MARIA-00
the EU; Federal Reserve Chair Janet Yellen Says the Fed will Remain
Cautious as Investors Watch Britain; Trump Reveals Learning of
Assassination Attempt against Him on TV; California Firefighters Battle Two
Los Angeles Area Raging Wildfires; A New Report Shows Texas VA Clinics
Manipulated Hundreds of Appointment Wait Times; Three Pennsylvania
Residents Face a Number of Charges after an Arsenal of Weapons were Found
Inside their Van Outside New York City's Holland Tunnel; Trader Joe's
Agrees to a Settlement of about $2.5 Million to Fix Leaky Refrigeration
Systems; Wall Street Comes Under Attack from the Left, Demonized as the
Cause of all of the Economic Trouble the U.S. Faces; Trump Makes Speech
Attacking Clinton; YouTube Petitioned by Artists Regarding Stolen Music;
Copyright Trial over Stairway to Heaven Latest; Potential Brexit Affects
MarketsJanet Yellen Testifies Before Senate Today - Part 2>
Jason Flom>
Industry; EU; Federal Reserve; Donald Trump; California Wildfires; VA;
Pennsylvania; Trader Joe's; Wall Street>
DAGEN MCDOWELL, FOX BUSINESS NETWORK: It's been up there seven and a half years because President Obama has done but nothing, but talk about infrastructure.
WOLF: That's not true. We're dealing -- that's not true.
MCDOWELL: Robert, every economic speech that he's ever given, I swear, he has brought up.
WOLF: We should be clear, one.
BARTIROMO: Well, it's your idea of restructured banks. That came from Robert Wolf.
WOLF: We have a long way to go in infrastructure. So no one is saying we're where we want to be at all. Ok. We need a lot more stimulus to infrastructure. It's the fastest multiplier of GDP growth. So, yes, part of it is what you heard from President Obama. I don't think that's a negative. I think everyone would agree, Chamber of Commerce, unions, conservatives.
BARTIROMO: But, Robert, and he -- when you speak to the managers of business and CEO's, they want one thing they feel that would really move the needle on growth, tax reform.
WOLF: I agree with that.
BARTIROMO: What is Hillary going to do about tax.
WOLF: Well, I think -- when you look at infrastructure, the way to pay for that is going to be business tax reform. The way to pay for clean energy is going to be looking at oil -- loopholes for oil and natural gas, and the way to pay for advanced manufacturing is going to be looking at taxes for outsourcing.
BARTIROMO: So raise taxes. That's how you pay for it.
WOLF: No, no, no, business tax reform is, you know, my view, and I believe her view is going to be that business tax reform are going lower not higher.
BARTIROMO: OK.
WOLF: OK. The president -- remember, the president's policy on business tax reform is going to 28 percent to 25 percent.
MCDOWELL: Which she has not got back.
WOLF: Yes, but if you look.
MCDOWELL: . correct me. She has not gotten behind that.
BARTIROMO: Why hasn't she said -- Dagen is right, why hasn't she said, yes, I'm going to 28 percent?
WOLF: First of all, she's the only candidate that put out any policy. She doesn't have to put out every policy, but she had said that her infrastructure will be paid by business tax reform, and we will see maybe today or maybe in the coming weeks, what her exact plans will be.
MCDOWELL: Trump has put out a tax plan.
BARTIROMO: Yes. He's got a tax plan.
WOLF: His tax plan, yeah, 30 trillion in new deficits is his.
MCDOWELL: Fifteen percent corporate tax.
BARTIROMO: Yes, that's right, 15 percent corporate tax rate.
WOLF: Maybe you saw what that will do, 30 trillion in new deficits. I'm amazed that Fox.
BARTIROMO: No, it's not 30 trillion. That's not the number.
WOLF: It's 30 trillion -- 30 trillion over the 20 years in new deficits. OK.
BARTIROMO: Twenty years.
WOLF: Over 20 years, 30 trillion.
MCDOWELL: I like how they went from 10 to 20.
(CROSSTALK)
WOLF: So, 14 trillion, currently. I mean, we could go either way, but for people who have been deficit hawks it's amazing all the sudden they're no longer deficit hawks.
BARTIROMO: Right, right, right.
