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Transcripts For FBC Varney Company 20170413 : vimarsana.com
FBC Varney Company April 13, 2017
Oble. At a
White House Press
conference, he said its no long obsolete. Janet yellen supposed to be on the way out. Well, the president tells the wall street journal she could be appointed to another term. President trump says hes a low
Interest Rate
kind of guy and the dollar, well, he now says its too strong. A lot of change is happening very quickly. In a moment, well tell you how its affecting your money and the economy. Wait until you hear the latest on those tax cuts. Varney company is about to begin. We dont have a policy yet. We dont expect a policy yet for the next couple of weeks in terms of specifics we can trot out and show people. Were taking a deep dive under the theory go big or go home. Were not looking to play around on edges in tax reform in this country and we want to do the same thing in restructuring the government. We want it take it from a blank sheet of paper and rebuild it, in order to help people get back to work. Stuart im sure you heard that, mick mulvaney, start from scratch, build it from the groundup. Maybe thats got something to do with this. The dow industrials will open lower again on the market this morning. Personally, i think that starting from scratch going to take a lot of time. Yeah. Stuart
Anthony Scaramucci
is here, former advisor to
President Trump
. I think thats bad for the market and bad for growing the economy. I think its bad because theres a huge gating issue, what were learning is that the congress is still in bed with the lobbyists and all of those special
Interest Groups
that were starting from ground up is going to block that. Charitable deductions, mortgage deductions, name the
Different Things
that people are fighting over. Stuart the man is saying its a blank sheet of paper. A powerful g on the inside of the administration. Hes a good guy and i admire that he wants to go super bold, stuart, but we need a couple of wins on the board here and hopefully theyll come up anthony, youre not going to get a win on the board anytime soon if youre starting with a tax code and building from scratch. Thats my point. My point is hopefully well move it to a position where we can get something done. Im still very confident that the president is going to get something done on the health care side. Hes working super hard on that, vicepresident pence, chief of staff priebus up on the hill countless number of hours to get it done. Stuart ive got to tell you, anthony, were tired of working on this, hope to get it done soon. Shall i call white house personnel to see if i can get you down there. Leave the show and come down with a tomahawk and start cracking sol skulls. Youre a americn american citiz, and the fbi, the whole thing, come down there with us. Stuart you invite me, ill be there. You tell me, who is running
Economic Policy
out of the white house, who is it . I think that gary cohn is the
National Economic
counsel head so hes the guy, i think, is the principal responsible, but at the a small government low tax kinded guy . Gary is a practical guy, organized and extremely efficient. Dont discount mnuchin or someone i worked with at
Goldman Sachs
20 years ago. Theyre wicked smart and come up with a tax proposal i think will get passed. I think the big issue is that the
Republican Party
is a fractious party. The democrats, whether you like the democrats or not, theyre in lockstep together and the same talking points and i want to be clear, i dont blame
President Trump
for this, i blame the
Republican Party
not acting as a party of government. I think the president said, please, lets get together and harmonize together to get some big things passed to help the american people. To the president s credit. He has through executive order, moral and geopolitical strategy, his views are resolving, you pointed out. Six months ago, he said no janet yellen, and i know i said it here, i believe that she is very good at what she does and i think hes starting to look at the landscape differently. Stuart okay. No, no. Im telling you that she. Stuart i just want something done. Yeah. Stuart you know what i mean . Ive got your resume at home and ill be reporting to the white house personnel monday morning. Happy easter, stuart, but monday morning youll have a job in the government. 1 a year for you because youre so rich. Stuart youre done youre out of here and done. Fired from the show after five minutes into the block. Stuart youre a good man and appreciate it. Great to see you. [laughter] wait a minute, wait a minute, were doing something for the viewers, some of whom might not appreciate. Later this morning, the dragging incident returns. One of dragged passengers lawyer is expected to address the media. Were waiting for that. And as we wait for it, there are other developments, ashley. Ashley yeah, two more
Police Officers
involved in this case have been put on leave, three now from the
Airport Police
department. We should point out that no lawsuit has officially been filed, however, theyve filed papers to preserve all evidence involved in this case, but from the airline, the airport, and so on and of course, that will be a part of the proceedings going forward, of course. United states is no longer going to use
Police Officers
, and people are overbooked and dont want to leave, the
Chicago City Council
says they want 0 get involved in this and get testimony and also the u. S. Senate
Commerce Committee
