Transcripts For FBC Cavuto Coast To Coast 20170501

A lot of them, targeted at one donald trump. Reaction from Fox News Contributor Rachel Campos duffy. Nassau county democratic chairman, and Washington Examiner susan ferrechio. What do you make of these protests, under democratic and republican administrations alike, they devolved into political protest, whatever the political dejury. For dem these protests are good thing. They excited their base. We see he how an excited base can change Election Results in recent special elections where democrats had much better turnout, that what matters comes to elections. The turnout. Helps democrat with their own momentum issue. They were stumbling around after losing to trump. The base being excited like this, given them more of a footing. Emboldened them on capitol hill from spending fights to Health Care Bill. Overall, it has been a winwin for the democrats. I think for republicans they havent quite figured out a way to answer back to this in a powerful way, in articulate way. They say nothing. But i think politically, this is dangerous for republicans, generally a good thing for the democrats. Neil all right. The one thing i did notice, guys, facebook, uber among companies allowed workers to take the day off and go ahead and join these various events, protests, whatever you want to call it. I wonder j. J. Could bees, former Democratic Party chairman here what you make of that . Same companies if i were part of a conservative group wanted to he protest berkeleys actions would i be afforded same rights. What do you think . I hope so. Neil but you seem to doubt it, i think . I dont know that i doubt it or dont doubt it. I dont know what Different Companies would do or be able to do. I would bet those two companies would not. But that is just me. Continue. It would be food to let people out on a particular day like today to voice their concerns their upsets particularly on a day features workers and workers rights. I think that is what makes it important. Neil rachel, looking at this here, a lot is target the at President Trump right now, his policies, could be anything from Climate Change to whether he is too tough on illegal immigrants. They now have morphed that to just say immigrants. Be that as it may, what do you think of that, and how he is really getting a target on him, unlike some of his he predecessors . Right. I mean all protests now are just antitrump protests. It is ironic though. Your guest says this excites the base. Tell you what part of the democrat base is not excited and not present there. Those are all the labor democrat bluecollar workers that voted for trump. And left the democrat party. Theyre not there, for one, ilLegal Immigration depresses their wages. And two, they like what trumps doing. They like that the Keystone Pipeline is open. He is fighting for coal in kentucky and west virginia. That he is fighting for dairy in wisconsin. They like the things that donald trump is doing. And so i think these protests becoming about ilLegal Immigration or about coming about random obstructionist, we hate Trump Movement doesnt really help the democrat party. It doesnt help them win back people they lost that caused them to lose the election in november. Neil guys, thank you. Well keep continuing eye on all of this. Jay put it best, they have the right to do it and theyre hearing it. The white house will put push establishment leaders on the spot, go ahead and vote on health care rework. Maybe as soon as wednesday, maybe thursday. To the hill Senior Reporter alec baldwin if this is a wise strategy. Maybe i heard this, alex, some administration set up some concessions others say folding like a cheap suit on the budget. It was setting stage for a deal cobbled together maybe including democrats for health care rework. How likely is that . Getting democratic help is zero. If it passes the house, it will be on the house lawmakers lining up behind it, 40 members in the Freedom Caucus. I spoke to a Senior Member of the caucus on saturday, said 21 of 40 would vote for the Health Care Bill. That is not enough yet. So while the white house is pushing an aggressive agenda mere for a vote on wednesday or thursday, paul ryan, speaker is pushing back, well vote on it we have the votes. So far he is still short. Neil do we know, is the short votes he gain with Freedom Caucus he lost with the moderate tuesday group, concessions he made with them ticked off moderates who were heretofore a deal . Thats right. As they have won conservatives, some moderates are pulling back. People who were yes are now maybes. Theyre on the fence. The calculation, these guys who are waffling now, ed royce or mike conway, if you put the bill on the floor pressure is too great they will end up voting for it. Remember, in 2003, last time republicans passed Major Health Care reform passed with george w. Bush, they did not have the votes on the floor they had to keep the vote open three hours, to twist arms to get the votes. I dont know if ryan has the stomach to do that again. Neil the administration tried to show flexibility dealing with the budget thing to keep the government lights on and keep the government functioning through the end of this fiscal year. He had to swallow some of these things he he is not too keen on, including funding for planned parenthood, continued financial backing for puerto rico and medicaid payments. Even a cut in his Defense Budget increase. That he wanted. But that this was a lesson or trigger to fellow republicans to go ahead and swallow things you might not love, i. E. , this health care measure, but for the greater good well do. That is giving him enormous benefit doubt here, but what you you do i of that. The strategy was not get into a shutdown fight. That is why democrats had a strong hand. The democratic leadership were touting details of this deal. Neil oh, absolutely. Republican leadership offices were very quiet. I think democrats got a win here but it was sort of a slamdunk situation for them. They knew if they caused a government shut down it would inflict tremendous amount of damage on the gop agenda. Lets not lose sight of priorities here. Biggest priorities are health care reform, tax reform. Health care leaders want to do a spending bill for all of 2017. They didnt want to have the fight. They sidestepped it to move on to bigger issues. Neil threat of a government shut down, i do not understand, republicans had numbers, maybe not overwhelming numbers, fear being if it looks like youre going to spend more money, there would be some republicans would not like that, would vote against it, so they had to cave to democrats because he have the run of the table, that is republicans, yet again they have been outsmarted by democrats . Really comes down to the senate. I mean theyre not doing reconciliation here. So they need 60 votes in the senate. That is why democrats knew if they blew things up, trump would get the blame. That is why they have stronger hand. Pure realpolitik. Neil i guess so. Alex bolton, Senior Reporter at hill. Thanks for having me. Neil meantime art laffer on the tax cut plan is coming. Art in his moment right now. A generational first back from the days back when Ronald Reagan first did Something Like this but what if this is nothing like 1986 and the gipper . This is more evolutionary than revolutionary. Why art laffer could live with it. Can you . After this. Are you more interested in tax reform or are you want to get these tax cuts done . This is tax reform. This will be the largest tax cuts in the history of the country and the biggest tax reform thats ever been done. The president has been thinking about this for a long time. He has been working on this since the campaign. He is determined we will move forward on these programs which will create Economic Growth for this country. Neil all right. Could you live with a big ol tax cut . That is what this will amount to if it ever comes to pass . Will it be revolutionary like Ronald Reagans in 1986 . That could be eye of the beholder. The fellow who lived through that advised president on that, former reagan Economic Advisor art laffer with us, fox businesss Charlie Gasparino, committee for a responsible federal budget president maya ma begin maginnis. Youre concern is whether it will be evolution snarery it will be costly, that is your concern. I want to focus on tax reform, not tax cuts that would explode the debt. One of the down falls growing bigger debt, bigger debt slows economic debt. Finance tax cuts, a people so much easier to pass, lets go ahead to do that. Wont be as good for growth. Wont be good for cleaning up economy. Will add trillions of dollars to the debt, even when the tax cuts grow the economy, lets not kid ourselves they will pay for themselves because it doesnt work out that way. I worry about the negative economic consequences continuing to grow our debt. President wants to oversee tax reform. He want to help get our debt under control. The first plan that weve seen is not a pathway to get us there yet. Well have to make some changes. Neil we havent heard much about that plan but i do know the gist of what youre saying. Art laffer, when Ronald Reagan enacted his sweeping reforms in 86 he needed, he needed majority of 60 or better in the senate, right . Yes. Neil did he get 97. Neil here is the rap against this president , what he is trying to do. He wouldnt have that. They will use something called the budget reconciliation route which will still mean substantial tax cuts but not revolutionary, comprehensive to the he degree that Ronald Reagans were. Is that you true . Well, what i think it is what george w. Bush used in his tax cuts which had a 10year lifespan and then just went away. Neil more like that, less like the one you did in 86 . The one we did in 86 passed the senate 973. We had huge support for democrats and republicans. For godroons, it was darn good proposal. Everyone knew it was right. Neil this might not be that. Those, notwithstanding hey, a big tax cut is