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tv   After the Bell  FOX Business  June 28, 2017 4:00pm-5:01pm EDT

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dan chung, the ceo of alger, a giant in the industry. as we bump up against the closing bell, dow jones industrials up 135 points. [closing bell rings] russell a big gain of 1 1/2% for the small caps. david and melissa, take it away. melissa: sea of green on wall street. stocks soar into the close. 141 point higher after yesterday's selloff. the s&p climbing as well. look at the nasdaq. tech turn around, tending the day up 1 1/2%. what a day. i'm melissa francis. david: i'm very happy about my 401(k). i hope you are too. i'm david asman. thanks for joining us. this is "after the bell." more on big market movers. here is what we're covering in a very busy hour. the pressure is on. senate republicans hard at work hammering out a new health care plan that will win over both conservatives and moderates in the republican party. they want it done by friday.
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cracking down on criminal illegal immigrants. the president just meeting with victims and urging congress to pass two new bills, including "kate's law" and one defunding sanctuary cities. among our guests this hour, cleveland clinic, toby cosgrove. senator pat toomey. former sec chairman, harvey pitt. ambassador john bolton and jordan sekulow. melissa: the dow soaring up more than 140 points, almost 143 driven higher by shares of goldman sachs, caterpillar and apple. let's go to nicole petallides. she is on the floor of the new york stock exchange. what a day. talk to me about it. >> it really is. the market bouncing back after yesterday which was the biggest selloff in a month. we really saw financials take off leading the market for a second day. those areas such as bank of america, jpmorgan, really got a jump. we saw treasury yields moving higher, highest in the month.
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idea fed raised rates, yields are higher, profitability to the banks. 10-year bond 2.22s% as i look at the board there. tech stocks, a whole another story. everybody loves tech for the month. some of the names did well, facebook, nvidia in positive territory but after the tech wreck some were faltering. the nasdaq holding on to gains whether they have eight months in a row of gains, haven't seen that since 1999. alphabet, facebook, apple, google all across the board. people feeling better. the ipo, blue apron, a prn, word on the street it will happen. there is some talk whether or not they will pull it because they lowered the price range. no, zooms a go. 10 to $11 a share versus 16 or 17. they have competition from amazon and whole foods. how will that factor in. we'll watch for that.
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we'll watch for the ringing of the opening bell tomorrow morning on blue apron. that is all about meal kits. get your gourmet deal delivered to your home. cook it up with friends and family. melissa: there you go. too much work for me but a lot of people love it. david: i know a lot of people that love it. tech turn around is the big market story. let as bring in the market panel. jonathan hoenig, capitalist pig hedge fund foxx news contributor, and kevin kelly recon capital partners. kevin, there is something in the area. this morning futures were down on nasdaq, if you can believe it. i felt like they would pop, that some people take advantage, but 1 1/2%. what turned it around? >> what turned it around, if you look at fundamentals you know lying the tech sector, they're doing well because half of the earnings come from overseas. we've seen the hard economic data over there get better and as well as their central banks indicate that economic data is getting better and they're focused on that.
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i think it is having to do with window-dressing going into the first half of the year being over. tech has outperformed the overall market, double, so portfolio managers are trying to position themselves when their portfolios come out at end of the month, we're smart, we've had tech in our portfolio. david: jonathan, is it smoke and mirrors to a certain extent or real value in the tech stocks? >> there is value, david. it has been pointed out. these have been leading this bull market. i believe it is still a bull market. look today, 151 new 52-week highs. only 52 new 52-week lows. so a lot of stocks out there still doing well but the thing that changed no longer it is tech that is leading the charge. stocks like we heard from lori rothman, american express, northern trust, the financials, jpmorgan, they are picking up the slack. the question is what will it be as tech will not be the new bull market leader moving on. david: guys, thank you very much. melissa. melissa: facing a tight
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deadline, senate majority leader mitch mcconnell is aim aing to send a revised proposal of his health care bill to the congressional budget office by friday. our own blake burman live at the white house with the latest. blake. reporter: hi, there, melissa. president trump earlier today predicted there would be a quote, great surprise as he put it as it relates to health care. this was a day where the president on couple different occasions acknowledged the tough climate that senate leadership, senate republicans are dealing trying to get this plan to go forward from here on out. he talked about the if at several points earlier in the day. watch. >> we have a plan that if we get it approved, it is very tough. every state is different. every senator is different but i have to tell you the republicans senators had really impressive meeting yesterday at the white house. i have to tell you it will be a tremendous plan. it will really, you will have a lot of very, very happy people in this country if we get it done. reporter: shortly after that i