is looking at this, so, this is continuing to grow whether youre sick of the story or not. Its continuing to be a big story. Stuart thanks, ashley. Im going to repeat myself. My, how things have changed. First off, on russia. Roll tape. Governor romney, im glad that you recognize that al qaeda is a threat and because when you were asked you said russia, and not al qaeda, its russia. And 1980s is calling for that back because the cold war has been over for years. Right now were not getting along with russia at all. We may be at an alltime low in terms of relationship with russia. Stuart there you have it. Lets bring in lisa booth,
Fox News Contributor
and
Washington Examiner
columnist. Hi, stuart. Stuart thats a switch and theres been a switch on janet yellen, on the dollar, on nato. Why all of a sudden all of these switching around of policies and personnel . Well, you know, i think, stuart,
President Trump
has already has always kind of positioned himself as being flexible as someone who wants to extract something from someone for the art of the deal. I dont think its necessarily surprising that he would have some changes as president of the
United States
and in regards to russia, i think that
President Trump
always desired to work with russia and i think what hes realizing, it might not be the smartest approach and i think its probably a good thing hes realizing this in short order versus president obama who, you know, for eight years basically let russia do whatever they wanted. And i think what
President Trump
is realizing is that russia is a bully and he responds to force. Stuart would you say that
President Trump
is becoming more pragmatic and less ideologically driven . I think hes always been pragmatic. I think its the media i think that
President Trump
left it look whats going on with china, for instance. I think that
President Trump
realizes that he needs china in regards to dealing witnorth korea, who is allegedly set to, you know, test a nuclear weapon. So, and you look at north koreas becoming increasingly unhinged, so i think he realizes its more important to have china helping us in regards to north korea. Stuart they are. Exactly. Stuart they are helping us and maybe chalk that up for a win for
President Trump
as we oppose russia, or we oppose russia more forcefully, theyre moving towards china and theyre moving towards us. Its nixonion, russia china and the
United States
. This is a guy who has been dealing with sort of
International Business
world. So i think hes always had a lot for discernment than given credit for and i think what
President Trump
is saying right now is, you know, basically someone who has inherited an incredibly dangerous world because he needs to figure out how he can leverage certain countries to try to essentially protect americans and deal with some of the hostile situations that hes looking at around the world because hes not only looking at an increasingly hostile situation in syria, north korea as well, you know, russia who has really gained, you know, a stronger position in the middle east and syria because of president obama and not dealing with the syrian conflict, as well as iran. He needs to pick and choose his battles. Stuart hes cleaning up the mess for sure and also running headlong into reality. Lisa, im sorry, im out of time and ive got to get everybodys money for a second. Thank you, stuart. Stuart now, this is a time when top corporations tell us how much or little money they made and the big banks are going first. Citys profit, got a nice boost from their trading desk. Higher profit at j. P. Morgan, they were helped by more lending and higher
Interest Rate
s. Wells fargos profit came in flat and you can see the stocks premarket right there. Not that much movement, except for wells fargo down 2 . Were going to return to that retail ice age story, its still with us. A weak forecast on sales growth in the future from pier one and that stock is down 5 at opening bell. Now this, the
Top Republicans
on the house ways and
Means Committee
asking attorney general jeff sessions, please reopen the investigation into lois lerner and the irs
Tea Party Targeting
scandal. And
President Trump
breaking tradition, he will not be meeting with the pope. The pope says the president s plan to build a wall is quote, not christian. More fallout from the
Palm Sunday Church
bombings in egypt. Christian churches there now canceling their
Easter Sunday
celebrations. Im going to chalk that one up as win for terror, lets be clear, islamic terror. The classes, the friends, the independence. And since we planned for it, that student debt is the one experience, im glad shell miss when you have the right financial advisor, life can be brilliant. Ameriprise stocks down yesterday, were going to open a bit lower this morning. Down 20odd points in 15 minutes. Now,
President Trump
has reportedly not asked to meet pope francis. Hes going to be in italy next month for the g7 meeting. He has not asked the pope for a meeting. Tony perkins is here, what do you make of this . Its tradition when our president goes to g7 meeting and goes to italy he meets the pope, this time no. Theres nothing traditional about this president and he didnt ask me about it, but if he asked me i would encourage him to meet with the pope. I would understand his reluctance given the policy differences and the history of the press
Office Putting