WOLF: OK. You saw the report from Moody's, he was very clear.
MCDOWELL: I did, and it's forecasting so far out that all those numbers I found suspect because they're looking so far out.
WOLF: OK. Most people didn't find them suspect when he was backing McCain.
MCDOWELL: I will weigh -- I will weigh in. He backed McCain, but then he flipped. And he's been an advisor to the Obama administration on policy because he's a Keynesian.
BARTIROMO: Yeah.
MCDOWELL: He believes in spending -- he believes in the government spending money.
WOLF: Listen, he's the president of the United States all sides are advisors to the president.
BARTIROMO: Well, Dick Grasso you speak to business people all the time.
(CROSSTALK) BARTIROMO: We just heard from Tom Donahue and he kept saying overregulation is crippling, and that's why we're in this position. But you speak with businesses of the time. What do you think is going to move the needle.
WOLF: A man I love to hear from.
(CROSSTALK)
DICK GRASSO, NYSE FORMER CHAIRMAN AND CEO: Robert is smiling because -- I would love to see all of the 20-year plans he's submitted when he ran UBS, OK? Twenty-year plans, 10-year plans, 5-year plans are worthless.
BARTIROMO: That's true.
WOLF: I don't agree with that.
GRASSO: I want to know what they're going to do in the next year, the next two years.
BARTIROMO: A very good point.
WOLF: I totally agree.
BARTIROMO: . very good point.
GRASSO: And Robert, you know, you talk about laying a foundation. Foundations are usually, you know, made of concrete, not mud, OK?
WOLF: Yeah.
GRASSO: All we've gotten from both sides thus far is mud, OK? I'm -- I said at the outset, Hillary Clinton, when she was senator from New York, worked with the financial services business, she had a pragmatic approach. She was excellent. Hillary Clinton as secretary, now being dragged to the left by, you know, the architect of socialism, our great senator from Vermont, you know, the people's republic of Vermont. OK. Look at what's happened in Venezuela, all right, which is your best comparator. I mean, if Hillary Clinton had a sister soldier moment, OK, with Bernie Sanders and Elizabeth Warren, and went back to becoming Senator Clinton, and laid out a tax plan, a plan for investment, a plan for intelligent regulation, not deregulation, but intelligent regulation of financial services, you, as well as anyone know that the key to economic growth is a capital market system that can provide the capital for investment. Will she do that?
WOLF: So, a lot of things going on there, and I have the utmost respect for Dick. So, his views are always well-received. First of all, I was there the Lehman weekend, and we absolutely need-- we needed Reg. reform. As dick and I would probably both agree, the 85- treasury -- page blueprint was much better than where we are today with tens of thousands of pages. So, I'm not one that saying that we want regulation to hinder growth, OK, and capitalism. I'm saying that when both sides are lobbying on polarizing issues, all that happens is more documents are printed. So, we're in agreement that regulation has to be required, but it has to be best practices.
BARTIROMO: But is Hillary in agreement? Because she says she's going to build on Dodd-Frank. She's going to build on Obamacare. These are two of the most crippling regulations for business. They are making business not hire.
WOLF: Well, one, I'm not sure I would totally agree with that.
GUY BENSON, FOX NEWS CONTRIBUTOR: CBO would agree though.
WOLF: Listen, there's a lot of things CBO would agree. They would also.
BENSON: But you're telling Mark Sandy earlier, that CBO is not partisan.
WOLF: No, no, no.
BARTIROMO: The congressional budget office.
WOLF: No. I understand. I get CBO. On the financial services, I'm not sure -- more I can say is that I liked it much better when it was more principal based. We have to look at it. It's only a few years in. And it's going to be different, things will change, OK? So we don't know where it's going to lead to, OK? You know, everyone is saying more, more, more, and the Democrats are putting more in. I'm not sure I agree with that. With Obamacare, we have to find the right balance. I think everyone agrees we're glad that there're 20 million more people insured, OK, than they were 3 years ago. And I also think everyone's glad that the health care inflation rate has been slowing. Those are some positives. Do I say I like where Obamacare is today? No, I think -- it's a good foundation, as you would say, to build off of, but we need to make a lot of iterations to it. But you can't make any iteration to financial services or Obamacare when neither side of the congress are speaking to each other.
