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tv   Varney Company  FOX Business  December 7, 2016 9:00am-12:01pm EST

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comments and like it or not. he's starting conversations that he has. >> i'm deferring to dagen. >> remember all those and the teenagers who lied about their age to enlist. >> amen. >>. maria: "varney & company" starts away. stuart: they loved him, defense secretary nominee, this guy is a shoo-in. donald trump introduced the general to a cheering crowd in north carolina. donald trump said mad dog mattis will make america safe again. to be confirmed, the general left five years ago as opposed to seven. and they've attached it to a spending bill.
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pass it or the democrats have to shut down the government. and china in talks to expand operations in america. the giants of america will meet with donald trump. will he read the riot act? the dow hit the 20th high of the year yesterday. 919 points up just since election day. but some things they never change. the media, they loathe the president-elect. he's using twitter, not a press conference. he's pressuring business. the transition is in chaos. he speaks to taiwan? wait until you see what they are saying today. and "time" magazine names mr. trump the person of the ye year. did they really have a choice? "varney & company" is about to begin. ♪
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>> thank you, north carolina. thank you. we will show the world that america is going to be strong again, stronger than ever before. and it will be the duty of my administration to ensure that we protect those who protect us. we're going to protect our people and protect our country. believe me. we're going to have a strong military. not going to be depleted any longer, make america like it says in all of those caps, those millions and millions of of caps, that have been sold all over this country we are going to make america great again, greater tha ever before. stuart: the crowd loved it. okay? they loved it. the thank you tour hit fayetteville, north carolina. introducing the crowd to his new defense secretary, the nominee, that is general james
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mattis. and before the events we learned, fox cam. they manufacture in china and trump wants that manufacturing here. and the industry leaders to a technology round table next week in new york city. and fiscal times liz peek, i think that the president-elect is going to strong arm, muscle silicon valley. >> i think it's very possible. silicon valley has things they want, and extra visas, et cetera that help the operation and a lot of innovation and they have egg and their face
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tot totally in bed with the clinton organization, so to speak. and that's driving liberals crazy. the traut it's there for the good of the country and all the crowds out there cheering him on. they know that, they're not dissuaded by the itorials that you're talking about. >> and mr. trump will offer a 15% corporate tax rate instead of 35% they've got hundreds of billions parked overseas, they have no excuse. >> mr. obama was dire and negative about the outlook on the economy and i remember writing a piece, stop the fear mongering, you want to encourage people to invest and to build and i think that the polls and the markets reflect that. stuart: look at this, liz,
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yesterday afternoon and they create what they hope is 50,000 new jobs. that's not exactly strong arming softbank. that' dng a deal here. >> absolutely, and that's the carrot and the stick thing we're gog see from donald trump. what do they want? they want less regulation and they want, by the way, maybe mergers to go through that they're hoping will go through, things like that the federal government are involved in. >> do you think that the president of the united states should do this to private enterprise? i mean, muscle them, strong arm them and threaten them? >> absolutely. stuart: they should do that? >> this is sort of in the mold of lbj. what did he do? he did an amazing amount of reconstruction of our domestic economy and social programs and so forth because he got his hands dirty and engaged with businesses and he engaged with congress. i think that donald trump is going to have the same
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enthusiasm, i mean, i know someone who met with him at 6 a.m. this morning, this guy is ready to go. he is working very-- >> really, 6:00 this morning? he was holding meetings in trump tower? >> yes, he's active and he's not-- obama has been sitting on this perch kind of looking down at congress, wish they would do his will and engaging. even democrats have talked about that. trump is now on board and he's active and i think people are going to cheer this engagement. stuart: okay, i wish you could tell us who it was and who it was at 6:00 in the morning. >> that's pressive, right? everyone says he's not serious, not going to work at it. he is working at it, believe me. stuart: let's get to the markets, where are we now? first of all, the price of oil. not much change. it's actually down a fraction. $50 a barrel. we've got a read on the supply of oil at 10:30 this morning. at the opening bell we'll be dead flat, slightly higher.
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let's bring in ashley webster. welcome back. and liz. ashley: the gang is back. liz: delighted. stuart: we've seen all kinds of records broken for the dow. give me the numbers how many since the election. ashley: there's a varney gain. stuart: varney gain. ashley: the dow is up 5% since donald trump won the election and let's not forget the night of the victory and the next day and early hours of november 9th. it dropped 800 points and we thought this is it, armageddon. up 15 of 19 sessions since he won and also, seeing 11 record closes of the dow in that time. i just want to mention the russell 2000. people don't generally talk about that. the smaller cap company. the true american companies who saw it as a huge win for them as well. 10 record closes since donald trump won the election. >> a rally. >> it's a trump rally that
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continues. >> i want to get back to the big speech last night. there was a big announcement. the mr. trump named james mattis to be secretary of defense. watch this. >> i'm grateful for the opportunity to return to our troops, their families, the civilians the department of defense, because i know how committed they are and devoted they are to the defense of our country, the defense of our constitution, with our allies, strengthened, with our country strengenned. i look forward to being a civilian leader so long as the congress gives me the waiver and the senate votes to consents. stuart: so long as congress gives me the waiver. come in political columnist, now, charles, the democrats have got a problem here, i think. because the republicans have attached that waiver to get him in as secretary of defense. they've attached it to a spending bill. if the democrats say no, you can't do that, we don't want
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the general, they shut down the government. we're not used to this. i thought it was republicans always shut down the government? >> that's right. and the other thing that, we haven't gotten into the issue of filibustering, but you know, this basically forecloses that entire discussion because that, the bill would have to pass on a simple majority vote. the good thing here, he needs to do it-- if they succeed at this and i suspect they will. it means that he gets the waiver early and they can get on to the confirmation fight. i think the confirmation fight will be fascinating. general mattis is a brilliant pick. a very thoughtful guy. a guy that has great reverence for the constitution and the civilian leadership of the military. but he's also a guy who is a fearsome war and every question that comes up about the ma marines or the military.
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does it make the military more lethal in findi and killing the enemy? anything else, any sort of social engineering that people want to do with the military, all that goes out the window. all he wants is to send people-- you know, to use the military to do what it's supposed to do. stuart: i'm dying to hear the confirmation hearings, that will be absolutely fascinating. i want to move onto the media. they still loathe the man, talking about the president-elect. washington post, look at these opinion headlines. we've got these this morning. trump's one consistent policy, chaos. a first foreign policy flaw. the same into up in one day and here is another one. trump's team of faux pop lists and real crony capitalists, they're relentless. are they ever going to accept that they lost? >> i think it's really, particularly with "the washington post," because "the washington post" used to be the, you know, a very influential paper and used to be a paper that specialized in covering politics, and you know, that is their-- that's their game right there.
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and yet, they completely missed this entire election. they missed all of it. they had no idea who these voters were, they had no idea who donald trump was. they had no idea what a success he would wind up being, and it's pathetic. they're a washed up, has-been newspaper and they're flailing around. stuart: are they your competitors by some chance, charles? i believe they are. they're owned by jeff bezos who has-- he's the founder of amazon and amazon could have an anti-trust problem with president-elect trump, but i digress, i digress. >> here ty're complaining about crony capitalism? give me a break! . stuart: washington times guy charles, thank you for joining us. >> thanks, stuart. stuart: do we have a big show for you today. look at the lineup. harry dent, the eternal bear, he's predicting a crash and has been for years. if you listened to him you
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missed out on a rally. michelle malkin not happy with the left leaning media. and jeff karlstrom forget the appointment of mad dog mattis. a marine accused of using a private e-mail to send classified information gets his verdict overturned. some say because of hillary clinton. 2,403 americans were killed when the japanese launched a sneak attack on the military base in pearl harbor. people are expected at the pearl harbor memorial. it's december the 7th. at are you doing? oh hey john, i'm connecting our brains so we can share our amazing trading knowledge.
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>> the price of oil is--
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what day is it? wednesday morning. $50 a barrel, let's leave it at that. now, under amour, there's a stock that's going to be up. why? well, they're splitting the stock, i believe, and they've got a new stock ticker symbol, uaa and it's going to be up a little bit at the opening bell. we'll explain it all from under amour shortly. next item. a federal judge has ruled in favor of a marine reservist for using private e-mail to warn of an impending attack in afghanistan. judge napolitano is here. now, judge, some say he won because he used a "hillary did it" defense. i think we've got it wrong. >> there is no hillary did it defense. you have a marine major in an afghan encampment who seized an al qaeda person dressed as an afghan cop and immediately
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warns his superiors. it's an emergency situation and in warning his superiors, he sends them a document demonstrating this is not who it appears to be. the document had a top secret security clearance and in an emergency situation he sent it over his gmail account. stuart: right. >> one stop secret document, one e-mail from a person with a top security clearance to another person with a top security clearance. this is a tiny fraction of what mrs. clinton did, he with as not prosecuted, but honorably discharged. he challenged the honorable discharge and yesterday a federal judge invalidated the discharge, and ordered them to take it back. in charging him the navy held back documents that demonstrated the discharge was retaliation. retaliation for what? for exposing the fact that he used his gmail. stuart: the case is in the
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news, if i can call it a case. it is in the news because hillary clinton allegedly did so much more than just release one-- >> i would ask you to drop the word allegedly. that is really not in dispute that hillary clinton did at least 110 times what this person did and she didn't send this information to others with national security clearances as he did. stuart: in the case of the major, justice has been done. >> yes, yes. stuart: in the case of hillary clinton, justice-- >> that will be up to the new justice department and presumably the new fbi director. stuart: judge, thank you. we'll see you shortly. president-elect trump lays out his tax plan and promising to slash the corporate tax rate down to 15%, saying that the middle class is going to get a massive tax cut, too. you'll hear all about it in a moment.
