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tv   Varney Company  FOX Business  December 13, 2016 9:00am-12:01pm EST

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>> and better run your last lap the fastest. >> we've got four years of sprinting. this isn't a cross-country race. thank you very much, merry christmas, all of you. maria: thanks so much for a great show. that will do it for us, see you tomorrow. "varney & company" begins right now. stuart, take it away. stuart: yes, it does. maria, thank you very much indeed. the money, the trump rally rolls on. 20k could come today and push back. the democrats descend into political farcs. money and politics that's what we do. after hour from now, the dow will go up more. we're just what, 20 points away from dow 20,000, 200 points i should say. one good rally. oil up, gas up, the trump rally has legs and you'll see it. the policy pushback, mitch
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mcconnell wants the tax cut to be revenue neutral and don't add to the debt. that would surely slow down the effort. and now to the farce, the clinton campaign manager believes the election was rigged by russian meddling and wants to overturn the vote and undermine trump's presidency. trump himself, well, three top jobs filled today and he's off on another leg of his thank you tour. "varney & company" is about to begin. ♪ well, i'm going to call it the trump can-do cabinet and it's coming together. rick perry will need the energy department. rex tillerson's the secretary of state's job. the announcement with a typical tweets. i've chosen one of the truly
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great business leaders of the world, rex tillerson, exxonmobil to be secretary of state. the president-elect added his third goldman sachs executive to the administration. goldman's president gary cone, the economic council. we'll have this shortly. the dow will have another higher opening. closer to 20,000. oil, a nice pop yesterday, up 53 a barrel. that's not deterred, i should say, stock investors. how about gas? 2.21, the average is going up two straight weeks. the lowest price of the year, by the way was 1.69 in february, we're what, about 59 cents above where we were back in february. all right. that's that side of the markets. move on to market watcher steve cortez, he's with us this morning. what do you think, steve?
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>> well, you know, wait a minute, dow 20,000 today? >> right. stuart: what do you mean, right? >> tuesday for 20. listen, i'll tell you what, there's palpable optimism out there in the world, in the economy. i think it's directly attributable to donald trump, and if he keeps naming people like the two texans who he named this morning like rex tillerson and rick perry and naming them to leadership positions and this economy is going to take off and 20,000 will not just be attainable we'll be looking at that in the rear view mirror behind us. stuart: full-fledged bull. that's where steve cortez is, you're a trump guy, bullish bullish bullish. where do you put the money now. you've had the explosive 1500 point rally for the dow. now where do you put it? if you're getting in now, where do you go? >> that's an interesting and valid point. and optimistic as i am about economic growth, i don't think you necessarily want to be piling money in at new highs, that's not the time to be pushing lots of chips in
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because there will be pullbacks inevitably. stuart: dick bove, the only analyst who ever appears on this program told us yesterday the bank stocks have already gone way up and he says they're going way up more. >> i agree, i agree on banks and small caps, the two places i want to look the reason i like banks, the first time in forever we're seeing interest rates move. since the trump election, interest rates have spiked. that's a good thing right now. not always good thing historically. stuart: banks are special case. get rid of dodd-frank, rates go up, less regulation and bank looks great. >> even though the banks have done well lately they're nowhere near where they were pre-crisis back in 2007. there's upside there and other place i look is small caps. small cap stocks have been outperforming big time. the russell 2000, versus the s&p 500, and the reason, i believe, is that trump is going to be wonderful at last for main street. he's not necessarily going to cater to the globalist scene. instead take care of main
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street growth. >> that's a chart and a half. and we should have seen that one a year ago. >> how do you feel about donald trump, and puts out a tweet, just a simple tweet, he's critical of the lockheed martin fighter, the cost there of. down come all the defense stocks. how do you feel about the president-elect who can move the entire industry sector with one tweet? >> sure, i wouldn't like it obviously, if i owned lockheed martin. i think that defense stocks are doing fine under this president, we'll spend and build our military quite substantially. but the important point, what he's telling the taxpayer is i have your back. what we've had in washington d.c. for decades not just under this administration what we've had for a quarter century, multinational corporations did just about whatever they want. they used k street incredibly effectively to get what they want from the taxpayer and i think what donald trump is saying, k street, you've been put on notice, main street is what i care about and the taxpayer is not going to get fleeced, whether it's a defense
