tv Varney Company FOX Business January 19, 2016 9:00am-12:01pm EST
and actor kevin spacey will be joining. you do not want to miss that. please tune in. "varney & company" is next, ashley webster is in for stuart varney this morning. good morning. ashley: i am indeed. stu is out all week and here is the story. there isn't it. the markets are waking up from a three-day weekend, a much-needed breather with a vengeance. triple digit stock rally even though the news out of china isn't exactly great. oil is up as well, breaking above the $30 level earlier. right now at 29.52. we'll get into oil as well. linda tripp, remember her? a thorn in bill clinton's side. and her claim once again, bill had affairs with thousands of women while in the white house. and remember cnbc's failure of a debate, more fallout from it even months later. oh, yeah, we're not above a little bragging here on "varney & company" which starts right
now. ♪ ♪ ♪ well i've been running down the road trying to loosen my load ♪ >> that was one of countless hits by the eagles, of course, "take it easy". we are remembering glenn frey throughout the morning, the founding member died at age 67. don henley calling frey a brother and quote, the man with the plan" and he will be grateful every day for having frey in his life. more in the show. take it easy. and the market not taking it easy. stocks up, and china reported its slowest economic growth in 25 years, but they are injecting a boatload of cash
into their economy and that is sending the markets higher. let's bring in former reagan economic advisor, my good friend art laffer all the way from music city. i guess, art. bad news is good news. now they're getting the 91 billion in stimulus, all of this starting to sound a little familiar, right? >> i wish they weren't doing the stimulus. i think that china would be far better off without it. if you look at china's growth rate. it's been declining for quite a while and nothing radical in the change in growth. maybe the numbers are rigged a little bit. but china is a serious component of the world community and it has to pay as time goes on. >> as that happens, what impacts does that have on the u.s.? let's face it, the u.s. is making small strides. there are signs of life in the euro zone. what does this do to the overall global economy? >> if the u.s. changes the political structure, as i believe it will, ashley, i think there will be a new president and i think you're
going to see tax reform, regulating reform and the u.s. should be extraordinarily strong for a long, long time, just as in the '80s. i think this is exact the same period as 1980 was in that election and i think we have the future to look forward to much like it was during the '80 as and early '90s. ashley: i hope you're right. you have analysts talking about the r-word, recession. and what about deflation, could we have a lost decade or more like japan? >> i don't think that low prices, low inflation is a problem for the u.s. when you look at it, it's obama's last year in office. policies are terrible, they won't change for a while and once they change, it will be positive and then you see people shifting production out of 2016 into 2017 and 18.
i don't think expect that 2016 to be a good year in the real economy. ashley: all right, we're not going to let you go. stay right there. thank you for that. now let's turn to politicsment in an interview with brig brightbart, linda tripp, remember her from the monica lewinsky scandal. she says it was known in the west wing that bill clinton had affairs with thousands of women. are you surprised, shocked? i'm not. >> about which part? >> about bill clinton having thousands of affairs, we'll get to hillary's roll. >> i calculated something, eight years in office, 365 days a year, that's 2920. 2920 days, thousands of affairs. he was just, he was just, whatever the word is, i'm trying to think of a proper word for tv. ashley: dalliance?
>> dalliances around the white house? he's a busy boy, i would say maybe hundreds, but the question is, why is this relevant? who cares? >> because she goes on to say in the interview as a result of this, hillary would systematically find out who the affairs were with and destroy them. >> right, right, linda tripp said something like she saved monica lewinsky or, a hit out on her and missing women. and i don't know-- >> do i throw that out there, they did feel a little concerned about this. now, does this seem so disingenuous when we have hillary clinton pounding the pavement and pounding the podium saying, women's rights, women's rights and where according to linda tripp she couldn't have been more in the opposite direction? >> well, here is the thing. you're protecting your husband, i guess. i don't know. i don't know that situation. when i was in a relationship
where the guy was cheating, i left. so she, i guess, felt she needed to protect her husband. i don't know why all of these women are-- >> wouldn't you call that enabling? one of the biggest comments about hillary that she enabled this. juanita broderick has come forward and thousands of women who were destroyed and not defending bill clinton's behavior, why haven't others come forward? consider the source with linda tripp, she was a woman vilified for what she did perhaps unfairly, but she recorded monica lewinsky her so-called friend without telling monica lewinsky, consider the source, did bill clinton have affairs. yes. we know that for history. did hillary clinton perhaps destroy some of the those, juanita broderick and others have come forward. >> lets me say one quick thing. the media also destroys these women. if you're going to blame all of this behavior on hillary, you also have to look at the outlets. the media vilifies women who
have affairs with men. it's like-- >> well, i just, here is bill clinton treating the oval office like it's some sort of pickup joint. >> this is so irrelevant now. we're talking about a hundred years ago. people voting now don't know who bill clinton is. >> can you imagine him as first yeah, ha, ha, ha. united states? we'll get into that later. staying on politics, bernie sanders surging in the polls. democrats want a socialist, i guess. is that how far the party has gone? are we that crazy that we would have a socialist pick up the reins of this country and send us down that path? >> i don't know if we're crazy enough to do that, but i think if bernie sanders or hillary are nominated, their policies are so far left, ashley, that i don't think they have a chance in the election. i mean, the world has moved past these people and i think that bernie sanders and hillary clinton are both fine people
and good politicians, but their policy prescriptions are terrible and they're not of this day and age. we need pro growth supply side policies. we need more rich people not less rich people and if you tax something you get less of it and goodness knows that's not what we need, less employers, less producers, less income earners. we want more of them and any tax reduction broad based and they're way off base. but i loved your line on using the white house as a pickup joint. what a riot of a line. [laughter] that was great. ashley: i think that's pretty accurate, art. >> it's accurate, but also very funny. ashley: well, thank you. listen, look, tamara, i know you're not fan of hillary clinton. >> right. ashley: but are you concerned of how much support bernie sanders picked up? his passion seems to have touched off something in the democratic party. are you concerned that bernie
is coming on so strong that he could be the nominee and i think the democrats are concerned about what's happening. >> i think they're a little concerned, but if you saw on the republican side we saw the surge of ben carson and he disappeared. who is the guy, nobody knows if he's still around. so, i think we're seeing, now we only have two, obviously, and well, we have three, right? o'malley, but he has 2% right now so he doesn't count. the bigger question, 79% of voters say they see themselves supporting hillary clinton. only 66% in the event that sanders would win the primary. the question is, it benefits, if he does win the primary, where do the other voters go? i think the republican party should really look, especially donald trump should look to the independent voters and people who don't want to vote for sanders. do we stay at home or do we vote for the republican? under obama it was hope and change and a lot of people came out. we saw huge surges. i don't think that's going to
happen this time on the left. on the right, yes. ashley: tax and spend, not hope and change, at the same time, look, he is gaining some sort of traction out there and could, i think it's true to say that hillary completely underestimated the situation. >> oh, yeah, he's raising small amounts of money, he's running out of time, we'll see. >> and the northeast may be facing the first major snowstorm of the year. and in case you missed it, say it ain't so. i'd love to look at this points. >> now it's finally starting to feel like winter. especially in the studio, which is freezing, by the way, ashley. ashley: if you say so. i think it's perfect. >> oh, no. oh, no. some 50 million people in the northeast could see heavy snow dumped on them especially in new york and boston if the forecast holds true. you might be digging out monday morning, but spring is here in
outer space, that is. look at this, the flower has bloomed on an international station space for the very first time the step closer to nasa's goal of growing food in outer space. and britain's to ban donald trump from the u.k. for what they call his hate speech about muslims. >> it's words are not comical, his words are not funny. his words of poisonous. >> parliament will not vote on the issue, but is obligated to discuss it. ashley: yes, discussing it. by the way they're not going to ban people who leave to fight for isis and then ban donald trump. okay, thank you, lauren. >> sure. >> and despite donald trump, they didn't do anything about it at all. they kind of ebloviated as they
>> there's some breaking news for you. u.s. war planes hitting isis where it hurts, right in the wallet. adam is here with the story. >> this is the second time that the u.s. and allies targeted isis' financial network. this time the planes hit, we'll call it a bank, but it's a warehouse where they were storing something like $45 million u.s. dollars as well iraqi dinars. they destroyed the facility and this comes on the heels of a similar attack the other day in mo mosul when they destroyed essentially a bank. why go after that, because it prohibits isis and minimizes the ability to pay fighters.