their spin on stories and i can understand his reluctance, but i would encourage him. Stuart i dont think that the pope approves of donald trump, not spiritually, but policywise. Im more in line, but i understand his reluctance, but i think we accomplish things when we sit down and talk with people we have differences with, i think its healthy. Stuart i want to get to this. To me, im flatout outraged about this. I know you know about this, egyptian christians reportedly have canceled easter celebration following two bombings of coptic churches two days ago with 44 people killed. I say the terrorists have won and i think thats appalling, tony. Well, stuart, i dont think theyve won yet. This targeting christians in egypt, in the middle east more broadly is not new. In fact, while its troubling, it is it was the standard for the first thousand years of christianity and guess what . 2000 years later christianity is still moving forward. And the reason is, while its unfortunate that here in or in egypt, they will not be publicly celebrating easter or the resurrection sunday, that, in fact, is what gives us the confidence to go on in the face of great opposition, the confidence of the resurrection of jesus christ and the fact that we, too, can have life after death if we simply place our trust in jesus christ. Thats why the church goes on in spite of the persecution. And the church there began by one of the disciples of jesus christ, john mark who started in 55 ad. What is significant about it, too, he, too, was a martyr in alexandria on easter so this is a special holiday. We here in the
United States
should be praying for our
Christian Brothers
and sisters, not only in the middle east, but all over the world. Stuart what can we do politically about this . Granted woo we pray, got it. Can we do anything politically . Great question, stuart. I think that the president , i havent met with him, i look forward to meeting with him. I think hes doing certainly more than his predecessor who was aligned with the muslim brotherhood. We cant act like
Pontius Pilate
and walk away in the middle east. It was the policy of the
United States
under barack obama in large part that led to the bloody march of isis across that region. When we are persecuting or i should say prosecuting christians at home its hard to say that we stand for religious freedom abroad. We have to redouble our efforts to root up the hostility planted during the last eight years and send a message because when we are indifferent toward or hostile toward christianity here at home, it sends a message to the tyrants and terrorists abroad that its open season on christians. Stuart okay, a blessed easter to you, tony perkens, come again soon. Thank you, stuart. Stuart here is a message from liz peek, gary cohn and his fellow democrats, fellow dakts democrats, fellow democrats, trying to squash the trump agenda. Shes going to make her case and shes with us next, here we go. Yes . Please repeat the objective. Thrivent mutual funds. Managed by humans, not robots. Before investing, carefully read and consider fund objectives, risks, charges and expenses in the prospectus at thriventfunds. Com. Well, look at this. Gold up again 11 higher. Gold has gone up seven of the past nine trading sessions and getting pretty close to 1300 an ounce and thats what overseas and conflicts and rising tensions will do for you. Varney regular and fiscal time columnist liz peek says gary cohn and fellow democrats threaten to squash the trump agenda and liz peek is here. That made a splash, that column did, you got a lot of response. First question, now running
Economic Policy
out of the white house . Well, for example, he certainly is a lead voice on tax reform, i think is sort of surprising to everyone. When he came out in favor of a carbon tax, theyre looking for a way to balance taxes. And were getting rid of obamas plan and what are woo he talking about a carbon tax for . We have dina powell, gary cohn, andrew quinn, all the people in the white house impacting policies in a way that
Trump Supporters
didnt vote for. Stuart a long list here tend to be on the list. Democrats or democrat supporters. Absolutely. Theyve been how did
Economic Policy
get hijacked like this, 85 days into the presidency . Thats what were all wondering. By the way, when you say there was some response to this column, i think its because a lot of
Trump Supporters
are verynxious about this. For example, one of the big
Campaign Promises
we were going to reset our trade negotiations and redo our trade agreements around the country, nafta, et cetera, around the world. Andrew quinn was an architect of the tpp, the asian trade pac that trump campaigned against and subsequently has junked and here is andrew quinn, domestic advisor for trade policy. Some of the hires have been great in this administration. I think that wilbur ross is going to be an offsetting influence on trade, but these things are worrisome because we know that donald trump came into office with a lot of policy unsettled. He didnt really have firm views on a lot of things. Im told the last guy in the room often sways the president , a lot of those guys are democrats. Stuart and now we have the president of the
United States
issuing for the on monetary policy. The dollar is too strong, maybe appoint janet yellen for another term. Were not used to this. No, and by the way, the strong dollar case which trump is sort of backing away from, larry kudlow advising him early on, big strong dollar guy. Those guys are sort of gone and now we have a very different crew advising the president , well, he has to be careful. Stuart would you please stay with us to open the markets . Because wed like that. Id like to open the markets. Stuart liz, you can. [laughter] when we open the market well be down. Closed at 20,591. Weve dropped below 20,600 and well be down a bit this morning. Well be back with the opening bell for you. Are allergies holding you back . Break through your allergies. Try new
