Transcripts For FBC Varney Company 20240714

Cash is pouring into this country from all over the world. Its pouring into american treasuries, its pouring into our stock market, safety and growth, thats what we are offering, thats what you are getting. Look what its doing. Its pushing Interest Rates all the way down, 2. 03 on the tenyear treasury. By the way, its so bad in europe now that when you lend to the government there, you dont get it all back. You lend them a million, they will keep 3,000. No wonder its coming over here. Then we have facebook. Looks like the stock of the day. Today they introduce libra, a new Digital Currency. They claim it makes sending money around the world as easy as sending a photo. Its a Payment System with a potential base of 2. 5 billion people buying from 90 million businesses. Investors love it. The stock is up four bucks premarket. This is going to be a very big day in politics and money. Stocks are going straight up and moments from now, a visit from Gary Woodland, the brand new u. S. Open champion. What a show. Varney company is about to begin. Stuart look at stock futures. Yes, a very solid rally coming your way this tuesday morning. As we said, money is flowing into america as europe lowers Interest Rates, that is the rate of return, all over again and President Trump doesnt like that. He doesnt like what the europeans are doing with Interest Rates. He just tweeted about it. Mario dragi Just Announced more stimulus could come which immediately dropped the euro against the dollar making it unfairly easier for them to compete against the usa. They have been getting away with this for years, along with china and others. About time we brought in market watcher scott shellady. Am i right, trouble all over the place and negative Interest Rates mean money is just flowing in here, its pouring in, isnt it . Yeah, how could it not. The germans got to minus. 3, like you said, and its indicative of what theyve got going on as the troubles in europe. I will say this, just by cutting your Interest Rate to cheapen your currency, thats a cheap way out of your problems. You need to grow growth inside of your own economy and do it the right way because this is just a shortterm way of getting some inflation and what happens is the u. S. Will cut rates and you are back to where you started. It really doesnt last that long. You need to really worry about whats actually going on inside your own economy and prop those things up the right way. Stuart youre right. I just want to pound on this for a moment because the money really is pouring in. You see whats happening with the tenyear treasury. You see whats happening with our stock market. It seems to me we are offering a rate of return, real interest, but we are also offering safety. We are, you tell me whether im right or not, we are the safest place around, right . Yeah, we have always been the safest place around. Thats a given, number one. Number two, you know, stuart, with whats happening in the rest of the world, i can see our tenyear yield going to 1 and that could still be a great trade for everyone else who is at minus half percent. Think about it. We will continue to see our tenyear yield march lower unless weve got Something Else out there that happens and we suddenly get some new inflation from, this is going to continue to be the case for the next two years while trump is running for office. This is going to happen. 1. 5 is in the sights, maybe even 1. I think this rate could absolutely march lower because of whats happening with the rest of the world. Look, in germany, the only rate they dont have in the negative is the 30year. Everything else is negative. When that starts to happen everywhere else, thats going to slowly but surely drive our rates lower. Stuart fascinating. Stay there, i have more for you in just a moment. I want to get to the stock of the day, facebook. They are going to unveil a plan for this Digital Currency, i think its called the libra. Susan libra, thats right. Crypto craze is going mainstream. Libra will be introduced to 2. 7 billion facebook users across facebook, instagram and whatsapp in the year 2020. You will be able to use it on 27 Partner Companies including spotify, uber and paypal and visa as well. This is years in the making and the value of libra, this is interesting, unlike bitcoin, actually backed by actual dollars and euros, right. So for every dollar thats transferred and used of libra, its every dollar and euro that goes, that crosses transatlantic or goes around the world in these money transfers but this is about also facebook looking for a new revenue stream. You are going private on the social media sites, how else are you going to make money in the future if you dont have targeted ads. Dont forget, Facebook Says very clearly this is a profitable venture for us. We are here to make money. This is something very interesting to see next year. Stuart i think its interesting. I think its exciting. Looks to me like a flatout winner. Susan three questions. Ease of use, trust in facebook with more data and lots of Sensitive Data including your drivers license and passport numbers in order to use libra and also the companies that adopt the usage of libra in the future as well. 27 initial Partner Companies looking for 100 next year, maybe you will use spotify and libra in the future. Stuart you never know. I think its great. I think its very exciting. What does scott think of this . You have been listening. Good or bad . Facebook libra . I give them an a for effort but its in a bad stage. I would like to see the longevity of this coming out because i dont trust facebook. The data breaches and what theyve got as far as, you know, think about it. We are not the customer of facebook, right . The customer of facebook is everybody they sell our data to. So we are the product. The customers. So why would you want i just dont understand why you want to exacerbate that problem. I still think its in a bad stage. Lets see who signs up for it over the next couple years but right now, i dont trust them to be able to handle some of that. I think its all in an effort to get more money obviously because i think their core business is going to suffer because twitter, like facebook, are a little bit different than all the other ones. The social media websites have a policing problem and thats going to be another thing thats going to be a drain on revenues. Stuart investors disagree with you. Thank you, scott. All right. See you. Stuart all right. Lets get to pure politics. President trump kicks off his Reelection Campaign in orlando, florida tonight. Hes tweeting about already, he tweeted about immigration just last night. Watch this. Next week, i. C. E. Will begin the process of removing the millions of illegal aliens who have illicitly found their way into the United States. They will be removed as fast as they come in. Mexico using their strong immigration laws, doing a very good job of stopping people long before they get to our southern border. Guatemalas getting ready to sign a safe third agreement. The only ones who wont do anything are the democrats in congress. They must vote to get rid of the loopholes and fix asylum. If so border crisis will end quickly. Look whos here in new york city. The man with the smile. Charles hurd, Washington Times guy. It seems like right before he makes the big Campaign Speech tonight, hes coming out with a very hard line on immigration all over again. Well, it certainly is tough talk. But whats amazing about it is that it is tough talk in washington. All hes talking about is enforcing the laws. The laws have been on the books for a long time. Youre not allowed to be in the country illegally. If democrats have a problem with that, they should go and change the laws. I invite nancy pelosi, with the house of representatives tomorrow, could pass a law that says its perfectly legal to be in the United States stuart you know its very provocative to say i. C. E. Next week will start taking millions of them out. Of course it is. Thats why he got elected. I keep going back to the same thing. We are a nation of laws. We love immigration, we love immigrants but we are a nation of laws, and if you dont like the laws, change the laws. But you cant attack a guy for saying that he wants i. C. E. To do what they are legally prescribed to do. Stuart okay. How about this one. Aoc, alexandria ocasiocortez, she compares border facilities to concentration camps. Roll that tape. The United States is running concentration camps on our southern border, and that is exactly what they are. The fact that concentration camps are now an institutionalized practice in the home of the free is extraordinarily disturbing. Stuart you are laughing. Lot of people were not laughing. No, its incredibly offensive but whats funny about it is politicians probably shouldnt sit in front of a camera in their basement, in their parents basement or wherever shes sitting, and make big political treatisses like this. Its ridiculous. She looks ridiculous. And it is offensive. But you know, if politics is supposed to be about addition which it should be, this isnt even subtraction. This is division. This may work in her district and this may work in certain districts, but outside of that, you cant win a state in this country by talking nonsense like this. You cant win two states. I think its a real problem that the democrats are being sort of led around by a party that has become increasingly insular, increasingly fringy and supporting people like this. Stuart looks like she runs the party sometimes. It does. And we need a better Opposition Party than that. Stuart all right. Charles, thanks very much for being here. Always good to see you in new york. Thanks. Now check futures. Its a rally. We are looking at a gain of well over 100 points for the dow. Look at that nasdaq. Now, you could tell me theres going to be real strength in the Technology Stocks today, up 1 on the nasdaq premarket. How about walmart, unveiling a brand new unlimited grocery delivery subscription service. Okay. You pay 98 a year, you get unlimited grocery deliveries. Obvious obviously thats taking direct aim at amazon. Hong kong, lam made a rare public apology trying to keep protesters from hitting the streets again. Looks to me like xi jinping is very worried about whats going on there. He doesnt want the unrest to spread from mainland china. And weve got a big sports star for you. U. S. Open winner Gary Woodland. I want to know how he felt after sinking that 30foot putt seen around the world. He joins us in studio next. What a show. Varney company just getting started. Stuart let me run through this real fast about a special guest coming up. Saudi arabia cutting its oil output, wants other opec members to do the same. Look at that. An output cut and the price of oil is at 52 a barrel. No spike. Look at gas. 2. 67 is your national average, down 18 days in a row. I think going way down from here. Now, the guest. The special guest. Put him on camera. Gary woodland, there he is. Look at that. First of all, i want to show everyone that 30foot putt on the 18th green and i want your commentary over the top of it. There you go. Okay. I want to see the ball going in the hole. Have you got that for me . Oh, we dont have it. How did you feel when the putt went down . I knew i had three putts to win. I was just trying to get down there close but halfway there, looked like it couldnt miss. When it went in, i didnt know what to do because i had no shots left. I wasnt really nervous all day but i got nervous pretty quickly after it was over with, with everything that came with it. Stuart have you come down from the high yet . It really hasnt hit me until i woke up the next morning, the trophy was next to the bed. It wasnt a dream. This was real. Real life. Stuart would you tell us about that very special 19yearold fan who has followed you for years. Tell me about her, please. Amy and i had the pleasure to spend some time together in phoenix this year at the phoenix open. We played the 16th hole with thousands of people around. I was so nervous for her just to hit the shots. She got up there so confident, got it up and down out of the bunker for par. But her energy was contagious. Stuart the young lady has down syndrome. Correct. Yes. Like i said, i wanted to pick it out of the bunker for her and shes like no, i got this. I got this. I used a lot of that myself over the last couple months. It was pretty special. Stuart you wear flag shoes. You are a supporter of fallen honor. Patriotic guy. I am. We are so lucky to live in this country thats free. These men and women go sacrifice and give everything for us so i can play a game and live my life and enjoy my family. Its nice to be able to give back to them and support them. Stuart do you get pushback for that . Overt patriotism is not often looked well upon. Fortunately, its been well i have been well received with it. You know, if i get some pushback, it is what it is. Im still going to support the men and women who support me. Stuart you are a good man. I dont care what they say. Now then, we have gary player on the show very frequently. He works out like you wouldnt believe. Its unbelievable. Stuart thats how he stays in shape. Do you have a workout regimen . I work out to stay healthy. He makes me feel bad about myself. But hes an unbelievable guy. Obviously hes won a lot of major championships but his health and fitness, he transcended that and really changed the game. Stuart hours of practice every day. How many hours . Im always thinking so even if im not on the golf course, im mentally thinking, trying to get better at all times. I think its a work in progress all day long. Stuart is there ever a day goes by when you dont pick up a golf club and hit the ball . There might be a day but im still gripping it in my hands, im still visualizing that club in my hands. I chase my son around now and hes always got a club in his hands. Theres always a club around the house somewhere. Stuart how old were you when you started playing . I started when i was able to start walking. I was walking with my dad on the golf course. Stuart your dad put you through this . Yeah. He wasnt a big golfer but it was something we could just do and walk the course together. Thats what weve done. Stuart forgive me but this is a financial