they're drafting children, by the way. this allegedly undermines isis, the state, if you want to call it that. >> you'd think they'd bury the money underground so they wouldn't be vulnerable. it sounds like a significant hit. >> it's another way to go after them. take with a grain of salt. u.s. officials are saying it's significant. ashley: switching to iran now. in an interview with fox and friends, john kerry says he was infuriated by iran's footage of the captured american sailors, watch this. >> it's clear it didn't come from the ministry of foreign affairs, i think it's something that the military over there released on their own and it was very, very unfortunate, inappropriate, and as a former sailor, member of the military. i was infuriated by it and i expressed that very directly to my counterpart. ashley: actually, how could they be surprised by something like this? and fox news military analyst
jack keane is here. general, this is the way iran operates and here is john kerry saying i can't believe they did this. >> oh, absolutely right. i mean, this is a 35-year history of this behavior going back to our-- the hostages takesen in the embassy and considerable attacks that iran has constructed against the u.s. they blew up two embassies, the lebanon embassy and blew up two barricks. marine barricks in lebanon and air force barricks in saudi arabia and they conducted a 10-year assassination and kidnapping campaign at that led to an um into of hostages in the '80s and also in the '90s. this is irrevokebly behavior on the part of iranians to demonstrate that they intend to dominate and control the region and we have got to stand up with our allies against that in the region. ashley: it seems like we're facilitating. okay, we have the prisoner swap
and all seems to secure president obama's perceived legacy on reaching some sort of agreement with iran, have we given up too much? the second part to the question, is iran just moving its nuclear program to north korea, which some claim? >> those are great questions. yes, i do believe, as do others, that we did give up too much in this nuclear deal, but we do have the deal now. what's most important is to make certain that iran complies with this and that we're tough-minded about that and when they do violate it, and we know they will, that is a fact because they have always in the past, then we have to stand up with our allies and lead our allies to reime posing tough sanctions. our allies will not want to do that, ashley, and we need the leadership to do that. this will likely happen in the new administration to be sure and i'm hopeful that we'll have stronger leadership, more forceful leadership to deal with the world as it truly is. in terms of north korea, i
think the iranians are going to cheat and they're going to develop their own weapon and they'll use technology from north korea and certainly are attending those nuclear tests to learn what they can from them. you're right about that. but they're going to develop that weapon inside of of iran because i believe they'll have the capability to do it and we will not have the kind of compliance system to detect it. ashley: general jack keane as always, thanks for joining us this morning, appreciate it. >> good talking to you, ashley. ashley: hollywood's liberal elite throwing behind who else, bernie sanders. why would they support a man who wants to tax them at 90%. beats me. we'll have the story next. you both have a
perfect driving record. >>perfect. no tickets. no accidents... >>that is until one of you clips a food truck, ruining your perfect record. >>yup... now, you would think your insurance company would cut you some slack, right? >>no. your insurance rates go through the roof. your perfect record doesn't get you anything. >>anything. perfect! for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. and if you do have an accident, our claim centers are available to assist you 24/7. for a free quote, call liberty mutual at
switch to liberty mutual and you could save up to $509 call today at see car insurance in a whole new light. liberty mutual insurance. >> hollywood celebrities tweeting their support for bernie sanders. actor mark ruffalo is preferred by young people because he knows what he says. yes, free everything. and mia farrow says bernie doesn't detour, #highroad. tamara holder, seriously, we know this is hollywood and elites hang out in the hollywood hills, drinking their
martinis and looking down. bernie sanders, what gifts and why should we care what hollywood thinks? >> i think they're a microcosm of the general sentiment of the country because you have people who are not happy with obama. you have people who are not particularly excited about hillary. and so they're looking for bernie sanders. this wasn't the first time or this sn the first uprising of hollywood. bernie was there over the summer. he was doing fund raising. he was-- >> of course he was, that's like a gold mine for liberals to collect money. >> and interestingly, we were just talking about this at the break, but the millennials are the biggest supporters of bernie sanders and ryan gosling on his birthday november of last year, he tweeted a video out of bernie sanders and asked everybody to pass it around. so, clearly there's a lot of support in hollywood. i mean, i'm not a ryan gosling fan, but maybe because i'm too
old for him. ashley: are you really? i don't think that's-- they're pandering to appear to be more socially conscious. they have millions and-- >> i think you're jealous. ashley: bad news out of china and good news for us. we'll deal with that next. and guess what, a company in wisconsin telling its muslims employees hey, if you want to pray you can do it during break times. now that company is being sued. judge napolitano will join us later this hour. month here. you should have quit while you were ahead. 32 years at this place and i've got 9 days left before retirement. look jim, we've been planning for this for a long time. and we'll keep evolving things.
so don't worry. knowing what's on your mind and acting accordingly. multiplied by 13,000 financial advisors. it's a big deal. and it's how edward jones makes sense of investing. this just got interesting. why pause to take a pill? or stop to find a bathroom? cialis for daily use is approved to treat both erectile dysfunction and the urinary symptoms of bph, like needing to go frequently, day or night. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex do not take cialis if you take nitrates for chest pain, or adempas for pulmonary hypertension, as it may cause an unsafe drop in blood pressure. do not drink alcohol in excess. side effects may include headache, upset stomach, delayed backache or muscle ache. to avoid long-term injury, get medical help right away for an erection lasting more than four hours. if you have any sudden decrease or loss in hearing or vision, or any symptoms of an allergic reaction, stop taking cialis and get medical help right away. ask your doctor about cialis and a $200 savings card
>> i think the iranians are going to cheat and they're going to develop their own weapon and use technology from north korea and certainly are attending the nuclear tests to learn what they can from them. you're right about that, but they're going to develop that weapon inside of iran because i believe they'll have the capability to do it and we will not have the kind of compliance systems to detect it. ashley: there you have it. that was general jack keane on iranian nuclear program. remember, we start at 9 a.m. eastern time every day. join us then. all right, the opening bell, we are getting ready to ring after
a three-day break in trading. probably a much-needed breather. indications we'll be up 250 points, perhaps losing a little bit of the impetus. but news out of china, yes, indeed the economy is slowing, but on the upside the people's bank of china saying they'll bump billions into the stimulus to the system and that helped. 68, 72 points, looks like we'll be up for a nice start at the beginning. can we hold it? the other side of this story has been oil. oil again slipping beneath $30 a barrel. west texas crude right now at 29.34. that's on par now with brent crude, perhaps the best indicator of the lack of demand around the world, it's more widely used when you have those two forms of oil. why they're the same price, there's something amiss in the
oil market. and let's bring in jo ling kent, adam shapiro, mike murphy, and mike, it looks like bad news is good news with this china thing. 6.9% growth last year? i don't believe it. probably closer to 4. who knows? you always call china is ponzi scheme, right? >> i call them a ponzi scheme. ashley: yeah, go ahead. >> i call them a ponzi scheme because that's what they are. you don't get accurate numbers. they said this morning, we needed money to pay some old debt so they're printing money to pay old debt. look it up in the dictionary. that's a ponzi scheme and that's what they're running and they continue to run so the government owns 52% of their stock market. they allow it to try harder, and the circuit breaker, whatever it takes, that's not the recipe for success, that's the recipe for disaster. ashley: the recipe for disaster, mike murphy.
is china a ponzi scheme to todd's point? >> i don't think it will. i looked at china, we saw 6% gdp growth. you can argue whether they're true or not true. the market is up over there, up almost 10% last year, so, i think that china is the second largest economy. that's a fair number. if you're not going to believe the numbers, i think what's priced into our markets the beginning of this year was worse numbers than that. if we're going with 6.9% i think the market has a relief rally coming. ashley: jo, 6 of.9%-- it was 6.8% in the last quarter. jo: right. ashley: the lowest in 25 years, that shows you who quickly the economy is growing. they're trying to change the economy, not a hard landing, but it's not going smoothly. jo: it's not going smoothly you're trying to turn an export led economy , especially with a
wide range of spenders in china. there's a middle class that's growing and a lower class that's not spending. and the president to crack down on luxury spending inside the country. there's a lot of mixed messages going on here. we know that it's down 4% year over year and that's a pretty significant drop. and if you look at the entire dramatic situation, its current i is is everything. ashley: it's everything. jo: a whole basket of issues in china know the just the market or the gdp. ashley: or even a ponzi scheme to todd's point. all of them were down a couple of% in last week's route. let's begin with apple. it's up at 98.30, up just over 1%. apple is, once it got below $100 a share it's hard to get back up there, but it's a tough environment, of course. let's take a look at netflix, up 100--
let's see it's up to 106.83. they've launched in 130 countries and believe that international growth is where they're going to start growing. let's look at amazon for you. of course, the tech stocks have been hit hard of late probably because people are taking profits as people ran to the exits. amazon up, and google, alphabet, let's call it google, a scary 666. let's look at facebook, and up 1 is.57. and let's look at the stocks and for stuart, somewhere he's filing, microsoft, frank earnings, morgan stanley. >> you mentioned morgan stanley, that's up about 3%.
they've moved into wealth management more so they did well with equities and they beat on both the earnings and also revenue, and as a result, that's a winner. we're taking a look at bank of america, dow component and and they did well. there have been stuff market conditions and the ceo attributes some of the success to the cost cutting that they've had to do. they're led by technology, consumer discretionary and financials. >> the banks getting rid of the huge legal costs which is helping as well. nicole: correct is, bank of america is not in the dow anymore. ashley: well done, you've got the correction in. let's look at shares of johnson & johnson cutting thousands of jo jobs. >> they're off loading their medical device building. the question for them is the obamacare tax on that, the
company said this good morning, it will have 2 billion to 2.4 billion in connection with the plans and 3000 jobs eliminated. ashley: that's a lot. what does is -- it say about the economy? we keep hearing the recession world and i even heard the deflationary word the other day. what's your take on the economy right now? >> i don't think the middle class ever came out of recession. i think you're seeing a lot of struggling and i think the bragging of the big job growth that we continue to hear, but here we are, allow 3000 workers at johnson & johnson and i guarantee they make more than minimum wage. you've got oil services laying off jobs and i see middle class never left recession. the rich got richer and entitled stayed entitled. without the middle class, we'll never get it going forward until we can get them going
forward. the middle class, without them it's the same struggle, the same house of cards that we're building right now, it's a challenging time right now. >> quickly, mike, i want your thoughts on that. the disappearing middle class, what does it say about our economy overall. >> i think the economy is better than what todd or other people are giving it credit for, but i think you can look at the current administration. when you tax companies, ashley, you put on extra tax. people running johnson & johnson, they know how to make profits. they've been doing it a long time and they have to cut cost because the administration raises taxes on them. ashley: the regulations on-- >> i think that the regulations-- >> that doesn't help the economy. ashley: go ahead, sir? >> that doesn't help the economy, that's the point. with all the garbage that's going on, we can't keep people working at reasonably well-paying jobs. that's why we don't have the spending going on. that's the problem. ashley: they are linked together. >> for sure and we have an election coming up in november that hopefully will change a lot of it. ashley: very good.
