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tv   Mornings With Maria Bartiromo  FOX Business  October 11, 2017 6:00am-9:00am EDT

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expecting continuation of the same political leadership for a long time which is led to pretty solid rise in stocks and it's still pretty far off record high but for now this is a new record to celebrate in japan. lauren: riva, we appreciate it. thank you. cheryl: let's send it over the maria bartiromo, mornings with maria starts right now. maria: thank you so much for joining us, it is wednesday october 11th, top stories right now, 6:00 a.m. on the east coast. laying out the plan for tax reform, president trump will travel to harrisburg, pennsylvania today to sell his vision to overall our nation's tax code to the american people. >> people want to see massive tax cuts, i'm giving the largest tax cuts in the history of this country in addition to that they'll be reformed. we will be adjusting a little bit over the next few weeks to make it even stronger. maria: what we can expect from the speech today including his plan to bring money back from overseas just ahead. hollywood outrage this morning,
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a-listers including angelina jolie gwneth paltrow come as weinstein is accused of rape. zuckerberg says he's sorry after posting video with avitar, the markets under selling pressure this morning. take a look. dow industrials, s&p, nasdaq all pulling back from yet another record high yesterday, major averages expected to be down just fractionally at the open. in europe major indices look like this, it's a mixed story. the dax index is higher. in asia overnight markets were mixed at the close, japan, nikkei average hitting a 20-year high with gain of just about a quarter of a percent on the session. kospi adding to the gains up another 1%. big names set to record -- report earnings, delta airlines,
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third-quarter earnings beginning this week. don't like the car, send it back. hyundai will rave up consumers. the shocking disappointment for stars and stripes coming up. all that's coming up this morning and joining me to talk about it all fox business dagen mcdowell and kevin kelly and aim ji -- amy holmes. dagen: harvey weinstein story broke with the new yorker piece with several allegations of rape in it, the new york times continuing the story. we always talk about the fake news but i think that as journalists we have to commend the journalist who is have broken the story. maria: yeah, you're right. >> the women who have come forward, great risk to their own careers. dagen: speaking out about 40 years of people in hollywood
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covering for harvey weinstein. maria: incredible. the video that was attached to new yorker piece was incredible. the video of him trying to coerce a young model into his hotel room. kevin: which nypd have. maria: it was, audio, sorry. kevin: last night we had the new york city debate and the republican contender, she was great hammering mayor de blasio, crime has gone down in biggest city and she said not against women and brought up great stats and put him in his place. maria: wow, i didn't see that. dagen: his wife is leaving him. maria: that's right. dagen: on a jet to europe to go to sex rehab. maria: he boarded a private jet last night. >> fly to go europe or flee to go europe.
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maria: joining conversation jason is with us this morning. former speaker of the house and author newt gringrich is here, judge andrew napolitano and former new york city police department commissioner along with intelligence vice chair ray kelly. big show ahead. don't miss a moment of it. top story and that's taxes, president trump will head to harrisburg, pennsylvania later today to pitch tax reform plan. the president will speak before nearly 1,000 pennsylvania workers including truckers who he will address specifically. according to senior white house administration official, the president says americans are ready for reform. watch. >> people want to see tax cuts, they want to see major reductions in taxes and they want to see tax reform and that's what we are doing. and we will be adjusting a little bit over the next few weeks to make it stronger but i will tell you that it's become very, very popular. maria: bringing money back to
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america will be focus of speech, excerpt of speech tonight reads the following. now we have it for you. we will eliminate the penalty on returning future earnings back to the united states. we will impose a one-time low tax on money currently parked overseas so it can be brought back home to america where it belongs. council of economic advisers estimate that is this change alone would likely give typical american household 4,000-dollar pay raise. kevin kelly, let's talk about this for a second. first time we are hearing about details of the plan, we have the embargo details he will unleash later, the one-time tax, do you think that's the key point in moving the needle in economic growth or corporate tax rate to 20% and pass-through rate at 25%? >> we knew it's a bipartisan issue. we saw it actually in the previous administration's budget. hillary clinton had it in her budget, we just didn't get any details. what does the one-time low rate
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mean. is it 10%, do they have to reinvest in property plant equipment? so when he ties $4,000 to american paycheck that'll be pretty interesting. does that mean they'll be contingencies on money coming back. what's notable is this will come back, it's in what form, can they get the democrats to come back over and work with them on some other things. this won't impact the deficit which tends to be where the democrats have gotten religion and they are going to put -- state their foot in the ground. this is pretty interesting. we are starting to see economic data do very well in this environment. think about the manufacturing data that's coming out. the durable goods, economic indicators are doing phenomenal, this will help it further. dagen: in terms of the deficits, you have seen liberals, democrats turning into words about national debt and deficits
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and now i will point to one thing, the solution to debts and deficits is faster growth and you get faster growth through tax cuts both corporations and individuals. wall street journal has editorial today pointing to congressional budget office report on friday that the budget deficit for fiscal 2017 grew for the second straight year. the disturbing thing is that spending only grew, only, 3% overall for the year which is -- it's relatively tame for the federal government. the national debt doubled during president obama's time in office, the reason is, because the economy wasn't growing fast enough. that's the solution to any budget. maria: they were spending like sailers, 10 to $20 trillion under obama. >> sailers and not women at a department store. [laughter] kevin: that's the biggest problem tieing tax reform to budget deficit is a false
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equivalence because the problem we have is where are we spending the money on entitlements, medicare, medicaid, social security, we also have other part that we spend on is the military and the problem is that if you get tax cuts, you can help pay for those things, right, because they are going to have growth and there's going to be higher payroll taxes. >> the key to thats if they are gng totick to, you know, budget neutrality, revenue neutrality and if they do, then that shrinks option to tax reform and tax cuts and i thought it was interesting that the president didn't make distinction between delivering tax cuts and tax reform. tax reform is a lot harder to do. you were talking where there's bipartisan consensus, we are seeing that on reducing corp. tax rate and, of course, the question is by how much. the democrats want a little bit higher than republicans. maria: committee for responsible budget continues to say that tax cuts do not pay for themselves and tax cuts do not necessarily pay through themselves through growth, we haven't gone down
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this road. for the last eight years we have been living with 1 and a half, 2% grower of this economy, once we get past 3 to 4%, you will see the plan. >> we have seen spending going up, up. maria: that's true. >> you to cut spending so you can balance the budget. kevin: getting back to maria's point, we had 1% gdp, 2% gdp, guess what happens when deregulation started to take hold, 3% gdp print. that was just deregulation. based off of fiscal policies it's realistic. dagen: if growth reaches 3% for even a few years the treasury is going to get a wind fall of new revenue exceeding current estimate and entitlement reforms are important to controlling deficits but without faster growth, there's zero chance. maria: that's a great point. before the president touts tax
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reform tonight he's expected to meet with justin trudeau at the white house. the two to discuss nafta after trump to slap duties in airlines and lumber exports. persuade that méxico is the biggest hindrance and not canada. listen to this. >> a great, great negotiator, ron, how about negotiating some of the horrible trade deals? [laughter] >> i would love to have ron. it's great to have you around, but i mean to have that, if you want to get around in negotiating nafta, i like that. maria: the president threatening to pull out of nafta unless changes are coming. even throughout all of his talk about that, it really was méxico who was he was most worried about and not canada.
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>> that's right, that's what he was focusing on. he campaigned about rolling back nafta because of jobs being shipped to méxico and when he talks about keeping jobs in the united states, we are bringing those factories back from méxico, not from canada. he didn't point north as being a big drag on the united states economy. maria: when wilbur ross joined us in the part, the canada part of it wasn't the one that needed tweaking. >> we want to have the keystone pipeline coming from canada to the gulf so we have a lot points of cooperation when it comes to the united states. kevin: a lot of it does happen up in canada, that's one of the biggest reasons why we've had such a great recovery because car sales have done well specially on suv side and a lot of that does happen in canada and not only méxico, in order for nafta to be -- you can't get rid of nafta because it would halt all economies, we need to revisit and that's what wilbur
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ross was sating, update to 21st century. dagen: i love how the president says nafta, nafta. [laughter] kevin: my favorite is china. [laughter] dagen: that would make my hair stand. maria: speech tonight at 5:45 eastern. we will take you live to the president's tax reform speech which of course we have to details just a few minutes ago. 5:45 eastern. more accusations this morning, angelina jolie and paltrow accusing harvey of sexual harassment plus disturbing tape that alleges reports encounter with young model. we will find out if the back to back hurricanes affected the company's bottom line and what they're expecting the rest of the year.
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maria: welcome back, now there's this, wild fires ripping through california's wine country leaving path of death and destruction. cheryl casone has all the details, cheryl. cheryl: no rain on the way for california, maria. the death toll of wild fires in northern california now standing at 17. these monster fires filled with strong winds have burned more than 200,000 homes and businesses since sunday. 180 people injured. nearly 2200 residents reported missing in sanoma county alone this mourning. and disturbing new allegations gens harvey weinstein, actresses paltrow and angelina jolie said weinstein harassed him. three women accused of rape and recording of weinstein captured during nypd sting operation u aggressively trying to persuade a model to come into hotel room in 2015, listen to it.