fine by me but this wouldnt be that . Well i would love to see it made permanent by the 60 or more majority. But if it takes 10 years, it takes 10 years. We need a tax cut now. I agree with your other guest the deficit is important. One thing we know about the Corporate Tax rate reduction it will increase revenues dramatically, reduce expenses dramatically. This would be the fastest way of reducing the deficit i know of. We have the highest Corporate Tax rate in the oecd, six lowest revenues, of share of gdp we know all the sheltering going on by corporations. A lot of corporations pay no taxes because they find it worthwhile to shelter income than pay taxes. We know this will happen. We also know that the secondary, taxes pour in, more people employed, more income taxes, more sales taxes, more property taxes all in all i agree with the deficit logic totally, but it is not just this tax will cause the deficit. This tax will lead to a lot of extra revenues. Neil maya is not convinced. Does not see it. Charlie gasparino, can i get your take, i was talking to a couple lawyers, which is always dangerous, with he were going live this weekend, neil, this could be legally challenges the budget reconciliation thing, the Corporate Tax cut alone alters revenues beyond year 10. I barely understood because im no maya or art for that matter but i did get a sense what they were saying if this goes beyond 10 years or significantly alters or affects revenues, it is no can do, then you have to get a majority of 60 plus. Is that going to mean that donald trump could find himself as legally challenged on the legislative front as he has been on the executive order front . I think what that person meant is that you have to get some buyin for the legal challenge that it cant be done through reconciliation from the senate parliamentarian. That is what i think they meant. Senate parliamentarian, this can not be done through reconciliation because it goes beyond 10 years, become as legal question mark. Neil where are you, by the way . I am the at milken conference where i listened to treasury secretary mnuchin gave a really good defense why we need these tax cuts. I tell you this, neil neil you should invite maya because she is not buying you it. Here is what i tell maya, i agree with her about deficits. Deficits have longterm implications for our children. Look at this, we have had 1 growth, 1. 5 growth. Essentially that has led to the hollowing out of middle america. If you want to know why we have is an opioid crisis, not saying only reason but there is lack of economic hope in our places, neil. Neil because of maya. Not because of maya. You know what im saying. You can worry about the deficit, do you really want 1 Economic Growth where no one can work . Best thing you have to look forward to is welfare check . I think that is the problem with this economy and there is one way to get that growth going and that is for significant tax cuts. Now there is a way of addressing the deficit as you know, neil, at some point well have to get to entitlements, slow them down modestly. We dope have not to get rid of Social Security neil were going to the white house. Donald trump is making brief announcement to independent Community Bankers. I want to go back to you all these fine folks get their take on the tax cuts where they stand. Sit down, please. You beautiful hats. [laughter]. Well thanks, mike pence. Mike has been so great, he is on your side, believe me and on everybodys side. Pleasure to Welcome Community bankers to the white house today. I want in particular thank cam fine. Stand you up, cam fine. Pretty wellknown guy too huh . Congratulations, cam. For leading the independent Community Bankers of america and thank you for all being here today. Very, very special. Also a very special place, isnt it . When they say how about coming to the white house, usually 130 . We try to find who are the extras coming. We always have to be careful. You but its a great place. I also want to thank our Small Business administrator, linda mcmahon. Where is linda . Is she around someplace. Linda mcmahon . Yes. Thank you. [applause] in the back. Thanks, linda. For joining us today. She is doing an incredible job helping Small Businesses just like you. Some of you i know you, youre not that smart i hate to tell you, youre not small. A lot of people would like to be small, right, cam . Like to be small like these Small Business people. Theyre great people. Employ a lot of people. What they do through Community Development is amazing. Community banks are the backbone of Small Business in america. Many of you are the reason that young families can purchase their first homes, farmers can buy their next tractor, and entrepreneurs can open up their First Business creating many, many new jobs in our country. So true, Community Banks. Over half of the Small Business and loans going to Small Business and it is really a substantial number higher than that, come from their community banker. You provide critical access to capital especially for the rural communities. That is why in the first 100 days i have taken action to roll back burdensome regulations that undermine community changes, especially, i know you will be very disappointed in this, doddfrank, right . [applause] it is out of control. Not only for Community Banks, for banks period. We can take community out of that one, right . Doddfrank, were working on that right now. You will see a very big difference. Because you want to get out and make our country work. Properly. Im directing my administration to provide Regulatory Reform and relief so those rules dont shut down Community Banks which have been shutting down and Small Businesses. And put them on a competitive disadvantage against the larger institutions. That is what it has done. It really made you and given you such a tremendous competitive disadvantage. I have friends that are Community Bankers and they have gone through hell over the last, long period of time. It is really a much longer period of time than people would understand. Ive also directed treasury secretary Steve Mnuchin to review damaging doddfrank regulations that encourage risky behavior from wall street. Everybody knows what that mines. Were also working to achieve tax reform and dramatically lower taxes on businesses and the middle class. Were proposing one of the largest tax cuts in history, even larger than that of president Ronald Reagan. Tax cut is bigger. Bigger. [applause] my administration is committed to working with each and everyone of you to help americans achieve their financial dreams, so that look, were all here for the same thing. You know, we have a statement, it is really, i like it much better than even your hat. It says make America Great again. Thats what we all want, right . We all want to make great again. That is what is going to happen. [applause] so i want to thank you all for being here, very special people. You do a very, very special job. And the community really understands it. I know Community Bankers are the most popular person in their community. They built communities. And they really have been so badly hurt over the last number of years. So were going to change that. Were going to change regulations. Well give incentives back. And youre going to grow and thrive and prosper. Maybe even more importantly, you will have businesses all over the country growing and thriving and prospering. So, i want to thank you for being here. Its a great honor. And, you will see things happening like youve never seen before. Thank you very much. Thank you. Thank you. Neil all right, just a few moments ago the president meeting with independent Community Bankers. These are not small bankers to the point the president mentioned. I believe they include up to a billion dollars in revenues. No slouches in their own right. Back to art laffer, Charlie Gasparino, maya maginnis. The president said this is largest tax increase in term of total dollars bigger than Ronald Reagans. Back to the point, Charlie Gasparino mentioned that this tax cut is better than none but is this what you envisioned, are you concerned about that. Im very pleased what he is doing. I dont think its a competition between reagan and trump to be honest with you. Both did the right things. Reagan, tell, look at numbers, see what happened. We dropped the corporate rate from 46 to 34 . Took highest personal income tax rate down to 28 . You can see the boom that occurred, lasted all the way through clinton. If trump does what he is saying, if we get this through, legislation, i think results will just be the same. You have to remember, neil, im bitter at forecasting the past than i am the future. It is the past that gives us guidance for forecasts in the future and i think the future looks much brighter with this proposal than it does without. Neil im not trying to disparage this attempt, given realities of the day, budget reconciliation process, reading numbers, even though republicans can run the table they would need Something Bigger than what they have got. They would. Neil that doesnt appear to be happening. Maya, you heard what a lot of people are saying, art included here, those who obsess over costs ie, you, forget that the revenue rolls in eventually. Do you not buy that . Well, listen i actually dont think were disagreeing all that much. So we all agree on this panel that tax reform is a big priority. We all agree that getting the economy growing more is a big priority. We all acknowledge that deficits are big problem. What we really need is a comprehensive Economic Growth plan. Tax reform is a critical part of that. Also part of that mentioned before, spending reform and the biggest piece of that is entitlement reform. Neil theyre not going to do that. Not yet, not yet. I dont think we should reform entitlements to offset tax cuts but for themselves preserve those programs. Then you have to get control of the debt to help grow the economy but lets put the promise of tax cuts pay for themselves out of its misery. History