tv Varney Company FOX Business January 27, 2017 9:00am-12:01pm EST
trade. >> steve bannon in the trump organization, the media, what do you say, just needs to be quiet. >> shut up. >> that's trump's fuel. it's his solar power, what keeps hip going is that animosity and that adversary. maria: my final thought, panic on guacamole. >> and tequila. maria: charles payne is in for stuart. >> and you forgot corona's. and stuart is out hoarding coronas. sanctuary cities, he's vowing to cut off aid if they don't follow the law. the mayor of miami says he'll comply. and others, bill deblasio says
you can't deport them because they're the breadwinners for their families. i'm not making this up. trump says build a wall and make mexico pay and he and the president of mexico are canceling the meeting next week and there are talks about taxing all imports from all countries to pay for the wall. and the first meeting with prime minister theresa may. that they're going to wake up a sleeping giant, the u.s.-u.k. combination, and restore it to excellence. speaking of excellence. "varney & company" is about to begin. ♪ ♪ like the fella once said, ain't that a kick in the head ♪ ♪ the room was completely black, i hugged her and she hugged back ♪ ♪ like the sailor said, quote, ain't that a kick in the head ♪. [laughter] >> all right.
so, yeah, that was me. >> keep going, keep going. >> that was me earlier in the week, i've got to admit. i burst into song wednesday, we had that historic moment. the dow crashing through 20,000 right at the opening in the market and right now, it's trying to pick up a little where it left off. downtown 13 points and you can see the futures, overall mostly unchanged and we had profits at google. they fell a little short of what wall street wanted and those shares are going to be down at the opening of trading, but big gains from microsoft. it's all about cloud computing for them right now. and looks like that's opening higher. softer sales with starbucks. and finding the stores are too crowded. maybe people sitting around and not buying. what are the details. ashley: the ceo schultz says isn't that a good problem to have? although it's starting to affect the numbers much e same-store sales up 3% in the very last quarter, but that means that the number of transactions if you're keeping count are down.
there's a problem, what starbucks calls operational problems, in other words, too much, too big lines at the pickup counters and some would say, we've circulated in the past,howard schultz blamed political turmoil on same-store sales numbers going down, but he himself has been very political in the past, but, you know, look, starbucks saying, also, that the retail ice anal is also hurting starbucks, i think they're grasping for anything that they can, to be honest with you. >> something to all of that, but the political aspect. i want you to take a look at wynn last night. wynn casino posted numbers and they missed, but the stock it up. just last week, remember those tom ford products, tom ford didn't want to address the first lady. well, steve wynn pulled the products from their vegas casino and other locations, liz. i think that's pretty interesting. i'm not sure that's why the stock is up, but missed and target get hammered for bad politics and starbucks pay a
price and it just feels like people who are pushing against the grain of america, not too too bad. liz: i don't think it has to do with tom ford. steve wynn have seem that people don't gamble in las vegas anymore and it's an entertainment conference complex, what vegas is, has been shifting toward. i mean, they tried everything, they've tried video games on slot machines. that didn't work. it's basically an eating and dining and entertainment hub. and he's made the mecca in macao and didn't come in as expected, but rolling the dice in china despite the anti-. >> rolling the dice, i caught that. liz: they like to gamble heavily in china. >> china has curbed that. they're going to make a lot of money. gdp, e-mack you have the numbers. liz: yeah, it doesn't come in as expected, it came in, 1.9%.
we're going to watch the effect on the futures, down right now fractionally. it was atte tepid read for president obama's economic growth. and that's basically what was expected. >> consumers spent a little bit, but the heavy lifting, biz businesses having confidence to spend in the country. they never had it with president obama, maybe now. ap president trump tweet about mexico. ashley: mexico has taken advantage from the u.s., massive trade deficits and little help on the weak border, must change now. >> now this, the mayor of miami-dade county, carlos jimenez, listen to what he said on fox and friends a moment ago. >> when the president issued his executive order, he just put an exclamation point for me
on that issue and it really isn't-- it really was a no-brainer. it's a $52,000 a year issue for miami-dade so we now will go back to our 2014 policy that we will honor the detention request regardless of the fact that their government says they'll pay for it. >> now i want to listen to the leftist mayor of new york, bill deblasio about supporting illegals on cnn, roll tape. >> low level crimes, small amounts of marijuana possession, going through a stop light, that doesn't cause any damage to anyone. those are areas we will not work to see someone deported. why? because these are members of a family in our community, say it's the breadwinner in that family. deport the breadwinner and the rest of the family are left without anyone. you tear anyone apart, that's not good government, that's not in my view moral. tammy bruce joins us. the breadwinner, we see a serious contrast between the two mayors.
>>, yeah, we did. jimenez is voted for hillary and admits he did. he's not in a city as liberal, if you will, as new york is. deblasio is not doing well in the polls and he could easily be challenged by hillary and i think he's pandering here. think about the broken windows policy, if you've got something and he mentions running red lights, that's a potentially fatal action that someone is going to do that that they're going to determine that small crimes are not worthwhile. that individual if all likelihood if you look back is probably involved in something else. if you're breaking small crimes, perhaps doing other things. and talks about the economy, normally you don't have one individual supporting a family anyway, if you've got everyone's unemployed, that's a problem, wills, that's in deblasio's lap. this is of course, what new yorkers also want and i think that liberals want, safety, they want the economy to be better, it's not just a conservative issue. this, i think, for deblasio, if
he thinks it's going to help ratings or what new yorkers want. i think he's going to find that he's mistaken, that this is a movement that donald trump represents not just for between new york and l.a., but for americans across the boardments state there, we're definitely going to talk more about that. but do you remember this, guys? our next guest says that donald trump's presidency would be a major threat to the world economy on this very program, right before the election. take a listen. >> if you have a gentleman such as himself talking about trade wars, talking about building a wall with mexico, he's been very down on nafta, very down on the tpp, that will have a spillover effect and i believe he belongs-- >> a spillover. >> all right, come on in, robert, the manager for the economist intelligence unit. robert, you got it completely wrong. did you could many to say i've got it wrong? >> you must think i'm such a handsome fool.
>> in reality, and you seem like a song that likes song, the carpenters we've only just begun. >> the economy, it's pretty terrible from where we're looking. >> whoa, whoa, what looks terrible? the u.s. stock market is through the roof, by the way, great britain stock markets are through the roof. we're hearing around the world, bubbling optimism. it's not just america, we're hearing that, you know what? yesterday, for instance, the ceo of royal caribbean, he says, global consumers are spending money again. so, what part of this do you see that's so bad so far? >> it's the policy. if you put in large rt tariffs or this new border adjustment tax. >> what we're talking about, so far, is a negotiate, but, donald trump's been in office this week, every day, started with him showing the american people that he's going to take certain people to task and make sure that he gets the best deal for them.
ceo's of large corporations, of course, mexico, and our -- the security of our borders and, of course, today he meets with theresa may. if we've only just begun and you had to grade the initial part you would have to say that your assumption was somewhat off. >> no, my assumption is, it's a four-year term and i think it's going to be a pretty rocky ride and the reasons are very much as i was saying, i mean, it's almost muscular socialism. if this was bernie sanders doing a lot of this, naming, shaming different industries, going after lockheed martin, and the republicans would have an outcry. trump does it and they wave the american flag. there's consequences to u.s. businesses and u.s. consumers, the wall tax-- >> and what about consequences of americans getting jobs. >> the unemployment is 4.9%--
>> you and i know it's a b-s game, people sitting at ho and downgrading erica to a flawed democracy, why would your magazine make that assumption, two weeks, less than two weeks into the presidency call america a flawed democracy? >> you know, first of all, it's r i think it's important for you to know this, this was done before the election and we would say that donald trump's election was a consequence of the lack of confidence in u.s. politicians and it wasn't accord of it. >> why isn't there trust in politicians? why shouldn't people be disappointed with the very people that they elect over and over again who could have come up short on both sides of the aisle, by the way? this is bipartisan at least with respect to the american people and apparently the folks in the u.k. maybe soon we'll find out that folks in france feel the same way and finland feel the same way and you could say that the election of abe in japan is the
same thing. there's a groundswell of people who have somehow lined their pockets and not made human tibeter. >> there's a huge backlash and loss of faith in institutions and politicians haven't come through for them and an up-tick in inequality. and this is why donald trump is appealing, drain the swamp and make america great again? >> you're going to wait until you pass judgment again? thank you, robert. in the meantime, trump meeting with foreign leaders, u.k.'s prime minister theresa may today. tomorrow, he'll speak with vladimir putin, angela merkel on the phone and meeting with king abdullah on monday. it will be the president's first meeting with an arab leader, by the way, and he says no more refugees from hot spots and not until we get, quote, extreme vetting into pla you'll hear a lot about that and more next.