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was able to fire off a couple questions to the president, ask him, why he talks about this now as an if, whether or not he was hopeful going forward that republicans would be able to get this across the finish line, and the president responded to me saying twice, and i quote, i always say if. meantime here in washington today on the senate floor the top democrat in the senate, chuck schumer, had this offer for president trump who was, when asked about it was openly skeptical. >> i challenge you to invite us, all 100 of us, republican and democrat, to blair house, to discuss a new bipartisan way forward on health care. >> going to find out if he is serious. he hasn't been serious. you have to be very, very serious. reporter: at the press briefing today here at the white house, off camera, done with deputy press secretary sarah huckabee sanders she was asked if the
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white house was hopeful what really gives them hope? how do they see a way forward in all of this. sanders responded by saying, never underestimate the president. melissa, we'll see how it all shakes out. melissa: blake, thank you. a last minute health care push. vice president mike pence meeting with small business leaders in cleveland where he is expected to make comments this hour on the importance of repealing and replacing obamacare. my next guest says though that the gop plan doesn't fix the root of the problem. here now is dr. toby cosgrove, cleveland clinic president. thank you so much for joining us. >> it is my pleasure. melissa: you're not the only one saying this. the root of the problem, the heart of the problem really doesn't have to do with insurance, it has to do with the cost of health care. how do we battle that. >> i don't think there is any question about it, the main problem we have is the rising cost of health care, we need help to make health care more efficient and more affordable. falls into two buckets. one, we need to have more
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efficient health care delivery system to look after people who are ill, and that is going to have to deal with the tremendous amount of regulation we've had. we have 14,000 pages of regulation in the last two years. it has to do with the ability to come together as a system so we can consolidate hospitals, get efficiency of consolidation. we have to look at drug pricing, our pharmacy costs went up 19% last year and they continue to be rising way faster than inflation. melissa: okay. yeah. >> on the other -- melissa: tell me the other part. >> on the other hand we have to deal with the epidemics sweeting across our country. opiates, are a major problem. obesity, a third of the country obese, accounting for 10% of our health care costs. we have 18 percent of people smoking, a problem that can be a major cause of cancer that is preventable. melissa: okay. >> there is a lot of things we can do. melissa: everything you said makes perfect sense of the let's attack the first part, when you
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talk about bringing the cost of delivery down, you talk about the burden of regulation which is easy for me to understand. at the same time i feel like so in new york city, for example, there are doctors who don't take insurance. so you treat them like anyone who is offering a service, how much is this going to be, here is what i can pay. you agree on a price. you bring the consumer and provider together. seems like when you have insurance as the middleman, price is fixed i didn't agree to, i'm getting a discount on the fake price. it has to do with too many middlemen, the buyer too far from the seller. where am i going wrong with that? how do we fix that. >> new york city is anomaly in the health care of united states. melissa: i'm saying with that example, if you're actual paying, you're a better steward of the money than if the insurance company is paying. >> that's true but a lot of people don't have the ability to pay. melissa: of course. >> that is the main thing we're talking about, 74 million people in the united states are
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dependent upon medicare. and equal number on medicaid. and so, 49% of the people in the united states health care bills are paid by the federal government. so we are dealing with that, and those are the people who are -- melissa: how you do you deal with that? how do you get the waft out of that equation? if somebody using something without paying for it, somebody billing the government, a phantom person million miles away nobody is focused on efficiency and cost. how do you fix that problem? >> here is what is happening now. they're not being paid anymore for volume. we're increasingly being paid for value. the emphasis on people keeping them well, keeping them out of the emergency room, out of the hospital, driving efficiencies. that is the direction that is going on across health care, whether it is private insurance or government pay, that is the direction we're headed, and it is going to require time for us to make that transition. right now out of two million
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people that we have in, that we look after, 800,000 of those are now, we have risks for. we want to keep them healthy and keep them out of the hospital. that will ultimately reduce the cost of health care for our country. >> from your lips to god's ears. toby cosgrove, thank you. >> my pleasure. david: i remember, i still remember when the doctor came to our house and my dad walked him to the door, took a bill out of his pocket, paid him, no paper, no insurance, no government, no nothing. i don't know if it is a pipe-dream if we get back to there. but it would be nice to it. oil settling up to 44.74 a bail. climbing for fifth straight session this is longest winning streak since the 23rd. oil is down 7% for the month, not bad for when you drive. melissa: you heard from dr. toby cosgrove, what he wants to put in the health care by, what we should be driving for.
