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tv   After the Bell  FOX Business  October 12, 2017 4:00pm-5:00pm EDT

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boost economic growth. but it boosts prices. liz: heather zumarriaga. transports pulling out another record. [closing bell ring] red, red, red, for rest of the market that will do it for the "claman countdown." see you tomorrow. david: dow falling further into the red. major averages hitting new intraday highs, but failing in the end to record closes. hi, everybody, i'm david asman? melissa: i'm melissa francis. this is "after the bell." we have big market movers but here is what else we're covering for you during this very busy hour. going at it alone, president trump doing what congress couldn't. rolling back obamacare on his own terms. what it means for the future of health care. plus dramatic new developments in the harvey weinstein scandal. the disgraced producer is responding to the assault allegations that have shocked
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hollywood. a disaster with no end in sight. hundreds of people are missing as deadly wildfires rage through california wine country. david: weil get back to the stories in a moment. dow hitting all-time high but failing to end the session in positive territory. nicole petallides on floor of the nyse. what caused a down movement? >> david, as you know we had bank earnings. that did weigh a little bit. we hit a high in middle of the day for the dow, nasdaq and s&p. dow was 15 points away from dow 23,000. keep an eye on that. dow components hit all-time high, they may have you feeling pretty good. microsoft, j&j, boeing and microsoft and caterpillar finishing to the upside. look at bank earnings. jpmorgan and citi both beat. we had action back and forth on those stocks. watch one more, wells fargo. that is all before the bell tomorrow morning.
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last but not least, dow component disney did come under pressure but big news for disney. five major hollywood studios joining disney in version of a digital locker. it is called movies anywhere. let's customers connect with accounts with amazon video, hulu video. this is not something i do but i'm sure my kids can access this. you have access anywhere to disney movies. david: nicole, thank you. melissa. melissa: oil ending down a little more than one percent to $50.60. gold gaining $7.50. ending the day at highest value in more than two weeks. david: president trump using an executive order to fill gaps left by congress's failure to change the failing obama law. blake burman live at the white house. what can you will tell us about defails in the order? reporter: white house, david,
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you hit it there. they say the president still wants to repeal and replace obamacare. you know where everything stands legislatively with that. the president is left to go towards the executive order route. he will do more on this today the executive order instructs several different federal agencies to consider expanding three different things. let me tick through them. consider expanding association health plans that would allow for small businesses an possibly individuals to come together to form group plans. secondly consider expanding short-term plans. third, consider expanding health reimbursement arrangements that would allow employees to be reimbursed by certain out-of-pocket costs. you heard me say consider, consider. this is all subject to the regulatory process that means while the president signed this executive order today, this is not days or even weeks away, but likely many months away before being officially enacted. meantime here at the white house today, david and melissa, there was major surprise at the
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white house press briefing. as the chief of staff john kelly walked through the doors and came up to the podium there. kelly insisted that he is not frustrated and that he is not going anywhere, anytime soon. >> i'm not quitting today. [laughter]. i just talked to the president, i don't think i'm being fired today, and that i'm not so frustrated frustrated in the job thinking of leaving. reporter: remarkable for chief of staff to come out to white house press briefing and take questions from the media. you heard him say he is not frustrated. i followed up a few questions later, you get this first row of view of the president, what are his frustrations? as you might imagine, david and melissa. the president is frustrated with you, not necessarily me, but you the media. david: was he saying you?