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contractor or any other multinational corporation. stuart: 30 seconkdconds left. do you think we'll ever get-- not ever get, but first half of next year, 22,000? >> i think we are going to get there. stuart: next six months? >> regulatory reform and stacks reform. stuart: you stay there, we'll never forget that you said 22,000 the first six months of 2017. >> yes, sir. stuart: the virtues of video. >> right, right. stuart: we're still on trump tower watch this morning. we call it white house north, why not? president-elect trump will hold that meeting with tech leaders, now, that's tomorrow. the tech leaders. ashley, there's one person in particular who is going to stand out for that meeting. ashley: we mentioned this yesterday. how about jeff best bezos, you talk about awkward. he went toe to toe with donald trump on the campaign and donald trump, of course, saying that jeff bezos bought "the washington post" all because it
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was a tax dodge and accused "the washington post" as being a vehicle to knock him throughout this campaign. there's no love lost at all between these two people and again, you know, there's going to be another fly on the wall moment. stuart: i've never seen a quality newspaper take such a rabidly anti-trump or anti-anybody stance. ashley: oh, yeah. stuart: as bezos. ashley: relentless with the headlines. stuart: i want to be a fly on the wall when bezos goes to the president-elect. liz: maybe plant cortez in there. ashley: hide behind the plant? >> i'll try. stuart: behind that curtain. >> i'm going to be there this afternoon and i'll report back if i can. stuart: yes, you better do this. look at this headline from the wall street journal from the opinion section. an electoral college coup, talks about the clinton campaign and suggesting that the election was rigged.
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campaign chair john podesta backing a special intelligence briefing for 530 electoral college electors, just a week before they cast their ballots for the presidency. sirius xm host david webb is with us now. stuart: i make no bones about it, and you say political farce? you say? >> political farce. they were critical of donald trump, he said i'll accept the results if they're valid. john podesta has definitive ties to russia through the senate lobby and registration and look it up on the senate website. there are representatives of spare bank civ, a commercial investment bank, who also is tied to the uranium one deal, $60,000 fee that was paid to the podesta group to represent that part of that deal. stuart: podesta has russian
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banking ties? >> burn bank civ. senate.gov, look up the registration. anyone who lobbies the senate has to be registered. while they accuse trump ties to russia, the podesta group is in business with a russian group. i'm not saying there's necessarily anything wrong, doing their job, but the accusation points out the farce. stuart: the russian angle is going to be big in the tillerson hearings and the electoral college. >> it's a bogeyman argument. they've lost the election, and lost in a landslide in the electoral college and argue the popular vote, jill stein is a farce, she should return the money to the people she took it from, frankly i say she stole it. stuart: they gave it to her. >> they willingly gave her money, you're a bunch of stupid people.
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and you know why, i'm in a happy mood because the market's better, the consumer confidence that feeling that american spirit, that animal spirit, is rising. i'm talking to businessmen, restaurant owners they say they've got a shot now. come on now, america, the feeling that it's america is what drives us to take chances and achieve. stuart: stay there, i've got more for you. more from you. and i don't want to poor cold water on this, but winter arrived early for a large part of the country, the polar vortex is back, frigid temperatures in the northwest. and frigid in is coming to the northeast. and those are temperatures, not wind chill. that's very important. video from new brunswick, canada, a moose falls through the ice into a freezing river. three emergency workers, they use axes, hacking through the ice and eventually freed the moose, almost ready to go,
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freed him, and he goes back to dry land. eventually he gets out. thanks to those workers, that's pretty good. >> oh. >> back to politics, mitch mcconnell the top of the senate is concerned that trump's plan will add to the debt. will it slow down. >> most americans will be able to file using a post card system, it's fair, it's what the american people are starved for.