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how that is getting first of republicans on board, most republicans. the senate hoping for a new version by friday. can they get enough votes this time? we'll ask opinions vain congressman pat toomey. david: two media giants in the cross-hairs over false reporting. the one facing a major lawsuit. one taking extreme measures to avoid one. melissa: president trump pushing congress to pass two new bills aimed at saving american lives. increasing penalties on criminal illegal aliens and one defunding sanctuary cities. american center for law and justice director, jordan sekulow, will weigh in. ♪
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melissa: breaking news.
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sycamore partners working on deal to buy office supplier staples for $6.5 billion. the gile could be announced later today. david: the president pushed for tougher immigration, speaking with families that had people killed by illegal aliens. >> to start getting smart. david: here to react, jordan sekulow, american center for law and justice executive director. there are two laws. one is "kate's law." kate steinle's law, deals with sanctuary cities in particular. the house passed a law during the obama administration, he wasn't going to sign it but this president will. >> he will sign it. you have to get it through the house and senate. the house is no problem. the senate, the problem it had getting through the 60-vote threshold. will there be eight democrats?
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pretty amazing even in the house they're whipping against both these laws. david: is there a political price to pay? >> "kate's law" is about punishing criminal illegal aliens he deported come back to our country. david: you know what you can do to shame people against this, frankly i don't see any way, just put up pictures of people who have suffered. beginning with kate steinle. of course her, the person who killed her is alleged to kill her, lopez-sanchez, was in the country illegally, deported five times back to mexico. there were many others. spencer kovac, killed by illegal immigrant who previously had been he deported four times. katrina, the names go on and on. >> very real problem this would be a deterrent. means to the individuals once you're out of prison deported back to your country, just coming here illegally you could be in jail minimum 10 up to 25 years in prison. david: that is "kate's law." then you have sanctuary cities. >> right.
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david: with holding federal funds from cities that have sanctuary laws, essentially protect them from federal laws, or they think so. >> goes one step past that, what is cool about this law. it allows citizens victims of criminal acts by illegal aliens to sue these cities. empowers them. david: these cities would be hurt two ways. hurd federal funds and would be sued in ways they can't be sued now. >> federal law, we have supremacy clause. that could be litigated. there is already an executive order out there. it is being litigated right now. this would be much stronger with legislation, not just relying on legislation. when it comes to immigration. david: bottom line will any democrats vote for this? >> in the house, yes, that really does remain to be seen. maybe a couple. can they get to 8 plus? there will have to be a lot of shaming to get to the 60 vote threshold for cloture. david: jay sekulow. thank you very much. melissa.
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melissa: costly retraction for cnn. the giant facing 100 million-dollar lawsuit over a botch the russia story. is the outlet actively trying to undermine the trump administration? call to arms. global cyberattack that has world leaders on edge. ambassador john bolton is here to respond. when that pain makes simple errands simply unbearable... ...i hear you. i hear you because my dad struggled with this pain. make sure your doctor hears you too. so folks, don't wait. step on up. and talk to your doctor. because you have places to go... ...and people who can't wait for you to get there. if you have diabetes and burning, shooting pain in your feet or hands... step on up and talk to your doctor today.
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melissa: massive ransomware attack striking companies across the globe with the hackers behind it demanding payments at affected corporations don't want their sensitive information destroyed. among the companies attacked were merck, mondelez international, russian oil giant rosneft and cadbury. nato chief general stoltenberg, that nato could trigger article v mutual defense commitment in response to the attacks. former ambassador to the u.n.