check united health. profit down. the struggles with weakness and health care exchange business. i guess this is about obamacare? >> this is about obamacare and we've seen that the insurance companies have said repeatedly that they are no longer able to make a profit through the exchanges, just towards the end of last year, what was it, 12 different insurance companies or 12 different exchanges had failed, rather, because they can't make a profit doing this. and the question is, whether the federal government, because the obama administration will be out in a year, are they going to step up to help reward the insurance companies or maybe-- >> it's a biggie. >> it's the largest, yes, absolutely, but bernie sanders with his personal health care message, there are people who believe that this was intentionally set up so that the insurance companies would lose money so they could make the case to go to universal hurricane. ashley: conspiracy theory. the top five worst performers this year are energy stocks, and todd, any that are a
bargain right now? >> i think they're all becoming a bargain down here, ashley. i think that the whole commodities sector, on oil, oil that oil is a buy. i think you want to start to own the oil stocks. halliburton talking about around $30. i think you could throw a dart. you're going to see, as long as the company has solid fundamentals going forward, technically, they're just coming down and throwing them out with the bath water. i'm a big buyer of oil services stocks and oil stocks and physical oil. ashley: they're cheap for sure, cheaper. let's turn to the price of gas. regular down more than a penny overnight to a buck 88, amazing, that's the national average on regular. let's bring in pat dehaan with gas buddy. we're continuing to go lower. how low can we go? i hate to keep asking the question, but we keep heading down. >> depends what happens in china, with oil prices
rebounding, i think there's a 10 cent drop that's pent up in the national average, we'll see that decline to the 1.70's, that's not that far away. now we've actually ticked down to 1.87 a gallon. but, you know, a lot of this is, if crude prices continue to drop, if inventories continue to build, we still have a four to six week window where we could see crude prices tumble. could you see 1.69, that's still possible. ashley: which state has the most expensive gas? i think i know the answer, but i'll ask you. >> well, surprisingly, it's not hawaii. ashley: no. >> just another exotic climate. california takes the cake here again. they've been dealing with refinery issues for almost a year and that's why their prices have been so much higher. >> as stuart would say, it's the greenies, no big surprise there. thanks for joining us, we appreciate it. >> breaking news from the supreme court now, adam. what's going on? >> it's going to be an election year issue when you expect donald trump to talk about this.
the supreme court is going to review a key part of president obama's immigration reform strategy. remember that 26 states are opposed to allowing the stopping the deportation proceeds. the lower courts blocked the obama administration's allowing the illegal immigrants to stay here with their children and the administration is arguing that the president has the discretion to defer the deportation, this affects 5 million illegal immigrants who have u.s. born children. ashley: the court is deciding whether the president has that power. >> the court is going to decide april 6th, we might see the argument in april or may, but what you're going to see today is donald trump and the different candidates. ashley: they'll be all over this. >> talking about this. ashley: good stuff, adam. let's get back to the markets, and check the big board for you. a nice rally after the selloff last week. the dow up 139 points. china saying our gdp a slipping, but we're going to
pump in a whole bunch of money and seems to have put a base under the stock prices and oil though continuing to move low. we're expecting, at the beginning of the session, to be up 250 points, didn't get that. oil continues to struggle. all right. hillary clinton taking a shot at police tcalls the justice system racist and says we're not doing enough to fix it. herman cain will be joining us on that. 10 a.m. eastern, with us for the hour. ap coming up congressman dan ki killdejoins us from germany. one of his constituents is one of those freed to iran. we'll be there to talk to him. ♪ take it to the limit
>> let's get back and check the big board for you. dow up 125, 126 points, maybe not as much as we thought at the open. lower oil perhaps taking a little bit of steam out of the beginning after news out of china that, yes, the economy is growing slower and it's definitely slowing, but lots of stimulus is going to be pumped that the system and that's given cheer to the markets. goldman sachs, starts like lbmh and burberry are poised to climb this year. check them out both moving higher up 2% or there abouts, burberry and they're moving nicely. tiffany, decline in sales and weak spending by tourists in the u.s. stores. and that strong dollar hurting tiffany apparently. after four years in an iranian president, flint, michigan
resident is now a free man. one of five americans released over the weekend in a prisoner swap. our next guest flew to germany with amir's family and joining me congress dan kildee, congressman from michigan. congratulations, you've been working on his release for some time, is that right? >> we have. ever since i've been in congress now, it's been years. it been a long, tough road, a very public campaign to make sure that his voice and his name was never forgotten and an awful lot of very effective, apparently, private effort on our part with the administration, as well. we're just glad that this day finally came. ashley: how is he doing? how waste was he treated in captivity? has he spoke been any of that? >> yes, in fact, i spoke with him last night we had dinner together with his two sisters and brother-in-law.
he described in detail some of the conditions, solitary confinement at times, psychological, essentially torture. a terrible prison, but you know, despite that, and it's obvious that there's some trauma that he's experienced when talking to him. despite that his spirit is strong and he is the young man that i had described to be by his family. he's a remarkable, thoughtful, kind and soft spoken guy and he's looking forward to getting home to his family. ashley: on the bigger issue of the prisoner swap, conemgressma, there are crit six saying we gave up too much. how do you respond to that? >> yeah, i understand that. anytime you have negotiations, it's always easy to secretary guesecretary-- second guess. i was looking to do to free amir and everyone else as long as it did not violate any
longstanding principle or enurge can bad behavior. but any negotiation results in critics. the real problem, of course, is that many of those critics don't have the responsibility of having to answer to the families of people like amir's family. ashley: while you're there in germany, i've got to ask you, congressman, president obama declaring a state of emergency in flint, michigan, high levels of lead found in the drinking water. what's going on? what do you know? >> well, as a result of a decision by an emergency financial manager and really the failure of the regulatory process, flint has had elevated lead levels for about 14 months, which is bad for the infrastructure, but the big tragedy, of course, is the young kids have been exposed to high levels of lead. we have to make sure that the state government and perhaps with help from the federal government can at least give those kids a chance by getting them the help they need to work through any developmental challenges that they have. it's a very sad and tragic situation. it's a failure of government. ashley: all right.
we'll leave it there. congressman dan kildee, fact from germany, thank you for taking the time to speak to us. >> thank you very much, i appreciate it. ashley: the supreme court hearing an appeal from the obama administration, the judge on that after the break. with creative new business incentives, the lowest taxes in decades, and university partnerships, attracting the talent and companies of tomorrow. like in utica, where a new kind of workforce is being trained. and in albany, the nanotechnology capital of the world. let us help grow your company's tomorrow, today at business.ny.gov i don't want to live with the uncertainties of hep c. or wonder whether i should seek treatment. i am ready. because today there's harvoni.
a revolutionary treatment for the most common type of chronic hepatitis c. harvoni is proven to cure up to 99% of patients who've had no prior treatment. it's the one and only cure that's one pill, once a day for 12 weeks. certain patients... can be cured with just 8 weeks of harvoni. with harvoni, there's no interferon and there are no complex regimens. tell your doctor if you have other liver or kidney problems, hiv, or other medical conditions, and about all the medicines you take including herbal supplements.ng herbalsupplement. taking amiodarone with harvoni may cause a serious slowing of your heart rate. common side effects of harvoni may include tiredness, headache and weakness. i am ready to put hep c behind me. i am ready to be cured. are you ready? ask your hep c specialist if harvoni is right for you.
perfect driving record. >>perfect. no tickets. no accidents... >>that is until one of you clips a food truck, ruining your perfect record. >>yup... now, you would think your insurance company would cut you some slack, right? >>no. your insurance rates go through the roof. your perfect record doesn't get you anything. >>anything. perfect! for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. and if you do have an accident, our claim centers are available to assist you 24/7. for a free quote, call liberty mutual at switch to liberty mutual and you could save up to $509 call today at see car insurance in a whole new light. liberty mutual insurance.
>> all right. let's check the big board for you. well, we've certainly seen the steam come out of what was a robust beginning to the session. we were up 150, 160 points and we're now just up 87 points. oil, a big story again, down below $29 a barrel on west texas crude. that's starting to bring the markets down as well. although we are on the upside still. 85 points, but having trouble hanging on. another new low, by the way, for go pro. the third record low in a row. down another 4% in today's trade. let's get back to the breaking news in the supreme court. it will hear the obama administration's appeal of a ruling on administration. judge andrew napolitano is here. what exactly is at issue here? >> in 2012, president obama issued executive orders, no
surprise, in which he basically said to about 5 million illegally present aliens, some of them born here, some of them the parents of children born here who overstayed their visas, if you do, a, b, c, d, and e, you won't be deported. the problem was he made up the a, b, c, d, and e, and the a, b, c. d and e had been expressly rejected by the congress. he is a said i'm still not going to deport them. when here and not employed they fall in the social safety net of the states and the states have to provide emergency room services and school and welfare payments. and 26 states sued the president in federal district court in texas and prevailed and a trial judge there enjoined the president from enforcing these executive orders. a very, very rare historical event. the president's people appealed this to the united states court of appeals for the fifth circuit which sits in new
orleans, but covers the state of texas and that court, by a vote 2-0 upheld the injunction. ashley: the lower court's decision. >> yes, the obama administration appealed to the supreme court and the supreme court said we will hear the appeal. >> the interesting thing about the supreme court, it has nine members, it only takes four, a minority to agree to mary an appeal because the court has taken the case does not necessarily mean they're going to reverse what happened below, it doesn't necessarily mean they're going to uphold it, but as adam pointed out earlier, this is the hottest of hot button issues now front and center in the presidential-- are you surprised? >> i am surprised, i did not think they would do it. ashley: wade into the topic. >> correct. >> the oral arguments will be in april, a decision before the end of the june. what happens the end of the june, a month before the republican national convention. ashley: fabulous.