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>> i don't feel comfortable. >> i am not going to do anything. please come in now and one minute and if you want to leave -- >> why did you touch my breast? >> i'm use today -- used to that. >> i'm not used to that. >> lindsey lohan defending weinstein. quote, i feel very bad for harvey weinstein right now. i don't think it's right what's going on. it's been deleted. wine seen spokesperson said any allegations of unconsensual sex are denied. hillary clinton finally days later breaking silence about the democratic donor, the behavior described by women coming forward cannot be tolerated and courage and support of others is critical to stopping this kind of behavior. she didn't say if he's going to give any political donations
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back. former president obama saying, quote, michelle and i have been disgusted by the recent reports about harvey weinstein, any man who demeans and degrades women in such fashion needs to be condemned and held accountable regardless of wealth or status. and we should add there's more to the story, his wife now leaving him, chapman issuing a statement, my heartbreaks for all the women who have suffered tremendous pain because of the unforgivable actions. by the way, maria, weinstein reportedly has gone to europe, he left last night to enter a rehab center there. all right, one more for you. we are waiting on delta, earnings release, we are expecting a profit of 1.54 a share, that's what analysts are saying. stock is up for the year just barely. we also just heard by the way from black rock earnings, revenue beating expectations, trading just below record high, there's a year to date chart that looks pretty darn good, maria. maria: sure does. 465 right now.
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thank you so much right now. kevin kelly your thoughts real quick? kevin: they gave us guidance that this quarter hurricane season will not impact them. airline stocks across the board. when it comes to black rock, not only did they dominate on top line but also in bottom line, adjusted earnings per share, that was estimated to be 592. they did really well. that's in the face of lower from last quarter on the i-shares unit. they were running a tight shift but as the flows come not only on etf side but on the other side of the business. maria: markets have been incredible. $5 trillion since election day. dagen: now washington needs to step up. monetary policy is going away. the fed has said that. they are reducing their 4 and a half trillion dollars balance sheet making it critical for those in dc to do tax reform.
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maria: we will take a break. nelson will not recede seat in proctor&gamble. find out how the president plans to side-step congress, he says he will go at it alone getting insurance premiums under control. back in a minute
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maria, well, a busy week for active investors. it's only wednesday. closely watch shareholder vote at proctor and gamble's meeting. david, activism reporter for the wall street journal. david, good to see you this morning. >> thanks for having me. essentially, we have to wait. he's arguing the result as announced by p&g at the meeting that he lost. shouldn't have been announced. it was too many paper ballots
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and counting by hand out there and so they will go through certification process. eight weeks, depends on how long, so many votes and we will see from there. kevin: one of the interesting aspects of this -- of nelson at p&g it's on retail investor, the largest campaign for activist shareholder on record. do you think the retail investor in paper ballots could help him over victory line to get board seats? >> it seems like he lost a pretty big chunk, 7 and a half percent of the stock was held by employees and retail people like that. he lost that it seems like. the rest of the retail, we are not sure where they came in. it's not sure it will pushed over the edge. kevin: so he pretty much lost. maria: look what he was able to do with dow chemical and dupont.
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he has been able to move enormous companies, look at ge yesterday. secured a seat on the board of general electric. this guy has been enormously successful in moving huge companies to do what he wants. >> yeah, exactly. he will argue even with the vote being so close, he will argue and he already has, the shareholders spoke up, p&g needs to change structure. p&g needs to change attitude to investors and he's got the mandate that if p&g missteps -- he lost the vote close two years ago. they missed the earnings target they promised they were going to hit and ceo was fired. maria: he lost the fight but won the war on that one. what do you think, dagen? dagen: does it benefit average shareholders, somebody who owns shares to make it clear to your retail investor why it's important? >> that's the big debate about activism, sit good for the
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long-term, i think the employee vote probably show that is employees are worried about activism still, cost them jobs all of the time -- maria: they are cost-cutting. >> the retail -- the index fund vote is interesting here. black rock and state street appear to have voted for peltz, went for the company. those are the ones that argue were here forever, we need long-term interest in mind. so if some of them are starting to go for peltz, that's pretty interesting. kevin: you have the big fund companies which are passive investors actually swaying how the board is compromised. they are not supposed to be involved. >> they have massive teams inside to handle votes -- dagen: these mutual fund companies even though they own the shares passively through
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index funds, they take the votes seriously. >> for sure. exactly. maria: don't forget the adp story with bill. >> yeah. maria: retail investor call. more about just institutions, the retail investors are on this. te took -- >> different than a few years, everyone ignored the retail, if they did, there's almost always per management. there is -- there is a debate right now and i think that helps when you see the stock go up, retail people see the stock goes up. >> what is the activist strategy to get votes on his side? >> a lot of phone calls, facebook posts, it's really reaching out digitally these days and trying to make the points. >> political campaign. >> very much a political campaign. kevin: honeywell, you name it, activists are all over the big
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multinational corporations. you even see warren buffet and pulled away, it's pretty interesting this is where the battleground is. maria: i want to point out that the journal did a report taking a look at the reports of spin-outs, the spin-out companies have performed the broader market. you keep getting success like that you want say, yeah, we like activists, thank you so much, david. david from the wall street journal. bringing you the breaking news, the president tweeted this, he say it is stock market has increased by $5.2 trillion since the election on november 8 up 25%, lowest unemployment in 16 years and if congress gives us massive tax cuts and reform i'm asking for, the numbers will grow by leaps and bounds, make america great again. it's all true, the market is up 25% since election day and you
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are talking about a sizable $5.2 trillion. >> the dollar has declined, down 10% for the year and that's why you have a battle of two markets, you have the s&p 500, which is doing exceptionally well but russell 2000 has not kept up with that. dagen: real quick, trump, president on the way up, if he falls, he's putting the blame on congress. [laughter] >> how much of this is what alan greenspan might wall exuberance -- maria: there's a debate on that on the valuation of the market. 18 times earnings, we will talk about that. we want to look at puerto rico's crisis next. more people now reported dead three weeks after hurricane america this comes after mark zuckerberg apologizes of tour of deconstruction. apple teams up with director steven spieled berg to bring
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welcome back a good wednesday morning everybody. think you so much for joining us. your top stories 6:30 a.m. on the east coast. he's ready to tackle health care reform. >> it will cost the united states nothing to take care of the big percentage of people.
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with congress i decided take it upon myself so we would be announcing that soon. it's largely worked out. it's very intricate in another. a closer look this morning and what the president plans to do without congress. they close another record high yesterday. they are showing up fractional decline as you see there. the major indices are mixed and you see the ft 100 and that cat crime. in asia overnight markets are mixed but check out the ek average in japan. the utah police officer fired after he was caught on video aggressively handcuffing a nurse. mark zuckerberg apologizing this morning.
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the unique offer that hyundai is hoping will rev up consumers. nfl commissioner robert caddell finally takes a stand. all players should stand for the national anthem. he plowed into his own field. we see in stand for the national anthem. all of the stories coming. the fight for health form. they are signaling plans to take matters into their own hands. he tweeted this. congress cannot get it back together on healthcare. i will be using the power of the pen to give great health healthcare to many people fast.
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i will also be signing something probably this week which is good to go a long way to take care of many of the people that have been so badly hurt on healthcare. they will be able to buy and cross state lines and they will get great competitive healthcare and it will cost the united states nothing. with congress the way it is i decided to take it upon myself. joining us right now as a former adviser to the presidential campaign. thank you so much for joining us. i think it is crucial that we do everything we can to improve this healthcare decision. because we haven't had a decent bill before congress the and the president well had to resort to executive actions.
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but we have to do a lot better than this. we need a true bipartisan substantial health care reform bill. anything this big should be done with both parties they push through medicare. have a much bigger majority of democrats in congress that we currently had with republicans. the new something that big head to be bipartisan. he wanted both parties to have skin in the game and what you know no one has made any serious attempt to unwind medicare all the way since then. we have to have some of these more egregious problems with obamacare remedied with actions. this is what the president just said a moment ago. it would be really nice if the fake news media would talk
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about this. they want massive tax increases and soft crime producing borders. the republicans want the biggest tax cut in history in the wall. he makes his case for this policy on twitter is that working. >> the twitter communication platform along with the fireside chat. powerful presidential communications and approaches in history. i think he grates --dash make its great he treats it. i like the fact that he loses -- uses that platform. in terms of tax reform of course that's how he's can have to sell it. when you have a tax reform plan that has been put before the congress will reduce the individual tax form of skin or can shift taxes away from business so business is our growth engine.
