Transcripts For FBC Mornings With Maria Bartiromo 20170511

Flights to europe. Homeland Security Officials set to meet but Airline Officials to go over details today. A Massive Wildfire raging this morning. The pictures of the place in georgia that only 12 contained. It is still growing. With the very latest. Snap shares freefall after the first Earnings Report is a Public Company. The company lost money. A closer look as investors are eyeing the ipo priced at 17 a share of the stock down 22 right now. Average every six days and then a call for an overhaul after Public Workers say that is for sixfigure payout. The Cannes Film Festival after just one year. Registered year. Register the giant will not be able to compete for the festivals top prize coming out. Others come at this morning. Fox Business Network Dagen Mcdowell. Former Goldman Sachs partner, Peter Kiernan and pollster lee carter. Great to see you. Good morning. Good morning. So great to be with you. Trade to the fallout begins with james comey. I think this is about as screwed up in execution of ever seeing. The book from start to finish. You should own it. He should step up, on and then quickly focus to replace. Train to the execution was bad because he did it too late. He shouldve done it on day one. What do you mean . I dont think it you have to put a president they wanted to that end have your message were dow. Decide whose decision it was and why you are doing it. Dont open yourself to the continued speculation trading and retreating. Theres a market and who did what to whom. Dagen the communication staff was caught completely flatfooted on this announcement. Yesterday we talked about this and we would get into it and it but obey, but Deputy Attorney general Rod Rosenstein and his report on jim comeys combat inadequate and email investigation was presented initially as the impetus of this firing. The narrative changed in less than 24 hours at the white house that the decision had been President Trump had been thinking about this for the time he had been a lack of a depth steam in recent weeks. You have a narrative shifted 24 hours as to the reason i speculate on this program yesterday. I said well find out it was President Trump made the call. I want to get rid shed comey we need to find a reason why now. Trade to once again the messaging. This makes him look impulsive that i send impulsive outburst. Its a big problem they need to get it fixed fast. Traded during conversation, chief of staff under a bomb and secretary of commerce under quick. Bill daley is that desperate member of armed services, banking, Small Business south dakota senator mark brown is here. Former rnc chairman, mississippi Governor Haley barbour joins us this morning. Ceo of recharge, many bands out is here. Plus for reagan budget or commit David Stockman. Stay with us this morning. Kick it off right out the fallout thread the firing of fbi director james comey. Though hes not going about it in a letter to the comics. He wrote a part of liable if a president can iron fbi director for any reason or for no reason at all. Im not going to spend time on the decision by the way it was executed. I hope you wont either. This is the wall street journal is reporting comeys ouster came as investigation to collision a Trump Associates in the russian government was heating up. The white house and Top Republican lawmakers insist he was let go do it version of confluence following several missteps. The president ask patients and people not just this Department Last confidence in director comey a spell. The president was looking at them with confidence and doesnt want the apparent disarray. He wanted it up and running then the pinball. Director comey became an issue himself. Trade to russian president Vladimir Putin weighed in on this for the first time. Heres what he said when he was asked i would affect relations between the u. S. And russia. There will be no effect. I do not we have nothing to do with that. President trump is back to them in accordance with this competence [inaudible] trend to either putin was asked about it asked about a suicide in a hockey game. The white house is dismissing the suggestion that the firing is going to affect the trump agenda. You have to believe when youve got congress pushing back and having to respond as far as why, why, why, maybe it does push back the agenda. They seem to say they are on track for a timeline this year. What do you think . Dagen i think it pushes the domestic agenda to the site is the only question now is how long is the delay . The issue of trump and russia, the Trump Campaign in russia. The investigation is ongoing at the fbi and any alleged collusion occurred from jim clapper that there is no evidence of that. They are to investigations as well. I was having powered but in terms of the Trump Administration in the back pocket of Vladimir Putin, that have been put to bed by the options that matters, and the strike in syria. If you put any newspaper the United States, any news website, it is trump comey. This fbi firing. And so, where are the stories about tax reform . If President Trump wanted to fire Jim Comey Kenny lay the groundwork and how youre going to deal with it. You have the light, why now in print. Tina and i could not have been. It totally looked like nobody knew it was coming. It seemed impulsive. You could picture the president s doing can i make something without any real reason that anybody could understand. But people do when anything is left ambiguous to me that negative facts. You say i didnt see this one coming. It must be there something in the whole investigation. Maria where he think the American People around us . In the pulitzer for talk about, this is really bad. People think this will lead to the impeachment pity your spot that people think hes covering something up there going to find something out that nobody that he definitely wanted people to know, collision with russia. Comey got to push back on active duty now to the firing of people in the writer must have been criticizing jim comey. He gestured a liquid in two weeks ago say i was on the road to winning. Schumer the same thing. I dont think everybody thinks this is really bad is going to get impeached. I dont excel. Chief executive, somebody said a privilege of command and im thankful not sophisticated. I completely agree with where youre going. You have to lay the groundwork. You cannot simply wake up one morning and say youre fired. For basic constituencies to when it happens, people say of course that makes sense. His supporters by the labels they have a one of them fired. He wouldve been fired if hillary were in in your right about that. Theres a large part of the voting population saying and just questioning whats going on. Maria to your point, people wanted chad comey gone on the bright in the last. I said this yesterday. It is better to get rid of him now that matter, but it is how you communicate and handle it. Everybody who i talk, just random people, Family Members, friends, their first question over and over again is why now . If they simply cannot inside President Trump had just about he didnt like the way the preening peacock that shared comey was worried about china worried about shutting up his own image comment to got to the point last week in front of congress. Tree into a noxious i had anything to do with the election. Dagen speaking of the word nausea. That means you make people sick. Indeed he did, a lot of a lot of them and they lost his job. Look at the symbolism around the firing. Here is a member we are going to deliver. Train to decide on tv so it makes it when i get the opportunity to resign . So many ways people up fired and dismissed. This makes it seem like there is something extreme going on and yet they still cant explain it. You should have done such a lay the groundwork so would not have the Ongoing Investigation that keeps coming up because he believed into the breech of the notion of special prosecutor. Very few people on the republican side gets a good idea. If you shouldve set it up so he was six again to everyone. Anybody who knows anybody in the fbi, this is not the same because comey is out of the way. Maria information about the Communications Team based on the phenomenal reporting by john roberts on the news channel. Im not pulling it out of where the sun dont shine in some Communications Team members for an ice cream social for veterans including sean spicer. They got an urgent call they need to rush back because the president need to tell them something. President trump was upset initially about the response to the fact that team members, white house staff were not out there making his case. Maria the relationship with the Intelligence Community has been rocky from the getgo. Incredible amount of leaks they were sharing information and probably musawi yates hearing didnt help with her saying i know the answer but im not going to tell you. Dagen apparently and this is based on other reporting from other news sources that one of the reasons President Trump was upside is that there was sent a real push to investigate who leaked, who was behind the leaks. Even the unmasking of the names, there wasnt a bigger push within the Law Enforcement community in the fbi to do something about that. Maria also, how about in a letter to comey he writes despite the fact he told me under three occasions are not under investigation. Thats another thing the president was upset about because he told them he was under investigation for comey refuse to say that publicly. If you say not guilty from the start to sound like you protest too much. We need a leader who is not somebody senior fired at the land but is working through it i hope for the president and his team ts is a wakeup call they need some adult supervision. Has to feel like they shouldve been bred comes late for the week to the fire is the wouldve had kernels of information we are now getting shouldve let up. It made sense and understand what just happened. Maria thats a great point. We would take a sharp break and continue the conversation. The shocking images of the current blazes max. Thats a picture perfect after all. Snap shares down 20 after a disappointing firstquarter results. We break down this number is as the Company Loses money. That is next. Think your Large Cap Equity Fund has exposure to Energy Infrastructure mlps . Think again. Its time to shake up your lineup. The alerian mlp etf can diversify your equity portfolio and add potential income. Bring amlp into the game. Before investing, consider the Funds Investment objectives, risks, charges, and expenses. Read the prospectus carefully at alpsfunds. Com amlp dream to have Massive Wildfire that the georgia border growing larger. Cheryl casone at the details. Good morning, maria. Firefighters continued to battle flames. This fire is a top priority in the nation. Do a video released georgias forestry commission. The fire has been burning more than a month and is only contained. Plumes of smoke is starting to clear allowing aircraft to fight the blaze. Constraints are made as rising temperatures may travel conditions worsen that enables suppliers to keep spreading. In the meantime, the death toll for protest in venice with uprising. One person dead, dozens more injured during a violent day of protests. Demonstrations have been going on forever about the death toll now topping 38 in venezuela. Verizon reportedly set to acquire straight at communication. The telecom try it won the bidding war against at t with an offer of 3. 1 billion. They control an array of wireless airwaves, highfrequency radio waves that some say is the forefront for nextgeneration network. Share soaring this year as you can see the yeartodate chart. Shares of comey can another story to tell you about. The stock is sinking down 22 . The Parent Company reported earnings for the First Time Since going public. It is not a pretty report last night. In that loss of 2. 