Flonase Sensimist
instead of allergy pills. Its more complete allergy relief in a gentle mist you may not even notice. Using unique mistpro technology, new
White House Press<\/a> conference, he said its no long obsolete. Janet yellen supposed to be on the way out. Well, the president tells the wall street journal she could be appointed to another term. President trump says hes a low
Interest Rate<\/a> kind of guy and the dollar, well, he now says its too strong. A lot of change is happening very quickly. In a moment, well tell you how its affecting your money and the economy. Wait until you hear the latest on those tax cuts. Varney company is about to begin. We dont have a policy yet. We dont expect a policy yet for the next couple of weeks in terms of specifics we can trot out and show people. Were taking a deep dive under the theory go big or go home. Were not looking to play around on edges in tax reform in this country and we want to do the same thing in restructuring the government. We want it take it from a blank sheet of paper and rebuild it, in order to help people get back to work. Stuart im sure you heard that, mick mulvaney, start from scratch, build it from the groundup. Maybe thats got something to do with this. The dow industrials will open lower again on the market this morning. Personally, i think that starting from scratch going to take a lot of time. Yeah. Stuart
Anthony Scaramucci<\/a> is here, former advisor to
President Trump<\/a>. I think thats bad for the market and bad for growing the economy. I think its bad because theres a huge gating issue, what were learning is that the congress is still in bed with the lobbyists and all of those special
Interest Groups<\/a> that were starting from ground up is going to block that. Charitable deductions, mortgage deductions, name the
Different Things<\/a> that people are fighting over. Stuart the man is saying its a blank sheet of paper. A powerful g on the inside of the administration. Hes a good guy and i admire that he wants to go super bold, stuart, but we need a couple of wins on the board here and hopefully theyll come up anthony, youre not going to get a win on the board anytime soon if youre starting with a tax code and building from scratch. Thats my point. My point is hopefully well move it to a position where we can get something done. Im still very confident that the president is going to get something done on the health care side. Hes working super hard on that, vicepresident pence, chief of staff priebus up on the hill countless number of hours to get it done. Stuart ive got to tell you, anthony, were tired of working on this, hope to get it done soon. Shall i call white house personnel to see if i can get you down there. Leave the show and come down with a tomahawk and start cracking sol skulls. Youre a americn american citiz, and the fbi, the whole thing, come down there with us. Stuart you invite me, ill be there. You tell me, who is running
Economic Policy<\/a> out of the white house, who is it . I think that gary cohn is the
National Economic<\/a> counsel head so hes the guy, i think, is the principal responsible, but at the a small government low tax kinded guy . Gary is a practical guy, organized and extremely efficient. Dont discount mnuchin or someone i worked with at
Goldman Sachs<\/a> 20 years ago. Theyre wicked smart and come up with a tax proposal i think will get passed. I think the big issue is that the
Republican Party<\/a> is a fractious party. The democrats, whether you like the democrats or not, theyre in lockstep together and the same talking points and i want to be clear, i dont blame
President Trump<\/a> for this, i blame the
Republican Party<\/a> not acting as a party of government. I think the president said, please, lets get together and harmonize together to get some big things passed to help the american people. To the president s credit. He has through executive order, moral and geopolitical strategy, his views are resolving, you pointed out. Six months ago, he said no janet yellen, and i know i said it here, i believe that she is very good at what she does and i think hes starting to look at the landscape differently. Stuart okay. No, no. Im telling you that she. Stuart i just want something done. Yeah. Stuart you know what i mean . Ive got your resume at home and ill be reporting to the white house personnel monday morning. Happy easter, stuart, but monday morning youll have a job in the government. 1 a year for you because youre so rich. Stuart youre done youre out of here and done. Fired from the show after five minutes into the block. Stuart youre a good man and appreciate it. Great to see you. [laughter] wait a minute, wait a minute, were doing something for the viewers, some of whom might not appreciate. Later this morning, the dragging incident returns. One of dragged passengers lawyer is expected to address the media. Were waiting for that. And as we wait for it, there are other developments, ashley. Ashley yeah, two more
Police Officers<\/a> involved in this case have been put on leave, three now from the
Airport Police<\/a> department. We should point out that no lawsuit has officially been filed, however, theyve filed papers to preserve all evidence involved in this case, but from the airline, the airport, and so on and of course, that will be a part of the proceedings going forward, of course. United states is no longer going to use
Police Officers<\/a>, and people are overbooked and dont want to leave, the
