying before congress at the end of october. What are we seeing about that. Ashley dennis muilenburg, ceo of boeing and mr. John hamilton are asked to testify on the 737 max, the plane involved in n two dreadful crashes. The plane is grounded since march 13th. The panel will have interesting questions. Theyre interested in the design, development, certification what went on during the process, could get a little tense. Boeing is asked to make other employees available for questioning. David still trading ashley october 30th. David trading 380. 60 for one of those stocks. Plantbased meats claim to be a healthy alternative to real meat. Is that actually the case . James is a real meat kind of guy. He has some beef with some of the ingredients in the fake stuff. He will make his case next. During the fall, everyone who has medicare may be eligible to choose a new Medicare Health plan. But you may be able to choose a new plan right now. If you answer yes to any of these questions are you turning 65 . Do you have both medicare and medicaid . Do you have medicare . And are you losing Employer Health coverage . If you answered yes just once, you may be able to choose a new Medicare Health plan right now. Call humana at the number on your screen to see if you qualify. And well send you this helpful medicare decision guide. The call is free, and theres no obligation. Humana has over 30 years of medicare experience and offers a wide range of allinone Medicare Advantage health plans that include medical and Prescription Drug coverage and valuable extras like a 24hour nurse advice line. The silver sneakers fitness program. 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Dow steady at 44 points to the downside that could change remarkably in either direction depending what the fed does. Well find out at 2 00 p. M. Next case we have a lot of Celebrity Chefs most of whom caught the fake meat fever. Our next guest is bucking that trend. He is not buckling to fake meat. James is a real meat kind of guy. Coowner of boarder road. Great to see you. I happen to think, im one of those exceptions, i happen to think real meat is mostly healthier than the fake meat. It depends what kind of meat you eat. You share my opinion, right . Absolutely. So there is a big distinction between the plantbased meats, even in that realm from company to company but also a huge difference between natural meat from concentrated animal feed operations to what we do at porter road. The way we raise our meats much healthier for you, the environment and end consumer. David i used to spend a lot of time in argentina. Argentina is beautiful country. What is great about it, is the meat. They have meat for breakfast, lunch, dinner. I think they literally ate four times as much meat as we do in the United States, yet theyre all relatively, you see some fatties every now and again, theyre pretty lean people, the meat is tender and lean, doesnt have a lot of fat on it. They dont eat huge portions we do either. Exactly. It is about being balanced. It is about making sure you control what youre ating. It is not about replacing meat in general. Making sure youre having a balanced diet. Eating whole fruits, vegetables, whole grains, and with no antibiotics and hormones. What david you mentioned hormones and additives. I hear fake meat use gmobased yeast. Some is a lot naturalists complain about but goes into the fake meat that they suppo we could spend hours debating the gmo debate. At our company we dont like the processes that go along with genetically modified organisms. We dont prefer them in our system. Our burger, ground beef contains one ingredient. These things can contain up to 23 ingredients. This is highly processed food they need to add additives and nutrients. The availability of put into products by man will not be readily available for us. So our ground beef burger, there are some pluses, minuses of it. It doesnt mean we should replace it with something we make ourselves. David you know, one of the things even before i eat the meat, prepare it, i love shopping for it. You go to the butcher store. You take a look at the cuts. You hear from the butcher which cut suits the needs and how many people you have a Delivery Service at porter road. Doesnt that take away some of the fun of buying meat . What we tried to do and replicate me and my Business Partner chris have learned working behind the counter at the butcher shop. We try to look through the process, put out of the comfort zone. We dont want you to buy the designer cuts, rib, fillet, tenderloin, we want to tush yourself and challenge. The more you push yourself, the less you will rely on a big hunk of meat on the plate. You add in sauces and vegetables. To make a truly balanced meal. David i have a place in my heart for the local butcher, you go to chews over the fat literally figuratively you figure out what you want from the butcher. James peisker, porter road is the name of the company. Appreciate being here. David trump aide Corey Lewandoski ripping into House Democrats on a hearing on impeachment yesterday. Here is how some of it went. The truth will set you free and the american people. I yield back. Time of the gentlelady has expired. The witness may answer the question. I dont believe in was a question, congressman. Very well. Yes there was. Could you repetition the question i didnt hear it. I will be happy to repetition the question. It was just a rant. David lewandoski spoke with Martha Maccallum. She is our guest coming up next. Tom brady on varney. You definitely want to stick around with that. Here, it all starts with a simple. Hello hi how can i help . A data plan for everyone. Everyone . Everyone. Lets send to everyone [ camera clicking ] wifi up there . Ahhh. Sure, why not . Howd he get out . a camera might figure it out. That was easy glad i c. At xfinity, were here to make life simple. Easy. Awesome. So come ask, shop, discover at your xfinity store today. David the dow down 64 points. 