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>> hi, guys, taking a look at the futures, the dow is down a little at the close and s&p unchanged and the nasdaq might be rebounding here despite the fact that alphabet missed. i want to get back to politics now. president trump will halt the refugee program from countries considered to be terror hot spots until extreme vetting can be in place. i want to take a listen to what he actually had to say with sean hannity last night. >> we are going to have extreme vetting for people coming into our country and if we think there's a problem, it's not going to be so easy for people to come in anymore, you look what's going on. we could go one after another and go to other countries and look at nice and different places all over europe, you look at what's happening with
germany, it's a mess. the crime is incredible. and we're just not going to let that happen here. charles: joining us now is zuhdi jasser. what do you make of the comments that president trump had to say last night? right now this ban, i think it's going to be seven countries initially. >> well, i think, you know, he's following through with what was talked about consistently in the campaign and even folks like me that have significant interests with family in syria trying to get out realize that there has to be a pause. there has to be a vetting mechanism against jihadists, against islamists. we've only been vetting against terror groups. what does that mean? there are many who have ideology that support radical islam that we're allowing in. as he said, they're destabilizing europe and it's not really what the refugee issue is about. but having said that, i think we're not getting ahead of the messaging. the messaging should be, number one, security, number two, not changing what america is, so it should be a pause.
i was a little disappointed are charles, that they're pausing yemen, libya, iraq, but he said indefinite for syria. i really don't get that. it should just be a pause for 180 days for all of them, and then restart what really america means. charles: i guess now in part because every time we see images of syria, at least the war torn parts of it, it's rubble. it seems like an impossible task at the moment to verify any information. hospitals have been, you know, government buildings, you don't know -- i guess from a policing point of view, it'd be hard to be able to confirm any information on anyone coming out of syria right now, wouldn't it? >> well, any of those countries, the resources of finding out the backgrounds of those people. charles: i'm talking like aleppo is blown to bits, nothing, but a big pile of rubble. if someone says hey, i'm from aleppo, i want to come to your country. it's going to take a long time before we can make sure that person is safe. >> sure, that's why we need to
set up a better vetting process. the fact that aleppo is more devastated makes it more humanitarian and ideological reason to bring those in seeking freedom, not those coming in that hate the west and hate our system. there's 20, 30% that we shouldn't allow because their ideological islamists, but if anything, serious devastation makes it more of an issue if we allow any in, that we allow after the pause, a ban on muslims-- >> some say we should not allow people in the country who believe in sharia law, because it would supercede their faith and belief in our constitution. >> i think they should articulate better, it's about jihadism, those that believe the state should be dominated by prubl sharia, yes, sharia, islamists, isis, yes, that's a
problem, but we can't say all sharia which involves, prayers, fasting, personal family law, et cetera, et cetera, we have to get the language right. those who believe in a theocratic system of sharia are a problem and those who believe in freedom and liberty welcomed. charles: thank you for your message. >> thanks, chars. charles: president trump says that he's going to build the wall and mexico is going to pay for it. so we're talking possibly border taxes and more next. also, speaking of taxes, a guest on my show, money with charles payne, congressman kevin brady, house ways and means committee right now, he wrote the border adjustment tax and pitching it to president trump and he's going to make his pitch on the show tonight. more varney after this.
>> now, lets focus on the border tax, first said 20% and walked it back and now one way or another there will be some kind of a tax to pay for the wall. joining us to discuss, john lonski. listen, the debate goes back and forth. economic purists, economists are saying that ultimately it's not going to work because it hurts the american consumer.
>> that's right, if you put a 20% tax on imports from mexico, you're going to be paying a lot more for your corona and what not and consumers will not like that and it's also going to have the fact of driving the mexico peso lower, it's depreciated radically. charles: technically if the dollar goes up against the peso would we may more or less? >> if the dollar goes up, that evens out. charles: dot it mitigate the damage. >> how about the mexicans who have dollar denominated debt. makes it more difficult for them. you have to pay close attention. charles: tariffs have worked in the past, selective tariffs have worked in the past to level out the playing field throughout history, haven't they? >> on occasion they might. the most important thing is perhaps bring an end to illegal immigration, and if that
involves building a wall, fine. i had-- i'd try to get that underway. charles: wilbur ross says something like that in his confirmation hearing. one last look at the futures, please, haven't changed much, down a little lower. starbucks, of course, sales are down because they have too much traffic. yeah, that's their problem. we've got a lot more of that stuff. the opening bell is next. [phone ring] hello. hi, it's anne from edward jones. i'm glad i caught you. well i'm just leaving the office so for once i've got plenty of time. what's going on? so those financial regulations being talked about? they could affect your accounts, so let's get together and talk, and make sure everything's clear. thanks. yeah. that would be great. we've grown to over $900 billion in assets under care... by being proactive, not reactive.
>> stock market opens in nine seconds and the dow is going to be held back. goldman sachs, google, and of course, the big one, well, goldman, but also chevron. nevertheless, pretty good, green on the screen and down just fractionally. that's the big board, the dow 30 stocks, more than half are up. let's not forget we had gdp out. a very lackluster economic growth in the fourth quarter of last year, 1.9%. now, of course, you know stuart loves to talk about tech stocks and we will be focusing on the alphabet intel and what i want you to focus on as well. world caribbean, packaging corporation of america and sherwin-williams.
i'm making the case that the american consumer is coming back big time. next i want to take a look at starbucks, a softer sales there. here is the thing, they say the stores are t crowded, sort of interesting, right? probably a bigger factor there, and as well. and take a look at construction and engineering stocks. these are all since the election of donald trump big time, and again, we're going to delve deeper into the names all in a few minutes and bring in ashley webster, liz macdonald, john lonski and scott shellady. the latest read on economist growth. john, you're an economist, 1.9%. >> little expectations and growth of 2.2% of the year and growth 1.6%. i believe during the obama presidency, real gdp, 1 1/2%. worst of any president going back to the great depression. liz: the last time we've seen
3% growth, 2005. last time 4% full year growth, 2000, so, you know, we're not in-- this is not the new normal. it's the new abnormal. >> it's a long time between drinks you might say. charles: can we extrapolate that? we had a board up, a full screen and it looks like, some would argue our economy peaked under bill clinton. we didn't do so hot under george bush either. can someone say there's something fundamentally wrong with our system? can it deliver anymore, jeff? >> i think that's the big question and the big question is going to be whether the trump tax cuts a goingo lead to growth and also the infrastructure spending, that's got a lot of optimism behind it as far as the gdp number is concerned. so this anemic growth. the unfortunate part of this anemic growth, investigators have gotten used to it and they've accepted it as the
norm, and that cannot be the case if we're to expect the market to continue to climb. charles: scott, i said a long ti time ago, we learned to accept mediocrity big time. >> the bar is so low. let' talk about the gdp number. barack obama is the only president somebody said it earlier in 86 years not to have at least one quarter of 3% growth. that's shocking in itself. number two is this, he outspent all 43 other presidents combined in total to not get that 3%. so that's the shocking thing. that shows you, either his policies were flawed, which i believe is the case, but you're right, america' gotten used to 1 1/2% growth. charles: john. >> 800,000 worth of stimulus and nothing for it. so little bank for your buck and all of the deficit finance spending. what happened here in large part was the obama administration got carried away with regulation. one regulation on top of another and hu productivity
and that basically diluted all the power that was in that stimulus program. charles: you know, jeff, on that note, i have read where barack obama added $800 billion worth of regulations and we're talking dust particles. if you had a little bitty -- if you had a pond of water, i mean, just anything you could think of was taxed, regulated and not only did it curb businesses, but hurts people who wanted to start businesses. >> and it was especially in the small businesses, the small businesses, these businesses that don't get -- that are not public companies, they're not in the limelight. they were being choked to death by the obama administration in regulation and i think the fact that trump is addressing that is a very important thing because if you don't eliminate these regulations, it really doesn't matter how many tax cuts you have, you're still not going to grow. charles: and that's why, scott, the market's reacting the way it is. isn't it? that's a large part of it. the idea that we're going to
remove the speed bumps or brick walls and maybe have people who have form businesses and maybe businesses will invest money. maybe we'll get back to the things that made us the best country in the world in the first place. >> instead of maybe, we better. the guys behind me are going to give the market a pass here for a while because of three things, tax cuts and reduced regulation and infrastructure spending. of all three, i think the biggest one is really the regulations because, that's going to psychologically take the shackles off. the old head coach was going to-- >> hang on, a trade war with china could undo all the business friendly moves. charles: scott, are you concerned? >> yeah, i do. yes. elizabeth is right. a little tweak in the front of a lot of the trade deals we've done can have big ramifications on the back end. it's one of those things he needs to take slowly, slowly,
and not just check off a list on a daily basis, i agree with that. charles: jeff, i know you were concerned about the pileup of debt. now, i'm not sure how we're going to pay for some of these things. we talked about public-private partnerships and repatria repatriateation of money. but a deal, if it's initially funded by congress, are you concerned about debt? >> i'm very, very concerned. first of all, we had a massive infrastructure plan under obama that really accomplished little if anything. we're still not seeing any benefits to that. the biggest problem i have with infrastructure spending is when you say we're going to initiate this infrastructure spending and we're going to have tax cuts? i think it's a very, very slippery slope. and i think one thing that the president understands is that the government is very, very
inefficient at the types of jobs. charles: that's why the market took off earlier this week when president trump talked about removing those regulatory hurdles, those environmental studies, all of those dumb things that stopped and added up to all the waste of all of that money. guys, thanks a lot. i want to check quick on the big board for a moment. the dow jones down 8, 9 points, you know, just struggling here a little bit, but microsoft, got to tell you, they continue to make a lot of money and their cloud computing business is operating on all cylinders. profits though were down at american airlines, although they were better than what wall street anticipated, that stock is down, i think united airlines might be higher. so we're getting a mix there and chevron had a miss. down almost 3%. that's obviously dragging on the dow and then we had higher profits for defense contractor, general dynamics, which, by the way, getting a lift after president trump talked with sean hannity about more submarines.