how do you see this playing out? the president did one of his famous executive orders. >> right. ashley: from what i'm hearing you telling me, it's a far overreach. >> an extraordinary overreach. the decision to enjoin the president is based upon the fact that his executive order forces the states to spend money that they didn't budget and they don't have and which is illegal under state law. ashley: right. >> to borrow money for apartmenting expenses. and the federal court said, well, he can't do this unless he pays for it which means he has to get the money from congress and congress said no. ashley: great stuff. fatnating. thanks for explaining that judge napolitano. appreciate it. next, u.k. prime minister david cameron, he says he'll deport muslim women if they cannot speak english. that's on the second hour of "varney & company" two minutes away.
ashley: so much for the triple digit rally. we are trying to make a come back but a lot of this ties to the price of oil since the beginning of a year oil below $29 a barrel, $20.84 for west texas, another 2%, that is taking the air out of this rally at the get go half an hour ago. donald trump wooing the evangelical vote promising to protect christianity. jpmorgan/4 hillary clinton, she says the legal system is full of racists and another music legend dead from illnesses not usually considered fatal. we have a doctor to explain. the second hour of "varney and company" starts now. ♪ ashley: we are getting to the
markets but we are following a breaking story, supreme court will be hearing the obama administration's puppy love a warning to stop the executive orders on immigration. herman cain with us for an hour, thanks for being with us. this immigration issue is front and center at a critical time in the presidential campaign. what does this do for the republicans who jump all over this? >> it helps the republicans because they have been saying that the president has overstepped his bounds, the supreme court is going to hear this, maybe he did. i am not going to predict what they will rule but the fact that they are hearing it -- ashley: playing into the hands of donald trump. >> absolutely because it and tied bring it up? he did. they are doing their jobs but he said it is an issue we need to
address but the biggest part is the republicans have been saying the president and the administration have been overstepping their bounds and this is a good indication. ashley: thank you. back to the market's taking a look at oil slipping below $29 a barrel on crude, the dow trying to make come back but crude oil is down $28.83, we were asking the question can we drop below 30? we are down $28.80. what is your take on the markets? we heard china is pumping more stimulus in, their economy is slowing down. it has been a rough start to the year for the markets. what is that telling us? >> it tells us the impact of oil because that market happened to rebalance itself is impacting this market. those that benefit from it or retailers, you will see a lot of as and downs. ashley: is it good for the
economy? >> it is good for the economy. the ones that are complaining are the ones who have to cut costs but for consumers it is good. that will lead to more discretionary money in their pocket but don't forget one other significant thing, congress lifted the ban on exporting oil outside the country and with that, it is causing changes where the market have to restate the lies. ashley: back to china, the engine room of global growth is showing signs of slowing down. they say gdp was 6.9%, we have no clue. i feel like they make these numbers up, to gordon chang in a minute. china, one giant ponzi scheme, we are beholden to them. >> we are. we have been dependent on the main ways in terms of trade and in terms of retail sector but i
think what is happening in china and i am not the expert is they don't have the infrastructure underpinnings that we have and as a result when you get fluctuations like this, you get more chaos and uncertainty than the infrastructure, retail consumer spending and things of that nature. stuart: let's take a closer look at the cme, things have turned around, dropping again. >> you have a tale of two oils today. wti versus fringe and we have good news on brent today up 3% and that is chinese demand, looking at numbers from bloomberg as they come across a it looks like demand in shy at outstripped what anybody thought it was going to be, reuter is based on government figures, it
is at 2.5% from 2014, we have two sets of data and two sets of oil trade and and that is the way it is going at the moment. ashley: west texas and a 12 year low for oil down $28.61, keep an eye on that, bring in gordon chang, author of the book the coming collapse of china, growth at a 25 year low. the question, is this the start of the collapse? we have been seeing the beginnings, domino -- >> we are in the beginning stages of the collapse. could be as long as a year ago, when the government started to put more stimulus into the economy but didn't have much effect. and benchmarks and interest rates, the reserve requirement ratios since february, no noticeable effect. the increase in fiscal spending, that hasn't worked either.
the economy is going where it is going to go and that is going down. ashley: this huge debt bubble, has it burst? >> it hasn't burst yet. it is huge and when you properly look at gdp, you are probably at something like a 350% ratio for debt to gdp. you see big increases because they are flooding the economy with money because they need to keep these enterprises afloat. ashley: what is it closer to? 1%. the most reliable indicator, and 2015 consumption of electricity increased but only by a 0.5% and talking about collapse, that number was 0.7% through
november, so december obviously was a big down and that is a real indication where the chinese economy is going. ashley: what does the chinese government to? more stimulus, $91 billion pumped into the markets. they have a printing machine and keep doing this, at you are basically saying they are out of tools. >> they are out of schools. we have seen large increases in money-supply and it has had very little effect or no effect on growth because there is a fundamental lack of demand for money because that is the major problems so the central bank printing as much money as it wants won't work. we saw the same in this country, quantitative easing. did that work? how did that work out, janet yellen? ashley: trying to change consumption service based economy, this isn't a hard landing but it is not smooth. >> financial services which is a major component and driver of growth and service is absolutely collapse starting the third
quarter when central government started to impose those track tony and rules on equity and in the currency market so basically they say 8.3% growth for services in 2015 can't be anywhere close to that. ashley: can't suggest they are lying to us. >> i would never do that. ashley: thank you so much. hillary clinton slamming police said the democratic debate. take a listen. >> there needs to be a concerted effort to address the systemic racism in a criminal justice system and that requires a very clear agenda for retraining police officers, looking at ways to end racial profiling. ashley: what do you say, herman cain? is hillary right?
just appealing to the minority voters for reelection campaign? >> she is doing her best pandering. i am not sure it is systemic as lack of accountability. we have the same problem in a lot of institutions, people college system agrees is a. is a lack of accountability on the part of the people in charge of these things. i don't agree with her. it is her pandering to black voters to keep them, quote, on the reservation and she does this all the time. ashley: if you go back in time to when her husband was president, he passed the violent crime law enforcement act of 1994. those laws were seen as probably the most influential in building up the mass incarceration of minorities in prisons. she was campaigning for these laws. >> absolutely. now she is saying we have systemic racism and retrain police officers, how about we change the laws that need to be
changed first and then we can hold people accountable for what they need to do. ashley: do you think hillary is desperately in the face of bernie sanders aligning herself more and more with president obama's administration in order to attract that minority vote? >> absolutely, no question. it will not work because what i am learning, with a lot of black voters, and not falling for hillary's pandering. never grabbed hold of his coat tails and fall for that either. >> look at chicago. voters in chicago continually return democratic control of that city put people in place, the situation in chicago weather is crime or police action shooting this. won't these voters -- >> some of them will. what i am saying is not all of
them, people ought to talk about the democrats get 90% of the vote against 95%, i am saying there's a big shift going on. >> when will those voters will the democratic county at -- party accountable for not serving them? >> the ones that are in denial about the failure of obama and others won't get it. ashley: fink you very much. some shocking video out of europe, a migrant on a bus in sweden is threatening to kill people if forced to leave the country. glen fry gone. the cause, rheumatoid arthritis and ammonia. why it can be a fatal combination. more varney next.
we were born 100 years ago into a new american century. born with a hunger to fly and a passion to build something better. and what an amazing time it's been, decade after decade of innovation, inspiration and wonder. so, we say thank you america for a century of trust, for the privilege of flying higher and higher, together. ♪
ashley: look at the big board, hanging tough, we dropped to 80 on the plus side, moving back up 128 points on the dow. oil has been a big story continues to struggle, west texas intermediate oil down under $29 for a barrel of oil. facebook, take a look at this, bigger stocks for you, up $1.04, $96.01. what's apps is now free and facebook own that. we will see what that has. tiffany, others, another story cutting jobs, sharp decline in holiday sales, strong u.s. dollar hurting tourism, that hurt the bottom line, down 5%.
we say it is for go pro, kurd lacquered row in a row, 2%, a $11.16, the oil route continues to hit chesapeake shares again, down almost 6% at $3.34. that is the impact with oil right now. now this. secretary of state john kerry says he was infuriated by iran's footage of those detained american sailors. american enterprise institute ambassador john bolton with us now. the world is as safer place, do you feel safer? >> of course not. john kerry also said in that exchange when he heard about the boat being captured the first thing he did was call his, a short him that the foreign ministry had not captured those boats, that as the revolutionary guard.
that is something to be encouraged about, the revolutionary guards who control the ballistic missile program, revolutionary guards control the nuclear program, and the revolutionary guards seizing our ships and crews and that is a reflection of where the power is. this incident in a way listening to john kerri tells you pretty much everything that is wrong with the administration's policy weather from nuclear-weapons to the hostages and service members up and down, living in a dream world. ashley: iran says we are going to test missiles. i know the answer to this but can we trust these guys? >> no. that reveals a bigger problem as well. the iranians and north koreans have been cooperating on their ballistic missile program since 1998 when north korea announced moratorium on launch testing from the peninsula after a drop a missile into the pacific ocean east of tokyo and got a japanese upset.
they have broken that moratorium but they have 20 years of work at least on these missiles. the purpose of which is to deliver nuclear weapons to their targets, not for whether or communications satellite leave even though the administration has recently issued sanctions against iranian entities for ballistic missile program violation, what is that all about? for the nuclear weapons that iran is no longer building according to the deal, it shows how schizophrenic -- ashley: ten seconds. may not be testing them in iran but what about north korea. >> how much of iran's nuclear program is in north korea is the question. ashley: as always thank you so much. 23-year-old and algerian migrant, first suspect to be arrested over ideologist sexual
assault in cologne, germany and new year's eve. meanwhile in sweden and afghan migrant on a bus for ending to kill people if he is forced to leave the country. roll tape. ashley: just one example. has europe lost control of this migrant crisis? >> yes they have. not only indicative of the fact that they have a migrant crisis but also a cultural crisis. when you don't insist upon assimilation and people get the idea they can bring their culture into yours, you have problems york has and these are the same challenges facing here, people need to assimilate or we could end up in the same
situation. ashley: donald trump is very controversial, let's ban all muslims temporarily i point out until we can properly vet, do you agree with him? >> i do agree with that and that is not hate speech. it is called worrying about the security of the united states of america first and secondly, we don't sell all the things that need to be done to properly vet people still is common sense. is not hate speech. ashley: david cameron says muslim women have to speak english or risk being deported. sells like tough talk we're you see hearing from donald trump. and cnbc's failed republican debate still coming back to haunt them. era in see cutting ties with nbc, details next. i have asthma...