2 billion. Revenue came in 149point x million below analyst expectations. Another big problem for investors worried about a user growth. Analysts keeping an eye on the competition for snapchat. Dont be faced with. Remember, the youngest grad and continue to a copycat teachers. In the public just in march. Shares market 17. The stock down 6 . There we go march 2nd. In referenda to tell you about. 22. 98. About 50. The report was really rough. Maria it is a competitive field that i dont know how you keep up with the likes of facebook and others in terms of user growth. Snapchat doesnt have the exposure and reach. Old disclosure im sure of it and have been for a while. An agassi a senate investigation. Had he been snapped chatting with the russians . Looking on a millennial point and is it worth 25 billion . I dont think this is a quarter problem. I think the fundamental issue in you head on the watches every time they come up with an innovation cannot facebook will use that. Stories has more users now been snapchat. Good stuff. Yesterday that people with money are older people. They are not people each teenager. Maria they havent made any money yet. Maria its great we have this young audience but its to facebooks advantage of its user base is much more diverse and broad in more recent years because again it then monetize all of that so much more easily. Maria the advertisers have money to spend. They have to decide over the next year of a line of business that should be done by somebody bigger for a Standalone Company . Right now they are not behaving like a Standalone Company. Young users are fickle. Or Something Else comes along they will move very, very fast. Maria an interesting Interest Rates. Both sides make a move next month . We will talk about how that impacts your money. The grocery chain plotting big changes in an effort to boost when nonprofits. Details there. Back in a moment. I use whats already inside me to reach my goals. So i liked when my doctor told me i may reach my blood sugar and a1c goals by activating whats within me with onceweekly trulicity. Trulicity is not insulin. 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Prevent tax in addition to the one in december is very aggressive, reconcile and Balance Sheet removing money from circulation and now there is talk keeping god frank required magpie. They are reducing the money supply and i think they are perhaps going to blame john for this actually. Maria do think they will raise rates three times when you consider the fact the gdp number the other day a subset intensity . The economy is now growing strongly. Will the fed raised rates while we are gaining traction . According to multiple reports, they are undeterred by this gdp number. The thing is that most people dont understand about the Business Cycle is when you lend money, public and private money, you gross abuse to the more money per person out there. When people get into prosperity and repay bonds can do literally promotes the money for the money supply. That is that graceful over the Business Cycle. Its going to happen. However, the fed will, the federal precipitate and accelerate in order to control it. One of the things that the focus on. Part of the equation is that you can take allergy to 4,000,000,000,004,000,000,000,00 or whatever it is. How important do you think steepness of the reduction is india think theres a Balance Sheet production this year . There will be a Balance Sheet production in what is interesting is the stimulus as far as to Infrastructure Spending or repatriated money from overseas. Lets say you could put a trillion in infrastructure and very confidently a trillion or very optimistically a trillion from overseas repatriation if the fed reduces its Balance Sheet by 2. 5 trillion, you are still at a negative number. That is the number they are calling. Maria bigger picture, could you see regardless of what the fed does the shortterm Interest Rates, could use a longerterm Interest Rates heading higher in moving up, Mortgage Rates moving up because of the fact unwanted Balance Sheet at the same time and youre left with potentially what does the Trump Administration do, what does the congress do see that higher Interest Rates and no fiscal stimulus. Way. Serbia crisis. A market crash. I predict the first market crash of 2000 traded it. As a replication of the Great Depression cycle because of the size of the bubble. The algorithm guarantees that we have a w. Ive been waiting for the top of the beyond what comes is a reduction in the money supply that is the precipitates. It has to cant. Its just accelerated another for banks in the fed to explore. It is in the works many years ago. A personal question is do you think gina gallant will make it all turned and what is going to do about the regulatory supervision, what is going to happen with the players . Well, it is trumps im hesitant to get it because at first he was saying he didnt like jimmy allen and then he said he may keep her. Youre saying he may not just fire her like that . Dagen her term is up in january. He doesnt have to wait long. Scientific reason is not present in memory they are living entities. Thank you see if we are on track for a rate hike and reconciliation of the Balance Sheet and on track for keeping reserve requirements high, with doddfrank we dont know what trouble do with the banking regulation. I think that a major major selloff in october. Maria major selloff in october. And as thi that your on ta reform and what we knoat that point . It does because just the the reconciliation and balance street will turn the stimulus into a negative number. Optimistically to train on the stimulus died in addition to raising the rates and depending on what they do with the reserve requirements, it takes is an circulation reallocates into the bank reserve in anticipation of this. Maria have to watch that. Rent this stacy joining us. When they come back from the leave your laptop in your luggage. U. S. Officials expected to expand restrictions on Electronic Devices to include flights from here. Masochistically play out. Taxpayers call for an overhaul in several states. The average coming back in just a moment. Predictable. The comfort in knowing where things are headed. Because as we live longer. And markets continue to rise and fall. Predictable is one thing you need in retirement to help protect what youve earned and ensure it lasts. Introducing brighthouse financial. A new company established by metlife to specialize in annuities life insurance. Talk to your advisor about a brighter financial future. Listen up, heart disease. you too, unnecessary er visits. And hey, unmanaged depression, dont get too comfortable. Were talking to you, cost inefficiencies and data without insights. Optum. How well gets done. Thithis is the new new york. E . Think again. We are building new airports all across the state. New roads and bridges. New mass transit. New business friendly environment. New lower taxes. And new University Partnerships to grow the businesses of tomorrow today. Learn more at esd. Ny. Gov maria welcome back, good thursday morning, thank you so much for joining us. Im maria bartiromo, it is thursday may 11th, top stories right now 6 30 a. M. On the east coast. Russia at the white house. President trump met with top diplomat Sergey Lavrov. Lavrov denied any involvement by his country. Theres no need for him to tell us anything or to give us assurance behind closed doors. Well, theres theres no compelling evidence regarding russian intervention and thats it. Maria latest on the russia investigation coming this morning. Head today europe, you may want to leave your laptop at home. Details as Homeland Security is expected to extend laptop ban. A billion dollar investment in nevada, what the money means for the state. Shakeup at whole foods to report. We will have the company seeing green soon. Checking markets, dow industrials down 20 points now. Nasdaq, s p 500 also in the red. Investors are waiting on bank of england. No change is expected on Interest Rate out of the bank of england. People are expecting any economic projections, think of them a window of whats happening throughout britain. Ftse up a fraction. The others really right around flat line. In asia overnight, gains across the board. Best performer was korea. Massive payouts over unused sick days. Calls for change in several states coming up. Why the famous Film Festival could click netflix off the circuit next year. Whether he tell you about it. First, though, the department of Homeland Security expected to extend the laptop ban from europe to the United States, this morning john kelly will brief on Aviation Security and will speak with Airline Representatives about that ban. Joining us this morning andrew, good to see you as always. Great to be here, maria. Maria your thoughts on security measures . I would prefer to kick the ball down the road or six or 12 months. I think you will see a genuine sea threat because of the two events. Mosul in iraq and raqqah in syria is going to particularly for something thats going to be as disruptive as this, you would really want to see what the longterm threat matrix is going to look like before taking this kind of action thats going to make a lot of people angry. Dagen andrew, its Dagen Mcdowell, if you get the Islamic State back on its heels in iraq and syria, many people will argue that then sends a scatter into europe and even into other parts of the western world and also increases the call to action that could resolve in more terror, attempted terror attacks in the west. No, i think thats totally right. The more attacks that you might see are lonewolf San Bernardino attacks. To conduct highlevel fairly complex attacks such as building bombs in the laptops, such as building bombs in carryon, that takes a safe haven from which to plan and make them weapons and get them aboard plane. I dont care its as simple as isis scatters and all that expertise goes somewhere else. I think it really helps the highend terrorist attacks to have a safe haven from which you can organize and plan and advance weaponry. Lee why laptops . I know people dont understand what it is that makes that ban. They kind of look like bombs anyway. Large chunks of metal, obviously getting smaller but thats an interesting point. On the way over here i was thinking this is only one step away from banning carryons, carryons with wheels, you you would easily or not easily you could potentially build a bomb in hard plastic or hard frame around carryons. Maria incredible. At some point we have to limit we have to calculate appropriate degree of risk here and willing what we are willing to ban from the flights. I think this is the dumbest thing ive ever heard. There are a million ways you sneak things in. People with free time and its a terrible idea, your reaction . Well, no. [laughter] youre not wrong. I would say that the people at dhs and the counterterrorist infrastructure in the u. S. Obviously only have to be wrong once, they only have to have one disaster for everyone calling for their heads while we have a highrisk tolerance in the fact that we are unlikely godwilling get on a flight and be walk to go a terrorist attack, those people who next on the line in washington, really have to think about every single flight and their risk tolerance is extremely lower. Maria fair point. The Senate Intelligence committee is holding a hearing on National Security threats to the u. S. Among the names director of the fbi Andrew Mccabe, one of the first appearances since President Trump fired james comey. I think the democrats are going to focus what you might call Current Events with the threat of russia and the threat of russian meddling and Andrew Mccabe inside into that is going to be a prime source of discussion and perhaps where the effort to push back on russia with counterintelligence investigations is going to go from here. I expect the republicans to focus on north korean issues, a place where President Trump has been active and had success in creating a Diplomatic Coalition against pyongyang. What i personally would not to see mccabe and north korea but how china might be using our focus in north