Transcripts For FBC Varney Company 20170517

Needs to be revenue neutral, what the team is proposing. Money in politics all over, that is what varney and company does right now. It does beg the question, if there was what he perceived as undue influence, the oversight committee, could have talked it out of judiciary committee, the intel committee, devon nunez, the senate intel committee, could have gone public with it but documentation and how it was received, if it did indeed happen, that is where we need to figure out the facts. Charles congressman jason ch f chaffetz questioning the legitimacy of this memo. We have every angle covered including judge Andrew Napolitano, legal analyst steve cortez on the market potential impact here. And how it affects the trump agenda on capitol hill but we want to begin with the judge. Everyone is becoming a lawyer these days, legal scholar. 1828 usa, require james come to let someone know if he felt the president was trying to obstruct the investigation in any way. He had a legal requirement, not an option, to let someone know to jason jason chaffetzs point. Judge napolitano to the Public Integrity section, we dont know to whom a memo was sent because we havent seen it. If he just wrote a memo and kept it in his laptop, keeping memos, a precious recollections that would not comply with reporting. The requirement of reporting whether complied with or not does not diminish the significance of what comey says happen. The significance of what comey says happen is an effort to interfere with the criminal investigation effort by the president , and effort that would be unlawful and did not succeed. Is it obstruction of justice, the president will say i never said this or comey will say i am an inveterate notetaker, prosecutor or judge, you do make a lot of notes particularly in the Justice Department particularly in the fbi side. Then there is the added intriguing aspect of with the conversation taped, the president has alerted which describe and define definitively what took place. Before beyond he said he said there is also interpretation of what they both agree was said. A lot around the word hope. I hope you can make this go away or drop this. How is that intimidation or an opinion . Judge napolitano you cant say it is someone voicing your opinion. There is no question but what Donald Trumps intent charles the intent was to bully james comey . Judge napolitano i dont know about the word boule. Donald trump would say the intent was to charm. That is the initial tool that he uses. This meeting took place february 14th. The night before mike flynn resigned. This was after flynn had resigned. It seems to me what the president was doing, dont take and when he was down, he is gone. Judge napolitano that is one way to look at it and that would not give rise to any legal action. Another way to look at it might be an effort to sidetrack is the phrase the courts have used the investigation combined with two month later firing the guy who refused to sidetrack the investigation. That is the case the democrats would make. It is catastrophic to interfere with the will of the electorate. We know that, we lived through and in this room through the clinton impeachment. I dont think this is going in the same direction. Charles what was the role of subsequent eventss to this investigation including the firing of james comey and so many things that were said or tweeted about since then . Judge napolitano one of the allegations will be a conspiracy to sidetrack investigation, an agreement with somebody else, pr flack, a step taken in furtherance of the conspiracy, the conversation. Another step taken, the firing. That is one way to look at it. Another is the president has the Lawful Authority to fire the fbi director for any reason or no reason and he wantss his own fbi director for a variety of reasons, he has the legal ability to do that. Charles stay right there. Get to the markets and bring in steve cortez, chief strategist and fox news contributor. Feels like this morning, the avalanche of news stories that break almost every night around 5 00 starting to have an impact. How worried do you think the market will become about the chaos and start clouds in washington dc. I do think washington dc is a worry. I think as a trump artisan the market should be more worried about squishy republicans on capitol hill than they should be about the president s agenda but there could be some impact but keep that in context. How many stocks are right at or just off of alltime highs so there is hardly panic in the market, quite the opposite. Is it having some impact . I think it is but i would caution viewers, investors, any american who cares about their country to step tickly view this report from the New York Times. Washington post, they quote these shadowy anonymous operatives and i would say what we should rely on is the acting director of the fbi who spoke under oath in light of day and said, quote, there has been no effort to impede our investigation. That is open and shut to me, and the hysterical Mainstream Media doesnt believe donald trump is a legitimate president and doing everything they can to orchestrate a road to impeachment. Wont work. There is always the straw that breaks the camels back. The Mainstream Media, they are the Mainstream Media, handling of accusations in the past and a certain sense of disarray. Markets went on, incredibly bullish since the election but still longterm in the trump agenda, freeing this economy, we will do fantastic. Nearterm, superbullish since the election. A very long way. Charles we appreciate the insight, and republican from ohio, he is on the taxwriting, these worries about t leaks, neverending every night which is a harsh headline. How is that impacting your work. I am a business guy who believes in class, we need to get the facts, and whatever will do that. And continue to move forward the American People need to realize we have plenty of people down here so we have opportunities, we need to get tax reform done, work and do two things, we can have the jurisdiction through the investigation and have taxwriting committees continue to look at ways of improving our tax code which we will do this weekend i am happy to see a hearing this weekend next week, we are committed on the Tax Committee and the ways and Means Committee to getting tax reform done and that is important. Charles the market was on a good run, Mitch Mcconnell made comments about tax reform being revenue neutral. We know the Trump Administration has tried to get around it, we would like to embrace dynamic scoring, donald trump saying lets prime the pump but initially debt will go up but as we get the system rolling again, it will be inconsequential because down the line our economy will be so dynamic we will bring debt level down but it sounds like Mitch Mcconnell is saying that is a no go. Everyone has their opinions with my opinion is the American People want to see tax reform, they want to see something permanent, businesses want to see something they can rely on and they want to see it done right. The answer is lets get tax reform done, have our hearings, find ways to make this grow and move the economy which i know our committee is dedicat to ing and in the end the sooner the house gets something done this sooner Mitch Mcconnell and the senate will deal with what we have done and decide how to move forward. It is about moving the ball forward with committee and letting other committees and the Senate Leader say what he wants to say. Lets get the job done. That is the important thing. Charles really appreciate it. The dow slipping, up 4, better than expected earnings report, samestore sales down one point, that stock is having a good day but overall the market looks like it will be a tough and ugly open. The Turkish Embassy in dc, supporters of turkish president erdogan fighting protesters, several inches, two arrests were made. More details. A wild claim from the country up socialist dictator who says the opposition is murdering their own people using the death to gain support for their cause. We have that as well. To politics at home Donald Trumps newly appointed fcc chairman targeted because he wants to deregulate the internet. Protesters swarming his home. Some saying some nasty racist things about him. You will hear from the man himself later this hour. The next guest walking into the studio, epa administrator scott pruitt has an aggressive plan to roll back president obamas regulatory regime. Will gridlock in dc hold up his agenda . More varney after this. [vo] when it comes to investing, looking from a fresh perspective can make all the difference. It can provide what we call an unlock a realization that often reveals a better path forward. At wells fargo, its our expertise in finding this kind of insight that has lead us to become one of the largest investment and Wealth Management firms in the country. Discover how we can help find your unlock. Charles a quick look at the futures, the dow off 170 points, and ugly start to the market session. Check out shares of amazon, taking orders for new tvs, give us the details. Liz it will be available this month, next month, it could go for 449. You could say i want to watch star wars movies or this episode order from this restaurant. What is the weather tv . People will freak out. The tv the tv spying on you but the way it works. Charles a little leery. Charles a very aggressive agenda, democrats offering no help and these negative headlines about donald trump probably making the job easier, scott pruitt, epa administrator. If i can talk to those acro have uranium and led, 1320, more than president obama came into office so it increased under his watch. 40 of the country, 120 Million People in those areas. In colorado with respect to Water Quality the areas he focused on as far as co2 he struck out twice with the supreme court, when you look at the record, the objective record what did he achieve in land remediation . Water . Airquality . Very very subpar. The environmental left looks at the past administrations your point to say the environmental savior, when you look at the record that is not the case. We are getting back to the core mission of the agency saying it is unacceptable to have a site in westlake or outside st. Louis, it has taken the epa 27 years to make a decision on whether to remove uranium or uranium. That is unacceptable for st. Louis, missouri. It is across the country so the epa failed to do its job and we are trying to get back to the basics, this president , donald trump is a doer. He is about action, not talk. Liz flint, michigan is an issue too . Absolutely. Before that me ask the big question, it felt like you were adamantly against it, perhaps ivanka likes it, the republicans like it but voice their concerns. No official decision wont be made until after the g7 meeting but have you changed your mind about our participation in the paris no. Each of the folks around the president , our job is to help you make an informed decision with respect to that framework and my perspective is consistently it is a bad business deal for this country. We are pre1994 levels right now with our co2 footprint. Charles the natural gas phenomenon. Innovation technology, not government mandated. Wide we go to paris as a country and prostrate before the rest of the world . Charles america should play some role in reducing pollution around the world. We are the United States. We are leading on these issues through actions, and i was, paris are present in agreement that puts america last, not first, we need lets have a paris to pittsburgh the decision, bring the world to this country and say look at what we are doing to reduce our co2 footprint, that is what you need to do in china or india but that is not what parents are presented. Paris represented a situation where china and india didnt take any steps to address co2 well we frontloaded because contracting our economy, 2. 5 trillion in gross to mister produc charles thank you very much. Jpmorgan chief jamie diamond saying he wont about the pressure from his shareholders. Whether investors like it or not. More varney after this. Charles you see donald trump, joint base andrews hitting 2 marine one, giving at the Graduation Ceremony for the coast guard carried out live as well, donald trump very busy day, busy week for him as well. Now this, jpmorgan ceo jamie diamond sticking with donald trump, quote, i believe he is a pilot flying an airplane. We are trying to help, i would try to help any president of the United States because im a patriot. Steve court is still with us, what are your thoughts . He spoke exactly correctly, he is a patriot, clearly puts America First. Of america does well jpmorgan is going to do well and jpmorgan employees and shareholders are going to do well. Im proud of him that he stood up to Political Correctness and said wait a second, we all have an interest in america succeeding and had a decade of mediocre growth, we have to break out of that for the sake of all americans and the only way to do that is to get legislation through in washington. Charles a lot of big time ceos getting pushback. Our last check of the futures, it will be a tough opening for the market, down looking down 170 points, the opening bell just moments away. Nsimist. Inflammatory substances. Most allergy pills only block one. New Flonase Sensimist changes everything. I count on my dell small for tech advice. With one phone call, i get products that suit my needs and i get back to business. Charles breaking news to republican senator tom tillis of North Carolina collapsed at a race in d. C. This morning. He was taken away by ambulance. The sender was seen on the round being given cpr by bystanders that he was survived in breathing on his own when he was taken away. The opening bell just moments away. It is going to be a tough one for the market. This may be one of the biggest gala opening to 2017, looking as much as 170point. This after the latest barrage of accusations against the Current Administration and the Mainstream Media appear to be having a name that on the stock market to a degree. The anxiety levels ratcheting higher. People wondering about connection to this in the trump economic agenda. Mitch mcconnell said a lot tougher. This is the anniversary of the new york stock exchange. What anniversary is the . 