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>> we have reports of a plane crash in pakistan this morning. ashley, details. ashley: yeah, pakistan international airlines, a flight to islamabad. we have reports now more than 20 bodies have been recovered. the question is, what caused
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this? was it terror? it's up near kashmir and this airline has a dreadful safety record. europe banned it flying to europe nine years ago because of safety concerns. stuart: okay. where are the markets going to open? a tad higher for the opening. i'm going to call it dead flat after a series of record highs. take a look at apple for the i-6 s battery. more on that later. the stock is not effective by the 6-s battery problem. president-elect trump says that tax cuts are coming. >> first on taxes. we are a going to undertake one of the great tax reforms and simplifications in america inventory had. this includes lowering the tax rate on business from 35% all the way down to 15%.
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and massive tax cuts, by the way, for middle class workers. the biggest, biggest since reagan, actually bigger than reagan. stuart: all right, liz peek. nobody seems to be in any doubt that we will get a sharply lower corporate tax rate. down to 15%. but there's a lot of pushback from congress on the extent of tax cut rate, rate tax cuts for individuals. where do you stand? >> already you've had the pushback that he's going to be cutting taxes for billionaires and trump's point is a lot of small businesses in this country file as individuals, so bringing the individual rate down is not just benefitting high income americans, it's also having a big impact on businesses which right now are paying enormously high taxes, particularly if they're in high tax states like new york. so, look, i think they're-- >> the effect on small businesses is going to be profound. >> and i know people who own small businesses who voted for
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him for exactly that reason because they cannot afford their current taxes. liz: majority of job create small businesses, but the first time they were upside down. and i looked at president obama's first moves, shut guantanamo bay, focus on obamacare and senator chuck schumer said don't do that, focus on economic growth. and it looks like mr. trump is hitting the ground sprinting. stuart: i'd like to know what the deductions are. >> limiting charitable deductions-- >> the devil in the details there. 75% of people in a survey say they're eating out less often. they want to save money by home cooked meals and trump is holding a round table, he's going to strong arm the biggest names in tech, that's my opinion. is he going to read them the riot act? we're on it. the opening bell is next.
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>> we are going to open the stock market in about 30 seconds, remember, please, we're coming off a whole series of record highs for the dow industrials. 20 records this year and i think it's nine just since
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election day. by the way, since november 8th. that was election day, the dow industrials have gone up 919 points. i'm looking at futures now, we might be ten points higher when the opening bell rings and actually when trading starts, which is now. we're off and running, up, down, side ways, we're down six in the very, very early going. i see an even split between winners and losers, i'm going to call it a dead flat opening for the dow, check out the s&p 500, where is that taking us today? i'm going to say dead flat. how about the nasdaq, with are is that one? opening up with a loss of .2%. the price of oil, roughly $50 a barrel. that's where it is at the moment. it's down 70 odd cents today and where is cold? up eight bucks at 1178. across the spectrum of the marketplace, we're pretty much unchanged, very flat opening so far today. ashley, webster is here. liz macdonald is here and
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they're ck by the way, that's all good news. dan and keithfitz-gerald rounds out the team. donald trump has invited, i say summoned tech heavy weights to a round table a week from today in new york city, going around the block, is he going to strong arm them, threaten them, muscle them? what do you say, keith? >> i don't think he's going to have to do any muscling at all. here is the thing, stuart, these guys know they screwed up and bet on the wrong horse on the race. they're anxious to get in line. they'll never say it publicly, but i don't think trump will read them the riot act. i think they're going with theirail between their legs. stuart: and the art of the deal, the presidential power. >> he's known a the negotiator and does a good job in a business sense. he's had problems, but no business man hasn't. but the thing is, i think they're going into this open-minded and find out where they can come up with common ground. more importantly, i think you're seeing more and more people become receptive to him
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they feel maybe we are going to have a better business climate out thereith the result of the new presidency. so i think it will be a good thing. there may be some stern warning as to what we're expecting of you, but i think it will be more of a negotiating session than anything else. stuart: i think what-- keith, i think what silicon valley wants is more visas for skilled workers to come and work in silicon valley and what the president wants, hey, bring back that money from overseas. that's the basis of a deal, isn't it? >> well, i think so. and you know, the point about negotiations, a very astute one. the trick is going to highlight the flaws in the american educational system. there's a reason they're bringing foreign workers in, o ours are turning out deges in underwater basket weaving and-- >> sarcastic, i did like it. how about box com, they make it
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in china. and looking to expand in america? >> word is that reportedly coming to create jobs. to make an iphonou had to live on the dorm on the cpus of companies and work long hours. and the fact is that they do have manufacturing in virginia and operations in california and texas, they could be investing in robotics or consumer technology or tech startups. stuart: that's fascinating. billions ap i call that a win. it's a win, foxconn. there's a look at the iphone 6 s battery. liz: if it was made in september, october, 2015, the battery would shut down and apple is admitting it could
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extend beyond more phones beyond the two months and they're going to send a software upgrade to it. i mean, this drives people to distraction like high gas prices. the battery problem, the life of the battery is an issue. incremental improvement of 7%, 6%. stuart: and i've got an iphone and i've got a charger everywhere, almost all the rooms of my studio, and i've got a charger. liz: how much of your life do you spend charging? >> right now it's 90-- oh, 86%. ashley: you're in a panic. stuart: i'm a panic. >> keith fitz would you buy apple at 109 in it sits there. >> in the past i would have said yes with no hesitation, i'm concerned by a number of technical missteps. i think that apple is oozing mba's and i think i'd like to
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see some cleverness return. stuart: now this one, mr. trump says the japanese telecom company softbank has pledged a $50 billion investment in america. they say it would create 50,000 jobs. what have we got on this? >> and what kind of jobs? no details, 50,000 jobs, 50 billion investment. it's interesting though, stu, because dow jones says this 50 billion comes from a previously announced 100 billion from an international investment fund set up with saudi arabia. so is this already part of a deal that's already been reached? either way, softbank owns part of sprint and would love to merge with t-mobile. there's always kinds of possibilities going on. stuart: is that a possible quid pro quo. says, here is 50 billion, it's for america. how about you let me merge my guys at sprint with t-mobile. liz: the justice department under obama would not do it. stuart: wouldn't let it. maybe under mr. trump.
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ashley: the art of the deal. stuart: check the big boards early going, down 12 points. i say that's pretty flat. tesla charging adapters, over heating and the epipen maker, mylan, says it may have to be cutting jobs. look at that chart. down, down, down, down, off another buck today. we've got some changes at under amour. you want to tell me what's going on, nicole? nicole: we're going to talk about the a-shares and c-shares. what you always knew as under amour is still under amour, but it's the under amour a-shares. these are more actively traded shares and these are the ones that everybody owns, 8 1/2 million shares trading and voting rights and now it's under amour a. uaa. the c-shares less traded, no voting rights, you don't care about those. what is the stock doing? it's up 1%. don't forget, they closed out
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the big deal with major league baseball. the uniforms and jerseys and even in training camp, under amour. they beat out nike. we have the cubs owners and a yankees player here and a few others and the commissioner as well. a day of baseball and a day of under amour and it's under amour, the a-shares, uaa. stuart: got it. thanks very much, nicole. the ceo's of at&t and time warner are appearing before congress today, trying to sell their merger to the lawmakers. what's with this? >> they're going in front of a senate anti-trust panel trying to convince that the merger will not hurt consumers, it will create brand new innovations. they will have a tough time of it. the republican and center democrat both say this doesn't smell right and donald trump on the campaign does not like it, says there's too much power in the hands of too few.
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stuart: there's a selling job going on. ashley: exactly. stuart: here is a very important story. shell, they are going to develop a major oil field in iran. significant? >> it looks like three oil and gas fields. this lets iran say, yes, the nuclear deal was good. we can now leverage the nuclear deal. this is the second biggest oil deal by the basically one of the biggest majors in the world since the sanctions were lifted. and remember, donald trump said iran nuke deal is the worst deal ever hammered out. this could be worth 4.8 billion dollars. three oil friends and france developed a field as well. stuart: shell goes in and iranians let them in because if trump tries to undo the nuke deal, shell will be reluctant to leave what they got into. liz: it's hard to do snap-back sanctions when those kinds of deals are in place. stuart: dan, come into this, please. because it seems to me that we are developing oil reserves,
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all over the place. and that down the road, there's going to be a glut and a half of this stuff. >> well, i think if you look at what we've had. there's so many producers that can come on-line. and out oil here, the reality. when you move abroad not only are you seeing people start to develop, but here in the country the frackers are coming back on-line. i don't know if you're going to see a glut, the frackers don't want a point that they're out of business, but i think enough oil to keep this thing below $65 for the forseeable future. stuart: yeah, okay. got that. moving on to restaurants. ruby tuesday stock down 40% this year. this calendar year. chipotle stock down 20% this calendar year. apparently, there's a survey out that says that people are opting to cook at home, 75% are less likely to eat out. ashley: they are.