shows that that doesnt work. So we need to do you all parts of the budget to have a real growth plan. If it expires after 10 years you brought up, that will not bring the private sector the stability that we need. These tax cuts should be permanent. They should comply with restrictions of reconciliation, offsetting them so they dont explode the debt is part making them work. Neil all right, art laffer. She is wrong on tax cuts dont pay for themselves. Im sorry. This is my turf. They will pay for themselves, these especially, over 10year period they will pay for themselves many times over. She is right, get entitlements neil Neither Party has gumption or guts to do it. Americans theyre just fine. Then these poor americans will realize down the road, wait a minute, you said it was fine, im seeing my benefit cut or god knows what. Neil, when we got it vote of 973, i use that remember the number, reagan smacked them with election victory in 84. That we won 49 out of 50 states. That got democrats on board. We need a big election victory for second term. We get that, well get all of these things. Remember its a marathon. It is not a sprint. If we get this budget under control in the incomes three or four years, well be in great shape for the next 20 years. Neil real quickly, maya, on that, president reagan was able to sort of get that polling win at his back to get substantial changes in Social Security reform, grace commission, was able to at least save Social Security for another few decades when it could have been falling apart, right . What president reagan did put big tax cuts and grow deficit and debt, i increased taxes a couple times to get it back to make it more manageable. Neil still net lower when they came into office. We ran up the debt, found north lit. Now the debt is at near record levels, highest it has been since world war ii, we can not afford to do that. That will undermine Economic Growth we want to be pursuing. Neil she just went back at you knowing i dont have time to get back to you, art. I know next time. Neil way it should be. When we get back here. What is going on in north korea. Compliments for a dictator from after this. So for once ive got plenty of time. Whats going on . So those financial regulations being talked about . They could affect your accounts, so lets get together and talk, and make sure everythings clear. Thanks. Yeah. That would be great. Weve grown to over 900 billion in assets under care. By being proactive, not reactive. Its how edward jones makes sense of investing. Why pause a spontaneous moment . Cialis for daily use treats ed and the urinary symptoms of bph. Tell your doctor about your medicines, and ask if your heart is healthy enough for sex. Do not take cialis if you take nitrates for chest pain, or adempas® for pulmonary hypertension, as this may cause an unsafe drop in blood pressure. Do not drink alcohol in excess. To avoid longterm injury, get medical help right away for an erection lasting more than four hours. If you have a sudden decrease or loss of hearing or vision, or an allergic reaction, stop taking cialis and get medical help right away. Ask your doctor about cialis. Thats why a cutting edgeworld. University counts on centurylink to keep their global campus connected. And why a Pro Football Team chose us to deliver fiberenabled broadband to more than 65,000 fans. And why a leading car brand counts on us to keep their Dealer Network streamlined and nimble. Businesses count on communication, and communication counts on centurylink. Neil talking about how the government avoid ad shutdown. Adam shapiro on now we did that. Reporter wheeling and dealing, neil. This deal provides millions more for defense, Cancer Research and includes 1. 5 billion for a down payment on additional measures to bolster border security. But democrats like Senate Minority lead are Chuck Schumer calling that a victory insuring that taxpayer dollars arent used for what schumer calls an ineffective border wall but President Trump continues to insist the wall will be built and he promised americans it will happen. Dont worry, well have the wall, dont worry about it. [applause] weve done so well at the border, a lot of people are saying, oh, wow, maybe the president doesnt need the wall. We need the wall to stop the drugs and human trafficking. We need the wall. Reporter the spending bill funds the u. S. Government through the end of september, the end of the fiscal year. It includes 25 billion more dollars for defense funding. President wanted that. 8. 1 billion for emergency and disaster funding for states that got hit hard from fires around floods as well as other extreme weather events and a two billion dollar increase for the National Institutes of health. There are no cuts to planned parenthood, nor are funds cut to u. S. Cities which designate themselves saying wary cities. The house could vote on this bill as soon as wednesday t also includes 70 million to help Law Enforcement agencies like the nypd cover the expense of protecting President Trump and the first family. He will be up there soon, isnt he . Neil always a fun traffic nightmare when he is. Adam, thank you very much, adam shapiro. Meantime the president is raising some eye you brows with comments he made about north koreas leader saying of the, not even 30 something dictator that you know he is a pretty smart cookie. Impressed that he was able to hold on to power after his father died in the face of a pretty rough crowd that would be almost too eager to take it away from him what were the point of those remarks . Former Green Beret Commander michael walls. What do you think . He was complimenting on one hand and sending a warning if you do anymore tests you i will come down on you like a ton of bricks. What did you make of the complimenting part . I think that is somewhere neil in the guise of the where the administration is on this in the sense theyre not looking necessarily for regime change. What theyre looking for the north korean regime and kim scrounge unand denuclearize and get rid of its kim jongun. I took the remarks, even if the regime stays in place, he starts very hard to consolidate power, who is a brutal, brutal dictator, dont get me wrong wecan stay in place. What we cant live him marching toward a Ballistic Missile program delivering to the United States but our allies in south korea and japan. That is how i took it. Neil i defer to your expertise, colonel. One of the things i read if im kim jongun theyre out to get me and kill me, at the very least overthrow me, is the signal im getting from the president occupant of the white house, that is not his goal, as long as i dont do missile stuff im safe to continue abusing my people, having this cavalier attitude that means i can open press anyone i want as long as im not launching anymore missiles . Yeah, i think thats right. The administration is looking at this from purely u. S. Interest standpoint and security of the United States and its allies and existence of the regime doesnt by itself necessarily threaten the United States or its allies. It is the region able to launch nuclear weapons. I think youre exactly right. That is the signal that was being sent. The question is, will the regime give up its weapons . If by it is very nature we assess that it wont, regime may be on the table but my view that has to be chineseled in order to fit into their concerns. What the chinese are most concerned about is unified Korean Peninsula friendly to the United States with 30,000 u. S. Troops sitting on the chinese border. That i dont think they will stand for. So what i think youre seeing here is a deal in the middle. The north korean regime can stay but it cant have the ability to launch nukes. Neil all right. Colonel, very good catching up with you. I appreciate it. Sure. Thanks, neil. Neil separately well be exploring this the next hour. The u. S. Air force does plan to go ahead and continue longrange missile tests. One is slated for wednesday. It could be thursday. This is coming to us from a number of highranking defense officials who are trying to say this is precounterring move to anything north korea might plan. You see a lost missile tests in the same relatively small neck of the woods t could get dicey. Well have more after this. Are allergies holding you back . Break through your allergies. Try new Flonase Sensimist instead of allergy pills. Its more complete allergy relief in a gentle mist you may not even notice. Using unique mistpro technology, new Flonase Sensimist delivers a gentle mist to help block six key inflammatory substances that cause your symptoms. Most allergy pills only block one. And six is greater than one. Break through your allergies. New Flonase Sensimist neil bidding war for tribune media. Some big and lucrative markets in the country, chicago, los angeles and on and on we go. But it has got the interest of, well, virtually anyone who is in the entertainment industry, including our Parent Company working closely with the blackstone group. Connell mcshane with the very latest here. Reporter bidding war is very interesting. You saw a pop in the stock today. There are multiple reports that twentyfirst century fox, the parent of fox business is looking to partner up with blackstone to make a bid for tribune. Now tribune owns 42 local television stations around the country and a number of those stations are in big markets, new york, l. A. , chicago, the biggest three markets in the country. 3. 