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and they are problem solvers in this country. they are developing the technologies that will address many of our healthcare issues and will use artificial intelligence to improve productivity and make our lives better. if you do to do things to stimulate small business. i would make the changes and i like everything about the tax reform that is there but fortunately as president trump has said he expects congress to approve the proposal. we ought to add a trade tariffs on imported goods. if you take out north american oil it's about $2.1 trillion. a 10% tax would give us $210 billion a year to find a good healthcare program and offset the income tax cuts and that would be a terrific move towards a consumption -based tax that favors american workers which is what the
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tariff is. i just want two-point out that president trump maybe you need to keep foxbusiness on a little more. we talk about what matters to individuals. we talk about every day exactly. that also goes back to the argument that the president is making here where we need tax cuts. do we need that if we are at record highs on the stock market. i think that is a lot into the democrats arguments. my question to you is on this healthcare can president go alone. i think he can. i looked at this and this are associated health plans. you can do this you can group together with other people and by plans and policies it gives the consumer choice i think he
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could do this plan and forget about healthcare. what do you think about that if he just you just focuses on this one aspect? >> i think a tax reform and health care reform should be integrated that should be done together or looked at together. and the key is groups as you say. the problem is look at the employer market where 80% of their people get their healthcare through their employer those are groups they had people with pre-existing conditions. the groups are large enough. we have got to force the health insurance companies to create groups that encompass the uninsured and the current medicaid population. that can be done and it can be done across state lines. to affect that kind of significant health care reform. you do need legislation and i think that is something that needs to be bipartisan.
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we tried to put healthcare together and it failed miserably. i would just say to the criticism of the president when president obama said we can't wait that was a political statement now have health insurance plans that are leaving that people either had one option or zero. we can't wait for the obama care to circle the drain. to do this right we've got to revisit this on the legislative level we really didn't try tax reform and health reform is an integrated package. we're trying to do health reform first. and if you have the two together as an integrated package. i think that is a much better approach in the mandatory
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withholding on all mental and middle income in the above individuals. it would go into their own answer each essay. as a kind of fundamental reform that we need. and again the health insurance companies which are profitable i've said this on the show before. health insurance companies over the past five years the biggest health insurers have tripled in value growing faster than apple. it doesn't make any sense. and everybody is worried they're gonna leave the exchange. they're basically trying to tried to hold america hostage. as long as you've got no federal premium price control. there is almost no antitrust. thank you so much.
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mark is under some selling pressure this morning. and then yesterday these averages hit another all-time high. he have to call this a victory. apple is one that we are watching. amazing stories for the technology giant. set to spend $1 billion on original content over the next years. the fight in the battle for original content is on from everybody. were also keeping an eye on snap. within the septet. the future is called context cards. they use the information related to a business or restaurant. they are better than 3% since the ipo as you see there.
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the utah police officer who was caught manhandling a nurse is on leave. he violated department policy when he was arrested the nurse and dragged her out of the hospital as she was screaming. his watch commander demoted to ranks. the hospital policy had required him to get the patient consent. the death toll now raising to 45 in puerto rico after hurricane maria. house speaker paul right place to visit the u.s. territory later this week. millions of people remain without power more than three weeks after the storm. sarah huckabee sanders announcing an additional plan to help the struggling u.s. territory.
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meanwhile after mark zuckerberg uses cartoon avatar to help them for what was could considered to be an insensitive weight to deliver a message about humanitarian aid. they want to make pricing a little bit more transparent. they will list the prices of all the cars online. get this they are offering a three-day return window if you don't like the car. making a beat by in my car on amazon next i don't know. you can buy your car online
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that's what cheryl just said. and she may go to amazon to do it. shocking shutout. they bounced from the world cup. contention for the first time in more than 30 years. the new plan for player protest during the national anthem. he said you gotta get up. you know who likes to be in control? this guy. check it out! self-appendectomy!
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welcome back dreams are dashed for u.s. soccer. they lost to trinidad and tobacco eliminated the u.s. from built-up contention. the loss came after the team scored a goal on themselves. the reaction was that the u.s.
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looked slow and lethargic. this was the most embarrassing u.s. performance in u.s. history. that is a sad part. they have nothing to play for. this is our game for the taking. and the biggest issue that we have is you had 21st century fox. they paid $2 billion for the streaming rights to air the world cup. that goes into the business angle of this. streaming rights are very expensive. there will be a great deal of attention on russia who basically has state sponsored systematic a doping of all of their athletes. who is going to be detecting
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that. watch the movie. meanwhile a new twist for the national anthem protest. he has developed a plan to move past the controversy which could be enacted as early as next week. giving players and inseam --dash back in season platform. like many of our fans we believe that everybody should stand for the national anthem. we need to move past this controversy we want to do that together with our players. he tweeted this. it is about time that robert caddell finally demanded that all players seen for the national anthem respect our country. it's becoming a financial issue for the nfl and the
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owner's. it remains to be seen how they actually force these men to stand during the national anthem. the details are very light. there is a legal issue which i know the judge next hour or potentially talk about. the contract that the players have with the leak and what the seats. they are scheduled to meet next week in new york. this is a business problem for them. the ratings are down more than 7% from a year ago. it does hurt the nfl. the nfl does exercise a lot of their control over their players. they to be to compelled to go to press conferences. it he have to sit there and give answers so you just say no. this is not about principle it's about profit.
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america went with the president right away. people want to see the respect of the flag and then national anthem. we also seen for the first amendment. if you want to protest than that's then that's your right to protest they have the right and this is a free country by we've a lot more on the nfl controversy. after they go after jerry jones for his new protest stance. [vo] quickbooks introduces rodney.
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i have a problem with donald trump's tax plan. a big problem. eighty percent (80%) of the tax cuts go to the top one percent. the richest americans. and big corporations get a huge tax break. but a lot of families like ours will pay more. millions in the middle class will actually pay higher taxes. that's right. higher taxes! to pay for the tax cuts for the wealthy and big corporations. no early morning tweet can make that right. the trump tax plan is just bad for america.
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maria: welcome back happy wednesday everyone. thank you for being with us this morning. it is wednesday october 11. 7:00 a.m. on the east coast. we are waiting to hear from delta and lourdes this morning. we've all you need to watch for. both earnings and revenue topped expectations. the stock has been doing really well. the broader markets with some help selling pressure. there is real momentum in this market we are expecting a fractional open on the start of trading. the major indices are mixed. the index in europe is up
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fractionally. in each overnight markets were mixed. japan's average hitting a 20 year high. outrage in hollywood. a listers come forward with their own accusations against embattled film executive. the latest shock as three women are accusing him of raping them. you details against him. congress is warning of a substantial security threat. and eminem drops the mic on president trump. watch this. [music] the rapper took more
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than one shot about our commander-in-chief. will tell you all about the new video. and what it will cost you for a month of unlimited luxury. all the stories coming up this morning. kevin kelly is here. amy holmes is here. great to see everybody. we've another tweet coming out. delta earnings is really the breaking news right now. that is unexpected on both the top and bottom line. phenomenal. and they really gave it some pre- guidance last week. he actually moved action moved all of the shares and they said they don't get them believe there can be impacted by the hurricanes that happen to this quarter. it reaffirmed a lot of the numbers. what they're saying is this is
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my work and had to see what guidance they get going forward. everybody is focused on fuel costs rising. they've done a great job managing costs and actually increasing the operating margins so they're making 2.5% more per seat this year than last year. they had run such a tight and efficient ship. now the focus is going to be on fuel costs. there's 18 buys and one hold. sixty-two dollars across the board for the inlets. what's important to know is that we talk about technology so much. we saw technology have a tough month last month. where was the leadership. that actually shows a healthy and robust economy.
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we have to point that out. and on the margins it does make a difference. i used to think united was the best. delta does do a good job. we are cap to talk about he said at harrisburg pennsylvania, and has increased by $5.2 trillion on election day. a 25% increase. lost employment 16 years. in this if congress gives us the massive tax cut. they vowed to overhaul the nation's tax code. i'm giving the largest tax cuts in the history of this country. we are also bringing back three trillion dollars from
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offshore. that is money that has been there for years that wants to come back into the country. i want to bring in the former counsel. jason, good to see you this morning. what is the take on the tax plan that you've heard so far. we need tax reform or corporate rate is too high the international system is badly broken but my problem with what we've heard so far is that while it would help with those a large increase in our budget deficit and giving that benefits to high income households. the debt doubled under president obama. with a huge recession that the majority increase was there. there was a lot of legislation to lower the long-term debt.
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on spending and taxes. the south issue. if you want to help our economy now what is the right way to go forward. adding 1.5 trillion dollars to the debt is clearly not the right way forward in this administration is arguing that the tax cuts pay for itself. is a fantasy. they said it best. it will pay for 20% of itself. the cost is now $1.2 trillion. it's not a whole lot better. why shouldn't we look at the historical record that when taxes have been cut gets government revenue that has gone up. we sat in the 1920s. the revenue went up significantly. should we just ignore that. there is a big difference between a tax cut.
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president reagan did a big tax cut in 1981. the deficit came in higher than expected so it came back and raise taxes by a significant amount to correct that mistake in 1982. let's sit down with congress on a bipartisan basis let's set the ground rules. that's what he did in the 1986 reform. that is what this president should have done congress would have worked with him on it. but instead he is promising the biggest tax cut in history which is a total lie. it is alive because i think cutting the tax rate is a little bit big it's what president kennedy did. that is a little bit bigger.