Chicago City Council<\/a> says they want 0 get involved in this and get testimony and also the u. S. Senate
Commerce Committee<\/a> is looking at this, so, this is continuing to grow whether youre sick of the story or not. Its continuing to be a big story. Stuart thanks, ashley. Im going to repeat myself. My, how things have changed. First off, on russia. Roll tape. Governor romney, im glad that you recognize that al qaeda is a threat and because when you were asked you said russia, and not al qaeda, its russia. And 1980s is calling for that back because the cold war has been over for years. Right now were not getting along with russia at all. We may be at an alltime low in terms of relationship with russia. Stuart there you have it. Lets bring in lisa booth,
Fox News Contributor<\/a> and
Washington Examiner<\/a> columnist. Hi, stuart. Stuart thats a switch and theres been a switch on janet yellen, on the dollar, on nato. Why all of a sudden all of these switching around of policies and personnel . Well, you know, i think, stuart,
President Trump<\/a> has already has always kind of positioned himself as being flexible as someone who wants to extract something from someone for the art of the deal. I dont think its necessarily surprising that he would have some changes as president of the
United States<\/a> and in regards to russia, i think that
President Trump<\/a> always desired to work with russia and i think what hes realizing, it might not be the smartest approach and i think its probably a good thing hes realizing this in short order versus president obama who, you know, for eight years basically let russia do whatever they wanted. And i think what
President Trump<\/a> is realizing is that russia is a bully and he responds to force. Stuart would you say that
President Trump<\/a> is becoming more pragmatic and less ideologically driven . I think hes always been pragmatic. I think its the media i think that
President Trump<\/a> left it look whats going on with china, for instance. I think that
President Trump<\/a> realizes that he needs china in regards to dealing witnorth korea, who is allegedly set to, you know, test a nuclear weapon. So, and you look at north koreas becoming increasingly unhinged, so i think he realizes its more important to have china helping us in regards to north korea. Stuart they are. Exactly. Stuart they are helping us and maybe chalk that up for a win for
President Trump<\/a> as we oppose russia, or we oppose russia more forcefully, theyre moving towards china and theyre moving towards us. Its nixonion, russia china and the
United States<\/a>. This is a guy who has been dealing with sort of
International Business<\/a> world. So i think hes always had a lot for discernment than given credit for and i think what
President Trump<\/a> is saying right now is, you know, basically someone who has inherited an incredibly dangerous world because he needs to figure out how he can leverage certain countries to try to essentially protect americans and deal with some of the hostile situations that hes looking at around the world because hes not only looking at an increasingly hostile situation in syria, north korea as well, you know, russia who has really gained, you know, a stronger position in the middle east and syria because of president obama and not dealing with the syrian conflict, as well as iran. He needs to pick and choose his battles. Stuart hes cleaning up the mess for sure and also running headlong into reality. Lisa, im sorry, im out of time and ive got to get everybodys money for a second. Thank you, stuart. Stuart now, this is a time when top corporations tell us how much or little money they made and the big banks are going first. Citys profit, got a nice boost from their trading desk. Higher profit at j. P. Morgan, they were helped by more lending and higher
Interest Rate<\/a>s. Wells fargos profit came in flat and you can see the stocks premarket right there. Not that much movement, except for wells fargo down 2 . Were going to return to that retail ice age story, its still with us. A weak forecast on sales growth in the future from pier one and that stock is down 5 at opening bell. Now this, the
Top Republicans<\/a> on the house ways and
Means Committee<\/a> asking attorney general jeff sessions, please reopen the investigation into lois lerner and the irs
Tea Party Targeting<\/a> scandal. And
President Trump<\/a> breaking tradition, he will not be meeting with the pope. The pope says the president s plan to build a wall is quote, not christian. More fallout from the
Palm Sunday Church<\/a> bombings in egypt. Christian churches there now canceling their
Easter Sunday<\/a> celebrations. Im going to chalk that one up as win for terror, lets be clear, islamic terror. The classes, the friends, the independence. And since we planned for it, that student debt is the one experience, im glad shell miss when you have the right financial advisor, life can be brilliant. Ameriprise stocks down yesterday, were going to open a bit lower this morning. Down 20odd points in 15 minutes. Now,
President Trump<\/a> has reportedly not asked to meet pope francis. Hes going to be in italy next month for the g7 meeting. He has not asked the pope for a meeting. Tony perkins is here, what do you make of this . Its tradition when our president goes to g7 meeting and goes to italy he meets the pope, this time no. Theres nothing traditional about this president and he didnt ask me about it, but if he asked me i would encourage him to meet with the pope. I would understand his reluctance given the policy differences and the history of the press