2 billion, that give or take what the market values tribune at. With the stock price rising that number has been going up. Fox owns and operating 28 local tv stations around the country but the Fox Broadcast Network is carried on far more than that, far more than 28. Some of those stations are currently owned by tribune. Now you see how that could work out. The other thing important or interesting about this deal, last month the fcc changed some of their rules on tv station ownership might i can make a deal offer business is. 211 century fox and deadline for making this these bids, reportedly this thursday. We could see this come to conclusion by end of the week, neil. Well see. Neil connell, thank you very much. Still on the subject of entertainment, i dont know if you guys are a fan of orange is the knew black or shows that you stream, hackers found a way to stream that one well before the planned release, makers, producers behind it sort of dump on line so you can access it. They claim that they have got a number of similar shows hacked and accessible as well. Hillary vaughn with details on that and what this could mean. This is novel type of way to tack i guess, to, get early dibs on shows that are, you know, preciously downloaded by their loyal fans. In this case a lot earlier. How did they do this . How did they pull it off. Reporter good morning, neil this hacker who has been harassing hollywoods biggest studios followed through on his promise to leak netflixs new season of orange is the new black. The hacker is called the Dark Overlord, he held the netflix hit hostage asking for a ransom but netflix didnt pay up so the Dark Overlord uploaded it and put a blame on the streaming site in a statement, our proposals werent unanswered so our hands have been forced. We were quite offended by our targets responses or lack thereof. Now the cyber thief stole dozens of other shows by hacking into a postproduction vendor here in los angeles. The Dark Overlord threatened major tv networks, tweeting who is next on the list . Fox, ifc, natgeo and abc. Oh what fun were all going to have. Were not playing games anymore. The hack letters says he has highprofile shows including nbcs celebrity apprentice, foxs new girl and cbss ncis los angeles. The Dark Overlord tweeted he is ready to play another round but so far no Major Networks commenting on the threats. This hack may be the biggest to hit hollywood since the sony hack in 2014. Security experts are not surpriserred by the hack. Third Party Vendors have been a weak link. They upgraded security for sigher hacks but studios farm out work to small contractors that dont have the infrastructure to protect against highprofile attacks. Network is working with Law Enforcement to address the situation. Seems even the hackers arent a drag on the stock. Netflix shares hitting alltime highs this morning. Neil. Neil heightened demand for the series. You cant get early access to this on netflix itself, right . We know they hacked, doesnt mean people running to netflix to download these episodes now, right . Reporter right you have to go where they uploaded it on the dark web. It is not available on netflix yet. Neil which is probably explains their dark, ominous name. Thank you very, very much, hillary vaughn. Good stuff. Not for the producers involved. Meanwhile jack welch who has a message for republicans, get your act together, remember who you are and show a spine, after this. We asked people to write down the things they love to do most on these balloons. Travel with my daughter. Roller derby. Now give up half of em. Do i have to . This is a tough financial choice we could face when we retire. But, if we start saving even just 1 more of our annual income. We could keep doing all the things we love. Prudential. Bring your challenges. Neil before we get to my next guest, one of my favorite guests by the way, great decent human being, look what is going on in technology, apple, facebook, microsoft, netflix, theyre all hitting alltime highs today. Apple, for example, tomorrow, were supposed to get word it has 250 billion it is sitting on, which is about the amount that my guest is sitting on right now. He is zane tankel of course of apple metro fame, great restaurant chain and much more. The reason why, zane, you brought something to my attention i felt was illustrative of the hypocrisy of washington, many on the left argue for 15 minimum wage, a lot are pushing that today in protests, may day events, but when it comes to liberals on capitol hill, not so much with their own staff, not so much with their own interns, many who arent paid a penny. Zane you noticed that, wait a minute, it is a little odd, right . I did, i did. And they dont have to compete with anyone. They dont have to be in the marketplace. Here they pay their folks nothing but the private sector, they urge and push to pay 15 neil i didnt even think that was legal anymore. But i guess in washington, oddly enough Bernie Sanders is the closest to being true to it. He is only 20 off. He is only 20 . Neil he pays his interns about 12. 12dollars. Neil some dont pay at all . Some do, some dont. Some advertise a stipend. You get honor of working for one of these guys. Neil that is a big thing. I suppose it is, but not, i say you fet get to work at applebees. We start on your station. You wake up in the morning. Learn how to talk to people. You get an internship. Neil looks impressive on resume. That is idea for unpaid internships. I was an intern, i hate to brag, at white house when jimmy carter was president. Yes, i know. Neil urn fortunately, that i didnt get paid i had to work as waiter, for any of my customers that was horrific experience. I screwed up their meals. I needed to get paid. A lot of people that is a tough call, right . They solicit those folks. They solicit college students. Neil there are a lot of poor kids who have to pass up on the opportunities, so shouldnt we pay them . Neil, always most vulnerable and people that need it the most that get with the idealogues the damage. They really do. Neil hypocritical of some of these liberals who are demanding Companies Like yours hike minimum wage to 15 bucks, not to pay their own interns anything or well under that . Only twoways to pay for it, neil . Raise the prices which consumer is not going to do anymore. Or you dont hire the same number of people. Neil where are you . You got no shortage of people going to your restaurants . What i too am an ideologue at opposite end of their street. Im concerned about people, our people specifically but most vulnerable people. The cbo says, 500 to 750,000 people will be out of work with this continuing we have data that supports it. Seattle, washington, was the first ones, restaurants have abandoned. Neil have you cut back on people . I guess depends on the market, right . Neil, minimum wage is technology ace best friends. Yes, we you put tablets on people. We order, scroll down, pay with swipe of a card at table. We reduced labor force you through attrition. We reduced no one was fired, 25 since all this began. Dont forget new york city raised servers 50 . Inimitable mayor de blasio, he raised and the governor raised server from 5 to 7. 50. Who suffered from that . Servers. We were forced to put in technology. Neil higher minimum raise absolutely. Neil the reason this sticks in my craw a little bit, hypocrisy of it. Very same people you should do this, you should do that, they have the power to do it with their own staffs and people they dont. When senator patrick lay he he was piqued as why, what exactly is paying his interns, his assistant hung up the phone on the reporter. Cory booker neil but at least he he is is paying them something, right . We dont know. They hung up. We dont know. Neil maybe to you. Neil, reality is, we dont know, they dont advertise on websites. Neil theyre hypocrite. Same people who say we dont want to see our taxes cut but they never get with additional taxes. Inconceivable somebody would advocate everybody else pay but i dont but that is reality. Neil what i tell people i never give dietary advice. You dont eid a salad. You just dont go there. Thank you, neil. Neil raging debate. Ask your congressman and senator how much are you paying interns on your staff . That is your assignment. Well have more after this. You know who likes to be in control . This guy. Check it out selfappendectomy thats why i rent from national. Where i get the control to choose any car in the aisle i want, not some car they choose for me. Which makes me one smooth operator. Ah still a little tender. vo go national. Go like a pro. Predictable. The comfort in knowing where things are headed. Urance. Talk to your advisor about a brighter financial future. Neil all right. Welcome back, everyone. 1 00 p. M. On the east coast of the United States, second hour of coast to coast here on fox business network, and were getting interesting comments from the president in a bloomberg interview that he says and get this open to hike a gas tax to help the economy, maybe be an offset, presumably it could take off some of these tax cuts being considered. Theres also other nuggets in there. But i do want to get the reaction of former Small Business administrator chairman. On just that, i know im hitting you blind side, and i apologize because im just getting it myself. What do you think of the hike of the gas tax, and this is my leap here, maybe not the president , to pay for these tax cuts. What do you think of that . Well, we have to see what the actual propose is. Neil, remember, i live in california, we have some of the highest gas taxes in the whole country, and the state is talking about adding some more to fund some of their infrastructure priorities. But at the end of the day, we really need this infrastructure, its going to create a lot of jobs, its long overdue, and what i need to see is how it affects the Small Businesses because they cant really afford to pay a lot more for their operations, you know . Its not what you make. Its what you keep. And if we keep raising taxes, no matter where theyre from, that affects their bottom line, and it affects the economy. Neil all right. To follow up on this a little bit more, the president said hes willing to lose provisions of his tax plan in negotiations with congress, but he refuses to specify which parts he would be willing to toss out. He also call for reciprocal tax aimed at new levies on imports, that would match the rate each country charges u. S. Exports. So whether that is a tit for tat or trade war, but he is open to this gas tax. For