Transcripts For FBC Varney Company 20240713 : vimarsana.com

FBC Varney Company July 13, 2024

But the 52 billion man, Mike Bloomberg, was not in the debate. All in all, it was rather subdued affair, especially sense it came just hours after another day of impeachment hearings. Oh, how different from the highly rated Republican Debate four years ago that featured donald j. Trump. Thats that. The debate. Lets get to the money. Macys profit went up, sales went down. The retailers very much in focus as the Holiday Season gears up. So far, Department Stores like macys have been struggling. They are largely based in malls and malls are getting clobbered by online shopping, amazon in particular. Macys stock will be down about 4 . Look at this. Charles schwab, number one discount broker, talking about a merger with number two, ameritrade. Looks like they will become a very big bank that offers free stock trading. The whole brokerage world, really shaken up. Both of those stocks up significantly. Overall, the market is still yanked around by trade headlines. The president says this, the chinese say that, the algorithms will read the headlines and push the appropriate buy or sell button. Today, the latest news is mildly favorable so we have a modest gain. The dow up five, maybe. S p up a fraction. Nasdaq down one. Not much change. Stay there, please. We have with us a great american, a man who has done more for this country than most politicians and hes a billionaire, or as senator warren puts it, a freeloading billionaire. Hes going to grab your attention. Varney company is about to begin. The top onetenth of 1 , i want to say pay two cents more, they will pay 3. 2 in america. Im tired of freeloading billionaires. I think its time that we ask those at the very top to pay more. Stuart freeloading billionaires. Yes. Tough words indeed from senator warren last night. Weve got a billionaire sitting right next to me. Special kind of guy. Cofounder of home depot. Hello, stuart. How are you . Thanks for having me. Stuart you are a freeloader, arent you . I am. Stuart no, stop it. Im a grateful american thats here and everything that happened to me, i would agree happened because i was born and raised in america. Stuart yes, but have you paid your taxes . I would rather be a freeloader than a liar like her. She is a liar. We know that. Stuart whats the lie . Well, she was indian blood. Stuart you mean native american . Right. That scam, she had to come out, the notion about her being pregnant and disadvantaged because of that, that turned out to be a lie. Stuart lies a strong word, ken. Im surprised to hear you say that. Freeloadings a strong word, too. Stuart but you reject it. You are not a freeloader. You know what . Im going to tell you a diabolical thing. I hope she wins. Let me tell you why. She will make a mess in four years that will put the republicans and conservatives on a trajectory for 20 years after those four. Thats not my belief. A good friend of mine, stan druckenmiller. If she wins or somebody like her wins, biden, theyve all got to move to the left now because they made such a passionate commitment to the left. So whoever wins has got to redeem some of those promises. Stuart okay. Im with you. If she wins she could win because this income inequality thing, shes on to it, shes saying look, they can afford a couple extra cents on the dollar and we will spread it around and we all win. Thats a powerful argument. I will give you an easier one. Take away my social security. What the hell am i doing getting 3,000 a month from the government . My wife gets another 1,000. Its a disgrace. They havent got the guts to do it. Stuart okay. Hold it. Thats an easy one. Thats a slamdunk. I got a simple rule. If you own two homes, anybody who owns two homes, no social security. Okay . Thats a simple rule. You know what . It should end. Shes right, everything great that happened to me, happened because thank god my parents were born in this country and my grandparents came to this country. Stuart we told the audience you would grab their attention and you did. Right from the top of the show. Okay. I dont want to let anybody down. Stuart you stay there, please. Im not going anyplace. Stuart good news. Stay there. Lets hope she wins. You want proof . Venezuela, cuba, russia. Let them have their way for four years and the American People will say my god, what did i do. Stuart lets dont pray too hard. Stuart look whats on the screen. Got to get a word in edgewise, i tell you. Big deal, in the works. Charles schwab reportedly buying ameritrade, Td Ameritrade for 26 billion. Both stocks are way up. Td up 22 , schwab up 10 . Maria bartiromo broke the story earlier. She will bring us the latest moments from now. Im going to move on from there. Look at macys. Their profit went up, their sales actually went down, and the stock is up, what, 4. 