program. Im not going to ask you how much you earn or how much youre worth. It would be crass to do Something Like that. Instead i will ask you this. You won in california. Yeah. Stuart with very high taxes. But you live in florida. Yeah. Stuart how do you feel about paying at least half of all your winnings to the government . Yeah, its better to win those in florida, i can tell you that. But its still nice to win. I will take it anywhere. Florida wins are a little better. Stuart you live in florida. I do. Stuart for the taxes. Taxes are nice. Stuart and the weather. Golf courses everywhere. Stuart whats next . Im off this week which is nice. Stuart a week off . You slacker. I know. Unbelievable. My son turns 2 this week. I get a little bit there, and back to work next week. Stuart last one. Is it true you drank vodka out of this . I did. Stuart i knew it. Gary woodland, its a real honor and pleasure to have a patriot like you on this program. We really appreciate it. I appreciate it. Thank you guys. Stuart thank you very much. How do you follow that . Ashley its not easy. Stuart the dow is going to be up 150. The nasdaq is going to be up 82. What a day. Woodland, market rally. Its all on varney. Stay there. Well be right back. Hey im bill slowsky jr. , i live on my own now ive got xfinity, because i like to live life in the fast lane. Unlike my parents. You rambling about xfinity again . Youre so cute when you get excited. Anyways. Ive got their app right here, i can troubleshoot. I can schedule a time for them to call me back, its great you have our number programmed in . Ya i dont even know your phone anymore. Excuse me . what . I dont know your phone number. Aw well. He doesnt know our phone number you have our fax number, obviously. Todays xfinity service. Simple. Easy. Awesome. Ill pass. Stuart im still recovering from gary. What a guy. Hong kongs leader makes a televised apology to quell the political crisis over their extradition bill. More details, please. Susan might be too little, too late. Two million march in the streets, a third of hong kongs population. The chief executive, the one that is really taking the blame for introducing this extradition bill which would have shifted hong kongers and also expats to china to face trial, she says i offer my most sincere apology to all of the people of hong kong but after this, its interesting that president xi jinping of china, what does he do. This is basically the international doorstep to investing in china. Looks like hes backed off at least his hard line stance for now. Stuart hes scared to death of this kind of protest will move to beijing. Susan yes. Whats next, elections, right . Stuart got to get this in, too. 1,000 more troops deployed to the middle east. Whats this all about . Ashley yeah, after the u. S. Saw new images that they say shows Iranian Forces removing an unexploded device from the hull of one of those two tankers that was attacked. The reason they are doing this, they say, its being taken to ensure the safety and welfare of our military personnel working throughout the region and to protect our interests. Is it an escalation, 1,000 more troops . It certainly sends a message that we are watching you, we have seen these images and believe you have been behind these attacks. Stuart watch out. Ashley watch out. Stuart futures show a very nice gain. We are going to be up about 150 points. As i keep saying, money is pouring into america. Because of trouble overseas and safety here in america. Dows up about 150. The nasdaq, look at it go, 80 points higher, better than 1 . Back with wall street after this. Experience the style, craftsmanship and technology that have made the rx the leading luxury suv of all time. Lease the 2019 rx 350 for 399 month for 36 months. Experience amazing at your lexus dealer. The Doctors Office might mejust for a shot. O but why go back there when you can stay home with neulasta® onpro . 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Stuart the president s trade guy, robert lighthizer, testifies this morning about the usmca, the new nafta, and more importantly, the status of trade talks with china. You know, ashley, whatever he says could move the market. Ashley and especially about china, because the Senate Finance committee is saying where are we with these negotiations, where are the tariffs headed. The likelihood of the two leaders meeting at the g20 has been back and forth. Theres been no confirmation from china and even from the u. S. As well. President trump saying hey, if he doesnt go, he doesnt go. But that could move the market if he says look, talks are moving along, we are encouraged and also, of course, talk about the usmca as well. Stuart we are going nowhere with these talks. Ashley if he says that, bad for the markets. Stuart its a headline driven market. We will follow it for you. Ten seconds to go. This market opens literally seven or eight seconds away. My theme for today is america, when it comes to money, we are the only game in town. Okay. Were off, were running. Talk about the only game in town, we are up 140 points in about seven seconds. 26,260. A sea of green on the lefthand side of the screen. I only see one loser, looks like travelers. Travelers, the only one thats down. 29 up, one down. Dow is up 154. Thats. 6 . Big gain. How about the s p 500. Show me yes, same agai again,. 62 . Very solid gain. Heres what i want to see. Look at that. Up almost 1 for the nasdaq. We are at 72 points higher. Later we will check those tech stocks for you. And the yield is, whoa, all the way down to 2. 03 . How do you like them apples. How about the price of gold . Up 13 an ounce, 1356. Where is the price of oil . When saudi arabia says we are going to try to restrict output and convince other opec members to do the same, you are up only 90 cents. Ashley in the old days stuart it would have spiked in the old days. Whoa, gasoline, 2. 67 a gallon and heading south. We are down 18 days in a row. You know, i think we need some experts. Mike murphy is with us, d. R. Bartons with us, susan li is with us and ashley, of course. Start with facebook. This may be the stock of the day. Digital currency plans, outlined today. Right from the getgo they are up 2. 25 , 193. Now then, murphy, you got out of it. I did. Stuart are you getting back in . This looks like a winner. I am not. Facebook still has the same governance issues that were really the root of the reason after a long ride we got out of the stock. When i look at this crypto play, apple already does this. Venmo already does this. I dont see it as a game changer for facebook at all. Stuart and you do . I see it in a slightly different way because i think they can have a chance to put in a different money ecosystem that will allow us to do business easily with somebody in india, with someone in mexico, the places where the lesser banked people have tough time moving money around the planet. If they can do it through these 2. 3 million users can do it through wechat, instagram, whatsapp. [ speaking simultaneously ] then we have a big change. Stuart if you have a platform with 2. 5 billion people servicing 90 million businesses, and you introduce a Digital Currency, not crypto, Digital Currency that can link them all and i can send my account around the world like i can send a picture around the world, i dont see how you are telling me its no good. Well, i dont see it, remember facebook had a lot of issues with their internal devices with people being hacked internally within the facebook system. As for me, i will stick with the large banks, jpmorgan chase, citi banks, for my banking. If you are telling me Stuart Varney is going to go out and put his money, convert his dollars into a facebook crypto currency Digital Currency, whatever that is, to then send it over a system to someone else across the other side of the world, all because you are going to put your banking information in there and give Mark Zuckerberg access to all your banking . I dont think you will. Susan privacy is probably the biggest concern right now, but wechat in china actually has already done this, right . On social media, if its easy, if i open up my social media to take a look at the pictures and its easy to buy something, to send money to stuart perhaps, i would actually do that. A report a few years ago said social media and Tech Companies would actually scare the banks, nothing else. Ashley to mike murphys point, what story do we do every other day . Data breach. They just dont have a handle on it. When you put all your Financial Information in there, i think there will be a little hesitation. Stuart hold up. Ive got to move on to the other stories of the day. Theres lots of good ones. Suffice it to say, murphy, you are totally wrong. When you start using my full name, i know im in trouble. Look at this. Walmart. They are going to launch an unlimited grocery delivery service. You pay them 98 a year, you get all the deliveries you want. Yeah, right now for that delivery you are paying ten bucks, 9. 95 a delivery. Now if you do that more than once a month, if you do it multiple times a week, its a good deal. But we talked about this before. Youre right, its a direct shot at amazon prime, and that is so good for the consumer to have multiple options, not just whole foods or amazon fresh but you have another competitor. Thats really good for the consumer. Stuart murphy wants to throw cold water on Something Else. I had my amazon fresh delivery this morning and i missed something, i backed it up with a second amazon delivery order this morning that i placed that will be at my home this evening. I pay nothing for it. The reason is im a prime member. So they waive the 9. 99 charge. I think what walmart needs to do since they are direct competition with amazon, they should do what amazons doing. Let them sign up a type of membership so who cares if they are copying amazon. Amazon is winning right now. Amazon should be coming directly after them. I dont mind them announcing that. Stuart wow. Youre in a mood today. Somethings missing out of his amazon fresh delivery. Oh, target. Okay. By one estimate, remember that weekend computer outage . Cost the company 50 million. Stocks down a little bit but not much. I dont think theres much of a story there. Not much of a story. Temporary glitch. That it was off, that it happened offshore is a little bit of a concern. We will see how target responds. Stuart the big board now shows a gain of 188 points. The dow has reached 26,300. Thats a very solid runup. Twothirds of 1 on the upside. Individual stocks. Dunkin partners with grub hub. Big tech first, sorry. I missed that. Apples up three bucks. Amazons up 19 bucks. Facebooks up 2. 60. Alphabet up nine bucks. Microsoft closed at 134. Dont you love it . Not as much as you. Stuart dunkin partners with grub hub for coffee and food delivery. That new Service Starts this week. Dunkin up, grub hub up. Comcast launches eye control for tvs, aimed for people with physical disabilities. Not impacting the stock. Thats an interesting introducti introduction. The tv follows your eyes, changes channels up and down with your eyes. Now back to the theme of the day. America is getting money from all over the world. We are the only game in town. Thats why the yield on the tenyear treasury is all the way down to 2. 03 . I think this is flat out good news for america and maybe a pointer for the Federal Reserve. What do you think . I think so. Dragi has said overnight they are going to be prepared to open the spigots again to fight potential deflation. So that does give more, i think more room for the fed to maneuver and thats again, a good thing for markets short term. Just remember, we still have a lot of debt. We have a very high debt level. 2 looks a lot better when you owe that much money as we do than 3 . Stuart i used to like the old bullish murphy. Thats bullish. We have to pay out 3 on our debt. Stuart can i just do this for a second. You heard about negative Interest Rates. Im not going to get into all of that. But suppose you are a money manager in berlin, in germany. Youve got a billion dollars. You put that with the German Government, put a billion in, they keep three million. You get back you pay for the privilege. Stuart if you take that billion and put it into an american treasury bond, you get 20 million of interest. Where you going to put your money . Its going to come here, obviously. Its going to come here. Are we in agreement . 100 . Stuart attention, meatless protein fans. Beyond meat is going to release a new plantbased ground beef to grocery stores. The stock has been on a tear. Is it on a tear again today . Up another 10 . You bought any stock in that . I do like beyond and i like it for the long term. I have already sold it once, because and i told everyone else to get out the last time it popped to 184 last week. This new thing, every time they announce something new, they are getting a big hit because theres no other big game in town. Impossible just raised money in may, their big competitor. They are not looking to do an ipo for awhile. There are very few shares outstanding in this stock which keeps it fluctuating a lot but its a good long term play. Stuart you wouldnt put your money there, would you . I would not. My concern is for people watching at home, they see beyond meat, they see us covering it from 100, its 186, they think they missed out and jump in. D. R. Pointed out a very small float, not a lot of shares out there. That leads to oversized moves to the upside and also to the downside. Be careful. Stuart okay. New high of the morning, now we are up over 200 points, 26,314. Go, susan. Susan i just want to note as well, while were up 200 points, theres an 85 chance of a july rate cut, up from 25 just a month ago. Thats a big reversal in sentiment in just 30 days time. But to Goldman Sachs and bank of america both say we are not going to see any Interest Rate cuts this year. Stuart but the market is saying 85 chance we cut in july. Susan in july. Stuart look at that. Now we are up 262 points. Just like that. Susan the treasury yield is down to 2 because they are expecting a cut. Stuart exactly 2 . 2. 03. Okay. That should move. All right. 