infrastructure, weve got to do something presumably like that. Im always concerned about whether the money raised for that will go to that. Thats what concerns me. I dont know what the history was in your state of california, i know what the plan was in my state of new jersey when they hiked it close to 25 cents a gallon. I dont know if its going to roads and bridges. I hope it is. That was the intention. But ive learned in these things that doesnt always happen. Well, it has to be there, and thats one of the reasons people look at these things because times theyre told were just going to have this tax for a little while, and then its going to go to all of these great things, and the great things happen, and it never goes away. Neil i remember with the funding you gave to Social Security was put in a locked box. Then i discovered theres no lock, theres not even a box. Theres an i owe you security that other programs are bleeding try. And that leads to questioning of the longterm funding of Social Security. I veer off a little bit to make the point how do you know this raised monies are going to their intended purpose . Who polices that . Well, in this case, i think its going to be the president , and thats an area that i think a lot of people are confident that he will be looking at. You know, he was a builder, he needed to bring things in on time and on budget, and he pays very keen attention to this. Believe me, if Something Like this goes through, hes going to be monitoring it, make sure sure that money does go for those projects because its his administration and his reputation thats going to be on the line. Neil all right. You mention that, and i know in this interview, again, were getting dribs and drabs, so i apologize. But he referred to the fact that everything is a starting point. And i understand how negotiations work, i know the art of the deal, i know he goes about his deal making, always keep this who think they know what youre thinking, you know, sort of unaware. So maybe hes ready to surprise folks advocating tax increases to pay for tax cuts. But that at a basic core bothers me that you have to hike taxes somewhere else to pay for tax cuts somewhere else. What do you think . Well, at the end of the day, and i think what youve seen already is that he cant do these things unilaterally. Hes got partners that he has to negotiate with. And even if you assume that theyre on the same side, theyre on the same team, the same party, were going to move things along, weve seen already where these things have been held up. So i think this is just an ongoing conversation. I think hes going to negotiate hard. At the end of the day, he wants a good deal. He wants something thats going to actually create these jobs and move our economy forward. So, you know, i think weve got to wait and see. I mean, i do think that a lot of these things that are being said are the beginning of a negotiation. The president has told us many times that thats an area that he is very strong in and now hes going to have to work with his partners on the other side of the aisle. Unfortunately, were not seeing a lot of democrats wanting to work with him, even on things like infrastructure. I hope that changes. Neil yeah, no, i hear you. Very early goingson here, so thanks for reacting to some of these latest news developments. Hector, again, first of all, hector saying the president opened the starting point to looking at an additional hike in federal taxes on gasoline, something that would presumably go into our infrastructure or as a way to compensate for the money lost presumably near term on these tax cuts. When we get more details, well certainly pass them along on the starting point on all of this. But i do want to we have the house Freedom Caucus member texas member with us. And i know im just hitting you as i was with the prior guest, but the president willing to hike gasoline tax. What do you think of that . Is that a nonstarter for you in the Freedom Caucus . What . Well, neil, thank you for having me on. Neil thank you. I dont want to speak for the whole Freedom Caucus, gasoline hike in texas is tough because were conservative, we have a lot of federal highways. Texas is actually as i understand it depends on what time of the year it is and exactly where in the budget. But were generally either one of two or three donor states of giving to the highway fund but not getting what we recall our fair share back. So i would have to see the details. Hopefully weve learned a lesson with the Health Care Bill that was put up on the floor here or going to be put up on the floor a while back. Let us do this, let us do our due diligence, let us make sure that we all come together and that its best for americans, best for our individual states. So i would have to see exactly what his proposal is. Neil congressman, in the meantime, you mention that Health Care Bill, the effort to repeal and ultimately replace obamacare. The president wanting to see the latest effort, you know better than i. Wednesday or thursday this week, is that doable . Is a vote doable this very week . Well, neil, at that seems to be the 64 question the leadership has been grappling with. Ive been speaking to some of the leadership. I held out for a strong bill that repealed as many of the regulations as possible that gave americans and especially texans more freedom. My understanding is that were very, very close. Neil what does that mean . Im sorry. This idea that youre close, im told that this latest effort got a lot of Freedom Caucus members, maybe you saw a little bit more interested. But that it picked up some of your moderate republican colleagues who felt it wasnt strong on preexisting conditions, it put too much power in the state, sort of whatever you gain with conservatives, you lost with moderates, and that you didnt really gain that many votes. What do you think . Well, i dont know the numbers. I would argue for the states rights part of the discussion, neil. I want my texans in texas, the Texas Legislature to decide what kind of potential Health Benefits they want texans to be able to get in a insurance in a health care policy. I dont want, you know, the federal government to tell us what we have to accept, what the Texas Legislature has to allow. I dont understand, really, quite so much why the moderates are not in favor of that. If youre from a state like new jersey or pennsylvania or the northeast or anywhere, really. California, it could be a more moderate state. Why dont you let their state legislature, whos closer to the people, decide what their residence want. That just makes so much since to me. Neil well, the details are yet to be ironed out. But, again, a vote possibly this week on tax cuts, a separate issue here. Are you okay with a possible provision in that that would no longer allow folks to write off their state and local taxes . You know, im a business owner. I owned an air Conditioning Company 34 years. So from a business perspective, im watching a lot of the provisions that would inhibit the growth of business because businesses hire people. Thats where the jobs come from. So if you can write off your state and local taxes, i understand that theres a quid pro quo when youre talking about a budget, when youre talking about revenue, and youre talking about spending, you have to determine where the ups and downs are, where the imbalance might be. I would throw in here too, neil, that wee have got to cut back federal government, cut back federal agencies, cut back federal spending. If we do that, then the revenue side wont take such a huge hit on it, and then you also have to throw in one of the things that i think your previous guest kind of alluded to, if you get the economy growing, if you stimulate the economy, it creates more jobs, you have more people paying into the tax system, we dont need more taxes, we need more taxpayers. Thats what we need. So with that in mind, maybe a tax bill depends on, again, what those cuts are, i want to see them. I want to make sure they stimulate Business Growth and the economy, and they create more jobs. Neil yeah, because most people will look at this, no matter where they are on the income range, getting something substantial here. Is this going to really change my behavior . Congressman, thank you very, very much. Thank you, neil. Neil all right. Today is may 1st, which kicks off a may day protest around the world, actually. But mostly the United States. 200 some odd cities protesting everything from worker conditions to the president s crack down on ilLegal Immigration, the Lgbt Community, you name it. The cause is there, depending on the city. Jeff flock in chicago with whats going on there. Hey, jeff. The modern may day movement, i would say, neil. This standard back in chicago in 1886 with a big rally the market riot, which was the protest for 8hour workday, which at the time a lot of people thought was a crazy idea. Of course now theyre protesting for a 15 minimum wage. A lot of people think thats a crazy idea. Were about an hour away and as you can hear and see, perhaps, theres also more immigrant piece to this. You see a lot of mexican flags. But i tell you, something you also see a lot of are american flags. Used to at rallies like this, you would only see donald Trump Supporters with american flags but folks here also saying, hey, this is our country too, so were going to wave the american flag. Also in new york, protesters as well, as well as cities around the country and in brian park, a big protest. They marched to jp morgan, tried to block the entrance there. More of a financial piece to that. They are protesting what they call the corporate backers of hate. That would be wells fargo and jp morgan for making loans to ice to build Detention Centers and for private prisons. So a big day of protest as i said, neil. This is the this is where it all started. It was a square about oh, i dont know. A mile or so from here off to the east hay market square. Big rally, big bomb went off there. We hope that doesnt