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>> not me but he is frustrated with congress because the president feels that there are the solutions out there. that they're obvious but congress can't get it done. david: i also love how he said, you always have those snarky pictures of me frowning. i'm thinking deeply. not that i'm upset with the job. very interesting stuff, blake. appreciate it. melissa. melissa: yeah. let's talk about health care now, that executive order. scott martin from contendings view asset management. cio and fox news contributor. of the hadley heath manning, independent women's forum, senior polly analyst. hadley, speaking of policy, people are wondering concerned, the idea of executives orders consider doing these things, that language. is there no teeth in this? or is he listing the regulations and bans that were stopping people from buying across state lines and clearing the way for that? what is the truth? >> well the truth is this marks
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a completely fundamentally different direction in terms of health insurance regulation than what we saw under the obama administration. the trump administration signaling here, giving direction here to the federal agencies that consumers deserve to be in charge of. making their own choices. this is in response to the destabilization, lack of choice and high cost that consumers are facing in the aca exchanges right now. this will be escape valve for many consumers. melissa: if it happens, i don't know, i mean, scott, what do you see as the real impact of what happened today? >> well, it is like you said, melissa. if it happens, how long does this take place for? this to me is kind of a bandaid approach that is full repeal we know not likely from what we've seen so far via activities. there are a couple good ideas. association plans is makes sense and listen, reality is this. the aca has destroyed a lot of
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individual plans. it obviously has taken away choice but you will still have -- one thing trump said a long time ago, they don't want to pay ransom to health care companies. reality is this. health care companies, like it or not, they don't want to insure sick people, or a lot of sick people if they don't have a lot of healthy people buying coverage. you have to bridge that gap. melissa: they have to make a profit. they're companies. >> that is the problem. trump said we'll not pay them to do that. if you will have risk pools, states take care of it, that is big undertaking states like illinois i'm afraid can't do on their own. melissa: we will see. david: growth might help. tax cuts might help growth. calling for action on those tax cuts, paul ryan has stern message for lawmakers how to push tax reform forward. >> we'll push this to christmas, i don't care. we have to get this done. it is just that important.
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we're actually on track timeline wise. our point, get it done this year. we want to wake up on new year's day with a new tax system. david: hadley there is swamp reality we have to talk about. the biggest problem right now are lobby its trying to stop any real change from a tax code they wrote. they are doing their due diligence inside the halls of congress. >> i appreciate speaker ryan's comments. a lot of americans don't have a choice. they have to work on christmas. lawmakers have a choice, they can do it. this will give lawmakers incentive to stick to the timeline, do tax reform and get it right. lawmakers respond to incentives like other human beings do. that is problem giving them a big exemption from the affordable care act. they ought to feel same way consumers feel with the high costs and limited choices in health care. david: scott, the swamp is at full blast. it is going strong. they're pulling out all tricks
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to try to keep those deductions, all those special deals they have been working on for years. will they succeed or will trump succeed? >> david, it is looking more and more like uphill battle gets more uphill, doesn't it? you're right as far as tax reform and tax cuts appears to be alive and well, my friend. tell you what. we have heard deadlines over and over. steve mnuchin told neil cavuto. it is august. maybe november. now it is christmas. i don't know what is next on the calendar? valentine's day, easter? as long as these are pushed off, more impacts adversely the american taxpayer, more it puts pressure on s&p 500 and more reason it is that congress has to get together to legislate and actually serve the people for once. david: yeah, right. i don't think we count on that if president trump takes them on one-on-one, look them in the eye, i know what you're doing in
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the congress, names of congresspeople swayed by lobbyists he could do something like that -- >> david with midterms almost a year away. let's hope that happens. david: i hope it does. hadley, scott, thank you very. >> thank you. melissa: we have breaking news that might warm some hearts. white house official confirming to fox business president trump interviewed stanford economist john taylor to become the new chairman of the federal reserve. taylor is one of several candidates under consideration for the job. janet yellen's term as fed chief expires in early february. wow, david, wouldn't that be fantastic. david: you are an economist. what do you think of this guy? melissa: i love him. i think he is fantastic. if you subscribe to that theory of economics which i do, i think my opinion is based on math and it is based on models, that is that barry milton friedman, tom sole, hoover institute, hoof very tower that would be
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tremendous. david: incentives matter more than government programs do. melissa: he is brilliant that would be amazing. david: hours away from kickoff to "thursday night football," a kneel-in protest is planned for tonight outside of eagles-panthers game coming up in charlotte. judge andrew napolitano sounding off on protests, whether the nfl has the authority to force players to stand. melissa: plus commander-in-chief slamming iran deal. why president trump says it is most incompetent deal he has ever seen. next, john bolton, former u.s. ambassador to the u.n. weighs in on what the president intends to do about the deal. david: also those deadly wildfires still raging out of control in california wine country, reducing homes to ashes. burning entire communities to the ground. why officials are warning, i'm afraid to say it, it could get worse before it gets better. ♪
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melissa: deadline is approaching. president trump is expected to announce the decision tomorrow whether to recertify the iranian clubbing near agreement. the president holding nothing back when speaking to fox news's sean hannity. >> i think it is one of the most incompetently drawn deals i have ever seen. $150 billion they received. we got nothing. $1.7 billion in cash, this is cash out of your pocket. melissa: here is john bolton, former u.s. ambassador to the u.n. and fox news contributor. ambassador, great to see you this is the argument i keep hearing on the other side. we don't have to get rid of the deal. we can add on top of it. what we really need is ability to do inspections.