korea to build concessions for itself and perhaps pose bigger threats to the u. S. Thats really the challenge the United States will have to face in the next 20 years. Dagen i i was going to point out theres issues with Andrew Mccabe. Maria 700,000. Dagen with the help of clinton crony. They are trying to find a success or for james comey. Maria i can tell you for sure that there are people on that list like tray and ray kelly that the president has spoken with. Peter just feels to me particularly because of the bundled holding, the way to do this is someone unimpeachable without question federal judge, someone of the stature of a ray kelly. That person. Dagen just floated condoleezza rice. Maria that was before the job of fbi director was open, you know, but i did ask her that when she came to the studio the other day. She would be a terrific pick. Again, the president has spoken with a couple of people just in the last 24 hours about meeting with him, like ray kelly and tray gouty. President trump met with Sergey Lavrov yesterday. I want to get your reaction, andrew. I believe that politicians are damaging the political system of the u. S. Trying to pretend that someone is controlling the u. S. From the outside. Maria where do you think u. S. Russia relations stand now, andrew . A lot worse than anyone thought they were going to be when President Trump was elected. He took several action, wombing sirringbombing syria and north korea, and i think that hasnt happened yet. I thought the presence of Henry Kissinger in the white house was particularly not worthy yesterday because kissinger even though he was the author of nixon policy, he was extremely hawkish in countering russian influence, but ultimately using that ledge to get to an agreement with the russians and i sort of see the direction that trumprussia policy is going as well. Maria kissinger at the white house to help the president with the Upcoming Trip to the middle east. Andrew, great to have your insights. Andrew peek joining us there. The Technology Giant announcing to invest in the silver state, the details coming up next. Shakeup at whole goods, dramatic changes in an effort to turn around weakening sales. Coming up. Liberty mutual stood with me when this guy got a flat tire in the middle of the night, so he got home safe. Yeah, my dad says our insurance doesnt have that. What . you can leave worry behind when liberty stands with you™. Liberty mutual insurance. 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Cheryl casone with the details now, cheryl. Cheryl south dakota, officials are classifying 84gallon oil leak as minor but the tribe proves the argument that the pipeline isnt safe. The tribe leading court battle saying the pipeline was would poison water used by the tribe. Replacing five directors and naming a new chairman and a new chief Financial Officer, whole foods revealed Quarterly Earnings and a new stock buyback plan to speed up sales and turnaround plan. Investor like what they are seeing right now. Shares of whole foods, 3 and a half percent in the premarkets and certainly a stock to watch today foryou. You might want to look at apple as the market opens, they are expanding big time in reno, nevada, include the hiring of a 100permit workers and that would double the size of the workforce at the Reno Technology center and the company will be eligible for millions of dollars in tax breaks. Well, a rules change could keep out netflix. Starting next year organizers will require movies been shown in french theaters in order to enter competition, anger from Theater Owner that netflix films go directly to streaming, by bypassing them. Maria thats a gamechanger for the movie business. Peter keeping out the disruptors is a bad idea. Maria theyll be back. Lee people love netflix. They have so much original content. They deserve to be there. Maria look at amazon, they won the golden globe. Dagen jeffrey for Maria Manchester by the sea . Dagen transparent, an Amazon Television show of a current transgender man, he basically becomes a woman. Anyway, hes won like more than one emmy for that role and manchester by the see Casey Affleck won best actor. Peter absolutely. Maria i thought it was the golden globes. Regardless, the point is amazon is right there. Netflix is right there. Dagen the Film Festival isnt that relevant anymore. It just isnt. [laughter] peter if you start looking at where the money is being spent, amazon is going to spend 6 billion on new content this year. And netflix about 5 billion. Nbc4000000000, these are the maria more money than the biggies. Peter nobody is betting more than amazon and netflix. Maria i love house of cards. [laughter] maria coming massive sick leave payout, we have the outrage. Stay with us. Lots happening this morning and we are on it. Theres nothing traditional about my Small Business so when it comes to technology, i need someone that understands my unique needs. My dell Small Business advisor has gotten to know our business so well that is feels like hes a part of our team. With one phone call, he sets me up with tailored products and services. And when my advisor is focused on my tech, i can focus on my Small Business. Maria welcome back, Municipal Workers saving up on six days for sixfigure payouts. Calls for change in several states where retiring Public Workers are receiving big payouts, six figures for those sickday leaves. Survey of 140 counties found that 70 had no cap on the amount of sick days crew were about to recrew. Thats just plain greedy and want to cap the amount. Many say its putting a stress on already local budgets. Advocates say the large payments are generally limit today police and top management with most retirees receiving far more modest sums. You know, a lot of the budgets dont budget for this so when a longtime employee they are left with unexpected gap. Maria is that very different from the private sect or . Very different. Some dont even offer sick days to employees so it needs to be more balanced. Lee most dont carry them over, use them or lose them or have a limited amount because of this very reason because when people leave you can end up with excess of numbers. This is another reason how they spend money and doesnt make changes to policies. Dagen you get a window to use it. With sick days you get a window to use unused vacation. Maria you lose them. Dagen people never lose them and end uptaking them at the end of the year. No, its like at the end of the the year, end of the december everybody is out. Lee most people have merged sick days and personal days so that youre not disclosingwhy you are out for these reasons. Mideast people are allow today carry over five days in the public sector. Its a totally different ball game. Maria you mean private sector . Lee yeah. Maria what states are offering big my paydays . Massachusetts. A professor retired in march and had over 200,000 that he got back because he had some 1200 sick days. Maria wow. Over pan of 46year career. Maria come on, 200,000. Dagen how did you not know that. Peter how much of this can you lay at the feet of the unions and how fight are they going to fight into this whole system . Maria they are probably fighting for it. Of course, they want to get that money back, im sure. Dagen i love the idea of the personal ideas that way youre not theres no favoritism, you get a set number of days if youre sick, you can use them as vacation at will. Maria thats better. Tracy good stuff, thank you so much. Still ahead invest in relaxation, the business letting you take luxury one business at a time. Next hour mornings with maria, we have a big hour next here comes the fun with seadoo. Starting at just 5,299 and get 0 percent financing. Visit seadoo. Com today. Buttrust angies list to help. , [ barks ] visit angieslist. Com today. Ostriches dont really stick vitheir heads in the sand. Ve horns on their helmets. And a real john deere is actually real affordable. You learn something new everyday. The surprisingly affordable john deere e series tractors. Maria happy thursday, hearve , everybody. Reforming Americas Health care system. Aetna will pull out of all obamacare exchange. People are getting wined up by fear mongerrers. Maria latest from aetna coming up. We are looking at timeline for President Trumps agenda. And then theres snapchat, the big story for the markets today, the stock is plunging today. It is coming close to breaking below the ipo price which was 17 a share. 18. 17, investors getting update on the health of the consumers, retailers, macys, all reporting earnings today. We will tell you what the numbers show. Sharp gain making its way back. Fifty dollars a battle. We are going to the cme group for a look at the trade of oil right now. Stocks look like this, dow industrials expected to be down about 20 points, nasdaq about 10 points, in europe stocks are a little changed this morning, very close to flat line, ftse up just 1 point, cac quarante one point. In asia overnight gains across the board, best performer there was in korea. Kospi up better than 1 . New kind of sports intersection, lacrosse with new patriotism. Fox business Dagen Mcdowell, Peter Kiernan and pollster lee carter, great to see, everybody. Lee great to be here. Maria the messaging on obamacare has been clear, i think, dont you think because theres been evidence of obamacare imploding. Look what happened today with aetna . Peter its really a shock because when you go back in time aetna and humana we wanted to merge and say we cannot face the cost, let us come together. Maria they wouldnt let them. Peter humana walks away from aetna. Maria they were going to lose 200 million. Peter could we please come together and what did the government say, no. That seems to be the best indication lee lets take a look at what we are seeing in headlines right now, this could be number one talking point why Health Care Reform is necessary and we are talking about comey and russia and thats why its such a big problem. Maria god point. Dagen fallen by the wayside in terms of what was in the headlines, Trump Administration, whether it was going to get tough on russia, yes, it was flexing its muscles in terms of dealing with the putin and his ilk, they should have let the investigation progressed. It was moving ahead but now back in the headlines, but to that point, one thing that the republicans do about the Health Care Bill but they need to start messaging better is on preexisting conditions because what happened with these insurers dropping out of the exchange is the costs were so much greater than they ever anticipated, well, they are trying to fix that with preexisting condition by not embedding the cost in everyones insurance with people that are gravely ill and instead they are going to have government money going in state pools if they see fit to ensure individuals so that tom and billy and sally who are 25 arent covering the costs in their own insurance. Maria its a really good way that you outline that because by taking sick people out of the pool, youre making the broader pool of people see lower costs obviously. The bank of england is leaving Interest Rates on change, its just hitting the tape. And kohls reporting earnings right now. Take a look at the indices right now. No change. That was expected, Peter Kiernan. Peter that was expected. He was in canada, 0809. He knows what he is doing. Thats going to mean some hawkish activity later but calm for now. Dagen quickly important story to know that the wall street journal put out, 15 unemployed are underemployed, they support the case for ongoing stimulus in the euro zone so in terms of a pull back, not so much, at least the data not supporting pullback. Maria we have a lot coming up. Kohls weve knew missing although earnings better than expected. South dakota senator mike rounds is with us and hailey barber and manny budget director david. Top story obamacare on life support. Aetna announced that it will completely withdraw in 2018 this as republicans are facing angry constituents, macarthur was force today defend health care last