...one of many pieces in my life. so when my asthma symptoms
kept coming back on my long-term control medicine, i talked to my doctor and found a missing piece in my asthma treatment. once-daily breo prevents asthma symptoms. breo is for adults with asthma not well controlled on a long-term asthma control medicine, like an inhaled corticosteroid. breo won't replace a rescue inhaler
for sudden breathing problems. breo opens up airways to help improve breathing for a full 24 hours. breo contains a type of medicine that increases the risk of death from asthma problems and may increase the risk of hospitalization in children and adolescents. breo is not for people whose asthma is well controlled on a long-term asthma control medicine, like an inhaled corticosteroid. once your asthma is well controlled, your doctor will decide if you can stop breo and prescribe a different asthma control medicine, like an inhaled corticosteroid. do not take breo more than prescribed. see your doctor if your asthma does not improve or gets worse. ask your doctor if 24-hour breo could be a missing piece for you. see if you're eligible for 12 months free at mybreo.com.
you premium like clockwork. month after month. year after year. then one night, you hydroplane into a ditch. yeah... surprise... your insurance company tells you to pay up again. why pay for insurance if you have to pay even more for using it? if you have liberty mutual deductible fund™, you could pay no deductible at all. sign up to immediately lower your deductible by $100. and keep lowering it $100 annually, until it's gone. then continue to earn that $100 every year. there's no limit to how much you can earn and this savings applies to every vehicle on your policy. call to learn more. switch to liberty mutual and you could save up to $509. call liberty mutual for a free quote today at
see car insurance in a whole new light. liberty mutual insurance. >> the questions that have been asked so far in this debate illustrate why the american people don't trust the media. this is not a cage match. if you look at the question
donald trump, you a comic book dillon, ben carson, can you give matt, john kasich, will you insult to be delivered a, marco rubio, why don't you resign, jeb bush, wyatt your numbers fallen, how about talking about substantive issues? ashley: the biggest cheer of the night, ted cruz criticizing cnbc's acres during the october debate. now nbc, the mother ship has the gop debate to cnn.
herman cain, your take on that. >> it was a good move. they didn't earn the right to continue to do that again. secondly, there was no guarantee that they would not try the same type of cage match tactics ted cruz talked about. ashley: you have been up there in that situation and you know there is a tendency for trying to get you guys to fight because
that is good television. to ted cruz's point, people want to hear about the issues. >> this is where candidates have to pivot to the issues and take the high road. that is the approach i took which was very effective and ted cruz and some of the other is that doing the same thing. pivot to the high road. ashley: good name for a book. outsiders of the gop race continue to hold strong but the race is still heating up. you have a new book out, the right problems, hold it up right there. you were an outsider candidate, no doubt about it.
how do you as an outsider stay in the game? i read some things you wrote or said in the past, you would have stayed in longer if you hit deep pockets like donald trump. >> when you are sucked into the middle of a media frenzy, you have to run a campaign, i did not have the deep pockets to handle multiple lawsuits and run a campaign. however, i was inspired to write this book because of the issues i talked about that were resonating with the american people especially people on main street u.s.a.. ashley: what is the main issue? >> replays the tax code. that is where every presidential candidate -- ashley: it never gets done. >> you can reform the tax code, you don't replace the tax code. you can replace it with several options, the flat tax, ted cruz's flat tax, ben carson has a different version and something still like 999 but i
am not running. ashley: not endorsing anyone. >> i have my favorite but not endorsing any one candidate yet. ashley: market's rallying despite growth in china. bumping more money into the economy to keep it alive. $91 billion to be precise and u.k. lawmakers thinking about banning donald trump calling him a full and a buffoon. from training to abandon billions of dollars worth of deals. more varney next.
>> let's take a look at the big board for you. 172 points. getting a second wind on the dow. let's take a look at oil. that has been the big story this entire year. still under $30. goes down to 2861. let's bring in blackrock. does the market need a flushing out? does it need to calm down? is that an accurate description? >> there are things that could help the market .am. you are going to get to a point where equity starts to look cheaper. a long way to go before we can describe equities as chief.
we saw some improvement in chinese data overnight. those are other factors that can help the market find a bottom. >> how far do we go down from here. it has been such a rocky volatile start for that year. what are you looking for that tells you that you kind of odd and out? >> the first is economic growth. much of the selloff reflects investors in higher probability. watching the economic data. it tells you something about the way the economy looks like. the second is credit markets. the u.s. height yield is beaten up. looking for stabilization in credit. >> we have the earnings season coming up. it is already underway.
it is the guidance. what are you expecting. >> if you look at 2016, we have hardly gone from seven in the half are sent earnings growth for this year. in a world where old inflation and growth are low, it may still be too high. these numbers exist further to calm down. ashley: thank you so much for joining us. appreciate it. now this. donald trump. roll the tape. >> we are going to protect christianity. you look at theory out. they are chopping off heads. you look at the different places. christianity is under siege. >> national reviews. jonah goldberg with us now. how successful can donald trump
be? >> it is good to be here. more successful among evangelicals. i do not think it is because of his naked and ridiculous pandering which we saw yesterday at liberty university. donald trump is feeding into this populist moment. there are evangelicals that tap into those emotions. you talk to christian conservatives. no one really pays donald trumps talk about christianity and religion all that seriously. you have kind of been making it up as you go. the audience was laughing at him for messing up. i do not think that hurts him that much. all of that stuff is already priced into his reputation you
have this new wave of pandering evangelicals. ashley: trying to snag whatever he can. you think it would be that evangelicals. a very welcome reception. >> i think it is once every three weeks. mandatory. the crowd is the crowd. yes. ted cruz. laying the groundwork for this run with evangelicals. i think he has had over 50 meetings, even. he has been wooing them very hard for a very long time. he knows how to speak that language. he is comfortable speaking that language.
donald trump speaks christianity not even as a second language. evangelicals, they are deeply literate. you cannot learn that really fast. i do not think that donald trump helps himself that much. >> we will leave it there, jonah. thank you very much. and a lot of headlines, if you like, over the last couple of days. whether to ban donald trump from entering the uk. listen to this. >> people feel that we need to stop a poisonous, corrosive man from entering our country. >> the possibility that this ridiculous individual -- [laughter] a number of cases where people have been excluded for excitement, hatred.
i have never heard of one for stupidity. >> donald trump is nothing more than a double gold. ashley: daniel hannan. joining us now. i heard words like fall and corrosive. poisonous. whatever happened to the right to free speech. >> note in showing those remarks that parliament did not bow. that would have been an idiotic thing to do. people wanted the opportunity. just as it was, i thought, very foolish of donald trump to ban people from the u.s. on grounds of religion. the only reason you ban people is because they are imminent threats.
>> wasn't it a colossal waste of time? you do not ban people. you come back. you do consider banning donald trump. also misplaced on the time and money. >> yes. it was ridiculous. the best country in the world. nothing to worry about. if somebody goes to syria, they are committing a criminal act. it is not so they can come and go. there is a real issue here. free speech is in retreat around the world. it is very important to restate the principal. up to the point.
we should tolerate obnoxious to the point of criminality. that is what makes us a better society than the islamic state. >> shut the showed the american people decide on the presidential candidate as well as whether they are stupid or what the candidate should be. let the voters decide whether they like it or not. >> we want to thank daniel. >> yes, that is true. >> a petition. that is why it has to be debated. >> that is why it was debated. let's move on. time for the sector report. no big surprise. you are looking at chinese stocks.
>> how they have been affected while the gyrations of the market. a competitor to ali baba. all doing relatively well. apple and its major exposure to china and how it is doing today. up just fractionally. the second largest market for apple. certainly could affect apple. what we have today is fourth quarter gdp. in line with expectations. twenty-five years. we see it moving towards that strong service sector. a lot of challenges. plus the valid till it be in the market. >> we are safe from that transition. >> you need to stabilize a short term growth.
iall across the state belthe economy is growing,day. with creative new business incentives, and the lowest taxes in decades, attracting the talent and companies of tomorrow. like in the hudson valley, with world class biotech. and on long island, where great universities are creating next generation technologies. let us help grow your company's tomorrow, today at business.ny.gov
nicole: i am the call petallides. the dow jones down. bouncing back a little bit from the selloff we have seen. the s&p up 13. the nasdaq up 35. keeping a close on some of the dow winners. we are also seeing nike, home depot, cisco systems and procter & gamble. keeping an eye on oil. working out 2906. bouncing back off the lows for the day. driving the markets. keeping a watch on twitter. two and a half percent.
down 40% over the last three months. start your day have 5:00 a.m. start your day with lauren simonetti and i. ♪ and every one of us. microsoft created the digital crimes unit to investigate and fight cyber crime. we use the microsoft cloud to visualize information, so we can track down the criminals. using our advanced analytics tools, analysis that used to take days to run, we can now see in real time. and we're building what we learn back into the cloud to make people and organizations safer. when it comes to the cloud, trust and security are paramount. our passion is making life tougher for cyber criminals, and making it safer for you and your customers.
we are on the last hour of trading. oil continues to be a big story. crude oil. west texas. $29.10. meanwhile, sharp decline in holiday sales. 69.49. tourists spending money for tiffany. that strong dollar hurting their bottom line. liz claman. what a beautiful backdrop. liz: we are here for the world economic forum. this is one of switzerland's largest ski resorts. 9000 feet. europe's highest city. everyone is depending on it for the economic forum.