Office Putting<\/a> their spin on stories and i can understand his reluctance, but i would encourage him. Stuart i dont think that the pope approves of donald trump, not spiritually, but policywise. Im more in line, but i understand his reluctance, but i think we accomplish things when we sit down and talk with people we have differences with, i think its healthy. Stuart i want to get to this. To me, im flatout outraged about this. I know you know about this, egyptian christians reportedly have canceled easter celebration following two bombings of coptic churches two days ago with 44 people killed. I say the terrorists have won and i think thats appalling, tony. Well, stuart, i dont think theyve won yet. This targeting christians in egypt, in the middle east more broadly is not new. In fact, while its troubling, it is it was the standard for the first thousand years of christianity and guess what . 2000 years later christianity is still moving forward. And the reason is, while its unfortunate that here in or in egypt, they will not be publicly celebrating easter or the resurrection sunday, that, in fact, is what gives us the confidence to go on in the face of great opposition, the confidence of the resurrection of jesus christ and the fact that we, too, can have life after death if we simply place our trust in jesus christ. Thats why the church goes on in spite of the persecution. And the church there began by one of the disciples of jesus christ, john mark who started in 55 ad. What is significant about it, too, he, too, was a martyr in alexandria on easter so this is a special holiday. We here in the
United States<\/a> should be praying for our
Christian Brothers<\/a> and sisters, not only in the middle east, but all over the world. Stuart what can we do politically about this . Granted woo we pray, got it. Can we do anything politically . Great question, stuart. I think that the president , i havent met with him, i look forward to meeting with him. I think hes doing certainly more than his predecessor who was aligned with the muslim brotherhood. We cant act like
Pontius Pilate<\/a> and walk away in the middle east. It was the policy of the
United States<\/a> under barack obama in large part that led to the bloody march of isis across that region. When we are persecuting or i should say prosecuting christians at home its hard to say that we stand for religious freedom abroad. We have to redouble our efforts to root up the hostility planted during the last eight years and send a message because when we are indifferent toward or hostile toward christianity here at home, it sends a message to the tyrants and terrorists abroad that its open season on christians. Stuart okay, a blessed easter to you, tony perkens, come again soon. Thank you, stuart. Stuart here is a message from liz peek, gary cohn and his fellow democrats, fellow dakts democrats, fellow democrats, trying to squash the trump agenda. Shes going to make her case and shes with us next, here we go. Yes . Please repeat the objective. Thrivent mutual funds. Managed by humans, not robots. Before investing, carefully read and consider fund objectives, risks, charges and expenses in the prospectus at thriventfunds. Com. Well, look at this. Gold up again 11 higher. Gold has gone up seven of the past nine trading sessions and getting pretty close to 1300 an ounce and thats what overseas and conflicts and rising tensions will do for you. Varney regular and fiscal time columnist liz peek says gary cohn and fellow democrats threaten to squash the trump agenda and liz peek is here. That made a splash, that column did, you got a lot of response. First question, now running
Economic Policy<\/a> out of the white house . Well, for example, he certainly is a lead voice on tax reform, i think is sort of surprising to everyone. When he came out in favor of a carbon tax, theyre looking for a way to balance taxes. And were getting rid of obamas plan and what are woo he talking about a carbon tax for . We have dina powell, gary cohn, andrew quinn, all the people in the white house impacting policies in a way that
Trump Supporters<\/a> didnt vote for. Stuart a long list here tend to be on the list. Democrats or democrat supporters. Absolutely. Theyve been how did
Economic Policy<\/a> get hijacked like this, 85 days into the presidency . Thats what were all wondering. By the way, when you say there was some response to this column, i think its because a lot of
Trump Supporters<\/a> are verynxious about this. For example, one of the big
Campaign Promises<\/a> we were going to reset our trade negotiations and redo our trade agreements around the country, nafta, et cetera, around the world. Andrew quinn was an architect of the tpp, the asian trade pac that trump campaigned against and subsequently has junked and here is andrew quinn, domestic advisor for trade policy. Some of the hires have been great in this administration. I think that wilbur ross is going to be an offsetting influence on trade, but these things are worrisome because we know that donald trump came into office with a lot of policy unsettled. He didnt really have firm views on a lot of things. Im told the last guy in the room often sways the president , a lot of those guys are democrats. Stuart and now we have the president of the