225 years all started under the button witchery. Lets look at the biggest big board. Procter gamble, walmart at a twoyear high in part because congress probably reject in a border adjustment tax they out to the close. Target reported as expected. Not as much as people thought they would. Turn in one of the strongest sections in a long time. Retailers in general hoping to make up the difference this time in the wholesale market. Urban outfitters now working. Amazon now taking orders for tv said the boy system of flex. It is also considering cricket matches. And now apple is set to announce updates. Also looking to offset competition from microsoft. Joining us now, and steve cortes, keith fitzgerald, let me start with you. Investors, we talked about this earlier. The fact we came along way and a a relatively short period of time. The degree of drama and what it could trigger here for the stock market out of d. C. Again, ive been very bullish. Or the near term, this market needs to take a rest. Theres a lot of hurdles in washington. Its not so much way to century. Its much more but she mentioned with Mitch Mcconnell and assure republicans on capitol hill who have not fully bought into the trump growth agenda. And they had to encounter some talk about revenue neutrality, they are being penny wise and pound foolish. Her main street and wall street. It is correctly taking a pause here. Liz more swan people that are drowning. The mojo from the trump election. You know its interesting as corporate profits are still coming in strong. Interest rate environment is so good. Companies like amazon keeping inflation low, to let Market Forces as well. Ashley the markets have more time to focus its going on in washington. He still has the big names. Ultimately we are through the bulk of them. They were pretty good. Now its time to focus. Charles but my question numbers come in may find out this is corporate profit. Weve got something important. Not just earnings growth, but revenue growth. Back to me is really important. Lets go back to target. Sales fell 1. 3 . Sales were down less than 2 . A lot of these guys down 4 . Good news out of that news. What else is going on here . Retail ice age is alive and well. The situation with all of it walmart, nordstrom. It reminds me see goes fishing for crabs after the fishermen have left. Thats a battle shaping up for investment dollars. Steve, its obvious brickandmortar retailers in a lot of trouble. Is that a reflection on your mind on the rest of the consumers . I dont think so. I sure hope not. At least for the data proved there are some companies that compete with walmart. A lease for this quarter. When i was heartened by a chemist asked me to rest here. I really do. I was also heartened about the underlining. I was the fastest monthly growth weve seen in three years. Despite what the Mainstream Media wants us to believe in washington and utter disarray on the ground. Forget about washington. Look at waco. You can see it is in disarray, right . Look, disarray on the hill. The trump agenda if theyll get the bat phone, if they get inside on capitol hill, the trump agenda will go through this year and the benefits will be unbelievable for our economy in 2018. Charles some of those folks saying they are exhibiting back on by not sifting to keynesian policies are adding back to the economy after complaining about that for years. I get your point. We need to keep this all going. Either way, talking about retail. The outlook for Department Stores is even worse than thought. In the report says well see hundreds of malls closing because of more earnings. Yet from a 50 study i saw recently. 50 of the Retail Shopping malls in America Today are darker used for purposes other than shopping within a decade. That is a really commit billy stark number to me. Ashley nine retail bankruptcies this year. This is as many as all of last year. Part of the problem is of course ecommerce. 90 of apparel sales have been a brickandmortar, but theres definitely a case of we overbilled them all, overbilled this place is way too much if not a good ecommerce its all coming to bear. Dream for Internet Sales have quadrupled while Department Stores are off by more than a third i think. Charles kristin waco says mall traffic came to a stop in 2010 and shot 50 in three years and hasnt stopped dropping. Listen, weve overbilled. They grew twice as much as population. This is what we would call some serious damage being done. We do have some bright spots including Mortgage Bankers association reported in foreclosures now have fallen to a 10 year low. They say the jobs in higher wages. What do you make of that . You know, if that number is right, i think its great. I take those things with a grain of salt. What i want to see is millions of americans getting to work at higher wages to his feet a couple cooperating sources of information on that. Charles you brought up industrial protection. I spent an hour looking through those numbers last night. Its remarkable that its not being reported. A lot of good news including this is. Steve. I think one of the problems they raise the Mainstream Media doesnt want to pick that up because it speaks well of the president , which im glad he did and he can speak directly to 29 Million People of one. Back to housing, on a related topic, home depot yesterday just crushed on earnings. Another alltime high since the election into yesterday. Ive been an amazing 29 . Something very real is going on in the housing market. Very positive among consumers could also reflect lower delinquencies and foreclosures. The kindling is fair. We just need tax cuts in this economy is going to ignite. Charles lets check on the big word. Open for seven minutes at the dow off the lows of the session close to losing 200 points, the very early in the session. The data negative, s p negative. By the way, the month of may now negative. Nasdaq has been a juggernaut, but even in the red. Dont forget about oil. A big round earlier in the week to install to the 50 mark is going to be key resistance. Nevertheless, much higher on the anticipation that opec production cuts continues with russia and saudi arabia. Check this out. That profit in the First Quarter sales beat investors. Much better than what investors thought. Jackinthebox coming same thing. They be asked to haitians for the year. Nevertheless, the stock making a huge move to the upside we are going to restaurants. Again, reminder that the mall of America American eagle almost 8 . I was a hot, hot stock a decade ago. Tech is still hot. Apple reportedly announcing three new laptops at a conference early next month. Apparently they are trying to keep up with microsoft bear . You know, that is the gist of this. This doesnt make sense to me stuart choose, charles. Charles dont worry about it. Its returning tomorrow. Microsoft is not the marketshare to merit apples time. His got to be something else. What they are looking for is to cut off microsoft here. I cant see doing just laptop for laptop safe. Charles maybe the cannibalization. Last one. Senate majority leader Mitch Mcconnell saying the gop wants tax reform. Its going out to be revenue neutral to get through the senate. Let me start with you, steve cortez. The republicans with no political will. Mitch mcconnell saying my man, we could score these things through dynamic scoring, but they must be revenue neutral. Is he mixing the point . Hes completely missing the point. He is missing the point of donald trump which is bluecollar workers in the midwest who have not had a pay raise in decades. They dont care about nearterm deficits. The only way we cant possibly get out of the debt situation we are in through spending cuts. Simply not enough because no one will touch entitlement. Tradeport they want tax reform, theyve got to get through the lower threshold. To avoid a filibuster. It is not to be permanent. But permanent anyway in washington d. C. They can do if they won both in the only way longterm is if mitch mcconnemcconne ll is serious about that is if we really start growing again. Were not going to do that until they get washington. Charles and also to steves point, a lot of republicans would like to see some spending cuts right now. It is tough to turn on a dime when he said the worst thing happening in our economy is deadbeat at 20 trillion. Lets look the other way for the next couple of years. Well, youve got a very good point, charles. Why dont they take the microphones away from these guys. Theyve got all these committees will again and do something. This is that the people, not by the people. Certainly not for the people. At the tc basic economics and figure out why you need to do this and then have a discussion. Treat to see, keep coming, keep coming youre the best. Thank you for spending time at the period twitter cofounder biz stone returning saying his focus will be to guide twitters holster. Will that actually help the company make money . Well discuss that. The left continues its attack on the Trump Administration. The latest target from fcc chairman protesters actually showing up at his home in virginia on thursday. We look at his reaction to this right after the break. Charles all right, guys. Looking at the big word. Top 160 or pines. A rough, rough session thus far. Twitter cofounder in the meantime returning to the company. What does that mean for twitter . Right now the idea is twitter will have one of its original cofounders from 2006 to bring energy to really boost up the culture to make the overall product more approachable. While the user growth is better in the latest quarter, the stock has gone up 50 more since its ipo. He joins jack dorsey who left and came back to it sometimes when you create something and you handed off, youve got to come back to the people who created it to really get the statues that it means. That the idea behind this one. The big stone returning to twitter. Charles thank you very much. Protesters demonstrated outside the fcc chairman ajit pais home. They were attacking pai first is that internet regulations. Shaking off criticism by poking fun at a few of a few of them being tweaked to scott. Some of the comments are really at this. Take a listen. Freedom gain 1776. Ajit pai, go back to africa were you came from. Do you even english, bro . Ajit pai is another fascist who needs to be apprehended and put against the people. Youre not going to catch me if im back in africa, are you . Isd the indian people. Hes an embarrassment from nonwhites. His behavior kissing white as. As a conflicted brown man, i was on the fence but when you put it in allcaps, you persuaded me. Charles ajit pai joins us now. I love that you read those out. Its always great to hear how it sounds going from twitter to the spoken word and the hypocrisy of it all. Share again with us a little bit more of the hypocrisy and the vitriolic anger aimed at you on such a personal level. Well, it has been pretty picture all at your dose or some of them are pg13 tweets that were found. I understand people are passionate about the issue. My goal is to focus on the facts and law and has a simple as possible. Thats why put out the video. I had a little bit of fun doing it. Charles it was fine, but also sobering. Once they get around the idea that it was great on your part to be able to handle this in such a way that theres something ugly going on in this country for a long time. Youve got to wonder where prayer that you can turn it around. Absolutely. I go back to the speech was an obama gave where he talked about stability. The basic point he made their remains relevant today. People can disagree on Public Policy issues without being disagreeable or certainly violent. That is the spirit which we think that not Public Service throughout my career. Its something i hope the American People embrace as well. Charles lets talk about what you see for the fcc. Theyre spent an enormous amount of pushback made already. Its going to people who are really sure why this is the best way to go about the job and why this is actually helping or making america better rather than some nefarious acts that only can halt rich republicans. A great question. The bottom line when i talk to American Consumers do not talk to his folks. They told me that they want better, faster and cheaper internet. They want more competition. The socalled Net Neutrality title ii regulations based on 1931st utility regulation tickets in the opposite direction. They make it harder for companies to build networks in rural america. They contribute to the digital divide. The basic message is both, the more heavily regulate something comes the less likely you are to get something. In this case we want to return to the light touch could thereve regulation to produce the economy to the envy of the world. Thats not a radical step in my view. Charles lives, ive got to ask you about the turmoil in washington. It is getting crazy out there. Not a lot of full pro support for some of the Establishment Republicans for president tribe. Does this mean his economic agenda will be stalled on capitol hill . Im not sure about the issues beyond the fcc bandwidth, but when it comes to things like infrastructure, seems there is no republican or democratic position at least when it comes to Digital Infrastructure in particular. Ive yet to hear someone say internets this is a republican issue or democratic issue. Members on both sides of the island members of congress seem interested in working with the administration and the need to move things forward. I remain optimistic, perhaps naively so that we can reach a deal on ways to deliver Digital Opportunity to millions of americans. Charles looking at how some of the countries in the world ahead of us but theres that too access to the internet, i applaud the work youre doing and i think it will help the very poorest and the most disenfranchised folks out there. I think you should be applauded for it. I appreciate that there is something i care about a lot. I believe every american deserves a shot at ss in the digital era. Its harder