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82% of meals eaten in the home. and a trend since the beginning of the year, the restaurant investigators dropped in the third quarter. why would this be happening? lack of disposable income, why is that? obamacare and student debt are cited. rising restaurant prices and grocery prices dropped a little bit and cheaper to eat at home. failure of restaurants to keep up with eating trends. there's definitely less people going out to eat. stuart: keith fitz. do you look kindly on investments in restaurant chains? 'cause i don't. i lost my shirt on boston market and i've never gone back. how about you? >> no, i wouldn't touch those things with a ten foot pole right now. the government talks about inflation that doesn't exist, but data like this points out it's very real, especially for the middle class. i don't think that any of the restaurants are viable plays, this is a backlash, the
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american people are fed up with chemicals in the food and costs they can't control and controlling the ingredients. and eating at home is a phenomenon good for the restaurants. stuart: do you own any restaurant stocks? >> zero. stuart: me, too. the amazon story of the day, a new billboard for the original series, the man in the high castle. a lot of people are upset with that advertisement which i believe you can see in times square. liz: it's a hit show basically based on a novel. and they were victorious after world war ii and germany split with japan, the united states in terms of ownerships of countries so now it's the statue of liberty giving the nazi salute and people are trying to link it to the trump victory and people are saying it's an overreaction, it's a
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successful series of amazon. stuart: i don't think it has to do with the amazon stock price. amazon is down again today, 3 bucks, 761. i think it was two months ago that stock was at 854, as i recall. certainly 850 so you're down about 100 on amazon and there is an a selloff for you. mr. trump's team says he sold out of his stock holdings in june of this year. now, i don't know what-- i don't think we know what he sold, but what do we think he sold. ashley: the estimates are the portfolio is worth 22 million included in there, apple, wal-mart, mastercard. at least 100,000 in gold we are told, but none of this can be independently verified. there are calls that he release a financial disclosure at some point during his first term perhaps to establish conflict of issue. the issue is he takes on individual companies. people would say do you have stock in this company? it's a fair question.
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stuart: it's a fair question, that's what was asked of all of us. no conflict of interest in stock. ashley: right. stuart: and what you're seeing is the hearing room on capitol hill. shortly there will be a hearing involving at&t and time warner. they want to merge. some democrats and mr. trump do not want them to merge. they're going to be testifying a little later on what exactly they want to do and whether they will be able to do it. we'll dip into the proceedings as the day progresses. a quick check of the big board. we were right, it is a dead flat opening. we're down three. that's all we got. the dow alone up 5% since election day. we're calling it the trump rally. keith, is that-- keith fitz, is that all that's helping the market? is it just a trump rally or there's something else in there? >> i think there's something else. i think there's two things, actually, stuart. one, there's a renewed sense of hope we haven't seen that in
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this country. that's a natural enabler for the stock market. two, there's an awful lot of capital being created. people forget that a rising tide raises all boats. this money has got to go to work somewhere and that's what you're seeing in the market. people are betting on the future. they're hopeful and that money is naturally taking that price up. >> dan, a week from today, i think it is, we're going to get the decision from the on interest rates and we are-- the pundits suggest that interest rates are going up just a little bit. what do you think will be the market reaction next week if and when the fed raises rates? >> i think the reaction has already been made. the fed is going to raise rates and i don't think there's a doubt about that because they feel the economy is stronger and the investing community feels the market can take it. i don't think you'll see much effect. if anything, a short-term blip down and it will go back up again. >> shortly, just in a couple of minutes, i'm going to bring in harry dent. now, harry dent has come to new
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york and will be on the set with me. harry dent is a bear. he has forecast a huge crash and forecasting this for a long time. what we've got, in fact, is a trump rally. we've got the dow at 19,000, heading pretty close to 20,000. so, in a moment, i'm going to bring you harry dent and see what he has to say about the trump rally. meanwhile, i want to go through some of the big time tech stocks for you. we follow these all the time. and i'm particularly interested today because president-elect donald trump next week, december 14th, has summoned silicon valley and other tech leaders, summoned them to get here to new york city. what he's going to say to them we don't know, but he's probably going to start a negotiation on what silicon valley is going to do in the future. liz: it's interesting, the tech industry is saying we like disruption. we're the disrupters. well, trump is a big disrupter. you'll have oracle executives and cisco, no word whether
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amazon or twitter or facebook execs will be there. stuart: will zuckerberg be there or tim cook be there? i simply don't know. i want to say thank you very much to dan and keith. you exit, and we intro now, mr. harry dent, frequent guest on the show. he is a huge bear. before we get to him live. watch this, harry dent on tape, roll it. >> if we don't see something major happen this year, i may back off and say, hey, the worst is over and the government has invented a magic wand. i do know the expect that to happen. i think it's going to be the worst year for stocks since 1931. first quarter gdp 1/2 a% and earnings have been falling and predict today fall further. nowhere to hide look at 2008 highest quality treasure bonds and u.s. dollar, everything se went down. >> i would say the market will start heading down within the next three months.
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i will go out on a limb on that one. stuart: as you say, harry dent is with us in the studio, look at this, we are going to show you, i'm going to say how wrong mr. dent has been. dow industrials up, s&p 20%, that's pretty big rally. >> harry dent, welcome to the show. >> i'm eating crow. stuart: are you prepared to admit you were wrong. >> i still see a down turn because the economic reality is almost zero growth ahead. and you can't grow at 3 or 4%. stuart: hold on, you have not changed your underlying analysis? >> not underlying, fundamentals don't lie, ask the japanese, they've been stimulating like crazy for two decades and grow zero. you can't grow with an aging society. even donald trump-- >> we do not have that kind of demographic problem. >> we do. stuart: not in the united
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states. >> you know demographics better than i do? i'll give awe lesson. my understanding in 2020, japan there will be 55 out of every 100 adults in japan will be over the age of 65. i think that's accurate. okay? now, that is a demographic crisis and a half. >> we're not that bad. stuart: in america, in three years, only 29 adults out-- 29 people out of every 100 adults will be over 65. >> that's a lot. stuart: nothing like japan. >> not as bad as japan. stuart: nothing like it. wait, you said you're not looking at much growthn america. and we've-- we've had more people laid off because of quantitative easing and now-- >> we are going to get tax cuts. >> and all they did was buy back their own stock. >> no growth in the economy? >> japan for 20 years, zero growth, zero productivity. zero inflation. stuart: we don't have that
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demographic problem. >> we don't have that bad, but we do have slowing demographics, very slow. stuart: nowhere near like japan. you can't apply-- >> it's not as bad as japan. it's been down 20 years. stuart: you're saying we've got a demographic crisis, and we're going to cut taxes and spend a ton of government money, spend government money stimulating economy and-- >> that's going to pass right away and-- >> that will not produce any growth, none? >> not much. stuart: what do you mean not much, 1 or 2%, what is it? >> the bubble first-- what happened when the bubble burst. stuart: are you telling me that massive tax cuts. >> yes. stuart: we are going to get them and-- >> maybe. stuart: huge spending on the military and on infrastructure, that will not produce growth? >> not substantial growth, because we've already overgrown. overinvested, overborrowed. stuart: not-- >> you can't stimulate
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massively for 20 years massively. japan hasn't been able to grow --. stuart: you're applying japan's demographics to america and it's not relevant. it's not. >> i think stocks are going to go up in the next few months, i think our indicators say short-term this trump rally as diluti dilutional is real. bond rates are going straight up. the trip this year is stocks go up, cash out, at least to some degree because take your profitson't look a gift horse in the mouth. buy long-term high quality bond you may be able to get a 30-year treasury bond for almost 4% yields and i think they will go back down when people realize we'll not get the 3 to 4% delusional growth, that's not possible. stuart: not demographically possible. >> not demographically possible. you know who is worse than japan? germany. stuart: okay, you've got a new book titled "the sale of a
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lifetime" how the great bubble burst of 2017-2018 can make you rich. that's your story? >> nothing better to buy stocks as when a bubble bursts. stuart: i admire a man who says i'm wrong and-- >> bubbles burst, you can't keep is going, any more than you can get an orgasms going and look at-- >> thank you for coming on. >> come again. check the big board. we're up. not much, we're up fractionally, a point higher. i'm going to say that the trump rally holds for now and the president-elect's team continues to take shape and one of the latest additions is the iowa governor who accepted the offer to become ambassador to china. the governor is a personal friend of the president of china. coming up next, the ten states that took in the most refugees in the last year, more than
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20,000 in california. texas and new york alone. find out where those refugees are from. that's important, after this. ♪ ♪
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call unitedhealthcare or go online now. ♪ >> well, we've got the announcement earlier. president-elect trump will visit columbus, ohio tomorrow. and meet with victims and first responders from the ohio state university shooting and en, on saturday,'s going to the army-navy game? >> he is in baltimore. the m and t bank stadium and 71,000 and he's going to love it and his tradition. he'll be sitting for the first half on the army side and the second half on the navy side so he will be all encompassing of the stadium i can hear the cheers. liz: when did we have a president-elect? president obama did as a sitting president. stuart: and visiting 71,000 mostly army and navy people, the rally to end all rally.