it is absolutely nothing like what you are seeing in america. getting up to the top of the mountain. the little kitty mountain in michigan. there are two ways. getting to the top of the mountain to ski. the first is the parcel left. it is like a caterpillar train. two different stages. moving hundreds of these people up there. absolutely fascinating to see. it links 238 different ski lifts. the weather is decent. there is another way. that is the bongo love. showing you what it is like to do that. all the way to the top at 9000 feet. that gondola holds about 100
people in it. it is pretty fascinating. the focus of the novel magic mountain. it feels very much like a picturesque cuckoo clock town. you have to either fly and then drive a couple hours. you have 2600 world leaders and businesswomen who are descending right here starting tonight for the economic forum. they have a big u.s. contention. joe biden is already here. we are live 3:00 p.m. eastern. we are on the market. whatever.
thank you. now this. spike lee and jay to picket smith announcing they will not attend the academy awards over what they call a diversity problem. they are upset. >> they may have a point. here are a couple questions. here is another question. is the nba to black? [laughter] ashley: i don't know why i laugh. >> that is my point. we do not hear about the right problems and the right issues. ashley: there are those that say sour grapes. you do not get a nomination for an award and now you are crying
foul. not based on what you accomplished in a movie. that is the perception by some. >> i do not think it is sour grapes. they will take that and turn it into a great date that diversity issue. i am not sure it is if you look back over the years. ashley: all right. huge thanks to you, or maintain. a pleasure having you here. really appreciate it. president obama crashing down on guns. executive action. joining us from the las vegas gun show. we will have more varney next. ♪ you focus on making great burgers, or building the best houses in town.
or becoming the next highly-unlikely dotcom superstar. and us, we'll be right there with you, helping with the questions you need answered to get your brand new business started. we're legalzoom and we've already partnered with over a million new business owners to do just that. check us out today to see how you can become one of them. legalzoom. legal help is here.
you premium like clockwork. month after month. year after year. then one night, you hydroplane into a ditch. yeah... surprise... your insurance company tells you to pay up again. why pay for insurance if you have to pay even more for using it? if you have liberty mutual deductible fund™, you could pay no deductible at all. sign up to immediately lower your deductible by $100.
and keep lowering it $100 annually, until it's gone. then continue to earn that $100 every year. there's no limit to how much you can earn and this savings applies to every vehicle on your policy. call to learn more. switch to liberty mutual and you could save up to $509. call liberty mutual for a free quote today at see car insurance in a whole new light. liberty mutual insurance.
live. usually, these elements are not deadly, or are they? >> both of the diseases are autoimmune diseases. they affect you over a lifetime. some of the treatments for these diseases can cause an acute illness. >> there was an infection from the treatment. they need to have a discussion with their doctors. >> absolutely. some of the drugs that we use are in the system. developing pneumonia with his immune system suppressed, he may not have been able to fight that infection off. >> would that have been something his doctor should have advised him about?
>> i am sure that they weigh the risks and benefits of any treatment. it can become so severe that you really have to use these in these therapies. they can be life changing. with everything, you have to balance risk and benefit. >> colitis. how often do people, because of the medications, becomes a susceptible and die? >> i think that these medications are good if they are used under a good positions supervision. >> just three minutes away. ♪ ver want to see "$7.95." [ beep ] but you'll be glad to see it here. fidelity -- where smarter investors will always be.
if only the signs were as obvious when you trade. fidelity's active trader pro can help you find smarter entry and exit points and can help protect your potential profits. fidelity -- where smarter investors will always be. thanks. ♪ [ male announcer ] fedex® has solutions to enable global commerce that can help your company grow steadily and quickly. great job. (mandarin) ♪ cut it out. >>see you tomorrow. ♪
in force to her. just developing, the supreme court will hear an appeal over president obama's orders on immigration. teasing a major announcement later today. fox business will preview their. our three of varney not fading. it is starting right now. ♪ >> the congressional budget office unveiling its new projections for budget deficit. that sounds like a lot of numbers. peter barnes has the break down. >> the deficit will be a lot worse. >> 544 billion. an increase from last year.
reversing the trend of shrinking deficits from 2009. it cut taxes and increase spending. it is because of, guess what, higher entitlement spending. the national debt will now grow at a faster pace as well. rising an additional $1.5 trillion over the next decade. u.s. debt held by the public is now projected to hit $23.8 trillion in 10 years. ashley: peter barnes, thank you so much. the supreme court. an appeal over president obama's immigration orders. katie joined us to talk about this. this has implications right in the heart of the presidential election. does it not. >> absolutely. we heard donald trump talking
about the issue. ted cruz has been an opponent on immigration for over a year now. december 2014. this really puts it into a whole another level of credibility. this ruling will come down in june of this summer. picking it up in april. making a decision that will come out in june. only a couple weeks before the convention. we will see what the supreme court says. a controversial move by president obama. it will be hard to argue. it is something that needs to be changed. it becomes more of a rallying prize from the voters that agree. >> talking about the is negative order under president obama's proposal.
5 million immigrants in the u.s. a lot of these individual parents of children born in the united states. this is going to help, i would imagine, someone like donald trump. correct? >> well, sure. this also helps the states. president obama did this and put a about a burden on the states. texas governor greg abbott. twenty-six states strong. the president did this. the states are the ones that will have to pay for it. some states are talking about giving these illegal immigrants driver's licenses. you are also eligible for welfare benefits in many states.
not only is it unconstitutional, it puts an unnecessary burden. it helps donald trump moving forward. in terms of the details of the lawsuit, i think that ted cruz has worked credibility because he understands the legality. ashley: thank you for joining us this morning. we appreciate it. the rally has been fading a little bit. still up triple digits. up 101 points. now you go down to 98. this is tied to oil. texas crude down. briefly below that. taking some of the air out of the rally we were expecting today. united health. procter and gamble.
home depot. staying on the markets despite china. the slows economic growth in 29 years. i guess it is because of all the stimulus. market watcher keith fitzgerald here to explain. we are losing a bit of our old in the market. we continue to see oil struggling. the more changes, the more it stays the same. how much lower do you think we go, in fact, if we do go lower? >> i was just doing some quick calculations here. >> stuff like this calms and goes. the government and the big hangs well stimulate their way out of this.
you have to play this intelligently. >> do we need to see more of a selloff to get fair value? >> i do not think you have to wait. who really cares in the scheme of things. that is a huge value. talk them away somewhere. until oil stabilizes, is this volatility, will that be the norm? >> absolutely. this used to be normal. fifteen-20 years ago. this is finally running out of a little steam.
buying and selling is a recipe. we always joke that it is so easy to beat these estimates. what is your take on this earnings season and what can it tell us? >> you hit the nail on the head. you have to look at that. it is like betting on a horse race. executive student not post those estimates until we know roughly what they can achieve here and here is what we think we are going to do. they are easier to beat. ashley: keith fitzgerald. i love that picture behind you. the government's ability to
regulate insider trading. lorenz. >> this is a surprise announcement. taking up the case to test the government's ability to police insider trading. the ability to prove that those tips were for the personal benefit of the recipient. he is making the argument right now saying the evidence of that relationship is not enough to demonstrate insider trading for their personal benefit. ashley: the course on the financial industry. those that do the trading. >> absolutely. that is how we get information going forward. ashley: there is no such thing as insider trading.
ashley: cnbc failed debate last october. >> the questions that have been asked so far. this is not a cage match. donald trump, are
you a comic book villain. john kasich, will you insult to people over here. how about talking about the issues. >> it is actually evidence of the bias. >> barack obama missed 60 or 70% of his votes. this is another example of the double standards. between the mainstream media in the conservative world. >> is this the comical version?
>> we have $19 trillion in debt. we have people out of work. we have ices and al qaeda attacking us. we
are talking about fantasy football? >> you look back at that. that was a huge smack down. we have the rnc committee cutting nbc out of it totally. it is an utter debacle. not just for the candidate's point of view. every critic on the planet. no debate for you says the republican party.
delivering a major spanking for nbc it is interesting to watch nbc executives. it will be different. it is a division of the same company. this is so phenomenal. watching the first fox news debate heated last week's fox business debate. it may be an underlying fact there. it is one thing to ask aggressive questions. it was the insulting and condescending tone of those
questions. just pushing the rnc over the edge here. >> it really was a pivotal moment. how i guess delta bates should not be conducted. they really have gone in the opposite direction. you know what, that really is not that. we are just trying to get these guys to fight. the viewers and the voting public really want to hear about the public issues. >> candidates, as we saw on the fox business debate last week, ted cruzan donald trump saying nasty things about each other. it is okay to bring that out. you have to deal with it in a way that it does not seem where the moderators are taking sides. i am sure there will be some fireworks at the fox news debate in iowa. cnbc, it you are right.
executive action on tougher gun control. happening this week, the nations largest gun show in vegas. joining me now is former nra president david king. thank you very much. critics say they do nothing but hurt with those that want to comply. in the past we have looked at these laws. they do not do anything as the president describes as mass killings. they get more difficult for honest citizens who have never had any kind of problem. exercising the fundamental right. it is if the president is more interested in symbolism than
harassing people just because they own and use firearms. he is not solving these real problems. keeping guns out of the bad guys hands. dealing with gun crime. those jurisdictions where it has done, it has great impact. you rob a 7-eleven with a gun. you are committing to crimes. second is a federal crime. that crime is prosecutable by the federal government. the list suggested that he was going to urge u.s. attorneys to prosecute those crimes. it did not make a list of things a president did. instead what he did was take
some steps to make it more difficult for people who have never done anything wrong. >> david, a lot was said about closing the so-called loophole. was that a loophole? does that need to be closed? >> it is not a loophole. he wants to extend background checks to more and more people. he is redefining dealing. anybody who is in the business as a business activity. required to have a federal firearms license. 1968, when the original gun control act of 68 was passed, there was no definition of dealing. there was tremendous abuses as federal agents went after him trapped collectors and hobbyists and selling one or two guns.