to achieve if you dont have Internet Access with nextgeneration technologies. Tree into ajit pai, thank you in thank you for being a good sport about it or theres a lot of anger and animosity out there. We appreciate your time. Im grateful for the kind support. Charles check this out from washington d. C. Protesters outside the Turkish Embassy. A fight breaks out. Nine people injured, to arrest good reason why they are fighting . We will tell you right after this. Here comes the fun with seadoo. Seadoo has the most affordable watercraft on the market. Starting at just 5,299 and get 0 percent financing. Visit seadoo. Com today. Wont replace the full value of your totaled new car. The guy says you picked the wrong insurance plan. No, i picked the wrong Insurance Company. With Liberty Mutual new car replacement™, you wont have to worry about replacing your car because youll get the full value back including depreciation. Switch and you could save 509 on auto insurance. Call for a free quote today. Liberty stands with you™. Liberty mutual insurance. On mattress firmness . Fortunately theres a bed where you both get what you want every night. Enter sleep number and the semiannual sale going on now. Sleepiq technology tells you how well you slept and what adjustments you can make. She likes the bed soft. Hes more hardcore. So your sleep goes from good to great to wow only at a sleep number store. Oh, and right now its our lowest price ever on our temperature balancing i8 bed. Save 700. Go to sleepnumber. Com for a store near you. Charles check in the big words. That might be of might be a low session number 192point. Selling begets selling. What this all day long. This could be one ugly day for the stock market. We do have breaking news right now. Speaker paul by the gop leadership or the weekly news, rants a single talk about tax reform and address the latest avalanche of headlines regarding fbi director james comey in what may or may not have happened. In washington d. C. , youve got more. Ashley turkish president erdogan was in washington d. C. To meet with residents from. This broke out outside the ambassador in d. C. Protesters against erdogans policies in d. C. Were attacked by supporters. Allegedly some of those were a Security Team of mr. Erdogan Security Team. You can view some of those people dressed in suit breaking through Police Barriers and attacking those people protesting against the turkish president. 92 arrested. And weve had been hit, too. The administration in turkey has taken a very, very hard line. A lot of people after the failed coup attempt and it is a very hostile environment. The reaction as you can see allegedly from this audit guards are turkish bodyguards. And they bring their form of Political Science here to the u. S. Trying to do these guys come from the Diplomatic Community . Otherwise there should be some arrests in d. C. Right now. Police are not saying very much. They are trying to figure out. To me its clear what the video shows. Nine injured, two arrested. Charles im not sure how confusing matters. Go to the hospital asked a few people who got their head bashing because they were voicing under the First Amendment. Gridlock in d. C. Might finally be hurting your money. Tax refund, replacement upon the care, building infrastructure. All that stuff is all. Well hear from the gop leadership im not in the next w halfhour. H my blo in the next halfhour. With onceweekly trulicity. Trulicity is not insulin. It helps activate my body to do what its supposed to do release its own insulin. Trulicity responds when my blood sugar rises. I take it once a week, and it works 24 7. It comes in an easytouse pen and i may even lose a little weight. Trulicity is a onceweekly injectable prescription medicine to improve blood sugar in adults with type 2 diabetes when used with diet and exercise. Trulicity is not insulin. It should not be the first medicine to treat diabetes or for people with type 1 diabetes or diabetic ketoacidosis. Do not take trulicity if you or a Family Member has had medullary thyroid cancer,. A1c and blood sugar numbers with a noninsulin option, click to activate your within. Ask your doctor about onceweekly trulicity. David any minute now House Speaker paul ryan and gop leadership will address reporters. Can they get health care and taxes done despite all the controversies . Forefront at fight of ms13, the gang responsible for wave of violence throughout america. Many of its members are actually illegal immigrants. Remember lois lerner . She was the irs executive at center of a scandal where tea part groups were targeted by the white house. Learner is afraid to testify in the case. She is afraid for her safety. Well see one of those groups that were targeted thinks about that im charles payne. Stuart is back tomorrow. Were expecting a lot of big news this hour. Varney company continues. Charles well as we await speaker paul ryan, lets check on your money. Just a moment ago when the dow was off 180 selling begets selling. Were witnessing that. Markets at near alltime highs, all major indices including the dow, giving a lot of it back. You will see folks dumping out of stocks, particularly profitable positions as anxiety levels continue to climb. One area of interests are the banks. Theyre getting hit the hardest. Of course the banks hoping that the trump agenda gets through, either the removal of doddfrank or certainly, major, major changes in doddfrank. Bank stocks under tremendous amount of pressure. Led the way early in the year, now leading the way down. One safe haven has been gold. Found support, has been strong, up 21 points, up almost 2 percentage points. Oil getting a break this week. Dont forget very important read on inventories later this hour, that will makeorbreak the oil session for today. The New York Times meanwhile, in a leaked memo, theyre claiming that President Trump asked comey to end the flynn investigation. Now of course questions about hold on one second, guys because paul ryan is stepping up. So good morning. Im kevin brady chairman of the ways and Means Committee. The American People have made it clear they want washington to solve big problems and fixing our broken tax code is at the top of that list. For the first time in 30 years, the house, the white house and the senate are all now committed to leading on this issue. Were taking action on progrowth tax reform now because its time to end the special interest loopholes, it is time to deliver fairness for all taxpayers. It is time to lower taxes for all americans on every income level. Time to cut the skyhigh tax rate on businesses so that american headquarters and american jobs no longer move overseas forbetter deal. Time to end the death tax. Time to level the Playing Field for american manufacturers and make america more competitive. Time for tax reform that creates over a million new jobs and helps americans keep more of their hardearned money. Time for wash to lead on the issue now thats what were doing. Tomorrow ways and means republicans will hold a major hearting on tax reform related to growth of jobs, wages and the u. S. Economy and we encourage all americans to tune in, thank you. Good morning. First i want to thank chairman brady and members over at the ways and Means Committee, thank you very much, kevin. This hearing will be the opportunity to examine how progrowth tax reform will help us create jobs and grow our economy. This is something i heard about last week as i toured businesses in the first distribute in wisconsin, talking to Small Business leaders. Everywhere i went they talked about how our tax code is a source of constant frustration and it is clearly time for a change. For us, for the Trump Administration, this means lowering tax rates for hardworking americans. Simpler tax code so families fully and finally understand their taxes. Slashing business tax rates so businesses can compete on a level Playing Field. Encouraging companies to create jobs and make things here in america, rather than overseas. And re Revenue Service so that it actually works for the taxpayer, not the other way around. This is how we create jobs and reach our economic potential as a country. So were looking forward to this hearing tomorrow. Were looking forward to moving forward on this legislation. Remember, it has been 31 years since we last reformed the tax code. It was the year i got my drivers license. The opportunity like this come around only once in a generation, so if were serious about letting americans keep more of their paychecks, if were serious about bringing jobs back home, bringing manufacturing back home, then we have got to reform this tax system and seize this moment. Thank you. Good morning, everyone. Welcome back. As you heard from chairman brady and from the speaker as the continue to work about creating jobs in america and growth for all americans in ways and means, also on the floor we have other bills. John f. Kennedy proclaimed this week as National Police officers week. We all owe a great deal of debt to all our officers who work every single day not knowing whether they will come back or not. We share in the rewards from safe streets, neighborhoods, the lives that we live charles gops leadership, speakers continue. We heard first from chairman brady who laid out all of the commitments and ideas that they liked to sell to the American Public. Paul ryan jumping on that talking about frustration. I found it interesting, he said for us and for the Trump Administration which i thought they were all together but equally frustrated there. It is pretty clear both this meeting here and almost every time we hear from gop leadership they keep complaining about message, perhaps their own messaging trying to get the American Public and perhaps theyre own members. I want to bring in democratic strategist doug schoen into the conversation along with tammy bruce, fox news contributor. I will start with you, doug on this. Sure. Charles feels like now every time we hear from leadership, republican leadership, particularly the establishment types, they tell us everything weve known already. They tell us things that were bullet points. I may, as a casual observer, i would say thats why we elected you. Thanks for reminding me why we elected you, but will you do next. I was listen, i heard those talking points, eight, 10, 12 times, their credibility rings hollow as they get repeated without a legislative or political strategy. I think i agree with you. Charles tammy, seems like a red flag to me, when paul ryan talks about his frustration and the administrations frustration. Always feels like he is running a dual pair almost government, that doesnt seem like he is on the trump train as much as running alongside of it. His ideas must be also appeased or put into the mix at all times. They dont want to at least give the impression theyre part of the Trump Administration. I think even Mitch Mcconnell, the Senate Leader know noted what was happening in the white house was harming the gop agenda. That is the front of the gop agenda. They have got to be working together. If we take anything from this, it is the fact that there is not any sense of unity and it is people speaking against one section of what should be the whole are the problem. Liz it isnt lack of leadership. You need a sam rayburn, who was so good getting People Unified or tip oneill unified. Almost like day and age ever social media and tv theyre more worried what they say on camera than what they do behind the scenes to get the agenda pushed forward. Charles paul ryan said these opportunities come around once in a lifetime. Perhaps those kind of leaders come around once in a lifetime, doug, to get bipartisan leadership that understand what is at stake and put aside ideology for a moment to come up with things that help the American Public. Does that exist in d. C. . That is what i believe and saying on this program and other programs for a long time but the simple answer it doesnt exist. We have no bipartisanship. Well pass, if it passes a Health Care Bill with little, if any democratic support on taxes, the republicans want to cut taxes across the board. The democrats want to raise taxes. Charles pox on both houses or specifically one party over another . I would say a pox on both houses. Theyre good and bad in both. The fact they cant Work Together means the we the American People lose. Charles in this case, tammy, republicans have white house. They have the senate, they have the house of representatives. I think this is what is making more frustrating for a lot of voters out there who gave them this opportunity. We for a long time, voters are looking as parties as separate entities to commitment to idealogical framework. What were finding, why i think President Trump is the president because the parties are just now one element, it is bureaucracy. There is no real, i would argue not even a real partisanship anymore based on idealogical reasoning. It is about maintaining the monster. So that, this is in their interest, maintaining structures that exist and, so you can have a congress and a white house with same party, but as with mr. Trump, a desire to really change things, and entity that doesnt want change, that now is the conflict. Liz will the swamp people drown the animal spirits with he saw in the market, the postelection mojo . Will there be a Market Correction . We know august is always a rocky time for the markets. There is only i think month 1 2 or so for the house to be in session to legislate before they go on recess. Theyre pushing it. Charles to your point, may, june, july. Liz 43 days. Charles not a lot of time, doug. Democrats in the meantime seem to sitting back sort of enjoying this if you will. Charles, the resistance, i think probably everybody here i watched secretary clinton last week and when she announced her organization was antitrump, and quote, proresistance, i was listening, i said to myself, tammy, i asure you would agree with me, i heard this during the campaign, and reprise of a broken record. Liz there is vacuousness there. What is your policy ideas . Zero. The democrat stewardship of markets an economy, not so stateoftheart or pictureperfect. It was about spending