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>> apple may be invest in the fund in softbank in saud rib. softbank pledged some to create job. look at this, ab inbev selling
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some beer brands, i believe east european beer brands. and anheuser stock is up. there's a fight brewing among republicans over president-elect trump's plan to cut taxes. watch this. >> i think this level of national debt is dangerous and unacceptable. my preference on tax reform is it be revenue neutral to the government. stuart: revenue neutral, revenue neutral. got to remember that. with us now wisconsin governor republican shaun duffy, when you say revenue neutral, that looks like pushback from the establishment republicans who are going after mr. trump's tax cutting plan. what say you? >> well, i don't know that it's necessarily pushback, but this is the house and senate that is going to exert itself and say listen we'll be part of this conversation on tax reform. we in the house have been
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advocating for tax reform for a very long time and president obama wouldn't join us in the effort. >> it's going to slow it down. no way around it, if you want to be revenue neutral you've got to cut out all kinds of deductions and maybe reduce the tax cut and tax cutting rates. it certainly slows it down, doesn't it? >> well, first of all, i think you have to look at it statically or dynamically, what kind of growth do we get from tax reform. under barack obama we've seen, you know, one at best 2% growth. with the regulatory reform that's going to come from the trump administration in conjunction with tax reform, the growth that we're going to get that's going to bring more money into the federal coffers, i think has to be analyzed as we reduce our tax code. stuart: no question. but you know what's happening here. i mean, there are so many people who are saying, it's the establishment republicans dragging their feet all over again, we were promised a tax cut, we voted for trump, we want a tax cut and now they're
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holding it up because it's got to be revenue neutral. you know, that's what they're saying. >> but, stuart, you're reading too much into that. we are $20 trillion in debt. we have to recognize that, and so what we have to do is, implement policies that are going to grow the economy and bring more revenue into the federal coffers and tax reform is going to do that for us. i don't think that mitch mcconnell is saying anything other than that. i don't think that you would advocate we want to go from 600 billion deficit to, you know, deficit to trillions. stuart: i wouldn't say that, no. i wouldn't. what i want is big tax cuts for corporations and individuals, back dated to january the 1st, so you get the maximum input of money into our economy, as soon as possible, and then you'll get the growth which eventually will bring in more money to the treasury. but if you're the establishment is saying, hold on a minute we're not quite sure about this, you've got a problem in
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the republican party. >> no, no, stuart, everyone is on the same page as you, we understand that tax reform will bring in more revenue to the federal coffers, and so i don't think, i don't think that this has any different position than what mitch mcconnell is talking about. we're going to do tax reform and it's going to bring more revenue into the federal coffers and again, when you score this dynamically, you're able to analyze that and look at the growth that's going to come. i agree with you, when we have these inversions where american companies are setting up headquarters overseas we're losing american revenue, let's reduce the tax rate and make america more competitive again. stuart: i'm trying to articulate what many nonestablishment republicans are saying. sean, you've got to get out there and got to get me a tax break that's retroactive to january the 1st, you do that and i'm a happy camper, believe me, i'm sorry i'm out of time. >> making you a happy camper, you can't read into too much what mitch mcconnell is saying,
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those of us in the house ap senate are going to be on the same page as donald trump on tax reform. stuart: glad to hear it. >> we're going to get it done. i think what mitch mcconnell is doing, slight pushback to mr. trump we're going to have a say in this and look at the growth side, but we don't want to balloon our deficit. you and i analyze it the same way. stuart: i've got to go. >> revenue comes in and offset the tax cuts. stuart: sean, we got it in eventually and thank you sooen sean duffy. stuart: and congressman on this studio 10:08 yesterday morning. on the right that's him at trump tower 3:45 p.m. you want to see the big news making guests, you watch "varney & company." [laughter] >> steve cortez sit, next to me and now he's headed over to trump tower this afternoon, all right. where do we go from here? a commercial break.
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>> let me deal with this quickly. singer kanye west just arrived at trump tower. what's that about? >> you never know who you'll see going into the golden elevator. there is proof. kanye west, he was in the hospital for die hydration and exhaustion and had a bit of a meltdown. and in california he said no, i
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didn't vote and told concert voters. if i would have voted i would have voted for trump to which he was roundly booed. liz: and he went into the hospital. ashley: and i don't think his approach was just entertaining, trivializes it. it was genius. stuart: he had a big entourage. and new york's socialist mayor bill deblasio is offering city workers free therapy and other support for dealing with trump-induced stress, david webb, unload. >> to take it seriously, bill, our mayor is a train wreck. maybe he needs a hug. his son is afraid of the police and he has the anti-police rhetoric he puts out. policy, where is the policy solutions for new york? he wants more money from the federal government because trump was elected. he wants more money from state government. he holds charter schools hostage, this guy needs to really get to work.