then it went to the current definition. making it, requiring a license if you deal with use guns in a year, no, we will look at each case. we want you to know that if you sell one kind, it makes you a dealer. it throws the fear of prosecution into the heads of nelly and the people who do not intend to do anything wrong. they are certainly not criminals. thank you. jordan spieth. twenty-two years old. he just bought an $8 million mansion. we will take you inside after the break. ♪ you pay your car insurance
why pay for insurance if you have to pay even more for using it? if you have liberty mutual deductible fund™, you could pay no deductible at all. sign up to immediately lower your deductible by $100. and keep lowering it $100 annually, until it's gone. then continue to earn that $100 every year. there's no limit to how much you can earn and this savings applies to every vehicle on your policy. call to learn more. switch to liberty mutual and you could save up to $509. call liberty mutual for a free quote today at see car insurance in a whole new light. liberty mutual insurance. >> welcome back.
the chapel they stock down. down another 4%. trying to woo customers back after that e. coli scandal. they are offering some free food. >> massive pr. eating at chapel thing again. you know, they have given out free food in the past. this restaurant will offer it. they need to fix their reputation. this is coming. there could be more lawsuits filed against them. the company was not forthright in disclosing all of the safety hazards, if you will. >> interesting. the stock is hurting. down another 18,000.
he is 22. 8 million. what do you get for $8 million. it has five bedrooms. six bathrooms. a 12 car barrage. guess what. >> that is a golf stimulator. >> he bought it from another pro golfer. ashley: a great player. >> his home is in dallas. dennis: it has a wine cellar, too, of course. he cannot drink. life is good when you are really amazing.
and worked with liberal chuck schumer to co-author the path to citizenship bill. he threatened to vote against it. and then voted for it. he supported his own dream act and then he abandoned it. marco rubio. just another washington
politician you can't trust. jeb bush. he's a leader, so you always know where he stands. reds of crash simulations. thousands of hours of painstaking craftsmanship. and an infinite reserve of patience... ...to create a vehicle that looks, the all-new glc. the suv the world has been waiting for. starting at $38,950.
ashley: check the big board again for you, up 125 points although we've seen that early rally fade, but we're hanging tough. we'll have to see what happens, of course, in the afternoon and late afternoon session. take a look at oil, oil continues to be the story. west texas crude at 29.14, down again about 1%. at one point touching 28.61 i think the low was for today, but it's since stabilized. take a look at twitter, outages in zell parts of the world -- several parts of the world including switzerland, shares hitting a new low, 17.39. in fact, i was just writing down some numbers, down 76%, twitter, since it's all-time high, and 17.23 is a lifetime low for twitter. it's been a rough low. now to china, where they are reporting the lowest growth in a century. peter morici is with me now. peter, we've talked about china
til we're blue in the face, but is it heading towards a lost decade, perhaps? >> it looks somewhat different than japan's lost decade, but it seems to be headed in that direction. zombie companies, stimulus running out of punch, depreciating its currency but running into a wall this be generating more ex-- in generating more exports. not quite where japan is with regard to a demographic wall, but getting closer to it. ashley: so we hear today that in 2015 the gdp came in at a 6.9% which most of the rest of the world would kill for, but do you believe that number? do you think it's slower hand that? >> along with my .329 batting average for last year with the new york yankees in the american league -- [laughter] we estimate it's growing at 4, 4.5%, most economists. but consider how much of that is false growth. if you put up an apartment building in a city that's not occupied, it still counts in the gdp, the process of putting up the building.
and it counts in your balance sheet as wealth. but is that really gdp? it doesn't really generate anything. there's lots of things the chinese can spend their money, but they choose not to because they can't let go of this notion of rapidly moving up the ladder of development, developing, for example, a high technology export industry, developing a big military. you know, many, many people in china still don't have decent drinking water, and they don't have decent health care, yet they're building islands and a navy. for what purpose? to challenge the poor vietnamese? ashley: yeah, good point. and, look, there's this huge debt bubble, when -- and i don't know if it's happening now, but when that bursts, what does that do to china? is it the house of cards comes tumbling down? >> well, it doesn't burst the way it does here because, after all, the government controls or owns the banks it prints the money, the banks loan money to the state-owned corporations, they're basically point r printing -- printing the money to keep this ponzi scheme going.
but people start taking their money out of the country any way they can, and that teas what's been -- that's what's been happening in recent months. investors that can get out are giving the communist party a vote of no confidence, and the communist party is not reacting correctly. it's trying to screw down on them. it's much like the berlin wall. we'll keep the talent from getting out. at the end of the day, china can't keep its talent out, not in an era where ideas count more than steel mills. it's not going to work. so i think that's how the bubble bursts, is people refuse to work for china. >> interesting. peter morici, who had a great season with yankees last season -- [laughter] congratulations on that, and thank you for joining us, we look forward to your upcoming season. [laughter] the senate will debate tomorrow whether to put hold on accepting refugees. lawmakers will likely take up a bill cosponsored by my next guest, the so-called american safe act, a bill that essentially stops syrians from arriving here until additional screening is added.
with me now, north carolina republican congressman richard hudson. congressman, thank you so much for joining us. i guess my first question is, how can you properly vet someone that's coming from a country that has been war torn for five years? what exactly are you, what kind of information can you get on someone to feel comfortable for them to come to this country? >> actually, that's the million dollar question. and the fbi director appointed by president obama says for most of these folks you simply can't. and that's why we have this problem. we tried to come up with a solution that got a bipartisan vote of two-thirds of the house back in november to try and address this, and what we simply are saying is stop the flow million you can put a process in place -- until you can put a process in place that the fbi director feels confident that each individual we're allowing in has had a background check, and the secretary of homeland security can say each individual is not a threat. ashley: you know, donald trump said let's have a temporary ban
on all muslims coming to this country and has been vilified wildly, the british parliament debating whether to ban him for hate speech. it's kind of what you're saying though, is it not, that these people coming here should be vetted properly, but is that an anti-american stance? >> well, there's been a lot of rhetoric on both sides about this refugee problem. what i've tried to do with my legislation is focus on the issue at hand which is syria and iraq, the refugees coming to this country, the fact that our top law enforcement official says you can't vet 'em. and so i understand where donald trump's coming from. it's like my grandfather used to say, if there's a hole in the bucket, turn out the spigot first, then fix the bucket. it's that idea of why are we allowing folks to still come in that we can't vet them. but it's much more effective if we target them by the countries we're concerned about rather than a religious test, which is not what this legislation does. ashley: so what reaction have
you had so far to this bill? do you feel you have enough support for it? >> i'm nervous, actually, because the president issued a veto threat early in the process back in move, but he's issued veto threats on 75% of the bills that the republicans have brought up in the house, so i believe it was a knee-jerk reaction. he did it quickly. so my hope is getting this huge bipartisan vote in the house, if we can get six democrat senators to vote with us tomorrow to bring this bill to the floor, maybe the president will reconsider. the american people really want to feel safe, they want a process in place, and so i'm just trying to raise the awareness. if your listeners out there agree with us, i hope they'll call their senators and ask them, please, vote tomorrow to bring this bill forward. ashley: we wish you the best of luck, and we'll continue to follow the issue. congressman hudson, thank you for joining us. >> thank you, ashley. i enjoyed it. ashley: hillary clinton joining the e can bait on the supreme court and immigration -- the debate on supreme court and immigration.
>> this is what she's tweeting, potus' action should be upheld so families can stay together and live without fear of deportation. supreme court justices agreeing to review the president's plan to grant amnesty to about five million immigrants here illegally. half the nation, 26 states, oppose this. exactly, they're going to have to pay for that. ashley: that's going to be a huge issue as we get into the heart of the presidential campaign. okay, dozens of muslim employees of wisconsin's to snowblower and lawnmower manufacturer air yens say they're out of a job after the company changed its prayer on-the-job policy. with me now, ariens' ceo, dan ariens. thanks so much for joining us. what happened? how did we get to this point? >> well, it's an interesting story, and thank you, ashley, for having me on your show. so we began, our company's been in a growth mode, and in the
middle of the summer, may, june, july, august, we began to ramp up our production and our employment. we met a group in green bay that was a group of, at a job fair that was somalians who were looking for work, and they were living in green bay. so we began to the hire them, and the group got to be bigger and bigger, up to about 53 employees. during those summer months, they were using -- our policy is two ten-minute breaks per shift, and they were using extra time to pray. we tried to work and accommodate that early in their work with us, tried to work around them, but then now we've found that it's become more of a disruption to production and to our team environment, and so we've had to just get back to our policy of two ten-minute breaks per shift. ashley: so you offered two ten-minute breaks per shift, as you just said. what did they want, how many breaks and for how long? >> well, it depends on a prayer cycle for them. as i, you know, i'm not going to
be an expert on their prayer cycle, but from sunset and sun down it depends on when the sun falls. some like to do that prayer in the cycle of the sun. others, and the advice we've gotten from the community, is that we can work around those cycles and actually accommodate the prayers within the ten-minute breaks that are prescribed for the rest of the plant. ashley: yeah. so you tried to accommodate, they said it wasn't good enough. they've gone, and now they are suing you, is that correct? >> no, no. there's no lawsuit, and they're not gone. i think it's important to point out that we didn't terminate anyone. we had a discussion with the employees and, remember, some of these employees are still developing their english language skills, so we work with their interpreters to explain what our policies are. and there's a difficulty, i think, in the communication between both of our groups. we didn't terminate anyone. the 53 that were, are still
employees with us, we're still trying to work this out. so this occurred last thursday. the news cycle ran on friday. the account in the news wasn't completely accurate. ashley: right. >> but we're trying to get our story together and make sure we're still talking with -- we want to talk with these employees, and we'd like them to continue to be employees. ashley: well, i hope you can get this issue resolved. very interesting, indeed. dan, thank you so much for joining us, we appreciate it. >> thank you. yeah, thanks very much, alabamaly. we'll get -- ashley. we'll get it solved. ashley: donald trump says he will be making a major announcement later today, but something he said yesterday has people talking. we're talking trump and christianity, after this.