BARTIROMO: Right.
WOLF: OK. You need practical solutions.
BARTIROMO: Something you just said a minute ago, you said that the infrastructure plan is important because it's a job creator, which you've said for a long time. But in order to pay for it, we'll have business tax reform.
WOLF: Correct.
BARTIROMO: I don't understand. WOLF: So, so.
BARTIROMO: What's the tax reform? What's it look like? You said lowering taxes, but how do you lower taxes and pay for infrastructure.
WOLF: So business tax reform that everyone is debating is two things. Business tax reform is changing business tax reform, OK, to lower the rate, OK, to 28 percent for business and 25 percent for manufacturing. There's also the discussion on the repatriation. The repatriation of overseas money to come back and what is the right way to tax that at. The debate has been 14 percent to 19 percent, and where will it go going forward.
So, there's a frame work within a bid offer in my opinion of getting business reform done. I think in the year 2017, you will have business reform done, because at the end of the day both sides want business reform. Now, they call it business reform because they want to make sure that they don't start getting involved in the -- they're not going to get private citizen tax reform done. They can get business tax reform done, so they're now no longer calling it corporate tax reform because that's include limited partnerships and all the other things. They've been clear, so I'd start using that thing, business tax reform as well.
BARTIROMO: OK. So we're going to hear about this today from Hillary?
WOLF: Well.
BARTIROMO: Because yesterday was more -- it wasn't necessarily an economic speech, right? It was a slamming Trump speech.
WOLF: Hey, listen, I don't write the speeches, I watch the speeches.
BARTIROMO: I'm just to figure when are we going to get more details on policy.
WOLF: Listen, one thing I would say is when you go to her website, I'm not telling anyone to go to her website, but she has great policy on the infrastructure. Her pieces are fantastic.
MCDOWELL: If you can find it though because it's in alphabetical order.
(CROSSTALK)
WOLF: We can put it up on Fox tomorrow.
MCDOWELL: I'm looking at her website there's so much policy there, it's actually alphabetized.
WOLF: You can just email me, I can get to that.
(CROSSTALK)
GRASSO: Robert, one of the great infrastructure opportunities that we've missed was the pipeline, right?
WOLF: Yeah.
GRASSO: I mean, and the pipeline not only was great job creator, OK, but it fueled lower cost energy, OK, which will help manufacturing.
WOLF: She flipped on it, she flipped. You know, so.
BARTIROMO: What about that, Robert?
WOLF: Wait a second, there's a lot of questions coming at me. So, first of all, you know, I was on the jobs council, in exception I was a supporter of the Keystone pipeline, even though we know that tar sands are the worst type of oil that can be, OK, transported. Secondly, I'm glad you guys all brought that up because it was a Republican governor in Nebraska, who shot it down. We all know that. They shot it down, a Republican Nebraska governor. OK, the one who stopped it, OK, and put it into court. Secondly, when we talk about jobs, actually what came out is that it will be only 20,000 full-time jobs. Now, that's not a small number, but it's not the hundreds of thousands that everybody predicted.
GRASSO: No. But there was a great multiplier opportunity. And, by the way, you're right, it was a Republican governor in Nebraska, but if the president of the United States gets behind that project, believe me, it's going to get through.
WOLF: The construction jobs are actually shovel ready.
(LAUGHTER)
WOLF: Listen, I'm with you on infrastructure.
BARTIROMO: Yeah.
WOLF: No one -- I've testified in front of the senate, no one's been more on that than I have the last decade. I'm with you, not against you.
BARTIROMO: Robert, great to see you.
WOLF: Great being here. I love it.
BARTIROMO: We will be watching Hillary Clinton speech today, and looking for more specifics.
WOLF: And I can't wait to send you more e-mails.
BARTIROMO: Robert Wolf.
WOLF: It's always a pleasure. Great to see everyone.
BARTIROMO: Coming up, Elon Musk, expanding his green empire. What's behind his decision to combine Tesla and SolarCity, next.