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and the city of new york workers. stuart: what's he doing going into the golden elevator. >> he tried to say i told donald trump what i wanted. and every one of us believe that bolshevik bill will go in and tell-- >> a climate denier, there are a lot of election deniers and they need to get over it. stuart: what's that on the screen, i don't know what that is. get rid of that. look at the bottom aren't corner of your screen. the dow futures up over 100 points. how about that? we're only 200 away from dow 20,000 and at the opening bell, we'll capture 100 of them. which means, dow 20,000 is possible today. ashley: it is. >> one good rally, folks, and we're there. you want to watch history? stay there, watch "varney & company." we're making it daily! we'll be back. [laughter]
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>> all right. 30 seconds to what could be a historic day and wall street. trading will open at 9:30 this morning. when we open up the trading session, you will see the dow jones industrials go up maybe 90, maybe 100 points.
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that will put the dow within striking distance of 20,000. we've never been there before. we're up, what, 1500 points just since the election, which was five weeks ago today. the bell is ringing. [bell ringing] >> they're clapping merrily. maybe they know what's coming. bang! we're off and running. look on the left-hand side. it's almost all green, up 79 points, 89 points, 19,885, any advance on that, buy something today, could many-- come on, let's get up there. ashley: more microsoft. stuart: it's an exciting day, we could hit 20,000 on the dow industrials today. you ain't seen nothing like this before. is it broad-based? we'll check the s&p 500, that's a much wider basis for looking at stock price movement and
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it's up about 1/3 of of a percent. and heavy concentration of technology stocks, up 1/3 of a percent. oil and gold are not affecting the market. 53 for oil and i think 1162 on the price of gold. historic day, who is covering with us? ashley webster, elizabeth mcdonald. todd horowitz, mike murphy. 20,000 on the dow is 126 points away. that's it. are we going to hit it today? i've gone around the block on this one. mike murphy, 20,000 today, yes or no? >> tomorrow, tomorrow, i'll take tomorrow. steve cortez? >> i don't know if we'll hit it today. we'll hit it before christmas. it's not just the policies that have changed. it's that the mentality has changed anthes important to the animal spirits. >> lizzie. liz: we hit it tomorrow, after
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the fed raises rates they'll see it. stuart: ashley webster. ashley: i'll say today. stuart: todd horowitz in chicago shall freezing cold, i'm sure, 20k today? >> possibly today. but maybe, they've got a good chance. it's thin they're going to run it. they'll give it a run, whether they make it will be the other question. stuart: okay. look at the stocks on your screen. these are the big winners ng mo the 30 dow stocks. all of them are up and boeing in particular, we've got a story on that, pfizer, merck, they're up. more dow winners, goldman sachs, they've got their third top guy into the top jobs in the administration. caterpillar up more, united health, verizon, can you show me bank stocks? there's a reason i want to see the bank stocks. one of the am list-- analysts on the program. he says that bank stocks have made the running thus far and
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bank stocks will continue to make running in the future. they are going to keep going up. mike murphy, i believe you have three stocks which you say are going up, even more from where they are now. >> i do. i'll start with the bank stocks, citigroup is on that list and the big thing when you look at the banks is regulation, they've been held down by regulation, overregulated so long, we don't necessarily need to repeal dodd-frank, we need to cut down on the capital commitments, and that's going to unlock our earnings. and their global presence and investment banking will be able to benefit. stuart: do you like facebook? >> love facebook. i still believe we'll get there. it would have have to more than double. between there, two and a half times from here. i think that facebook is set up. it's where people are going, it's where advertisers are going to attract people. and you have millennials on there, seniors on there, facebook is the platform, the
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new platform where people can make money. stuart: last one, general electric. >> general electric is a longer term, boring, infrastructure, global growth u.s. trump policy play. they can buy ge. stuart: citi, facebook, ge, you own them? >> i own facebook. stuart: proudly so. now we're up 70 points on the dow industrials. i've calmed down a little. 19,871. let me show you interest rates for a second. the yield on the 10-year treasury is still near a 17 month high. close to 2 1/2%. tomorrow, the federal reserve is expected to raise rates. gas prices keep going up and mortgage rates going up. so you've got a triple whammy, is it a whammy? you've got rates up, you've got gas up. oil up. why is that not a negative for the stock market? around the block, please, todd horowitz first.