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and fox news contributor john bolton joins us now. let's start with the idea that if the russian oil giant was attacked among others, does that tell you anything about who is behind this? >> not necessarily. i think in the cyber world as in the room world, the source of an attack is not necessarily obvious. it may be particularly easy to conceal by using methods that are known, for example, to be used by the chinese cyber war departments and pretend that it's chinese but i do think the larger issue of hacks in the cyber world amounting potentially to attacks like a conventional military attack is very real and one we've really not done an adequate amount of thinking on to distinguish what is a military attack what is espionage, what's theft, commercial theft, what is just pure vandalism. all of which are important. it depends on what the nature of the attack is how you respond to
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it. melissa: if they come back and they put forward this article v mutual defense they don't know who they are putting that forward against, right? >> it would certainly help to know who the attacker was. there are some cases i think are more obvious than others. we know that the baltic republics, estonia, latvia, lithuania, have been subject of cyber intrusions. it is universally believed it comes from russia. i'm sure there are others as well. really by contrast around the world we've seen thousands of attacks on commercial enterprises. i think a lot of them by russia, china, iran, north korea, there are a lot of culprits out there but we need to know more exactly what was intended here and really what the appropriate response ought to be. melissa: what would nato do if they banned together say this is war, we'll do something about it, what does that mean? >> i think this goes to an important conceptual point. take as hypothetical, that is a
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nato member is the subject of a russian cyberattack. say the facts on this are clear so there is no dispute about that. if it is intended as we judge it to be the equivalent of a military attack i think article v is properly invoked but i don't think the nato response should be limited to a corresponding cyberattack. one way to create structures of he deterrents that dissuade russia or others from conducting cyber attacks in the first place to make it clear that any kind of attack on a nato member would produce disproportionate response. melissa: saying like a physical response, military response to a cyberattack? >> sure. just because, let's take the beginning of world war ii from the u.s. point of view. just because the japanese attacked pearl harbor and sink a certain number of aircraft carriers and battleships and others doesn't mean our response has to sink a equivalent number of japanese ships. we're attack.
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we're at war. go all the way to destroy the enemy. i'm not suggesting that on one cyberattack. melissa: i see. >> what we want to do dissuade attacks from the beginning. melissa: we've got to go, ambassador john bolton, thank you so much. interesting. >> thank you. david: glad he is on our side. melissa: very tough. david: calling out entrepreneurs, wall mart seeking the next generation of great american brands. melissa: sarah palin, former alaska governor suing "the new york times" on what some consider fake news. we have that coming up. affect y? it doesn't, does it? actually, it does. type 2 diabetes can make you twice as likely to die from a cardiovascular event, like a heart attack or stroke. and with heart disease, your risk is even higher. you didn't know that. no. yeah. but, wait, there's good news for adults who have type 2 diabetes and heart disease. jardiance is the only type 2 diabetes pill with a lifesaving cardiovascular benefit.
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melissa: federal reserve releasing second round of tests of health on nation's largest banks. what banks are eligible to give money back to the shareholders in the form of dividends and bibuybacks. go adam. reporter: everyone passed their adjustments. capital one financial investor you want to pay attention in six months they have to make some changes or the fed may object to them paying dividends. everyone invested in financial stocks an some big banks, get ready for big dividends. senior federal reserve official told us banks as aggregate are expected to pay out 100% of net revenue in dividends and share buybacks this year, compared to last year when it was 65%. let's get into numbers. again everybody essentially a pass.
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no objections but capital one, here is what the fed said about capital one. i will read you the quote. we made a full screen. the federal reserve did not on jibbing to the capital plan of capital one financial corporation but is requiring the firm to submit a new capital plan in six months that addressed identified weaknesses in its capital planning process. so they have got six months to address those issues. at that point the fed could either object to going forward with dividend payments or not. other issue going on here capital one came in with adjust, tier one common equity ratio, 5.9%. remember the metric here. you have to have 4.5% or better. so capital one, they're fine. you are going to get a dividend perhaps. six months they have to address this again. look at big banks how everyone scored. i pointed out that american express after the stress test results last week got one shot to adjust and they did. they adjusted common equity tier one capital ratio 5.3%.
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that is above 5.5%. bank of america, warren buffett is happy man we talked about in last hour. citigroup, 8.0%. goldman sachs 6.0%. morgan stanley 7.9%. wells fargo,.4%. this is really -- 7.4%. no objections from the staff to the capital plans from the big banks. last year, of course there were objections to some of them. i want to read to you why they're taking issue with capital one. this is from the report. quote. notable weaknesses were identified in the oversight and execution of capital planning practices undermine the reliability of forward-looking assessments of capital adequacy under stress. specifically the firm's capital plan did not appropriately take into account potential impact of the risks in one of its most material businesses. they won't tell us what that business is. so the bottom line, everybody passes. the other headline, expect some big dividends because they're
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going to be paying out as an aggregate, 100% net revenue. whereas last year, it was 65%. cha-ching. melissa: adam shapiro, thank you. david: bring in former sec chairman harvey pitt here to join us, as well as "wall street journal" economics correspondent, jon hilsenrath and jonathan hoenig of capitalist pig hedge fund. jonathan hoenig, let's start with you. that is a positive. leave capital one aside for the moment. the reason adam said warren buffett will be happy about bank of america is, he has preferred stock. he said if it passes he will trade it in for common stock because they will up their dividend quite a bit. so that means a lot of money to that guy. >> a lot of money to that guy and investments and shareholders in banks. historically this news from the federal reserve has been very good for bank invests. they traded up after the news has been released in previous years.