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ashley: 71,000, we'll see. stuart: all right. now, mark cuban in the ceo hearing there, blue shirt, that's mark cuban. big opponent of the donald trump. liz: he supports the merger. stuart: and the hearings on that subject are about to start. the media, oh, they loathe donald trump. you want more proof? look at today's washington post. just look at it. you'll get my take on it at the top of the next hour. the defense nominee, mattis, introduced to the country last night. if democrats want to block his appointment. they'll have to shut down the government. the ball is in their court. we will explain it. in our next hour, the lawmaker behind the national right to carry bill. carry your concealed handgun across state lines. all across the country. legally. hour two of varney is next.
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>> they hate donald trump, well, perhaps that's too strong a word. so let's replace it with this. they loathe donaltrump. i think that's accurate. i'm talking about the media. they loathed him before the election and they still do. okay. the president-elect has been named person of the year by "time" magazine, but that doesn't mean the media suddenly respects him. time simply acknowledges that trump has changed everything. and that's what's getting to the media. trump has tipped over the establishment apple cart and they just can't stand it. this morning, "the washington post" ran a series of opinion pieces. it looks like a laundry list of loathing. trump's one consistent policy, chaos, writes dana millbank. trump flunks his first foreign policy test. kathleen parker wants the electoral college voters to be unfaithful, what? change their vote? in the media trump does nothing
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wrong. pressuring businesses to keep it here, oh, no, generals in the capital, it's a dictatorship and repealing obamacare, oh, the horror. we should have expected this, several established media outlets were caught working with and for hillary clinton's campaign. but remember, much of the media comes from the coastal elite. they lived in their liberal ka too fully expecting to see liberalism triumph. they're shocked, shocked, at america. they're stamping their liberal feet. i bet t enjoy the trump rally and i bet they don't give back the tax cuts that trump will give to them. who are we to judge? it it's-- it'she deplorables.
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it's almost funny, the second hour of "varney & company" is about to begin. it's starting right now on capitol hill, the senate judiciary committee holding a hearing on the proposed merger of at&t and time warner. the ceo's of both companies along with businessman mark cuban will all speak. ash, now, what is the hearing all about? >> well, it's the senate anti-trust panel and these two gentlemen are going to try and persuade them. that it's in the consumer's best interest. they'll get more choices and innovation and why the range of pricing, whatever they want. that's the argument. whereas those who have concerns about this, including president-elect donald trump says it puts too much power in the hand of few. uh-uh, this isn't going to work and it's a problem to put the two giants together. stuart: and arguing the deal they're in favor of. ashley: we've seen mark cuban schmoozing. he's in support of it.
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stuart: he's in support of it, he would because he's opposing donald trump. there you have it, sports fans. we'll get back to that, if they break some news, we'll be back. check the big board, we're up. 11 points higher. 19,263. trying to do the math and put that-- i'm not going to do it, seven points away from dow 20,000. the price of oil, $50 a barrel and that may change, half past the hour, when we get a new read on how much oil we've got in supply. the big tech names, here we go, one week from today. president-elect trump will meet with the big names of the technology world. on that news, most of the technology stocks are down this morning. i don'ten that there's a connection. but it's possible that mr. trump will strong arm silicon valley the way he's done a few others. good handling there. still on mr. trump, the thank you tour, made a stop in north carolina last night. roll tape. >> thank you, north carolina.
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my intent to nominate general james mad dog mattis. he'll get that waiver, right? thousands of people are pouring into our country. do they love us? in a lot of cases, no. we don't like it when we see people ripping up our flag and burning our flag. we will respect our great american flag again. we will make america strong again. we will make america rich again. we are going to make america great again. >> you've got a very different look at that speech if you woke up this morning and read "the washington post." just a couple of opinion headlines for you. first off, trump's one consistent policy, chaos. next one, a first foreign policy flop, and then there was this, electors, that's the electoral college people. please be unfaithful, reverse your vote. if you're going to vote for
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trump, reverse it, please. that's in "the washington post," look who is here, michelle malkin, author of "soldout" and hos of michelle malkin investigates. >> thanks for having me, great to be with you and the company here, thank you. stuart: what do you make of this, the media's loathing of donald trump? and i think, frankly, the distortion of their view of what he's doing. >> yes, well, donald trump didn't just make news this year, he broke the news. and there's a wonderful trip trippo-- trio of images. "time" magazine had an earlier cover with a melted down fails of donald trump, it said meltdown and another image of him total meltdown and now he's person of the year and there isn't a mug big enough for the people. stuart: and president donald trump, president of the divided united states of america. they did, had to get it in.
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i think we should hold on for a second because last night, donald trump said to the crowd, knock off the booing. when they were booing the media. watch this for a minute period. >> remember, this has been a great, great move. the likes of which they've never seen before. the likes of which those folks back there that write the stories-- no, no, no, i'll tell you. and they're saying it, they've never seen anything like this before. stuart: why did he stop tm booing? he-- >> you know, he's got a heart, maybe, but you know, that's a genie that cannot be put back in the bottle. he helped unleash that and i think it's been a very healthy thing for these coastal elitists like you called it, stuart, to come back to the heartland and hear how people really feel about them. >> michelle, will you stay with us for the entire hour? >> i will be delighted, stuart,
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it's my honor. stuart: you're it. hold on, now, president-elect trump introduced his pick for the secretary of defense, four star general james mattis. watch this. >> with our country strengenned. i'll look forward to being the civilian leader so long as the congress gives me the waiver and the senate votes to consent. stuart: now, there's a small problem with the confirmation of general mattis because he retired from the military five years ago, he should have been retired for seven years, so, they've got to put a waiver before congress to get him nominated, okay? get him through the nomination process. and the republicans have attached that waiver to a spending bill. which means, congressman, lee ze zellen, or vote to shut down the government. >> this is a process vote for
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the democrats because there's a lot to do in the new year and for a new president coming in, whether it's on the legislative front, obamacare repeal, tax reform, securing our borders, appointing a new supreme court justice. all the cabinet appointment. it's a lot easier, it's quicker to get stuff passed in the house. the senate deals with the confirmation stuff that's not in the house. so mitch mcconnell, the senate republicans are trying to make it easier for the legislation and for all of these confmations to get through the senate. this is a pcess vote. the senate democrats will still have an opportunity in the new year to vote against a waiver separately. still requires a 3/5 vote. the language in the continuing resolution says that there will be less debate. it will be easier to invoke cloture and have a vote. stuart: are the republicans getting smarter how to play politics in congress? we're not used to republicans
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forcing democrats to be in the position of you want to shut down the government. republicans are used to being sort of, oh, are we going to take the blame for shutting down the government. it's a reversal, isn't it? >> this is a really bad vote for the democrats to be opposing this continuing resolution. i see the continuing resolution passing. many democrats supporting it. >> it's bad politics and it's bad government. >> what about next year when the really big questions come before congress? again, democrats are on a difficult position because they could just look like obstructionists, which was what they accused you of being in the previous congresses. >> there's going to be an opportunity for democrats to be able to weigh in productively, if they wish, on a particular proposal if they have a good idea to make something better. if they decide they want to oppose everything and they want to be obstructionist, then they don't have a seat at the table and they're going to look terrible when fast forward to
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2018. you have a whole lot of senate democrats up for reelection who will lose their seats if they're not part of progress for the country. stuart: it's the world turned turned upside down. congres congressman, you've been with us the past year and we thank you. we're following an airliner crash in the mountains of northwest pakistan. >>. liz: the update, it was bound for islamabad. and 40 aboard. ash reported on this. no indication that any survived. it should be noted in 2007, the european union banned this airline because of the poor safety record and they were not allowed to fly in europe. stuart: whether a connected to terror is unclear at this
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point. a man in rockefeller center in new york city, carrying a gas can and snatches, and he was screaming and he was charged with disorderly conduct and making terror threats. up next, the attack on pearl harbor 75 years ago today. and colonel ralph peters says america deserves an apology from japan. he's next.
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>> happening now on capitol hill. the hearing on the proposed merger, at&t and time warner just getting underway. the ceo's of both companies along with mark cuban, an interested party, they will be testifying shortly. congress warning that we are at the highest terror threat level since 9/11. what's the reasoning behind that? >> according to the homeland security committee report saying that, look, isis has changed the way it's going about its business. before it's trying to get people to go join them in the fight in syria and iraq.