in the meantime companies that makes tanks doing well. colga colgate-palmolive, we've got adam shapiro at the new york stock exchange. >> it was a tough earnings report for colgate palmolive because of the strong dollar. so much of the business is conducted overseas. in the premarket before we started trading, they were down 6%. mere is what's going on, north america is not their biggest area, sales were flat here. latin america accounts for about 25% of their revenue, the sales there 11%. in europe and asia, sales slipped 7 1/2% and 4%, so it was a tough go for them. and the other problem is that they say that profits will be flat in 2017. charles. charles: adam, thank you very much. now, three consumer related names that i want to focus on right now, royal caribbean, packaging corp. of america and sherwin-williams, they're up double digit abouters this year.
scott, when i look at big moves in these names and listen to what companies are saying, i think they're suggesting that the american consumer is making a big comeback. >> well, i'm probably going to talk about this for the next four years, charles, i think you're right. and the american consumer is going to make a comeback, because i think psychologically we've had a sea change of how we look at things now. maybe around the corner we're going to get the growth we've been waiting for the last eight years. so i think, yes, psychologically, it's unkwau unquantifiable, i think they're going to be big winners. charles: we've seen the move on sentiment readings, but i think we'll see the manifestation of it. marine boat maker, sales up. you don't go out and buy a boat unless you're confident about your future. liz: look at retail stocks
pointing down. why? it's the talk again of the border tax, wal-mart is in d.c. saying you do that you're going to hit our bottom line hard. in fact, the national retail federation says basically 98% of the clothes bought in the united states is from overseas suppliers. those same stocks are going to get hit according to analysts by a border tax. yes, the exporters boeing and dow chemical, rah, rah, ge, let's do it, but these guys could get iced bad and some of the smaller names, the pretext profits could get wiped out by a tax five times what their pretax profits were. charles: and there's no doubt that they're worried about that, and so coke industries. latest thinking we won't get a tax cut now until summer. stuart wants it to be retroactive. i want to go around the block to everyone. start with you, john. listen, the corporate tax and individual tax, those are the one-two punch everyone wants it have happen sooner rather than later. >> i'd say we go ahead and
wait, it doesn't need to be retroactive. we already have government debt at about 75% of gdp. that's sky high, compared to previous recoveries and of course, it's going higher when we have the next recession. so let's take it easy with fiscal stimulus and again, focus first on that cost restimulus that can be object taped through deregulation. charles: jeff, i take it, we don't get those tax breaks, we're in trouble? >> i think the tax breaks are mandatory for this economy to move forward and i have to agree with stuart. i think they need to be retroactive, 2017 tax cuts and not 2018 tax cuts because a lot of people are deep in the hole and these tax cuts will help them dig out if we get them retroactively. charles: for theory to work, scott, they need tax cuts, people keeping more money in their pockets, they may spend it under this president. >> right, you know, that's going to be part of the consumers recovery that you talked about earlier. yes, i think that's part of the thing that he's got to check off on the list.
's he going to do them and i think they're going to be retroactive, yes. charles: thanks to jeff, john, scott, you guys, fabulous as usual. another quick check of the big board. i've got to tell you, the dow has got spunk these days, key components hammered, so what? 20,000 we want to go higher. vice-president pence says you want to grow the economy create jobs and prosperity you've got to start by getting rid of regulations on the banks. you're going to hear that next. also, check this out, we've got some big names in our 11:00 hour. former white house press secretary ari fleischer. and robert murray, football legend jim brown. you cannot miss it. more varney after this. ♪
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>> means dismantling dodd-frank's financial laws, overbearing mandates so that well-capitalized. well-regulated banks can meet the needs of small business, which is the engine of american job creation, and prosperity. charles: that, of course, vice-president mike pence talking about getting rid of all dodd-frank regulations on banks and unleashing american business. joining us now analyst dick bove, would you agree with the vice-president? >> oh, i agree with him very definitely that we've got to get rid of regulation, but i don't think that they are thinking of regulation the way i do. you know, think about it. there's a government agency that sets the price of money, there's a government agency that sets the quantity of money, and there's a government agency that steps in and tells banks how big they should be, with are they should allocate their assets, how many loans they can make in a given sector, where they should
borrow their money, who they should take their money from in the long market versus the short market. none of the deregulation talk that i've heard comes close to dealing with any of those you shalls a. what they're dealing with is the periphery, let's get rid of the durbin amendment or let's let credit unions have a bigger say or let's let small banks have a bigger piece of the action. they're not going after the core issues of deregulation, which are really required. charles: some of those issues that you mentioned though sound like that would be great for the banks themselves. how would that benefit the american publi by the way, watched the fed print a whole lot of money to buy crappy assets from banks who aren't-- seem reluctant to pass on that money in the form of loans to main street? >> it's not the banks, charles, it's the regulations. in other words, the government goes to the banks and says okay, we don't think you have enough long-term debt go borrow money at 2 1/2% and then go to the banks and say, you don't have enough money invested in the federal reserve, go put
more money in the federal reserve and you'll get a yield of 50 basis points so you get to borrow money at 2 1/2% and lend it at 50 basis points, great idea then the government comes to the banks and says, well, you know, you don't have enough high quality liquid assets, which is another way of saying, you're not giving enough money to the government. we want you to have 20 to 22% of your assets put into high quality liquid assets. so, then the net effect is the government is telling the banks, you know, where they should put their money and get into the loan portfolio and if the bank says, well, i want to make a lot of commercial real estate loans, the government says well, we don't want you to make too many commercial real estate loans. charles: if the last fed survey of senior lending managers, when banks were asked if they were making credit tougher for multi-family residents, almost 30% said yes. why are they make it go tougher, when business does have access to capital and i mean, can at least the
elimination of dodd-frank to the deee that vice-president pence is talking about address that? get the needle moving on folks who want to start a family and buy a house. >> that's a lot of crap, okay? basically, you know, what we're looking at is multi-family lending is a big, big business, right? the problem with multi-family lending right now, is that they're driving the prices of rentals up so fast, that it costs more to rent a house than to buy one. right? the second factor is that-- the. charles: which means there should be a sense of urgency to own a home, but banks won't make the loans, dick. >> the reason why, the qualified mortgage regulations, the qualified mortgage regulations say, look, if you make a loan to a guy who is low income and that guy doesn't make payments on the loan, that guy can sue you. charles: i'm running out of time. ubs, down and posted profits
and some questions, lingering questions about the tax crackdown and is that hurting them in some-- are they out of the woods? >> the core problem is if they have a strategy which says we're going to grow this institution through wealth management and asset management, and in the fourth quarter, $15 billion walked out the door in wealth management a set your main strategy to growing in those two areas and you lose money in those two areas, you've got a problem. charles: dick bove, thank you very much. always a pleasure. >> all right, thank you. let's check out the market real quick. the dow 30 stocks, i think we have a board of them. well, the dow, you can see, it's hanging in there, holding up pretty good. and about half of them are a little bit higher. we're going to do more on the border tax and also talk about the big name retailers that could take huge hits if it actually goes into play. so we'll have details on that for you next.