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started to see this. citigroup, regions financials, american express, all the stocks building on rally started after the election up about 22%. if you get even more regulatory relief, specifically sarbanes oxy, we'll see banks continue to rise. they're new leadership in the market. david: jon hilsenrath, talk about relationship between the fed doing these tests and new administration, the trump administration. a lot of people say there is misalignment. trump administration wants to release banks from a lot of commitments they're meeting apparently in these stress tests. they think there is not enough lending. fed obviously still has a lot of interests in these tests. how does that misalignment get aligned if it does at all? >> well, i mean what we might be seeing here is the fed moving a little bit in the direction of the trump administration. you know, the banking community had been very critical of the way the fed had been doing these stress tests, particularly the second phase where they do
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qualitative assessments of their processes, their capital planning processes. what we see today, the fed saying all clear. we're for the most part all right with everything that you have been doing. go ahead and pay out those dividends. it looks like the fed is moving a little bit towards going a little easier on the banks. david: interesting. >> one of the reasons that might be going on because the toughest regulate at the fed, dan tarullo, retired earlier this year. you have a republican, jay powell, running that committee that does the stress test process. i think the fed sees. they felt they had to be tough after financial crisis. maybe they're easing up on these guys now. david: harvey pitt, we've been hearing for years, pendulum swung too far in terms of safety. >> maybe that is changing now? >> that is changing not in
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excessive way. we're looking at prudent risk. having comfort of at least, an in depth stress test and review. so that people have confidence banks have enough reserves and capital available to make sure that they can deal with any contingency. david: harvey, let me stick with you for a second, are these stress tests really necessary? is it too much to ask for the banks to kind of monitor their own reserves? would that lead to another crisis? or perhaps, can we move the fed out of these tests? >> well i think that there is clearly room to move the fed out of these tests. as i said a moment ago, however, i think prudence requires that it be done gradually. i think these banks have the ability, the know-how, the expertise, to make certain that they have enough capital reserves, and that the fed can set the standards for them but
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we don't need the kind of in depth, invasive presence of the federal government in all of this. david: jon hilsenrath, what do you think of that? >> i say a couple of things. one is, this question is really central, i think, to the future of the federal reserve itself, because, janet yellen's term is coming up next year. donald trump has said nice things about her and, the way she is managing monetary policy you know he thinks that she is a low interest rate person. he is a low interest rate person. where they differ is on the regulatory environment. she is defended the way the fed has managed the oversight of banks. and she is prepared to go to the matt on some of these things. i think his decision about whether to renominate janet yellen to run the fed could hinge on how he sees her from regulatory perspective. david: politics is everywhere,
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jon hilsenrath, jonathan hoenig, harvey pitt, jonathan i owe you one. we have to move on. melissa. melissa: sarah palin suing wall street times over a editorial tying her to 2011 shooting that left six people dead wounding 13 others. including former congressman gabby giffords. "the times" apologized to the error make a retraction. she linked her to a pac campaigning in the area with this shooting, and then they, lentenned that out to say that had something to do with the more recent shooting. >> right, with steve scalise. they said there was a clear connection from palin's pac and the gifford shooting which included a nine-year-old girl getting shot. a horrible situation with gabby giffords. melissa: that was proveably wrong. >> "politifact" says that was wrong. that was debunked a long time ago. yet they said the scalise
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shooting had no connection in terms of any political motive, which we see obviously it did. it was overwhelming. melissa: yeah. >> "new york times" run as story. remember, this melissa, wasn't one writer a blogger from you huff foe, this was the -- huff foe, this was editorial board of "new york times," collective unit put it out. melissa: nothing to think that the editorial writers of "new york times" would not be out to gun sling against sarah palin, forgive the analogy? defamation is difficult for public person. a lot of people say she legitimately has a case. >> she said they knowingly put that information out there, knowing to defame there. however big that is these a smart people. here is the rom, to prove dam damages you have to say it is up for a long time. they retracted it quickly. from the time it was up until time it was retracted how much