5 as we speak. Basically, the Department Store business is in deep trouble. Thats because of the absence of a lot of foot traffic in the malls. But what does it say this Holiday Shopping season, what does it say about the state of the consumer . Ken langone, lets get back to him immediately. The consumer looks real strong to me because of the economy. Robust, strong, saving money, spending money. The economy is doing better than that. The early trends globally to me are positive. I believe the Global Economy is starting to turn up. Stuart thats good news for our economy. Good news for everybody. Stuart good news for the markets. Good news for the markets, good news for our economy, good news for business, good news for the world. Stuart no reason to suggest that the high point of this economy at the moment is the strength of the consumer. Thats what you believe . I think right now we are being consumerdriven. Theres a bit of a recession going on in the capital goods stocks. But i think we will see a turn there in six to nine months. Stuart stay right there. Im not going anyplace. Stuart we want those pearls of wisdom. Not sure theyre pearls of wisdom. Stuart theyre gems, ken. Gems. President trump toured the apple factory in texas yesterday along with tim cook. Deirdre, the president i believe this morning or probably yesterday as well considering whether apple should be exempt from further china tariffs. Deirdre which is huge. This is a big win, if it goes this way, for apple. You know, tim cook is essentially creating jobs. Thats what the president wants. Create jobs in the u. S. So apple is building this huge campus in austin, texas that can employ between 5,000 and 15,000 employees. That would be apples biggest presence, it will be apples biggest presence after cupertino, california. This is i think the best example of the private sector and government working together. President trump wants to bring back manufacturing, he wants to create jobs. I am assuming the conversation at some point was hey, bring some jobs, build, and we will see what we can do about the tariffs. It is still undecided but a very strong cooperation between the two. Stuart put your phone away. I will put it away. Im working for a living. Hold on, guys. Im not like you guys. You get paid to show up. I got to work. Stuart just to show up . Thats how i become, what did she call me . Stuart freeloader. Deirdre we are taking notes, by the way. I would love to be a freeloading billionaire. I dont know if im a billionaire. Honest to god. Lauren you dont even check anymore. I dont check to start with. Why . I dont borrow money so i dont have to have a financial statement. I think im okay. Im making a living. Stuart tim cook is doing the right thing. Absolutely. Stuart a relationship with the president. Absolutely. Stuart hes the only top guy whos got that kind of relationship. We want good relationships with all people in washington. All of us should want good relations. The problem we have is the people that go to washington are idiots. No, no. They dont have the competence necessary. Im looking at this guy schiff. You know what, i dont know if hes rich or not but i know he would starve if he had to make a living in the private sector. Stuart i have to go to commercial break so we can make some money. That okay with you . Im going to get some shots out of here. I need a kevlar vest when i walk out of here. Stuart could be. Check futures, please. Where are we going when the market opens . It is thursday morning with ken langone. The market will go down a fraction across the board but very small decline. Now, momentarily, we are going to discuss Michael Bloomberg, because hes spending i think 20 million to register voters in battleground states. That mans going right after President Trump. Hes not even declared hes running yet. Democrats in the debate last night sounding alarm bells about climate and what americans have to give up to save the planet. But china, theyre not playing ball. So do our sacrifices matter . I will put that question to democrat candidate and billionaire, tom steyer. Hes in the 10 00 hour. The house of representatives following the senate, passed a bill supporting human rights in hong kong. Will the president sign it . If he does, how does that affect the china trade talks . We will deal with that momentarily. After this. Im your 70lb st. Bernard puppy, and my lack of impulse control, is about to become your problem. Ahh no, come on. I saw you eating poop earlier. Hey my focus is on the road, and thats saving me cash with drivewise. Whos the dummy now . 