9 40. Im sorry. You were a fine performer today. Youre all right. Thank you very much, gentlemen. Good stuff indeed. Again, check the big board. Up 276 points. Better than 1 . Im sure the nasdaq is up even more than that. What a day. Tuesday morning, straight up. What . Ashley headline. Trump says he will meet xi at g20. There we go. Stuart there you have it. There you have it. Ashley had a very good telephone conversation with president xi of china. Trump says u. S. china teams will begin talking prior to that g20 meeting. Boom, market up. Stuart let me say that again. President trump just tweeted about this. Going to meet xi jinping at the g20. They talked on the phone, positive conversation, and they will talk before the meeting. Up she goes. 280 points up for the dow, 1. 07 . 26,300. What a day. Next case. The new leader of the Republican Party in new york, yeah, there is one, he joins us next hour. I want to know why the gop is in such total disarray in the empire state. Where do republicans stand on legalizing marijuana, for example . They want to get out front of the democrats on that one . We will ask him. The feds are not the only ones tracking down on ecigarettes. We will tell you which city may become first to ban the whole thing. No ecigs in this city. We will tell you which one. Hong kongs leader apologizing in public for the extradition bill that set off those protests. Is xi jinping scared that the protests will spread . I dont know. We will ask the former u. S. Ambassador to china about that. Hes next. Stuart whoa. It is a rally and a half. We are up 327 points, 1. 25 , and heres why weve got this rally. A trump tweet. Here it is. Had a very good telephone conversation with president xi of china. We will be having an extended meeting next week at the g20 in japan. Our respective teams will begin talks prior to our meeting. Come on in, max baucus, former u. S. Ambassador to china. Mr. Ambassador, i say that president xi blinked because of the trouble in hong kong and he wants this meeting. Am i right . Well, i think both president s want the meeting because both countries really want some kind of a deal. China wants to work out a deal with the United States just like we do with them. Its good that theyre talking. Stuart its good that theyre talking. Are they talking in part because of all the trouble in hong kong and president xi having to back away from that, and all the problems with chinas economy and president xi worried about that . Is that why weve got these talks . Well, i think both countries have not only need to talk but both countries also have significant problems. For president xi jinping, hong kong is part of it, but since that extradition proposal has been withdrawn, thats less of a problem. President xi also is going to north korea to visit kim jongun, first time a chinese president has visited north korea in 14 years and this is a big state visit. Hes doing that, of course, to get leverage over the United States and back home, here weve got a little bit of problem, too. The Business Community is really getting quite upset with proposed additional tariffs. Then huawei, the technology issue. So both leaders have a lot to talk about. None of these are resolved easily. Stuart at the end of the day, do you think that china will back off, stop stealing our intellectual property, and stop the forced transfer of technology . Will they actually do that . And agree to do it . I think that there will be some words of agreement in that direction but to be honest, i dont know how realistic its going to be and how much is going to really be enforced. I think china will really want to say they will buy a lot more of our products to reduce the trade deficit. Thats what President Trump talks a lot about. But its going to be difficult for the United States to get china to back down on some of its core basic it views as sovereign issues, developing new technologies. Now, there is some forced technology transfer. To be honest, i think thats a bit overstated. Intellectual property theft, thats better now than it was. But if you talk about the core stuff, nanotechnologies, electric vehicles and all that, we arent going to get china to back down on that. Frankly, i think we should be doing more of that ourselves, our own country. Stuart okay. But you think we will have a handshake deal of some sort at the g20 meeting . I have 20 seconds left. You think there will be the handshake deal . I think its going to be a handshake deal, but with specific respect, the can will be kicked down the road. We will talk about negotiating further down, no firm agreements. Stuart got it. Mr. Ambassador, thank you very much for joining us, sir. Very opportune day to appear. Thank you. Appreciate it. I will give you some breaking news out of japan. A magnitude 6. 8 earthquake just hit off the northwestern part of the country. A tsunami warning has been issued. Obviously we are monitoring this and any developments, you will know real fast. You got to check the dow because this is a rally and a half. We are up now 333 points, 28 of the dow 30 are in the green, theyre up. The dow is up 1. 25 . Significant gains also for the s p and the nasdaq. We have another poll and it shows President Trump trailing joe biden by double digits. This time, its from the state of michigan. Trump down 10 to biden in michigan. Whats going on . We will ask michigan congressman next. Is where people first gathered to form the stock exchangeee, which brought people together to invest in all the things that move us forward. Every day, invesco combines ideas with technology, data with inspiration, investors with solutions. Because the possibilities of life and investing are greater when we come together. I come facetoface with a lot of behinds. So i know theres a big need for new gasx maximum strength. It relieves pressure, bloating and discomfort fast. So no one needs to know youve got gas. Gasx. So nothe latest to inisnt just a store. Ty its a save more with a new kind of Wireless Network store. Its a look what your wifi can do now store. A get your questions answered by awesome experts store. Its a now theres one store that connects your life like never before store. The xfinity store is here. And its simple, easy, awesome. Stuart oh, dont you love it on a tuesday morning. You wake up and you see that. The dow is up 340 points, 1. 3 . Its a rally across the board. Now this. A statewide poll of michigan has joe biden leading President Trump by double digits. Can you believe it . 5241. Remember, please, mr. Trump won michigan by less than one percentage point back in 16. Lets bring in congressman bill huizenga, hes a republican and hes from michigan. Whats wrong with whats going on in your state . Biden beats trump by 11 points . Yeah. Well, we are not a red state or a blue state. We are a purple state. Its hard to know, conceptually, maybe, but when it comes down to people walking in the voting booth, i got to tell you the economy in michigan is just redhot, much like it is stuart is it . Absolutely. Especially in our area in west michigan, where we have office furniture, automotive suppliers, ag, we literally, our problem is we cant get enough workers. Stuart really. Okay. Ive got to move on to another subject. I first want to bring this up to you. We just heard that President Trump will be meeting with xi jinping on trade and the two sides are going to be talking almost immediately. The president has spoken on the phone to xi jinping. Thats why the markets up. This is very good news for michigan, isnt it . Yes, it is. The two things that are very good news is one, progress on the usmca, making sure that that is in order, and then having a trade agreement or progression of those conversations with china, is very important for our manufacturing. Stuart you are manufacturing and farming. Thats michigan, isnt it . Yes, it really is. Tourism but thats hard to export. We import for that. But yeah, it really is ag and that valueadded ag, then manufacturing, whether its automotive or office furniture. Stuart if your state economy is redhot, whats it going to look like if theres a deal with china and if usmca goes through . Well, we are trying to get people back. You have to remember that michigan was the only state that literally lost population between the 2000 and 2010census so were trying to get people back. We are seeing wages going up, Work Force Participation is skyrocketing, so we want people coming back. Stuart joe biden has an 11 point lead in your state. Again, conceptually, all right. My moms a good Irish Catholic girl from flint. I can tell you, some of my uaw cousins, they like what trump has been doing, but Hillary Clinton did not fit the profile of what they thought was an attractive candidate for president. Joe biden might a bit more but i think at the end of the day, when people see really the proof is in the pudding in whats happening in the economy, they are going to come back to President Trump. Stuart ive got another bone to pick. Not just the biden poll. Listen to this. Three of your fellow michiganders, representatives, support impeachment of President Trump. Its a bipartisan group. You have congressman amash, a republican. Youve got tlaib, who is a democrat. And andy levin, who is a democrat. All three of them are pushing. What is this, michigan is the impeachment state . Its a combination i think of some trump derangement syndrome, literally no matter what he does, there is going to be opposition from some of those folks. I read the Mueller Report very differently and whether its attention seeking or whatever it is, it certainly caused a few ripples in michigan politics. I can tell you that. Stuart this push for impeachment, all these investigations, that gets in the way of usmca which is absolutely vital to your state. It does. It really does. Which is why i think you saw nancy pelosi and steny hoyer and other leaders really pushing back and saying hey, this isnt the direction we want to go. But now they are getting so much pressure from the grassroots that they are being forced to go in that direction, and frankly, i think it could help the president. Stuart congressman bill huizenga, republican from the state of michigan, thank you for joining us. Seriously, we appreciate it. Good to be with you. Thank you. Stuart yes, sir. Congressional what have we got here. On capitol hill, President Trumps top trade negotiator is going to testify next hour. His testimony is all about trade. It could move the market. You get some kind of headline on the meeting with trump and xi jinping, could move the market all over again. We are obviously monitoring the whole thing. Again, any headline could move the market. Of course were on it. Look at the big board. When it comes to money, america, the only game in town. Moneys pouring into here from all over. My take on that, next. Nah. Not gonna happen. Thats it. Im calling kohler about their walkin bath. Huh . Hold one moment please. [ finger snaps ] hmm. Its soft. The kohler walkin bath features an extrawide opening and a low stepin at three inches, which is 25 to 60 lower than some leading competitors. The bath fills and drains quickly, and the door ensures a watertight seal, so you never have to worry about leaks. Kohlers walkin bath was designed with convenient handrails for added stability and safety. The wide, ergonomic seat is tilted back for comfort and stability. It has a channel so water wont pool on it. 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With feedback to help you drive safer. Giving you the power to actually lower your cost. Unfortunately, it cant do anything about that. Now that you know the truth. Are you in good hands . Stuart market has another leg up a few minutes ago. President trump tweeted this, had a very good telephone conversation with president xi of china. We will be having an extended next week at the g20 in japan. Our respective teams will begin talks prior to our meeting. As we said, that gave the market a very nice lift. Were now up 327 points. The nasdaq is up, way over 1 . All right . Now this. Of when it comes to money, america is the only game in town. The money is pouring in from all over the world, think about this, every day, trillions of dollars sloshes around the world. It is looking for a good yield, that is interest. It is looking for safety. You get both in america. That is why money from overseas is flooding in here. Our economy is expanding. Our currency is king of the hill. When you lend money to us, we actually pay interest. Nobody doubts that well pay up safety and interests, what a concept . It is different in the democratic socialist paradise, known as europe. Over there you pay the government to helped them money. Isnt that crazy . That is the way it is. There is no interests. No rate of return. There is no yield. You lend and they dont give it all back. Just suppose for a moment. I want to drag on about this. Suppose youre a big Financial Institution in germany . You put one billion dollars into a German Government bond, after a year you dont get it all back. They keep 3 million. Youre the lender but youre paying the borrower. It is the world turned upside down. If you put that same billion into an American Government bond, america pays you 20 million in interest. No wonder the money is coming here. Dont think this is high fallutin finance out of pay grade. This makes a big difference to you, Mortgage Rates being pushed down. Inflation being pushed down. The economy gets another shot in the arm. Being king of the hill is cool . Deal with safety. After all, you dont want to take too much risk with your money, lets be clear. America is the safest place around. Suppose youre a money manager in hong kong . That is asias financial center, have you seen what is happening . You think your money is safe there . , you can still smell the tear bass for heavens sake. Run money in london, europes financial center. You heard about brexit, havent you . When it comes to safety, america has it all beat. This is not mindless nationalism. This is economic reality. The america is the only game in town. Second hour of Varney Company is about to begin. We have to get right at this. Market is rallying. 10year treasury yield down to 2. 