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>> breaking news on president trump, ash, on manufacturing jobs. ashley: he's announced today as part of his overall job creation agenda he has, he's going to launch what he calls a manufacturing jobs initiative. what does it mean? he says he's going to bring some of the world's most successive and creative business leaders to the white house to share experiences and gain insights and learn from it. we've got a list of the people who will be coming to the white house to talk about jobs initiative in the manufacturing sector and it's the full gamut, dow chemical, michael delve course from dell technologies, and merrill from lockheed martin, mark fields, they should get a permanent home in d.c. because they're going to see mr. trump a lot. it covers the gamut of manufacturing business leaders and hopefully, the bottom line, how it create more manufacturing jobs that have been going, disappearing by the millions over the last decade. liz: to ashley's point there's
27 leaders on the list and you know who else is on the list, richard trumka, afl-cio and he called donald trump a racist and backed hillary clinton during the campaign. the labor unions are at the table. if you're not at the table you're on the menu. he's stirring the hearts of labor leaders like the teamsters, afl-cio. bernie sanders has to be happy. charles: he's been happy. and the union leaders have been thrilled. as you go through the list, i'd like to know if there are any small names or small businesses. ashley: whirlpools, johnson & johnson, general electric, the u.s. steel, boeing, tesla, caterpillar, maybe that's a separate issue, charles, but a very good point, small business because they are the engine of creation. charles: and the interest collides with the big board. liz: quite a different thing to put the arm on ceo's and
g.o.p., you know, candidates. it's different when you're dealing with countries. i don't know if countries are going to be rah-rah with you. we'll see if he can accomplish that. charles: we've seen people come around and even mark fields was rebellious, somewhat, during the election process. ashley: he was. charles: alphabet and microsoft hitting all-time highs all no alphabet you can see pulling back. microsoft has been killing it with the cloud computing business and in the meantime donald trump meetings with the u.k. prime minister theresa may. a lot of optimism from the world leaders. it remind me of the reagan-thatcher relationship shaped in the 1980's. we're all over that. hour two is just three minutes away.
stuart will be back on monday. president trump will meet with the uk's theresa may later on today and there is a lot of optimism as these two world leaders bet together for the very first time. they each won hard-fought transformational elections and now, they're going, well they're going to get a chance to work with each other. of course this has to remind you of the thatcher-reagan relationship that shape ad world for a generation. they are clear parallels. they liked each other. they needed each other. when they worked together, they won. the return of both nations to prosperity. expect to hear much of that today when they speak this afternoon. of course we would love to talk about prosperity and we will. hour two of "varney & company" is about to begin. ♪ ♪
charles: some british music to start you off in the 10:00 hour. liz: some british music. charles: i they call them the clash. liz: the clash. charles: in honor of the first meeting between president donald trump and a foreign leader. this one of course being prime minister theresa may. they have a joint news conference. we'll watch it right here, everybody, on fox business. first this, breaking now, latest reading on the economy. consumer sentiment numbers, emac. liz: trump bump. 98.5. 12-year high. university of michigan sentiment number. it is the mood of main street. we'll see if it stablizes while consumers see the trp administration. charles: wages going up a little bit, it will bo crazy. telling you. casino operator wynn, making money, mainly driven by results
at wynn palace resort. softer sales at starbucks. stores are too crowded. enemies from google. happens occasionally. uk prime minister theresa may mentioned that reagan-thatcher relationship. watch this. >> so let us renew the relationship that can lead the world. charles: mary kissell from the "wall street journal" editorial board was with us now. ashley: that was short. charles: lead the world. ashley: anything else? >> okay, i can bo. bye, charles this is positive. you want a close relationship between the united states and britain t suffered a lot under obama. remember one of the first things he did was remove the winston churchill bust from the
white house. this is great to see theresa may coming over for a stronger relationship, repair the relationship. donald trump is for free trade when it is quote, fair. this is opportunity to demonstrate it. theresa may wants a trade deal. we'll see what he can do. charles. this would be a feather if his cap because that's one of the things they're eager to do. when i heard theresa may, you heard obvious parallels with dismay of people in the united states and uk but she also sort of said, not the first time, she is globalist. she wants to do a lot of business in china. she wants to do a lot -- ashley: uk has to. it's a tiny island. >> fifth largest economy in the world. charles: she doesn't apologize for that whereas in america we have more anti-globalist movement going on right now? >> anti-globalist movement going on right now, i don't know about that. what i heard from the speech yesterday a british prime minister trying to coach a new
u.s. president who doesn't have as much experience in foreign policy, push him in the right direction. she warned him about russia. she said engage but beware. she struck some note i think about political solution in syria, which i didn't think was a very good sign. they have been trying that for many years you no. it didn't go anywhere. she praised iran nuclear deal. when you say globalist -- charles: she is globalist around i think she is, listen, she wasn't for "brexit." she is on board now. she is promoting it but she, to your point she is not on the same page as donald trump on a variety of issues. >> theresa may is statist. she is not maggie thatcher in any way, shape or form, when it comes to domestic economic policy in britain. she is for higher minimum wage. she thinks climate change is a problem. she wants to spend enormous research development funds almost like obama stimulus or housing program, government-left. you have to be careful talking
about the comparisons. charles: stay right there for a moment. theresa may and uk, they will not be intrading countries anymore. roll tape. >> this can not mean a return to the failed policies of the past. the days of america and britain intervening in sovereign countries to make the world in our own image is over. charles: liz? liz: this is rebuke to liberal tony blair. tony blair was real intervention i. so was george w. bush. george w. bush he started out saying we will not try to make the world in our image, he did go in with the iraq war. theresa may saying in our interests to stand strong to defend our values but not necessary to intervene in other countries. >> i have to take issue with the premise of what she said there. the united states does not intervene in countries for fun and profit or to try to take over other nations. we intervene when we are attacked or in the case of 9/11 --
charles: trying to force democracy down the throats of countries may not be built for democracies. >> we intervened after pearl harbor and 9/11. charles: more recently. >> we intervened when we see genocide we can stop like bill clinton did in bosnia. but that -- charles: in iraq, did we try to form or afghanistan, did we try to create democracies in our image that simply failed? >> we did create democracies. created democracies in japan, in south korea, in iraq. the obama administration lost the gains we had in iraq. in fact when obama took over, he said this is stable, functioning democracy. it will be a great achievement of our administration. liz: iraq war is widely criticized. we should have never got in there. >> we won the iraq war. we had a stable democracy and lost all the gains and blood and treasure. charles: we have to leave it there. fantastic stuff though. mayors of sanctuary cities are pushing back against president trump.
the mayor of miami, florida, says his city will comply. watch this. >> when the president issued his executive order, he just put an ex-mamation point for me on that issue. it really isn't, it really was a no-brainer. charles: but, here in new york, mayor bill de blasio singing a different tune. watch this. >> those are areas where we will not work to see someone deported. why? because these are members of a phamly in our community. say it is the breadwinner in the family. deport the breadwinner and rest of the family including children are left without anyone. you tear a family apart. that in me view is not moral. charles: joining us author of we the people, co-host of "the five," juan williams. juan, the idea that someone who breaks the law gets a do-over or a break because th're the bread winner is interesting philosophy. >>ell, i don't think, i don't
think he is saying he would be given a waiver on the fact that he committed a crime and would have to face justice, charles. i think they're talking there, more about what goes on in terms of detaining that person and informing the federal government that they have a criminal record and have an illegal immigrant status. charles: well, isn't that what we're supposed to do? isn't that the law? wouldn't the mayor of new york be following the law? when you have even greater sense of urgency to follow the law, person, a, broke the law entering into this country, followed up by breaking additional laws? >> none of this is about people who are held in terms of their immigration status. it is about criminals, and, what we see here is the question, according to the police chiefs around the country, as to whether or not that this kind of policy would drive a wedge between immigrant communities and the police and make the cities less safe for us all. so that is the question. and now, you see the trump
administration taking a hard-line, but don't forget, that many in the latino community, especially called president obama the deporter in chief because he deported more criminal illegal aliens than any president previously. he set a record. charles: well, here's the thing. a lot of these communities that you're talking about, these gangs that come over from central america, and just dominate, they create terrorism for the people who live there. so the biggest victims of these illegals, particularly the criminal element happen to be legal immigrants in this country. where is the sympathy for those people, juan? >> i think there is tremendous -- i think this is a bipartisan issue, don't you? as i just said to you, president obama has set a record for deporting people who are here illegally and have a criminal record. charles: the record didn't save kate steinle. what about sanctuary cities are thumbing their nose at the
lasted a administration and vowing to fight president trump tooth and nail on this? >> well, again i think there are exceptions. obviously we have crimes committed by those of us who are american citizens but, when you look at the crime rate for illegal immigrants, it, for immigrants of any type, actually, it is very, very low. lower than people born in the united states. but when your point is defiance of trump on this issue and i think you're going to see a real clash because -- charles: or defiance of mayors on this issue i think is the key. >> yes. even small cities. syracuse, austin, texas, they don't agree with the trump policy because they think it will make cities less safe. charles: juan williams, we'll see how it plays out. really appreciate. >> you're welcome, charles. charles: about to roll out action on extreme vetting. america has taken in thousands of people and we don't know
that is what we play what the dow is down six points. that is from my playlists. dow is off a little bit. we're still celebrating. a lot of green on the screen and we're feeling really, really good. intel feeling even better. that stock hit a new high, all-time high earlier today. profits slipped a little bit but they're doing everything right. meanwhile president trump is scheduled to hold his first phone call with russian president vladmir putin. what should we expect? ashley: they will have a first step to normalize relations with russia. soon after that phone call he will talk to german president angela merkel as well. that could prove awkard. he has been critical of the german chancellor opening the floodgates coming into europe and particularly germany. they will talk a lot about russia. europe and nato countries very nervous about donald trump and his relationship with the russians. donald trump will have to say
look i'm not in bed with vladmir putin. i want to normalize relations. as he said in the past being friends with russia, isn't that better than being enemies? charles: is it too early to handicap removal of sanctions? ashley: he talked lot about it. that has europe very nervous. they feel russia needs those to not do what they did with crimea and. he has been busy. he spoke with mexico. spoke with canada. spoke with the israeli leader. this weekend he is not playing golf or hanging out. working hard. charles: hitting the ground running. ashley: impressive. charles: president donald trump spoke about the wallace night with fox's sean hannity. watch this. >> the wall is necessary. not just politics yet it is good for the heart of the nation in a certain way because people want protection a wall protections. all you have to do is ask israel. charles: citizens for trump national spokesperson jan morgan is with us. jan, thanks for coming on. >> you bet, charles.