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can you prove of damages? with sarah palin, this is symbolic. she is standing up to the lame stream media as she calls it, she will not take it. if she loses, she made "the new york times" spend time, resources defending themselves. melissa: their behavior was very different than what happened at cnn. "new york times" in changing it, they added a sentence to the original story. they left it up. they put a little correction at the end. them they tweeted, it was like a medium soft apology. cnn on other hand, wrote this story trying to connect anthony scaramucci to the russians. when i read the story when i it first came out. i couldn't follow the writing. it was so convoluted how they were trying to get to the connection was. he threatened to sue them for hundreds of millions of dollars. >> reportedly. melissa: reportedly. they took it back, apologizes. took it down. more of a forcible statement. the reporters involved resigned. >> right, the reporters involved in it, we're not talking about
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25-year-old bloggers. we're talking a pulitzer winner. very decorated reporters. melissa: how does this happen? >> how does that happen, right? one error suddenly three people had great resume's suddenly have conscience, i got to resign. we got it wrong. let's leave cnn. no, i don't think so. melissa: what do you think? >> they were obviously forced out. as you mentioned reportedly because of the lawsuit. time warner is trying to merge with at&t. melissa: there you go. >> anything that is bad press, i guess cnn said, let's send a message, make these guys scapegoats. cnn gets burned, melissa, twice in the past three weeks because they run stories, multiple bylines, multiple stories on comey would refute trump, one unnamed source, 4-1 ratio. four teachers to one student. three reporters to scare you my hechy, one unnamed source. that one unnamed source, can't trust motive. probably negative and willingly -- melissa: president gets to say fake news.
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>> broad brush is out, melissa. no question. melissa: thank you, joe. david. david: breaking news on stocks. pier one shares are plummeting after hours, down 10%. following big miss on first quarter revenue the company expects to close 20 to 25 stores? 2018. melissa. melissa: what happened in the closed-door meeting with president trump on health care? senator pat toomey was in the room. he will fill us in next. hard to believe the chaos in venezuela could get any worse but it is escalating. we have the tragic details on that coming up. (baby crying) (slow jazz music) ♪ fly me to the moon ♪ and let me play
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(bell ringing) (audience cheering)
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david: mountings pressure on senate republicans. senate majority leader mitch mcconnell aiming for an agreement on health care by friday. what happens next? senator pat toomey was in the closed-door meeting with president trump on health care yesterday. republican senator from pennsylvania joins me now. senator toomey, thanks so much for coming in.
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can you clear something up for us? a lot of people have stories out there suggesting that there was a lot of fighting going on in the room. some people, the president saying that is not true. it was very cordial. what really happened behind those closed doors? >> i would describe it as very cordial. there was a very civilized airing of a range of opinions. there are almost 52 republican senators in the room, the fact is we don't all agree on everything but we're trying to he get to yes because we all do agree that obamacare has failed, failed dismally. we want, we want our constituents to have access to affordable health care not controlled by politicians and bureaucrats, but controlled by our constituents. so we understand the importance of getting something done. david: the hardest thing about getting all republicans together, both liberals and republicans against the bill as it now stands. how do you please both sides?
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>> look, it is a challenge. we're not there yet but i do think we can still get there. for instance, some of my conservative colleagues, and i share this view, believe that if we were to peel back more of the regulations that are currently in this bill, it will result in lower premiums, and more choices for consumers. that is a good thing. there is broad, maybe not unanimous but broad consensus and support for that. some of those tweaks there and we might pick up a number of votes. so those are the kind of little tweaks that i think over the course of the next few days could possibly get us there. david: now i would say, it's a fair guess you will not get any democrats coming on board, particularly after this challenge by senator schumer. democratic senator charles schumer put out a challenge saying essentially, you have to abandon all your idea of tax cuts, abandon any cuts in medicaid, and then we can talk. that is kind of a nonstarter, isn't it?
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>> basically his opinion agree to all of obamacare and keep it, and then we'll agree to maybe tweak some things around the edges to fill further increase the government's control over health care. that is complete nonstarter. the fact is, unfortunately there are no democrats willing to work with us on this bill, on this alternative. so we've got to do it ourselves. david: now that leads some people to say what will happen long term? say democrat becomes president in the next presidential election, house and senate go over just one body goes over to the democratic side, are we going through this whole process ad infinitum back and forth because our health care system couldn't take that? >> no, that's right. the democrats whether or not they will admit it, they have probably learned a lesson, done extremely badly in almost every election since they passed obamacare over will of american people. they lost the house, lost the senate. they lost the white house aas well.