03 . Jim awad is with us now. When i say with money america is only game in town. Unequivocally. There is no other rational argument outside of that. You laid it well with hong kong and britain. European model doesnt work. Chinese model is dependent on growth in the states. We have safe, growing, positive yield. If we resolve the middle ground trade issue with the chinese. Were off to new highs. Only thing that makes it not true, is we meet in the g20 and fails like the korean summit. They will make progress going forward, i think finally after after after yearandahalf. Stuart trump tweet is icing on the cake. Brilliant. Kicking off campaign in florida tonight. Something to talk about. The market is up strong. Talk about the market. He will power tray it as the chinese coming our way. I hope he does it elegantly, that it doesnt hurt the pride of the chinese. Growing economy, low Interest Rates, progress on various trade deals, stock market going up, its a very nice combination. Stuart can you tell me if there is a dark, serious dark cloud on the horizon . Well, what you worry about, a lot of debt has been put on corporate Balance Sheets over the last 10 years. Weve all heard about the leveraged loan market, the nonbank shadow banking market. Some day that will be a problem. Not while the economy is growing and Interest Rates low. To look at where there might be a problem, if the credit markets ever start to deteriorate, you see spreads widen, junk bonds start to go down, then you will know we have a problem. Not with the economy growing 2 or more, Interest Rates at 2 . That is problem for out there. Right now i dont see recession. I see continued growth. It is going to be slower growth. You have reasonable valuations, lower Interest Rates, valuations go up somewhat. You can have a modest growth in profits and continued progress in the equity markets. Not without volatility, not without down days. The caveat being what you dont want a failed meeting between the leaders in june. Stuart i got that you will never retire. Never. Well do this together for the next 10 years. Stuart okay. [laughter]. I make no comment on that one. I will give it some thought. James awad, thank you very much. Pleasure indeed. Great to have you on the show today. Want to bring in tom rogan, Washington Examiner editorial writer. America when it comes to money is the only game in town. You want to take me on . Am i wrong . Youre clearly right. Part of that is bound up in the viability of our institutions, our system of government. I think politicians including President Trump and democrats certainly, should remember that, that cornerstone of american democracy, the rule of law, binding pursuit of profit are the things that make us strong. The concern, if President Trump could double down on that now, the ability to challenge the democrats especially democrats like Elizabeth Warren who take on counter posing moral narrative would be much stronger. Do you think impeachment drive or this trashing of the president through investigations endless investigations, endless investigations, could that, could that really rock our image as a safe and sound democracy . I think clearly, i think absurdity of that line of argument is that, you know, we had the Mueller Investigation and sustaining narrative of democrats at the time was that that would be the mechanism, right . It was this, that after two years, after mueller being a former fbi director who knows by the way, how to chase down evidence through the intelligence community, nothing substantial came of it in from a legal point of view that damages it. If you look at the economic record the president has both at the top end in terms of the strength of the economy and macro growth levels but also in terms of the benefits that people at the bottom rungs of society, minority workers, lowest skilled workers are making, then we see the new studies coming out about impact for example, of the minimum wage, there is a, there is a moral narrative that the president can hold to in a way that says look, it is very good to have a capitalist society where the rich get very rich but everyone else getting wealthier as well. Stuart i want to read a president ial tweet. You may have seen it, tom, i dont think our audience has. Here it is. Next week i. C. E. Will begin the process of removing the millions of illegal aliens who have illicitly found their way in the United States. They will be removed as fast as they come in. Mexico using their strong immigration laws is doing a very good job of stopping people before they get into the southern border. Guatemala is signing a safe third agreement. Only one will not do anything is democrats in congress. They must fix the loopholes and and fix asylum. If so, the border crisis will end quickly. He is taking a few hours in advance of that kickoff tonight, he is taking a very hardline on immigration. Will it fly with voters . Well i think it depends what he does. If focus is going to be on individuals who have federal deportation orders, final orders against them, which some of the reporting suggests i think it would fly. When people delve into the details of those applicants, if there is much broader effort i think, get people out of the country who have been here essentially for 20 years and been lawabiding et cetera, that is a different issue. Bound up with the border crisis, if it is narrowly focused thing, people who have been told by federal courts had due process you should not be here, there is an effort to secure the border which even democrats increasingly are having to admit in crisis, he has the benefit of showing diplomacy with mexico as multilateral solution people said he wasnt capable, those three sustaining things could be beneficial in the campaign. Stuart he will raise them tonight for sure. Tom rogan, thank you very much. Were up 300 points for the dow industrials. Technology is doing extremely well, okay . Take a look at facebook. They unveiled their new Digital Currency. It is called libra. The stock is up. Can you explain what it is about . Susan facebook is going mainstream with crypto. It will be available with instagram, messenger and whatsapp. Do you have to be on the properties to use libra . Apparently not. Stuart you can do it is. Susan take a listen. To use libra you dont need to use a facebook product if you dont want to. There will be plenty of wallets offering Similar Services that libra will offer. You can choose whatever wallet you want. All the wallets will be interoperable with one another. They will run on top of the same network. Susan 27 partners signed up, including visa, paypal, uber, spotify. This is layer on layer wallet. Similar to apple pay at this point. Use to it transfer money, to buy things. It will be embedded in messenger and whatsapp as well. You have contacts, friends, you can exchange money. It is ease of use. Stuart it is fantastic. Susan question, do you trust facebook and zuckerberg with your data . Stuart that is another story entirely. Take a tiny piece out of all the transactions, with 90 million businesses, 2 1 2 billion people that is a money machine i would have thought . Susan it is. Think of future of lending, loans, finance, it cant get bigger than this. Stuart it is a bank. Susan backed by real dollars and euros. Stuart that is very important. Coming up marc lotter, on trumps 2020 Advisory Board. He is in atlanta, sorry, orlando, ahead of the president s kickoff tonight. People have been lining up for days to get into this thing. I want to know what the mood is like in orlando . Well tell you. New york Governor Cuomo signed a bill granting Illegal Immigrants a drivers license. What will the newly appointed chair of the new york Republican Party say about that . Well ask him. He is on the show. Stuart they have pictures showing iranians removing unexploded mine from the ship. The pentagon has a plan to send 1000 additional troops to the middle east. That is a message to iran, isnt it . More after this. Stuart thats capitol hill. Trade representative lighthizer about to testify before a senate panel. Now according to our own Edward Lawrence lighthizers team only learned about the g20 meeting and the talks that would go beforehand from President Trumps tweet which came over the wires about what, half an hour ago. That is how lighthizers team learned about the g20 meeting, how about that . President trump playing it close to the vest i would say. Check the big board. Were up 300 points. Look at that. That is a gain over 1 . How about the s p . What is the message gain there . That is what counts. Percentage gain is 1. 1 . Same as the dow. Nasdaq, look at that, what a gain up 1. 75 . That is a rally in tech. Got it. President trump heads to orlando this afternoon. That is the kickoff officially his 2020 campaign. Huge rally coming down. Marc lotter with us, trump 2020 Advisory Board member. Youre in orlando . All right, here is your chance to tell us what the vibe is like, marc . It is amazing, stuart. I was here last night. We had hundreds of people camping out over 40 hours prior to President Trump es arrival tonight. We have thousands that are pouring into 45 fest. The band started behind us. Theyre raring to go. We had 100,000 people request tickets for venue that seats 25,000 people. Make no mistake, florida is a trump state. Stuart can you give us any indication what the president s themes will be tonight . Well i think the biggest thing the president is going to talk about is promises made, promises kept. When he was in 2016 telling the voters that he would bring jobs back, make progress in growing wages, reducing regulations, he did all of those things. That is why we see the strong economic growth, the boom that we have seen in our economy. Peoples paychecks are going up. While obama and biden were talking about needing magic wands to bring jobs back, the jobs are coming back to the america. They know it because of the president s leadership. Stuart marc, yesterday the president tweeted about immigration. He said he will start rounding up millions of illegals already here. This morning he tweeted about trade. There will be a meeting with chinas xi xinping. I imagine both of those issues, trade, the economy, immigration, surely that will be center stage tonight, right . Absolutely. The economy will be center stage. So is immigration. The president has been very strong on that. Not only on the need to secure our border, but to reform the asylum, and immigration laws failed our country for decades. Congress is still not doing anything about it. When it comes to the humanitarian crisis, were just now starting to see democrats actually admit there is a crisis but we still have seen no progress from democrats on approving the president s billions of dollars requested to help care for people come here illegally. Stuart do you think there will be any mention of Speaker Pelosi or impeachment or investigations tonight . Well i never want to get ahead of what the president is going to say but i can tell you that he talked about the fact over and over again there has been a witchhunt against the administration and him personally from the very beginning. Despite all of that, despite 90 negative coverage from the Mainstream Media we see america growing again. We see america being strong again. So i have a feeling you know, you might hear a few words on it every so often. Stuart i think so. Marc, youre right there in the middle of it, thank you for taking time to be on the show. Marc lotter. Stuart everyone. Thank you, stuart. Stuart sure thing. At top of next hour i will be issuing, you will get my take, issuing my take, stupid thing to say, i will issue my take on President Trumps Campaign Kickoff tonight. I think he has broken the president ial mold. You have never seen politics like this before. You get a big dose of it tonight. How about this, filmmaker j. J. Abrams, behind big histories lost, star wars, warner media won a bid on his Production Company. You wont believe what theyre paying for that company. Astronomical dollars. Well be right back. This is not a bed. Its a revolution in sleep. The sleep number 360 smart bed now from 899. Senses your movement and automatically adjusts on each side to keep you both comfortable. And snoring . How smart is that . Smarter sleep. So you can come out swinging, maintain your inner focus, and wake up rested and ready for anything. Only at a sleep number store, dont miss the queen sleep number 360 c2 smart bed, now only 899. Plus, 0 interest for 48 months on most beds. Ends wednesday. Stuart still a very nice gain. 292 points up. 26,400 is where we are. That is a gain of 1. 1 . How about the s p . Is this broadbased rally . Yes it is. Show me the nasdaq, home of the Technology Stocks, look at it go. The nasdaq is up 1. 7 . That is the best gain in a long time. Its a rally across the board. Warner media has won the award of bad media, j. J. Abrams Production Company. How much are they paying him . 500 million, whoa. J. J. Abrams is the name, producer behind star wars the force awakens, 2 billion at the box office. Lost, clover field. The question why did he go with them, why so much money. He went with them because of distribution. They have theme parks, videogames and streaming service about to come out. That is a great platform. To answer the question of the question why warner media wants him, his name and got to pay for content, to compete with everybody else. Stuart 500 million to the Production Company to get out there, make some hit movies. A lot of money. Shonda rhimes only got 100 million. Stuart my heart bleeds. Lauren, good stuff. Im in a mood. Because of the rally. Stuart what a day to be on tv. We have newly appointed chair of new yorks Republican Party. His name is nick langworthy. We found the Republican Party in new york state. Well ask him what he thinks about illegals getting drivers licenses. They can you know, now, in new york. Well be back. At comcast, we didnt build the nations largest gigspeed network just to make businesses run faster. We built it to help them go beyond. Because beyond risk. Welcome to the neighborhood, guys. There is reward. Beyond work and life. Who else could he be . There is the moment. Beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. Take your business beyond. Intand ux f sport,rst of its kind lexus ux also available in hybrid allwheel drive. Lease the 2019 ux 200 for 329 month for 36 months. Experience amazing at your lexus dealer. Hey, you got to hide your love away stuart i like this. The. Ians. You got to hide your love away. What do you think, susan . Susan a little bit more. Stuart a little downbeat for big up market rally. Well take it. Check that big board. Look at this, ladies and gentlemen, not quite the high of the day, back to almost where we were, 324 points higher. 