charles: the wall, critics say it is a boondoggle and unnecessary, catch it 10 years from now and there will be a bunch of holes and tunnels beneath it? >> who cares what critics say. president donald trump he is not draining the swamp and parting the sea and walking through like a boss with patriots in toe. the message is get on board, or get out of the way. all the whining and protesting will not change it. we have a mandate. we'll follow through with that. if you can't handle the pressure, grab your pacifier, to to the safe place and we'll let you know what america is restored. he is not taking time off. we love it. patriots love it when he talks politically incorrect. if you recall, charles, illegal immigration, illegal immigration was that moment on the debate stage when candidate trump said, we're going to build this wall. that's when american patriots started paying attention to this guy and said, you know what? i like the fact that he is saying what we're thinking, and
that is when he started getting the support, which eventually led to his being the in the oval office. charles: jan, are you as fixated on who pays for the wall? we know that paul ryan says they will find money for it. so we're going to start construction immediately. so the wall is going to go up. >> you know what? charles, i'm not as concerned who will pay for it. listening to patriots, as a spokesperson of citizens for trump, national organization, i listen to what people out there are saying to me as their representative, and what they're saying they don't care about who pays for it. they don't even care if america has to pay for it. heck, let me buy a brick in the wall. i will donate money. we want the wall, it is not in spite of what mainstream media says. this is not issue of race. this is not racial issue. this is safety and security issue. the first step is securing our borders. the next step is dealing with sanctuary cities and deporting illegal aliens who are criminals. charles: is that where you stop
illegal? is that where you would like to see the president draw the line illegal immigrant who committed additional crimes upon coming into our country? >> i think that is where he is going to start. and once we secure our border, i think we'll see a huge difference. look at people like the guy who killed kate steinle. he had been deported five times. he was a seven-time convicted felon. yet he was getting a safe harbor in a sanctuary city. i'm excited that president trump will cut off funding to the sanctuary cities. that is absolutely the whole concept of sanctuary cities is appalling. it is fundamentally flawed and just wrong. those sanctuary cities are more concerned about the rights of criminal illegal aliens than the lives and safety and security of law-abiding american citizens and legal immigrants for that matter. charles: hard to imagine. you're absolutely right. that is where we come to. >> of course i'm right. charles: jan morgan, thank you very much. >> you bet. charles: big board, digesting
day, not too bad. this, a teacher in texas pretending to assassinate president trump with a water gun. that post causing outrage on line. we'll tell you what happened to that teacher. over in china, this camel left at a tollbooth blocking traffic. left by the owner, being charged to take the example through the tollbooth. you thought we had border issues? more "varney" coming next. ♪ i can't wait for her to have that college experience that i had.
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charles: well you looking there at the trading here. those are ipos. we got three companies come public. door and window maker jen. rev group, they make fire trucks, school bus, am pluses things like. jagged peek energy. two up one down. not too bad. ipos could heat up soon. this is my favorite. the doomsday clock clicks closer the apocalypse. guess, you know why? liz will tell us. liz: they blame donald trump. ashley: of course. liz: group of 15 nobel laureates. atomic scientists. they moved the needle closer to midnight, meaning catastrophic destruction. same level it was in 1953 when -- charles: half a second away. 2 1/2 minutes. liz: they moved it half a second. 30 seconds closer than it was.
stay with me. at levels where it was when the hydrogen bomb was tested in 1953. his careless, cavalier, reckless statements about nuclear more war and nuclear bombs and climate change. charles: i predicted they would move it and blame donald trump. ashley: guess what? charles: under ronald reagan. did the same thing by the time he left as far as away from doomsday as they had on record. maybe they will get their act together. right now it is fake news. we'll look at this. a teacher from dal pretending to shoot president trump from a water gun. roll tape. >> die! [inaudible] charles: all right, ash. ashley: well, she was suspended or on administrative leave as they like to say. that video surfaced on social media. why? she posted it to her own
instagram account. it went viral. teaches at high school in dallas. charles: hold on a second, we have breaking news. i want to share it. we're learn more about the executive order president trump will sign later on today. on extreme vetting. it is going, it is going to definitely happen today. there was some confusion whether or not it would not but it will happen later on today. we'll get more details in a moment. i'm sorry, ashley. ashley: okay. we have to get that in. it is important. she is being suspended. you hear her shouting die, die, as she sprays a water gun. why she did this. only eight seconds long. not clear if students were in the classroom at the time she did this she is under investigation. charles: one quick look at the big board, relatively unchanged. this, president trump is about to have a very important meeting with britain's prime minister, theresa may. they want to lead the world like reagan and thatcher.
bilateral meeting with theresa may. of course we're on top of all of it. the commder-in-chief very busy these days. we just found out the executive order president trump will sign later today will be on military readiness and extreme vetting. president trump spoke with fox's sean hannity about the vetting part of it last night. watch this. >> we'll have extreme vetting. we'll have extreme vetting for people coming into our country and if we think there's a problem, it is not going to be so easy for people to come in anymore. you look what has gone on. go one after another. you look at other countries, nice and different places all over europe. look what is happening with germany, it's a mess. the crime is incredible. we're just not going to let that happen here. charles: fox news military analyst, lt. general thomas mcinerney is with us now. general, start with the extreme vetting part of this. it was interesting so controversial on campaign trail
but right now seems like common sense, hey, we would back up, allowing any people come into the country until we were 1000% sure they are not a threat to the nation. >> that is exactly it, charles. it is common sense. the obama administration did no vetting fundamentally they did none. the president says extreme vetting i think it will be normal, reasonable vetting to insure particularly from the areas and countries like iraq, syria,ebanon, yemen, these areas, libya, that have a lot of radical islamists over there. when you see the pictures of the refugees going into europe, many of them are 18 to 28-year-old males. you wonder why they are fleeing? where are their families, et cetera? they are the ripe areas for radical islamists to nurture themselves and probably many of them, many of them are really radical islamists coming in under subterfuge.
so it's a very reasonable thing. charles: those photographs always bothered me. young, fighting age, men, fleeing the women and children behind and wanting welfare benefits of the new countries. also, president, president trump talking about military readiness. i know our military was gutted under barack obama. what do you think he is going to have to do initially to get us back up to snuff? >> here is what i think he is going to do. i haven't seen the specifics, charles. most of our units, army, navy, air force, marines, are probably 50% or less. when i was in unknit readiness, units were ready at 80 or 90%. obama administration last nine years, very cleverly, used sequestration as problem, not funded readiness, maintenance and parts, operations and maintenance dollars they have starved them from.
you will see him. he will t into seltivereas whe he is increasing manpower. increasing dollars for support, new parts, et cetera. that is what you're going to see. charles: general, what about the idea of bolstering the military, not only more personnel but modernizing it? president trump talked about submarines, we need new ships. there has been a major complaint, listen i think the b-52 is still our primary carrier of nuclear bombs. >> exactly, charles. the b-52 was still being introduced when i went in the air force 55 years ago. and it's still there. do you see any airlines flying airplanes that are 55 years old, particular case the b-52 that carry nuclear weapons? no. we do need to modernize. the lasted a administration fund ad the b-21, new strategic bomber.