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remember president obama told us there would be anytime, anywhere inspections. apparently that was a bit of an untruth. you can also pile on some sort of a missile inspection program, if you abandon the whole thing entirely, then you lose all of europe. that would be the way to handle it, what do you think of that approach? >> yeah i'm sure that the tooth fairy is going to come and get better inspections inside of iran after two years of obama administration negotiations, they couldn't get it. it will not happen. i think president advisors put him in a bad place. i think everything that is reported will be a mistake to decertify under this misbegotten corker-cardin legislation by stay in the deal when this is announced tomorrow. what will be the difference on saturday, from where we are today? nothing. the deal is in place. and as long as it is in place, it empowers iran to get nuclear weapons. this is not something that can be fixed by tinkering around edges of the deal.
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the core provisions of the deal that allow iran on tin any iranian rum enrichment are flawed. europeans will not like it. of course they will not like it. iran and planned it to put gold handcuffs on iranians. it has more investment that strengthens iran. another reason to break the deal. melissa: i had a feeling you would say something like that. what are the other options at this point? people bring up when israel struck back in 1981. you have to think look at map where reacttores were, where they might be now, we have nice graphics, is it possible to do something like this? could israel act on its own? what are some other options out there? >> no, i think israel could easily do this and probably should have 10 years ago. what worries me more than anything else, that iran and
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north korea have moved beyond their 20 year cooperation on ballistic missiles and are cooperating on the nuclear side of this. a fair amount of iran's nuclear activities are buried under a mountain in north korea. the europeans are frankly not the biggest problem here. i think russia and china are problems as well. they don't see iran's nuclear capability as a problem for them. they see it as problem for us and i think they will continue to trade and assist iran whether this deal stays in place or not. i think it is delusional to think iran will adhere to this deal or another deal that might be put in place. they haven't been adhering to the nuclear non-proliferation treaty which bars them from acquiring nuclear weapons for over 30 years so why should we think another piece of paper will make a difference. melissa: no. i don't think the tooth fairy will come help out either. ambassador bolton. thank you. >> thank you. david: to the crisis in puerto rico right now, the fbi
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is investigating mishandling of fema supplies on the island. we actually talked to the governor about the possibility of this late last week. federal agents now telling fox news they are receiving calls from all over the island where residents say local officials are withholding critical supplies. get this, fbi special agent carlos asorio, highlighting one allegation where an official is accused of pulling his own car to the back after government building and driving off after loading it full of fema supplies. we suspected some of this might be going on there. it is unfortunately to find out it is true. let's hope we cut it, nip it in the bud. melissa: people need help. david: desperate. nothing worse than taking food from people that need it. melissa: terrible. dozens of former colleagues are speaking out on harvey weinstein's alleged assaults. now the hollywood producer himself is speaking out. his comments after the break. david: plus nbc news president
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is under fire for possible ethics violation for passing on the weinstein expose'. fallout continues. details and breaking news on the story next. ♪ tted to help protect what you've earned and ensure it lasts. introducing shield annuities, a line of products that allow you to take advantage of growth opportunities. while maintaining a level of protection in down markets. so you can head into retirement with confidence. talk with your advisor about shield annuities from brighthouse financial established by metlife.
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melissa: harvey weinstein speaking out for the first time since the assault allegations rocked hollywood. >> yeah, i'm not doing okay. >> you're not? >> i'm trying. i got to get help. you know what? we all make mistakes. second chance i hope, okay? >> no problem. >> thanks, guys. melissa: here now, live from los angeles with latest on scandal is fox news chief correspondent jonathan hunt. wow, jonathan. reporter: melissa after that outburst what appeared to be contrition and begging. you see in a moment, defiance, we believe harvey weinstein is now in or preparing to enter a rehab facility.
