That was a reference to ilhan omar and the president s earlier tweet to that effect, send her back. He did not respond to that chant last night. Heres my bottom line. That was a powerful and well targeted opening barrage in the 2020 campaign. Youll hear more of it in just a moment. As for your money, look at netflix, way down this morning after it reported a decline in subscribers in the United States. The stocks up 10 . Huge drop. Ibm reported late yesterday. Not doing well in the allimportant Cloud Business. The stock premarket, no change. But ebay, that is doing well, rising sales always helps and ebay is up 5 . As for the overall market, its digesting these earnings reports and the continuing standoff with china on trade. No movement there. The dow is going to be down 50, s p a small loss, the nasdaq down about seven. Okay. Stay there, please. You are going to want to hear the president. He was breathing fire last night. Varney company is about to begin. A vote for any democrat in 2020 is a vote for the rise of radical socialism and the destruction of the american dream. When you see the four congresswomen, oh, isnt that lovely. If they dont like it, let them leave. Let them leave. Let them leave. When biden goes out, i see sleepy joe, i say they had 150 people show up. Thats our first row. Its like when i called pocahontas pocahontas. I should have waited because she then went out and got that test. I always said i have more indian blood in me than she has in her, and i have none. You must never forget the 2020 election is all about one thing, you. Its about you. Stuart we just picked out a couple of the highlights from the rally last night. It was in greenville, North Carolina. Come in, marc lotter, trump 2020 Strategic Communications director. I think he laid out his strategy for the Campaign Last night, make the squad the leaders of the Democrat Party, and go after them. What do you say . Well, the democrats are doing it themselves. Theyve had a chance, they were trying to marginalize them, push them off to the side, and then when we saw over the course of the last few days they brought them back, they are now the face of the Democrat Party. In fact, there has been more Media Coverage of the squad this week than the 20 plus people who are running for president of the United States on their side, and thats a problem, because the American People do not agree with many of the positions, whether its the socialism, whether its comparing our border and customs agents to nazi concentration camp guards, its just wrong and its not where america stands. Stuart last night, the president went after congresswoman ilhan omar. Let me roll the tape on that. You can see it again. Hold on. Omar has a history of launching vicious antisemitic screeds. [ crowd chanting send her back ] stuart now, that was a very loud chant there of send her back. The president briefly walked away from the microphone, didnt acknowledge that chant. Some people this morning are saying that was wrong, to have that chant out there last night was wrong. Whats your reaction . Well, the democrats and the liberal media are quick to criticize trumps supporters and conservatives for what they say, but where have they been when ilhan omar basically was supporting terrorists, asking for leniency for people who are convicted of joining terrorism, making antisemitic remarks. I mean, over and over again, they basically gave her a free pass on her words and then as soon as conservatives speak up against it, then theyre quick to criticize and it just shows the hypocrisy of whats going on in the national media. Stuart marc lotter, thank you very much for being on the show this morning. I know youre very busy these days. Come back and see us again soon. Thank you. Always great to be with you. Stuart something that just developed here. Iran has seized a foreign oil tanker in the straits of hormuz. Tell me. Ashley yeah, happened sunday. We had no idea where this tanker was from, but according to Iranian State television, it has a crew of 12 and the iranians are accusing them of trying to smuggle fuel in the gulf, saying the tanker was carrying some 220,000 gallons of fuel. It was captured in the strait of hormuz. Now, there is speculation it could be a uae, United Arab Emirates based tanker that stopped transmitting its position as it sailed through the strait on sunday. Iran had said they came to the aid of a broken down tanker. Bottom line, we know the iranians are basically targeting tankers in the gulf. Theyre feeling the pressure from the u. S. With sanctions on their oil, but so far, no one knows where this tanker comes from. Stuart and no reaction in the oil market. Ashley no reaction at all. Stuart its 56 a barrel. Five years ago, that had happened five years ago, oil would be a hundred bucks. Thank you, american frackers. What a difference. Its actually down 16 cents as we speak. Susan Oil Production coming back online in the gulf of mexico. Stuart that helps, too. Got it. One of the squad members, congresswoman Ayanna Pressley, is taking aim at the Federal Reserve. How about that. Roll that tape, please. When it comes to facebook and its initiatives we simply cannot trust or verify but i would add and underscore that the reason we are here and that you even have this opportunity to pursue is because the Federal Reserve has failed, because the Federal Reserve has failed to offer americans an equitable, reliable, efficient, safe and secure system to access and move their monies. Stuart the fed has failed because we dont have an equitable, safe and secure way to move our money. Very interesting. Market watcher Gary Kaltbaum joins us. I know you are no fan of the Federal Reserve, but i know youre not. You want to disband them, i think. So whats your reaction to Ayanna Pressley . I have absolutely no clue what she is talking about. I dont know where that comes from. I dont know what she is reading. The