these are the type things for modernization. our force structure is down greatly, navy, number of ships as well as the air force. when i was in, we had 155 fighter squardrons. today we have 50. charles: it's amazing. >> we're a third the size yet they're in continuous rotation in and out of the middle east. we're wearing them out. we need to build up our whole, army, navy, air force and marine corps. charles:ight. tell you general, amazing, obviously not lost on china and others because seems like they're going in the exact opposite direction. that he very, very much. meantime want go back to donald trump and theresa may question, are they the new reagan and thatcher? let's bring in "daily mail" columnist, katie hopkins. a lot of excitement here, katie, morning in america. the big part of that was combination of reagan and thatcher. >> i think there is a real feeling that there is a sense
that this is thatcher and reagan back again. theresa may is going there to talk to trump. she really needs to apologize for the way britain, the uk has treated trump in the two years running up to him being elected as the 45th president. we sat around here in the uk, discussed even banning him from our country. i think that is shameful. she needs to be apologizing first. also she needs trump because she needs to prove that "brexit" is not a disaster. i'm a long leave supporter. i don't think it's a disaster but she needs trump. she needs a trade deal. almost trump needs her at this time because he needs to prove he is not isolationist. he wants to open up trade links with other countries. i think this is a very positive start for britain and i only hope she doesn't mess it up trying to talk about the fact she is a woman. frankly none of us are interested in the fact she is a woman. we're interested in the fact she is our prime minister. charles: i got to tell you i
have been impressed with last two times i heard her speak, including yesterday. i think she will probably focus on things you talked about. she talked about the west in general, sort of falling behind, you know as these asian nations come on. and the, this is the time. this is the moment to revitalize that sort of dominance. not in the mill at thatriestic way. the way that led the world to where we are now. >> i think so. you know, we share very common qualities, the value of work, you know the respect for liberty. i think the patriotism of the uk has really shown through, thanks tobrex it. i really believe that theresa may has been offered -- people that had the courage to vote to leave for "brexit." she has been awarded a seat thanks to nigel farage. i think she ought to be grateful for that.
time to rebuild as a nation to take strength from the inaugural address trump gave which was fantastic which said we're going to put america first. for certainly people like myself, we would love tresemme to come back and say, you know what? we're going to put the uk first as well. we stand side by side with america to achieve that. that is the message i would love to hear. that is the message 11.4 million people -- 17.4 million people that voted for "brexit." charles: am i reading newspapers right, some folks in parliament will go against the will of those seven teen million people you keep talking about? >> don't even get me started. i am so angrily i could rip clothes off anybody votes labor and give them a kate at this hopkins dressing down. they will vote against "brexit" and start. mps of labour will try to
rebel and overthrow the will of people. that is the state of democracy here in the uk. what we got told by the supreme court that we voted the wrong way. that doesn't sound like democracy to me. charles: doesn't sound like me, but elite's last stand. katie hopkins, thank you very much. we appreciate it every time you come on the show. >> thank you for your time. charles: congressman kevin brady who chairs the house ways and means committee tells neil he support as 20% border tax to pay for the wall. watch this. >> we're proposing a equal 20% tax rate on imports into the united states as well as products here in the united states. so first time, they would be taxed equally, basically, we revamp our tax code so that it is focused on america. is your product or or service consumed here? if so taxed equally. for the first time that is incredibly pro-growth. charles: white house press secretary sean spicer seems to
be walking back that idea of a 20% border tax. cheryl casone joins us now. a lot of confusion last night. >> well we heard maybe five, 10, 15 or 20. we have a range now. more in particular we have to look what it would mean for the average american, the goods that are imported into this country from mexico. the three biggest industries are vehicles, agricultural goods and also heavy machinery. we think what that cost is going to be to all of us. so i took a look exactly what this could mean for all of us. when it comes to cars, those assembled in mexico, if you like chevys, ram trucks, volkswagens, fords, hondas, nissans, in theory would be increase in the cost of those vehicles to you if this 20% or 5% or wherever we're going to end up on this will be levied on those items. something to think about here, guys. charles: we've had the discussion all morning. at least on social media people are saying they don't care. in other words if this is what
has to be done to get these jobs back into america, we should make the initial sacrifice. ultimately maybe those factory jobs come back here. it won't be an issue anymore. >> there might be a mass problem with that, charles, because if you look at estimates from the u.s. chamber, six million jobs are tied to the work done in mexico here in this country. i don't want to get into all of that, point being a lot of u.s. jobs depend on free-trade agreement with mexico. i'm not saying i don't think it should be renegotiated. when we talk about tariffs and taxes the endgame could be suffering of the american consumer. think about mangoes and bananas and avocados, snack foods, corona, tequila. leave it with you guys. think about all this as we have this discussion. ashley: suddenly i'm thirsty. >> cuervo. charles: collision in the sky. a flock of pigeons crashing into the drone. the one of the pigeons crashes
into the drone. the drone fal down d falls into the tree. we'll have big fights in the sky. i'm rooting for pigeons. big board trying its best to hang in there. this, vice president pence heading to march for life in washington. highest ranking official to ever attend that event. more "varney" next. ♪ at angie's list, we believe there are certain things you can count on, like what goes down doesn't always come back up. [ toilet flushes ] so when you need a plumber, you can count on us to help you find the right person for the job.
we know to your point, i read they get more benefits, illegal immigrants. households get more money, monetary benefits. you have people in the cities who are suffering. multigenerational folks in new york city are, haven't been able to move the needle. , they can't improve their lives, and yet we're spending money on people who aren't even from this country. >> you make a good point, charles. in chicago, a city run by rahm
emanuel, a democrat mayor. he said he will not comply with trump's executive order to purge sanctuary cities of illegal aliens. meanwhile in chicago, there are other, democrats supposedly, other loyal constituents, black americans, are being killed to the tune of what, 800 homicides and still counting? where is the loyalty to black americans who are true citizens of this country? not illegal aliens. charles: real quick, crystal. vice president mike pence scheduled to speak at today's march for life. annual antiabortion demonstration in washington. kellyanne conway will be there as well. i know this is something very passionate about it. >> what is interesting i hope liberal media by same coverage to pro-life, march to the women's march. anti-trump, baby killer march they did last weekend. you know what? i'm not so sure. according to media research, you know how much the liberal media
gave 125 times more coverage to the march last weekend, than they did last year's pro-life march. i think it is disgusting. charles: to your point, you're on the split screen. we're showing live right now, this is live, march for life. big crowds forming already. i guarranty you won't see this anywhere else. you will not toggle the dial but if you did. >> charles, real quick. hey, liberal media, if you're listening will you crowd count today's march? are you going to crowd count the 650,000 women and men out there marching to save baby's lives? let's hear about the crowd numbers. i don't think we'll hear about those crowd numbers, i believe will rival last weekend's anti-women march in my opinion. charles: crystal wright. always a pleasure. thank you very much. >> thanks, charles. charles: check on markets again. scan here. dow 30 stocks. half up, half down. same sort of thing. dow is only down 15 points. we do have some big names coming up in the next hour for you.
try this one. former white house press secretary ari fleischer, fox news all-star martha mack. murray energy ceo, robert murray, one of my favorites, football ledge end jim brown. you do not want to miss it. don't miss my show tonight. i'll be speaking with congressman kevin brady on his border adjustment tax. a lot of confusion. he will clear it up more next. ♪ now on the next page you' see a brkdown of costs. wh? it's just... we were going to ask about it but we weren't sure when. so thanks. yeah, that's great. being clear and upfront. multiplied by 14,000 financial advisors, it's a big deal. and it's how edward jones makes sense of investing.
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to help you keep rolling with confidence. go long™. ♪ charles: now this, president trump 20% tax on mexican goods could fund a border wall. here is what our viewers had to here is what our viewers had to charles: here cities what our viewers had to say jeez, people the guy is in job four weeks. a bunch of chicken littles. you guys act if trump imposed 20% tax on american goods that mexican people will starve paying too much for tequila and coronas. if you want it pay for it. i'm not an could economist you're out of control. last one from kerry. absolutely great idea. i want, i won't buy mexican products.
sunday margaritas. everything is centered on margaritas and coronas. >> rightly so, to be honest. to their point, steve forbes recently, you know what? don't raise taxes. don't want it. don't buy it. give him a chance. liz: i think it is dangerous idea. anytime you do tax reform this way. business lobbying steps in. no to it. first to kill it. raising prices and hit farmers in the midwest who need to export their goods into mexico. charles: i understand where people are coming from. it is a lot, a lot more complicated folks than you think. that is why it's a proposal but we haven't done it yet.
administration and there is a feeling of optimism in the air. i'm charles payne and stuart will be back on monday. there is a sense of confidence in the economy. today he renews an old friendship when he meets with theresa may. two politicians who shocked the world when all the so-called experts said they couldn't do it. once the trade deal is in place, it will send a powerful message to the world. two friend who joined forces out of necessity, fighting for a common cause. we are optimistic about the third hour of "varney and company." it starts right now.