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i don't know any metric under which this is happening. it is too large of a tax cut. by the way, the business roundtable said we should have revenue tax reform. if to get back into the argument seen we were able to double the budget deficit. we over the last five years we have seen medicare and medicaid all of these costs go up 15%. they were supposed to be tackled by the affordable care act. we have an aging population so in order for us to tackle the deficit shouldn't we get a growing economy and focus on putting more back. they can pay for the
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deductibles. first of all you have your tax -- facts wrong. it's really remarkable. we need more growth. goldman sachs took a look at that. it would go up between one and two tenths after that it was essentially zero. you enter growth with revenue neutral tax reform. that's where the administration started. every time they came along and said we don't like the offset they dropped it. since we had been mired in one and half to 2% growth and out
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for about a decade what is your proposal. it lowers the rate but doesn't add to the deficit. i would expand immigration rather than pulling back. with the job creators and innovators. they were created by immigrants or the children -- children of immigrants. without them we went.
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is that we did you did under the obama administration? what you are proposing did you make these changes during the obama administration. were just trying to understand why we have such a weak growth over the last ten years. these took about three or four or 5% growth. we have growth of 7.3 percent. gdp. we have not seen it. you are throwing out a whole bunch of things. that the senate passed conference of immigration. it was very strongly supported by the business community. unfortunately the house never passed it. with a real demographic problem going forward. people are retiring. and we need to make up for that with more productivity but we also need to make up
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for that. our workforce would be falling. i want to push on something though. the syntax of our proposal on the individual aside if it is revenue neutral you have a pile on a democrats getting on board with that. i had pushed back. if you make it revenue neutral in distribution neutral which again is consistent with what the administration has said its goals are. i'm not seen anything for them other than what they have said absolutely. i would be working the phones. calling for proposing tax reform. and you get a lot of democrats interested. instead they're talking about a big tax cut. there is no economic growth that you will get from that.
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that is just a manner of what you think the distribution of income should be. that's why people are opposed to it. you've artie pay tax on that money. no one is making an argument that there is a whole lot of economic growth associated with repealing the estate tax. i think they just think it's unfair to people like themselves. i don't think they will go with it. it will be something that the republicans will say because of the revenue. there is a state and local income tax debate going on right now. are you saying he have to cut back on spending the corporate rates have to come down but you want us to be revenue neutral how to get there.
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raising taxes on a portion of the people. you're not giving us a path to get there. you want to broaden the tax base. you want to do things on international taxation. and you're making it free to repatriate their money. you don't want to create a new set of loopholes. this has for example a new 25% rate for certain types of businesses everyone is gonna be clamoring to be that type of business. it is opened up. even conservative tax analyst. they only want to keep three deductions and there. mortgage, charity in retirement. >> what loopholes are you referring to. we have to put up guard
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rails. i could hire myself out. as a new corporation instead of paying the top rates. there will be rules in place to make sure that doesn't happen. jason, thank you very much.
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these are raising new questions about the police response to the mass shooting. >> jesus campus was shot by stephen haddix before he opened fire on the concert hours below. they arrived on the floor 18 minutes later. the question investigators now had what was going on behind the scenes with hotel security in place during the 18 minutes. is not immediately clear why or if mandalay bay security told him about the condition and what was going on on the 36h floor. a spokesman for mgm said the police timeline may not be accurate a lawsuit seeking to represent the victims of the rampage was filed against the maker of bump stocks. another manufacture of negligence.
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it was filed by three nevada residents who attended the festival but it does not involve the injuries in the hundreds of people suffered where the families of the 15 people who were killed. an emotional home opener for the golden knights. they were hosting the first ever home game. they have a pregame and nurses and all called him by name. and accompanied by the players. afterwards they spoke to the crowd. to the families and friends of the victims know that we will do everything we can to help you in our city heal. we are vegas strong. an emotional pregame ending.
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they beat to the arizona coyotes a five-two. will talk more about the developments. the aqua facts breach goes from bad to worse. drivers license compromised during the breach. it was accessed by hackers. including social security numbers of potentially 145 million americans. meanwhile technology and crowd giant has confirmed that it left the massive store of data. by anybody. who knew there servers web address. porsche launching up car
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welcome back more on the wildfires ravaging northern california this morning what a story. intensified by strong winds. the fires had scorched more than 100,000 acres of land and left 17 people dead. good morning to you adam. more than 2000 structures have been destroyed as well. that is a latest number. to give you an idea it is just
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basically to the east of a knapp but just over the ridge. parallels. it's very similar to napa in a lot of cases. is burning from napa into solana county. we have a very active fire burning near sonoma california. the fire is burning all around wine country. i was out right before sundown last night as the wind picked up. here is what it's like when the wind picks up. and the fire starts to move. it is not coming over the hill as you can see the actual fire line.
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this fire is burning a fast. after roughly a 36 hours of no wind. you can see that the wind has picked up. there are some fire units here. it is very difficult fire conditions as once again it is becoming a tough fight against this fire and others in this wine country region. that wind was soaking all three of those. the street in particular very active last night. we sought jump and three quarters of a mile. it forced people to evacuate. these folks came in and volunteered their health course trailers to help them grab their cows and get out. we came over here to evacuate horses. we were able to help them get all of their cattle. maria as you can tell a lot of people helping each other out here.
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here is a weird thing going on. when it blew threw knapp a couple of days ago people on the east side that all evacuated. maybe only a couple miles away. now the fire is burning on the west side now those people are evacuated and living with people on the east side. they evacuated back and forth across the valley. it's just an incredible moment. we will continue to follow your reporting. adam is on the ground there near napa valley. angeli jolie. they speak out and they are the latest to speak out against hollywood producer harvey weinstein. it's all straight ahead. and new questions are being raised over the former it worker a lot of new information. the massive computer scan next. training -- [music]. .
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maria: happy wednesday good morning, everybody. thanks so much for joining us welcome back. i'm maria bartiromo it is wednesday, october 11, top stories right now 7:30 ap on the east coast. delta reporting earnings this hour airlines third quarter results above expectations stock is up this morning, they are saying that hurricane irma
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weighed on profits after the storm disrupted its network, the stock moving higher this morning on the report, broader averages flat we are coming off another record-setter yesterday, right now we are expecting the markets to open down fractionally with a dow down 14 nasdaq down 5, s&p 500 down two points, in europe, this morning, the major indices mixed to look at ft 100 cac quarante lower a fraction down a quarter of a percent the dax index is fractionally positive barely there in asia overnight markets mixed japan, and korea standouts, japan knee kae average quarter of a percent move 20-year high in japan. new details this morning in case against the former i.t. aide to debbie wasserman schultz. lawmakers concerned that positives a security threat hollywood outrage "a" listers angelina jolie gwyneth paltrow with youing accusations
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against harvey weinstein three women accusing him of raping them nfl stepping up previous to knowledge roher goodell calling them to stand white who is aah applauding the move. >> we certainly support the nfl coming out asking players to stand just as the president has done, g this industry is going to use money from american taxpayers to build fields they play on is it really too much to ask they should respect for the american flag the beginning of the game. >> naacp threatening action against cowboys owner jerry jones rapper, dropping micced on president trump. >> pizza hut bringing technology to keep pizza warm to your outer wear. [laughter], all right, all right that coming up this morning -- first this, top story this half hour new concerns raised this morning
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over debbie wasserman schultz former i.t. worker, congressman scot perry disclosed allegations of massive data transfers on government servers calling it a stnl threat during informal hearing yesterday. >> this means to up 40 or more members of congress, had all of their data moved out of their office server or out of their cloud storage system on to the server without their knowledge or consent. maria: he was arrested in july dulles in virginia trying to bored a plane to get out of the country to go to pakistan in september, he pled not guilty joining us judge andrew napolitano what is your take on this new security concern, whole time we all knew there was something bigger than bank fraud had to do with security of the united states its connection to the muslim abroad now coming right up. >> i think you are correct,
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and congressman perry is very much on to something here he was revealed the existence of 5700 unauthorized downloads of information, from congressional computers and thought ensure whenot sure whert know the person who did do downloads outside a lot of money to a lot of people in pakistan so many of those were involved with hesitate ezh hezabollah gets complicated a former member of congress becerra now attorney general state of california not personally involved was at least nominally in charge of all these people you have the former chair of the democratic national qe still member of congress debbie wasserman schultz fighting aggressively to keep government from s exposing the contents of a laptop we don't know what is in that laptop. >> why? releasing this -- >> i do find it potato schultz