326 make that. That is 1 and a quarter percent. S p, nasdaq, dow, all up. Look at boeing. They signed with an International Airline group for 200, 737 max jets. No wonder it is up six bucks. That is nearly 2 higher. President is at it again. He likes to talk about money. Here is what he has to say. The german dax, the german stock market average, like our dow, the dax way up due to stimulus remarks from mario draghi. Very unfair to the United States. President is using his twitter to talk about money this morning, isnt he . Susan undervalued currency to boost the stock market. Stuart our next guest, wait for it, he is the chair of the Republican Party in new york state. It still exists. Nick langworthy is with us, 38 years old, youngest chair of the Republican Party in new york. Welcome to the program. Thank you very much for having me. Stuart a, why is the Republican Party in such disarray in new york and what are you going to do about it . First and foremost we have a great deficit in voter registration. You know, defeat unfortunately has become a habit for us in statewide elections. We havent won since 2002. We need to get on comeback trail. Stuart how do you do it . Rebuild, retool, revitalize the Republican Party in the state. Stuart a lot of democrat run states, have been run by the democrats for generation, new york, california, connecticut, for heavens sake, theyre in dire straits, most of them in many ways. What are you going to do about putting out a republican policy for new yorkers . What we see right now is a governor that needs to be replaced. Every day that we work from this day forward until the next election, its a long time away in unfortunately in 2022 we need to rebuild the infrastructure of the Republican Party in new york. To change new york you need to change governors. We saw with Governor Cuomo slamming through legalization of drivers licenses for Illegal Immigrants. No greater slap in the face to new york worries. Stuart how do you think new yorkers feel about that illegals can get a driver licenses es, new york state, does that go down well with most new yorkers . New york may be a blue state but they still believe in the rule of law. That has been thrown away by albany and our government here in new york city. We have public polling shows that the vast majority of new yorkers reject driver licenses for Illegal Immigrants yet last night, they were celebrating in the state capital as they have now legalized driver licenses. It is going to begin right away as andrew cuomo signed into law. It is a slap in the face to taxpayers. Stuart the trouble, you express that opinion publicly, you oppose driver licenses for illegals, they will brand you as racist . Im not afraid of the liberal attack dogs. Well take message into every media market in the district. Well campaign in districts of Assembly Members that made this happen. Were done playing pattycake in Republican Party in the new york. Well be aggressive and take message to voters in this state. Stuart that is what i want to hear. Pound the table, young man. Colorado, generated a billion dollars in tax revenue from their legalization of marijuana, from 2014 to now, they have got a billion dollars coming into the tax revenue right there. Now there is some feeling we might legalize it in the state of new york. Where does the Republican Party stand on legal recreational pot in new york . Well i think there is a lot of questions still have to be answered. We have colorado and other states to look at for some more data. Unfortunately new york always wants to lead in the wrong ways. Want to be one of the first states to legalize marijuana. I can see measures on decriminalization but there are a lot of questions that i am certainly not comfortable with on a Public Safety perspective, on direction, i dont think our Law Enforcement has been consulted are our roads going to be safe . Is this a longterm good direction for the state . I dont see why we should rush this issue at the end of this legislative session when there is much more to be followed. You know andrew cuomo wants to take this state, to lead in every progressive category but unfortunately we also lead in outmigration. Lost a million citizens since he became governor. We have to get our economy back on track. This is mistake priority. Instead of making the state more businessfriendly environment for jobs to be created is a total mistake. Stuart we wish you well in your endeavor, young man. Great to have you on the show. Best of luck, sir. Thank you very much, stuart. Stuart Connell Mcshane in main mainland china. He just toured dji headquarters. That is the Worlds Largest consumer Drone Company. Connell, isnt there some concern about chinese drones stealing data from americans . The department of Homeland Security recently put a memo out warning that drones that are made here in china potentially could be collecting data and sending it back to main mainland china. When you think about the drone business the company at the forefront is dji. It wasnt mentioned, companies were not mentioned specifically in the memo but this is the Worlds Largest Drone Company many until recently didnt even know it was chinese. It is head quarted here in shenzhen. Dji took us on a tour of its showroom and demonstrated some of its latest and greatest, emphasizing that your data is not their business. With over 14,000 employees, dji said its purpose is really simple, just trying to innovate as quickly as possible. We consider ourselves a global company. We feel our technology and its applications is relevant everywhere. It is really our mission to work as broadly as we can to really realize the potential of this technology for everywhere that we can. Public safety is just an area where we have seen a tremendous amount of growth. Since we have been in the u. S. , weve seen roughly 500 increase in adoption. Frankly a lot of the way that this starts is that someone will own a drone privately. Then he will also be say, a parttime firefighter. Bring it to his work place, hey, guys, this is increaseddably useful tool for us. It is having real impact. We have over 240 lives saved specifically with drones. The drone business for some, drones of personal use, maybe for shooting video but dji officials we spoke to, they say searchandrescue that is a growing part of their business. Back to you. Stuart connell, thank you very much. You can see more from inside of djis he had quarters, 4 00 eastern time, after the bell here on the fox business network. Last hour we had Gary Woodland, the u. S. Open champion. He was on the show. It was a great segment if i say so myself. Look at this. Im always thank thinking. Im trying to get better on and off the golf course. I think its a work in progress all day long. Stuart is there a day goes by you never pick up a golf club and hit the ball . There may be a day but im visualizing. My son has a golf club in his hand all the time. Stuart his wife is pregnant with twin identical twin girls. What he said about patriotism. Roll that tape. Were so lucky to live in a country that is free and men and women sacrifice i can play a game, live my life, enjoy my family, nice to give back to them, support them. If i get push back, it is what it is. I will support men and women that support me. Stuart which were all taking self if is. Susan he wears patriotism literally on his feet. A nice win for a nice guy. A great ams about door for u. S. Golf. Ashley very humble and nice. Thank god i won. I have twin daughters on the way. Even though he paid 50 mers percent tax, he lives in florida. He is one of the most popular on the tour because he is a good guy. Stuart people like him. Ashley they like him. Stuart he is outgoing, friendly. That is very important in golf. It is. Stuart golf is personal sort of sport. Fans attach themselves to individuals they like. That guy is a likeable guy. Susan very. Stuart i hope he is in the future on the show. The dow is up 350 points. There is good news, ladies and gentlemen. Then there is this. Congresswoman ilhan omar blaming President Trump for iran after it announced it would break a limit on uranium stockpiles. She said none of this would have happened if trump didnt back out of the nuclear deal. What a story. We got it. Facebook, next hour, we have a guy who says its Digital Currency, just the beginning. It will open doors for more companies to get into it. Well see which companies he has in mind. Facebook straight up. 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Greater details. Richer stories. Get your dna kit today at ancestry. Com. Stuart not quite the high of the day but rally holds. Were up, stocks are up all across the board. Major rally today. Look as news corporation. That stock is barely changed. Theyre exploring the potential sale of news america marketing. That is their business. They may be selling it. The stock is up 40 cents. Latest from the mideast. U. S. Central command has a fightersquadron to the united arab emirates. All this after america blamed iran for attacking the oil tankers. Come on in walid phares, Fox News National security analyst. Walid, it looks like it has the makings of a military confrontation. What do you think . It is an escalation, stuart, definitely but the way it looks like now that the United States administration is developing a containment plan just to deter the Iranian Regime from pursuing policy of aggression against tankers in the gulf and indian ocean, sending drones from yemen, from allies houthis into saudi arabia and militias trying to do in iraq. What the Trump Administration is trying to do, tell them, these are the red lines if you cross them you will see something much bigger than sending 1000 troops or some deployment of some squadrons. Stuart so wait a second. We have this standoff. They have attacked tankers. Are we saying, you do that one more time and then youll really get it . Or what . I think so. I think because, had they done those actions and, you know, we would have responded, maybe, because you and i we dont know, we dont have the readiness across the region. Iran is not going to respond point to point one area. They have huge deployment of militias in iraq and syria. We have troops there, which tells me we are sending reinforcements to the forces. When we are ready, when saddam invaded kuwait, in august of 1990. When we responded as international community, it was in january of 1991. Stuart we have 20,000 troops there already, another one how on the way, is that the number . In the region we have troops, 20,000 more or less, but deployment we have in the region is able by itself to deter the iranians. If there are more than that at play, of course the pentagon will make suggestions to the white house. Stuart got it. Look at tweet from congresswoman ilhan omar, quote, none of this would be happening if trump didnt back out of Iran Nuclear Deal. Americas response should be to return to the table and reinstate the Iran Nuclear Deal. Increasing tensions and threats of war serve nobodys interests. Walid, your response, please . You know a simple Obama Administration policy has been reversed as of 2016 by an election but in fact, since the withdrawal from the Iran Nuclear Deal we are moving in a different direction. Between 2009 when president obama sent a letter to leadership of iran with, we tried everything for eight years, nothing happened. Iranians kept their weapons, ballistic missiles, iran deal did not stop them. That is not working. I disagree we need to go back to what is not working. Stuart President Trump is unwilling to fire first against iran, is that accurate . I do believe that he is not willing to drag himself into an iranian trap. Besides he has very strong opposition here. You just mentioned one of them. I think he is trying to put iran regime in the corner have the iranians react first strongly against us or our allies. Then he would have a legitimate position. He would be backed by majority of americans. Stuart i just dont, doesnt seem like President Trump backs away from a hardline. I establishes the hardline and generally sticks to it. I cant think of any exceptions to that really, am i right . You are right. Actually, it is building, very smart what he and his administration are doing. He is building that encirclement of Iranian Regime. Many things were not seeing, we see from time to time, sending forces including b 5s it on the one hand. B52s on one hand. He is expanding American Allied presence trying to cut off the line between iran and military. A lot of things are being done to encircle the Iranian Regime. Fascinating. Containment appears to be the policy. Well see you soon. Thank you. Stuart members of the u. S. Womens National Soccer team are suing over gender discrimination. They say they generate more money, more revenue than the guys. Do they have a case . Judge napolitano on that. He is next. indistinguishable muttering that was awful. Why are you so good at this . Had a coach in high school. Really helped me up my game. I had a coach. Math. Ooh. 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The stock is get close to 200 a share libra. Now this. The womens world cup, the u. S. Womens national is soccer team generated 50. 7 million in revenue. The mens side generated 49. 