(COMMERCIAL BREAK)
BARTIROMO: Welcome back. Just about 40 minutes away from the opening bell for a Wednesday. We're expecting a fractionally higher opening for the broader averages. Couples of stocks on the move this morning, shares of Tesla right now down 11 percent, plummeting in premarket trading on the news that Elon Musk's $2.8 billion bid for SolarCity is happening. The electric car makers set to open the day near a four-month low, making it the steepest decline for the stock in 2 years. On the other hand, shares of SolarCity is up better than 14 percent on that offer. More IMAX coming to an AMC theater near you, the two companies are expanding their revenue sharing deal by adding 25 IMAX at AMC locations over the next 3 years, shares of AMC up almost 13 percent for the years.
On to the global outlook, voters will head to the polls to decide whether they will leave or remain in the European Union. We want to bring in Charles Payne right now. He's sitting in for Stuart Varney today. Charles, good to see you. Walk us through the implications of the potential exit on viewers' money here at home.
CHARLES PAYNE, FOX BUSINESS NETWORK: Yeah. Well, Maria, we've witness it over the last week or so with our stock market, which is been in really very, very narrow trading range. Decidedly anxiety riddled, stock market investors either opting to shoot to the sidelines, go in to blue chip names, or gold has had a huge run, so have treasury, of course, treasury yields going lower and lower. That's all the anxiety. Here's the reason why. Early on, we heard the ECB say they'll join in if need be and provide up to billions of dollars for emergency liquidity. Why would they need such liquidity? Here's another thing, the Bank of England says they've got three separate emergency measures, so the world of finance is scared. They're so afraid that this happens, and I think that the fear goes way beyond the actual economic implications. But we know economies and market aren't always the same thing. Right now, it's a motion that are in large part driving this vote. There's going to be motions as a reaction. And in the meantime, stocks, in my mind have become a coiled spring. We could actually see the market rebound and rally to new all-time highs if they decide to stay, again, not reflecting anything economic, but all the pent up anxiety and a sign of relief.
BARTIROMO: Dick Grasso is with is today. Dick, Donald Trump just told us that the -- look, I think they should leave, but I don't want to tell anybody what to do. Your thoughts to Charles on the potential for Brexit?
GRASSO: Well, I think Charles nailed it. Right now, the odds are that it's going to be a very narrow vote to stay. I think the loser in all of this is David Cameron. And the reality is, the British people are not wrong, and they're offended by technocrats and bureaucrats in Brussels, who no one elected, you know, having to say of how British sovereigns live and work.
On the other hand, it is far better to stay in and change the governance procedures of the E.U. Let's not forget, since formation of the E.U. in `92, the British economy has outperformed the German economy by a factor of almost two. So, they haven't done badly. I think, right now, what offends a lot of Brits is what offends a lot of Americans, when you have bureaucrats laying on, if you will, unnecessary bureaucratic burden on free economic principles.
BARTIROMO: Yeah. It's also immigration that started this, Guy Benson.
BENSON: Yeah. I mean, a hundred percent, and that's part of the migration crisis in Europe. A lot of Brits are saying, well, you know, this is the time to pull the exit lever. We'll see what they do this week.
MCDOWELL: Thankfully they're exempt from the passport-free travel.
BENSON: They are.
MCDOWELL: And, so they haven't had the migrant crisis the way that you seen in places like Germany.
BARTIROMO: Charles, I know you'll have more on this in 10 minutes. We'll see you in about ten minutes.
PAYNE: OK. Thank you very much.
BARTIROMO: . on Varney & Co. Charles Payne -- Varney & Co., begins every weekday at 9 AM, right after Mornings With Maria. Up next, artist taking aim at YouTube over outdated copyright laws. Back in a moment.
(COMMERCIAL BREAK)
BARTIROMO: The music industry taking aim at YouTube, 180 artists, and record labels, including Taylor Swift, signing a petition urging congress to update the 1998 digital millennial copyright act. They say the current law allows YouTube and other sites to generate huge profits, and they're demanding proper compensation and more control of their music. Jason Flom is with me right now. He's the founder and CEO of Lava Records, and is the man credited with discovering and signing international superstar, Katy Perry, among others. And he's here with us. Great to see you.
JASON FLOM, LAVA RECORDS FOUNDER AND CEO: Hi, Maria, nice to be back. BARTIROMO: Thank you so much for joining us. So what do you make of this YouTube situation? Artists are not getting compensated because YouTube is using the music the way they want to use it.