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should if we interested protects security of the united states the data that members of congress put in computer systems in exchange keeping that secret a private as law requires, but she is not she is not fully doesn't appear to be i don't know what is in her head doesn't appear fully cooperating with government. >> the dnc got hacked at democratic national convention all e-mails first came out you would think such a substantial hack such a substantial breach that the democrats would want the power and the might of the u.s. government, to look in that computer to find out who the what he can did they do they hired a private computer company submitted we are not giving this laptop to the government giving this o to private company only answers
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to us. >> whatever you think of jim comey they told jim comey to take a hike fbi there ready to exam computers what they got dnc said don't touch so that it eric schmidt from goingl got them a private company what were you going to say. dagen: your gut has been right on a this story from the moment it broke when we were at dnc, and with this particular individual. who., by the way, was still in debbie wasserman schultz's employ until literally the day that. >> he got indicted. >> on pay role why within the she fire him. >> sometimes government will charge you with a very specious charge, just to keep you here. this is not a specious charge the charge is a very, very real charge but not the government's real interest, the government real interest preserving national security of the united states learning
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to whom all of this data, 5700 times to whom this data in the middle east went,and the government is curious as are the rest of us, in as to why congressman wasserman schultz is not curiosity about this. dagen: why protecting him when other democrats let him go. >> leads me to believe more than meets the eye every time we talk about this third or fourth time we discussed that more information comes out. maria: why coming out in bits and pieces? why are they -- >> russia so they keep the democrats keep pushing this russian narrative like look here don't look here we are true enemies of the state have come in, that you have talked about -- money being wired to pakistan, that the nor compromises gifts. >> kansas city royals cuts democrats concerned about haktdz not this kind of hacking. >> exactly the answer not all investigations look at massive -- in las vegas the dispute
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over timeline not all investigations occur in orderly fashion you take evidence when it comes to you you are he basically putting together a jigsaw puzzle some of it is leaked out doesn't make extends until you know all the pieces that are around in it wasserman schultz case there is a lot we don't know, and somebody is selectively leaking this information perhaps to put pressure on congressman wasserman schultz to cooperate with the federal government. >> they had to do something, so they he got him in bank fraud. >> get on plane to pakistan. >> already left -- wife had already left. >> that is complicating faction about those also undergoing at a divorce in pakistan same wife a codefendant in the united states you can't make this stuff up. maria: there is more to come on that, you can be sure we are going do cover i have the switch to nfl here players kneeling during national anthem naacp responding to jerry jones' comments be
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benching players that disrespect the flag jerry jones's comments more than tone-deaf more than misinformed misguided they are public commitment by an nfl owner to violate his players constitutional right to free speech, nfl hall of famer name th weighed in on protesters during interview on "fox & friends" yesterday what namath said. >> we have a right this is america. liberty, a lot of freedoms ownership has ownership, again if somebody starts walking through here carrying a sign what it powers to be going to say to you -- >> excuse me go do that somewhere else don't do it in the workplace. >> that is the point, judge in ap nap about what do you think about that can nfl force players to stand for the national anthem. >> discuss a a workplace issue the football field a work place for a given team. >> paid for by taxpayers. >> correct depends where workplace is example new
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jersey, new york, district of columbia california have statutes permit suppression of political opinion in defiance of management as long as that expression doubter impair work product is if management can show jerry jones or families that own giants by some players taking the knee the team is losing revenue or morale is impairing the playing of the sport that would be a reason to compel -- >> -- the way -- >> but i can take -- a player. >> judge i want to raise an issue. >> depends where they are. >> i want to raise an issue with you that you brought up on this program, is that it events on the clefbl of oeb collective bargaining agreement he based on what on what is in contract knee collective bargaining agreement as with following principle the nfl cannot
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compel political or patriotic conformality on property end by government almost all staildz the dirt earth they are standing on owned by the government, just as the government can't compel speech, or prohibit speech the nfl can't unless the speech and we are when we say speech we he maintain expressive conduct silent taking of knee use this phrase considered speech in the constitutional. >> unless nfl can show taking the knee the work product the gain the republic is impaired it can't interfere but if it can show that the work product is interfered it can intensifier. >> dagen told us ratings, they are losing money. >> if they can demonstrate that they are losing money, then they can -- and the loss of money is because of the taking of the knee they can prohibit the taking of the knee. >> show video of fans burning
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jerseys tickets lit up. >> if tickets have been paid for no money lost kevin. [laughter] >> i can understand that nfl certain cases cannot compel speech but can they punish speech can they fine them or suspend them keep them in the locker room. >> only if their speech taking the ne interferes with the owners ability to earn money not because owners disagree with the speech, so in other words, they have to punish the speech for a noncontent aspect of the speech. >> got you -- >> all right judge great insight as always. >> you get it letter of the law thank you so much. >> a fresh. >> coming up rapper slamming president donald trump during performance at betcht awards the outrage after he attacked the commander in chief policies we bring it to you next. >> a parka to keep you as warm as a pizza. new outerwear in pizza hut straight ahead.
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. maria: welcome back two officers paying price for the collision of a navy destroyer the story. cheryl: two top officers of the uciviliu. ss john mccain fi for poor judgment following collision have been relieved of duties for crashing into oil staifrnger near singapore 10 sailors died five others injured hip-hop artist eminem creativing president trump going freestyle blasting president during bet hip-hop awards last night. >> any friend of mine a supporter of his i am -- you
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either for or against if you can't decide, who you like more in your split on who you should stand beside, i will do it for you with this. >> ooh. >> yeah, okay. so other hip-hop stars took to twitter supporting eminem in all of them. >> alibaba going to invest in 15 understands billion dollars over three years in global research and development program,going to rubbed research data intelligence human machine interaction and internet seven research labs worldwide two in the united states. finally it keeps your pizza warm and can also keep you warm along with a new deliver pouch pizza hut debuted a limited edition parka used insulation technology promises products help keep delivers pizzas parka owners to up 15
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degrees warmer. >> so in other words, when you buy a pizza you can carry it in the parka? >>. cheryl: two different things all kind of a -- a little bit of a stunt, but look, parka fine but really about the pouch they want your pizza delivered hotter to you that is -- the pouch. >> you get to see billboard for that. >> right. >> okay. the pizza in the pocket i guess. dagen: as a new yorker a pizza expert you don't eat pizza hut pizza. >> cozy. >> coming up -- >> we are getting to this story right after the short break sexual harassment claims against producer harvey weinstein, getting worse the new allegations celebrity angelina jolie gwyneth paltrow speaking out three other women said he raped them, stay with us. at fidelity, trades are now just $4.95.
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paltrow saying weinstein swaefl hash as areed harassed them there is an audio recordingch weinstein reportedly captured during nypd sting pricing trying to persuade a model to come to his room in 2015 listen. >> i don't feel comfortable. >> don't -- >> don't. >> please, i am not going to do anything i swear on my children, please. every moment -- >> uncomfortable right now. >> come in now and one minute you are -- >> -- don't touch my breasts. >> -- i am used to that. >> you are used to that no but i am not used to that. >>. tracee: a statement saying in part any galgs nonconsensual sex unequivalently denied by mr. wine steen former president obama finely breaking silence about the
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donor says michelle and i have been you disgusted bir reported about harvey weinstein any man who did he maenz degrades women in fashion needs on the condemned held accountable regardless of welt wealth or status hillary clinton stays behavior described cannot be tolerated the support is critical in helping stop this behavior weinstein's wife is leaving him saying quote my heart breaks for all women who have suffered tremendous pain because of these unfor gifbl actions. >> the legal story can be charging. >> he could be charged for rape case but they do date back sometime, one of them in 2004, and so prosecutors would have a hard time bringing this case against them, because of the evidence the women have to be willing to come forward, and in case of the audio recording that we heard, that
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woman she settled, so there will will be no cases. >> however, i will point out legally if people get subpoenaed then the restrictions in these nondisclosure agreements fall away if in a lawsuit subpoenaed those restrictions no longer apply some rape cases the article in new yorker covered, there is one in particular, that it happened havendallf wipe steep' office other ones the, a argenta happened in europe not in united states. >> at a raises another legal issue. >> judge, he told us during the break that the 2015 tape he thinks this certainly get a conviction on that, d.a. can circle that and prosecute. >> the statute of limitations
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some 30 years old can have a hard time. >> statute of limitations is out there we will be watching what a story thank you tracee carrasco the rode map to tax reform the white house plan president trump heads to pennsylvania later today to talk about overhauling the tax code we've got that embargoed speech, stay with us ♪ ♪ now i'm a believer, ♪ not a doubt in my mind, i am in love, ooh, i am a believe, i am a believer ♪ i'm a concrete mason.