night. I have a wife that has breast cancer, she will always have a preexisting condition. I dont want to choose what state i live in in order to get health care for her. I dont want you to have to move to another state to get health care, i want everyone, every american to be able to afford and get and have Continuous Health care insurance. Maria joining us former chief of staff under president obama and commerce secretary of president clinton, bill, what do you make of the developments . Its not surprising, when you talk about health care, the American People will get very energized for two reasons, one such a large part of our economy and its all very personal. The republican democrats, pardon me in 0910 felt the raft when bill was being argued in congress, now, its flipped the other way. They voted 67 times or whatever it was to repeal without any replacement and now theyre forced in a rather short period to come up with a replacement and as President Trump realized last month, a very complicated thing called health care. So its not surprising that you have a lot of anger, a lot of concern, a lot of angst over how to go forward and even if you look at, maria, the house action, they tried one bill and it failed, they went back in and got the Freedom Caucus to agree to something. Nobody really read it and tossed it to the senate and senate according to most reports will start all over. We still have a long way to go. And surprise aetna will pull out in 18. A lot of companies are trying and not rightly so help built pressure to get things solved so we can have a system that can work and get the coverage that everybody wants for people and try to make it as affordable as possible. Lee everybody wants a Health Care System that works. Its vital for our economy and vital for our people and we see that democrats and republicans are unwilling to come together and have a conversation, we see every piece of evidence that suggesting that the health care is not working. Humana already coming out, what alternative do we have than to come together and address it . Why wouldnt i get the new rules in congress, its not either side, its both sides. You have to get your caucus and get all the votes to pass a change just in your caucus, democratic did it for obamacare and longterm it proved a mistake even though the republicans wouldnt cooperate. You cannot make such basic changes to the American Peoples way of life unless it is done in a bipartisan way. And any opinion, the senate right now because its in their lap, and the president should sit down in a serious way with the democrats and say how do we change this. Youre not going the make the Freedom Caucus happy and the farleft of the Democratic Party happy but unless theres a system that makes somebody some bipartisan effort that no one maybe happy with at the end as far as politicians are concned, youre going to continue this battle and people are going to suffer because of it. Maria i agree but thats not the way it was done in the first place, right . I said that, i said that. Now, from the democratic side the republicans said we wont play, we like the system as it is, we dont want to play and the democrats who controlled the system at the time went ahead and passed the democratonly plan. For eight years the republicans voted to repeal. Never once put a replacement plan on the table, president obama even when i was there give us your ideas, how do we change this, we know we have to change this thing, never once until this spring did the republicans put a full package together on real replacement not just repeal. Maria well, they had the eight years, dagen. You said it for a long time. They should have been ready for it with repeal and replace. Right, everybody should have been ready for it. Dagen bill, i agree with you on that. The republicans are now playing ball on a field built by the democrats and what i mean is that with obamacare that it was presented as its the governments job to make sure that everybody in this country has health insurance, its the federal government that needs to guaranty that that happens and so the republicans have to work from that. Well, you have a system that the government is responsible but most democrats, many, Many Democrats i would say would say the government should run the whole system as they do in most parts of the democratic world and not have this hybrid. President obama tried to put in basically mitt romneys plan from massachusetts which had privatesector involvement. It was an attempt to nernl two. The old system which wasnt functioning and that full governmentrun system which most people didnt want so it was a hybrid, that hybrid has turned out to be very difficult to support for some of the reasons you talked about and to survive but thats why i say you have to get real not just the politicians together, how about the Health Care Industry together to say how are we going make this work and it takes real leadership from the president , its complicated, youve got to get into the details and you cant start with well, you to get 217 House Republicans to vote for something and then we will go say to the democrats, okay, what do you guys want. Peter youve been there right there as chief of staff, i get the notion that youre enthusiasm for a bipartisan effort, so i will concede that point, how do we get there from here . We basically have a bill that was rejected, now its being repolished, how do you take it to the next step in the senate context, what would you have the president do . Frankly, it sounds wonderful but i need your gps, i dont see any way to get there. Well, it will take basically the president stopping, first of all, stop trashing the democrats who may have to be involved in this system to get a change and sit down with them. I dont know if you remember when president obama did like an eighthour televised town hall discussion with members of Congress John mccain was there shortly after the president had beat him, to have a discussion about health care. Have something that is bipartisan, have ted cruz, have bernie sanders, have a whole bunch of people, bring in the industries and sit down and say, okay, we are living in this obamacare world. Its not working as we all had hoped, many of us hoped it would work, needs improvement, what are you just going to cater to basically try to blow it up and save one or two parts namely preexisting conditions and kids who are 26 or under can stay in their families. So i think its at that point, if they jam through something in the senate which i think will be very hard, try to patch together a republicanonly bill will be two or three years from now with the next president dealing with the same thing. I think this is too important to our economy. Dagen bill, i dont know where youre going to find these democrats who are willing to sit down with republicans. We will have to go to pluto to find them. No. You could say democrats can say the same thing about republicans a few years ago. Lee we cant play history and we can only play now. You can play now. That means you have to have a leader who says everything is on the table, we are not starting with needing and must have, my caucus alone to pass something, then i will go make a deal with you democrats that i can pick off. You to say this is going to have a truly bipartisan deal. Okay, and maybe half of the democrats dont vote for it and half of the republicans dont vote for it but half does and gets something meaningful. Maria we all agree with that, the democrats right now are just saying resist on everything. They want to just stop President Trumps agenda. Do you disagree with that . You even saw that with neil gorsuch. Give me a break. They had pushed back. So theyre just trying to resist at any turn. But you cant just resist on health care because health care maria you would think so, you would think not. But, again, the president the Senate Leader and the house leader are all republicans, they control the party, lets see what plan they can develop on their own thats going to solve the problems of the American People and avoid the town Hall Meetings, if they dont, your town Hall Meetings will be horrendous. Maria we will be right back. Thank you maria retail earnings on tap. We are hearing from another big retailer. Cheryl casone with the details. Cheryl we are getting numbers in. Kohls just out with their latest numbers. Lets show you the stock down in premarket habit half percent. Also macys is due out this morning, we are waiting for them and nordstrom will be reporting as well. So we are going to bring those numbers to you when we get them from macys, verizon, the top bidder for Straight Path communications, the deal was Just Announced formally. Verizon going to enter into agreement for 84 bucks per share, worth more than 3 billion, theres the premarket read on verizon, down three quarters of percent. Straight path owns licenses to use highfrequency radio waves that would be crucial but the Company Never developed the technology, this was a big bidding war. Verizon, we should say again is down in the premarket. Another headlines this morning for you. A mother in dallas, texas has filed a lawsuit against tmobile on her sons death. Was placed on hold for nearly 40 minutes after the sixmonth old had fall from the day bed. The lawsuit would not have died in order for the call to go through. The 911 center was jammed because of a technical issue with t mobile. Ceo has responded and sent engineers down to dallas. Trump official may join president obama as headline speaker in Health Care Conference here in new york, very own Charlie Gasparino reported this year that the wall street firm was looking to restore political balance to the event by adding someone from the current administration. Of course, the critic of wall street when he was president has come under fire for accepting 400,000 speaking fee for this gig, the white house isnt commenting, cantor would not say, we would like to thank our own liz claman for breaking the news. Maria the 400,000 that president obama received got criticized but thats what they pay him. Peter he seems to be on the mission to top Hillary Clinton, maybe he will. Dagen howard how hard can that be . He won. Peter i find the whole thing incredibly offensive for a former person, the top person in the land to kind of cash in on that with 400dollar paydays, that should be give it away to charity, doesnt feel right to me. Maria thats not capitalist. Dagen he has every right to go out to make money. More money he makes, the more money he will give to charity. Maria you have to believe that anybody can make whatever they can make. Dagen absolutely. Even Jason Chaffetz was trying to revive legislation that president obama vetoed that would cap his pension based on how much you eastern when earn when you leave office. Maria bothers you because he was critical of wall street, is that what bothers you . Peter taking his rock and throwing it back in. Dagen he might have been critical but in running for office he raised so much money from wall street as did Hillary Clinton. Maria thats true. Oil prices increasing, crude inventory decreasing. Betsy devos maria crude oil prices jumping again this morning. Joining us right now Price Futures Group amist, phil flynn, where do you think oil goes from here, whats the action this morning with traders bidding it up . Phil you know, i think is worst for oil prices and i think oil is leading the commodity comeback across the board. You look at copper and gold. The main reason is yesterdays Energy Information Administration Report that really throwed a lot of cold water on some of the bearish argument that is we have been hearing. For example, that rising u. S. Shell production would replace opec production cuts or that we saw big drop in u. S. Gasoline demands signaling that drivers are showing some reluctance to higher prices but all those numbers seemed to be thrown away when we saw the big drive down in prices and refiners slowed down production. We also saw big jump in demand and showed you u. S. Drivers are not parking the cars just yet. If you look at the big picture globally, some of the concerns about a dramatic drop in demand from china and asia may have been overstated a little bit and thats why one of the reasons why market is making huge comeback today. Maria Peter Kiernan is with us this morning. 