2 00 p. M. Is when hour all this could change for the positive or more negative as we get the report from the fed as to how much they are going to lower rates, if at all. There is a 41 , there may be no rate change at all. Lets take a look at oil. There is a presser going on right now in saudi arabia. That is what you see on the left side of your screen. Theyre talking about the attack that happened over the weekend. New information we got, producer Lucas Tomlinson was first person to report this yesterday. There were not only drones but cruise missiles involved in the attack according to the saudis and our own intel agencies. Were hearing from the saudis three cruise missiles might have been involved in the attack. As many as three and they originated from iran. No doubt they came from the north, not the south which is where yemen is. Now this, a former Trump Campaign manager Corey Lewandoski blasting democrats at the house judiciary. Take a listen. The far leftwing of the Democratic Party have to have these hearings to protect themselves in congressional districts from further left progressives who want to take them out in the primary races this is all politics this is disservice to the american people. David lets bring in Martha Maccallum host of the story. Who had the first interview. He was very wellprepared. He was better prepared than some of the questioners. Ashley i think he was, kept very steady. Anybody who knows Corey Lewandoski, he could have easily gone off in any of those moments. He was focused on just keeping to exactly the focus of what he wanted to say. When you think back on it, i was watching the sound bite again, it is political, right . The reason that the door was open to politics because Robert Mueller did not make a decision on obstruction. It really goes back to that. So he left that door open. David interesting. He said, you know, we know there was no collusion but we cant make a decision on obstruction. And that really bothered bill barr when he looked through the whole report because he felt that they could have. He didnt understand why they didnt. And one of the reasons that some people think they didnt was to leave open the door for what we saw play out yesterday. Now democrats have to decide whether or not this door is a good one for them to walk through politically. David it didnt look that way yesterday. It did not come across that way yesterday. To drill down whether the president asked Corey Lewandoski, tell Jeff Sessions he wanted mueller to limit the probe. David what is important for jerry nadler, he wants to get reelected. He is running against somebody to his left in the primary. That is why he, i think that is why he wants especially places like new york. There is that kind of pressure playing on politics. Big picture, 59 of americans say they dont want to see impeachment hearings. David bottom line for lewandoski. He will be running for office. Hakim jeffries, this is not one of our political opportunities here in your senate run. Corey lewandoski did tweet, senate 2020. Lewandoski new hampshire, whatever it is. I think there was a little at both at play. David lewandoski appeared anyway in my opinion to be winner there. Senator Elizabeth Warren, her feet were held to the fire by mr. Mr. Colbert last night. You keep asking in debates how which you pay for it, will you raise middle class taxes . Right. How are you going to pay for it . Will you raise middle class taxes . Here is how costs are going to do it. Costs will go up for wealthiest americans. Taxes you mean by cost . Yeah. Hardworking middle class families are going to see their costs go down. Will their taxes go up . But here is the thing but here is the thing david i love that. Heres the thing, you cant pay for this without raising middle class taxes. 40 trilliondollar estimate on medicare. David doubles the budget of the United States. Absolutely. I think this is the question. I give Stephen Colbert credit for pressing her on it. He is the person all candidates going to for the moment on latenight tv. This is question that needs to be answered. Im glad she was pressed on it. What is wealthy becomes the question . At what point do your taxes to up . 100,000 in new york city. That will be tough. David transfer 40 trillion from the private economy to the government you think well have more efficient system . Post office is awesome, right. David Martha Maccallum. 7 00 p. M. Every night on fox news channel. You bet. David before there was President Trump and kim jongun meeting there was Dennis Rodman and kim jongun meeting. He was on our show in the next hour. Well ask him what he makes of President Trumps relationship with the north Korean Leader now. Tom brady is also on the show. You can work out like the greatest quarterback of all time but it is going to cost you. You dont want to miss that coming up. So theyll be okay . I think theyll be fine. Voya. Helping you to and through retirement. Ever since you brought me home, that day. Ive been plotting to destroy you. Sizing you up. Calculating your every move. You think this is love . This is a billion years of tiger dna just ready to pounce. And if you have the wrong Home Insurance coverage, you could be coughing up the cash for this. So get allstate and be better protected from mayhem, like meow. David its 11 00 a. M. Exactly in new york, 8 00 a. M. In california. Im david asman. Boy, do we have a show for you. Fasten your seat belts. From tom brady to Dennis Rodman, the stars have aligned today. Both of them are on the show. Before that, we have to talk about your money. Right now, the market is down about 60 points on the Dow Jones Industrial average. All the indices are down but again, that could change. It could be ending up depending what happens at 2 00 p. M. , when the feds decision on rates comes down. 2 00 p. M. Eastern time today. Joining us is brian nick, chief investment strategist at nuveen. You are expecting a 25 basis point cut. What happens if we dont get it . 41 of investors polled say that they are expecting zero movement of rates. If that happens, what happens to the market . I feel like the market has priced in this rate cut so that obviously would be a very jarring nonrate cut from the fed today. David how much could the market go down if we get zero rate cut . I think you could see a percent or so. I think the fed for the moment is keeping confidence high in the markets. You are seeing the s p is pretty close to its alltime high. You could see a counterintuitive reaction to the bond market. The fed doesnt cut Interest Rates, that could be a sign more growth is yet to come. Interest rates could fall if the fed doesnt cut the short end today. The market is expecting we think theres going to be a rate cut. The question is going to be what do they communicate about the future, what about october, what about december, what about 2020 and do the dots that project what the members of the fomc expect to happen over the next couple of quarters, do they continue to move down as the fed thinks we have to cut rates further. David the president wants at least a 50 basis point cut today. I imagine you are not in favor of it, from what i have been told. Why not . What would happen if we had a 50 basis point cut . 