[♪] charles: the british are not going to burn down d.c. we are playing "old britannia" in honor of theresa may. former white house press secretary ari fleischer, martha maccallum, murray ceo robert murray and nfl hall of famer jim brown. president trump speaking to his first world leader. they are holding a joint press conference in a little over an hour from now. does trump meeting -- does this
meeting between trump and theresa may being compared to ronald reagan and margaret thatcher. is it starting to feel like that to you? >> the u.k. need kind of relationship. if it's going through brexit it will be in very cold water and needs the u.s.a. charles: it felt like everything she was saying was reasonable and the u.k. wants to be a partner with them, but they want to control their own borders and laws. >> when britain leaves the eu, if they don't punish the u.k. severely, a lot of other european countries will want to leave the e.u. and the only place to look in
that position will be to america. charles: are you expecting the blueprint, ifle you will, for an extended or fresh trade agreement between the u.k. and the united states, and other commitments that would say we are best friends and we'll be shoulder to shoulder? >> it looks like the u.s. will be putting pressure on europe. the best way to do that is to welcome the u.k. into the fold. that will say to europe, get your act together and get more pro u.s., come along to us like the u.k. has come along to us. it's like a wake-up call for europe if america embraces a u.k. that leaves europe. saying hey, you are not so great call to europe. >> you are a financial guy. we did it, we hit dow 20,000. so the big question is where do
we go from here? >> technically it looks like we are going to the moon. with all this uncertainty and all these things happening and all this change going on, you would have thought that would be really bad. but risk is rewarded in the market. there is really a excitement feeding into the market. there is going to be plenty to worry about and i think the market will go way higher and we'll see 20,000 pretty quick. charles: fox news confirming president trump will sign two
new executive orders today. that's an ivanka trump dress. great-looking dress. >> she knows what she's doing that ivanka trump. charles: president trump put out a lot of executive orders to counter what has happened the last 8 years. the world sees it, the natio sees it, and the market reacts and it seems like main street is reacting. >> donald trump made promises to the american voter in his contract with the american voter. he's a politician that's kept his word. donald trump is shifting the
paradigm, better it's tpp or obamacare, he's doing all the things he promised to do. charles: i always said the biggest hurdle for donald trump will be fellow republicans. >> they are sort of holding all this mine mine. and they are establishment. the reason why donald trump got elected is partially because of the republican party. charles: there was a rebuke against the political elites and the inability to get the job done. wall street is looking, america is looking for tax policy. and now we are starting out in august and stuff like that. everyone is saying that should be in the first 100 days. but that's one of the critical areas i hope he doesn't have a problem with, his fellow republicans. >> at the end of the day donald trump is.
>> businessman and obviously cares about the tax code. border security, immigration, international policy. things like that are more important to him for the first 100 days. charles: we have the march for life taking place in washington, d.c. we have vice president mike pence, the highest ranking government official to attend the event. i think kellyanne conway as well. >> every american has a right to peaceful protest. and it's the 44th anniversary of roe versus wade. for this group it's extremely important to them. a lot of these pro-life women say they were left out of the protests in weush last week. they want to get their word out
and it's their legal right to do so. charles: i think the consensus is maybe public opinion -- that pendulum is swinging. president trump will announce the supreme court pick. certainly a two-term president. he will have a chance to balance the court in a way that could be relitigated. any thoughts on that? abortion -- it was a social issue that wasn't talked about a lot in the last 8 years. though some people think that's the number one issue. sanctity of life. i don't want to pin you down on where you are on this. but a majority of people who voted for trump believe they
should be allowed to be born. a lot of evangelicals, and just the idea perhaps they have a friend in the white house hollis on their concerns. i think he is on the same page with respect to the right to life. >> i think he wants to make it a state's rights issue. the right to life individual, we are going to see the landscape change. charles: that i vab today trump dress looking fantastic. a spokesperson and a spokes-model. president trump had a closed meeting on trade and commerce this morning. he's meeting with theresa may later on.
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massive trade deficits and little help on the very weak border. must change. now. does it look inevitable we will end up in a trade war with mexico? >> not inevitable, but this is the beginning of a big negotiation. if you come from the business world you are willing to take risks. you november goal posts. politicians don't do that. charles: the canceled meeting, then the conversation back and forth through press releases or twitter. at this point the president trump or the president of meco, someone will have to blink. >> if you are used to the regular way government does negotiating, fasten our seat belt. if you want the status quo change it will never happen
under regular politicians. charles: are you excited, optimistic or hopeful? >> i'm open-minded. i'm reserved. i'm aware of the risks. i'm a free trader. but i'm willing to let donald trump see if he can change the results and make them better. charles: even if we can tweak the results. it's hard to argue whether free trade benefited the country for a long time. our manufacturing peaked in 1979. we talk about the anemic growth under barack obama, before it wasn't that great under president bush. something has gone wrong the last two decades. >> that's why i am willing to reexamine my orthodoxy. it may have worked for college-educated people like me. but what about blue collar
workers? what's working for them? we have a lot of blue collar workers with corporations who have their manufacturing hubs here. so this is not simple or easy, but it will unfold over time. charles: you made an appearance on abc that was purposefully edited to make it look like you were criticizing sean spicer. >> ari fleischer says trump shouldn't -- >> city was too tough. it made it look like .i never use the the words deliberate falsehoods. aye my quote was if the ball was dropped saturday, sean recovered it and ran for a first down.
>> anybody who has been in the editing suites they know. it never should have happened in the first place. whoever was in that editing suite, that's the person i would love to talk to. charles: whether they are in editing rooms or at the top of the heap. it ends so body against president trump. it's so obvious. it's so mean spirited and vitriolic, the average person, an an apolitical person out there is offended. >> they don't like trump personally. charles: do you have think the media -- it's hurting them more than donald trump. >> i'm not willing to say that yet. it hurts everybody. a poll came out by gallup trust in the press to tell the story
accurately and fairly is at an historic low. charles: the financial times reporting some big names will get a hit with a 35% border tax. walmar best buy, target. these are the the companies that get their products made and the elements of them overseas. what's striking is what the analysts are saying, they said they would see their net income drop dramatically. some analysts say it could push the little guys into instoll convenient i. so there is one other analyst who said these guys -- if you shop at these stores you will see price hikes of 15% on the first day this is enacted. 90% of clothes sold in if the
united states are made overseas. the big guns, the exporters like the. the retailers are now storming into d.c. saying wait a second. you are really going to hurt us. and they don't want a collapsed, failed country on our southern border evidence by a left-wing populist guy like a cha vets there. charles: sears could be the poster child for brick and mortar going wrong. a guest on my show tonight. a border adjustment tax is a little bit different. he will explain it tonight. more "varney" after this. [♪]
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♪ ain't that a kick in the head ♪ charles: i tweaked the song a little bit. but we were celebrating earlier this week. the profits fell short of what wall street was expecting. my crow some of the is up at the open as well. starbucks are blaming this on the stores being too crowded. ashley: they are trimming their revenue forecast for the year. showered schultz the ceo is
saying we are getting a little bit of the retail ice age effect. there are not as many people out there physically shopping. so getting a cup of coffee as suffered as a result of that. before he blamed political rmoil starbucks reining back a little bit. remember when tom ford pulled products from the store after he dissed the first lady. liz: the revenues did beat on the first line. wynn is coming in sort of strong. but he's going full guns on china. there wasn't as much
charles: president trump is setting a frenetic and phrased pace in his first week in office. joining me is martha maccallum. your show covers president trump in the first 100 days. good luck. martha: it's so incredible. you have to pull back and try to get a big picture view at times. but we are getting what everyone should have expected. this is a guy who is up early in the morning and up late at night. he was asked what are you going to do when you get to the white house. he said i am going to sit down and get to work. he went to the cia. he went to homeland and talked
to the rank and file. we have seen leadership falling by the wayside at homeland and the state department and defense department. people he had brushups with. the people underneath. and the labor unions on the business side who support him. he's work on rank and file constituencies which is what he said he was going to do. charles: we had an optimism report at a 12-year high. we rejected the elites in the country. the majority of americans think they led him down the wrong path. dose instinctively know this? he's like the billionaire you think you can have a heineken with. martha: he said my dad is a blue
collar millionaire. donald trump believes that that's who he is at heart. and that's who he is connecting with. this is a revolution airive period in the country. how it's going to go, we don't know. look what's going on with mexico. we have a mexican president who have much wants to outreacho the united states. so we'll see how that ends up working in the end. with these reinforced tweets we saw this morning. he's doubling down, tripling down on how much hardball he wants to play with mexico. charles: it works in business. enormously successful. he may be changing the pair diesm what politics is all about. the trump administration is going to have a major presence there. you have vice president mike
pence and kellyanne conway. you never had someone this high ranking attend this event. and it's been going on for three or four decades. martha: kellyanne conway has participated in this march for years and years. she is very pro-life. they want to make that comparison. you want to see hundreds of thousands of people turn out? give these people their due as well. they have a voice. the women's pro-life group that wanted to be part of the march, they wanted to march with these women, they were banished from that group. they want to say they have a strong voice and deserve to be heard. charles: apparently donald trump saying that the march for life has his full support.