45 to 55, peter. Peter we are in the fifth week in a row of u. S. Invent other reduction in our crude position, so i think the position is better than it has been, all eyes are going to be on may 25th when opec gathers in viena, what people want, a, they will continue restraint and what they want to do if they could possibly reduce the output even further. If they do that, i think we will be comfortably above 50 bucks, i think thats likely to happen. By the way, the saudis are taking oil business public and they want to have a nice fat valuation and i dont think thats too far absent from this whole equation. Maria you have lots of ceos in the Financial Service industries trying to capitalize on the president s trip actually. They all want a piece of that business. Peter when it got down to 43, low there, oversold. I feel like theres a lot of impetus. Dagen phil, even the breakeven for the shell producers in the United States, we have as much, if not more control over production and global supplies than saudi arabia does because, again, they keep pumping and pumping and pumping. Well, they do. Theres no doubt about that, the u. S. Shell producers, but when we saw the price get close to 43, thats their point of pain. The reason why u. S. Shell producers have been able to get back, we saw prices close to 50 a barrel. They fall back 44, they will come offline. The other thing that you have to remember, Shell Production has a huge decline rate. You have to keep drilling and keep drilling to keep those production numbers going up. Maria we will leave it there. Phil flynn with the latest there. The political fallout continues this morning after fbi director james comey was fired. The latest from capitol hill next. The College Lacrosse team uses speech of President Trump to the crowd, the big speech in a minue looking sharp len. Whos the lucky lady . Im going to the bank, to discuss a mortgage. Ugh, see, you need a loan, you put on a suit, you go crawling to the bank. This is how i dress to get a mortgage. I just go to lendingtree. I calculate how much home i can afford. I get multiple offers to compare side by side. And the best part is. The banks come crawling to me. Everything you need to get a better mortgage. Clothing optional. Lendingtree, when banks compete, you win. Okay . Awkward. Thithis is the new new york. E . Think again. We are building new airports all across the state. New roads and bridges. New mass transit. New business friendly environment. New lower taxes. And new University Partnerships to grow the businesses of tomorrow today. Learn more at esd. Ny. Gov. Maria good thursday morning everybody. Its thursday may 11. Your top stories right now 7 30 a. M. On the east coast. The right house removing present trumps decision. They made a pretty startling revelation that he have taken a stick of dynamite and thrown into the department of justice by going around the chain of command when he decided to take steps without talking to the attorney general when holding a press conference and telling them that they would not let them know and not simply not allowed. The retail earnings are set to drive. The earnings are better than expected. Revenue was amiss. We are awaiting earnings from macys we will bring the dozen we have the tape. Nonetheless it is showing a decline of about 18 points this morning. It left Interest Rates unchanged. The markets are determined positive. Even if just by a fraction. In asia overnight the gains across the board as well. A better than 1 as well as in hong kong. The treasury announcing Interest Rates are set to rise this year. What it means for borrowers coming up. With the Company Helping those in need. We will tell you about it. Meet charlie brown. Call it the trump pump up. How one team is using the president s words to use them ready for the game. The fallout from firing of james comey. He says he is not dwelling on it. And if they are well letter to colleagues. I have long believed that a president can fire an fbi director for any reason or for no reason at all. And i can spend time on the decision or the way it was executed i hope you wont either. Senator, good to see. Thank you so much for joining us. Appreciate the opportunity to visit this morning. Weve been having a discussion here about the messaging now it seems that the president is on defense what is your take on the firing and how it was executed . It is the timing that surprised us. And i think any of us saw it coming. I think mr. Comay is correct in his analysis. He has ability to fire at well. This president knows how to do that. The firing was a surprise to you and your colleagues on the help. Should you had been informed should you had had some idea that the president wasnt happy so that the president doesnt find himself on the spot. Yesterday was because he to handle the email skin a while. With regard to whether or not he should have advised us. Think about how that wouldve played out. If he wouldve announced to the public into us that he was gonna make a determination before he went and talked to circle me. One of my guests earlier lee carter was a polling expert said this has been a bread come lead up. Not that he wouldve told you before. We didnt know about it. And the american the American Public i suspect for a while i think along the way there have been expectations that he was there to begin with. The firing in the impact. This is firing in the fact that youre now talking about it and this is the conversation of the moment this is the front page of every page today rather than the agenda. Does it push the timeline back. I think some people to ask this. Was the president doing this on purpose to take pressure off of healthcare discussions. I dont think thats the case. We have got the Senate Intelligence committee. Is looking at a number of issues. The rest of us are gonna continue to focus on healthcare and tax relief. I think we will spend the last couple of days with a huge amount of time just focus on health care in the new plant coming in from the house and the changes we think should be made. Longterm i think will do a good job. When you expect a bill to come out of the senate. I dont know that we had tried to set a timeline. Whenever we get to 51 votes. Were not there yet. I think we have a lot of things to discuss. A lot of members of the senate they recognize how serious this is. It impacts every american. We want to do this we want to have read the bill. Then we have to bring everybody up to speed in terms of just exactly what it does to medicaid. Transitioning out of medicaid into regular health insurance. Promotion of the group market. And making sure that there is a parity between states that actually took advantage of the obama care strengthening of the guidelines and involvement. Now we have to bring all that together and fix it. I dont think we can do that. In transition in less than two years. The house overturned the obama care taxes but is my understanding that the senate feels like there needs to be some taxes in there. And i think theres been any decisions made. What we do know is that the transition is going to be very expensive and theres not much we can do about that. Our hands are tied. There is a cost to that transition. We will have to pay for that one way or another. Those are the facts that we have to deal with. And when we transition through that from a very expensive obama care with regard to tax relief we need to be a label to allow more dollars to circulate back and that means thirtyfive to 33. And then 39 to 37 and leave the tax code alone for the first step and then allow ourselves some time to makes good decisions about how you begin the process of reducing and simple find the tax code. I know there are thousands of pages of tax code but they are pages in the take money and the ones that give money back. We dont want to take away parts of the tax code that gives them money back. Is that just a negotiating point because as far as im hearing out of the house theyre really talking about a corporate rate much closer to 20 . Down from 35 percent. We have to head something to repatriate the dollars from overseas. We have to be very competitive in regard to that. The numbers im hearing are somewhere in that 10 rate. To make its a good question. If i have it my way i like ron johnsons approach and pass it all the way through. Zero it out. Think about how competitive that makes us. That would not impact S Corporations and so forth. I think there is some real merit in that proposal. Coming up. Charlie brown and snoopy had a new home. The Media Company that owns teletubbies. The details on the acquisition coming up. Undergraduates could pay nearly 20 more on student loan interest. Stay with us. [music] today i dont feel like doing anything. I just want to lay in my bed. I dont feel like picking up my phone, leave a message at the tone. Today i swear im not doing anything. Maria the owner of teletubbies is acquiring the peanuts and strawberry shortcake brands. They are buying a controlling stake in peanuts and shrubbery shortcakes. 345million in cash. An 80 stake in peanuts worldwide. They are currently working together they will produce an intermediate tv series based on the classic line. Thinking about a plan for College Listen up. The rates on federal Student Loans are going to be going up. It will average about seven tenths of a percentage point. Education secretary received a harsh welcome with the Graduation Ceremony in daytona florida yesterday. For 20 minutes they endured jeers from the graduates. Then the University President had to come up and calm them down. Its a real honor and privilege to be with you as we celebrate the class of 2017. If this behavior continues. Your degrees will be mailed to you. One College Lacrosse team in new york well have very special fight music. We will make america strong again america strong again. And we will make make America Great again. Its pretty good. This is the lacrosse team. Theyre not trying to make any political statements. I think they pull it off. It was a refreshing thing to see. I think its time to sit up its time to get ready to play. Its a great speech. In the build up is great. I think she handled herself with a lot of class. A lot of the things shes tried to do are to create School Choice and help people that shouldve been a very different treatment. 