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wednesday morning. thanks for joining us. i'm maria bartiromo, it is wednesday, october 11 top stories right now 8:00 a.m. on the east coast. laying out plans for tax reform, president trump will travel to harrisburg pennsylvania to sell his vision to overhaul our nation's tax code to the american people. >> the campaigned on tax reform hopefully we see that happen we are certainly committed to that think we will get there time and time again congress made promises failed to deliver. maria: what we can expect from the speech today including plans to bring money back from overseas coming up this morning, ahead of the speech futures showing markets going to open lower fractionally, coming off another all-time high yesterday, and markets are looking, to be fractionally lower after that, in europe this morning, the major indices mixed lower ft 100 cac quarante. dax index stolidly
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in the red, in asia overnight, markets closed mixed, with nikkei average a 20-year high in japan not accurate why mgm questioning recent timeline provided by authorities of exactly what happened, when and at what time during the las vegas massacre, we've got that coming up, hollywood outrage alisters angelina jolie gwyneth paltrow would come forward with accusations against harvey weinstein shock three accuse him of i can't ip. >> delta air lines earnings revenue beating expectations, hurricane irma weighed on profits after the storm disrupted network, benjamin franklin southwest offering deals for less than 100 dollars, where you can get away for cheap just ahead, the dark side of your home, the new "star wars" theme with the force to help you he clean up dirt from a long time ago, far, far away coming up
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joining me to talk about it fox business network dagen mcdowell, kelly and company managing partner kevin kelly, political analyst amy holmes great to see you big day of "newsweek." >> tomorrow we have jp morgan citigroup announcing earnings huge last week trading volume down on j.p. morgan they lowered estimates from growing 10% down to 8%, let's see what guidance we get tomorrow, out of them i mean you you have financials predicate indicates, up 8% last month a big, big day for the markets, today, and tomorrow, because reported one last thing, investors are focused on bitcoin how technology is going into financial companies and into the banks, because we've seen other companies that have implemented done
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well including patrick on the show talked about it implementing exchange tomorrow very big at a. >> setting the tone for market. dagen: i am smiling because i know who your guest is coming up one quick thing viewer called me a snob for comments about new york pizza versus pizza. >> the for are did he or mr. ablz get over yourself learn how to spell deplorables correctlyly thank you. >> on that note coming up, also a new mr. political villageer former speaker of the house newt gingrich up shortly ray kelly with us this morning a host of "varney & company" stuart varney don't miss a moment do stay with us on that, first though, this president trump will head to harrisburg pennsylvania to pitch tax plan at meeting with kraibd prime minister justin trudeau adam shapiro with the very latest. good morning to you. reporter: good morning to you the president is going to
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focus on the tax reform package, that congress has yet to act on, as well as the trucking industry 70% of all freight is moved over by tricks going to speak specifically to truckers and base when he aspects later this evening, speakers in harrisburg one issue he is going to talk about, is the repatriation of trillions of dollars of corporate profits housed in banks overseas, and the president is going to say that his economic advisers tellth him bringing that money back to united states will equate to a 4,000 dollar increase for the average american family. so he is going to make the case, that we need to bring that money back, because it will boost incomes of average americans by 4,000 dollars, there were tweets this morning, from the president, about tax reform, and how the economy is performing he said in one tweet quote, the stock market is increased by 5.2 trillion dollars since the election on november 8, 25% increase lowest unemployment
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in 16 years he went on to say and if congress gives us the massive tax cuts and reform i am asking for, those numbers will grow by leaps and bounds, make america great again, and then one other tweet that he issued this morning, the democrats want massive tax increases and soft crime pressuring boards the republicans want biggest tax cut in history, and the wall, so president wants to geth laying out agenda is not waivered from, at press briefing press second sarah sanders had this to say about capitol hill with writing the actual tax reform bill. >> o priorities remain the same final piece of legislation has not been finalized this is a time of negotiations the principles and priorities that we have laid out the are not up for negotiations. >> unrelated matter justin trudeau prime minister from canada here meeting with president to make case in
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nafta renegotiations that canada is not problem for the united states that is mexico that canada in being if a, is the biggest client of he sales from united states. and there are issues, of course, with aircraft bottom barred yea canada, terrorists imposed lumber issues the president and justin trudeau will talk about those sometime after 1:30, back to you. maria: adam shapiro at the white house, i want to bring in author of vengeance newt gingrich with us another new book thank you so much for joining us, this is focused on north korea. >> really tries to get across the core idea what if terrorists were to swap two super tanks of oil with north koreans in return for nuclear material not nuclear bomb the nuclear material to make dirty bombs to try to hit american cities in european cities, and i think it is -- our major in the marine corps our character
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for two noefvels to things to american people with an you can't just assume if you stop missiles you are stopping weapons opponent has many ways of delivery the other you can't just focus vertically on one place you can't say, here is our north korean policy because north korean policy relates to iran where they have been selling missiles relates to syria where they tried billed a nuclear reactor, and networks of opposition we are not day designed mentalitily or structurally to have a national security apparatus that thinks of the whole network as well as a threat i think vengeance in that sense an adventure book but underlying it serious public policy. >> these are serious times, i mean north korea you know, the terrorists or the policy trying to achieve in washington, we are at critical moment in time. >> i think the -- north korean nuclear program is greatest
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danger since the 1962 cuban missile crisis, i think people really need to understand that we've had you know, president clinton, president bush, president obama all tried every case they talked north koreans developed missiles and bombs we are now at a really critical point, i don't see an easy out. i think there is some things that could be done, all of them involve risk, but i do think that the administration the trump administration has been very good at dramatically tightening up on the sanctions, and pushing the chinese into doing things year ago would never have dreamed of. >> by the way, getting china and russia onboard with sanctions huge deal from nikki haley. >> have tax reform the president delivering a message in harrisburg pennsylvania you have said you are calling for tax cuts you are calling for reform obviously knee deep in 19861980s you got it done, will they be able to get this done. >> well i am more worried than
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six weeks ago worried in part because of the calendar, i think they have to get this done by thanksgiving. because they need to have a first and second quarter that is booming, so that people are voting on jobs and prosperity summer, if republicans go into fall election with good economic growth good jobs numbers increased take-home pay less taxes, by carrying around the -- this is -- this is paul ryan postcard. >> mic back on you got it. >> -- taxes -- >> 85 or 909% all americans will be able to do their -- their postcard. >> this is -- >> paul ryan. >> paul ryan gave me that i that i great concept says one five billion hours a year spent on tax regulations by people, and, two, you get the secondary tax cut not having to pay a tax lawyer tax
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accountant tax preparer i think there is a good story here, but frankly, the -- this little skirmish between the president and senator corker doesn't help. >> that is what i want to say to you because we all watched each what happened with health care. the house came out with a bill senate didn't look at it they wanted to start from scratch do their own bill and they failed are we seeing the same failure when it could emphasis to tax reform. >> i am woifrd i have a simply i have done a with ours on defending america online, defending america i am now tempted to do a course how to lengths late. >> why don't you go back to washington. >> i talked to -- >> some of the pieces they don't get i don't understand why they don't get it for example, we should know right now what is the size of the small business tax rate if it is x thousands of dollars would call senate and highways members saying i like the
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money. >> we don't we know 12% 25%, 35% what is income who false in 25%. >> the problem is we are in stage ought to be in communications business they are still in policy business. >> president having skirmishes with senator corker does he need that vote john mccain was angry a lot of people i think that is why he voted "no." >> politics one level very personal, and you know people who run for u.s. senate, actually think they are senators. and think there is a certain dignity to being a senator ought to be treated with certain level of respect. >> i don't think they care if this president is successful or not i don't they are there six years -- >> the trick is, they do care that the country is successful. >> yeah. >> and the president needs to shift his focus -- of personality and go to the country, and do exactly what reagan did reagan was very disciplined, reagan would never have picked fights with people whose votes he needed. >> i don't know i think this
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is one of the great tests of the trump presidency, can he find the discipline to focus on getting the job done, and realize that leading the country is bigger than personality, and requires a kind of discipline never had in life this is a really hard business. >> and quick i want to ask you about growth, in the 80s, because i was astounded to remember, that in 19 i think 1982 was 1984, gdp was 7.3%. >> yeah i think look i think trump can deliver four or five even 6% growth you take trade deals, things like saudis buying 400 billion dollars in accounts deregulation trump has been the most effective fury pages of regulation. >> big deal. >> just billions of dollars of burden off the economy so you add a tax break look at
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conservative judges he appointed trump is right at the edge of really truly being reagan like in ability to get this moving but the lynchpin is tax bill they have got to get tax bill done. >> if to do it you are going to sea a movement no economic growth i think that is what we have seen 3,.1% gdp, great to see you you vote vaengs your wife callista wrote remember ladies callista gng rich writing books like mad congratulations. >> gives us weird vacations. >> she has to come back on the show. >> thank you so much. >> thanks. >> always a pleasure newt gingrich there stay with us fox business for a lot of coverage of the president's tax reform speech, happens 5:45 pm eastern tonight we tick you live to here is aburg a reason to fly southwest for winter airline offering round trips for as low as 100 dollars a trip act quickly if you want that deal, sucker for sci-fi samsung finds joy looking for with "star wars"
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flag warning to alert residents in energy cruise possible critical weather dry conditions, this is not good news. for what is happening in california. the death toll from wildfires 17, monster fires go by strong winds bring more than 2000 homes businesses since sunday more than 180 people injured, and nearly 200 residents reporting missing in sonoma county alone the sun now about to rise in california. well, you better act fast southwest airlines select round trip tickets less than 100 dollars next 72 hours for airlines shorter nonstop roots baltimore to detroit destinations atlanta austin, texas day wills baltimore, new york, chicago. >> samsung robot vacuum looks like darth vader, i think so, the company trying to get on release of last jedi remove
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released limited editions for 800 becomes makes evil breathing sounds while vacuum coumbs your interior should i get you this for christmas. >> that is crazy thank you so much. >>. cheryl: cool. maria: it is cool, and people want to listen to "star wars." >> last jedi premiered new trailer so everyone -- >> it was dark, said it was dark. >>. dagen: i sun on like a -- he when democrats say something i am like -- [laughter] >> we will take a break delta delivering a double eat and stock up 2% premarket we break down airlines earnings impact of hurricanes on the bottom line, when it comes to tv this is just the tip of the spielberg apple team up with director to reboot a classic smo what our technology tight ap reportedly has in store for viewers back in a minute.