50 basis point cut would be reserved i think if the fed saw serious signs of weakness in the u. S. Economy. Right now they are telling us the reason they are cutting rates is not because of u. S. Economic weakness. David but other countries have negative Interest Rates and they have 17 billion worth of these negative bonds outstanding. I mean, doesnt the fed have a responsibility of keeping our dollar at a parity where we can trade equally with foreign traders . The misconception is we dont want negative Interest Rates. Negative Interest Rates are a sign theres a lot of risk aversion, that investors are happy to accept less money in the future for investing more money today. Thats not a sign of optimism about the economy. If our Interest Rates were to go negative that would be bad. David we cant ignore what they are doing abroad. Last week the European Central bank restarted quantitative easing, cut Interest Rates to further negative territory and the euro strengthened. Theres a signal here from the market that they want the Central Banks to do more, they are encouraged that if the europeans and the fed and the bank of japan and other major Central Banks get together, ease policy a bit, cut Interest Rates a little bit, that that will mean growth will be higher in the future. That should be the encouraging sign we take from the last couple of weeks. David can we ignore whats happening overseas, particularly, some people say these negative Interest Rates are going to explode. If that happens, what do we do . So the fed is i think very much aware of whats going on in the rest of the world. They are actually using Global Growth, slowing Global Growth, as one of the excuses for why they are cutting rates. Its not the u. S. Economic story, its the rest of the world. Its a slightly different reason than what the president has indicated which is we need to kind of chase these rates to the bottom with the rest of the world. Its more that the fed thinks the threat to the u. S. Economy right now is coming from a weaker china and weaker eurozone. David bottom line about whats happening abroad, the reason why their economies are not doing so well, they arent doing what we are doing. They arent cutting regulations. They are increasing them. They arent cutting taxes, they are increasing them. If they did what we did, they would be okay. Lower productivity, lower population growth means lower economic david that too. Good to see you. Take a look at facebook, housing Companies Getting sued over facebook ads. Deirdre is with us. Deirdre department of housing and urban development, hud, filing charges against facebook for housing discrimination based on its ad targeting system. Pro publica first did some reporting on this in 2016 and saying essentially ads could be targeted or filtered away from people depending on their language, their religion, where they were living. Facebook did actually try to address the problem, if you listen to facebook, and now Facebook Says we are disappointed by todays developments. We will continue to work with civil rights experts on these issues. Facebook accuses, strong word, basically says they were working with hud, it was all going well, then hud seemed to want more information than facebook was willing to give, so facebook is saying hud got frustrated and then filed these charges. Either way, huds in charge. Facebook down on the day. Year to date, the best performing fang stock by far, up 43 . David they print money. That simple. Thank you. Take a look at fed ex. Down bigtime after giving weak guidance. Its now down over 14. 25 . Ashley yeah. Lowered its expectations on profits, on earnings, on revenue. Reported a near 11 drop in its profit mainly in its express unit. This is the unit that uses planes to get packages to you within a day or two. The ground unit also has changed. They cut off a couple contracts with amazon worth about 900 million a year. They are going in a different direction. Costs are going up, revenue is coming down, and that has hurt the stock today. We have had a slew of analysts coming in, cutting their price target on fed ex. Morgan stanley, ubs. David Keith Fitz Gerald saying its going to 120. Ashley exactly. They will reemerge. David they have in the past, many times. Less than 100 days until christmas. People dont want to hear that. Heres the number. Shoppers expected to spend 1. 1 trillion over the holidays. Thats a good number. Deirdre yeah. Record low unemployment. We have to believe its contributing to that. So deloitte gave that figure, everything we are collective going to spend in physical stores and online november through january. That, by the way, is up between 4. 5 and 5 if it happens. We have to remember this is a projection they are making. But they are saying we are all going to spend collectively between 4. 5 and 5 more. Last year online sales grew, well, little better than 11 . This year, they say look for it to grow 14 to 18 . Whether you are online or a physical store, according to research, its all about convenience. If you give people what they want, you win. David merry christmas. We will all have one if theyre right. Take a look at Home Builders enjoying their best year since 2012. Mortgage rates are falling. Housing is on the mend, right . Ashley it is. We saw construction on new properties increasing 12 in august to an annualized rate of 1. 36 million. A big uptick in the construction of multifamily properties. As you mentioned, low Mortgage Rates are certainly helping. The market is stabilizing and Housing Starts is a 12year high, by the way. Thats impressive. David no recession in sight. Good to see you guys. Thank you very much. Quick check on oil. A spokesperson for the Saudi Defense Ministry Just giving a press conference. In fact, hes still speaking as we speak on those drone attacks and they werent just drones. There were actual cruise missiles apparently involved in the attack as well. He says they unquestionably came from iran. And that a total of 25 drones and three cruise missiles were used in those attacks. The president is in california. Hes expected to raise 15 million while hes there. Coming up, the man with very close ties to last nights fundraiser. And football fans, have you ever wanted to work out like tom brady . Now you can. Hes opening up a new gym in boston. We get a sneak peek inside this hour. Plus we will be asking about cbd. Is that something he will ever get on board with . From one sports star to another, Dennis Rodman, basketball legend, he is coming up on the show. Hes got a new documentary out about overcoming addiction. But of course, ive got to ask about kim jongun and what he thinks about the president s closeness with the guy he started it, dennis was there before. Stay with us. A jampacked starstudded hour just getting started. At fidelity, we believe your money should always be working harder. Thats why your cash automatically goes into a Money Market Fund when you open a new account. Just another reminder of the value youll find at fidelity. Open an account today. Of the value youll find at fidelity. Thats for sure. Hange and when those changes might help more people, especially those in retirement, i think its worth talking about so, aag is introducing a new jumbo reverse Mortgage Loan so you can now access as much as 4 Million Dollars in cash, tax free, from your homes equity. Aags new jumbo reverse Mortgage Loan can give you more taxfree cash than ever before find out more in your free aag jumbo guide. 