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our phoenix affiliate, kscz, caught pictures late last night of a private plane believed to be carrying weinstein landing in arizona. a man who resembled weinstein in shape and size, getting off a jet into a black cadillac escalade. earlier he was involved in argument at his daughter's house in l.a. which the police were called. the incident caught on camera by "tmz," who broke to weinstein as you heard. with weinstein pivoting he is struggling and railing against those who he apparently considers disloyal. see here. >> i've always been loyal to you guys. not like those [bleep], that treat you like [bleep]. i've been the good guy. reporter: as more and more women come forward to say they're raped and harassed by weinstein, there is growing feeling in hollywood this is the tip of the iceberg in terms of abuse of women. police in new york and london are apparently looking into
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separate allegations now against weinstein. so the movie mogul is preparing for potential criminal charges by adding lawyers to his team. while the company he founded with his brother bob issued a statement saying essentially, they knew nothing, quote. the weinstein company's board of representatives are shocked and dismayed by the recently-emerged allegations of extreme sexual misconduct and sexual assault by harvey weinstein. these alleged actions are antithetical to human decency. these allegations come as an utter surprise to the board. that claim, melissa, somewhat contradicted by the reporting of "the new york times" which broke the original story. "the times" now saying that weinstein company was aware of settlements being made with women at least as far back as 2015. just a reminder, in that clip of weinstein, we heard him say, i'm the good guy. melissa: right. and i also love, you know, he said i have always been nice to
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you guys, like you owe me. that is the theme we've heard in all of these conversations. reporter: that is exactly the theme. you owe me. yep. melissa: jonathan, thank you. david: we'll pick up exactly on that theme right now. the weinstein story is spilling over into the news business as nbc news still has not fully revealed the relationship its president had with weinstein and whether that relationship influenced the president of nbc news to drop a story critical of the embattled film producer. joining me erin elmore and former trump campaign surrogate and an attorney. just to spell it out, nbc news president noah oppenheim had some business with harvey wean steen. the guy writes scripts part-time apparently. coworkers said sighs he wants write full time.
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you don't have don't have to be in journalism to realize that is verboten and this guy is the president of nbc news. >> there is recent "gallup poll," david, trust in the media are down to 32%. stories like this is exactly why this is happening this man lacked all journalistic integrity and act the out of complete self-interest. american people think they turn into the television to hear news of the day. this can't be motivated by self-interest. this is not first time mr. oppenheim found himself in the conversation. we know the conversation between billy bush and president trump on "access hollywood," came out during the campaign that was very inflammatory. at the time mr. oppenheim ran "the today show." and his talent was bully bush and he quashed that story. that lacks journalistic -- david: forgive me, erin, talking about a long time about our culture. there is this connection twine
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the news, entertainment and political elite in this country and they protect their own if you win, are in that elite. it's a liberal, political, entertainment elite. they control the popular culture as well as a lot of political scene here. >> you're absolutely right, neil, almost took the words out of my mouth. the first time president trump said the words -- americans laughed and many news organizations just sort of laughed. he was seeing he was right. this is all true. even harvard, extremely liberal organization had a study came out said the first 100 days of trump campaign, nbc, cbs, cnn's coverage was 93% negative. that tells you something about the picture the media is trying to paint here. it is really unfair to the american people. the american people want to know the truth -- david: you do have a lot of women coming out condemning, a lot of women from hollywood and politics. start with hillary clinton though. we don't have much time but
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hillary clinton was used by bill clinton, or maybe she did it of her own accord, but she belittled women accusing her husband of almost the same kind of stuff harvey wean steen has been accused of. she is applauding at same time she was condemning women making charges against her husband? hypocrisy is so thick you could cut it with a knife. >> sharpest knife i ever seen. the hypocrisy is ridiculous. she was result mat victim-shamer. now she is standing up for women but a too little too late. what harvey weinstein is facing he is in for a long road criminally and civilly. things do not look good for him. neil: erin. good to see you. >> thank you. melissa: new details on the american mother and her family freed from the taliban. the woman's husband is refusing to board a plane out of the middle east, over fears he will be arrested upon arrival in the u.s. the man was previously
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married to the sister of a guantanamo bay inmate. the family remains in pakistan and details of their departure are still being worked out. a lot of questions. david: there is a lot about that story we don't understand. we'll have to follow it very closely. meanwhile congress failed to deliver on health care. so president trump is taking matters into his own hands. former aetna ceo, richard uber is here with his take, right after the break. melissa: plus wildfires completely destroying homes in northern california, leaving dozens dead. we have a live update from california next. >> we will do everything in our power to look at all the missing people, and i promise you, that we will handle the remains with care around get them returned to their loved ones. copd makes it hard to breathe.