u. S. Taxpayers money. They treated emergency measures as permanent growth measures. Chucking more money. This new pac, sort of organization, sign of two things. There is no leadership recognized in the democratic party. The focus remains stuck in the negative of being what youre against, what youre trying to stop. Theyre doing that because there is nothing to promote. Even the democrats are recognizing that. Ashley they have learned absolutely nothing from their crippling election loss. Exactly. Charles where do we go from here . The clock is ticking, tammy. Hold on, paul ryan may answer that question. I dont think so, probably. Dont expect an answer. [inaudible] yeah, well secondly do you still have the same level of confidence you had on Inauguration Day . There has been a lot of reporting lately. That requires close examination. Let me tell you what i told my members this morning. We need the facts. It is obvious, some people out there want tomorrow hammer the president. We have an obligation to carry outour oversight regardless which party is in the white house. That means before rushing to judgment, we get all the pertinent information. The House Oversight and Government Reform Committee is appropriately requested this memo. And im sure were going to want to hear from mr. Comey, if this happens as he allegedly describes, why he didnt take action at the time . There are a lot of unanswered questions. What i told our members is, now is the time to gather all pertinent information. Our job is to be responsible, sober, and focused only on gathering the facts. That is what congress does in conducting oversight of the executive branch. [inaudible] i will leave it to the committees that are doing the investigations. Just remember, there is an investigation occurring at the fbi. There is an investigation in the house and there is an investigation in the senate. We have three investigations going on. Im not going to micromanage or armchair quarterback investigations but the point is this. We cant deal with speculation and innuendo. There is clearly a lot of politics being played. Our job is to get the facts and be sober about doing that. Yeah . Speaker what about the political impact . Your members on the ballot in two years. Do you worry about many so of the drip, drip, or some of these controversies having impact on republicans . I dont worry about things outside of my control. I worry about things inside my control. Whether or not we do what were elected to do, solve peoples problems. That is the other thing i would like to make. I think people in america turn on the tv, they think this is all that is happening, this is all were doing and all were discussing. That is just not the case. I want the American People to know were busy, hard at work fixing their problems. You just heard from the chairman of the ways and Means Committee talking about moving down the path of getting comprehensive tax reform done because we know that is really important to unlocking Economic Growth and competitiveness for american companies. The point i want to make, you heard me say this he have about, were going to walk and chew gum at same time. Well coop doing our jobs. Well keep passing our bills and keep passing our reforms we were elected to advance while we do all the things in responsibility. That is what well be judged in 2018. Did we make peoples lives better . Did we solve problems . Did we fix problems people are confronting in daily lives. That is what matters most. That is how well be judged. Your ambitious agenda have you considered or identified what the point would be where the trajectory of the white house is unsustainable to try to get things done . The last thing i will do is prejudge anything. Im a person who wants to get the facts. That is our job to be sober, be dispassionate to get the facts and do our jobs, follow the facts wherever they may lead. Want to go to the wisconsin guy. [inaudible] exercising more independence from the president. How do you respond to that . We have two investigations in Congress Going on with all things being russia. We have another committee, oversight and Government Reform Committee just now requesting these documents. There is plenty of oversight that is being done. What we dont do is try to meet the facts within some 24 hour news cycle. What we do is dispassionately do our jobs, make sure the investigations follow the facts wherever they may lead. That obviously takes some time. I will say just one more thing. There is an fbi investigation going on with all things related to russia, done by career professionals at fbi who will continue to be career professionals. Acting director just said the other day no one tried to impede that investigation. So a lot of work is being done. That is the proper role of the legislative branch in conducting oversight of the executive branch. Were not going to be trying to play to the crowd or try to meet timelines. Well do it the right way and follow the facts wherever they may lead. Is it time for independent committee . Do you still have full confidence in the president . Charles there is speaker ryan taking a few questions from the press. Right off the bat he was asked does he have same level of confidence in President Trump he had during the inauguration. I find it amazing that the answer wasnt a flat yes. In other words we heard a whole lot amounted to me gibberish, talking points, same talking points all the time, letting investigation go on and fixing problems and advancing reforms but no fullthroated support for President Trump. Doug schoen, as democrat, when you see that, what does it make you think . Oh, very simple, if the other side is selfdestructing stay out of the way, keep your mouth shut. Charles tammy, he is speaker of the house. Do you have the same level of confidence in President Trump that you had on Inauguration Day . It is either yes or gibberish. This is why every other major gop candidate failed during the primary season because thats classic gop positioning. They dont take a position. Theyre not passionate. Theyre afraid of their own shadow. They, look, paul ryan has never liked trump. He has never had confidence in him. They all remain bitter and angry over the result of the election. But again, highlights, in a way, two separate parties. It is that President Trump is an independent and youve got the republicans. And americans have to recognize that. They do. The Republican Congress got a boost almost double in the Approval Rating when President Trump came in but their numbers have gone down exponentially again as well. So we recognize, when the American People see that it is a word salad. We know what is going on and we dont like it. Ashley my question, charles, listen to what tammy is saying, what is going to happen here . A party conflicted within itself. You have the House Speaker, republican, not particularly fond of the president , theyre trying to get through health care. Turns out theyre not on the same page there. We dont know about tax reform. Infrastructure we havent got eninto that yet. Is this going to be the next four years of the infighting where nothing gets done . When we talk about the reformation or change donald trump wanted to do, no one was going to give that up. No one was going to give the country easily back to the people. This is part of that reformation. We knew he would be resisted. Ashley sure. This is what the conversation has to be though. I have a column in Washington Times how the Communications Team at the white house has to be turned out. This is where President Trump has an interest. Charles you want a new communications . Complete department change. Charles any names . We know name here at fox, our sister station, fox news has been brought up, kimberly guilfoyle. Tammy, would you be available . No, thank you. That definitive . This is about the narrative and how you have this conversation to the American People to make sure that things are getting done. President trump, that is the heart of what is going to be able to move his agenda, in the midst of this kind of internet seen trouble. Charles we saw when president obama pushing through his agenda, even obamacare, a lot of democrats fell on their political swords. Good point. Charles soandso falling on his political sword to advance president obamas agenda. Correct. Charles why cant republicans some cases okay, this goes against some of my beliefs but this will empower our president to push through the greater agenda . I think that is what happened a week or so ago with health care. I think a lot of the members who supported the revised bill had deepseeded concerns about the cuts in it, particularly medicaid and they fell on share swords. Well see if it is fatal. Charles well let you know if tammy throws her hat in the ring. Keep me posted. You will be waiting. Charles check on the big board, because this is a real tough start for the market. The dow off 218 points. Down as much as 230 points. No real Leadership Today and a lot of anxiety. Coming up, retailers, they already announced plans to close hundreds of stores. A new study shows that will not be enough. Well dig deeper into that next. Are allergies holding you back . Break through your allergies. Try new Flonase Sensimist allergy relief instead of allergy pills. Its more complete allergy relief in a gentle mist experience youll barely feel. 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. New Flonase Sensimist changes everything. 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. Charles shares of Financial Companies now leading the losses today. You see them on your board there, down big time. Big tech also dragging down the s p as well. Of course they have had one heck of a run. Information not escaping todays carnage if you will. Check this out, negative headlines, impacting President Trumps ambitious agenda. Now the Trump Administration, fundraising asking for help to drain the swamp, quote, there are people within our unelected bureaucracy that want to sabotage President Trump and entire America First movement. Continuing quote, we have no choice but to completely drain the swamp. President trump already started cleaning house but every day will be an uphill battle. We need to be prepared to go into the trenches to fight back. Tammy bruce, your reaction to that . This comes after the amidst of the stories about the comey firing. All of this on the 16th yesterday, midst of socalled memo whether we know it exists or not. This is reminding to people as fundraising letter the president already filed to be a candidate in 2020. So there is a big Fundraising Efforts going on. This is important message. What his base expects him to do. We expected him to drain the swamp immediately and all of it. Seeps to at least the base, theyre reinforcing that message that is either going to occur or they should expect it to. That is what, we at least give him credit for. Theyre not backing away from the fact that clearing out effectively a rats nest is something theyre still focused on. Charles it will take herculean effort to drain the swamp. Some money is being used already. We are seeing commercials telling economic achievements and agenda achievements, you dont hear them on the Mainstream Media. I remain an advocate, before he goes to the foreign trip with everything going on the oval office is an incredibly important environment. President reagan used the oval office in small addresses regularly, most often than most president s. In that environment have a 10minute address to the nation say look, here is what im doing. I know you have been hearing a lot of stuff. Here is what we accomplished. Here is what i do overseas. Made a huge difference to the American People. Charles same as press conference or fire side chat. Fire side chat. Address with him at the desk. When he had that state of the union address, people loved it. Charles sure. He can do that from the oval office. That is his office. And he should. Charles coming up, ms13 running rampant on long island. Suffolk county sheriff says as a result of president obamas lousy policy. He will tell us what is being done about that next. Trumps Economic Advisor gary cohn heading to capitol hill to meet with the tuesday group. Can they still get everything done with all the distractions and their own political agendas next . Charles happening now, the president arrived in new london, chemical cut. He is there to speak to the United States Coast Guard Academy. He will be the commencement speaker. Well bring that to you live. Check on the big board, the dow starting to stumble taking out key support points along the way. Down 236 points. There is crude. Crude is having a pretty big week but it could change in a moment. We have the weekly inventory numbers. They will come out in about 15 seconds. Remember one of the reasons the dow had a good week because the oil stocks were able to rally after russia and saudi arabia said theyre willing to extend production numbers. Unfortunately too many rigs coming online in america. Lets find out what the number, are, emac . Liz it is down 1. 7 million barrels. 1. 75 million, so that is less than expected. They were looking for a drawdown of 2. 