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Not surprisingly, competitor spotify not too impressed saying theres not really anything there, your big fancy high quality audio and what everybody else does. David check spotify. They are cracking down on people jumping on their family plan without paying. They are tracking our locations now to make sure you have no double dipping. Ashley Stuart Varney written all over it. They offer a family deal, up to six members of the family can all enjoy spotify for 14. 99 per month. But it turns out a lot of the people within the family were giving out their passwords to as many people who wanted it. Spotify says okay, we will crack down on this. You will have to prove where you are. In other words, they will use google maps or even enable Location Services to spotify when you sign up. They will track where you are. Its a bit big brother. David all we need. Somebody else tracking my movements. All right. Breaking news from jamie dimon. He just told fox business he does not think an Interest Rate cut will offset the concerns of a trade war. Dimon of course, top ceo of the Business Roundtable which told us last hour that the ceos in that group are investing less due to an economic, various economic concerns they have. Thats a rear view mirror, things could turn around on a dime if we get a china deal or usmca deal. The market is down now about 63 points. Lets talk about indiana. Its a big corn state so whats better for their farmers, a china trade deal or the passing of usmca . Lets ask senator mike braun, indiana republican. I heard a lot of farmers say yes, we care about china, yes, its hurting our farmers in the midwest, but frankly, we get much more out of a usmca deal because we deal much more with mexico and canada. What do you say . Very good point. Canada and mexico are our two biggest trading partners. The chinese are of course next in line and they create the most mischief out there. So when it comes to farming, im one of the few individuals on the ag committee thats actually involved in farming. Our issues go much deeper than tariffs. Weve got high input costs, weve got historically low prices due to overproduction, weve got acres coming onstream across the world. Farmers know that what President Trump is doing makes sense from the getgo and we heard over the weekend where chinas looking at relaxing restrictions on importing pork and soybeans. They are four times as dependent on us as we are on them, and how do you think it will be five, ten years down the road to get their behavior in line . So its working. You got to focus on the midterm and the long run if you want to fix things and im glad farmers have held in there. The chinese economy isnt doing as well in general. David they have inflation. Thats one reason that they rely on our pork is because their pork prices were going skyhigh and their consumers cant afford inflation the way we can absorb it. Also, of course, if we pass usmca, that gives us more leverage to work out a china deal. Right . We get that done, that will take the focus off the chinese tariffs which look like theyre starting to crack anyway. But nancy pelosi singly holds the responsibility for getting that across the finish line. Shes getting a lot of input from her blue state congressmen and women to get the job done. David quickly, we only have 30 seconds, you are working with your democrat colleague chris coons on a Climate Change caucus. Whats that about . So republicans are always foot draggers when it comes to getting involved in issues like the cost of health care, climate, almost anything we do here. Many times, apologists for indues that arent transparent. When it comes to climate, we need to have a voice in the discussion. Or were going to get a heavier dose of the Green New Deal put upon us which would be a disaster. Republicans have to engage, dont stick your head in the sand. Thats how we stay in the game. David stand up for fossil fuels, because the rebirth of fossil fuels is insulating us enormously from the problems overseas. Energy independence is the most overlooked thing thats occurred over the last two to three years. Thank goodness that we have done that. Major accomplishment. David senator braun, great to see you. Thanks for being here. Appreciate it. You bet. David you ever wanted to work out like tom brady . Now is your chance. Hes opening up a new gym in boston. We have a sneak peek. Plus we will ask him his thoughts on cbd, next. What a time to be alive. The world is customized to you. Built for you. So why isnt it all about you, when it comes to your money . So. Whats on your mind . We are edward jones, a 97yearold firm built for right now. With one Financial Advisor per office, were all about knowing whats important to you the one who matters. Edward jones. Its time for investing to feel individual. Imagine a world where nothing gets in the way of doing great work. Where an American Icon uses the latest hr tools to stay true to the family recipe. Where a music studio spends less time on hr and payroll, and more time crafting that perfect sound. Where the nations Biggest Party store can staff up quickly as soon as its time for fun. This is the world of adp. Hr, talent, time, benefits and payroll. Designed for people. That could allow hackers devices into your home. Ys and like all doors, theyre safer when locked. Thats why you ed xfinity xfi. With the xfi gateway, devices connected to your homes wifi are protected. Which helps keep people outside from accessing your passwords, credit cards and cameras. And people inside from accidentally