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>> well, the reason is, we need higher rates to unlock liquidity from the banks. until they have the proper spread, higher rates will allow banks to lend and small businesses, small businesses will hire people to work and then we'll see more stimulation in the economy and the price of gas, the other prices won't be as meaningful because we'll actually be making a living. stuart: steve cortez, why is higher oil, higher gas prices and higher interest rates not for the stock markets? >> it's anticipation of growth. i'm primarily a bond trader. trading bonds have been unbelievably boring the past eight years. we've been stuck in a range and we've broken out in a fierce range since the election of donald trump and that's a good thing. sometimes you don't like rates rising like this, in this case i think it's a very, very solid thing for america. the bond market believes we can finally grow again. because of that, this is a positive not a negative. same thing for oil. >> okay. i want to move on to boeing. remember that president-elect
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trump objected to the cost of the new air force one being produced by boeing. now they've just said they're going to cut production of the triple 7, what else? >> which is interesting because boeing leading the dow now, obviously investors may think it's a good thing. why are they doing this? since their last earnings call, zero orders for the 777. so they're going to cut production seven planes a month now to three planes, three 777's a month by 2018. that will likely cause job losses, we haven't seen anything announced on that. each 777 costs $160 million to buy. so-- >> they've raised their dividend 30%. ashley: that's the other part of the story. stuart: by the way, there is the iran deal which is yet to be-- so that could help. stuart: so the stock is up. would you buy? >> i wouldn't, they're telling you their growth has slowed. and i'd watch what trump will
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do with the new contracts and wait until growth is growing, that's when you want to buy the stock. stuart: aerospace stocks, look at lockheed martin. defense stocks took a hit after mr. trump tweeted that the fighter is too expensive. this morning a modest bounceback. president-elect trump affects the stock price just with a single tweet. i've asked you this already. how do you feel about that? >> he's going to do it anyway. he's proven he wants to go outside of the establishment media and he wants to use twitter as his way to communicate and so, i think, i don't necessarily love it, but it's the way the president-elect is doing business. be prepared. if he wants to cut back from government contracts, he's already called out a few companies by name and he's going to continue to-- >> trump is coming 0 of the gao report and the weight in the defense industry. there's weight and there are reports that lockheed martin
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and the domestic suppliers, 146,000 jobs, that's a tough one. >> it is, but when you look at the government contracts there's a lot of fat. we have the president coming in and getting rid of the fat. stuart: they would approve of that eventually. i'm going to show you the rally. look at this, we're up 84, 85 points, very close to 19,900, who would have thought? now, look at apple. their new air pod ear phones are ready. you can order them on-line starting today. they'll arrive in the stores next week. apple is now at $114 a share. there's a payment technology company called veriphone. bank stocks, got to get to that. the only analyst we've had on the program, dick bove, loves them. thinks they'll go up more. all the bank stocks are up some more as of this morning. and then we have prudential,
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they have suspended sales of their life policies, life insurance policies by wells fargo. lorirothman, is this more fallout from the phony account scandal? >> it looks like it could be another scandal. wells fargo at it again. former employees at prue deposition a -- prudential, that wells fargo opened up policies through prudential since 2014. this last fall wells fargo had 185 million fine for the scandal of opening more than $2 million worth of customer and credit card accounts. stuart: wells fargo is up again. it's now at 55. when the first scandal broke it dropped down to 40, 41, 42. it was a buy back then and it's going up again. all right, lori, i'm sorry you're right in the middle of a stock market tour right there. [laughter]
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>> trump is going to meet with the biggest names in silicon valley tomorrow. jeff bezos will be among them. this promises to be somewhat awkward considering that bezos owns "the washington post" which streets trump like, not very well, shall we say? let's go around the block. what is donald trump going to say to the big names in technology when he sits them down at trump tower tomorrow. steve cortez, what's he going to say to them? >> and the first thing he'll say to jeff bezos, star being fair to me. "the washington post" as a candidate or president-elect-- >> unfair. >> excuse me, very unfair. >> and what if he says to bezos you might have anti-trust problems with on-line sales? >> i don't think you can intimidate one company that way. liz: why is that a good thing? why do you use the power of the president to beat up a business and anti-trust.