happen today in chicago. Neil yeah, also the protest for leash. Remember that americans, workers were entitled to that. Eight hours of leash. Eight hours of work and eight hours of sleep. All right. Thank you, my friend. Always good stuff. All right. You know, when you look at what the president wants to do on tax cuts and all, a lot of people even in his own party saying you know what . We like a lot of these efforts. We like the substantial nature of the tax cuts, and we think the president will fight tooth and nail to make sure. Then that budget agreement to keep the to the end of the fiscal year. Think of this. Many said that he caved on getting what he wanted from the military, caved when it came to environmental funding that it remains virtually intact, entirely. Caved when it came to denying puerto rico funds through medicaid, caved on planned parenthood funding, planned parenthood will continue getting everything they wanted. The democrats they say won. How is it that that happened . After this ive spent my life planting a sizesix, nonslip shoe into that door. On this side, i want my customers to relax and enjoy themselves. But these days its phones before forks. They want wifi out here. But behind that door, i need a private connection for my business. Wifi pro from comcast business. Public wifi for your customers. Private wifi for your business. Strong and secure. Good for a door. And a network. Comcast business. Built for security. Built for business. Ways wins. Especially in my business. With slow internet from the phone company, you cant keep up. Youre stuck, watching spinning wheels and progress bars until someone else scoops your story. Switch to comcast business. With highspeed internet up to 10 gigabits per second. You wouldnt pick a slow race car. Then why settle for slow internet . Comcast business. Built for speed. Built for business. Neil lets say the tax cuts are pushed off much later, would you be wary then . Yes. I want them put in place. We need to grow this economy. If we dont get growth, were done. Recuses himself from the investigation, and they let this guy adam schiff mouth off every hour on the hour. Its crazy the way they cave. Neil are you optimistic that this will and the back and forth just among republicans will cease, and theyll get it done . Theres no question in my mind if they dont pass the tax bill, and they dont get rid of the obama bill, theyre not going to be in office anymore. Neil all right. A couple of big financial heavy weights who are saying, you know, now is the time for republicans to band together, stick to the script when it comes to tax cuts and make sure they get them through and quit caving. Now, that was all before this latest budget agreement that criticized republicans are caving on, even though they have the numbers, there are a lot of reasons for that and a lot of things goes to try to make sure that this wouldnt come up as an issue of possible government shut down ahead of some of these more thorny issues and the ones that they really want to win, that is a health care rework, hoping that the second time is a charm and tax cuts. To that end, the president is on the wires right now in an interview thats coming to us from bloomberg. That he is willing to wheel and deal, the initial offer that was out in the blueprint of tax cuts is a starting point. Its not an ending point, stating kind of the obvious there. But that he would be open to a hike in the federal gas tax here, presumably to fund infrastructure, if not to compensate for those tax cuts. But this on top of the concessions the president and the republicans make through the concession deal through the end of the year and whether republicans in general are giving away too much. Lets talk to the former bb and b chairmen and ceo john. Youve heard that rap that republicans arent acting as if they run stet, which they do. They keep settling. Which lately they do. What do you make of that . Yeah. Neil, i think its a problem. I think it comes from President Trump from being a deal maker, and hes trying to calculate one deal after another, which may be a great strategy but creates a lot of ambiguity. I do think he has to deliver on his message relatively soon or hes going to have a fairly difficult team executing any of his strategy. Neil you know, similarly he has been in this interview with bloomberg talking about the possibility of breaking up the banks. What do you make of that, you know, that theyve gotten too big to fail, youve heard that, again, and maybe the only way to do it is to get them back to what they were before. Separate Investment Banking from artificial banking. Bring them down to size so that you dont have these massive banks when theyre teetering in the future. No one wants to let teeter. You know, neil, i think its kind of naive believe that government bureaucrats know how big the banks ought to be. I do think the banks, many banks well, not many. A handful of banks are bigger than they would be in a market economy because theyve been helped by the government. Citibank has failed three times and been bailed out. They wouldnt be big if they werent bailed out. In fact, i was testifying last week for the choice act, the Financial Services committee of the house put together and under that act, Strong Financial institutions with adequate capital could opt out of doddfrank. What that means is if you didnt opt out of doddfrank, valued huge competitive disadvantage and that would allow the large banks to shrink because they a lot of property they cant capitalize. Neil so that it gets back to the court, do you think they should shrink . That theyre too big right now . I dont think theyre too big because too big is bad. I think theyre too big in the sense that theyre big because they have implicit government guarantee. So its a market disorganization thats very destructive. Its not that big is bad, its the market distortion thats bad. Neil thats very well put. Good way to look at it. John former bb b chairman. Widely respected banker in his own right. Charlie gasparino at that conference out west. And what do you make of the latest talk that donald trump, the president , is interested in maybe through this bloomberg interview were hearing breaking up the banks. What do you think of that . Listen, hes talked about that during the campaign. He also talked about in that bloomberg interview a gas tax. And thats kind of interesting for what i hear out of here. We should point out that secretary mnuchin was up earlier talking about how theyre going to get rid of all of these deductions, including the carried interest, which is a benefit to private equities and the whole private equity business, basically gives them a tax break. Also getting rid of state and local deductions. Here are two take aways from what im hearing from people here. Mind you, this place is loaded with private equity executives and theyre telling fox business that the private Equity Industry is going to go to the mattresses to save that thing. And, by the way, theyve been giving money to a lot of republicans over the years, both in the house and the senate. They have the private Equity Industry is as big as the banks and giving as much money as banks, and theyre going to call on their friends to save the carried interest deduction, and theyre going to try to make a free market argument. Listen, private equity goes in and saves companies and they save jobs. The reason theyre able to do that is they get a favorable tax treatment on their profit. That well may dry up. So theyre going to make that case to congress. The state and local deduction is very interesting. What you hear from people here is that there may be a coalition of democrats and possibly republicans from high tax states. Theres Something Like 14 republicans, gop congressmen in california. I dont know the exact number in new york. I dont know the exact number in new jersey, but you could see a coalition of these folks joining up with democrats to maintain that tax break. So in a close vote, that will matter. So if you cant get those two Tax Deductions through, what do you do . Well, youve got to raise revenue from somewhere. One of the places where you you can raise revenue is in a gas tax. So thats why i think you hear donald trump talking about this. And i will say this, neil. This conference is out in l. A. But this is ground zero from whats happening in washington and wall street right now. Lots of talk here about taxes. You have a lot of players here. About five or Six Administration people here, wilbur ross ais here, mnuchin is here, this is mixing politics and wall street and essentially the tax policies, which everybody is talking about, including when you hear Steve Mnuchin talk about 3 growth, which is what he said after two years that they get this tax plan through, they believe theyll have sustained 3 growth. But they have to get it passed. People here think the markets could sell off pretty dramatically if this tax plan fails. So thats where we are right now. Back to you. Neil all right, my befriend, thank you very, very much. Charlie gasparino, the former head was on the wires today saying 3 growth, in other words, 50 faster than what were growing right now. Thats a heavy lift. Not impossible lift but a heavy lift. A little more after this you do all this research on a perfect car, then smash it into a tree. Your Insurance Company raises your rates. Maybe you shouldve done more research on them. For drivers with accident forgiveness, Liberty Mutual wont raise your rates due to your first accident. Liberty mutual insurance. Due to your first accident. My frii say not if you this protect yourself. Ary. What is scary . Pneumococcal pneumonia. Just one dose of the prevnar 13® vaccine can help protect you from Pneumococcal Pneumonia an illness that can cause coughing, chest pain, difficulty breathing, and may even put you in the hospital. Prevnar 13® is approved for adults 18 and older to help prevent infections from 13 strains of the bacteria that cause Pneumococcal Pneumonia. 