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>> well back bring the alert educators general electric down almost 1% again under wave of leadership changes, we got more bad news for the stock j.p. morgan this morning cutting target on ge to 20 dollars, that is down from 22 dollars, the analysts there warning the dividends could be cut may be coming, the analyst is already had under weight rating on the stock meanwhile, the stock has -- been cut in half since the high, 59 and 3
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14r5sh at high all the way down to 23 and change even though, trion got a asset the stock traded down on that nice last week because the cfo left they are seeing leadership changes there, and investors are reacting other names watching this morning, lori rothman floor of new york stock exchange the good morning to you. >> good morning to you maria begin last, with asset manager, easy beat shares up initially after the report but reversed course as you can see down 3/10 of 1% premarket, the ceo blackrock did wade biowaters saying we need tax reform to modernize it, does manage close to six trillion dollars, so a quick numbers for you on adjusted basis earnings per share blackrock 5.92 versus 5.56 the analysts expectation terms of net
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income 969 billion, million, the expectation 899 million with "m"due to a demand for low cost energy exchange traded funds not energy but exchange traded funds. >> delta story, stares down about, 3% or so due to disruptions because of all the hurricanes well, profit did fall but still came in better-than-expected. of the so it was 1.8 billion, down from 1.26 billion same quarter last year, but on earnings per share adjusted basis strip out items not always constant 1.57 per share better than 1.54. maria: thank you, the big board bring in cfoi managing director cofounder bronson group david bronson with us david good to see you. >> good to see you. >> s earnings driving the story what is your take on
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delta and blackrock quarterly results i got to did ask you about ge first earnings story driving things here. >> yes, definitely those companies that are surprising to the upside get ready to go into earnings season benefit always the story gest, interesting, because i heard you mention down today on results on the aftermath of analysts expecting a dividend cut we sold every share we owned around 30 dollars the beginning of the year exact same fear dividend hasn't come yet but now i think almost about inevitable drives decisions anticipation around dividend growth ge in position new management a lot of noise around it but cash flows declining means time for management to take tough decisions not what we want to own, blackrock, though is two stories, a great story for their own results, here today, and the kind of fee driven
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businesses that keep growing. that repeatable revenue stream we don't own blackrock we own companies like blackrock we think that one is more expensive but blackstone inhe is very cofee driven businesses, wonderful stories in this market. maria: you know we got to take main talk about this for a second, because ge one point for a long time was the place that you put money and you just forgot about it, i know you want to get to banks, but dagen how significant is this now talking about ge cutting dividend. dagen: i think an exclamation point on decline in that company, how it struggled since jeff immelt no longer ceo, jeff immelt under this is -- and the stock also underperformed s&p 500 during that period of time it is kind of the final note on the decline of a company that we used to follow as a of the
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entire u.s. economy. >> they made a bad bet on oil and gas, instead going the way honeywell in betting on aerospace, they went the way of oil and gas now hitting them going to actually impact their dividend. >> they cut half earnings, half revenue when they sold ge capital, different company. >> completely different company i am wondering you talked about blackrock looking at invesco big compensation tomorrow j.p. morgan coming out citigroup should investors position themselves in the financial stocks in big center banks given that we could probably have a fed rate hike in december that has been very good for them? they performed well up 7% taking the leadership away from technology performance this morning what do you think about it? >> well, i think that the issue with the big center banks that is there has been too much examine depends on
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getting interest margin higher rates driving some of that revenue becomes sole story for some of them as far as meaningful growth, a company j.p. morgan for example, j.p., in a different boat you have banking franchise obviously very globally diversified accreditor business mortgage business so diversified that margin drives numbers but isn't the sole factory every won is looking to bank of america citigroup have great things going on but on risk adjusted basis for medieval dividend growth the fed heavily regulates what they do with income statement we think j.p. morgan is in a better position we have balance sheet risks leap to get xoexposure from that, blackstone invesco we happen to own both names don't have same balance sheet sensitivity also have
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tremendous growing fee revenue. >> would you put nau money to work right here ahead of earnings season dagen? >> absolutely, would i push back a little on ge bad bet with energy they made plenty bad betts the worse of which the timing jeff immelt took the role, really history not going to record his reign very well it was extremely unfortunately timing when he came. >> so forth buttive that buying distressed assets is a good news going into earnings season maria to answer your question, i think you are going to see some names, that were picking up energy assets since 2015 at low prices starting to benefit, i think you are going to see accretion of their bottom line because right now you are getting a lot of performance out of those rigers driverless into 201 that is the thing we are looking for results in this quarter we would put cash to work but not in the index specific bottom-up dividend
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growth names. >> david good to see you thanks, coming up questioning the timeline the owner of the mandalay bay resort casino dispoouting the police account of the las vegas sicker new issues coming up push to ban bump stocks growing support to get rid of devices, like the one used by the vegas gunman to fire his weapons faster we will be right back. think your large cap equity fund has exposure to energy infrastructure mlps? think again. it's time to shake up your lineup. the alerian mlp etf can diversify your equity portfolio and add potential income. bring amlp into the game. before investing, consider the fund's investment objectives, risks, charges, and expenses. read the prospectus carefully at when you're close to the people you love, does psoriasis ever get in the way of a touching moment?
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good wednesday morning thanks so much for being with us this morning. i'm maria bartiromo, it is wednesday, october 11 top stories right now 8:30 a.m. on the east coast. >> new questions this morning about the las vegas shooting, mgm owner of the mandalay bay hotel challenging latest timeline from police the latest on changing narrative what it means to this investigation. will stunning allegations against harvey weinstein gwyneth paltrow and angelina jolie the latest hollywood stars a-listers to say they were too harassed by weinstein more on skeenl costing former company millions. >> where you will be able to find fewer thanture apple makes deal with steven spielberg that is just the beginning of a billion-dollar push broader markets weak the dow industrials well off lows of the morning this is a major victory given the fact yesterday the major averages another all-time high markets right now are fractionally
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lower down 3 points on dow in europe this morning, the european indices look like this ft cac quarante down a fraction dax is up two points, in asia overnight, markets mixed, nikkei average in japan up a quarter of a percent hit 20-year high, overnight, turn to stop story questions raised about the timeline, in moments before the las vegas shooting rampage the company that runs mandalay bay hotel resort disputes the revised account a spokesperson says we cannot be intern most recent timeline that has been communicated publicly, we believe what is currently expressed may not be accurate this comes after clark county sheriff lombardo said gunman steven paddock shot a mandalay bay security guard 6 minutes before opening fire on country music festival, joining me former new york city police commissioner, ray kelly great to see you -- >> thank you so much is for joining us what is your
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reaction to this why would hotel say this may not be accurate what does that tell us about the investigation. >> timelines,did i definition are going to be fluid because people don't know exactly what happened, here is a guard that is shot we don't know what his reaction was, eshdidn't have a radio. so was he on the ground he apparently was on phone i think, being understandable precise at this time a lot of information to be gathered i think sheriff lombardo has done a great job certainly in day of the shooting he was out every two hours three hours, that is what people want. maria: we don't really have enough info is it odd to you that we still don't know a motive this guy had 47 guns, and yet, no nothing in terms of motive and what he was thinking whether or not there is more to it? >> yee, i think it may just be a -- macabre not a dummy
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planned this for a while went to other locations he apparently boston, chicago, ebb locations las vegas wanted to do this, 13 guns in last year, wanted his name. to go down infahmy. >> that is it you think nothing more than that, nothing to read into it case i'm thinking how did he become so savvy with that you will did he get radicalized they say no ties to terrorism. >> casino 14 hours a day -- so -- >> good point. >> nothing ideological. >> goes to 32nd floor spraying the crowd killing all those people is there anything that can be done what should police department be doing to try to avoid this happening again? >> it is a very, very difficult, you have the -- big hotels lots of people moving in and out. he was a regular, regular at
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several hotels so i don't think he would raise suspicion by bringing in several bags maybe court cease because a regular maybe why the door -- it is very difficult to stop something like this. >> more will be veiled the bump stock part, there is a moving video how to make bump stocks device that is similar to what paddock used to turn semiautomatic weapon into fully automatic weapon no laws banning bump stocks, should there be. >> absolutely i think you will see that things made illegal, not that -- you have them out there already in the public, but you know that is a small part of it, look at damage semiautomatic weapons last year in orlando killed people wound people these should not
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exist i am surprised that you know such a hyper technical definition determination that these things were legal -- this mimics a machine gun machine guns are you know unlawfully therefore anything that mimics it should also be ununlawful the process doesn't seem logical. >> even nra, by the way, said bump stocks needs more regulation even nra. >> several victims las vegas rampage filed against texas company that sell bump stocks saying shooting would thought have been as massive if the government had used a conventional gin they are suing this company that makes bump stocks, valid? >> we will see, i think they initially marketed this as an aid to disabled people, somehow this extra stock was going to be you know, help disabled people, whether or not that is a ruse i don't
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know, but very quickly it went to being fired on ranges apparently, i never heard of it, i talked to other police officers, they never heard of it. maria: two years before this tragedy event steve wynn said he reached out to you and to other experts, about creating his own in-house counterterrorism unity what he told "fox news sunday" past sunday. >> we had to recruit and expand security by tens of millions of dollars, to cover every entrance to retrain the entire workforce, from housekeeping room service people in the tower. >> it is sort of a sign of the times every major venue in the country need an in-house counterterrorism unity? >> you be the. >> 70 wynn ahead of the curve two years ago he totally focused on security trained all employees brought in, navy seals marine corps security people, he made a major
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commitment to it -- >> now when you look at big venues where there is -- they have the capacity to kill thousands of people, worrying about this. >> we live in a driveways world you can't you can't worry about everything i think now you will see security beefed-up in a lot of major venues. >> let me switch gears harvey weinstein case this morning, what we are talking about you've got a-listers gwyneth paltrow angelina jolie, coming out yesterday on heels of the other women saying that they too were swaerl harassed by harvey weinstein jolie said after incident they never worked with former executive again three accused harvey weinstein of raping them a new report new york police investigated a sexual assault complaint in 2015 probe included a sting operation recorded weinstein's alleged advances toward a young modeled listen to this is.