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Even if youre going from downtown all the way up to central park or mid park as youre moving around they will go to University Clubs where they will go there and switch the junction spot for a luxury hotel is a great value to the consumer. The spotlight over james comey spotlight continues. [music] take me to new york i would love to see la. Ostriches dont really stick their heads in the sand. A peanut is not a nut. And a real john deere. Is actually real affordable. You learn something new every day. The surprisingly affordable john deere e series tractors. Now you can own americas tractor for just 99 dollars a month. Learn more at your john deere dealer. Maria welcome back. Good thursday morning. Thanks so much for joining us. Im maria bartiromo, it is thursday, may 11 top stories right now 8 00 a. M. On the east coast, fallout over firing of fbi director jim comey the with who is a house doubling down on decision and timing of the move. The president over the last several men and womens lost confidence in director comey, the doj lost confidence in director comey bipartisan members of congress made it clear they lost confidence in director comey. Most importantly, the rankandfile of the fbi had lost confidence in their director. Maria very latest including comey statement to fbi employees the impact on President Trumps agenda markets lower fractional movers but down dow industrials expected to open down 40 points now, things worsened half hour in europe stocks little changed bank england kept rates unchanged expected major averages as you see lower across the board cac quarante down a quarter of a percent, as the dax index in asia overnight gains across the board, as you see there, as you will see the nikkei average average in japan up a third of a percent kospi up better than 1 another step closer to expanding flights to europe homeland Security Officials set to meet with firms today to go over deals a Massive Wildfire rages on pictures of the blaze in georgia 12 contained growing weve got the latest snap shares down 22 right now, Company First quarter Earnings Report Public Company closer look at losses for the quarter, and report, that investors are watching the ipo price 17 as there are share ipo now very close to breaking that, keeping eye on retail this morning number of retailers reporting earnings kohls rising, ahead of the copy proctor above expectations, sales traffic improved at kohls stock up almost 1 , then paying the price for celebrating too early one learning the hard way throwing his arms up in victory, during a race. Stories coming up to talk about it fox Business Network Dagen Mcdowell former Goldman Sachs partner keynoteer peter concernon, and great to see you thank you. Thanks for joining the conversation. Big day. Sure is. I cant wait to hear what jim comey, this is one of those things situations where you learn so much about politics, versus one issue, the reality here is that the president obviously could do this people that are saying this is a constitutional crisis i dont know what constitution they are reading plenty of that comey had been politicized thoroughly politicized as actor before trump won election, so to me, this was just a question of when, it happened it would never happen at a time acceptable to trump hypocrites this wont stop any investigation that is going on, it is not going to subvert the fbi, all the things people are heartening all the mashing of teeth crying is high berbly, comey was going to go one way or the other. Maria i agree. Trump introim a thing people talking with trump derevengement symbolism. People believe anything journalists run with stories 5 seconds of thought normal person would sigh no way trump or one of the top people did what you think he did if that is the story. Dagen somebody mentioned on television not this network, that they could foresee a president pence. I mean, i could foresee president pence too not next 4 or 8 years ago what do you mean . A reporter said that. He might run after that is not what he is saying. You could foresee eventually a president right now crazy even if trump were to step down pence is conservative liked in on the right why would that be human win for democrats. This investigation is going to carry on the notion getting rid of one person, sends a change also the course of the fbi i think a specious argument one thing is everybody could agree on one thing, the only thing everybody can agree on get rid of comey now democrats using it as flag of convenience to argue for special prosecutor a lot of other things. Maria we are you talking about that joining the conversation former rncchair Haley Barbour with us David Stockman host of Varney Company Stuart Varney back coming up in the program do stay with us we kick off here, fbi set to testify before Intelligence Committee washington continues to dleel with political fallout from admiring of Jim Comey Blake Burman live with the latest. Good morning to you. Reporter good morning to you as relates to jim comey he has been you will seensed since fired by President Trump tuesday afternoon however has written a letter to his colleagues, in which he defended the fbi, and comey himself took the they road in the situation comey writing to colleagues i have long believed a president can fire and fbi director for any reason or for no reason at all. I am not going to spend time on the decision or way it was executed. I hope you wont either. Comey says it is done, and i will be fine although i will miss you, and the mission deeply, at the white house they have shifted the timeline in narrative a bit as to how this unfold as you know they penned it on that letter, from the Deputy Attorney general, rod ross enstein how he believes the end of the email investigation was botched now white house is saying this was a decision President Trump had been thinking about dating all the way back to election day. Director comey made a pretty startling revelation that he had essentially taken a stick of dynamite thrown into department of justice going around chain of command. I think it is an erosion of confidence, i think that director comey has shown over the last several months and frankly the last year, a lot of missteps, mistakes. There is an explosive report out now from the new york times, in which they say comey in days leading to up firing had sought more resourcout for Russia Investigation Department of justice flat deans that is the case tell fox comey made request for man pour to Senate Intelligence Committee Led by richard burr and mark warner unclear what exactly burr warner might have been able to do mckay testifying on hill today will most certainly be asked about all this. Maria let me ask you this while i have you blake this investigation, started in july. What have we learned . As relates to trump and russia collusion. Well, the line from anybody who has been able to go on record on this what the administration points back to, is the former director of National Intelligence James Clapper there is no collusion between the Trump Campaign, and and russia, however this is just one of three investigations, is that is ongoing youve got fbi, the house, and the senate. This is just in the infancy, intelligence officials will tell you, as jim comey testified these things take a long time, that is what the white house points to, but this is still very much unfolding. Former mississippi governor rnc chairman Haley Barbour governor good to see you. Thank you for joining us. Thank you for having me. By the way, how much does Something Like that cost taxpayers when you have investigation going on 10 months, and still dont you dont have new information do we have any idea how it i am curious. I cant quantity but does cost presents the cost of taking fbi agentsoff other matters criminal matters, so that those things are not being done are not being done as well not getting as much attention. I dont really think that is what the American People are or should be focused on. Almost unwritten unsaid and most coverage that i was glaed to hear here is that the Deputy Attorney general rob rosenstein, who is a career Fbi Department of justice attorney, but was appointed u. S. Attorney by Obama Administration, he is the one that studied this, not long after he got appointed Deputy Attorney general, and he wrote a memo, that said comey should be fired, i assumed but i assumed it is because comey usurped power of the attorney general when he said that the fbi and he had decided that there would be no prosecution of Hillary Clinton. That is not the polices responsibility or authority the fbi doesnt have any authority to decide who ought to be prosecuted and not their job is to recommend to the attorney general. Yeah. So that usurpation had to the democrats love that for a while hated it for a while but this past weekend every democrat in the country wanted comeys hide then when trump fired him it is it is terrible sin. That is what congressman ratcliffe said yesterday on this program you cant wear both hats be prosecutor as well as come up with this idea that we couldnt find a judge to take it on, there is a lot of discussion this morning, about why, why now . And during my sitdown with President Trump just last month i asked him about keeping comey i think he gave us a hint, into his thinking this is in april listen to this. If you witnessing about scratching heads why so many obama era staffers are still here for example was it a mistake not to ask jim comey to step down from the fbi, at the outset of your presidency is it too late now to ask him to step down. No, it is not too late but i have confidence in him we will see what happens it is going to be interesting, dont forget can when jim comey came out he said Hillary Clinton people dont realize that he staved her life i call it comey won, the joke about it a little bit when he was reading those charges she was guilt on every charge then he said, she was essentially okay. So governor, he was thinking about that in april, obviously, he was unhappy with what comey had done, even though he tried to say i have confidence in him. Your thoughts. First of all, most people would look back at this as looking at it neutral mind, and say comey should have been fired by president obama for usurping his attorney generals authority, now the fact is president obama probably liked what he did case it helped Hillary Clinton the other thing didnt want to embarrass his administration, because president clinton having had secret meeting with the attorney general, just before this happened, maybe they thought if she announced it they werent going to prosecute hill headline moot blow back on them people wondered why didnt trump as you said in interview why didnt trump get rid of him before he was as soon as he became president said he was going to after day one. But i think what i thought was very credible this is not been something that happened suddenly there has been erosion that erosion apparently capped by Deputy Attorney general, by the way, he got toe approved by senate i think 92 to 6, more than 90 senators voted their confidence in this Career Justice Department attorney to be Deputy Attorney general, i think that is kind of the straw that broke the camels back. Governor the only issue, the big issue that weve had this morning is just the way that the white house handled this, but the communications came with clearly caught flatfooted the narrative within first 24 hours of jim comeys firing, did change, that rob rosen steins report on jim comey conduct and behavior, last year, it was not the reason, that he got fired but merely the the it wasnt the trigger it was just it laid out the reasoning why comey needed to go, and that did change. And so what would you tell the Trump White House in managing things like this in the future. That everything they say is going to be judged from 15 different directions, and perspectives there is also a going to be somebody that said they changed their story, i thought when the when the the lady press secretary said this has been erosion i think that is totally accurate, very credible, she has been criticized, white house has been criticized for saying it that with a way when previously said Deputy Attorney general memo those two things are very consistent to the normal human being, but if you are from the liberal media elite everything that has to do with donald trump is an invitation how are we going to attack trump try to convince people he is something wrong with him. Interesting in the Washington Post poll a week or two ago polling showed not exactly big fans of donald trump Washington Post, showed that trump would beat Hillary Clinton by a bigger margin today than he did when he was elected last november. Maria wow. Not because people left hillary for hillary not because people voted for him but because people voted for thirdparty candidates had moved to trump. That you wouldnt read that above the 40th paragraph of the story. Make a good point good to see you, sir thanks so much for weighing in this morning. Thank you. Governor Haley Barbour coming up is snap out of it a brutal first Earnings Report from shareholders running we break down numbers stock down 1 right now. Back in a moment. 