5 million, a little best. This is backdrop of a discrimination lawsuit. Judge napolitano, the judge, on the liberty file on fox nation, he is with us now. Youre a lawyer. Youre a judge. I feel that hammer coming. Stuart i dont mean to be pejorative here but be pejorative, thats you. Stuart do they have a case . Under the federal statute, they do, they absolutely do. There are a lot of defenses here. You cant just look at revenue. You have to look at expenses necessary to generate the revenue. So there are some defenses here, it would if not settled, resolved by a factfinder but the federal statute, by the way goes back to jfk, the equal pay act was signed in 1963. It has rarely been used, when women can demonstrate that they are as productive for the boss as men are or in this case, on paper, more productive, they made a prima facie case for equal pay. Right now they average about 125,000 per year less, susan listening to this, than their male counterparts. Stuart im all with the women on this issue. Yes. Stuart you generate more money, you get the money, is there something wrong with that . Here is a question. Is that a decision for management or the government . Because the government is making that decision for management saying, thou shalt not discriminate on basis of gender. If you have two people producing the same product, the same good, the same income, you must pay them comparably. You must be blind to their gender when it comes to pay, salary, compensation. That is what the law has been since 1963. This precedes the Civil Rights Act of 64. Stuart however, suppose there was a womens professional soccer team in the United States and you have a male professional Soccer League, major league soccer. Right. Stuart you cannot make a case that the women should have the same pay as the men . Well stuart they dont generate the money. Correct. Or two different employers. Were talking about stuart i suppose there is that. But soccer is the employer. I mean in soccer is the marketplace is the best way to put it. But look if this case is tried, you will have economists lining up to go in that courtroom, both to help the women and to help management. It will be a fascinating case. Prediction . It will be settled. Save them a lot of money and a lot of goodwill if they pay the ladies comparable to what theyre paying the guys. Susan absolutely. Iagree. Stuart im with you. Have you heard of lionel messi . This is trick question . Some constitutional scholar i omitted studying. Stuart that is a Soccer Player from barcelona. Do you know how much he makes . How much . Stuart 130 million a year. If they had a professional Soccer League in europe would they have a case to make 130 million a year . No they would not. Youre telling me the eu does not have a equal pay act . They are far more regulated than here. Stuart im sure they do. They will not pay Lionel Messis salary. You should watch soccer. Not going to happen. Is britain staying in the eu . Stuart stop it. Boris johnson, Prime Minister . Stuart no. Well, yes, from my point of view. I hope he is. Get them out. Thats what i want. Dow is up nearly 400, what a day. Just because youre on, see . Tonight President Trump kicks off his Reelection Campaign in orlando. I expect big things from the president. We have never seen anyone like him before in politics. My take on that coming up. We loss have the San Franciscos former, San Francisco chronicle, their former bay area exodus reporter, she is on the show. For years she wrote about people fleeing the bay area. Now she herself is leaving. Oh, boy. Stuart hour three coming up. Watch out. Metastatic Breast Cancer is relentless, but i was relentless first. Relentless about learning the first song we ever danced to. About teaching him to put others first. About helping her raise her first child. And when i was first diagnosed, my choice was everyday verzenio. Its the only one of its kind that can be taken every day. It gives us more time without cancer progressing. Verzenio is the only cdk4 6 inhibitor approved with hormonal therapy that can be taken every day for postmenopausal women with hr , her2 mbc. Diarrhea is common, may be severe, or cause dehydration or infection. Before taking verzenio, tell your doctor if you have fever, chills, or other signs of infection. Verzenio may cause low white blood cell counts, which may cause serious infection that can lead to death. Serious liver problems can occur. 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They are setting up giant screens outside and lining up the food trucks for them. Getting ready for a trump style rally that will set the tone and the style of his campaign. Its a policy rollout, too. I should really say its a policy roll on because it looks like the president will return to the themes that got him elected in the first place. Back then, it was immigration, build the wall. My dollar says he says the same thing tonight and will probably go further. Hes just tweeted that millions of illegals already here will be deported. I think he will return to his theme of confronting our enemies instead of apologizing to them. Iran, russia, cuba, north korea. Hes pressing hard on them all. And hes confronting china as well. Most of all, i think he will pound out make America Great again. Hes certainly got that going for him. As we said last hour, when it comes to money, america is the only game in town. The cash is flowing into this country from all over the world, precisely because of the president s economic success. I have no idea what hes going to say about his democrat opponents or Speaker Pelosi and the impeachment drive but i will guarantee it comes up in a very trumpian style. Donald j. Trump has broken the president ial mold. We have never seen politics like this before. Tonight, he will make his pitch for four more years. The third hour of Varney Company is about to begin. Stuart we dusted off, we will take you to orlando in a second. We dusted off that graphic because hes at it again. Hes got a new piece in the times. The target, those very trump voters who we are about to talk to. Its titled why isnt trump a real populist . Deirdre bolton with us for this hour. It seems like hes saying trump has not helped his base. Deirdre thats exactly what paul krugman is writing in the New York Times. Hes saying essentially President Trump relentlessly, quoting here, favored the wealthy over the members of the working class. He uses the 2017 tax cuts to say that businesses and people who are invested in Capital Markets have benefited more than the average person. He also actually does take it to a personal level, too, saying trumps whole career shows him to be the kind of man who if anything takes pleasure in taking advantage of people who trusted him. He essentially is saying he has turned his back on his base. The interesting thing for the president and for anyone who wishes to run against him is going to be health care. Krugman does go into that a little bit, saying the president and the administration has threatened to take away key parts of medicare that are important to people and i do know from our own proprietary research that health care is a nonpartisan number one priority for voters in this country. Stuart okay. He thinks somehow or other, trump has not helped his base . Deirdre he didnt develop that as well as he developed some of the other ideas. Ashley hes been wrong before. Stuart i think hes wrong again but thats my story. Got to show you the market real fast, because it really is a very strong rally and its all across the board. The dow industrials are up 400 points. The s p, look at that, 1. 5 for the dow, 1. 3 for the s p. Nearly, nearly 2 up for the nasdaq. This is a rally all across the board. Okay. Lets get back to trumps rally tonight in orlando. Kristina partsinevelos is there talking to trump supporters. All right, kristina. Krugmans talking about the people that you are with. Go. Reporter yeah, im going to go talk to them right away. I want to just point out that a lot of these people have been here for over 48 hours, barely sleeping in their tents. I know you brought up the wall and whether trump is going to be speaking about that. The president. Here you go, you got the wall right here ready to go and i actually spoke to two twins that have been here, they havent slept maybe, what, seven hours in total. I want to know, we were talking about this on set, Paul Krugmans article about what trump has done for the economy, what do you think hes done for america . Do you think hes focused primarily on the wealthy . Absolutely not. He loves the common man even though hes a billionaire and he is for increasing the income of the common man. Look at all the jobs hes created. Reporter what motivated you to come here . You guys are dressed up in exactly the same outfits. They told me they are the same age as the president so if the president can be out rallying, you guys can go without sleep. What motivated you today . Because i love the president. I love what hes done for our country, our economy, our borders. Hes trying to fix that problem. Our military, regulations. Hes the best president in my lifetime. Reporter what is your name . My name is maureen. My name is loreen. Reporter twins that are here to see the president. This is literally the front of the line right now. You are not even seeing the vast amount of people. Everybody, this is Stuart Varneys show. You got a lot of fans here. People that are anxiously waiting to go inside. The doors are set to open at 7 00 a. M. You can see people are taking this opportunity to really dress up. Theres just so much support for trump, build the wall, immigration policy, the economy. Theres a lost excitement here. Im going to throw it back to you guys. Im sure that right now i want to continue talking to people. Stuart thats just great. Thank you very much indeed. Before we continue, ive got a monitor here, and i can see msnbc. They have got someone working the crowd in orlando and its all grim faces. Oh, hes terrible, hes terrible, hes terrible. Except for the people they are interviewing who love trump. Lets get back to deirdre and krugmans piece in the New York Times today. He seems to be skewering trump voters who didnt go to college. Whats he saying . Deirdre krugman says the base of the president s support is coming from noneducated whites but i thought i would call to your attention some noneducated whites who have done very well in this country. I will give you a hot list. Bill gates is one who dropped out of stuart harvard. Deirdre he dropped out from harvard and actually said although he dropped out of college and got lucky, hes very humble, pursuing a career in software, getting a degree is a much surer path to success. I think he was trying to encourage the next generation to stay in school. Steve jobs, Mark Zuckerberg, larry ellison. We could be here all day. Noneducated whites, even one entrepreneur saying i hated school. I was ready to go from day one. However, a computer genius, another one, perhaps a lesser known name, who launched a very successful career in silicon valley. Stuart i love it when the elites of the New York Times look down from the heights at the rest of us and condemn us for being uneducated. Ashley yes. Stuart oh, theyre so smart, arent they. I could throw up. Please dont. Why dont we get to your money. Look at this. The dow is up 400 points. Look at facebook. Im going to call them the stock of the day because they formally announced their new Digital Currency called the libra. Its aimed at building a Global Money Exchange with 2. 4, 2. 5 billion users on the platform. Later this hour, tech watcher ryan pattell will join us. I want to know if this thing is going to change the way the world moves money around. I think it will. We will ask mr. Pattell. How about bitcoin. I think its still above 9,000 a coin. Show me, please. I think it is. Yes, it is. Only just, 9,137. Well take it. The big board. Thats the focus today. This rally is very significant. 1. 5 up for the dow, 400 points higher, 26,500. This rally is in part because of this tweet from President Trump. Here it is. Had a very good phone conversation with president xi of china. We will be having an extended meeting next week at the g20 in japan. Our respective teams will begin talks prior to our meeting. More good news from the president as he prepares to kick off his campaign tonight. Look at this. The tenyear treasury yield, all the way down, i think now were at 2. 04 . What does that tell you . Thats a key Interest Rate. It means that Mortgage Rates are probably going to go down some more in the future. And it means that money from all over the world is pouring into our treasury securities. Thats why the yield is down. The price is up. We are the safe haven high yielding paradise for money anywhere in the world. I think thats a big deal. Another big deal. Earlier today we spoke with u. S. Open winner Gary Woodland. He was in our studio. Hes on a winning high after sinking that 30foot putt that was seen around the world. I asked him about taxes. Theres a reason why he lives in florida. Have we got that on tape . No, all right. Okay. He won in california, where hes got to pay tax, but he actually lives in florida. But hes still got to pay the tax. I said it before, i will say it again. When it comes to your money, america is the only game in town. The market is rallying. The third hour of varney coming up for you. Is where people first gathered to form the stock exchangeee, which brought people together to invest in all the things that move us forward. Every day, invesco combines ideas with technology, data with inspiration, investors with solutions. Because the possibilities of life and investing are greater when we come together. Stuart the price of oil is at 54 a barrel. Its up today significantly, 4 higher. Why . Saudi arabia is going to cut its oil output and it wants other opec members to do the same thing. We may have an oil glut here but when opec talks like this, the price is up two bucks, 54 a gallon. A barrel, sorry. The price per gallon of gasoline is down to 2. 