visiting sites that arent secure. And if someone trys well let you know. Xfi advanced security. If its connected, its protected. Call, click, or visit a store today. David los angeles stadium is getting a superstar Ribbon Cutting ceremony. I take it the intro song deirdre yes, taylor swift, the first female artist by the way to open an nfl stadium, is going to be performing. You mentioned the price tag, 5 billion is what they spent to build this amazing stadium. It is going to be used in the opening and closing ceremonies of the 2028 summer olympics. The c. O. O. Says okay, fine, we will be home to the dodgers, the rams, but we also want to be known as an entertainment center. Therefore, taylor swift is going to open it up. David it holds 100,000 people. They can sell a lot of tickets. Deirdre they sure can. Ashley in theory. David in theory. Good point. Next case, we have got quite the treat for you Patriots Fans who are watching. Jackie deangelis sitting down with tom brady, the 42yearold quarterback is opening up a new gym in boston. There you are. Youve got a sneak peek for us. Jackie i did. Good morning to you. Its so interesting because tom brady at 42 is on top of his game. Hes been very vocal about diet, exercise, his regimen, everything that basically makes him who he is, why hes been able to win six super bowls. He has worked very closely with alex grayero, t who designed th program for him and now they are sharing it with everyone. Listen to how tom describes it. I think we offer something incredibly unique. Again, i have been in locker rooms for 30 years and i know what works and i know what doesnt work, and i know that, you know, being here working with alex and you know, creating this business is providing people with a lot of solutions. I think theres been so many gratifying stories that i have gotten back over the last six years of how we changed their life, how we have given them their life back when they had not a lot of hope. They didnt get to do the things they love to do, they didnt play with their kids and you know, see their grandkids. I think people now are starting to realize that what we provide here has incredible value, its an Incredible Service and along with a lot of the products we do that we believe in, its going to be a great business. Jackie what brady and guerrero are doing is creating a facility that allows for oneonone training. It also allows for Group Fitness classes which i tried today. There is also an ecommerce component of this and theres the merchandise so you can kind of take these different products and go on the road. Whats so interesting up here is that they also have a smoothie bar. Last night, i asked tom whats in your favorite smoothie. Lot of athletes are investing in cbd, they feel its part of the holistic approach. Would you ever consider it . Investing in it . Jackie investing in it or incorporating it into your routine or customizing it for people who have arthritis or pain . Sure. I think theres a lot of research being done. I think theres a lot of people that are looking into that. I dont know, im not that familiar with it, but obviously people are kind of on to it and checking it out. So im always up for people being more holistic, more natural ways of healing themselves. Jackie to clarify, there was hemp, he said, as one of the ingredients in his smoothie. Thats how that conversation started. But i did one of the classes this morning. It was so interesting, the pliability, its about rehabilitation, its about exercising and keeping the muscles nimble so you can play as long as tom has played. Over here, you know, hes got his protein supplements, hes got vitamins, hes got the whole program that you can follow online. David okay. Thank you very much. Remember, folks, very soon, we are going to be joined in our new york studios by the legend himself, Dennis Rodman. You wont want to miss that interview coming up. First, the president is in california, hes expected to raise 15 million while hes there. Coming up, the man with very close ties to last nights fundraiser. Remember it was a big secret . Hes got the details coming up. Our dad was in the hospital. Because of smoking. But we still had to have a cigarette. Had to. But then, we were like. What are we doing . The nicodermcq patch helps prevent your urge to smoke all day. Nicodermcq. You know why, we know how. At aetna, we find that inspiring. Ot game. But to stay on top of your game takes a plan. Thats why aetna takes a total approach to health and wellness. With Medicare Solutions designed to help you age actively. Aetna Medicare Solutions. David this is big Business News from President Trump. Hes telling us all about it on twitter. Let me just read it for you. Then we will get the company to chime in. The Trump Administration is revoking californias federal waiver on emissions in order to produce far less expensive cars for the consumer while at the same time making the cars substantially safer. This is going to lead to more production because of this pricing and safety advantage and also due to the fact that older, highly polluting cars will be replaced by new extremely environmentally friendly cars. It will be little differce, very little difference in emissions between californias standard and the new u. S. Standard but the cars will be far safer and much less expensive. Many more cars will be produced under the new uniform standard meaning significantly more jobs, jobs, jobs, exclamation point. Auto makers should seize this opportunity because without the alternative to california you will be out of business. I heard you say excellent. Deirdre well, well read on your part. David i thought you meant on the part of business. I think its very positive news. Deirdre this is rescinding californias ability to set its own emissions standards which we will remind our viewers was put into place under president obama so the idea here is no, california, you cannot stidecid for yourself. Ashley auto makers have two different standards to meet, one for california, one for the rest of the country. This was back in 2013, it was a waiver, and cars were supposed to be able to get 50 miles per gallon by 2026 as per this waiver. David evens the playing field. Better for business and jobs, jobs, jobs. Check the big board. We are down but hasnt changed much over the past couple hours. Down 65 points on the dow. Another headline from jamie dimon, who says a recession is not imminent because the consumer is doing so well. Thats good news from jamie dimon. Lets talk uber and lyft for a moment. The new gig worker bill in