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now that's changed. they want their so-called soldiers to carry out attacks in their home countries. they blame the lack of leadership in the oba administration has taking the pressure off of isis, of course, we saw the attacks in paris and in belgium and here in the united states as well. they say more of that is very much likely, certainly next year, and it imposes a huge threat. more and more of lone wolf attacks are going to be common. stuart: quick comment from michelle malkin. >> turning off the spigot of refugee resettlement is key and we've got a man in office who is going to do that. stuart: we'll get to that shortly because that's going to happen. december 7th, it's the 75th anniversary of the pearl harbor attacks. later this month, japan's prime minister shinzo abe is visiting the memorial with president obama. ralph peters is here. should he apologize for the attacks?
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we hear he's not going to. should he? >> well, previous prime ministers of japan should have apologized. and while i am glad on one level that abe is finally going, the first japanese prime minister to do so going to the memorial at pearl harbor. remember, stuart, this is only happening now because obama went to hiroshima first and established a moral equivalent. there is no moral equivalent. the japanese, lest forgot not only attacked us at pearl harbor, they slaughtered, tortured, raped their way across china, the philippines, indo china, their atrocities against the prisoners of war. they were the isis of their day except they were a much grander scale. to imagine us dropping those atomic bombs as obama seems to imagine was a war crime and atrocity, when it ended the war, saved hundreds of thousands of allied lives that
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an invasion, a ground invasion of the homeland of japan would have cost and saved millions of japanese lives. obama establishing that moral equivalencesy was a disgrace. that's all that enabled abe to do this now. so, i'm-- it's bittersweet at best. stuart: okay. got it. next one for you. president obama says he is the only president to serve two terms during war time. roll that tape. >> for eight years that i've been in office, there has not bb been a day when a terrorist organization or some radicalized individual was not plotting to kill americans. and on january 20th i will become the first president of the united states to serve two full terms during a time of war. stuart: ralph, it seems to me we should point out we are still fighting in iraq and
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afghanistan and other parts of the world. those wars are not ended. >> and president obama, who is clearly delusional, who lives in a mythical kingdom of obama, he told us before the wars were all over. he was ending them. now, isis was a jv team, remember all that? under his inept, if not malignant regime in washington, we have seen islamist terrorism and other threats come back with a vengeance. remember, when obama took office, iraq was convalescincon the middle east was in relative peace and now look the a the middle east today. syria, iraq, the persian gulf, and taking prisoners, the afghanistan, taliban made a startling comeback, we've got libya, somalia. this guy is leaving the
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president-elect the worst legacy of any president leaving another in our history, including james buchanan who bee -- bequeat had. ed lincoln the civil war. stuart: i thinke'll leave it at that. thank you, sir. stuart: moving on to another company, shell oil signed a deal to develop a major oil field in iran despite donald trump's threats to rip up the iran deal. maybe this locks in a western oil company, royal dutch/shell. because if they get in, it's hard to get them out. what did you say earlier? connell: it's hard to enact snap-back sanctions in the deal. stuart: and we'll have this for you, donald trump says it's time to buy american and hire american, listen to this. >> we will have two simple rules when it comes to rebuilding this country.
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buy american and hire american, all right? buy american. on trade, our trade deficit, now nearly 800 billion dollars a year, we have a deficit, think of it, of almost 800 billion dollars a year you always say who is negotiating these deals. stuart: the other guys have got it.
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>> well, yet again, we have another lifetime high. that would be an all-time high for the dow industrials. right now we're at 19, 270. and look at dave and busters. i know that well, i've got all of these kids. that's 16% higher at $55 per share and that, too, is a lifeme high for dave and busters, got it.
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president-elect trump already making deals to help the economy. listen to this, with japan's softbank which will invest in america, roll tape. >> ladies and gentlemen, this is softbank from japan ande's just agreed to invest $50 billion in the united states and 50,000 jobs, and he's one of the great men of industry, so i just want to thank you very much. stuart: okay, that's softbank from japan putting money here. how about this from foxconn, they assemble and manufacture the iphone in china. what's the news. ashley: president-elect donald trump campaigned on bringing jobs back to the united states and it was rejected by tim cook and analysts who laughed them off. however, there's a-- perhaps foxc.
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conn has logistics operations in california and texas, they're going to move the huge campus and buildings. they're not going to do that. stuart: no, no. ashley: they are, based on a slide seen by accident on the softbank deal that their logo appeared on a slide that said 50,000 jobs and 7 billion in investments. stuart: 7 billion directly in the united states. liz: we talked about that last hour, where would the money go? iphone workers or-- >> they could acquire companies that invest here. >> what do you think of this? i think that donald trump is going to strong arm silicon valley, strong arm the companies. >> i would love to have them facebook live the meeting between trump and the sill von valley ceo's. we're in a milestone moment here, we have an american president who is sending a clear message to globalist ceo's to american companies had
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a they should care about american jobs and workers. i love it and you know, what i'd really cherish is donald trump bringing american workers who have been laid off as a result of h 1 v programs, the disney workers on the campaign trail with donald trump and bring them to silicon valley in front of mark zuckerberg. stuart: mr. trump has picked iowa's governor, terry branset to be ambassador to china and reportedly close friends with china's president. and i think this is alarmist, hear them out. they say getting rid of obamacare, that could be a health crisis. that sounds alarmists to me, anyone else on that one? .
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tree into sharper 10:30 on the latest numbers on how much oil we got in storage. the price of oil may change. if he backs a barrel. jeff flock in chicago, the numbers, please. reporter: a big change, stuart. expected drawdown was a million barrels. we pull down all 2.4 million barrels. that is bullish for oil. in fact we are down about 50 cents. reagan around right now. that's a much bigger drawdown than we thought. it's not a big positive for oil prices which are now down half a dollar. treated you that you have it. drive down oil, using more of using more they appear less lesson storage. theoretically that puts the price of oil.
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as far no change at 50 bucks per barrel. look at the s&p 500. a broad-based stock market indicator. that's a new lifetime high. they just had to bring their mark. the dow industrials straight up s&p 500 nasdaq, all of them straight out here that the trump rally appeared big-name tech stocks. there is a mixed picture so far. they have not recovered from the losses they took after the election and they are still in a mixed situation. microsoft which i held up a little bit. look at apple. the iphone's success battery. what's the problem? >> apple thought it was the only effect in loans made in october 2015. a broader number of those affected that they will send us for an upgrade to fix the phone.
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stuart: the stock is down 20 cents. my machine at 09 for apple. now this. president-elect trump planning to attend the annual army navy game in baltimore this saturday. one of the biggest military events. it's a military gathering and he's going to attend. life of chris kyle is here and not there at the book american life. welcome to the program. >> thanks for having me. stuart: that's going to be quite seven-game. the new commander-in-chief and 70,000 military people there appeared quite an event. >> it is. he doesn't have to go. it's not a requirement, so for him to take the time to show for the military as part of what he was campaigning on any showing it in action. stuart: to know, last night he wasn't campaigning, he was on his thank you to her in north carolina, fayetteville and introduced general mattis appeared wild cheers. extremely popular general.
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your husband, chris served with general mattis in falluja. is that accurate? >> he was doing some street rioting so he didn't report to him directly. except that he was to his true. stuart: what was your late husband's attitude towards general mattis? >> you know, mattis in particular he didn't have an opinion on that i remember. he just loves serving with the marines and he loved helping them and he was more entrenched in the realm of all, less so in the strategic decisions would've been at the general level. stuart: are your supporter of mr. drum? >> he's doing a great job. i'm hopeful to see what he will do. we have seen him work with minorities and all the things i've said about and how they
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don't believe women are getting a fair shot or minorities are. i el like it is not being looked at that he is influencing the high-level positions. >> i want to go back to the army navy game. i'm enthralled with this. it's going to be one extraordinary event. 71,000 military type people appeared >> right. it goes beyond not because the military is hopeful. i've had a lot of problems that affect them on a personal level. a lot of issues that the military people have not been heard on. i think that they are hopeful donald trump is the type of president that will hear them. personally he's reached out to veterans and keeps in contact with them to see what individuals are experienced in. not just let bureaucrats are telling them. stuart: fascinating. and so much for taking time out. i know you're busy lady. trade do so are you.