36 million the point, sixth straight week of inventory drawdowns. Last week was the biggest drop of 2017, three times more than expected. To your point about u. S. Oil production, it is now almost equal to russias output and saudi arabias output. Still seeing slight bullish action to the upside in oil right now. Charles the sweet spot i would love to see, no pun intended. Thanks a lot. Turning to politics, earlier this hour speaker ryan saying this about advancing the trump agenda despite the controversies. Roll tape. Let me say this before. Were going to walk and chew gum at the same time. Well keep doing our jobs. Were going to keep passing our bills. Well keep passing our reforms we were elected to advance while we do all the things within our responsibility. Charles joining us congressman jim jordan. Congressman we keep hearing paul ryan and other leaders of the Republican Party tell us the same thing over and over again. Judging from the markets reaction during the press conference people are not convinced anymore. What do you say to that . I say we have to get back to work. Lets get the tax reform done. That is what the American People elected us to do. Lets get obamacare changed, repealed and replaced, build the wall. Do things they sent us here to do. I say we make the job too complicated. Do what the people elected us to do. Lets get focused on that. There is hearing on ways and means and work on that as we get facts about the comey firing and comey affair. Charles here is the thing. The checklist, we know the checklist. I think a lot of people can say it by heart but chairman brady gave it to us begin, the loopholes, fairness, helping businesses, death tax, level Playing Field, manufacturing, reform, all these things weve heard. This in fact why your party was propelled into leadership but yesterday Mitch Mcconnell said something that was really unnerving, and i think it got lost in a lot of news since then, for instance, revenue neutrality is something that must happen. Within your own party there is a lot of conflict, how is that going to be resolved . No. I actually frankly disagree. I think revenue neutral is fancy way the tax burden stays same. We shift around who pays what. Normally under that construct the connected class here in washington does pretty well but middle class gets short end of the stick. Im not locked into revenue neutral in tax requirement. What i think we should do, cut taxes so families keep more of their money. Create a tax code conducive to Economic Growth. Then cut spending. That is i thought what the Republican Party was about. Not well lower some taxes to add a whole new tax. What is talked about is the border adjustment tax. I dont think that is what republicans are about. Lets design a tax code to influence growth. And tax reform as art part of the whole tax proposal that the American People want to see as well. Charles to your point, Mitch Mcconnell saying the border adjustment tax probably wont happen, with two senators from a state where walmart has a influence. I kind of like that. I think its a tax on the middle class. To your point also, President Trump doesnt want to touch larger items with respect to the budget. Can you find things that arent necessarily, discretionary spending, enough savings there as we increase the military budget, as we do things like the government getting involved in child care, as we help inner cities, were bringing on a lot more spending. How do we find alternative cuts . You start with welfare reform. One of the things i hear from employers across the district, a conversation Something Like this, charles, in spite of crazy things that happened over last eight years with regulation, tax policy and obamacare, were creating jobs. We cant find enough people to work. Put a work requirement on welfare recipients, on tanf recipients. Snap recipients. If you get that, you have to get a job. That will reform save money and treat taxpayers with respect they deserve. And help families stuck in welfare and social will fair programs. That is something should be part of the tax reform as we move forward. Save us some money. Charles no doubt when Newt Gingrich and bill clinton got on same page we saw instant success, a pretty good run for our economist. Before i let you go, sir, the swamp, politicians, i sumos go there with the right intentions but it seems d. C. Must be so powerful because their on personal interests, their own personal wanting to get back into office to stay there, is that really, truly the biggest obstacle you face right now . I dont know. This is the way this town tended to operate. I always come back what do the American People elect us to do . Lets just do that. What did they send us here to accomplish . Focus on they sent us here to accomplish certain specific things we campaigned on. Focus on getting that done. The investigations that will take care of themselves, we get facts and make decisions based on facts. Donald trump was elected in the upper midwest, to do health care reform, tax reform, build the wall. Lets concentrate on those things, representative jordan, thank you very much. There is President Trump arriving in new london, connecticut. Will give commencement address to the United States coast guard. Well bring it to you live. He seems upbeat, ready to go. Beautiful day in connecticut. Not such a Beautiful Day for your portfolio but heck of a run right now. Oh, charles. Charles now this. President trump made it his mission to wipe out the violent ms13 gang. Listen to this. [inaudible] okay, we didnt get that together. Joining me now a figure who is becoming sort of central to all of this, sheriff Vincent Demarco of suffolk county, new york. This region is particularly hardhit by ms13. This sheriff cracked down from a federal level, obviously helping but before we talk about that, it is amazing to a lot of people, ms13, a gang that originated in central america, came up through california, texas, crushing, wreaking havoc on long island. How does that happen . Ms13 has been around a long time. Started in california, went to el salavador deported people there and overrun prisons in el salavador. The unaccompanied Minor Program enhanced by president obama, these young unaccompanied minors, some who were already ms13 in el salavador they made their way to communities in suffolk county. They have been extremely hard hit with the program, 4,000 minors, from honduras, guatemala, el salavador a lot of them were ms13 members, 4,000. Charles from what i read, the gang for all of their tatoos and butchery they commit, relatively sophisticated with strongming people, adoptive parent and others taking full advantage of the situation. They created something of a Conveyor Belt of new members, havent they . Yes. That we have unaccompanied minors who ms13 members in our custody at the county jail. We interviewed them all, multiple times to make sure they dont change their stories. What we found when theyre gang members in el salavador, to send reinforcements to the United States,wer concerned about soul folk county, theyre making deals with the cartels who control the border along the mexican side, southern border, they range for them to cross the border. Some come over as unaccompanied minors, turn themselves in. Others the cartels make arrangements to come across the border, train tickets mostly or bus tickets to come up to suffolk county. Charles sheriff, what is happening now . The administration is focused on your community. Jeff sessions obviously talked about doing a lot of things. I know that is welcome for you. How do you see things going from here on out . Attorney general sessions did come to speak to local Law Enforcement which was refreshing and it was actually a very productive meeting. Were waiting to see fruits of that. We take it a little time, we expect it to. Even Homeland Security secretary john kelly doing a great job. Homeland security investigations is working closely with us now too. They expand ad Gang Task Force they have. We put a gang investigator on that. Theyre really active as well now. Charles sheriff demarco, thank you very much. It is a tough situation. We appreciate you taking time to come to the studio. Thanks a lot. Charles there is new video sponsored by the e. U. Commission that depicts the as a fairy godmother and has a flying carpet. What is this all about . This is surprise to me what this is. My own paperwork here what were dealing with. Charles is this part of the apologetic nature of the eu, a lot of people think yeah. Charles this is why you have the difference. You may have Angela Merkel who feels like europe oweses it to migrants, where the people there are saying, hey, we spent a lot of money. We put ourselves at risk and maybe we shouldnt be a fairy godmother on flying carpet . People get upset with the flying carpet and stereotypical dynamic, but trying to weave in the notion the European Union is a gift. These are things youre entitled to. This is something for everyone. That, conceptually a fairy godmother is in most cultures. This is trying to get everyone to buy into the notion this is something that is good and that it is worthwhile for you. Then for a certainly the whole European Union it is all a big kumbayah effectively. Charles fairytales we all live happy forever after. The dow selling to the downside, down 244. Selling begets selling. Breaking key support points. Buckle up for the day. Irs executives like lois lerner say they fear for their lives. They say it is too dangerous to testify to congress over targeting tea party. Imagine that. One of those Tea Party Groups that was targeted responds. Think your Large Cap Equity Fund has exposure to Energy Infrastructure mlps . Think again. Its time to shake up your lineup. The alerian mlp etf can diversify your equity portfolio and add potential income. Bring amlp into the game. Before investing, consider the Funds Investment objectives, risks, charges, and expenses. Read the prospectus carefully at alpsfunds. Com amlp ashley listen to this fcc chairman ajit pai had protesters swarming his home this weekend, all calling for Net Neutrality. Charles asked him about it earlier. Roll tape. Charles it was great on your part to handle this in such a way, something ugly going on in this country and going on for a long time, and you got to wonder, pray we can turn it around. Absolutely. I go back to the speech president obama gave in tucson a few years ago, talking about civility. The point he made there, remains relative today, people can disagree on Public Policy issues without being disagreeable without being violent that is the spirit i embraced Public Service throughout my career. That is something i hope the American People would embrace as well. Whether youre after supreme performance. Advanced intelligence. Or breathtaking style. Theres a cclass just for you. Decisions, decisions, decisions. Lease the c300 sedan for 399 a month at your local mercedesbenz dealer. Mercedesbenz. The best or nothing. Charles take a look at the big board, the dow off 230 points. It has been a real rocky start for the markets in general and in participate for the dow. The losers there . You will see a lot of red on your screen, those stocks, financial names which are leading the way down today. They led the way up earlier in the year, particularly goldman sachs, the dow jones index. It has opposite effect going down. To the collapse of venezuela, president Nicolas Maduro out with shocking claims about the murders of opposition protesters. Ashley he went on liz went on governmentrun tv, saying protests happening in only 1 of the country. He blames the opposition, that the opposition and proterses are murder each other. Undercutting this fact that venezuela has strict antiguns laws. It has taken guns out of civilian population. Three years ago it had disarmament centers, telling civilians give up your guns. At the same time maduro has given one million guns believed to paramilitaries and his own goons to attack the peel of venezuela. Now there is a plea to the military, you have got to step in here. The Opposition Leader saying to the military, lets have common sense. Look what is happening to the venezuelan people under this murderous socialist regime. It is unbelievably bad what is going on down there. Charles soldiers are paid a lot of money to stay loyal to the regime. Is a tough one. Thanks a lot, emac. Two irs executives, lois lerner and holly passing their lives are in danger if they publicly testify about ongoing case against Tea Party Groups. A Tea Party Group is responding. Quote, if lois lerner and her ilk are allowed to hide like this, no public official will ever again be subject to public scrutiny. Continuing to miss learner, i say this, when your family has been subjected to harrassment to by the irs and federal government for years perhaps i will feel sympathy for you. We have true the vote president. Catherine, thanks a lot for joining us. Obviously not a lot of sympathy from you for lois lerner. A lot of people say she will become subject, perhaps she will become a target, even target of violence. What do you say to them . Look the bottom line, they dont want to be held accountable for what they did. Lois lerner is a prime example of the kind of example of bureaucratic deep state in d. C. They are unelected, elitist, power drunk mobsters who are targeting and abusing citizens because they consistently can get away with it and that has got to stop. Charles does her testimony have to be public . Would you be happy with something behind closed doors as long as it got to the truth and truth was revealed to the American Public . Do you think it is critical there is a face put to this, particularly because you were at the center of this storm . I absolutely think it is critical that we see whats going on. That this be held up to the light of day. They want to make this faceless. They want to make this impersonal. It was anything but impersonal. They need to be held to account. Citizens arent speed bumps. Charles what do you make of this, the idea that bureaucracy is so, so entrenched in washington, d. C. , that they make these decisions, never thinking about the human toll on the other side . Of course now, crying about the fact that maybe her life will get just a little bit rougher . Well, right. I mean, citizens are definitely at a disadvantage when fighting back against the government. It takes millions of dollars in legal fees. It takes years in a courtroom. So the odds are in their favor. It is time now that, when we have this opportunity, we push for transparency because it is the only way well see corrective action. Charles like you said, it is tough to push back against city hall, particularly from the federal government. I want to ask you quickly about President Trump signing the executive order to investigate voter tax fraud. Youre on record saying there could have been millions of illegal votes cast in the november election. So you applaud this measure by President Trump . Oh, without question, it is the cornerstone of our democracy. Weve got to know that our elections are he free and fair for all who are participating, and are eligible to participate but there has never been a National Look at the identity, residency, citizenship standards of our voter rolls. That should be a fundamental process that should be given priority. And it is, we havent lacked for technology or data to do this just been political will that has been missing. So im looking forward to seeing what that Commission Turns up. We stand ready to serve. Charles catherine engelbrecht, we appreciate it. Thanks. Charles to this, popular new netflix sear remembers and book, 13 reasons why, has been pulled from bookshelves in colorado district. Ash what is going on . Ashley the temporary ban lasted three hours. It was in mesa county, colorado. There have been a series of suicides of young people in the area. They started looking at the netflix series, 13 reasons why. Talks about a young girl that commits suicide and leaves behind tapes for people she believes contributed to her suicide. Critics say this romanticizes, that this is not librarians says free speech. It should be allowed. It is out there. We dont believe it should be banned but it has been controversial. Charles tammy . They had 20 copies at the library. 