california classifies all of their drivers as employees instead of independent contractors. Come in, uber watcher bradley tusk, ceo of tusk holdings. Bradley, the establishments attempts to kill these companies amazes me. There are so many establishment forces like all these city taxi commissions, for example. Are they succeeding or not . They are making progress, yeah. Because assuming that ab5, the law they just mentioned in california, is upheld and theres not a ballot referendum that overturns it, people expect uber and lyfts costs to increase in california by about 20 and what that means is costs get passed along to customers, demand goes down because the product is more expensive. You have fewer drivers in the system because theres less opportunity. David just to make it clear, does this rule force the drivers to be employees . If they want to be independent contractors, are they allowed to be . Uber is saying we legally just dont agree with this and would rather take our chances in court. It may be it never comes to pass. Here in new york, legislation has been proposed, Governor Cuomo said he supports it and i think states like illinois, new jersey, massachusetts, this is likely to follow. David its just important to emphasize this restricts the freedom of the worker to choose for himself or herself whether they want to be an independent contractor or employee. So if you were to try to be fair to the other side, you would say okay, this means there will be more predictable wages, benefits like health care, fine. It also means all the flexibility you wanted to have when you became an uber or lyft driver goes away. It also means you start paying union dues. A big part of the story doesnt get reported that much is private sector unions have seen membership plummet. One area where they could potentially grow is if they could david of course, a lot of politicians depend on union money in order to get reelected. A lot of politicians depend on city taxi commissions as well. Theres a very close kind of insidious relationship between politicians and taxi commissions and twhaent to see hey want to at least put it under their control. If you assume political inputs drive policy outputs, taxi medallion owners give money to democratic politicians, and if they think they can get away with what they want without paying a political price, they will do it every time. The reason why in the past, when i ran all these campaigns for uber to legalize ride sharing, we were able to mobilize our customers and basically show the politicians you are going to pay a steep political price if you choose to behave david it looks like politicians are winning. In part because the other sides gotten some steam. Look, uber had a change in leadership two years ago and it went to a passive company and they are paying the price for it. David what should they do . How do they become more aggressive under this new leadership . A few things. One is they have said they just arent going to accept this and will go to court. Thats good, because if the state of california fears the outcome, they can probably reopen the bill on renegotiate in a way thats better for the company. There is also 90 million from a bunch of sharing Companies Put into a potential ballot referendum that will overturn the law entirely. Thats california. But they have to fight this war on lots of fronts because you will see a dozen states in 2020 take up this issue. David thank you for being here, bradley. Appreciate it. Next case, President Trump is wrapping up his trip to california, holding a couple of big ticket fundraisers over the past 24 hours. All of which were shrouded in a lot of secrecy. Come in, dan palmer, gop financier. First of all, your brother held one of these fundraisers, if im not mistaken. Paint us a picture if you can for us about how they went and about the whole secrecy because i dont think word got out before they happened, right . Right. Only those people who elected to participate were given the address. People came to the Beverly Hills hotel and were delivered by jitney bus to the property. The entire area is cordoned off many many hours ahead by the secret service in order to create a safe zone and theres just enormous amount of officialdom put into play. Especially when its held in a private residence. David the safety was not just for the commander in ief. The safety was also to protect the innocence of the people who were there as giving money to the president s reelection campaign. There have been attempts on peoples lives or at least threats of killing people who have been fundraising. At least attempts also to take their business away. Is this still ongoing or have the trump shamers been shamed somewhat by attention on them . Its a bit of a standoff. I think the intolerance of the left is really disturbing to americans who love freedom, freedom of speech, freedom of expression. Its unbelievable that the left feels that people who disagree with them should not be allowed to participate in our political system. Conservatives in california are pretty fed up. We are living with the failed policy results that the democrats are proposing the rest of the country absorb. We have got this wet blanket mentality where the public agencies want to control every aspect of the economy. I mean, this is why we have, you know, the homelessness issue that we have here. They have raised 23 billion from california taxpayers and cant account for where it went to try to resolve the homelessness issue. They are trying to control, you know, every aspect of the work environment, the Business Environment. Its a juggernaut of statused policy ideas and those of us who own businesses, run businesses, want to participate in the free market economy are just shaking our heads. David you have got to leave with the mccarthylike attitude that we havent seen since the 1950s of shaming people for their political beliefs. Not only shaming them but as i said before, threatening them, threatening their businesses at least. Ive got to ask about Debra Messing, in particular, and the whole hollywood trump shaming movement. Do you think President Trump is more popular in hollywood than a lot of people would think . You know, i know for a fact that there are quite a few people in hollywood who believe in the president s policies but cant put their head up for fear of having it lopped off by, you know, intolerant fascists like Debra Messing who just think that either you agree with her or you dont deserve to participate in the process and you need to be shamed and silenced. Its an appalling sort of mentality. I think she should be ashamed. David did you hear anything from her yesterday . No. No, i did not. No. Not personally. David thats probably a good thing. Dan palmer, great to see you. Thank you very much. Im glad it went off without a hitch. Walking down the hall right now in our studio is the legend, the man, there he is. Mr. Dennis rodman. Weve got a lot to talk with him about. His relationship with one of the worlds biggest leaders, by the way, kim jongun. What does he think about President Trump and how has he overcome addiction as well . I wonder if hes talking to kim jongun. What do you think . Ashley well ask him. We trust usaa more than any other company out there. They give us excellent customer service, every time. Our 18 year old was in an accident. Usaa took care of her car rental, and getting her car towed. All i had to take care of was making sure that my hter was ok. 