United States<\/a> issuing for the on monetary policy. The dollar is too strong, maybe appoint janet yellen for another term. Were not used to this. No, and by the way, the strong dollar case which trump is sort of backing away from, larry kudlow advising him early on, big strong dollar guy. Those guys are sort of gone and now we have a very different crew advising the president , well, he has to be careful. Stuart would you please stay with us to open the markets . Because wed like that. Id like to open the markets. Stuart liz, you can. [laughter] when we open the market well be down. Closed at 20,591. Weve dropped below 20,600 and well be down a bit this morning. Well be back with the opening bell for you. Are allergies holding you back . Break through your allergies. Try new
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Flonase Sensimist<\/a> our 18 year old wase army in an accident. 98. When i call usaa it was that voice asking me, is your daughter ok . Thats where i felt relief. Were the rivera family, and we will be with usaa for life. It is thursday morning. We open this market in precisely 10 seconds. Were expecting a drop of maybe 25 points right from the opening bell. Lets see because were down to three, two, one, bang were up and running on thursday morning. All right, what have we got . Weve got a minus 30 readings, minus 38 reading. A lot of red on the lefthand side of the screen there. Its filling up. Down 51 points. Okay, were going to get into the reasons for this shortly, but were down 50 across the board, were down on the dow 30. How about this . The 10year treasury yield is all the way down to 2. 24 . Now, you can say that that is essentially a safe haven investment. Thats why the yield is down. You could also say that
President Trump<\/a> is out there calling for low
Interest Rate<\/a>s and he doesnt like the strong dollar. That pushes the yield on the 10year treasury down and look what weve got. 224. The big banks are reporting profit higher, jp morgan and citi. At wells fargo, the profit was flat. Little movement except for wells fargo down nearly 3 . Who is with me on a thursday morning when were trying to deal with the stock market. Ashley webster, shah gilani and liz peek. I think weve got to get a doubledigit increase in profits across the board or this market is in real trouble. Shah gilani, what do you say . I agree with you, stuart based on last year numbers are horrible. And everybody expects that to be gang busters, the market would have profit taking. Stuart in the absence of tax reform and health care reform, the market is propped up by good profits. And the expectation is that were going to see double digit
Earnings Growth<\/a> in this quarter, but the reason that the treasury rates are coming down partly. I think that growth expectations are being rolled back. We dont have the big bump from tax reform and other things that come afford. Im not surprised. Stuart profitability is a big deal. Ashley the markets need something, treading water so long, eventually it will go under because you need something to get you to the next step, level. Stuart another switch and change from
President Trump<\/a>. Janet yellen, we thought her days were numbered at federal reserve. Now, the president has had a change of heart. He says hes a low
Interest Rate<\/a> kind of guy and says that the dollar is too strong, and he may be up for reappointing janet yellen to another term. This is another reversal, shah, what do you make of it . Its a reversal indeed. Any president who is not dovish in terms of
Interest Rate<\/a> is off the marks. Almost every president wants a low
Interest Rate<\/a> and spurs the economy. This president is no different. Whats different, hes wanted higher
Interest Rate<\/a>s because he wanted that during the election, and procurement for the future was to fix the federal reserve, make it more accountable and reversed himself because i think its in the best interest in terms of the fact hes not getting some of his policies put through to keep
Interest Rate<\/a>s low. Otherwise if he sees
Interest Rate<\/a>s rise without any stimul stimulus, tax stimulus or anything else, the market will be in trouble and hell not want to see that. Liz its unusual for any president to weigh in on the dollar and strengths of the dollar. The theory has been, you have a stronger dollar it attracts business into the u. S. We are going to hit you, importers with the border tax, if we have a stronger dollar, it will make it cheaper to sell to the americans who can buy with a stronger dollar. Its confusing stuff out of the white house on that. Stuart ry confusing. The question is is he trying to influence janet yellen to what he wants, by the way here, here is what we want and i may reappoint you. Stuart we dont negotiate the dollar. The art of the deal. Stuart not the with an i were supposed to do that. And
President Trump<\/a> wants desperately a win on health care. Hes saying hell withhold payments to health insurance, that he believes i dont get this, liz, explain it me that he believes who force the democrats to the table. You withhold payments to the
Insurance Companies<\/a> and get them to reform obamacare. To keep them in the marketplace and participating, without them theyre out, and theyll lose large amounts of money. If they begin to fail and walk away, democrats are going to have to renegotiate the terms of obamacare and perhaps a bigger case, all of health care, in order to get them back. Stuart good luck. The democrat are not going to be on board. We dont want to redo obamacare, we want to get rid of. I think this is nonworkable. Stuart theres a lot of confusion around this table and the marketplace, a lot of contradictions. And were down 38 points now down 44, 46 points. Okay. Were down at the opening bell. How about this . Theme of the program is frequently the retail ice age. Theres a weak forecast for pier one, down 8 , all youve got to do and looking to the future, they dont look good