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melissa: devastation in california. at least 28 people killed as wildfires rage throughout northern california, destroying thousands of buildings and forcing countless residents to evacuate. here now from napa valley, is robert gray. robert, what is it like now? reporter: hey, melissa, we still have smoldering embers behind lance over here. we have ashes falling. it was like snow fall early this morning. it abated thankfully throughout the day. firefighters are battling more than 20 blazes right now in this area. look behind us, one of the
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largest fires is the atlas fire. it is only 5% contained right now. more than 40,000-acres are burning. see the devastation it brought down through the hill. residents only had i'm told as much as five minutes to gather belongings to get out with their lives. you can see the capricious nature of fires and wind when they come down. you can see this house totally devastated. much of the street exactly and the house next door was virtually untouched. winds moving blazes around as we head into night fall. we're expecting wind to pick up, which could spread fires a little more, making it more difficult for firefighters to continue battling it. now that is the human side, economic toll we'll see in coming days. the wine industry really runs the economic engine here.
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take a look at numbers. you can see wine and tourism in napa and sonoma counties alone sustains 100,000 jobs and generates $13 billion annually according to sown bridge research group -- stone bridge. we know 13 vineyards, wineries, so far, melissa, have been damaged and totally destroyed. those numbers, sadly may rise even higher. back to you in the studio. >> pictures are just really terrible. it really says it all. robert, thank you. david? david: we'll switch gears now. congress couldn't pass a health care bill. so the president is taking matters into his own hands, signing an executive order today to reverse role of the government dictating terms how and what kind of health care coverage that you receive. take a listen. >> take action to increase competition, increase choice, and increase access to lower priced, high quality health care options. they will have so many options.
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this will cost the united states government virtually nothing, and people will have great, great health care. david: here now with more, richard huber, former aetna ceo. good to see you, richard. you could probably not see him too clearly. see his eyes over the shoulder of the president, that was none other than rand paul. to see rand paul and president together talking about a health care solution, that seems like some kind of progress, no? >> you sure that isn't false news? david: no, i could see the picture with my own eye. >> believe what you see. that is unlikely. we're in strange times and, once again, i want to emphasize that i am former ceo of aetna and thank the lord because that job -- david: a hell of a time to be there. >> the job is so much more complicated than the days when i was. david: some people would say that, part of the problem comes
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from the insurance companies themselves. that they made so many deals with the government in terms of bailouts and subsidies, et cetera, they kind of deserve what they get. what do you think of that? >> let's never forget that insurance is very simple. it is mutualization of the cost of bearing risk. it is the cost of bearing risk goes up, pretty naturally, premiums go up. there is nothing mysterious about that. david: you know, planned economies, the idea of a communist planned economy is taking risk out of the market. that is exactly what they said they were going to do with health care, what obamacare was going to do, take all risk out, put more government in, in terms of subsidies for individuals and insurance companies and it is not working. prices are going up. communism may sound nice it some people but it doesn't work when you try to take all risk out of the market. >> well -- david: will this new proposal by
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the president, rand paul and others do anything to change the prices or quality of care that you get? >> i doubt it. i seriously doubt it. if you had an ideal insurance pool what would it be? a bunch of mormon missionaries who don't, aren't into contact sports. wow. perfect. what about a group that you wouldn't want? let's say we've been talking about forest fires. i don't think i would like to insure a group of forrest firefighters. so the groups make a huge difference in the risk and the cost of the risk. and if you sort of keep tinkering with them, the total risk doesn't go away. the total costs of providing health care doesn't just vaporize. david: so because of the fact that insurance companies are
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forced to, to insure people who may be higher risk, similar, same prices of those with lower risk, you're still stuck? as long as the mandates of obamacare remain, this proposal won't do much to change it? >> no, i don't think it will. it will just shift who the payers are. what about that group of older, sicker people? who is going to take them? do we just leave them out to die? i mean -- david: we're not obviously going to do that. that means the taxpayer money will come in to pay for them, right? >> you got it. david: john huber. thank you very much for your expertise and experience, appreciate it. melissa. melissa: facebook coo sheryl sandberg sitting down for the first interview of any senior leader of any social media site since the news broke of russian groups buying ads during the 2016 election. here is with details what she had to say is our own gerri willis. what happened with this one?