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He was jimi hendrix, wilt chamberlain. He turned the nba upside down on its head. You never think back and say to yourself Dennis Rodman, which one was he . Dennis was very shy. Skinny, awkward. I think he was constantly battling inner demons. Dennis rodman did dirty work better than anybody in nba history. Rodman has had a difficult and emotional time this season. Did i believe he was going to shoot himself at the palace of auburn hills . Yes. Oh, my god. Here comes the legend of Dennis Rodman. David the man himself, Dennis Rodman, nba legend and with him, darren prince, his agent and addiction mentor. First of all, talk to me about this movie. How did it come about . This is a movie . David well, documentary. I think its a movie. Actually, it has actors portraying you as a kid as well, right . Absolutely. Yeah. Its a great story. Its a very true story. I think its very inspirational to a lot of kids, the generation today. They should Pay Attention to this because its not all glitz and glamour as far as being a famous sports figure. But i think that kids, there are trials and tribulations doing what i did in that documentar david its an old saw right now, but to say fame and fortune doesnt necessarily make you happy is really true, isnt it . Its really true. You got to find out who you really are before you indulge in Something Like that. But its very difficult when you got all the money, the hype, the fame, the people and stuff like that. You lose your way a little bit. It took me 15 years to understand that im a human being, too. David this doc is also about overcoming addiction. Thats really the key. Thats why you got that guy over there. David you are his addiction mentor, getting out of an addiction mentor, right . I dont know about that. Were more like brothers at this point. Oddly enough, dennis was hugely instrumental in helping me get sober about 11 and a half years ago. So it kind of works both ways. Exactly. David you worked on each other. Yeah. Pretty much. David thats pretty good stuff. Tell us, you know, its interesting about how people who are in very important positions, whether a sports figure, larry kudlow, for example, one of the chief economic advisers to the president , had an addiction problem, you can carry on in relatively normal fashion. People dont think that you have a problem when you do, right . Absolutely. Before we got on the show we were talking about steve jobs, and he changed the world with his addiction but its amazing that lot of people can function on alcohol and drs. David what were you taking i was actually consuming drugs like alcohol. That was the only drug i ever took in my life. Lot of people asked me dennis, do you do cocaine, do you smoke weed, do you do this, this, this. No, not really. But all my life i have been trying to prove people wrong, the fact im not that type of guy, and as you see in this documentary, in the beginning i was just this shy innocent kid living in the projects, having a good time, living life, broke, loving it, homeless, loving it, get to the nba, damn it. My life changed completely. Losing my ways. But im so happy the fact that they talked me into doing this and it was great, i actually got to see my mother and sister for the first time in a long time. David wow. And thats one of my initiatives to try to mend my mother david how did that break happen in your family . Its just one of those things, when money and fame comes in the picture and things start to go one way and other things start to go that way and things start to clash and we broke apart because of money and fame. David how was that reunion . Hasnt happened yet. Its up to me to make that first step to say you know what, lets ta talk. David this is the first step. Maybe theyre listening. Hopefully. Shes sick right now. Hopefully that is not serious. But im coming soon to try to talk to my mother. David life is too short. Yeah. Trying to get there. Hopefully she can, you know, have patience and hopefully everything works out for her in the hospital. Ill be there. Ill be praying. Love you, mom. David how did you two first get in touch . Was it an intervention . No. That wouldnt happen. The 9596 nba finals, my good friend Jeff Hamilton walked me down on the court. I was introduced to dennis and his agent at the time, and dennis invited me to a strip club. He said well have a lot of fun and here we are 24 years later. David who got off drugs first . Alcohol or i was addicted to opiates for almost 25 years. He knew, we would travel a lot and he would see me taking them. He was very concerned. David how did you get him off it . Oh, man. It was just difficult. It was difficult, the fact i was doing my thing, having a good time. He was doing his thing, his substance was different from my substance. But i was functional but he was more like oh, my god. You couldnt talk to him, okay, whatever, great, then all of a sudden he had this vision, i want to stop, i want to stop. I had my own moment. So many of the clients i represent were there for me and its just been a beautiful david all your life. Not really. David one thing we have to talk about is north korea. You were the first guy there. You took a lot of heat when you went to north korea, met kim. We are going to be taking a break but we want to talk about it because the man who followed in your footsteps, not many footsteps donald trump follows in but he followed in your footsteps. We will ask what you think about his moves coming up. indistinguishable muttering that was awful. Why are you so good at this . Had a coach in high school. Really helped me up my game. I had a coach. Math. Ooh. So, why dont traders have coaches . Who says they dont . 