21 . Erian mlp etf can diversify your equity portfolio erian mlp etf can and add potential income. Bring amlp into the game. Before investing, consider the Funds Investment objectives, risks, charges, and expenses. Read the prospectus carefully at alpsfunds. Com amlp here comes the fun with seadoo. Seadoo has the most affordable watercraft on the market. Starting at just 5,299 and get 0 percent financing. Visit seadoo. Com today. Maria wildfire continues to burn in Southeast Georgia this morning Cheryl Casone with details, cheryl. Cheryl maria hundreds of firefighters are battling the flames, in and near the National Wildlife refuge in georgia burned more than 220 square miles since april 4, two small communities remain under a mandatory evacuation, and Officials Say the dry, hot weather is making the fire continue to grow. Drought conditions so we are going to continue to follow this out of georgia. You may not be able to be use a laptop on some airl in europe Trump Administration is probably going to expand ban on laptops to include some european currency john kelly will speak with lawmakers today about Aviation Security including considering that ban homeland Security Officials meet with aishl officials as well today homeland says no final decisions have been made on expanding the restrictions, this is the laptops also we should say, ipads as well potentially, to look at snap premarket, big fall, 22 . This is slightly above the ipo price of 17 dollars right now pointing at open of 17. 93, they lost a twobilliondollar, in first Earnings Report as Public Company last night most stock based compensation to employees at the time of the ipo but snap also came up short against the big rival back to record 166 million daily users last quarter an increase but may be not enough for investors, facebook we should say had three times as many users their first report, as a Public Company beginning to comparison revenue also came in well below expectations, all of of this huge ipo expenses but some people made money on that ipo, finally, imagine you think you won the most prestigious race in the bike lane you didnt he threw arms up in triumph the only problem about he didnt know one lap to go from first, to 140th place. In the race. I feel bad for the guy being crucified, in the media this morning. Thanks. Cheryl you bet. Maria think about that. Never celebrate early dont celebrate early. Santa maria count my laps every time one more to go. Fireworks when you think you are going to become president dagen oh you just said that. Maria it is true. Dagen you are absolutely right. Maria not good. Dagen got caught local Law Enforcement leaked to media then they canceled it. I love that you brought it up, makes me smile. Maria fighter appointments in harms way before combat growing danger for navy and marine personnel who fly. What is it paul ryan shares republicans ambitious plan to overhaul the tax code, back in a moment. You always pay your insurance on time. Tap one little bumper, and up go your rates. What good is having insurance if you get punished for using it . News flash nobodys perfect. For drivers with accident forgiveness, Liberty Mutual wont raise your rates due to your first accident. Switch and you could save 509 on auto insurance. Call for a free quote today. Liberty stands with you™ Liberty Mutual insurance. Maria welcome back, nation heroes fighting for current but some neife f18 pilots say they are take facing a bigger battle, now news correspondent former navy pilot Lea Gabrielle you were able to get inclusive interviews with several pilots. Lee that is right we are very concerned across the globe yet reports show plooilts fly all molds fa18 when United States most he fiercely fighting aircraft in harms way before they make it to combat. Since 2009 department of navy has seen a rise in hazard reports regarding what are called Physiological Episodes f18 hornet super hornet aircraft polites become impaired with symptoms jeopardize flight by depressurization failures in the plane, current fitch 18 pilots navy and marines wouldnt go on camera because of concerns for careers, but they each told me that they already large situation is worsening they are seeing firsthand how it is affecting mindset of a military elite, one pilot said quote we signed up for think it is inherently risky business, you may not come back each time you take the aircraft airborne, but navy and marine corp should give you better than average chance, another pilot bluntly said when i go flying in combat, what is more likely to kill me is not getting shot down by enemy fire, it is a failure in my most basic life support system. According to congressional testimony by navy admiral the between 2015 and 2016 the rate of dangerous episodes increased in some models by 90 Navy Marine Corp have been open net offered on camera interview both said they take it very seriously that this is complex problem engaging with aircrew listening to concerns continuing efforts to correct the issue, an official told us experts looking diligently to determine the causes we also spoke with the planes manufacturer maria boeing, they said working with navy to try to solve this but the bottom line, f18 pilots have to keep flying nothing will automatically detect the problem and switch to emergency oxygen. Is this equipment in navy is so old we need upgraded new technology . That is that is what a lot of pilots are sayingisms are older navy and Marine Corp Boeing all engineers involved are trying to work on, but you know. Maria you flew this. I did. Your personal take. I flew f18s in Navy Pilot Training experienced one of they see Physiological Episodes they do it intentionally deprive me of oxygen you become dizzy fingers tingle might become in conscious did it to me i opponent play patty cake very dangerous situation that is happening, there is no way for pilots to detect it ahead of time i have had to handle landing emergency in aircraft 26 years old flying off about Aircraft Carrier i cannot imagine trying to could it essentially intoxicated. President Trump Administration foernldz ahead on tax reform why growing concern the plan is too implicated, then u. S. Postal service another licking, a quarterly loss how much usps is looking to raise prices to get back in the green, back in a minute. Listen up, heart disease. you too, unnecessary er visits. And hey, unmanaged depression, dont get too comfortable. Were talking to you, cost inefficiencies and data without insights. And fragmented care stop getting in the way of patient recovery and pay attention. Every single one of you is on our list. For those who wont rest until the world is healthier, neither will we. Optum. How well gets done. It is thursday, may 11 top stories 8 30 a. M. On the east coast, tax reform ready for closeup did he spite over a shadowed lawmakers preparing to tackle the issue speaker of the house paul ryan hit the road to drum up support. We have got a great opportunity in front of us to get this economy growing, and one of the things we need to do is to get this tax reform fixed. Maria very latest on tax reform this morning, retail earnings to drive the action on wall street today, among names reporting macys earnings and revenue missing expectation, a sense of how much this economy needs tax reform shares down almost 12 kohls down better than 3 earnings per share topped expectations revenue a miss a weak spot on retail that points you right to weakness in the consumer, broader markets the futures indicated a lower opening for the broader averages things worsened because of retail earnings clear First Quarter continues to show slowdown, in europe stocks are searching for direction, this morning, the bank england had a meeting left Interest Rates unchanged that was expected, but still markets worsened after announcement dax down a third of a percent cac quarante in paris down almost one half 1 in asia overnight gains across the boarding best in korea, Postal Service to deliver a price hike amid losses stamp prices set to go up uncle sam mailing you the cost next. Amazon home to help homeless Details Behind charitable push chipotle beefing up prices customers could be in for a shock when they bite into next burrito. Red box, bringing dvds to several locations across country breaking down the expansion plan, dvds first we tackle tax reform right now, paul ryan visiting Business Leaders in ohio yesterday trying to drum up support for overhauling taxes. The world on average in the industrialized world people we compete with may tax businesses on average 23 . Well, corporations in america like taxed at 35 we are taxing businesses employers jobs, more than 50 many cases. How can we compete with the likes of all the rest of the world when we tax our job creators employers at much, much higher rates than competitor taxpayers. Budget director David Stockman thanks for joining us what do you think of the proposal out of the Trump Administration. Well, i think it is a one page 7. 5 trillion wish list that has no chance of being enacted, and it is pretty irresponsible this late. Wait a second how do you put 6 a 7 1 2 dollar price tag it hasnt been scored dont know what deductions taking how can you put a charge on it you dont know what is in it. I should say the corporate rate 15 taxing rate unincorporated businesses 15 will will roughly cost four trillion. Four trillion. Four trillion dowling the standard deduction will cost over a trillion getting rid of minimum taxing nearly a trillion. They said could cost from 3 to 7 trillion dollars this is four or five trilliondollar gap nobody is putting a price tag on. It they say 7 1 2 trillion, i am part of it. 3, 3, and 7. I am port of that i know what they said growth 7 1 2 trillion may be earn a back two trillion, to loophole closings base broadening my argument is after they rule out charitable contributions which they did ruled out home mortgages at the did after Congress Said we wont touch health care exclusion 200 million a year, it is logical they are not going to take away your ira 405 ks employer pension preservations another 200 billion go through math there is no two billion that this congress and this Republican Party will even remotely be able to put together. Putting take a break over how much it cost aside Steven Mnuchin gary cohn have both said clearlyed a mabtly they believe growth of pay for some this have. Growth always helps but what they are failing to realize i learned in 1980s there is more growth built in to the baseline forecast rosy scenario, from the cbo than you are ever going to achieve in real world even with tax recollection. The baseline assumes 30 more nominal gdp than you had last 10 years white house, 70 more, in other words, 5 piers nominal growth rather than three we had i say, we will be lucky to get what is a there, we need to have tax reform. But we are going to have to pay for it, and were going do have to get a majority of coalition to support it, and i dont see where that comes from. What about paying for part in another part of the economic policy, from the ump administra, because this debate over a borderadjustment tax most people say not going to be there, i are not getting the votes not able to raise revenue within the tax plan but maybe we will do a reciprocal tax import tax trade portion of the economic story. You either need a bta, a bat. That is not in the or vat youve got to have a major revenue source, in the tax plan, or sweeping entitlement reform i would say is the first choice but trump has taken them off the table look at numbers there are 10 trillion of deficits built in over next 10 years under current policy rosy scenario economics. Now if you are going to try to weigh, 2, 4, 6 billion in tax cuts on top of that a trillion of the defense increases a trillion of infrastructure, the other things veterans, you are heading for a clamity they cant pass a 10 year budget resolution that you have to have to get reconciliation, without reconciliation there is no tax bill, and without a tax bill, wall street is strand high and dry. Explain that david, because in terms of reconciliation when you only need 51 votes what is the promise you make you cant add to debt after 10 years . That is basically true. Now. The other plan no additions to the debt after 10 years, swallow debt first 10 years. If you could pass it