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Were growing 1 1 2, at latest quarter,. 7 would be substantial and change picture for a lot of folks. Are tax cuts the way to get there . Treasury secretary seems to think so. Former Goldman Sachs senior partner, peter keirnen, guy i like to say makes Stuart Varney looks good. You thank you. Neil i always love to hear your sweeping sense of history. One of the things that comes up, these are going to be comprehensive tax cuts the likes we havent seen since reagan but by definition they cant be because of narrow margins were looking at f they cant be, you hear talk about hike in the gas tax or ways to pay for this, without import tax, isnt every attempt like that going to mitigate their effect . It does. What you have to do is let the stimulus actually take place. What is going on here. We relied on the fed for stimulus. Now were looking for fiscal stimulus. Tough let that happen. Were very hung up on history as you say. I was pretty involved in watching the Tax Reform Act of 1986. That ancient history. Neil dont date yourself. We havent raised the gas tax since 1993. These are oldtime religion cures that wont work. We need to stimulate the economy. If you stimulate the economy with a tax cut, consumers, who have not been spending, didnt buy cars, this first quarter. They will buy cars. The consumer is going to spend. If the consumer spends and corporations will invest. Theyre going to hire. The government will support that unless that virtuous circle gets created, well have a estimate laws that looks more like a pier than a bridge. It should bridge us to an economy that stands on its own two feet without stimulus. Neil we talk about tax hikes to pay for tax cuts. Logic is always lost on me. I know a lot of people are worried about the deficit, debt, far worse than Ronald Reagan was president. It, the president did a twostep came to tax cuts. Big one in 81. Big one in 80 three 83. When the gipper left office he said tax as a hell of a lot he lower than when i came in. They did stimulate the economy. They created 20 plus million jobs. Do you think that the tax cuts, the president is looking at, the blueprint that you see, would have the same effect . Some work very well. Corporate tax rate, why are we deliberately uncompetitive globally. 35 is well below any nation in the world. Neil you pay at advertised rate. That is the rap you here. Very few people do. There are not many places to find 20 points of margin for a company. Say you only pay 30 . Neil right. Youre picking up major margin. The other thing that happens, as, going up, Companies Get comfortable with investing. That is really getting the economy going. Excuse me what we have had this notion of false start, then stop. False start, and then stop. What you really have to do is, toss that pebble into the water and let the waves go. Dont worry so much about revenue neutrality right now. Neil that is jack welch, telling me, peter. Same notion, we get caught up, revenues are there down the road. I dont know if they pay for themselves but Economic Activity will change the perspective. Giving coming from slow growth rates. You get more bang than you traditionally would for the buck, going 2 , to 3 growth, is a 50 leap in Economic Activity . You hit on it. One of the things you got to believe. We talked with great excitement about the trillion dollar infrastructure well spend in the next 10 years. Might be interesting to contrast that with china. Last year, china spent a trillion dollars. Year before that, a trillion dollars. Year before that a trillion dollars. So they are making a bet, every year, in fact for next 15 years, they will spend a trillion dollars on infrastructure. Why . They believe if you spend it the economy will grow. You cant spend it and put 14 anchors on it to prevent the boat from sailing. That is one of the problems were having right now. Neil only thing that i worry, inget angry emails from people, usually from varney. The president needs to cave a lot. Just my impression. I could be very, very wrong, i am not here to secondguess him, i guess im secondguessing him, to keep the lights on, no movement on the Environmental Protection agency for funding for that, planned parenthood a lot of funding for that. Keep domestic spending priorities. Having military commitment he wanted, to move past, fine, i understand the rational for that. Fight another day, bigger battle Like Health Care law and, the tax cuts. But dont people have your number when they see you folding like that . Heres the thing. I believe that you have to be a basically a president before you can be a statesman. A lot of people ran for president , and made their kind of commitments to cave early. He got elected. He is finding some things very tricky to get done. What he has to do is not Pay Attention to the shiny objects. Forget the gas tax. Get a tax cut done. Get health care. Neil focus, priority ties . Absolutely. Neil wait a minute. I wonder when i hear that peter, i hear the gas tax thing. I hear break up the banks thing. What im beginning to see, youre veering again. Congress has neither will nor capacity nor stomach to break up banks and redo doddfrank. Stay focused. The word i give to him. Focus. If you get those two things done, theyre virtuous circle of the economy will come back. Tax cuts only work if you truly stimulate the economy. Theyre not just to give people cash. They want people to do things for cash. Neil offsetting limiting state and estate Tax Deductions . They are limiting. When it comes to 1 , i dont think a lot of tears spent that well deduct taxes. Neil they still come out ahead. They will be fine. I wouldnt lose any sleep other 1 . I would lose sleep over middle class. The thing we havent done, if you get productivity and investment going, not just that we create jobs. We create better jobs. That is how you get the whole market. All the tides, lift all the boats. Neil all right. Earnings thus far, were looking for what will be a boffo quarter, 60, 65 of the numbers are in. Were blowing pass estimates. What is driving this . What do you see going . First of all i like earnings. I think valuations are high, gulp. Neil high because of tax cuts coming if they dont . Anybody watching dont get too focused on growth in the economy today. There is very little correlation between todays Economic Growth, which is anemic and very high stock market. This is anticipatory valuation. Theyre expecting six month mnuchin will be right. There will be 3 . Neil what if that doesnt happen . Then the stock market will have an accident. Neil how big of an accident . 10 to 15 with ease. With ease. Neil really . With ease. Neil wiping out whatever gains we. This is advances people invest in the stock market give when they have vision what happens. When concept changes they invest differently. Neil all right. Quick thoughts on the bank breakup the president seems to be proposing . I think it is terrible idea. It will not happen. Neil not saying that as former Goldman Sachs guy . Not saying that former Goldman Sachs. I own no Goldman Sachs stocks. Dont get distracted. That has nothing to do with the problem. Look what is going on in germany, with the big banks are crumbling. Look italy where banks cant finance themselves. Why . We bit the bullet in 2000, 2009. We capitalized gangs. Took losses. Tarp got paid back years ago. We did the tough thing. Europe did not. Were paying the price. Banks are struggling. Strongest in the world for Financial Markets. Not bad place to be. Neil president , how do you think he he is doing, second 100 days . Im really glad the first 100 days are over with. If he stays focused he will be one of the great president s ever, he will not just create jobs, higher paying jobs. A lot of other stuff, i dont know. I give him bert marks on foreign policy. Syria, reasonably well. More than anybody i think in last five president s has great dialogue going on with the president of the china. That is important. Neil great to see you, peter keirnen, former Goldman Sachs bigwig. We have a lot more going on with apple. Apple is tomorrow. Could also reveal sitting on 250 billion bucks in cash. This is just about what peter has in his piggybank at home. Gerri willis live at New York Stock Exchange with latest on that and other things likely to get from tech usa. Maam . Thats right. Neil, this is amazing. Just showed numbers. 246 billion, apple, cash on hand. Reporting earnings tomorrow morning. Stock is up today. Along with the rest of technology. I want you to dig into some numbers with me. 246 billion, is bigger than market cap of either walmart or proctor gamble. Think about it. This Little Company that started oh not that long ago, much, much bigger than these companies. And most of this money, is actually overseas. 230 billion of this is held by foreign subsidiaries overseas. As you know he, donald trump, president , proposing that we allow onetime repatriation of these profits, attacks at a tax level of coming back to the usa. How do you get to these numbers, as a quarter of a billion dollars . They sold one billion iphones. A billion iphones. At one point this company could report cash coming in the front door at 3. 