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not a lady. whatever you identify with. [laughter] i'm just trying to be very politically correct. stuart: i'm an american. is that okay? thank you very much. next item, hospitals say that repealing obamacare could cost the hospital industry $165 billion. here's the warning, direct quote. this reversal of coverage would represent an unprecedented public health crisis that individuals would lose their insurance coverage. michelle, i say that isn't a say that is an alarm is headlining me say what? >> i say chicken little. these people are threatened and what has not been stated of course there are the people who lost their insurance coverage thanks to obamacare including myself. i'm in the individual market. himself an elated neck so many millions of others out there fighting to get affordable
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market insurance and then receive those stats notices. not only once did i get it, but twice in three times. i liked my houseplant and it died on me three times. thanks, obamacare. >> we are struggling to replace our last canceled plans. let's talk about those hidden but guns and donald trump will rectify the damage inhabit that obama harris broadening of individual market. stuart: i have to interrupt your fire to go to capitol hill. at&t opening statement, here we go. >> consolidation e3 media or telecom. at&t is a communications company. we distribute content. time warner is a media and entertainment come to me. they create content. this is a classic vertical merger and eliminates no competitor for many market. in fact, it increases competition against cable
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companies. our intent is to disrupt the existing model. we want to give the most content to the most people at the lowest prices. we want consumers to pay for their content once and watch it anywhere at anytime. every episode, every season on whatever device they choose. disrupting entrenched business models is hard and it generally takes bold steps in combining scale distribution with scale content creation of such a step. it is going to allow to accelerate innovation and without exception when one company accelerates in a market come everyone accelerates innovation. faster innovation in content delivery will naturally accelerate deployment of five g mobile networks with greater than one gig speeds and we've seen this happen before. it's important to recall that launched the world's first
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ipho a at&t on a two g network. as demand for the iphone to more bandwidth asked loaded, the u.s. mobile industry accelerated deployment of three g and 4g mobile networks and this drove to multibillion-dollar network upgrade in the course of five years. we're about to ask you this again. direct tv now another plane innovations of time warner are five g services launched on 4g networks. just as we witnessed with the iphone, we expect five g deployments to accelerate and not just for at&t. it will accelerate across the industry creating even more competitors for cable. this is exactly what we believe consumers want. new-line price option and the power to decide themselves. a good example is referenced in the earlier comment is at directv now product launched last week. 100 channels starting at $35
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stream to any device. the customer has no contract requirements, no credit check, no with deletion, no set top box and the price includes the data charges for mobility at&t customers. during our first week in the market, the uptake of the new service has succeeded all expectations and has predicted the industry has already begun responding. just last week shortly after we announced this product, cbs added the streaming service at no additionaadditiona l cost. innovation by want invariably begin innovation by all. i've talked a lot about global change because of this merger and i want to really quickly talk about but will not change. at&t will be a leading investor in america appeared with a massive more in the united states than any other come any each of the past five years. you should expect that to continue.
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we will continue to do our part in keepingmerica the global leader in two specific areas. innovation and deployment of advanced communication networks and creating content people want to watch. we will encourage and support independent journalist and an evil not withhold content to disadvantage somebody else. time warner was built on a platform of broad distribution of this content into every home and it would be illogical for us to change that. you should expect at&t to continue doing what we've always done. that is distributing a wide array of diverse high-quality content across all of our platforms. in conclusion, this merger will drive investment. it will drive innovation that we believe is begging for both of those. mr. chairman, thank you or the opportunity and i look forward to your questions. >> thank you, mr. stevens. >> thank you on the children latecomer ranking member and
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call the chart and members of the subcommittee. i am just beat this, chairman of the io of time inc. time warner inc. stuart: i appreciate the ceo read their, just following at&t. they want to merge. bearing hearings about whether they should merge in front of congress. we'll be back to it when they break headlines. 20,000 refugees settled in texas. california, new york. find out what other states they are going to. and more important were they coming from. the national right to carry bill that will go through congress next year. kerry your concealed weapon pistol across state lines legally. how about that? ♪
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[vo] is it a force of nature? or a sales event? the season of audi sales event is here. audi will cover your first month's lease payment on select models during the season of audi sales event. >> the dow and s&p ended my time highs. could this be a trump rally? >> it does look like it will go. bond rates are going straight. this year if stocks go up, cash out at least to some degree because you take your profits. by long-term high-quality bonds because you may get a 30 year
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treasury bond for almost 4% yield and think those fields will go back down when people realize we are not going to get 3% to 4%. it's not demographically possible. stuart: not demographically possible. >> not demographically possible.
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>> the new national can yield kerry bill is being proposed in front of congress. it would allow people to carry freely a can of handgun from one state to another. richard hudson, north carolina republican is the author of the bill. have i got it right if i've got a concealed carry permit in one state, your bill would allow me to carry it anywhere regardless of state law? is that right? >> that's about right. it would work like a drivers license. when i drive from the drill editor virginia, through maryland and enough to stop and take a new driver tested the state recognized as i have a driving license but i have to follow the laws of that state. if they don't allow concealed carry this would allow you to do
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that. if the state has concealed carry, they recognize you have a concealed carry right and you have to follow their laws. stuart: you cannot impose this national law on dates which don't take concealed carry. you can't do that? >> that's correct. stuart: with support have you got? >> i think we do. the last congress began in 48 hours we had 200 years and so i think passing out of the house is not a problem. more importantly we've got a president who supports this free to and having donald trump this been a priority for him, i worked very closely with the president and we will see the bill passed congress. stuart: i just have to ask you about the 10 states in america, which have taken the majority of syrian migrants in the past year. your stay, north carolina has taken 3000 in north carolina,
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just over that number. are you at all concerned about this? >> absolutely. i'm the author of the feared refugee bill that passed the house of representatives at the two thirds veto proof majority. this is an issue i've been working on a long time in an issue i really understand is a serious threat. our governor in north carolina has been vocal about the fact he's not even told you these folks are or where they are in the state and that's a real problem as well. >> you think with the new president takes office january 20th we will get in and to the number -- an end to syrian migrants coming into america? is it topped, cut off? >> listening to the vice president-elect talk, it seems like they are where i was when i wrote this legislation, which is we are not going to ban people indefinitely. but let's take a pause here
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because we got the director of national intelligence tell us thate can't isis trying to implicate the program and we know for a fact that we've caught people in this country and have had people who are refugees. we also know the fbi to her that we can't possibly bet these folks because we can't build backgrounds. if the fbi director says we can't pet them, if we don't isis is attempting to infiltrate, i agree we need to stop the flow temporarily until we can put a vetting process in place. wcat get a good process commotion but then it all. >> richard hudson, republican, north carolina. thanks for joining us. much appreciated. >> urbanist chancellor calling for a ban on burqas. now she's cracking down on dual citizenship. >> there is a vote by democratic union convention. they want to scrap a law passed
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on her watch that tolerate dual citizenship, meaning that people coming in from muslim countries are coming into germany that way as well. there's a big issue facing reelection next year. stuart: i think angela merkel has a problem. >> absolutely. this is a case or angela merkel was more interested in her own political preservation and preservation of our own country. it's a transparent glass. >> you think should be reelected? >> absolutely not. the pele of germany unfortunately might have vertebrate their obituary thanks to her. >> things have been on the show. >> always a pleasure. >> video from western siberia. and maybe you're writing up the sky. witnesses say a large fireball
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followed by a barge explodes in. no damage or injuries have been reported. day ago. donald trump named person of the year. the barney argue the "varney" they are upset? they say it's her participation trophy appeared mo comment than a moment. mr. trump threatened to take action against people who burned the u.s. flag. listen to this. >> we salute their sacrifice and we salute the flag they fight to protect. we love our flag and we don't like it when we see people ripping up our flag and burning our flag. we don't like it. and we will see what were going to do about it.
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train to trump is the person of the year according to "time" magazine. the pic for runner-up hillary clinton. many viewers don't think she deserves that title. here's the thing that you have to say about this. just so there are to neighbors feelings, can we give hillary an honorable mention or one of those participation trophies? sarcasm. that's about what was.
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not sure why she's the runner-up after all the problems she all the problem should cause center her ineffectiveness as a politician and especially presidential candidate. runner-up for what? what did she do the same been investigated all year for corruption and putting america at risk? i don't think "time" magazine wanted to make drum. >> they did it through clenched teeth. i certainly agree. she beat bernie sanders because we know things to wikileaks that they basically push her out of the way. she came second in a two horse race. stuart: a little humiliating to be runner-up. liz: ilec to us is on the shortlist which was flat of her put in you can see him second because the allegations that russia hacking into the dnc. >> nigel for roche deserved a higher position. he should've been runner-up.
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that's another story. thanks very much, everyone. yes, we will be back
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>>
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stuart: years ago donald trump wrote a book "the art of the deal." the news today is in trump such on the the leaders of america's technology giants to a meeting called a rounds table discussion. surely it's no accident that fox com who build iphones in china, they see the writing on
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the wall, and he is not happy. trump said you didn't support me, but now that i'm president. many conservatives believe a president and a government should not interfere with private enterprise. that's not the way trump sees it. he made promises and now he's going to negotiate from presidential strength. i will win so and he will lose some. but negotiation is bedrock trump. you will be seeing a lot of it the next four years. the third hour of "varney and company" is about to begin. stocks have been on a tear since election day. they have gone up 900 points to.
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about 5%. yes, it is a trump rally. the price of oil sitting at $50 per barrel. let's check the big tech stocks. donald trump has invited the tech heavyweights to a meeting one week from now in new york city. most of them are up but not by much and they have not recovered following their losses after the election. you may have heard my editorial there, "the art of the deal" at the top of the hour. i say negotiation is what he does. i'm also say he will strong arm silicon valley. what say you? >> they were against him. i think it temperatures fantastic he's reaching out to them.