my point is you have to pass the resolution first, and that means, you would have to get the Freedom Caucus conservative republicans, study group not house to vote for 10 to 15 trillion increase in the National Debt, over the next 10 years. Maria right. That is what they are going to try to do in june they would be the get it done. Maria the debt did double under president obama 8 years from 10 to 20 trillion dollars so that president obama for more debt democratic majority. Maria Interest Rates, take on bring on debt. This is a new world the sheriff in town is Freedom Caucus we learned that, on obamacare, repeal and replace i think that is wonderful they are not going to go for another doubling of the National Debt from 20 to i think senate is the same Senate Moderates are also saying look we need revenue raise here we need revenue neutral. The wall street journal reporting calculating what middle class families will pay close to impalpable i want your take the president s plan was not provided details or exemptions or size of brackets they want number of impracticalities fr brackets from 7 to 3 we dont know what cutoff in terms of who is going to make 25 who is going to pay 35 tax cut is a mistake it is a rich mans tax not 1981 we have indexing, 6 million filers out of 150 million pay half income tax about 20 pay 75, if you take the 110 million tax filers pay less than 10 income so we are at a point today where we should be cutting what people pay that is the payroll tax, 150 Million People pay that 15 employer, employee that is job killer and that is the takehome pay killer barking up the wrong tree where should to a they bark the keerpt are a it. Corporate rate it is a tax cant be collected in world of mobile capital and technology, and you have to get rid of that you ought to put in place a consumption tax valueadded tax. That hits everybody. Yes. That is what to pay for a sweeping payroll tax instruction that would pit money in the pay envelope of the worker at indiana wisconsin, pennsylvania so forth who voted for trump. Not going away obviously, the president came out with this idea 15 , but what i am hearing is that congress is much more around 20 , closer to 20 it could be 25 , by the way, but i suspect they agree to 22 . I think you might be right about that a step forward, i would support that, it is not going to you know fire up the economy, in some great it is way down from 35. Yeah, but the actual effective tax, 22, 23 the for an 500 or S P Companies pay 13 , most dont pay anything. You got one takeaway all deductions you cant takeaway any deductions, there is not a political consensus to do that that is the problem paying for the rate instruction. You think we are going to have kind of fight we saw for health care over this tax i think will be worse never get off the ground, health care didnt get off the ground they passed that in the house as a or there away guessture to say they had done nothing dead before arrival never see light of day the Freedom Caucus says if you bring it back one common change we are voting it down the fact of life is there is going to be no Obamacare Repeal there is going to be no tax cut there is going to be a massive political conflagration over what happened in the last few days comey and this crazys imposition russia medley under way taking the government into complete dysfunction partner rancor. Thank you for happy day commentary, thank you. Coming up host of Varney Company Stuart Varney is back we are excited to check with him has exciting news, then wholly foods cutting half board in major shakeup top of the company is that on push from activist investor how are investors reeblthing to this bold plan, back in a moment. Maria welcome back we are 45 minutes away from the opening bell expecting markets to be down at opening of trading take a look dow industrials down 30 points right now, couple names on the move macys having a tough morning First Quarter earnings missed analysts expectancies on earnings and revenues a wide margin samestore sales at macys down 5 and quarter percent marking 9th straight decline the stock selling off premarket down right now by 12 , a shakeup at whole foods, the Company Announcing it is replacing five board dreks new chairman and chief Financial Officer who will foods under pressure by activist investor Janus Partners to explore sale speed upturnaround up almost 3 on that, chipotle burrito chain raising prices 5 in new york rolled oument a similar increase, in 440 Stores Nationwide last month stock is flat. A familiar faces joining us right now host of Varney Company Stuart Varney, we missed you oww, really. It is mothers milk you know why what are you thinking about. I thought going to ask me where i was. Where were you my daughters wedding, yeah. How great. That is a beautiful shot. Yes, it is that is my daughter emma, married to justin married on cape cod monday afternoon monday of this week pb all went well, and as you can see, that is a nice shot brings tears to my eyes my fourth child we assembled entire clan six children nine grand dplirn all over the world on cape cod where i have been three days. Fantastic we knew had to be important, i did not roy your daughter was getting married congratulations. That is important one of the things i would go for, i am away for that. Not much else. What is a advice to the soninlaw. To soninlaw . You got me maria you really got me a fine young man i will tell you that, he is a hard worker, desent young guy known him sometime fits right in welcome digs my executive producer sitting next heckling me as i say this a fine young man, are great guy, welcome to the family. And we are all happy. Ahh. Beautiful, so advice keep doing what you are doing. Basically yes no complaints from my end, i still got two daughters to go however. Dagen save up stuart, saver up. Pushing a second mortgage on that. Monday weddings very good idea. It worked the weather was fine, the place we had wedding everything worked out fine, i am very happy to be back, i have had a wonderful week, all went well but i really am happy to be back. Maria you didnt miss much, stu. [laughter] whatever you say maria whatever you say. I know youve got a lot on jim comey as well see you 10 minutes. You will thanks. Congratulations from all of is Varney Company begins top of the hour 9 00 a. M. Right after mornings with maria catch stu and company next first, movie night easier than ever major expansion plans for red box, back in a minute believe in things you dont understand whoa, this thing is crazy. I just had to push one button to join. Its like im in the office with you, even though im here. Its almost like the Virtual Reality of business communications. No, its reality. Intuitive one touch Video Conferencing is a reality. And now its included at no additional cost with vonage business. Call now and see why 3,000 companies a month are switching to vonage. Business grade. People friendly. Wont replace the full value of your totaled new car. The guy says you picked the wrong insurance plan. No, i picked the wrong Insurance Company. With Liberty Mutual new car replacement™, you wont have to worry about replacing your car because youll get the full value back including depreciation. Switch and you could save 509 on auto insurance. Call for a free quote today. Liberty stands with you™. Liberty mutual insurance. Maria the Energy Department says will conduct study to determine what caused collapse of a tunnel Hanford Nuclear in washington state. Cheryl 20foot section collapsed tuesday waste stored 200 workers escaped injury yesterday workers began filling hole with soil Energy Secretary about said it deteriorated the question needs to be answered now as to why this happened. Well, getting pricier Postal Service lost 562 Million Dollars for Second Quarter that was due to continuing declines in use of first class mail as well as health care obligations dealing with, forced reduction hurt Second Quarter legislation passed earlier this year would allow a 1 cent increase in price firstclass stamp current 49 cents make it a cool 50, amazon in those building in seattle going to include a homeless shelter amazon says billed will feature a permanent space room for 60 families that will be about 220 People Company will give about half six story billed to that shelter expected to open early 2020, will have own entrance and own he will elevators, red box to make renting dvd easier announced plans to add 1500 key ovksz nationwide 2017 more popping up next year there they are privately held company you probably know name they say this will where i total number to more than 41,000, companies are going to have more in u. S. Than number of starbucks mcdonalds locations combined. It thank you still like dvd. Maria i dont know who has dvds . Dagen the kiosk are big in rural south if you dont have penetration for like internet access. Dvd players you cant use laptop cant download from itunes i guess cant use old dvd players either maybe they havent ruled on that yet. Called a book. My kindle. Final thoughts from allstar panel when we come right back. Stay with us. You can make it if you try, try and markets continue to rise and fall. Predictable is one thing you need in retirement to help protect what youve earned and ensure it lasts. Introducing brighthouse financial. A new company established by metlife to specialize in annuities life insurance. Talk to your advisor about a brighter financial future. Maria welcome back. Final thoughts from our allstar panel this morning. Buck sexton, were talking about the fallout from the firing of jim comey. The Intelligence Community and its relationship with trump was horrible from the get go. Well, it was said to be horrible by a lot of people in the press, but keep in mind that, one, the Intelligence Community is vast, so youre going to have a whole range of opinion on the political spectrum maria im talking about the leaks and everything. I know. That highlights a few senior people who are holdovers from the Obama Administration who dont like trump. It not surprg there woul be se people thahave access to the press your average rank and file guy doesnt speak to the press be, doesnt have access to them. So whenever youre hearing everyones up in arms and they hate trump, youre usually dealing with somebody at the executive level and has connections in the first place. Maria like the James Clapper, yep. Thats not reflective of the entire community overall. I think were going to see people are going to keep trying to make the case that donald trump did something wrong. Im just annoyed because i wish we could spend more time on taxes, health care. Aetnas pulling out of the exchanges, by the way. I think that would be the number one story in the country maria this is going to take time away from the issues we care about. Right. Governor haley Haley Barbour sae liberal media elite are making too much about how this was handled. I do think it was badly handled by the Trump Administration. Maria theres a good story to tell in the First Quarter even though that gdp number was horrible. Absolutely. We are killing it this quarter not just on the earnings line, we are seeing Revenue Growth which is the good stuff. Maria 6 Revenue Growth. Thats the real good thing. Maria pretty good. But were not talking about that. Were talking about jim comey. Thats the issue. Great show today, everybody. Thanks so much for joining us. We will see you tomorrow. Varney Company Begins right now. Here is stuart. Stuart thanks so much, maria. Good morning [laughter] thats so nice. Good morning, everyone. Great to be back. My thanks to my colleague, charles payne, for all his hard work over the past week. Here we go. Comey, comey, comey everywhere. Despite the nonstop, over the top coverage, investors have barely blinked. Well get to the money angle in just a moment. First of all, just look at this, please. New york times, trump is insulting our intelligence. And, again, new york times, sense of crisis deepens as Trump Defends fbi firing. How about the Washington Post . Ouster lengthens the shadow