so it goes beyond that. again -- i don't know what's going to happen with the supreme court and revisiting roe versus wade. but there are a lot of evangelicals who initially weren't thrilled with donald trump who overwhelmingly voted for him. he's taking great pains to show they didn't make a mistake. martha: we talk about the forgotten man and woman. and the evangelical core group that came out for him in a larger way than they did for mitt romney. you could line up the blue collar billionaire and these are the groups that gave almost tremendous support. he's saying i haven't forgotten what you did for me. charles: he's not a politician,
he's doing everything he promised he would do. i'm shocked you don't have on running sneakers and a headband. martha maccallum. you are doing a great job, by the way. charles: president trump revised the ketone and dakota pipeline projects. we have robert murray. he joins us right now. he's the ceo of murray energy. you and i talked so much in the runup to this election. you are one of the most passionate people out there when it comes to good old american jobs for these men who work with their hands and were kicked to the curb by the last administration. how do you feel now? >> i feel very good. good morning. this was a victory for the working men and women of this country. i live among them. i care about my employees. their lives and livelihoods have been destroyed by democrats and
the greatest destroyer america has ever had, obama in the last 8 years. charles: this is already a week where we saw president trump saying we are bringing backoscopy stone and the dakota pipeline. transcanada filed their application. it's a go. your industry is in favor again. tell us how this will impact these folks -- some are thinking it might be too late for many of them. >> it's not too late. he cannot bring the coal industry back, president trump and vice president members to where it was. but they can stop the destruction. and there are many, many things that must be done to stop the destruction in the legislature, and the u.s. senate has not done anything for coal in the last three years. hopefully their excuse is now gone.
there are many things that have to be done to keep the coal city where it is and that will be 30% of electric power generation. with the manufacturing jobs he will create,actories use a lot of electricity, charles. residents don't. so the growth in the industry will then depend on the economy, because we are 4 cent a kilowatt hour compared to the 26 cent a kilowatt hour wind and solar -- the environmentalists espouse. charles: think how much power the environmentalists had the last 8 years over the common person in this country. then these regulations. the epa was used as a weapon against your industry and a whole lot of other industries. from what i understand the trump
administration wants to take it from 15,000 people to 5,000. how is that going to impact? i'm not sure a lot of people in this country realize how weaponizing the epa destroyed your business and many others. >> other government agencies in washington. for the first time in many of their lives, these bureaucrats are going to find out what it is to have a job and create something for society. under obama we have had thousands of them in washington sitting there doing nothing but writing rules to keep us from employing people and taking care of american families. i'm so happy to see that. my reading has gone down 100 a t have to read about what these democrats are doing to destroy us. it's a great day. but mr. trump and mr. pence have to follow through on their campaign commitments.
charles: what would you like to see next from them. >> get rid of the clean power plant and cut the epa in half. eliminate the department of energy. get rid of the paris climate action agreement and many other rules and regulations that need to be changed. there are 82,000 pages of them so we can start there. charles: it seems like you put thought into this thing. >> i worked hard for the last 8 years to keep my people working. now we have a chance to get america right, charles. and we have this one chance and we must do it. and we must put these democrats in their place. charles: i want to ask about taking advantage of this fracking miracle. maybe even doing the smart thing and exporting more coal and more natural gas. i know it take a long time to get those things organized and
get it going. how imperative is it 459 we get on that immediately? >> we should. i'm willing to compete against natural gas. i'm an america and i'm for reliable low-cost electricity. i'm also for the environment. but what we had are regulations for the sake of regulations to satisfy environmental radicals. we have to get back to producing lower cost reliable electricity. i compete with gas all day long. but get the government out of picking winners and losers in the energy. stop the scented a kilowatt hour subsidy or wind mills and solar panels. they cost six times more than coal-fired electricity. stop those subjects does. you give me the ball and i'll compete with natural gas all day if i have a level playing field. charles: robert murray, you are
one of my faiths, thank you very much. appreciate it. nfl legend jim brown will be on an all-star panel with other athletes talking about supporting the african-american community particularly in inner cities. he's up with us next. we'll get his take on that. and when it comes to president trump take on chicago's violence. hey gary, what'd you got here? this bad boy is a mobile trading desk so that i can take my trading platform wherever i go. you know that thinkorswim seamlessly syncs across all your devices, right? oh, so my custom studies will go with me? anywhere you want to go!
adam: i'm adam shapiro. the market seems to be shrugging off t disappointing gdp numbers. the market down 10 points. the nasdaq down 4 points. some of the winners and losers on the big board. microsoft hit a record high. on revenue as well as earnings. doing well on the cloud. walmart is down as is chevron.
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jim brown, former nfl and civil rights activist. you and several other athletes were on a panel, and i recall the famous gathering that you, muhammad ali. and it was abtthles being more responsible to the community. jim, can you hear me? charles: i'm wondering the parallels. that was almost 50 years ago. >> i'm 80 years old. so it's been a long time. but i have been trucking along trying to do the best i could. we had a meeting in san jose with dr. harry edwards who his a great american. we had the diversity of athletes from different sports. the issue is to help make this a better country.
use the resources that we have, the influence that we have, and call attention to the things that need help and to be there and to really stimulate the fact that people now are very active because of the election, and the president has been open to reaching out to us. for the first time i can feel i'm going to be a part of a great change in the country. charles: you have been trying to help this country for a long, long time. what i find interesting, when i look at the principles you talk about. academics, con forming our behavior to acceptable social standards. while it will be great to have the president of the united states helping. the solution to some of these people is in the grassroots.
>> the people who live in these community, they are the ones who have to deal with the violence and the crime. and they are the ones we have to back up, give them a position so they can use their influence and their connections. so when we go into chicago, i already met with -- not met with, but i talked to various community people that have influence, know our youngsters, become surrogates to those youngsters. so we'll be going in, i think, within the next few weeks. >> your assessment so far of president trump. you had a great meeting with him. how do you feel this week? he hit the ground running an has done everything so far he promised people he would do. >> absolutely. i'm not -- i tell people i'm not a quarterback, i'm a running-back, so i don't know everything. but i do know the efforts i'm trying to make with like-minded
people, he has been behind 100%. pastor dallas scott out of cleveland, one of his great supporters is leading us in a great direction to help make chan with his support. and i could not ask the president for mehan what i just said to you. he has been great when it comes to identifying chicago. he has no -- he has not minced s words. charles: 's clear the mayor there now and the string of mayors who have been there, they have missed the mark. there is something about the environment in chicago where murders were double that. new york and los angeles combined. so it's a very interesting and unique situation. but you have seen this before, and you will be uniquely instrumental in being able to
help this. how much time do you think you and others should have before maybe donald trump says okay, nothing is going to work here or can't and maybe we need more federal support? >> well, i don't think that we are going to reach that particular position. i believe that with the community knowing that we have a great interest in bringing something positive there, because as you know, we need jobs all over this country. if we are dealing with corporations and looking at the need of those community, the need for those jobs. then they are going to cooperate with us. and we have been able to the past create a truce just using community people. charles: jim brown, you are a legend on the field and off the field. i' -- i'm honored to speak with
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ashley: it was a blah1.9%. if you average out the 8 years. the gdp came in under 1.5% growthr growth for an 8-year average. a strong dollar hurt exports. it speaks to optimism. it will be interesting to see how this economy can get revved up under the new administration. charles: we are watching the white house. that looks like the union jack on there. er reelsa may. charles: president trump coming out. this is definitelier reelsa may being greeted at the white house by president trump. ashley: this is the first
foreign state leader to neat face to face with donald trump. he has had plenty of phone calls and congratulations from many people. charles: this is exciting stuff. everyone is thinking about maybe we rekindle that magic. that ronald reagan relationship with margaret thatcher. ashley: they have to do a better job of letting the pictures get a closer view. we'll have a news conference after they meet. there are double podiums with theresa may on one side and president trump on the other. charles: i guess they differ on a few things but today the focus will be ony have in common.
the brexit and donald trump. the roots are the same thing. elitist leaders. >> commercial trade, free trade. there is going to be a discussion about nato. donaldonald trump's comments on. and russian sanctions. all those things hanging out there. but more than important enough is life after the e.u. and the special relationship and the trade deals could be struck with the united states. charles: the u.k. like america has lived up to their promise and a lot of other countries aren't. more "varney" after this.
and that of ronald reagan and thatcher, both countries were in disarray back then and both countries are in disarray now. a lot of hope. that is why we hand it to neil cavuto from here. neil, take it away. neil: i was too young to remember that, charles. thanks for pointing it out. unlike you i'm not going to sing which everyone is, thank you very much, buddy. we are focusing on this to your point, charles. couple big things. theresa may at the white house with president trump. to charles's point this could be a maggie thatcher redux with ronald reagan. behind the white house you have the national right-to-life march. i point that out to point this out. vice president pence will address the right to lifers. that is a big deal because he is the biggest deal to address a right to life crowd when they descend on washington. the highest ranking official to do so in person. other presidents, for example,