67. Its down 18 days in a row. We will see how much further down it goes, bearing in mind oils gain in price today. Then we have airbus. They just unveiled a design for their new long range jet. How long range is it . Ashley as long as we have never seen before. Its a single aisle plane. Yes, long, back to you, stu. 5,400 mile range. That is a long way. It opens up markets that are not, say, india to europe, china to australia. We are not going to fill out a huge 747 but you probably could fill out these planes to take anywhere from 180 to 220 passengers. They are environmentally friendly, more fuel efficient and theres going to be, they believe, big demand for this particular aircraft. An a321 from airbus. Stuart interesting. Like to fly it some day. Next case, i said this earlier in the show, i want to bring it up again with my next guest. Heres my point. When it comes to the safety of your money, america is the only game in town. We got them all beat. Peter morici is with us, former economics professor. Peter, im saying when it comes to money, america is the only game in town. We pay real interest and we are real safe. Am i right . Thats right. Theres more to it than that. Its kind of like microsoft windows. Everybody uses it simply because theres a great deal of utility about having a single platform. The network effect, the thing that favors facebook. With the Payment System that citi corp and some others have created, having one currency in a world of Global Commerce makes a lot of sense and the dollar makes the most sense to be that global currency because it has the financial infrastructure in new york, and as you pointed out, its the safe haven thing. If you look at the number of transactions, for example, between the German Economy and the rest of europe and the rest of the world that are in dollars, it bears no relationship to how much commerce they have with the United States. Its just very convenient to do business, for example, between chile and thailand in dollars because how much of a market is there between chile in pesos and stuart i just want to repeat this. If im a money manager in germany and i put a billion dollars into a german bond, they keep 3 million. If ive got a billion dollars in germany and i put it into an american treasury security, i get 20 million in interest. Thats why the moneys flowing here. It wants a safe return. In comes the money. Thats true. One of the things youreing, if you are a pensioner in argentina, you have some equivalent of an i. R. A. For your old age. You will have some in local currency but also in dollars as a hedge against the local government. Well, the United States, the dollar is the best hedge for that because of the interest it pays and the security of our Capital Markets. Lets face it, europe is a dysfunctional mess. Thats why you chose to come here. Thats why the british are choosing to leave. Sooner or later, the brits have to leave if they want to maintain simple sanity. How could you live with the french and germans and italians quarrelling all the time. They are one election away from that currency coming apart. Stuart you are right. Ive got to ask you about President Trump announced today on a tweet that he would be meeting with xi jinping. The two sides will be talking before that meeting. They held a phone conversation. I suspect that the trouble in hong kong has pushed xi jinping towards this meeting because hes worried about whats happening back home. What do you think . Oh, i think hes quite worried. One of the things they have shown in hong kong is that you can have a demonstration, you can organize people to deal with tear gas and all the rest without using social media. Okay . So they cant be tracked so darned easily. If i were him, i would be casting an eye westward to those provinces hes turned into concentration camps. He is operating the way hitler did in holland and norway during the war in those western provinces populated by muslims. Hes running concentration camps, millions of people totally controlled. Thats got to boil over at some point. What you have seen is in a place where they are relatively affluent, things are pretty easy going. That is violating their sovereignty and liberty, its enough to blow them up. If i were him, i would be looking at the closest tree and worrying about my neck. Do business with donald trump, he looks easy right now compared to whats at home. Its just like richard nixon. Richard nixon used to love Foreign Affairs simply because it was a lot easier than dealing with the democrats in congress. Stuart funny you should say that. Peter, thanks for joining us, sir. Big day and im glad youre with us this morning. Thanks very much. Take care. Stuart check walmart. We do this because they are really ramping up their position in the delivery game. Theyve got a grocery delivery plan. You pay them 98 a year, you get unlimited delivery of groceries. The stocks not responding to that right now but its way up there. 109 on walmart as of now. Of course, walmarts competing with amazon, so check their stock. No impact on amazon stock. But its getting pretty close to 2,000 a share again. Its up along with almost all other stocks. 1918 is your price on amazon. How about fake meat, beyond meat, up again today. 9 higher at 178. Thats fake meat. How about that. Another big company entering the delivery market. Dunkin donuts teaming up with grub hub. They will have food and coffee delivery starting this month in new york, expanding later to boston, philly and chicago. Both stocks are up. The big board shows still a very solid gain. 368 points up. Lighthizer, the trade guy, just said quote, our tariff threat against mexico which worked gives the u. S. An upper hand in talks with china. Larry kudlow just said lighthizer will be in touch to set up trade talks ahead of the g20 meeting. All positive, all contributing to todays wall street rally. Forbes ranked the Fastest Airlines in america. This is all based on their ontime performance, of course. We will tell you which airline came out on top in a moment. Look at this. A belair mansion, 34,000 square feet, 90 foot infinity pool is for rent, the most expensive lease in the country. We will tell you how much per month youve got to pay to live there. Stuart ah, yes, another big property up for rent. In fact, its on a lease but its the most expensive lease in the country. Its a lease that only the fresh prince could afford. Deirdre we need the sound track, right . Stuart how much . Deirdre it is 1. 5 million per month and i dont want to neglect mentioning that you need to leave a 3 million security deposit. If you were to buy this eventually, it is listed at 180 million. So you get a lot for your money. Dont think you are just coughing up that money. 90 foot infinity pool with amazing views, but it has a medical procedures suite and i think whats interesting, the original owner is actually a Plastic Surgeon. Then it all starts to make sense. An l. A. Based Plastic Surgeon built the home but 20 bathrooms, nine bedrooms, wine cellar, tasting room. Stuart not interested. Not interested. Deirdre its very big. Stuart why would i want to live in california and get taxed to hell and back . Not interested. Forbes has the best ontime performance of anywhe airline. Which is the best . Deirdre hawaiian is the best. But if you are looking at the one that is staying on time the most, its southwest. Forbes created a new metric, blocktime. Basically brakes released at one destination and brakes put on at your arrival destination which is different than the department of transportation, which gives airlines about a 15minute window on either side. Forbes is actually a little bit stricter. By that, you have hawaiian, southwest, then allegiance. Stuart well take it. Want to get back to facebook. They formally announced their new Digital Currency, the libra. Coming up, we have a guest that thinks the libra, what facebook is doing with it, is really cool. Ashley yeah, man. Stuart the stock is up thats right. The stock is up. Earlier we spoke with Gary Woodland. We talked about hard work, winning. You will hear more from him after this. Fact is, every Insurance Company hopes you drive safely. But allstate actually helps you drive safely. With drivewise. It lets you know when you go too fast. And brake too hard. With feedback to help you drive safer. Giving you the power to actually lower your cost. Unfortunately, it cant do anything about that. Now that you know the truth. Are you in good hands . At comcast, we didnt build the nations largest gigspeed network just to make businesses run faster. We built it to help them go beyond. Because beyond risk. Welcome to the neighborhood, guys. There is reward. Beyond work and life. Who else could he be . There is the moment. Beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. Take your business beyond. Thanksno problem. Youre welcome. This is the durabed of the all new chevy silverado. It looks real sturdy. The bed is huge. It has available led cargo area lighting. Lights up the entire bed. It even offers a built in 120 volt outlet. Wow. Plug that in for me. Whoa holy smokes oh wow and the all new silverado has more trim levels than any other pickup. Whoa oh wow very cool. Theres something for all of us. Absolutely. Its time to upgrade. laughter stuart big board shows a gain of 356 points. Thats 1. 33 . Most of the dow 30 are in the green. Now i want to talk about facebooks new Digital Currency. Yes, it is called the libra. Its clearly helping the stock, now at 190 a share. Tech watcher ryan pattell is with us, senior fellow at the Drucker School of management. I just want to make sure ive got this right. This is a new Digital Currency for use as a Payment System with a potential user base of two and a half billion people and 90 million businesses. Seems to me like a real shot in the arm for facebook. What do you say . Shot in the arm . Its a lifesaver. You talked about a year ago, we were talking about where would they get the revenue stream when advertising dollars were decreasing. This alone, this digital age crypto currency, whatever you want to call it, by 2021, could be potentially 15 billion to 19 billion revenue according to barclays. This is something that was needed, something that they have been very carefully laid this plan out in the white paper with all kinds of steps, again, in line with what the data breaches they had last year. They really focused on how they were going to not get in the way of this and really make it neutral at the end of the day. They needed this going forward. This is obviously wall streets reacting to it. Stuart will it be seamless . Im told that it will make transferring money around the world within this 2. 5 billion people network, its as easy as sending someone a photo. Is it like that . Yes. Its going to be. We live in the age now of one click button. Everybody is used to buying stuff from amazon or they even uber, they want something you can send right away. Thats what facebook is doing. Not only what facebook is trying to do here is not just those who actually have Bank Accounts. They are actually trying to get those who dont have Bank Accounts who just have cash, and be able to use this system, which is, you know, a multibillion population that dont have actual banking behind them. So that opens up a whole new population, hence why i think wall street is really seeing this as being a very open, potential for facebook and at the end of the day, the global economy, you mentioned it, how does this really tie into the rest of countries moving goods, trade from left and right, from all types of consumer goods with a click of a button. It will obviously make things go faster. Stuart now, as i understand it, this libra is backed by real money, dollars and euros and yen, real money to back it up with. So if i put one dollar in, as i understand it, i get one libra. But how do i get my dollar back . If i want a piece of paper with one dollar written all over it, can i do that . You have to Exchange Goods for something thats equal. One of the big things about stability, i think most people are excited about what facebook has been very smart about, seeing the failures of other crypto currency Digital Markets that it wasnt really tied to an anchor like this. I think when you have it funded to be oneonone, you allow the multi billion user base they have to be able to want to use this through whatsapp, instagram, all the other advertising platforms as well. To your point, they are trying to keep the ecosystem, they are not trying to get you to use the dollar to change it back. They are trying to make it stay within the ecosystem. Thats the purpose. Stuart fascinating. Ryan patel, you know what youre talking about. What an advantage explaining things to people like me. You can come back any time you like. I do want to hear more about this currency. Very interesting. Ryan, thank you, sir. Appreciate it. From one ryan to another. Lets bring in ryan payne, frequent guest on the show. President of Payne Capital management. I read your stuff and you are talking about the big mistakes that investors make and one of the big mistakes is overweighting your holdings of stocks in technology. Thats me. Most of my money is in microsoft. Is that a mistake . I didnt mean to pick on you directly but i am, stuart. If you look at americans right now, they have the largest exposure to u. S. Stocks since 1999. Remember 1999 is right before the tech bubble burst. Right now, Technology Makes up the biggest sector of all the u. S. All u. S. Stocks. Right now, just by having u. S. Stock market, you own more tech. Furthermore, you know the managers that are managing money, they have to keep up the indexes. I talked about this last week. They end up owning more tech as well. So what happens in your portfolio is you have a huge weight in Technology Stocks which is great until Technology Stocks arent doing well, then its like you live by the sword, you die by the sword. Stuart you would advise your clients dont get overweighted. Sell some of it and put it into a different area of the market. I should do the same . Absolutely. Absolutely. Stuart sell microsoft . When the thing has been just going straight up . Diversify microsoft. You can own some microsoft. But look, value stocks right now are at the biggest spread to Growth Stocks they have ever been, much cheaper than the market right now so things like financials, Energy Stocks are paying big fat dividends, great for retirement. Make sure you have exposure to those other areas. I dont want you to be caught with your pants down. That would be a bad thing. Stuart it would be a terrible thing, actually. You also, another big mistake, banking on the fed to lower Interest Rates. Thats a big mistake. Yes. When you find your side on the side of the majority, its time to pause and reflect. Right now everyone and their mother says Interest Rates must be going down, the feds going to cut rates but dont forget, six months ago the fed was going to raise rates and at one point said they arent going to do anything with rates. The point is, the fed is pretty fickle. They could change on a dime. At some point my guess is with rates falling so far, they are probably going to start going up again. That means if you are in bond funds and things like that, you will get hit really hard. When rates go up, bond prices go down. Its a really risky place to be. Stuart one last one. Hope we can get this in. You say there are