19 has been checked out. Even though the ban was short, only affected one. This is troubling but if this is dynamic they think contributing to it, why doesnt you have groups, have someone who handles the discussion about what this book is, why there is a problem, so that youre not iing this is the cause of suicides . Get some other charles we want to protect the First Amendment but it is troubling. Happening moments from now, President Trump delivers the commonsment address at the Coast Guard Academy at the 11 00 a. M. Hour. Hi, im Gerry Beckley and im Dewey Bunnell and together were the band america. Wed like to invite you to join us and many of our friends on the rock romance cruise. Too much time on my hands youll see styx in a special encore performance what a fool believes plus over will you meet me youll relive the 70s with the feelgood music and feelgood vibes that made the decade so special. Plus experience more than with rocks biggest stars. Well sail on the highly rated join the party and relive the era that made you feel so good. Come sail away the 70s rock and romance cruise more information go to rockandromancecruise. Com 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. Charles well as you all know stuart has been out for a few days. More want to know where he is. This from colleen. Where is varney . Did i miss him on vacation. One appearance in two weeks . Paris says, did stuart leave the show or out for a few days. I havent seen him on for days. Bring him back, exclamation points. The last one from joe, mr. Varney, have you been fired . [laughter] liz, we have to reassure the viewers, stuart has not been fired. Liz he is out kitesurfing off of cape cod like john considerry. Ashley my theory, he was with his family, his daughter got married, through the big wedding. I think he is recovering from getting the catering bill. Charles speaking engagements. Maybe that is where he is. Liz talking somewhere with his mcdonalds buck 50 coffee. Charles you remember how he apparently quit cnn . I dont think the audience will worry. If he ever leaves liz he will die in the chair. Charles three hours a day, every single chair, you must love it. He is a beast. He loves the news an loves his audience. Thank you all very much. Stuart varney will be back very soon. So new touch screens. And biometrics. In 574 branches. All done by. Yesterday. Banks arent just undergoing a face lift. Theyre undergoing a transformation. A data fueled, security driven shift in applications and customer experience. Which is why comcast business delivers Consistent Network Performance and speed across all your locations. Break through your allergies. Try new Flonase Sensimist allergy relief instead of allergy pills. It delivers a gentle mist experience to help block six key inflammatory substances. Most allergy pills only block one. New Flonase Sensimist changes everything. Charles here we go. Its 11 00 a. M. In new york. 8 00 a. M. In california. Heres what we have new this hour. Two big stories were watching for you this hour. Any moment now we will see President Trump give his commencement address to graduate the u. S. Coast Guard Academy and markets down, and theyre down big time. Before we take you to the president s speech, we have Florida Governor rick scott. Hes chairing a new super pac. The pac that has two ads. Theyre working to rebrand and reinvent the Republican Party. Youll hear from the governor on that in just a moment. The third hour of Varney Company starts right now. Shutting down opportunity. Today, were closing more businesses than we open. Its time for washington to open up our economy for everyone. People who work hard deserve the opportunity to get it done. Well, that was a clip from a new ad that the new republican super pac created. Thats the name of the super pac. The groups role, they would like to reinvent the gop. Joining me now chairman of that pac rick scott. Thank you for joining us. When i see that, i see something very well to power on many state levels of course in washington, d. C. So where is the rebranding part . Because i think you won that message already. Well, we need to continue to deregulate. We need to continue to open our economy. This closed governmentrun economy, unfortunately, we still have that. We have it at the federal level, and we have it at the states. We have 20 regulation in our state. So i want to take this nationwide and if were going to get this economy going, the biggest thing you can do streamline the process, and then i want to reach out to Younger Voters and reach tout hispanic voters. We had a lot of young voters in my two races, and we won the hispanic vote. I think the Republican Party should be the party for young people open economy versus closed economy. Open government, open choice in schools, open choice in health care, all of these things. Its a winning proposition. Charles i agree its a winning proposition, but i studied this for a long time. Other voter, other hispanic voter may be bombarded with different messages that last more than a commercial. Maybe they watch Stephen Colbert or whatever it is. The Mainstream Media has a lot of tentacles out there. How do you overcome that . To me, again, its a 22yearold just coming out of college and not necessarily trusting washington, d. C. But hoping that at least ive been told these regulations are whats going to give me a lift up. True. Well, if you think about the younger voter, you think about lyft and uber rather than governmentrun program telling you what your option should be. Republicans should embrace these things. You take the hispanic voters, they want to live the same dream we have. The dream is having an economy where its open to them. Where they can its not some regulation is preventing them from starting a business or being hired. In my two races, i did really well with hispanic vote. Romney god about quarter of the hispanic vote. I got about 50 of the hispanic vote because i talked about the things that were important to them, and thats the same message were going to take nationwide. Charles i think thats the key because a lot of folks dont know who they are with respect to political ideology because of the noise. But i do want to ask you another thing because right now theres a lot of controversy surrounding the white house. Speaker ryan saying, though, it wont stall President Trumps agenda. Lets listen to what he had to say just earlier. We have an obligation to carry out our oversight, regardless of which party is in the white house. Did we make peoples lives better . Did we solve problems . Did we fix the problems that people are confronting in their daily lives . That to me is what matters most. Were going to walk and chew gum at the same time. Walking and chewing gum at the same time. I dont know can Congress Really do it . They have the house. They have the tenant, they have the white house. What is taking it so long . Maybe i know expectations were high but can they truly walk and chew gum at the same time . They better. They have to. Look, theres always going to be chaos. They got elected to do a job. They got elected to turn this economy around. They got elected to fix health care. Theyve got to do do it now. Thats what we have to do at the state level, i have to do that every day. It doesnt matter whats going on. I have to solve problems. Congress has to show up and solve problems. You know, looking at car members, it says objects are closer than they appear. 2018 is probably closer than it appears right now. I was in business all my life. If you want to have a good quarter, do well every day. If you want to have a good 2018, do your job every day. They should show up, they need to Reform Health care. They need to replace obamacare. They need to cut taxes. They need to get rid of regulation. If you dont and do it today, dont think about doing it tomorrow. If you dont, it will be just like in business. Oh, i had a bad quarter because i didnt think about it every day. You should be thinking about it every day. Charles and getting it done. Thank you. Were down near the lows of the session. Liz sell off. Charles part of this is wary about all of that chaos in washington. I want to bring in investment ed. 280 points down on the dow is always a yellow flag but a lot of people concerned because this sell off is related to another news story that many people think can bog down President Trumps agenda. Yeah. Charles with thats exactly what this is. This marked moved up after trump was elected, and you call that the trump dividend. Well, that dividend is soon going to go back, and were going to get back to where we were and even lower than that if things dont get passed real soon. And all the people who are doing whatever they can to keep trumps agenda from taking place and having him implement this, were going to see this. We should call it the bear market. The schumer bear market. The media bear market. Whatever it may be standing in the way. And sometimes it can be trump himself getting in the way of himself getting things passed. But we had to have tax cuts at the beginning of obamas second term. This country is in such dire straights financially from the economic at some point of how much money we bring in and how much we spend, we have to get this done four or five years ago. We have no more time. Charles ed, though, there are positive signs, though, for the economy, including a new report now showing that the number of mortgages and forecast falling to a tenyear low. And they point specifically to the fact that there are more jobs and wages are starting to tick higher. Should we acknowledge and embrace that to a degree as well . Hey, ill acknowledge anything positive. Im one of the more positive people. But recently havent sounded that way, but i am. And when i see Something Like that, thats fantastic, and i hope it continues. A lot of people already refinanced at lower rates, and thats wonderful. And i hope, again, jobs continue to grow. We see wages going up. All of that is fantastic, and it will stay that way as long as we get these the economy going. And the only way were going to solve it, charles, and we talked about this many times is to get a tax cut going because thats the only thing thats really going to solve the problem in the economy. But happy as can be about the mortgages. Charles so tax cuts pushed off to 2018. Are you okay with that as an investor . No. Im not at all. You think it has to happen this year . Yeah. We not only do we have to get t this year, we have to get soon. Come this summer, were not going to get anything done and into the fall, who knows. But by the time this gets passed if they do address it, the years going to be over with. And, you know, then were going to start addressing of it next year, and it takes a while to see the positive impact of tax cuts. Its usually about a year, year and a half lag and at that rate, we cant afford it. Weve got to do it now. Charles ed, thank you very much. Appreciate it. Now after this, walmarts bracing for a new competition heading to the United States from overseas. Where is it come from, liz . Liz its coming from germany and wow. This is one big monster of a company. Ashley and i were talking about it. Its a german grocer. 