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but what i like about this is he's reaching out. he's addressing the tech industry. i think that's positive for jobs and positive for bringing jobs back here. stuart: the writing is on the wall. >> he's already taken action and gotten results. stuart: he has leverage. and he's bringing people together and creating actionable terms and conditions and possibilities, and the market loves it. stuart: i think he will strong arm silicon valley. you want visas for people to work in silicon valley -- >> i don't know if he has that power yet. when he is in the officee may have that kinds of persuasion. i ink he will. stuart: i want to get some to some politics.
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the media just can't lay off trump. i have got some headlines from this morning. just from one newspaper. "the washington post" today. it's an opinion piece. trump's one consistent policy, chaos. next one, opinion, a first foreign policy flop. that was the call to taiwan. electors, please be unfaithful. if you are a donald trump electoral college voter, they are saying be uaithful, change your votes. all of those headlines from one newspaper. look who's here, a.j. delgado, trump's seniored a adviser. what do you do when you leave here and go up the golden elevators. what do you do all day? >> it seems obama especially ino
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wrong. and with mr. trump their attitude seems to be he can do no right. they were criticizing the savings of 800 or more jobs. and they were actually finding a negative spin to that. stuart: they are never going to change. >> i maintain hope and mr. trump maintains hope. but we have seen liberalism entrenched in the system. there is one thing he will not flip-flop on ever. and the one thing he hasn't most certainly is helping the american people and helping the american people. stuart: can you talk to me about climate change? >> he's open to discussing the issues. stuart: he called it a hoax
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before the election. >> they should ask him if he still feels that way. there are many different angles to it. he's open to different ideas. that what makes him a great communicator. it's not just a one-way street with donald trump. he's even obtaining obama's advice on some of the cabinet appointees. i shake my head at these headlines. and there is that huge media disconnect. and their negativity towards will trump and the american public is in awe of him. we have seen the favor builts at 50% already. -- the favorabilities at 50% already.
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there is a lot to deliver on and the american public is counting on us, and mr. trump sets expectations high for our team. so i'm happy to deliver. stuart: we had harry dent on the show earlier and we got into it over economic growth for the markets. watch this. >> we have a bubble. when bubbles bucials -- stuart: are you telling me massive tax cuts, we are going to get them, and huge spend on the military and infrastructure, that will not produce growth. >> not substantial growth. we have already overgrown. overborrowed. stuart: stimulating massive growth. you are applying japan's
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demographics to america and it's not relevant. he's sticking to his guns. he's saying there is a crash coming. and he has been hopelessly wrong for some time. >> i don't agree. there are areas in the marketplace wherthere are issues, certain issues are overbought and the trump bump may have gone too far. but we are clearing the decks for growth. we are not in a large bubble. maybe there is a bit of a bond bubble. but in terms of companies, there hasn't been overspending. it's been practically none. lots of room for increasing cap x in terms of every single industry in the united states. companies will spend money. they will put that into cap x.
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>> in '98 harry dent wrote a book calling for the greatest boom in history. he focuses a lot on consumer spending. stuart: we'll have him back, that's for sure. in the "time" magazine interview, donald trump is "time" magazines person of the year and he gave an interview for it. he says he will bring down drug prices. >> i don't know how he will bring down drug prices. but i would like to see them come down because of better competition. i don't know him mandating something is going to work. it will never work in this country. by creating better competition
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and getting the inefficiencies out of the system, i think the drug prices will come down naturally on their own. >> the day after he was elected the bio tech sector went up 9%. he says in this interview in "time," i don't like what's happening with drug prices, i'm going to bring them down. liz: he's talking about having medicare negotiate drug prices and importing cheaper drugs from overfrom -- from overseas. stuart: president-elect trump will attends the army-navy game in baltimore. i say that will be the biggest trump rally. former f.b.i. assistant director
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james kalstrom said he's worried about the direction of this country. here is what he said last time around. >> our culture is going down the tubes. the basis of the united states of america we all love is going down the tubes. the education system. we were number one in math for decades. now we are what, 27, 28? it's just crazy. the kids don't know a thing about how the country was formed. they know nothing about the constitution or declaration of independence. how can you maintain a company when you have a media and education system that doesn't teach the kids anything.
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>> this is why i'm formally announcing my intention to nominate general james "mad dog" mattis as the next secretary of defense for the united states of america. general mattis is the living embodiment of the marine corps motto, semper f -- semper fidel. you can tell the crowd liked general mattis and the introduction from president-elect trump. on our program this morning, jim kallstrom, a former f.b.i. top guy.
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previously on this program he said he was worried about the future of our country and tour culture. you just saw "mad dog" mattis. do you think things have turned around? >> i think it's fantastic. i was in with you a few days before the election. stuart: when you said you are worried about the future of the country, the audience response was huge. you were very highly rated. now, you think it turned around? >> donald trump -- look at the work ethic. what a fantastic pick. i don't just say this because i was in the marine corps. he was recognized by all branches and all people who come in contact with him. he's one fantastic leader. very, very bright. the troops are all marching straighter this morning.
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in he parade their backs are stiff. they are look at the flag and they know they have a leader who will do away with the political correctness, the social engineering of the military. there is no place for it, thank god. stuart: you don't think women are in combat? >> women are in combat roles. but they should not be in the up fan trion the front lines. people who have never been there might think differently. walk in someone's shoes who lost 400 shipmates on the arizona. or 5,000 shipmates. you don't have the license to talk about stuff like this. you have no idea what you are talking about. people who have not been in the dirty, rotten, bloody combat have no idea what they are talking about. stuart: the left says you should
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have civilian control of the military, not retired general. >> he will be a civilian. he will be the civilian secretary of defense it just so happens that he has a vast military experience. he's the most read probably military leader that we have ever had in that position. >> i can tell you do think things have turned right. you have got a smile on your face. >> i think president-elect trump is fantastic. he's outworking everybody. let the democrats go against new jobs. let them go against the people in the flyover area. the plumbers and guys who work with their hands. go against that man, you will be a shrinking party and you deserve to be. stuart: i believe we just spotted rahm emanuel walking into trump tower.
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what on earth is going on? is that reaching out to your dire opponents? it looks like it. this is rahm emanuel. the man who said he's going to start a million dollar fund and he will use the money to defend illegal immigrants in the sanctuary city, chicago. now he's going up and down on the golden elevators. i don't know what he said to the cameras there. he's a dismal failure in chicago. stuart: we have a lot more coming up for you.
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stuart: you are looking at trump tower. moments ago we caught up with rahm emanuel who had been into the trump tower holding a meeting with president-elect trump. apparently in trump called rahm emuel and invited him in. i find this unusual. this is chicago, this is a spank wary city. >> he really went after them
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during the campaign. liz: trump has requested meetings with a number of u.s. mayors. trump is telling him, please don't support dreamers. mr. trump cop resind that. rahm emanuel says please don't do that. you will disrupt the lives of nearly 1 million people who are dreamers here. stuart: charles payne delivered to me the letter rahm emanuel sent to donald trump. it's a plea to defend the dreamers. youngsters born in america of illegal parents who want to stay even if their illegal parents are forced out. don't take the kids out of here. that's the plea from rahm emanuel. elizabeth: you have got to think that "the washington post" and other headlines should
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acknowledge mr. trump is hearing these individuals and mayors out on what their issues and concerns are. otherwise these headlines are alienating people. stuart: fair point. >> emanuel is going to make the tax contributions from the so-called dreamers through their tax on their wages. he's make an economic argument. stuart: that's the trump tower, the golden lobby. retold you about rahm emanuel. you saw him there. governor pat mccrory. andrew poster. they are coming, they are going, all through the golden elevators.
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stuart: this is an important
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news item for the left. represent ellison says he plans to resign from congress if he's elected chair of the dnc. we are break this news. this is just happening. looks to me like congressman ellison will resign from congress if he's elected chair of the dnc, and he will be elected chair of the dnc. he's way out there on the left, as far left as you can possibly get and still remain in a democracy. how do you feel about this if he chairs the party apparatus. >> i'm one of those democrats that said democrats should move a bit closer to center to appeal to other americans as we saw in the exit polls in the last election. the problem is what we are seeing is a revolution that
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senator and materials started it's very, very strong, i have to tell you, stuart. a lot of people who saved home were unhappy with thvement toward the middle of the democratic party. so what they are betting on is going forward with the millennials, moving further to the left and appeasing a segment of the population. as for congressman ellison. if you are dnc or rnc chair, that should be your only job. stuart: fair enough. but do you approve to of the party being dragged so far to the left. in bring taint british labour party ousted their leader and brought in someone who was ray watt on the fringes of the left. the man is a communist basically. the same thing is true in the united states. you cannot possibly have the far
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left running a major political party and expect it to win any election. i would have thought you would be dismayed at this news about mr. ellison. but you are not. >> i'm not dismayed at the news because i saw what happened with the bernie boom if you will which largely impacted this election when you look at the numbers of people who saved home or voted for gary johnson or jill stein. i don't think going forward that's the best way to go. more americans are fist cooly conservative. but that's not the way democrats are. if that's what the democrats have to do to november forward, i have to suck it up. stuart: do you think a democratic party led by keith ellison could win? >> i don't think it's based on who is leading the dnc.