free flow of money in this country is one of the great things that we have at this point in time. The dollar is the main currency of this world so you know, i really do not know what shes reading on that. But you are right. I dont think i think the feds overrated. I think they enabled the housing bubble. I think they screwed savers for eight years with 0 interest rates. I would love them abolished but thats not going to happen any time soon. Stuart you got that right. Definitely right there. All right. Lets get serious. Talk to me about netflix. That stock is taking a huge hit. I think because they had a decline in the number of subscribers in the United States. Does that mean that their growth is just shot, finished . The most important data point for a netflix is subscribership, and they missed by not miles, but by universes, and they lose wall street credibility and trust because of that, and now youve got major competition from disney and warner, and im wondering whether theyre going to have to lower prices Going Forward to compete with disney, who has lower prices. If that happens, thats going to hurt netflix more. Remember, theyve had good Pricing Power throughout the years because they have been kind of sort of the only game in town. So this is bad news. Frankly, i got to tell you, im surprised netflix stock is not down another 30 to 50 this morning. Well see how it plays out. Stuart you got it. It opens up in 20 minutes time. Lets see how it does open up. Premarket its down about 40 bucks. How about microsoft . They report late today. Look, Everybody Knows it. I own a thin sliver of the company. I think the way microsoft goes today is the way the whole market, certainly the technology sector, will go tomorrow morning. What do you say . Well, i think its part. I dont think its the whole market. Look, microsoft for me has been one of these miracles in technology. They have been able to change their company big Cloud Business which was up like 75 year over year. I think they just signed a 2 billion cloud deal i think with at t in the last day or so. I expect the numbers to be good. Whether or not the reactions good, i dont know, because we have had a good move in tech already and im seeing a little bit of selling in the market right now by the big institutional crowd. I wouldnt be surprised by anything except the fact i think their numbers will be pretty darned good. Im not sweating microsoft. I have been telling you for about a year that im bullish on the stock. Stuart i love you, gary. I just love you. Youre all right. I tell you, i tell you. But im going to be glued 4 00 this afternoon. Thanks for joining us. See you soon. Dow component United Health, they did give a positive forecast and they posted stronger sales. Nonetheless, United Health is down just a fraction, literally, 60 cents. Morgan stanley, the profit king, down, the stock is down 1. 25 . Overall, we have taken another slide south premarket, the dow futures show they will be down about 70, 80 points at the opening bell. Next case. You know that face app lets you see a much older version of yourself . Its gone viral, apparently. Lawmakers warn it could be a security risk. They are urging you not to use it. Weve got the full story for you. The house is going to vote today on a bill that would raise the minimum wage to 15 an hour. Remember, please, congressional bean counters say that would eliminate 3. 7 million jobs. Weve got the full story. Senator Kamala Harris wants medicare for all if shes elected. She says it would be a virtually seamless transition. Problem is, shes got real trouble telling us how shes paying for it. Full story again, coming up. Hopes you drive safely. But allstate actually helps you drive safely. With drivewise. It lets you know when you go too fast. And brake too hard. With feedback to help you drive safer. Giving you the power to actually lower your cost. Unfortunately, it cant do anything about that. Now that you know the truth. Are you in good hands . Stuart Kamala Harris talking about how shes going to pay for medicare for all. Lets see this. Roll tape. You just said that you were not in favor of a middle class tax hike. Yes. Correct. How do you propose to pay for your version of medicare for all, if it resembles what senator sanders part of it is going to have to be about wall street paying more. Its going to have to be about looking at how we, whan we tax in terms of financial services. Thats part of it. But the other part of it is to understand that this is about an investment. People who have private insurance would eventually have to give that up under your plan . They would eventually be covered under medicare for all and they would still see their doctor. Thats what they want. Stuart Betsy Mccaughey is with us. She wrote the book beating obamacare. Shes with us now. You just heard a lot of weasel words. Stuart she says part of this comes from wall street financial services, then she says its really all about an investment. You will always hear those words but the fact is, if you look at the Congressional Budget Office tax tables, to raise the 32 trillion over ten years that is estimated, would mean adding on average 24 points or more to every single marginal tax rate, every taxpayer in the country, not just the tippytop rich that aoc always talks about. Everybody would have to pay a lot more. So the single guy who earns 82,000 a year, his marginal tax rate would go up from 24 to 60 . Oh, yeah. Thats a lifechanging tax hit. Stuart she wouldnt do that. Kamala harris wouldnt actually do that. There is no other way to raise that much money. If you raise the marginal tax rate just on the rich stuart she will borrow it. She will spend it and borrow it. Thats what she will do. Trillions upon trillions upon trillions. Thats exactly what they will do. I think thats a nonstarter. Talk about another nonstarter. New york, new jersey and yes, connecticut, they