20billion in national sales. They have 200 plus Stores Coming up as well they plan to build. Im calling this is called cleanup in aisle seven when it comes to profits. We were looking at this. Its about the size of the uae grocery sector. Food price desperation coming down last 17 months, longest stretch since 1956. So many in this space. Target, costco, amazon now in this space. Kroger had its biggest drop. Trish you cant go anywhere in europe without a lytle. Theyre like a walgreens. Theyre everywhere. Charles hey, check this out. The exxonmobil plant to invest about 300 million over the next ten years in mexico. Its going to launch multiple stations in that country that first will open in the second half of the year. Any thoughts on that, guys . Liz you have thoughts on that . Charles just had ge saying they want to expand in mexico. Liz yeah,. Charles i mean, as it does underscore the fact that we are really trish what does President Trump think about it . Charles were economically connected. Trish of course we are. Charles any moment now were going to see President Trump give his commencement address to the graduates of the u. S. Coast Guard Academy. Youre not going to miss it, so stay with us were on to you, diabetes. Times up, insufficient prenatal care. And administrative paperwork. Your days of drowning people are numbered. Same goes for you, budget overruns. And rising costs, wipe that smile off your face. Were coming for you, too. For those who wont rest until the world is healthier, neither will we. Optum. How well gets done. Charles and now this. The only woman ever to call network playbyplay in the nfl, she worked one game at the end of the 1987 season but theres about to another woman. Liz yeah, beth will be doing playbyplay announcing for a monday night nfl game between the chargers and the broncos. Joined by rex ryan. So this is the first time weve seen this in 30 years, a woman calling the playbyplay for an nfl monday night football game. Charles i think its going to be great. Its amazing it took so long. Now to this. A Restaurant Research firm is found that americans are now choosing mom and Pop Restaurants over chain restaurants. And apple metro ceo, and they run a ton of applebees in the metro area. Whats up . Theyre kicking you to the curb and going on for the mom and pop things. Whats going on there . Well, i dont know if thats right, charles. The traditional economy. The consumers changing so why wouldnt it end on the chain end of it as well . Were gathering. We have to reinvented ourselves in the chain business, and were doing that. We have tablets on tables. Weve got charles thats the point. Are you going to forsake the personal touch . No. No. No. Charles with tablets, with kiosk, you go to a small, mom and pop restaurant, they come out, shake your hand, theres a lot of people i in the city the chef make something for you while you wait. I support that 100 . But its not all the way left and all the way right. Theres a middle road; right . So as technology should be an aid and as it moves in, it gives the server more time to be friendly and warm if youre going to order on there and we dont get rid of servers, well have servers. They just wont have as many tables in their station. We have to operate differently. We have to change our model. Were figuring it out. I think we have figured it out, very frankly, and were morphing back. But this isnt new, charles. This past year in a lbo, red lobster was sold in private equity, fridays was sold to private equity, ruby tuesdays just put itself up for sale. They closed 15 of their unit u. Charles the best performance of stocks, red robin through the roof, jack and the box is doing well. So might be consumers are go in general. But its a tough price. Well, thats my quarrel with the obama administration. A real tough fight. Its not a fight. Its war. Theyre trying to eat our lunch. Literally. Charles literally and figuratively. We have to rework it and figure it out but the chain business isnt going away, charles. Charles all right. We have President Trump a couple of moments giving the speech to the u. S. Coastal guard. I want to ask you real quickly about mcmcconnell talking about the gop. He says tax must be revenue neutral. Right. Charles nothing is going to happen. What are your thoughts on that . My thoughts are its not a bad thought. Thats my thought. So the question is where does it come from . The president wants to do infrastructure. The president wants to do national defense. Hes got to figure this out. In the chain business have to figure out whos picking us apart one at a time. He has to figure out how to get revenue neutral because the reality is we cant just keep on charles what about his comments about getting the economy going and then coming back to address those other issues . It reminds me of the osterrity debate when europe was falling apart. How are you making money . We have to get closer to revenue neutral. We are so far on the one side, i agree. But thats trying to look around the corner because the reality is supposing it doesnt work. And theyve got to get closer and the big one, which no on ones dealing with are the entitlement. Thats the one where the where, like, were the big chains and the little guys are pulling us apart. The same thing applies there. The entitlements is the big one but how do you take something away from people that you already have . Charles yeah, well, we do understand that the bottom line this things are political. But at some point, someone will have to deal with them because theyre a good chunk. If anybody can, its the president because hes, you know, put your head down and plow through and somewhat apolitical. But someones got to be tellg him th to get it done, other than alienating congress. You know, the headphones connected to the thigh bone and the knee bone. So what you do impacts what you do there. It has nothing to do with the revenue neutral. It has everything to do with your relationship. Charles also probably should send some members of congress a memo saying President Trump won the election. In the meantime i want to check target because sales fell 1. 3 for the First Quarter and thats great news. In fact, this stock was up as much as four bucks, still hanging in there. A new private suite at Los Angeles International airport. You dont have to be famous to use it. But you have to have a lot of cash. Were going to show you the inside of it momentarily and of course were going to show President Trump give his commencement address to the United States coast guard acadey so we need tablets installed. With the menu app ready to roll. In 12 weeks. Yeah. The world of fast food is being changed by faster networks. Data, applications, customer experience. Which is why comcast business delivers Consistent Network Performance and speed across all your locations. Fast connections everywhere. Thats how you outmaneuver. Charles the rich and the famous can now get a letter r, a little r in r before flying out of los angeles airport because now lax has opened a private suite for wealthy travelers. Trish this is amazing. Made for charles payne. The people who are fed up with the paparazzi. The people who dont want to have to wait in line and just go into their private terminal. Thats what you get if you become a member of this private suite. It costs 7,500 a years but its 2,700 in service fees for up to four people. So you go into your private area, you can, by the way, call ahead for a free massage, whatever you want. A haircut, anything, its all free of charge. And then they take you by car like the president out on the tarmac and drive you to the plane, and then you get on the plane. Charles i hear you. Trish but theyve sold 1,200 memberships have already been sold. Charles have you serious . Trish yeah, you dont even you get in there, youve got your own little terminal, they drive you to the plane. Its the first of its kind in this country and apparently its catching on. So. Charles a lot of money out there. Check this out. A little bit different because what youre going to see is violent scenes outside the Turkish Embassy in washington, d. C. Turkish erdogan, several people were injured. Weve more details on that coming up. And the coast guard ceremony is underway. Any moment now were going to hear from President Trump give his commencement address [vo] when it comes to investing, looking from a fresh perspective can make all the difference. It can provide what we call an unlock a realization that often reveals a better path forward. At wells fargo, its our expertise in finding this kind of insight that has lead us to become one of the largest investment and Wealth Management firms in the country. Discover how we can help find your unlock. Charles violent protester erupting outside the Turkish Embassy in washington, d. C. Leaving nine people injured. Ashley, you got more. Trish yeah, this got ugly very quickly, as you can see. Theres a lot of video of this on the internet. It started with a protest against president erdogan of turkey who was in washington, d. C. To meet with President Trump. This happened outside of the ambassadors residence. Members of the kurdish pyd party were out there basically complaining about mr. Erdogans pocies in turkey and his very, very severe clamp down following the coup attempt last year. What you can see on the video, this one in particular it shows it very clear but there are guys in suits who visualize attack those people protesting. So you have guys in suits literally kicking people on the ground believed to be, according to some accounts, part of mr. Erdogan Security Team were involved in this brawl that was quite nasty. Charles wow. Thanks a lot, ashley. President trump set to unveil a trilliondollar infrastructure plan in coming weeks. But chaos in washington, dc, may be installing the agenda. Our next guest works on the initiative, all tech chairman and ceo, lee. Are you worried about all the news thats happening and all the question marks revolving about now the timing of President Trumps agenda . Well, first and foremost, let me give you a little background on the president S Manufacturing initiative. Its focused on four areas, beginning with deregulation, workforce of the future, infrastructure, and tax and trade. So the overall approach is to have Business Leaders from throughout the country work in coordination with cabinet members and the president in order to help push forward initiatives that happen help bring back jobs and help grow our economy. And were making Good Progress on those fronts, one of them being infrastructure. Charles well, on the infrastructure part, some of that may run into hurdles not just because of controversy, but also sort of a ideological fighting amongst republicans themselves in order to get this thing paid for. The last i heard the Public Private thing must be 1. 5 ratio or government puts in 200 billion and let rest is raised through private efforts. Is that where were going here . Well, i think theres a couple of things on infrastructure. First and foremost, infrastructure is a nonpartisan issue. I mean when you we daily are dealing with traffic congestion, aviation congestion, water congestion, and bridges. Charles i get your point, lee. But i want you to help me out here. I know we all suffer from the same potholes but how are we going to get it . We do get it fixed first and foremost through initiatives that focus on the huge Economic Impact that putting one dollar of investment has a 3 positive Economic Impact on gdp growth. So 1 invested equals 3 in gdp growth. That in any mathematical equation is a nobrainer. Charles yeah, that would seem to make it an easier sell. Your company, you work in telecom, you work in 100 different countries. Obviously you understand the regulatory hurdles because i think that gets enough attention here with respect to infrastructure, some of the other agenda items for President Trump. How do we address those beyond the executive orders . Because if it takes you ten years to get the first project through, he yoner get the economic pay back. Tts a great point and let me tell you what were working on with the white house with deregulation. Weve identified the top ten regulation that stand in the way of job growth and identified ways to work with congress in addressing those top ten. Now were working on the second top 10 so by addressing the top 20 and go from there, regulations that stand in the way of job growth, that will clearly have an impact on Infrastructure Investment and the ability for us to compete with the likes of china and countries that are investing huge amounts of dollars, significant sums in their infrastructure. Theyre putting up new airports, theyre putting up new roads, highway systems. We have to be doing the same because its it makes us more globally competitive, and it makes perfect economic sense. Its bipartisan. So clearly, there are going to be ups and downs in terms of attention between the republicans and the democrats. But this is one area of Common Ground that the white house and the president is focused on. Charles to your point, if you thought those potholes were something, everyone cries when they have to go laguardia airport. Hes a very successful businessman, hes dealt with these regulations as well. This is what holds this is whats really holding us back more than anything, isnt it . Theres no doubt that regulation is a retardant on employment on the one hand. On the other hand, im not i hope. Im not exactly sure its its a onetoone ratio. I would like to hear more about the regulations that theyre referring to, specifically. And does that immediately translate. Charles but you want to see some regulations without the non nonsensical things that were naive that damaged our economy. Without a doubt. If i goingack tohe change. The change have regulatis that the little guy doesnt. We have health care if youre over 50 employees. We have menu labeling, we have calorie counsel counts. Theres a million different regulations that the bigger you are, the more they regulate you. Charles lee, i want to ask you this. You brought up the amount of money theyre spending in infrastructure. Huge deal with china. 1. 