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don't we complain about it-- >> what's wrong with it. liz: it's not right. stuart: what do you mean it's not right. liz: it's not right, it's using the bully pulpit-- >> a. >> abuse of power. liz: abuse of power, thank you. stuart: i will bring your corporate tax rate down to 15%. liz: we're talking one company, amazon threatened. stuart: the whole lot of them. >> i think you're both right. i think he's not going to threaten, he's going to say here is the pro growth policies, i'm for growth in in country and the biggest companies in silicon valley and biggest tech valleys, you want growth and bringing money back into the country is going to help everybody, so it's going to be a positive meeting. stuart: okay. liz: cleared my sinuses. stuart: cleared the sinuses, very cooling.
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gary is going to chair donald trump's economic council. liz: he has wide and deep knowledge of the global capital growth market. and 200 million stake in goldman sachs. so he's going to have to unload that for conflict of interest issues. stuart: gary cohen-- >> it's popped more than 150 million since the election. he's a registered democrat, but is being applauded. he's a 25-year vet and knows what he's doing, a sharp, smart guy. stuart: goldman sachs would not allow them to contribute to donald trump's campaign, only to hillary clinton's campaign. donald trump has crossed the aisle and employing people who are heavily critical of him during the election. >> he's a good man, you see. just like the way he negotiated and strongly considered mitt romney.
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exactly, candidate trump is different than president-elect trump. i would say to a lot of my fellow trump supporters, i've heard angst too many goldman sachs people in the government, and goldman sachs the company is full of incredibly brilliant people. while we may not like some of what they did-- >> it's up, now it's up 103, 19,900 there it is again. there's momentum, i just feel it. it's there. >> to the upside. it's a magnet throwing up to 20,000. stuart: john horowitz, i can hear you in the background gasping away. are you on board with in? there is momentum here. >> there's a lot of momentum and it's like a horse race and bring it up to 20,000. maybe today. a hell of a run and one thing, trump, i think he's a great unifier and shown as a man, as
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a person, a lot of things, with bezos, i'm sure he's going to have to reach across and bring him to the other side. liz: one big bully state. stuart: carry a big stick and occasionally clout your opponents with it, nothing wrong with that. steve cortez is keeping quiet. a trump guy and on the way to trump tower shortly. >> listen, i think when it comes to tech, for investors, i think you want to-- tech is incredibly globally focused. i think you want to focus on american kms. i like regional more than the global. it's time for main street to catch up to wall street. stuart: it's catching up. netflix released a new app, it works with google's day dream vr head set. i've not a clue of what this is about. ashley: the netflix vr app. when you use this thing, instead. --
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when you call up neg netflix on your phone. stuart: sure. ashley: never done it? i have. you get a range of comedies and dramas. on this you're in acquaint cabin and you've got chairs, go over there and start selecting what you want in a virtual reality world. stuart: you would approve of that because facebook would be the first trillion dollar company? >> may even buy netflix. stuart: i'm told i've got to wrap it up. we're just getting too excited. thank you very much instead. steve, mike, one and all being here on a historic day, i believe. now up 107, 19, 904. 902, i'll take it. here is a look at the stock price at gun maker smith & wesson. shareholders meet today and they're voting on a name change. they want to make it american outdoor brands. liz: and this is a company that's been selling guns for 164 years. they recently bought ust
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brands, which is the camping and survival gear company. they're moving toward a generic sounding outdoor goods kind of a name, changing the name. i have a footnote for you, do you know in gun stores, women buy and men shop? kidding. stuart: you're being funny. liz: i'm being funny. [laughter] >> that's what i say about department stores that men buy and women shop. in gun stores women buy and men shop. liz: kidding. stuart: you're all right, liz. liz: thank you. stuart: i'm going to break away from a historic day on wall street and get back to politics and i bring you this fascinating headline from the wall street journal opinion page. an electoral college coup how the clinton campaign is now suggesting the election was rigged. and a week before they cost their ballots, the clinton campaign chair podesta wants a special intelligence briefing