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You broke down the barrier before anybody else did. You got a lot of flack for it at the time. People said what is he doing, kim jongun is never going to change, youre just giving attention to an evil dictator. How do you what was your feeling when you saw the president of the United States shaking hands the way you did with kim jongun . What was your feeling . That was nicely put. Last interview like this, guy pretty much attacked me. That was nicely put. Thank you for that. David you were there. You were the pioneer. I was there. I think the fact that when donald trump went to singapore and i was there, and i looked, i was watching on a rooftop and i just couldnt believe the fact that he said something profound. He said i can tell if i like this guy in 30 seconds, when he got out the car and he walked in. It took him five and a half hours to tell the world that i can work with this guy, i like this guy. Donald trump is saying this. I have been telling the world this guys not a bad guy, he just inherited this country and hes just trying to, you know, hes actually trying to change and people dont know that, but david but the bottom line, he saw something, an opportunity in dealing with kim jongun that no president before him saw. I mean, it wasnt all kim jongun, it was his father and his grandfather, they were basically cut from the same cloth. You saw Something Different about him. What did you see about him that led you to open your own relationship with him . Well, i think the fact that hes really open, hes really open for suggestion as far as coming to america. He really wants to come to america. But i think that because of his history and culture and family, i think thats whats stopping him from coming here. Our relationship with americans. David the president kind of lures him on, says look, this is a guy who doesnt want his country to look dark at nighttime. When you look at a satellite photo of the koreas, you see all the lights on in south korea during the night, its all black in north korea. Theres nothing going on there at all. He wants to turn that around. Thats what donald trump says is the opportunity. There is plenty of opportunity. I think one day, i said it for like seven years, one day the doors are going to open with north korea and america. I still believe that. I think one day, kim jongun, donald trump, if hes still president , i think its going to happen the next 18 to 24 months, you will see kim jongun in washington, d. C. David wow. What do you think about donald trump being reelected . Do you think he should be . Do we have a choice . Do we have a choice . I know theres a lot of candidates out there right now but people looking at the business, the money factor, the way hes changed it 180 degree and i like donald as a friend. I love him as a friend. I see him on the golf course. Hes out there can i help you. Okay, thank you. Its cool. But like i said, i like donald as a friend. Hes been very, very good to me. Hey, donald, please, can i say one thing, man . Can i go back to north korea and try to finish my work . Can i finish my work, you know . Give me a call. David you may get a tweet before this program is done. You never know. You never know. Anyway, so yes. David are you going to be on the campaign trail with him . Im doing my own campaign. Im trying to do my own campaign to try to keep myself sober. And with my good friend and compadre, darren prince. Look for it, guys. Pick it up. Its a good read. I dont read books but im reading that one. David cbd products as well. Tom brady, watch out, brother. D. Rod a cbd here, nurish group. Com. David what do you think of lebron . Oh, no. What about you . What about you . David that was quick. That was a quick return. Right back at me. You got to a least try. Its very good. Come on. David you said it can make you sleepy. It will make you sleepy at night. David great to see you. Thank you very much. Got to take a break. Well be right back. At fidelity, we believe your money should always be working harder. Thats why your cash automatically goes into a Money Market Fund. Imagine traveling hasslefree with your golf clubs. Now you can, with shipsticks. Com no more lugging your clubs through the airport or risk having your clubs lost or damaged by the airlines. Sending your own clubs ahead with shipsticks. Com makes it fast easy to get to your golf destination. With just a few clicks or a phone call, well pick up and deliver your clubs ontime, guaranteed, for as low as 39. 99. Shipsticks. Com saves you time and money. Make it simple. Make it ship sticks. Shipsticks. Com saves you time and money. It also has the highest growth in manufacturing jobs in the us. Its a competition for the talent. Employees need more than just a paycheck. You definitely want to take advantage of all the benefits you can get. 2 3 of employees said that the workplace is an important source for personal savings and protection solutions. The workplace should be a source of financial security. Keeping your people happy is what keeps your people. Thats Financial Wellness. Put your employees on a path to Financial Wellness with prudential. David we have about 90 seconds. The market is down about 73. The big deal is the fed decision that comes at 2 00 p. M. Eastern time. Weve got it all covered right here at fox business. We have about 30 seconds left. Ashley, deirdre . Ashley how strong are these gummies . Will i be [laughter]. Taking one right now. Man. I have to relax. All kidding aside. Antiinflammatory, helps you calm down. Doesnt have any hallucinogenic properties. David nourish group. Com. Who is coming next . Neil cavuto . Im tire, man. Take another one. Take another, right . David there he is. Try it again. Neil cavuto. Neil cavuto. David neil, gave you a toss from Dennis Rodman. Neil very good. Guys, thank you very much. Dennis rodman, great seeing you. Where we stand right now, my thanks to Connell Mcshane subbing when i was out yesterday. Here is what the betting is, the Federal Reserve in couple hours will announce a quarterpoint cut Interest Rates. Not a sure thing. Confluence of data isnt convincing one way or the other. The argument for a cut, weve seen manufacturing weakness. Weve seen global slowdown. All prices cutting from the worrisome up tick from the saudi attack. Business confidence is winding down along with their capital spending. Reason enough, cut just to keep them happy. Now the strengths weve seen came out today with Housing Starts hitting