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by the way they lost a lot of state legislatures and governorships. i doubt they wanted to go back and didn't want to go back unless they took entire elected government. i sure hope that doesn't happen. david: we have to jump, best guess after the july 4th recess, does it pass or not? >> best guess narrowly it passes. david: senator toomey, thanks very much. good stuff. have a great july 4th. melissa: crisis is deepening in venezuela. a rogue police helicopter launching an attack on the supreme court. the country's president called it a terrorist attack aimed at removing him from power. fox news's steve harrigan in miami with the details. this is wild, steve. >> it is melissa, if it was a legitimate attack, it mark as real escalation inside of venezuela but a lot of questions have been raised. basically you have a police helicopter in downtown caracas two hours hovering around main government buildings, dropping
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hand grenades, firing an assault rifle, yet no one gets injured. the government says it was terrorist attack, attempted coup. a lot of opposition say this was simply a staged event by the president himself togoer -- to gear up for a crackdown. the man who carried out the attacks oscar perez was a policeman and "b" movie actor. he says he is trying to out of the corrupt government. protests go on the streets in caracas. daily seeing water cannons and tear gas. 75 people have been killed since ape. the key thing to watch is the military. if there are legitimate breaks from the government by security forces, that is what could bring this president down. melissa back to you. melissa: wow. steve, thank you. david: i had a feeling he was an actor. melissa: he looks like a actor. david: young ed harris. opening its doors to entrepreneurs. we'll tell you about a chance to get your product sold at walmart
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the rest is up to you. call now, request your free decision guide and start gathering the information you need to help you keep rolling with confidence. go long™. ♪ david: do you have a brilliant idea about a product? chances are you might. walmart wants to hear about it. the retailer is holding an open call for all entrepreneurs to pitch their products in hopes of getting them on walmart shelves. casey stiegel is live in bentonville, arkansas. casey, did you see any great products? reporter: david, we've seen a lot. have you ever asked yourself, i should have thought about that or i should have made this, see something on a store shelf? we are seeing dreams becoming reality here today. let me show you around here, walmart corporate office,
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bentonville, arkansas. the hall back there is quieting down because we're approaching the end of the day. that is where all the magic happens. it is lined with dozens of private rooms where all of these inventors from around the country have been pitching their products to walmart buyers. now, here is one product up for consideration, tasty clean. it is an anti-bacterial spray but it tastes like candy. yes, you can eat it. jessica gore, a mother from the dallas area, developed it inspired by her son when he was younger. he was having a meltdown. he dropped a sucker on the floorings. she had to throw it away. what if something i could spray on that to sanitize it? that is how the idea was born. years of research and testing later, she is marketing her brainchild to other parent to sanitize things likes pacifiers, baby bottles, even mouth guards and the like. listen. >> we have to have everybody
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teach us. so i know my product in and out. because i have done every single aspect of it, from making it, filling the bottles. it made it all that much more special because we've been involved every step of the way. reporter: we've seen some characters too. how about these guys? we saw two men walking around literally wearing banana outfits. they drove their banana mobile from florida here. they were selling a banana milk to compete with, you know, the all monday milk, and thinks like that -- almond milk. these are green tickets, if they get a deal, we're happy to report the banana milk guys and our mom got green tickets. they are going to be picked up preliminarily in some walmart stores. pretty exciting. >> nice. reporter: these are life-changing decisions. david: i love this story, casey. thank you very much. we'll be right back.
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melissa: getting back in touch with middle america, democrats appointing a heartland
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engagement connected mainstream voters. david: illinois congresswoman will mentor congressional candidates and deliver the democrats economic message in rural areas. melissa: that will fix it. david: good luck. melissa: that day that does it for us. here's risk and reward. liz: markemarkets and politics, we are awaiting for mike pence, meeting with business owners in cleveland, ohio. air force 2 touching down more than an hour ago. we will bring you anything the vice president says about battle row ail. and another win, all the banks finally got a clean bill of health in the federal reserve. as the fed says it will let certain banks increase dividends and buy back more stock. banks could also unleash -- watch this. up to $2 trillion in capital now frozen on their balance sheets due to obama's regulatory reform.


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