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i think it's based on the candidate and the message and appealing toll the will of the people. we saw the middle class and its concern about jobs and the economy. stuart: you may want to consider leaving the party because the party left you. democrats can vote to allow the nomination to go forward for general mattis as defense secretary. if they vote against it they shut down the government. that's an odd position for the democrats to be in at this moment. >> it is. but i think republicans were foolish to put the democrats in this position. the last two times the gop used the government shutdown as a threat saying give us what we want or else, it didn't help them with the american people. stuart: republicans got the blame for shutting down the
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government, this time the blame will go to the democrats. >> i don't think it will be viewed that way, and this is why. stuart: you think the democrats can say no to a very popular and very popular general on the defense secretary, say know to that and yes shut down the government and no blame attaches to the democrats? they will walk away scot-free. really? >> i didn't say scot-free. they are not saying no to the general. what they are saying is no to having a special circumstance attached to a budget bill for this one individual only and this fist one of the problemsen concerns of even people who voted for trump, what is this going to be going forward? are we going to have rules broken and my way or the highway? that's not very palatable to americans, even those who voted for the president-elect.
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stuart: only time will tell. leslie. thanks as always for being with us. we appreciate it. hospitals warning about a repeal of obamacare could cost them up to $165 billion. i'll give you the quote. this reversal of coverage would represent an unprecedented public health crisis as individuals would lose their insurance coverage. liz: this is overstated. they sent a letter to donald trump and made these assertions. they are because it on a two-year-old reveal law. they are because it on tax credits. that's not what the gop is talking about. the study of $165 billion losses is based on often wrong cbo estimates. take this with a grain of salt. they are talking about zero sum
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disrupted coverage. the gop is not talking about that. there are 9 million people insured on medicare. stuart: an alarmist headline grinding your ax. the house of representatives backs away from a vote to impeach irs senator john koskinen. >> he has say five-year term and one more year to go. he goes until november of 2017. so they could impeach him in the new congress, the one that comes in next no in early a january. but remember what he did. he in my view committed a federal crime which is misleading congress. he also probably committed the crime of perjury if he was under oath. this is the same crime of misleading roger clemmons was
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charged with and the same crime martha stewart was charged. not a formal lie, but a substantial misleading that the government was sent off on a wild goose chase. >> what he misled about, what he refused to produce was evidence of vial behavior, not by irs agents, but irs management. like lois lerner and that crew. stuart: the obama team, the administration, the government used the machinery of government do intimidate conservative voters. >> they made it very, very difficult for 501c3 charities involved in educating people, not in seeking votes and educating people on issues to receive and out lights the
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charitable deduction. part of this is congress's fault. congress has given the irs so much leeway they can get away with this. the same thing happened with the repuican irs commissioner. but what koskinen and his crew did was the most extreme in the modern era and hskated. less they do something in january for what will then be the 10 months remaining in this term. yes, he's gone the away with it. >> you can see no investigation of mik -- of hillary clinton. >> i'm beginning to sense the president-elect wants to turn the page. stuart: so do i. >> and wants to embrace the country from al gore and rahm emanuel visiting him? these are not knock down
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dragouts they are having. they are apparently amicable conversations. stuart: judge, as always. thank you, sir. this is the all-time high for the dow. that's the price of oil. i would like to tell you about the dow industrials all-time high. 19,288 is where we are. how about apple striking a deal with the mobile payments company square. now you can use your iphone, ipad to send and receive cash via email. sprint says it will partner with the developer of pokemon go to help drive fans of the game into sprint stores. sprint is up for other reasons as well. trump's can for national
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security advisor meets with the obama team security adviser. the trump transition moves along swiftly and the president-elect said big announcements could come today or tomorrow. much more on varney ahead. >> next week will be the time i announce it. i have some other big announcements coming up today and tomorrow. [vo] quickbooks introduces jeanette
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reporter: take a look at some of the dow winners and losers. nike leads the way. merck * coming under pressure. the banks have soared since trump got elected into office. more annual highs for jpmorgan. you totanobody's hurt, new car. but there will still be pain.
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stuart: congressman keith ellison says he plans to resign from congress if elected dnc chair. in my opinion it opens the door for congressman ellison to run the democrat party apparatus through the dnc. fred barnes from ""the weekly standard"" is with us now.
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i say this clears the decks that puts mr. ellison right there to chair the party. >> it looks like that is the case. that was the case that he wasn't there full time if he were still in congress. but the most serious complaint, the hollywood producer and a huge donor to the democratic party, and that is he would be -- this guy is toxic to jewish voters. he was connected with the nation of islam, the black muslims some years ago, anti-israel. here is a democratic party that's reeling anyway, and this makes things worse for them. stuart: keith ellison last time he was on the show, he was calling for a trillion dollar tax increase. the man is way out on the far left. i'm surprised the democrats
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should be in a position of their party being run by the extreme left wing. i'm shocked by that. how can a party win an election if they are coming from a position like that? nancy pelosi lead them in the left and keith ellison leads the party itself. i'm shocked. >> i'm not shocked, but i do think it's a mista on the democrats' part. they decided they were way too far to the left back on november 8 and they are going to go farther to the left. keith ellison is probably the most left-wing member of congress. he's a muslim, and he's a huge problem for the party. here is what i was shocked by, when chuck schumer now the minority leader endorsed keith ellison. stuart: it's great for us.
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we have head lines all over the place. this is a shock the other way. rahm emanuel was at trump tower earlier this morning. i didn't expect to see that. there he is. i guess this is president-elect trump reaching out even to his foremost opponents. i guess that's what's goinon. he called in al gore. that was a surprise to me and must have been a big surprise to folks down in coal country. but rahm emanuel, the mayor of chicago, a huge city. so look, trump is just -- politically it's smart for him to bring in people who are democrats and his opponents and talk to them. then have him come out and say what a genial guy he is.
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stua: i don't know much about football, but i know president-elect trump will be at the army-navy game. he will spend half of the game with the navy guys and half the game with the army guys. i think it will develop into the largest trump rally you have seen in a long, long time. >> people will like him, and he's probably a pretty good football fan. i know a lot about football and west point. i come from a family of west pointers. i have been to many army-navy games. but it's not a liberal crowd. stuart: it's 71,000 young military people probably cheering on their next commander-in-chief. >> then the announcers and commentators will complain about it.
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stuart: probably right, fred. we'll see you again soon. look at this. something a little different today. ford introduction the new f-150, the raptor. look at that thing. we head to the deserts of california. we'll take you with us next. looking for a medicare prescription drug plan
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stuart: we reached 19,300. never been there before. the ford motor company introducing the new f-150 rap tour. -- raptor. what's so new and different about this f-150. >> let me tell but this truck. ford came out with the first raptor 7 years ago. it was kind of a bomb. they said let's make a high-performance pickup truck and see if anyone wants to buy it. it outsells the shelby plus tanning. people just can't get enough of it.
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stuart: i believe we just lost the audio there. i like the f-150. i thought of replacing my chrysler town and country with a rugged raptor f-150. go ahead, gary, keep talk. >> what i'm doing now is nothing for this truck. the mountains behind me, i drove up those yesterday, it was rocks the whole way. if you climb the rocks and you go screaming through the desert. stuart: the man is trying, he's going up and down rock piles in that f-150, even thought it has an aluminum chassis. liz: would you ditch your dodge van for that? stuart: in a heartbeat. gary is back.
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keep talking, gary. >> this truck is 500 pounds lighter than the last raptor. stuart: my next question is -- can the f-150 raptor transport 2,000 pounds of tree trunks on my tree farm? the answer is probably yes. and it won't look like that after i have handled it for a while. we have a dodge ram truck. but i like the look of that. gary did his best to sell me one. the dow is at another all-time high, 19,310. we'll be back in a moment.
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stuart: three big stories that
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broke this hour. first keith sell on, the congressman on the left. he says if he's elected to chair the democrat party he will sleeve congress. you know, that seems to me to open up the door for the democrat party. who is cheering the loudest? the republicans. they are just out of touch. they go further left, sorry millennials. it's not going to work. the number of the leftist governments left in europe are fading fast. next case. rahm emanuel, he's the mayor of chicago. crime-ridden? yes, it is. he just appeared in trump tower. e was into present aletter asking president-elect trump. what was he asking for? elizabeth: 742,000 undocumented illegal children who were
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brought here by illegal immigrants. he wants them to stay here. president obama siernd an executive order protecting them. president-elect trump threatened to rescind that order. rahm emanuel says don't do that. stuart: the third story is this. another all-time high for the dows jones trim average. 19,316. if it can hang in there it will be the 11th record close since donald tru was elected president. blumenthal going after donald trump at the time-warner at&t hearing. the senator said he's worried about donald trump's threats to the media and he wouldn't want cnn to alter any of their coverage. there you have it.
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nonstop news. wait, what happens in the 12:00 hour center in i don't know. but neil cavuto has that hour. >> i have to get into this. the ford 1-50 you said you would buy? you are kinds of a cheap person. do you know it costs $60,000. stuart: who said i was getting the souped up 3408d. $. take out the air-conditioning. keep going. you are not going to be -- you are just not.

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