FLOM: Well, they're certainly not getting compensated enough. And, I think, what this really comes down to, in laymen's terms, is music has value, right? And that's -- it's gone away from that, and it's -- it's at the top of the hierarchy of needs, right? People need music. And music is something that, as we talked about, it's 9.99 month, right? It's the best deal in the world for all the music that there is. It has value.
BARTIROMO: So you agree though.
FLOM: I absolutely agree. It has to be updated, and it's such an important part of pop -- of culture, right?
BARTIROMO: Yeah.
FLOM: And it's also an important export, right? Over 50 percent of the music in the world that's sold is created in America.
BARTIROMO: That's right.
FLOM: So, I think we, as a country, have to -- we have to honor that, and we have to protect our natural resource, which is our artists.
BARTIROMO: Yeah. One of most important exports for America, by the way.
FLOM: Yeah.
BARTIROMO: . music. Let me ask you about this trial over the Led Zeppelin songs, the opening notes to Led Zeppelin's, Stairway to Heaven, is in progress in Los Angeles, the trial, listen to this.
The case claims that Led Zeppelin stole the famous riff from the band, Spirit, and their song, Taurus. Led zeppelin released Stairway to Heaven in 1971. Here now, spirit's version.
Wow, Robert Plant testified yesterday saying his memory of events 40 years ago are foggy, and he doesn't remember hanging out with the band Spirit. Your thoughts?
FLOM: Well, when I first heard about this, Maria, I thought, you know, Spirit's suing Led Zeppelin over Stairway to Heaven is like Mother Nature suing God over unicorns, right? I mean, they were always there. I mean, it's such -- it's such a crazy lost -- and it's interesting too, right? I mean, you know, I work with projects, so I deal with a lot more serious issues.
BARTIROMO: Yeah.
FLOM: A lot more serious lawsuits. I mean, now, we have Trump with 169 federal lawsuits against him, but this one is getting all of this attention, and I can understand it. But I can't be objective because I love Led Zeppelin. I grew up on Led Zeppelin.
BARTIROMO: Sure.
FLOM: . as everybody. I saw Led Zeppelin at the Garden, when it mattered in 1977. It's one of the greatest experiences of my life.
BARTIROMO: It sounds pretty similar.
FLOM: Yeah. And it's -- well, listen, it sound similar, but it's -- I think that a riff that -- it's like a peggio or something, that probably comes from the monks, like from the ages. I think, it was always out there in the ether.
BARTIROMO: Yeah.
FLOM: But, I don't know -- and I think that's sort of what Jimmy Page referenced in his testimony, right? That it was -- it's sort of -- it was there, and so -- you know, I wouldn't want to be on.
(COMMERCIAL BREAK)
BARTIROMO: Thanks to our outstanding panel today, and thanks for being with us. We'll see you tomorrow. Charles Payne in for Stuart Varney today, Charles, take it away.
END
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(Show: MORNINGS WITH MARIA) (Date: June 22, 2016) (Time: 07:00:00) (Tran: 062202cb.231) (Type: Show) (Head: Trump to Target Clinton; British Exit Vote Tomorrow; Trump Courts Evangelists) (Sect: News; Financial)
(Byline: Maria Bartiromo, Dagen McDowell, Jared Max, Guy Benson, Ashley Webster, Adam Shapiro)
(Guest: Kimberley Strassel, Kevin Kelly, Guy Benson, Donald Trump, Kay Swinburne, Robert Jeffries)
(Spec: Politics; Stocks; Europe; Policies; Economy; Trade; Politics; Religion)
MARIA BARTIROMO, FBN ANCHOR: Donald Trump will join me live at 7:30 a.m. this morning. Stay with us. In 30 minutes he will be here.
Breaking overnight a frantic search underway for a father and his three teenage children after their sailboat vanished off the Florida coast. We'll have the latest on this search effort underway right now.
Golfer Rory McIlroy is pulling out of the Olympic Games over Zika virus fears. What he says about the costly decision coming up.
And Denver Broncos quarterback Mark Sanchez and other professional athletes are cheated out of tens of millions of dollars by a money manager. Details on the alleged investment fraud coming up.
Plus celebrities getting paid big bucks for Facebook Live. Those stories and more ahead.