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Today, the announcements going to happen imminently. We are waiting on the companies to confirm my reporting. But this brings together two firms with 5 trillion in assets under management. It makes them better able to compete with vanguard with almost 6 trillion, blackrock which owns ishares with even more than that in terms of trillions of dollars um, Walt Bettinger from schwab will run the combined company and the cfo of ameritrade will be the interim ceo of this combined company. Stuart quick question. They make money by sitting on a gigantic amount of money. A float, in other words. Couple trillion dollars. Maria remember two months ago when schwab cut fees to zero and the entire industry followed suit. Theyre not making any money on commission. Now the goal is to expand as much assets under management as possible and they are looking more and more like a bank. Stuart you know how short we keep things on this program. Terribly sorry but you were good for 90 seconds. That was really excellent. Moving on. Congress passes the hong kong human rights bill. Thats what it was. President trump can sign it if he wishes. Marc lotter is with us, trump 2020 guy. Will the president sign it . Because if he does, chinas going to get real mad. Well, i dont want to get ahead of the president on the decisions they will make in the white house, but i can tell you without question, weve got to remember this is a president who has confronted chinas activities in hong kong, he went to the u. N. This fall, talked about how china needed to respect the treaties they have entered into as it relates to hong kong, treating protesters humanely and so the president has been very strong on standing up for hong kong, but i will leave it to the white house to make the decisions on whether he should sign it or not. Stuart what do you make of Mike Bloomberg spending i think its 20 million to register voters in key states which President Trump won by a narrow margin in 2016. Hes coming right after President Trump. Welcome to the show, michael. We have been doing this for three years now and we already have people on the ground. We are training volunteers, we are signing up new voters stuart marc, hold on. This is another last minute attempt to buy an election. Stuart wait a second. Hes got 52 billion. You can do an awful lot of damage with 52 billion. Even a tiny fraction of it. Youve got to be worried a little bit. Well, this is just i mean, last night you had Elizabeth Warren going after the billionaire freeloaders and now you have a billionaire who is going to try to buy their primary because nobody likes their candidates. We are pretty confident regardless of who we face. President trump will be reelected because of the results were seeing for america. Stuart that was really good, marc. Very nice comeback from that. Excellent stuff. Marc lotter, thanks for joining us. Always a pleasure. Ken langone, billionaire freeloader, you must have met Mike Bloomberg. What do you think of his politics . Mike bloomberg is one of the best mayors we ever had. Stuart true. That whole gang, whatever the hell they want to call themselves, i guess candidates, mike can point to accomplishments privately, professionally, philanthropic philanthropically. Mike would be a very serious candidate. Mike addressed an issue in america thats crying, crying for help. Stuart guns. No. Education. Stuart okay. He brought joel kline in to be chancellor of education in new york city. Public education in america, 30 most developed nations on earth, we are number one out of the 30 spending per student. We are 28th out of 30 in results. Okay . If you want the know how the chinese are going to beat us in the long term, its going to be education. Stuart if it was trump versus Mike Bloomberg, who would you vote for . May i ask . Let me say this to you. I know mike very well. Ive had a lot of dealings with mike. I have enormous respect for mike. What im saying right now is that im not politically inclined, im not looking i gather he bought his job, he paid 1 million for the campaign, for the celebration. Thats how these guys get these jobs. Okay . I dont want to knock him but thats another issue. Back to mike, mike would be to me a formidable candidate and a great president. Stuart you know new york politics. Is he going to run . It sure looks like it. I dont know. Thats why im keeping my powder dry. I dont know. I have told mike as recently as a month and a half ago, mike, theres no downside. Give it a shot. Deirdre i think its a worthwhile question to see if Michael Bloomberg were to resonate with the middle of the country. Of course he was a great mayor in new york, lot of people know him in new york but will he resonate in iowa, in wisconsin. Fair question. Stuart hold on, ladies and gentlemen. If he ran and won, we would have one hell of a great president of the United States. Stuart hold on one second. Got to go to the futures market, see how we will open this thursday morning. We are oh, the dow has now turned a little positive. Not much, but up 14 for the dow, fwo one for the s p, a fraction for the nasdaq. Well be right back. As a struggling actor, i need all the breaks that i can get. At liberty butchemel. Cut. Liberty mu. Line . Cut. Liberty mutual customizes your Car Insurance so you only pay for what you need. Cut. Liberty m. Am i allowed to riff . What if i come out of the water . Liberty biberty. Cut. Well dub it. Liberty mutual customizes your Car Insurance so you only pay for what you need. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Only one things more exciting than getting a lexus. Ahhhh giving one. The lexus december to rembember sales event lease the 2020 nx 300 for 329 a month for 27 months. 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