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>> melissa, a new threat not a new challenge. that is how the sheryl sandberg, chief operating officer of facebook described the effort by russians trying to interfee in the 2016 presidential election by buying facebook ads. the comments came with a wide-ranging interview with the website, axios. listen. >> we want to give them the material. we want the full picture to be understood. we don't want this kind of foreign interference and none of us should want this kind of foreign interference. in order to prevent it we have to cooperate with each other with government and across the board. >> sandberg is hering 4,000 people to track fake accounts and quote, working on transparency. the interview came a day after sandberg met with top lawmakers investigating russian efforts to influence the election. sandberg is meeting with more lawmakers today ahead of a public hearing on november 1st where investigators will question officials from facebook, google and twitter on russia's use of their platforms. now, sandberg says congress
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should release the russian-bought facebook ads to the public. committee officials agreed to release them but that will likely come after that november 1st hearing. melissa. melissa: very interesting story to watch. gerri, thank you. david: making it even harder stand to honor our flag. president trump stepping into the heated nfl debate again as players continue to kneel during the national anthem. can the league end up forcing them to stand? judge andrew napolitano breaking it all down for us right after the break. ♪
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david: we have a new voice in the nfl controversy as if we don't have enough, marlins new owner derek jetter is fine with people kneeling during the national anthem saying quote, you have the right to voice your opinion. so is taking a knee is protected speech? here is judge andrew napolitano, fox news senior judicial
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analyst. i want to make a parallel. i have the right right now to look into the camera say anything i want to about anybody. but if i am insulting the people out from by what i say, fox news has the right, fox business has the right to fire me. >> because you would be impairing the work product the reason which you're here. david: right. >> which is to deliver news, deliver opinion and make money for our boss. david: so isn't that a fair analogy to what the players are doing? >> yes and no. there are two factors here. are you in, in a state that expressly grants protection to employees for expressing political opinions in the work place? new jersey, new york, district of columbia, california are those places. second -- david: hold on. i'm in new york. i can't look into the camera and say something insult together people out there. i would be fired if i did that? >> you could if it did not impair the work product.
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if the insult enhanced the work product the insult would get you fired. david: all the evidence we have, these players are insulting people out there who buy tickets, who view the programs. who advertisers rely on. so it is impairing the product. >> i will give you an example, if jerry jones orders his people to stand and a couple of them take the knee and he disciplines them, fires them, suspends them, takes money away from their pay, union backs them up, we then have litigation. if jerry jones can show, the burden is on him, taking a knee, impaired the work product, produced less income to jones and other owners of the dallas cowboys, then he can discipline them. but he can't discipline them because he wants to compel a political orthodoxy. david: i think he can show that. i want to deal with las vegas for a moment. we now believe, we have a timeline. >> right. david: mgm disputed the timeline at first, the police timeline but apparently the shooting began inside of the hotel six
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minutes before the shooting that killed the people began. i'm wondering if there is enough there, if that six-minute delay was enough so that some of the victims can now say i'm going to sue mgm, police, whoever is responsible for not responding in time? >> in a word, absolutely, with certainty. it wasn't one bullet came out of the door. david: 200. >> more than 200 rounds came out of that door in a 45 second period. so the security guard, who is on with sean hannity tonight, the secure guard must have known from his training, this is automatic weapon, this is extraordinary danger, who did he call? how did he report it? did he have microphone on with the police, when he talks to somebody, someone shoots at him, a, it is recorded and b, the people downstairs hear about it. apparently not. this is gross negligence. so far we haven't herdman today
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lay bay's version but so far it is gross negligence on their part. david: i don't like to give more evidence that people need in the litigious society we live in but. judge andrew napolitano thank you. melissa. melissa: president trump vowing to deliver massive tax cuts. when will americans be able to put their hard-earned money back into their pockets? >> the whole country is looking for these massive tax cuts, and we will get them. ♪w? to start with that. first, let's take a look at your financial plan and see what we can do. ok, so we've got... we'll listen. we'll talk. we'll plan. baird.