filed a lawsuit over the federal cap on deductions for state and local taxes, known as salt. Is that going to get anywhere . Its all theatrics and no real solid argument. This lawsuit is not going anywhere. Another one was filed last year, by the way. Stuart thats saying its discriminatory because it only hits democratrun states. Well, they happen to be the high tax states but before this cap was imposed there was real discrimination going on because the low tax states, residents of those states were forced to pay more in taxes to subsidize the high tax, the tax hell, new york, new jersey, connecticut, california. Stuart okay. New york says wait a minute, wait a minute, were paying a ton of money into the United States treasury and some of these other states with low tax rates are taking a ton of money from the United States treasury. Thats not fair. Thats discriminatory. Moynihan, may his soul rest in peace, made that argument for many, many years as a senator from new york. The fact that it has nothing to do with this. Stuart i would love to see salt repealed for personal selfinterest. Yes, well, im not going to shed any tears about it because its not going to happen. You know what these lawsuits are . This is a full Employment Strategy for the lawyers. Stuart everything is a full Employment Strategy for the lawyers. Betsy, youre all right. Thanks for joining us. We appreciate it. The city of San Francisco is delaying that ipo tax. Whats going on . Susan delaying until 2020 so they can change the proposal to make it easier to get approved. Right now, they are basically using this new revenue, quadruple the ipo tax, the amount you make in stock compensation, up to just around 1. 5 . Currently its at. 3 . Its back to 2011 levels when they actually cut that because of 2008 trying to recover but they want more money because of income inequality in the city. Those that have gotten rich off the tech boom, as they call it, and those that havent. They want to use this money for targeted programs like helping the homeless but in order to do that, you actually need a twothirds majority approval. You tweak it a bit, general funds, all you need is a simple majority to get it passed. Stuart they do that next year. Susan thats right. Stuart i knew there was a catch. Take a look at futures. Weve just moved a bit further south. Now we are going to be down about 90 points when the dow opens up in 12 minutes time. Not sure what the factor is here thats pushing things lower but we are a little lower than we were just a few minutes ago. Much of the country is dealing with a major heat wave. Temperatures expected to top 100 degrees in some cities this weekend. Janice dean lays out the heat wave next. All right brad, once again i have revolutionized the songwriting process. Oh, here we go. I know i cant play an instrument, but this. This is my forte. Obviously, for Auto Insurance, weve got the wheel route. Obviously. Retirement, were going with a longterm play. Makes sense. Pet insurance, wait, let me guess. Flea flicker. Yes howd you know . Studying my playbook . Yeah, actually. Stuart do you know this . Its going to be 90 degrees or hotter for most of the country this week. Come on in, janice dean. You got to tell me about this. How hot is it going to get . Well, it depends on where you live, but i mean, most of the country is going to be dealing with a heat wave. The worst of it will be across the upper midwest, the northern plains. Were going to flirt with temperatures near 100 degrees. These are actual forecast highs, not factoring in the heat index which makes it dangerous heat, but not only for the central plains, the south all the way up towards the midatlantic and new england, you know, bostons going to be dealing with temperatures close to 100 degrees as well. So forecast heat index, thats with the humidity, thats what it feels like outside, and thats why its dangerous. I know youre one of those people that doesnt like heat index but it just gives you an idea of that realfeel temperature when you go outside, what your body cant function properly when it feels like 105 degrees in philadelphia. Close to 100 is what its going to feel like in new york city. That is spreading across the plains states, across the gulf coast, so bigtime summertime heat. I know it happens every single year, but it is still very dangerous. People are advised to take care of your pets, take care of the kids, take care of the elderly, make sure youre in air conditioning. The problem with this as well is its so widespread, its going to be a problem with the power lines. The power could be, you know, a problem going out. Stuart i know its serious but i just remember that line in the vietnam movie with robin williams. Whats the temperature . Hot. Whats it like tomorrow . Hot. Whats it like next week . Hot. Theres a weather forecast. Come on. Am i going to have a job after this . Be safe, my friend. Stuart janice, thank you very much indeed. Yeah, it is going to be hot. We are going to swelter. Thats a fact. Got it. Check that market, please. We are going to go live in ten minutes time. Down 80 points on the dow. We will be back. Dear tech, lets talk. We have a pretty good relationship. Youve done a lot of good for the world. But i feel like you have the potential to do so much more. Can we build ai without bias . How do we bake security into everything we do . We need tech that helps people understand each other. That understands my business. Weve got some work to do. And we need your help. We need your support. Lets expect more from technology. Lets put smart to work. But how do i know if im im getting a good deal . I tell truecar my zip and which car i want and truecar shows the range of prices people in my area actually paid for the same car so i know if im getting a great price. This is how car buying was always meant to be. This is truecar. Stuart that face reading app, you have seen