6 million, an hour. Think about it. They were selling 5,000 phones an hour. This is the end of 2016. Lots and lots of cash. The question where do they go next . As you can see the stock, since january, 2017 doing very well indeed. Are all tech, right . Weve seen the nasdaq go through the roof, well above 6,000. So, good news today for apple, just amazing story. Neil, back to you. Neil it is an amazing story, when you consider early 1990s the company had to borrow money for a little bit after cash cushion. Went to microsoft to get that money. Look at it today. You never know. Gerri willis, thank you very, very much. Speaking of all things tech, amazon hit intraday high today. Not a typo. Closing in on 1000 bucks a share as alphabet is doing the same here. But it is tech that is ruling the day. Well be going to the white house shortly where sean spicer is expected to take reporters questions including some interesting revelations courtesy of a bloomberg interview with his boss, the president , who seems to be open to a hike in the gas tax, presumably to pay for infrastructure, if not the tax cuts to come. And, call to break up the banks. More after this. When this bell rings. It starts a chain reaction. Thats heard throughout the connected business world. At t Network Security helps protect business, from the largest Financial Markets to the smallest transactions, by sensing cyberattacks in near real time and automatically deploying countermeasures. Keeping the world of business connected and protected. Thats the power of and. Neil president constantly surprises folks in his own community, offering, philippine president duterte to the white house. We know in the general media, peter, he is savaged as a murder goes after isis militants, depending on your point of view, they kill some of those drug lords and awe, leaving that aside what do you think is behind the president s friendly conversation and invite . There is no doubt that duterte, president of the philippines is controversial, especially list his prosecution with war on drugs, among human rights groups. There is a lot going on in asia. Philippines. South china sea where china is building artificial islands. Theyre a treaty ally of the United States. Of course as you mentioned, theyre fighting terrorism down there. Abu sayyaf was around when i was at pentagon years ago, affiliated with al qaeda. Is now affiliated with isis and has been involved, has been involved in killings, terrorism, in the philippines. Of course, u. S. Troops are going to be involved in big exercises in the philippines next month. So there is a lot going on there. There. Is nothing wrong with the president who mavis it Southeast Asia in november for the apec meeting, for the aesean meeting to reach out, test diplomatic intentions of another country. We dont know if the visit will take place, when it will take place, there is no specifics on that but there is north side to the issue than the controversy surrounding duterte. Neil president talked about someone who at least face value to be a thug. His references to the north korean leader, saying a pretty smart cookie, talking about his survival power. And, what he has said in the past about vladmir putin, even though that did not, you know he, assure any warm fuzzy relations, since the tomahawk missile raid on syria. What do you make of that . It is not predictable . When do you think . I think it is okay. Like i said, it is okay to test diplomatic intentions. Doesnt mean you give in to their views of the world. Were looking for friends. Were not looking for foes. If you have the opportunity to meet with somebody on the table. You express your concerns about this. We have mutual interests here. Im not troubled by that. This is a new administration. He is reaching out here. There are american interests in that part of the world. He also spoke to the, the thai leader. Spoke to the singapore leader. I understand he extended invitations to them as well, but no specifics on that. So, im comfortable with that. Now, you know, once again, when you come right down to it, if there is a meeting i think it would be important for the president to express his concerns, if that is what the u. S. Government sees going on in the philippines. There seems to be concern, broad concern about that. Neil i read into his remarks on north korean leader, he was once again sending a signal, im not here to topple your regime or to kill you. I am here to have you stop with this missile nonsense and Going Nuclear but you have assurances the u. S. Will not try to get rid of you, what do you think . Job number one for any authoritarian regime, because it doesnt have support of the people is survival. I think the president , i dont know exactly what is going on inside of the white house, National Security council on the issue. I think he is looking for opportunities. Neil all right. Looking for opportunities as a business person might to, support our interests and look at the interests elsewhere. I think many of us would like to see kim jongun gone because of the way he treats his people and threat he provides to the region and United States. I think president is looking in the short term very much worried about his Missile Program and his nuclear program. Neil peter brookes, thank you very, very much. White house briefing any minute. Youre watching fox business. Thanks for doing this, dad. So i thought it might be time to talk about a financial strategy. You mean pay him back . So lets Start Talking about your longterm goals. Knowing your future is about more than just you. Its how edward jones makes sense of investing. Your insurance on time. Tap one little bumper, and up go your rates. What good is having insurance if you get punished for using it . News flash nobodys perfect. For drivers with accident forgiveness, Liberty Mutual wont raise your rates due to your first accident. Switch and you could save 509 on auto insurance. Call for a free quote today. Liberty stands with you™ Liberty Mutual insurance. Neil all right. This is moments ago in union scare new york city, downtown new york, i should say square. Protesters getting rambunctious. Letting their pleasure be known, storming past gates and barriers set up by the new York City Police department. Again this may day event has been sort of, combined to include a lost labor, immigration, Legal Immigration and protests among the Lgbt Community and targets one donald trump, occupant of the oval office of course. Jeff flock in chicago where the same demonstrations are a lot tamer, a lot calmer for now. Jeff, jeff this is growing into Something Big . Reporter you know, this is a big, this is a big one. No surprise with the election of donald trump who basically stands for everything the folks surrounding me dont support, theyre actually competing protests going on here but none of them are protrump. We have more of a anti, proimmigration piece over here. Then over here, weve got people that would just like the entire government overthrown if they could possibly get it. Everybody from, there is caricature of hillary clinton. There is a caricature of rahm emanuel off to the right. You see the trump won which obviously, as you can make out, these people would just like to have a full up revolution. So, the protests go. It is may day in chicago. The birth day of all of this, i would point out, and it is going strong at this hour. Neil . Neil now, the cause, i know to go after donald trump and big fans of his, this again started on worker conditions and all of that, i also, the plight of illegals and, many in the Gay Community not feeling accepted under this administration. Bush, do you hear when theyre protesting any cause over another . Well, no, dick durbin addressed the crowd over here. I dont know if i see the senator. We may not all agree on everything. I think that is absolutely true. So, no, i dont i think there is one over another. This is, kind of a great coming together of all of the, all of those things that you outlined. This is just an opportunity to really, and i think donald trump is crystallized that kind of opposition with, what that leads to, i dont know. Certainly everybody on the same page on protest side. Neil jeff flock in chicago on latest, barrier that was set up in new york. Not much else done there. These protests go on today. 200 of them across the country. Even couple dozen abroad. Workers across the country and across the world start making their beefs known. More after this. Shouldnt we say we have the lowest price . Nope, badda book. Badda boom. Have you ever stayed with Choice Hotels . Like at a comfort inn . Yep. Free waffles, cant go wrong. I like it. Promote that guy. Get the lowest price on our rooms, guaranteed. When you book direct at choicehotels. Com. Book now. Sean spicer. White house. Gov. You may have noticed but its the president s 100th day in office. The president took several steps for leveling the Playing Field for businesses while focusing on aims forget in pennsylvania. Its an example of the amazing persistence of the american spirit, the type of company that will be able to expand and create new jobs under the president s pro growth economic agenda. He signed two executive orders at aims that will help keep jobs and wealth in our country. The first fulfilled an executive order of a Major Campaign promise by directing secretary of commerce to identify every violation and abuse of our trade agreement and to use every measure available under the is law to end this abuses. And a second established the office of trade manufacturing policy, which will be led by dr. Peter nivaro. This office replaces the National Trade council and elevates it to a Permanent Office within the white house, sending an important signal to the world that the United States will no longer tolerate trade cheating. He also signed a third executive order over the weekend establishing the American Technology council, which will be led by chris, which is dedicated to modernizing the Government Information Technology so that it works more efficiently and effectively for everyone. And he wrapped up today speaking to thousands at a rally in pennsylvania. This weekend, the president also engaged with some of our long time allies in Southeast Asia, who are on the frond lines against the fight against isis and other forms of terror through calls with the president of philippines, the Prime Minister of singapore, and the Prime Minister of thailand. Today is the start of another big week here after signing a proclamation on law day, he stopped by Kennedy Guardian where around 100 members members of the community of america kicked off their capital summit. Banks are behind investment and Economic Development in our communities but harmed declining a number by 30 since 2008. The president s pro growth agenda includes instituting