and down goes your stock. How about this one from apple . Theyre reportedly, theyve got a secret team and working on sen sensors to treat diabetes better. Liz tens of millions of people could look at their watch and see their glucose level. Right now its invasive to stick yourself. And others are working on contacts that pick up your tears and the levels thats wearable. Ashley how terrific. Stuart exactly, all of this money that the fab five have got, look at them, theyve got, must have a trillion dollars in cash on them theyre putting some of that money into medical research. Ashley help humanity. Stuart other industries, who could not approve. Its about time that we brought technology to health care. Weve spent time talking about insurance prices and policies and dont talk at all about health care costs. Stuart all right, shah gilani, we have not heard from you in about three minutes. We want to. The fabulous five, which one, if any, are you buying . I hate to admit i missed amazon got out too soon and gone a lot higher. I hope well have a pullback, id love to do that. We love apple. This year i think is great. Ten years anniversary of the phone and i think the watch, as were just talking about in terms of health care, there will be break throughs there, i think that product will come around. Amazon is the goto stock. Advanced intelligence,
Artificial Intelligence<\/a>, its in the cloud and it is online retailing, so, its the goto one for me. Stuart on thursday, april 13th, shah gilani informed us all that the apple watch will make a turn around. On videotape. Now, weve got a couple of stories for you on tesla. Number one, theres a new study says that used tesla model s sells faster and for more money than its peers. Item two, they want two new independent board members. A lot of criticism of the board and tesla in general from shareholders. They want to add two independents on the board. Shah gilani, your chance again. Would you buy tesla just shy of 300 a share . No, i dont understand it. Its a lot of
Financial Engineering<\/a> going on there. As far as the resale of the cars, it makes sense, there are not a lot of them, theyre beautiful cars, extraordinary, ive ridden in a couple of them, theyre amazing automobiles, and thats why theres a lot of great resale value and not a lot of them on the secondary value. As far as the company and in terms of the stock, its very overpriced. Its done so well because the cars, its headline makers. At some point, competition is going to raise its head and theres a lot of it. Tesla is enjoying the placement now and thats not going to last forever e i want to see what kind of battery they make. Its worth every penny, other than that, not so keen. How about this one . Oh, yes, the amazon story of the day. We should have trumpets for this. Jeff bezos is all about embracing
Artificial Intelligence<\/a>. Thats him. Hes always a futuristic, looks down the road and he sees
Artificial Intelligence<\/a> and thats where hes going. What do you make of that. I know what youre going to say. He is a visionary and look, everything he has talked about thats futuristic has come true. Remember about the drone, and
Artificial Intelligence<\/a> is the wave of the future and what youre laughing about, steven hawkins, the preeminent physici physicist, a from our time
Artificial Intelligence<\/a>. This is the
Technology Advances<\/a> that goes on. Its a growth stock. Theyre applying
Artificial Intelligence<\/a> and eventually into health. This is another reason that amazon is at the forefront of all things. And theyre applying technology to all they do. Stuart im old enough to remember when televisions were in place. We were warned this is bad for your eyes, its bad for your eyes. Weve had similar stories about every new wave of technology that comes along and you can enhance that, oh, its the end of the world. [laughter] im know the quoting me, im quoting steven hawkins, the most brilliant man alive. Stuart im interested in this one, pc shipments down again and look at microsoft. They depend on pc shipments and theyre up and others are down. Ashley thats the cloud. Liz tvs are bad for your eyes. Depends on the tv show. Ashley that was my grandmother, youre too close to the television screen. Stuart exactly right. I think i hit a nerve about tvs. Do you remember the first tv show you ever saw . No, you dont. I remember mine. Rin tin tin. In black and white, we had the first tv on the street and we had the tv to get the coronation, 1953. Ashley yeah. Stuart we got the tv and rin tin tin was the first thing i ever saw. That ends my
History Lesson<\/a> for the day. Shah gilani, liz peek, youre r everyone. Good start to the day. The dow industrials are coming back a little bit now, were only down 17 points, 20,573. Wait for it. Burger king, theyve got a new ad. It was supposed to trigle google home virtual assistance. Thats googles version of an alexa from amazon. Supposed to read the ingredients of a whopper. Boy, did it backfire. Well tell you all about it. We will explain. Lois lerner, who can forget, some want an investigation into her and the scandal. Who is going to talk about that . Napolitano. Well be back","publisher":{"@type":"Organization","name":"archive.org","logo":{"@type":"ImageObject","width":"800","height":"600","url":"\/\/ia801404.us.archive.org\/14\/items\/FBC_20170413_130000_Varney__Company\/FBC_20170413_130000_Varney__Company.thumbs\/FBC_20170413_130000_Varney__Company_000001.jpg"}},"autauthor":{"@type":"Organization"},"author":{"sameAs":"archive.org","name":"archive.org"}}],"coverageEndTime":"20240627T12:35:10+00:00"}