four reasons why the trump economy is hotter, better, than we think. Spell them out. I did just say economy. For the record, number one is forward looking Small Business Confidence Index came in better than expected last week. I really like that because im a business owner. I knew what my pipeline looks like 12 months out. Small businesses around america thinks their pipeline looks good, thats a very very good sign. Number two, if you look at the consumer right now, they are at a twoyear high in terms of consumer optimism. That means americans are feeling good about spending which is very good for the economy. Number three, if you look at employment right now, we are at 50year low but also uninsurance employment claims are down to a 50year low. Thats a forward looking indicator. Stuart last one. Last one, man, you are going bringing it at me today. Stuart comeback tv right here. Number four, if you just look at the fact that man, im drawing a blank. Darn it. Stuart who is that president ial candidate, i will give you three reasons, rick perry, heres number one, number two and i dont have number three. Next week. Stuart youre all right. Dont miss the rally. Up 350 points on the dow. Mr. Payne, thank you. For those of you who missed it, we had Gary Woodland on the show earlier today. Hes the u. S. Open champion. Heres what he had to say about his win. Roll that tape. Im always thinking so even if im not on the golf course im mentally thinking, trying to get better on and off the golf course at all times. I think its a work in progress all day long. It really hadnt hit me until i woke up the next morning, the trophy was next to the bed and it wasnt a dream, this is real. This is real life. Stuart by the way, he drank vodka out of that trophy. He lives in florida but he won in california. Since this is by and large a financial program, i had to ask him about the taxes, the california taxes hes got to pay on his winnings. Roll that tape. Better to win those in florida, i can tell you that. But its still nice to win. Ill take it anywhere. Florida wins are a little better. Stuart you live in florida. I do. Stuart from the taxes. Taxes are nice. Stuart and the weather. Golf courses everywhere. Stuart hes a really nice guy. Ashley lovely guy. Deirdre great guest. Stuart he was. He had the trophy right next to him. We have all been taking selfies all day. He was happy to do it. Deirdre especially scratch golfers, you and ash. Youre not a scratch . Stuart no, no, im a caddy. Ashley i dream of being a scratch golfer. In my dreams. Stuart great guy. Great performance. That mans going places. Ashley yeah. Stuart he will be popular. Got it. Check this out. I guess you could call this a real life ironman. 3d printed bulletproof suit that flies. Who is inside it . We will tell you in a moment. We are looking ahead it is flying. Wow. Pretty cool. We are looking ahead to the president s rally in florida tonight, kicking off his 2020 campaign. He will address a number of issues. How about health care . That could be a winning issue for republicans. Will the president address it tonight . We will tell you. Look at that. Stocks dropped after their highs, after a bloomberg report saying the Trump Administration considered removing fed chairman jerome powell. Larry kudlow just said its not happening. The exus es. Every curve, every innovation, every feeling. A product of mastery. Lease the 2019 es 350 for 379 month for 36 months. Experience amazing at your lexus dealer. Stuart this is the ironman suit we were talking to you about. The guy, adam savage, is inside it, by the way. Thats the myth buster man. Hes strapped on with five mini jet engines. Thats 1,000 horsepower. Able to hop 15 feet in the air, its bulletproof if thats what you really need. The entire suit was 3d printed with thin titanium. Want one. S ashley i want one, too. Stuart serious stuff now. The president kicks off his 2020 campaign tonight. He surely will tout the economy, immigration, the border wall, draining the swamp but you know there is another issue that may come up. According to a wall street journal nbc poll, 24 of us think that health care should be the top priority of the government, above immigration and above national security. Health care, top of the list. Kelly sadler is with us, director of communications for the America First action pac. That supports President Trump, i believe. Yes, it does. Absolutely. Stuart you think hes going to get into health care at a rahrah rally . He will touch on all the issues that impact, you know, the forgotten men and women of america, on whom his campaign was based the first time and on whom his campaign will be based the second time. Hes delivered on the economy. You see the gdp numbers, the unemployment numbers, the wage growth for blue collar americans. Where, you know, he can gain and where he can have a new avenue is health care because this is something that the gop and congress has kind of backed away from but its something that the president can lead on. Stuart you think that tonight, hes going to get out there and say im going to do this, this and this on health care. Is he going to say that . Well, he said hes going to release his plan in the next few months. He will tease his plan and you Better Believe its going to be a market based approach as opposed to medicare for all, the socialism stuff. Stuart it had better be a winner. You dont want to get out there and start your campaign and make some kind of promise which the republicans in congress cannot fulfill. Lets look at what he has accomplished. You have lower drug you have the first time in 46 years, that Prescription Drug prices have decreased. Thats this year through incremental changes the president has made. You also have, you know, he got rid of the individual mandate in obamacare which was a disaster, by the way. You had premiums spiking as much as 7,000 in specific states. Nobody liked obamacare. It took away choice, took away options. What has he done . Hes allowed associations and Small Businesses to group together to have these plans that go across state lines. I think you are going to see a lot more of that but on a bigger scale that has more of a wider impact. Stuart you see it tonight . Look he wont get into the specifics tonight. Stuart he will tease the promise. He will tease his plan because its something he knows every day americans want and something he does not want the democrats to lead on because if they lead on that, we are going to go right into socialism, we are going to go right into medicare for all. Stuart its dangerous ground. You make a promise on an issue Like Health Care which is extremely complicated, and you have given the democrats a chance to just pick it apart forever. But what have the democrats done . When they they passed obamacare. Everyone says its unmitigated disaster. Now they are saying trust us, we gave you obamacare, this was terrible, but now lets go to medicare for all because the government doesnt have all of the Health Care Industry yet. Stuart free health care. You dont think they like obamacare . You dont think they want the president to come along and say tell you what, there was a Kaiser Family Foundation Study released today that just polled democrats, what is medicare for all and twothirds did not know they would have their private insurance wiped away or ripped out from underneath them. They thought their employers insurance would stand. This is something they did not understand about obamacare and its something they do not understand about medicare for all. People like their private options. Stuart okay. Look, i didnt mean to argue with you. I welcome it. I think its ambitious. Im pleased and proud of the president for taking on this very tough issue. Stuart lets focus on tonight. Lets see what hes got to say. It will be fascinating. Kelly sadler, thanks for coming on the show. You made very good points. Thank you, stuart. Stuart im just badtempered. I dont know why. You will be pleased in another four years. Stuart kelly, thank you very much. Appreciate it. San francisco, may be the first city in america to ban and i mean ban ecigarettes. Total ban . Deirdre total ban. Its a proposal which even if this vote goes through locally would still have to be put into law, then voted on. Were not quite there yet. But the idea is to crack down on youth vaping. Also by the way, would include banning the manufacturing of any of these products or related appendages if you like how those things click in on any City Property in San Francisco. The flipside and the argument against it is that it would harm Small Businesses. There are a lot of newspaper stands that presumably make a lot of money from stuart isnt that how a lot of smokers try to quit . Deirdre they say they are waiting for an fda approval or at least committing and completing to a study they said they would do. Stuart ah, San Francisco. All right. Used to live there, you know. Not anymore. Long time ago. All right. Oh, more on this. The tax exodus reporter, there is such a person, in San Francisco, shes packing her bags and levering, too. Shes on the show next. I cant tell you who i am or what i witnessed, but i can tell you Liberty Mutual customized my Car Insurance so i only pay for what i need. Oh no, no, no, no, no, no, no. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Stuart want to bring in some stocks that are moving. Earlier today, disney hit a new high. Its backed off a little but its at 140. Thats disney. Same story with microsoft. Earlier it hit a high. Its holding pretty close to it. Its up nearly two bucks at 134. 80. Thats microsoft. Yeah, ive got a thin sliver. Look at beyond meat. They opened today above 200 a share, on an absolute tear. They have dropped 40 points from that and now theyre at 163, down six bucks, and theyre still falling. Some serious up and downs today. San francisco, thats a city thats so expensive that their newspaper employed an exodus reporter. Her beat was writing about people leaving the bay area. The news is this. Shes the one who is leaving the bay area. That young lady right there, michelle robeson. Michelle, why are you leaving . I mean, im leaving for pretty straightforward reason. Im going to grad school in southern california, working toward a ph. D. That said, i was pretty adamant that i didnt want to be a grad Student Living on a stipend of 20,000 to 30,000 a year in the bay area. You could be in a windowless room somewhere in berkeley studying and that didnt appeal to me. So im going to southern california, which isnt cheap, i should say, but it is cheaper. Stuart look, im often critical of San Francisco because of its bizarre politics. But to some degree, im slightly jealous of the wealth that has descended on San Francisco. Thats the reason why most people are leaving. You just cant afford to live there. I mean, i think i have interviewed hundreds of people who have lived in the bay area longterm or they were born here, and they leave not for a lack of wanting to be here. I mean, this is an incredible city. We have some of the best food in the world, we have incredible nature, culture and jobs galore. Theres a lot of money to be had. But i mean, even if youre working in the tech industry, a lot of people know that they will never be able to own a piece of this city, and thats the reason people leave. Its unaffordability over anything. Stuart what about the homeless problem . We see countless Market Street is loaded with homeless people. Do any people say im leaving because i cant take that problem . I mean, homelessness is an immense issue here. Thats undeniable. That said, i think its kind of an offshoot of the affordability issue. Studies have shown that evictions or, you know, people getting their rent increased as a form of eviction directly increases homelessness. I think, you know, they are birds of the same feather. Its an affordability issue. I think if we build housing, if something is done to address the fact that most people cant afford to not only own a home but even rent here, i think we will see homelessness decrease. Stuart may i just tell you a real fast story. I came to San Francisco in the mid 1970s, and i bought my first home in San Francisco. I wont tell you the number. I paid 60,000 for that home. Yes, 60,000. I dont even want to hear this. Stuart it was a victorian. A beautiful place. And i sold it, i believe that house is now worth 1. 2 million. Is that a fairly typical story . Absolutely. I mean, my parents bought a home in east bay, it was 160 is what they paid three years ago and now its worth 1 million. Its not a nice home, you know. Sorry, mom and dad. I mean, homes have appreciated, its insane. Its made a lot of millionaires. Now if youre like me, if you are a millenial and you know, in ten years im looking to start a family, im looking to settle down, but im not going to raise them in a two bedroom apartment. Stuart im sure the bay area is sorry to leave you. Southern california, they are getting an asset. We wish you well, michelle. Thanks for being on the show today. We appreciate it. Thanks very much. Thanks so much. Stuart sure thing. More varney after this. You can pay your bills, even start an auto claim. So what i was thinking. Let me guess. Start a claim right from your app. Have you been looking in my notes . Stuart the theme of our show today was rather simple. When it comes to money america is the only game in town. Money is pouring into our country. Look at the market. The dow is up 300 points. The nasdaq is up 1 1 2 . That is gain of well over 100 points there. The money is pouring into treasury securities. That pushes the yield all the way down to 2. 03 . Ashley somewhere in there. Stuart we are the only game in town. We pay you interest and were dead safe. Neil, it is yours. Neil stuart, thank you very much. Its a weird game were seeing playing out with bonds soaring and stocks soaring. Optimism that well see Interest Rates cuts sooner rather than later. Not necessarily after the Federal Reserve meeting ends tomorrow but something happens in the july meeting. On optimism. China is willing and able to come to the table. President recounting that they do plan to meet the two president s xi xinping at the osaka summit. One thing we learned, president is optimistic. Maybe two camps can get a lot of details out of the way, meet before they meet