♪ >> i'm nicole petallides with your fox business brief. right now the dow up 131 points, though still down almost 8% for the year. and we're seeing the dow at 16,115, the s&p up 14, that's three-quarters of 1%, and the nasdaq gaining 23. some of your dow movers, unitedhealth which reported quarterly numbers, nike also a leader there on the downside though. united technologies hitting a new low. we're also seeing hoft and apple under some pressure at the moment. and then there's delta. delta up more than 3% today, 3.7% at 46.17, this after the company reported profit on lower fuel costs.
so that is a leader there. and we're watching netflix closely. year to date it's been under pressure, 52 weeks a stellar performer, it's reporting after the bell. right now it's at 2%. start your day on fox business at five a.m. see you will. feel a cold coming on? new zicam cold remedy nasal swabs shorten colds with a snap, and reduce symptom severity by 45%. shorten your cold with a snap, with zicam.
went to ancestry, i put in the names of my grandparents first. i got a leaf right away. a leaf is a hint that is connected to each person in your family tree. i learned that my ten times great grandmother is george washington's aunt. within a few days i went from knowing almost nothing to holy crow, i'm related to george washington. this is my cousin george. discover your story. start searching for free now at ancestry.com ashley: tiffany cutting jobs, sharp decline in holiday sales, struggling with weak spending by tourists who got hurt by that strong dollar, down nearly 5% at 64.33.
donald trump attempting to show off his biblical prowess yesterday during a speech at the world's largest christian university. unfortunately, it didn't go so well. watch this. >> i hear this is a major theme right here, but two corinthians, right? two corinthians, 3:17. that's the whole ball game. where the spirit of the lord -- right? -- where the spirit of the lord is, there is liberty. ashley: that's kind of funny, you heard people snickering. he meant to say second corinthians, not two corinthians, and the mistake has many up in arms from the family research council. tony perkins joins us now. is this really such a big deal? >> i don't think so, ashley. it's clear that donald trump's first language is not the bible, but the evidence is quite clear that he is communicating with evangelicals across the country in a way that is connecting with them. ashley: we had a guest earlier today that said, look, it's such a terrible case of pandering that it was hard to listen to
anything he had to say. is that too harsh? >> i think it is. look, my undergraduate degree is from liberty university. dr. falwell was a mentor of mine. that is the theme verse for liberty university, and you would think when someone's going to come onto your, into your area and connect with you, they're going to make, you know, some reference to something that is deep into who you are and what you stand for. so i think, actually, i think he was connecting with them. but, look, his message is connecting with evangelicals, and it's interesting to watch jerry jr., who is now running the university. you know, they've taken a step back in recent years from politics unlike their father, but they're coming into their own. and i think if you -- i watched the speech yesterday. if you listened to jerry jr.'s bro duction, it was a pretty -- introduction, it was a pretty strong introduction making a parallel which i think is key to the connection evangelicals have with trump is that jerry jr. talked about how his father really in many ways donald trump reminded him of his father. and his father was attacked for
speaking, speaking out, you know, what truth was. and donald trump, while speaking a different truth, you know, business truth, cultural truths which, you know, many evangelicals identify with as being self-evident, and he's being attacked. so there's a commonality that's beginning to emerge between evangelicals and donald trump. ashley: when we talk about evangelicals and their role in politics and it's a powerful group, perhaps ted cruz would be considered to be the number one candidate. would you agree with that? >> i think, obviously, he understands the evangelical world more closely, he comes from that world. and in many ways, and this is my opinion, it may offend some of my friends, but i think this is coming down to a two-person race when it comes to evangelicals, ted cruz and donald trump. both of them are willing to stand up and peek what is truth -- and speak what is truth, what is evident, self-evident, if you will, and not back down when they're
attacked. and if there's a segment of society that has grown weary of the political correctness that has encompassed this country, silencing them, it's evangelicals. and now they have found a champion, i think, in both of these men. ashley: fascinating stuff as we watch it unfold. tony perkins, thank you so much for taking the time to join us today. >> all right, ashley. have a great day. ashley: you too. the supreme court will review the government's rules on insider trading. all rise, judge andrew napolitano is next. ♪ ♪
to protect you from identity theft. we not only alert you to identity threats, if you have a problem, we'll spend up to a million dollars on lawyers and experts to fix it. lifelock. join starting at $9.99 a month. approaching medicare eligibility? you may think you can put off checking out your medicare options until you're sixty-five, but now is a good time to get the ball rolling. keep in mind, medicare only covers about eighty percent of part b medical costs. the rest is up to you. that's where aarp medicare supplement insurance plans insured by unitedhealthcare insurance company come in. like all standardized medicare supplement insurance plans, they could help pay some of what medicare doesn't,
saving you in out-of-pocket medical costs. you've learned that taking informed steps along the way really makes a difference later. that's what it means to go long™. call now and request this free decision guide. it's full of information on medicare and the range of aarp medicare supplement plans to choose from based on your needs and budget. all plans like these let you choose any doctor or hospital that accepts medicare patients, and there are no network restrictions. unitedhealthcare insurance company has over thirty years experience and the commitment to roll along with you, keeping you on course. so call now and discover how an aarp medicare supplement plan could go long™ for you. these are the only medicare supplement insurance plans endorsed by aarp, an organization serving the needs of people 50 and over for generations. plus, nine out of ten plan members surveyed
say they would recommend their plan to a friend. remember, medicare doesn't cover everything. the rest is up to you. call now, request your free decision guide and start gathering the information you need to help you keep rolling with confidence. go long™. ♪ ashley: the city of flint, michigan, trying to help residents clean their water supply after city government tried to switch its water source to the flint river, known for being dirty, by the way, all to save money. what a mess, lauren. what's the latest? >> and now there is, there are tests showing lead and blood in children and residents in flint right now. ashley: what? >> absolutely. they're nervous about this. the national guard handing out bottled water, they are calling for governor rick snyder to resign, they want him arrested. he will address this issue
tonight in the state of the state. hillary clinton spoke about this over the weekend -- ashley: to they decided to -- >> poor majority black -- ashley: right. so so they decided to go to the flint river as a water source. someone should have said, wait a minute, i don't think that's very clean, and here we are. >> here we are. ashley: thank you, lauren. the supreme court will review insider trading rules. you know what that means. all rise, please, judge andrew napolitano is here. and e he always says, please, do not stand. [laughter] >> very kind. ashley: i looked up the trade, this is insider trading is defined as much: trading of public companies, stocks or other securities by individuals with access to nonpublic information about the company. >> okay. so the united states court of appeals for the second circuit, this is the court right below the supreme court that sits here in new york city, interpreted the insider trading laws to require that the ultimate trader
must know he's using secret information, and the person who delivered the secret information must get some benefit from it. so if you and i were brothers and we were having dinner at the family household and you said, by the way, my boss decided to do this today and i ran out and traded on that, under this definition that would not be a crime. and that supreme -- that circuit court decision stopped a lot of prosecutions here in new york city. while that's going on, prosecutions of a similar nature were happening in california where the ninth circuit court of appeals -- same level as the second circuit but for the western part of the unitf the ut states -- ruled the opposite. you don't have to know that it was inside information, and the person who gave it to you does not have to benefit from it. ashley: wow. that's a huge difference. >> right, they're the opposite. two courts of the same level in the federal system saying that the statement statute has entirely different meanings. the job of the supreme court is
to reconcile what's called a circuit submit. ashley: i have to say this, judge, you don't believe as there's any such thing as insider trading, do you? >> i believe that insider trading should be a marketable commodity. [laughter] ashley: wow, that's taking it a whole step -- >> yes, it is. it should be available to the highest bidder because it's truthful and accurate information, and truthful information leads to better economic decisions. ashley: so you think -- >> very, very minority view. the only other person that agrees with that is wining and dining himself in switzerland right now, my brother gasparino. ashley: he's yodeling in the alps right now. >> we'll hear from him in a moment. ashley: you and charlie gasparino, does that make you nervous? >> that gives me great comfort, ashley. [laughter] ashley: okay. listen, if i go to someone and say, listen, i know you work for this drug company, i want to know what happened to that drug test, i'll give you some money
if you give me the results ahead of time. >> right now that's a crime. if it were a marketable commodity, like any commodity, it would be for sale on the open market. or people would treat the inside information differently than they treat it now. ashley: it's a very blurry line. >> yeah, but it's the one area of commercial intercourse where the courts have criminalized the truth. not fraud. not misrepresentation. ashley: it is what it is. >> but if that drug test failed or if that drug test succeeded, why shouldn't i know about it before i invest in the drug company? ashley: because no one else did. the public wasn't given that access. whatever. >> maybe the public should have that information. ashley: charlie's going to be on the line any second. we'll have more varney right after this.
and they're not foul -- falling for the fact that that she's trying to grab hold of his coat tails. ashley: herman cain says black voters aren't falling for hillary clinton's attempt to one their vote. by the way, the dow up 102 points. neil cavuto is here, take it away, my scottish friend. neil: oh, all right. i can't wait until you come home. thank you very much. we are awaiting a white house briefing on this supreme court decision to take up the president's immigration measures that you might recall at the time he was trying to stall deportations for millions of illegals here. what he wants to see the supreme court do. i have a pretty good idea, but what the court is weighing is whether the president has the power, the executive authority to do what he's doing; that is, to stall deportations and to allow the children of illegals who have made it here to stay here. but i oversimplify. what do you want to see out of the supremes?