4trillion. And its not for their country. Theyre going to build trade routes on three continents. Asia, africa, europe. It could propel their economy big time, maybe displacing america. Is it interesting to you that a business that does business in 100 countries, to push back on this country. I think its a very creative strategy, a very proactive strategy, and a strategy definitely focused on the future for china. I mean, its going to clearly enhance their position, their global position in markets throughout the world. Fortunately the United States is in many of those markets and the leader in most of the global markets, so i concur with the white house and the president , which is lets focus on America First as it relates to investments associated with infrastructure and invest here. And once we enhance our productivity here, which is really what this is all about, productivity. Once we enhance our productivi will allow us to be even more competitive as we export and operate globally throughout the world. Charles lee, thank you very much. Really appreciate it. Thank you. Charles now this congressman House Oversights chairman questioning the timing and the legitimacy of coms. He had many ved, he could have talked to the state committee, the House Judiciary Committee and chairman. He could have talked to the intel committee, devon nunez, he could have talk to the senate intel committee. He could have gone simply public with it. But the documentation and how he was perceived was a conversation if they did indeed happen, thats where we need to figure out the facts. Charles all rise. Judge Andrew Napolitano is with us. Hes complaining about when the document was released. He doesnt know when the document was written. Charles well, hes also complaining about the idea there was some form of obstruction or some intimidation from President Trump. Why james comey as fbi director didnt notify someone in his chain of command or someone in the department of justice because perhaps a there are legal reasons he was obligated to do so and b, wouldnt that be the wise decision for the sake of the American Public . You know, im a friend and a fan of congressman chafitz. He doesnt know that. He doesnt know to whom it was addressed or where it went. It was read over the phone by an fbi agent. Obviously, a fan of the former director to a New York Times reporter yesterday or the day before. But they did not include the names of the addressees. The people to whom the memo was addressed. Im going to guess he sent it to the Public Integrity section of the fbi, which monitors potential corruption by Public Officials and gathers this information. The congress should see the memo and now the public wants to see the memo. I suspect from reading between the lines theres more than one memo because there was more than one meeting and more than one phone call betwn the president and jim comey. Charles so from a protocol point of view with thats where the memo went. Maybe comey is covered technically, legally. Something as big as the president obstructing an investigation into the white house or his candidacy, shouldnt it shouldnt higher profile folks have been notified . Should the public to a degree been notified . You know, i cant answer that because the tone of the memo is going to be very important. And the details. And its place in other communications that the president had with jim comey. Did he think this was odd . Did he think this was a function of the personality . Did he perceive this as a pressure through a superior to stop the investigation . What does he think . Not now when he was fired but what did he think then when he heard these things . Charles the federal government has sued United Health group, alleging the company wrongly received at least a billion dollars in payments from medicarebased false i just read this complaint at your request, charles. It is 95 pages long. It is extremely thorough and extremely complete, and it lays out a regular consistent systematic pattern of United Health care pushing physicians and health careroviders io requiring more procedures than have been indicated so that the government will reimburse United Health care. Now, United Health care is pushing back very aggressively saying it can tie every procedure that it paid for into sound medicine and the government will never be able to prove its case. If the government can prove its case, though, trouble damages under the statutes under which they sue. So if the government spent a billion dollars needlessly, theyre going to look for 3 billion from United Health care. Charles another reason to argue for tort reform in defense medicine out of control. Thank you, judge, really appreciate it. Youre welcome. Charles a coast guard Commencement Ceremony underway. Any moment now were going to hear from the commanderinchief himself. President trump will give his commencement address. Stay right there im Nicole Petallides with your fox business brief. Stocks are off earlier lows but the sell off continues with all ten sectors to the downside right now. The dow is down 233 points, has been down close to 290. Some of the names dragging on the dow including goldman, apple, boeing, 3m. These names account for about half the sell off weve been seeing on the Dow Jones Industrial average while we are seeing the flight to safety for some of the other areas. Take a look quickly at some of the financials that have been hit hard today. Worry about washington headlines that weve been seeing. Worries about delay on the agenda, and you can see some of these things. Morgan stanley and also bank of america down. Taking a look, a flight to safety we are seeing a safe haven of gold, Treasury Bonds moving to the upside. Right now gold up about 20 bucks and the gold names related are seeing a surge as well. Keep it right here on Varney Company. You totaled your brand newar. , but there will still be pain. It comes when your Insurance Company says theyll only pay threequarters of what it takes to replace it. What are you supposed to do . Drive threequarters of a car . Now if you had Liberty Mutual new car replacement™, youd get your whole car back. I guess they dont want you driving around on three wheels. Smart. With Liberty Mutual new car replacement™, well replace the full value of your car. Liberty stands with you™. Liberty mutual insurance. Charles take a look at the big board with down 236 and thats a vast improvement from just 15 minutes ago when were lunching toward a 300point sell off nonetheless the market under fair pressure and a lot of it coming from washington, d. C. I want to take a look at the s p 500 as well. You can see thats down more than a percentage point. It has been a long time weve had a move of more than 1 in any direction. So even volatility is welcomed. If you want to sell, this is your opportunity. Of course, we cannot forget about oil. The initial reaction was really good. In fact, were slightly higher than when the inventory numbers came out, despite the fact that the crew draw down was a little bit less than anticipated. E macpointed out that this happened six weeks in a row. Check out red robin, First Quarter sells slightly better than anticipated. The stock up huge. 17 . Jack in the box also beating expectations. They trimmed some of the guidance for the year but wall street liking what they see there. The other side of this retailers and particularly mallbased retailers, American Eagle one of them. Profits down 38 year over year. The stock is getting hammered. Already was down a lot coming into the year. Now to the collapse in venezuela. President nicholas out with shocking claims about the murders of opposition protesters. Whats he alleging . Liz hes saying the protesters are killing each other. He gave no evidence for that. 40 people have been killed so far and about six weeks of unrest. Heres the argument undercutting this claim. The venezuela country of venezuela has very strict antigun laws. Foyears it ran disarmament centers saying you have to give your guns here. And now Opposition Leaders are saying one million guns to Power Military thugs to go after protesters. So this whole idea that, you know, its basically him blaming the opposition, this is the best example of how bad socialism is. Charles thats a liz total socialist collapse. Charles thats third world dictator excuse 101. Top ten excuses. Its ludicrous. Its crazy. I just really feel so sorry for the regular folks down there that bought into the idea that socialism would save them while it may physically kill them. Speaking of things getting hammered. The outlook for Department Stores even worse than thought. Theres a new report that says were going to see hundreds of malls closing because of poor earnings. Trish it has been going on for years. Days of big Department Stores, remember the 80s . Used to make movies about meeting at the mall. Its all gone. Its all gone. Look, weve already had nine retail bankruptcies this year already. Thats as many as last year in total. So its accelerating. Those are the still hanging in there on the brick and mortar side desperately trying to reinvent themselves. More aggressive promotions. Better technology and what have you. But did you know that almost half of all households now are a member of the amazon prime membership . So, in other words, more and more are going to online purchasing. What can the retailers do . Its difficult. However, nine out of ten apparel sales are still done in brick and mortar. So theres still the experience of trying clothes on. Charles tough story there. Of course, if youre stuart varney, the tailor comes to you. Charles and he would never wear genes. The coast guard Commencement Ceremony underway right now. And any moment were going to hear from President Trump. Hes going to give his commencement address. So stay right there break through your allergies. 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Were glad you could join us, and i know how busy the governors are nowadays, and theyre out there fighting. Never easy. Budgets are a little tight. But were doing the job. All of us are doing a job working together. I want to also thank admiral and his leadership. His leadership has been amazing. Todays graduates will be fortunate to serve under such capable and experienced. Earlier is fantastic. Thanks also to admiral rendone. The academy superintendent. Admiral, i understand you come from a true coast guard family. Two brothers, a nephew, a cousin have all passed through these halls. Thats very impressive. I guess you like the place; right . [applause] somebody in your family has been doing something right, i can tell you that. Im sure that they all are very proud just as we are very proud of the fine, young officers who are graduating today, admiral, on your watch. I would also like to take this opportunity to express our appreciation to all of the parents and grandparents and Family Members who have supported these amazing graduates. Give your parents and everyone a hand. Come on. [applaus because america has families like yours and will keep all of those families safe and very, very secure. You keeping your family safe. If you are not already, youre about to become military families, so starting today, i hope you feel the full gratitude of our nation. These fine, young cadets are about to take their rightful place on the front line of defense for the United States of america. Cadets, you deserve not only the congratulations but the gratitude of each and every american, and we all solute you. A proud nation. [applause] and youre a part of a very, very proud nation, which solutes the 109 cadets of the Academy Class of 2017. Good job. [applause] and i understand from the admirals that this has been a very special class. Youve been trained here to handle the toughest of situations, the hardest of moments, really, that you can experience. And the hardest in peoples lives in the hour of need. But even for the coast guard, this class has been exceptionally dedicated to Public Service. You serve breakfastt e local food bank every single weekday. You rebuilt a home for habitat for humanity. Last year you led cadets in donating a total of 24,000 hours a lot of time to community service. Youve done amazing work. And in the true coast guard fashion, you had fewer people and fewer resources, but you accomplished the objectives, and you did it with skill and with pride, and i would like to say under budget and ahead of schedule. Were doing a lot of that now in the United States government. [applause] were doing a lot of that. I wont talk about how much i save you on the f35 fighter jet. I wont even talk about or how much were about to save you on the jarrold ford, the aircraft carrier. It had a little bit of an overrun problem before i got here. Still going to have an overrun problem. We came in when it was finished, but were going to save some good money. And when we build the new aircraft carriers, theyre going to be built under budget and ahead of schedule. Just remember that. That will allow us to build more. Now of course there are always a few slipups from time to time. You know that. For example, i understand that once or twice, first class cadet bruce kim wheres bruce . Where is bruce . Bruce, how do you do this to yourself . As regimental parking officer might have accidentally caused a few tickets to be issued or a few of your cars to be booted. Bruce, whats going on with you . But cadets, from this day forward, we want everyone to have a clean slate in life. That includes bruce; right . And so for any oversights or small violations that might have occurred this year as tradition to demands, i here by absolve every cadet reserving restrictions for minor offense. Now, bruce, stand up again. They saved me, bruce because they all wanted you to do that. Okay . Thanks, bruce. Congratulations, bruce. Good job. By the way, bruce, dont worry about it. Thats the tradition. I was forced to do that. You know that. Dont worry. This is truly an Amazing Group of cadets that are here today for commission. You could have gone to school anywhere you wanted and with very, very few responsibilities by comparison. And instead you chose the path of service. You chose hard work, high service and a very Noble Mission to save lives to defend the homeland and protect americas interest around the world. You chose the coast guard. Good choice. Good choice. Youve learned skills they dont teach at other schools right here on the grounds of this academy and also, on your larger campus, the open sea. That is a large, large campus, isnt it . A beautiful campus. But the greatest lesson youve learned at this proud institution is the knowledge youve learned about yourself. Its the knowledge that each and every one of you is something very special you are leaders. For the first stormy days of your swab some to your final weeks as a first class cadet, you have been expected to take responsibility to make decisions and to act, and i like all leaders. Thats exactly what you have to do. You have to act. And you have to act properly, and you have to learn how to act under great, great pressure. Youre all going to be under great pressure. You have to learn how to respond and to act under great pressure. Just days from now, you will put this vital skill into the service of your ships, your sectors, and your country. You will serve as deck watch officers on our amazing coast guard cutters. Youll bring law and order to the dangerous waters as boating officers. You will block illegal shipments of cash, weapons, and drugs. You will battle the scourge of human trafficking, something that people havent been talking about. One of the big, big plague of the world. Not our country only the world. Human trafficking. Americans will place their trust in your leadership just as they have trusted in generations of coast guard men and women with respect for your skill. With awe at your courage, and with the knowledge that you will always be ready. You are always ready. Not only will our Citizens Trust in your leadership, your commanders will trust you as well. The coast gua is the Gold Standard in delegated decisionmaking down to chain command. Just as your in