But first global markets are keeping an eye on the possible British exit from the European Union. Trading in Asia was mixed overnight ahead of tomorrow's important vote with the Nikkei average in Japan the only one of the major indices to close in negative territory.
In Europe this morning stocks are slightly higher although a lot of expectation that if, in fact, the Brits vote to leave the E.U. we will see a major selloff.
In the U.S. futures are the relatively flat right now. Investors are watching both Europe and continued testimony from Federal Reserve chair Janet Yellen later this morning when she talks with the Senate Banking Committee.
Here to break it all down for us this morning, Fox Business Network's Dagen McDowell, Recon Capital Partners CIO Kevin Kelly and townhall.com political editor and Fox News contributor Guy Benson. Guy -- thanks for joining the conversation.
GUY BENSON, FOX NEWS CONTRIBUTOR: Great to be here. Thanks for having me.
BARTIROMO: Good to see you.
Good morning, everybody.
KEVIN KELLY, RECON CAPITAL PARTNERS: Good morning.
DAGEN MCDOWELL, FBN HOST: Good morning.
BARTIROMO: Good morning to you.
Coming up this morning, member of the European parliament Kay Swinburne is with me; presumptive Republican presidential nominee Donald Trump with us; and former NYC chairman and CEO Dick Grasso will join us.
Plus U.S. Chamber of Commerce CEO and president Tom Donahue ahead of an important speech he's making today about the economy and former RNC and former Mississippi governor Haley Barbour is joining us. You don't want to miss a moment of it so stay with us this morning because we have got a hot show.
Our top story right now. Tomorrow marks the crucial vote for Europe and the U.K. British voters will head to the polls to decide whether they will leave or remain in the European Union.
Fox Business Network is covering the story on the ground. Adam Shapiro is live in Berlin, Germany. And Ashley Webster is live in London.
Ashley -- kick us off. What is the latest out of the British capital? What are you hearing there in London?
ASHLEY WEBSTER, FBN CORRESPONDENT: Well, we know it is going to be close - - Maria. That's for sure, although I think the Remain camp believe they have the edge as we get ready for the big vote tomorrow.
Now last night we saw a very hostile -- wouldn't say hostile -- heated debate between three members of each side, the in and the out campaign in front of a 6,000-member audience. It was carried live on television and it got very heated at times including the exchange between former mayor of London and the current mayor of London.
(BEGIN VIDEO CLIP)
SADIQ KHAN, MAYOR OF LONDON: More than 60 percent of the world's leading companies -- Sony, AIG Insurance, Bluebook -- have their European headquarters, guess where, here in London. Half of our exports go to Europe. Boris, why have you suddenly changed your mind?
BORIS JOHNSON, FORMER MAYOR OF LONDON: I think we have heard an amazing amount of rubbing down of our city and our country over the last --
KHAN: We are proud of our city. We're proud of our country.
JOHNSON: The astonishing thing I think is that they underestimate the Remain by continually underestimating our ability to do better deals if we're left to do it on our own.
(END VIDEO CLIP)
WEBSTER: Maria -- we've had a head spinning number of business leaders, celebrities, well-known people getting involved in this. I'm not sure whether they have any influence or not so we're expecting the final number or at least to get a sense of where the vote is going at 4:00 a.m. Friday morning here, 11:00 pm Eastern but it could take longer. There is a lot of counting to do and that, of course, is based on the turn out so we have to wait and see.
There's no provision for a dead-heat, by the way. They say there is very little chance of that happening but if it does it is up to Parliament to decode and that could get really messy.
Back to you -- Maria
BARTIROMO: Wow. And we will be speaking with a member of the European parliament coming up. Ashley -- thank you.
We want to go now to Adam Shapiro. He's live in Berlin with the latest out of Germany on this. Good morning to you -- Adam.
SHAPIRO: And a good morning to you -- Maria.
Of course, the German official, Mr. Schauble, the finance minister has previously said England cannot have everything. It is either in or out.
Today Angela Merkel will be meeting with the Austrian chancellor but let's talk about what is happening on the ground here in Berlin, the largest economy in the E.U. We spoke to citizens of the E.U. People who are on holiday from the United Kingdom who are gathered over at the Brandenburg Gate and they told us it's going to be close. Here is what they said.