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>> just that i don't i don't feel comfortable. >> -- >> no. >> please, i am not going to do anything i swear on my children, please --. are time -- >> i am feeling very you ever about comfortable one minute, come in. >> -- don't touch my breasts. >> please i'm sorry i am used to that you are used to that? yes. >> no, i am not used to that. >> wow. that is pretty damadamning audi weinstein was not prosecuted at that time. but now women are coming forward with stories not just talking about sexual assault they are talking about rape. do you think he will be prosecuted. >> this is standard procedure for the police department he said she said cases initially trying to get information to support the allegations so using tapes phone case will is fairly a standard, whatever
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information developed physical evidence recordings turned over to district attorney that is where the decision is made, as to whether or not to -- district attorney in this case -- apparently -- saw insufficient to go afford what about the statute of limitations some happened a long time ago does that play a factor here like if it happened so long ago maybe he is you know, he is shielded? >> in 90s i think that yeah, that would be an issue some more recent things. >> recent things. >> -- so i have a lot of confidence in -- a very good district attorney, called them as he sees them. >> we hear last night his wife chapman big time designer leaving him do you think that is like is she liable for lawsuits if they are a couple that is was that a move could that be a move partly strategic to get off the sinking ship frankly? >> i wouldn't see her as
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having liability i don't know all the facts. >> got it, this is a case that really has put entertainment and politics together you've got if democrats saying this is horrible we are going to give money back, big democratic donor. >> apparently he was, we will see how this develops. >> yeah, in terms of let me switch gears because of new york, new york in terms of crime what is your take in terms of what needs to be done, how would you characterize the city right now. >> safe. but, again, we are a terrorist target no question about it. new york has invested more than any other city probably in the world -- homeland sputter very supportive here, more protection more police officers here than anyplace else. no guarantee. >> you look at a most restricted gun rules 550 homicides year or two to --
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530 homicides year-to-date? >> police backed off from proactive activity what reduced crime, throughout america, from the 90s on, but people call it ferguson effect, police are only reacting to resident proactively trying to intercept it concerned about jobs, about families' well being the case in supreme court now that the issue is whether or not police can be held personally liable, for their actions, if that if that goes forward, then and goes against the police, i think unfortunately you are going to see police do very, very little, i mean, i know cops they want to do job but that type of decision can be very harmful to morale and a crime you know, statistics throughout the country. >> sure great to see you. >> good to see you.
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thank you. >> former new york police commissioner ray kelly apple has eye on tv the titan teaming up with steven spielberg, back in a minute. my insurance company definitely doesn't have that... you can leave worry behind when liberty stands with you™ liberty mutual insurance. ♪ ca♪ yes you can ♪ can i kick it? ♪ yes you can ♪ can i kick it? ♪ yes you can ♪ well i'm gone ♪ can i kick it? ♪ to all the people who can quest like a tribe does... ♪
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maria: well back, we are getting details about the sexual harassment allegations against harvey weinstein, gwyneth paltrow angelina jolie the latest to come out and say they too were harassed by producer coming after three women yet reportedly accused weinstein of raping them joining us to weigh in host of "varney & company" stuart varney good morning to you stu. >> good morning, uncomfortable debate going on within nbc the moment, because nbc was presented with this story by ronan farrow free lance journalist of some repute presented the story to nbc weinstein story back in summer of this year. nbc said journalistically not up to prime time, spike the
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story didn't come out until last thursday when "new york times" published an in-depth report, this is unn comfortable moment for nbc known as left of center network now they may repeat may have been protecting the liberal icon harvey weinstein unabout comfortable debate in any newsroom because it makes you look like what you are doing is putting out political propaganda for your side not covering the news. the very latest on this is that weinstein is fled to europe, for therapy as addict i am going to ask judge napolitano on this program my program in 20 minutes do we have what is the word you want to bring somebody look. >> extradition. >> thank you dagen, do we have an extradition treat with whenever country weinstein has fled to when the charge is rape? interesting question i think. >> it is.
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>> just to topic of base what stuart talked about nbc political agenda we saw that "saturday night live" spiked jokes about 1/2 goes the modus operandi for narrative they consistently have been on donald trump they won't touch harvey weinstein. >> you are right, this is a bomb shell right in the middle of the liberal media and, of course, liberal hollywood i am loving every second. dagen: quick the "new york times" did finally step up expose what seems to have been an open secret in hollywood and in new york city media about krishcontradictoryels abo harvey weinstein. >> "new york times" came out with this has procured vigorously. >> he was surprised said i thought we had arrangement. >> arrangement, i don't know what that was all about see
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you in minutes 9 a.m. eastern after "mornings with maria." >> step-by-step guide for grabbing customers the bold strategy to expand an footprint only, back in a minute. prudential asked these couples: how much money do you think you'll need in retirement? then we found out how many years that money would last them. how long do you think we'll keep -- oooooohhh! you stopped! you're gonna leave me back here at year 9? how did this happen? it turned out, a lot of people fell short, of even the average length of retirement.
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allegations against founders cheryl casone with details there. cheryl: yeah, so maria major if i am finisher reportedly pulling plag on massive loan, tmz reporting that a.i. international holds fronted 45-million-dollar loan to weinstein company now demanding immediate repayment of that loan, weinstein company fired harvey weinstein sunday. >> devastating loss for u.s. mens soccer team needed a winner or draw against trinidad to qualify for the world cup in russia next year are 17th minute alvin jones spent as to the middle u.s. omar gonzalez dee fleltd did he deflected it u.s. misses out on cup first time since 1986 ikea selling furniture to third-party online retailers the company says no statisticians regarding what platforms markets are going to be part of the trial ikea
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trying find ways to reach customers and compete with amazon, apple plunging into original tv program hollywood most famous director, they signed steve ston spielberg for "amazing stories." >> about unbelievable, amazing story directed by steven spielberg. >> can't wait series for apple by spiel berk amblin television nbc universal production unit ran on nbc shares of apple active in the premarket . >> there is the stock -- incredible what is going on in terms of of the battle for the viewer. apple going to come out with original content, netflix everybody trying to get that viewer, amazing. >> keep them on apple tv the
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other part of it. >> right thank you. coming up final thoughts from this all-star panel right here. back in a minute. ♪ ♪ today we're going to talk about trucks. which of these truck brands do you think offers best in class hd horsepower and the most capable off-road midsize pickup? i'd go ram. i would put it on ford. let's find out. noooooooo. chevy. that's right, it's chevy. they look amazing.
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♪ welcome back final thought he is in this all star panel. >> i've been following this weinstein story so closely and important for people to understand why didn't gwyneth paltrow come forward a have his livelihood in their hapgdz but also their reputation maybe they didn'tment to get their name dragged through the mud if he went nuclear. >> sure. fed ed is set to raise rates according to futures you're going to have within of the best guru right new bond king on wall street i have to decide everybody has to listen to what he has to say especially in a rising interest rate environment. >> looking forward to the program is going to be great. jeffrey go ahead. >> left wing liberal hack on twitter who tried to silence, shame and belittle me. in saying nothing about harvey because of where i work is that kind of harassment that basically kept women all of
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these years in the weinstein case it is intimidation woman should stand for. >> we're going to be there many your face so -- megyn mcdowell great to see you guys over to stuart and "varney & company" over to you. stuart: good morning everyone it is the trump rally it is it huge a record-breaker it is official, the trumply beat the bush 41 rally best many decades for an mechanicking president. watch that market today. the dow is only what,9 points away from 23,000. i'm going to give you a really big number again 5 trillion added to value of stocks since the lx. president trump is taking notice, by the way this is what he tweeted this morning it would be really nice if the fake news media qowld report the virtually unprecedented stock market growth since the e


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