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>> we want lower taxes, bigger paychecks, and more jobs. we need a tax system that is fair to working families, and that encourages companies to stay in america. that is why we have proposed tax
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cuts that are pro-growth, pro-jobs, pro-worker, pro-family, and pro-america. melissa: president trump taking his tax pitch to pennsylvania touting the benefits of tax reform. this as some business leaders are uniting in an open letter, there it is, urging congress to pass tax cuts now. here is chris wallace, texas association of business president, whose company is on that list. sir, thank you for joining us. in the letter you guys call for cuts over reform. do you still feel that way after the details you've heard? >> absolutely. you know it's a great day in texas, and businesses of texas are advocating for expansive pro-growth tax reform. we, we firmly believe, the businesses of texas, that tax reform really will result in economic growth and more jobs and certainly better paychecks. and that is what we're about. melissa: do you like the president's plan? my understanding it was cuts instead of reform.
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you're saying reform yourself. is it kind of all the same thing? >> you know it is. we're still pouring through the details and when the final plan will be released we'll be consulting with all of our members. melissa: yeah. >> but overall texas businesses are saying a lower corporate tax rate, 20% or less. melissa: yeah. >> they're saying capital cost recovery program. saying stronger r&d incentives. certainly address our international competitiveness. melissa: one of the democratic talking points today that i thought wasn't lex wall disingenoas was intellectually disingenuous, that most tax cuts are going to the wealthy. if you drill down details, they're saying cut in corporate tax rates goes to very wealthy individuals. is that what happens with the cut in the corporate tax rate? if you see that go down to 20%, does that just help fat cats? >> not at all. that helps businesses to expand. large business, mid-sized
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businesses, small businesses. take small businesses. there is about a million eight just in texas. 29 million throughout the u.s. if you bring tax cuts back to small business and to large business, that means more expansions. that means higher paychecks for workers. that means more equipment is purchased. so that is really taking money back into business and putting it back into our economy. melissa: yeah. in your letter you guys say small businesses, their taxes can be as high as 40%. where do you get the number from? are you saying they pay personal income tax because they're small business or where do you get that number? >> nationwide, some small businesses collectively could pay as high as 40%. we can not sustain that as a country. melissa: yeah. >> we're at a tax rate of 39%. melissa: yeah. >> you look at small businesses and large companies just here in texas that are competing internationally, you have half of that 19% in the uk, 12% in
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ireland. we can not sustained competitiveness on international front with large businesses at 39% rate. melissa: there is a moral argument, how much can the government seize from you? where does it end? thanks for coming on. david: what does the government do with it? melissa: don't get us started. david: john kelly telling the press he is not going there. he did like one of his previous jobs better. find out which one that was next. introducing shield annuities, a line of products that allow you to take advantage of growth opportunities. while maintaining a level of protection in down markets. : ouse financial established by metlife.
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>> this is the hardest job i've ever had. this is in my view, the most important job i've ever had. it is not the best job i ever had. best job i ever had was when i was enlisted marine sergeant infantryman. that was the best job i ever had. >> one person who agrees with him, that is my boy, a marine sergeant and never been happier. i don't think he'll ever find a
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better job than that. people that have been secretary of state, like jim baker said nothing is better than being a marine. >> it's amazing, people tried to make something of that comment. it wasn't his best job ever? give me a break. being a marine. there you go. "risk & reward" starts right now. >> seven years ago congressional democrats broke the american health care system, by forcing the obamacare nightmare onto the american people. you look at what's happening with the premiums and the increases of 100% and 120% and even one case, alaska, over 200%, and now every congressional democrat has blocked the effort to save americans from obamacare. along with a very small frankly handful of republicans. in a few moments i will sign an executive order taking the first steps to providing millions of americans


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