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for those electoral college electors. our next guest writes for the wall street journal, a very well-known guy we've not seen on the program before. james is with us. welcome back-- not welcome back, you never were here. >> i think i was here once when david asman was filling in for you. stuart: welcome back then. >> thanks. stuart: i think that your paper, wall street journal with that editorial paints the democrats as essentially trying to delegitimize the trump presidency and undermine it and obstruct his progress. have i got it right? >> i think you've read it right. let's think about what they're talking about here. first of all, the idea is preposterous on very different levels. they want intelligence briefings for the lectorates. >> that's 50 states plus the district of columbia. what they're going to do, the idea is, of course, to persuade
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them to vote against trump. >> that's not going to ham. they're chosing by state party officials, i think as a constitutional matter they have a right to change their votes if they want. that's a legally disputed question, but they're not going to do it so it's not going to work. the fact that it's preposterous it, the clinton people are talking about using the cia, who has an opinion on voting with the russians, using the cia as an agency to lobby electors to vote the way they want. i've never heard as such a politicalization of an agency. stuart: since you're there, i want your comment on the tech meeting happening at trump towerment -- tower. i way it's going to be a confrontation because they
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didn't vote for him in the election. >> the only friend in the valley is peter thiel and i think has different ideas of anti-trust and so forth. and echo the point made earlier that bezos is the owner of "the washington post" and this is a newspaper that at least half a dozen times in the year before the election ran articles comparing trump to hitler. i'm not exaggerating. they're actually comparing trump to hitler. stuart: and bezos face-to-face with trump, i'd love to be a fly on the wall. >> yeah. >> you know, james, we don't have you on the show very often and i'm sorry to say you appeared on that historic day, where we could hit 20,000. would you come back. >> sure. stuart: if you're not careful you'll be indicted. check that dow, up it goes, we're about 100 points away from dow 20,000 right about there and a lot of green on the left-hand side of the screen, too.
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four of donald trump's cabinet picks, scott pruett, betsy devos on record opposing the departments which they're appointed to rule and run. have you ever seen anything like that? we'll be back. #
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>> monsanto shareholders approved a merger with the german company bayer. what you're looking at is kanye west, breaking away to. i don't care about man s monsanto, i care about that. listen in, please. >> [inaudible] >> what i heard was mr. trump saying to kanye west, you take care of yourself, right? we'll see you soon.
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and off kanye west, that's what it's about. >> another day at trump terror. >> white house north takes on an intriguing aspect, does it not? [laughter] and you wonder why we've got so many viewers. i tell you, what have we got next? i think we've got judge napolitano next, if i'm not mistaken. forget about monsanto, let's look at this one, trump cabinet picks, some of them want to destroy the departments that they are supposed to run. scott pruett wants to mess up the epa, rick perry abolish the energy department. and betsy devos will upped end education, she wants school of joist. judge is here. >> and someone once said the best way to run government is put people in charge who want to destroy it. stuart: is there a constitutional problem with an aappointment to a cabinet position who wants to destroy the department they're supposed to run? >> no, there's no
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constitutional impediment there. one of two things will happen, either the government will co-op to the individual and the individual's mind will change beingsurrounded by the trappings of government or the individuals will actually restructure these departments, so as to perform unique discrete responsibilities and not the sort of grandiose changes that the departments want to bring about. for example, one of the epa regulations that scott pruett is against would require a puddle, in your back yard, a permanent puddle before you can eradicate it. he doesn't want to get rid of all regulations, but the monkey on your back. stuart: if you want to-- you cannot fire thousands of-- >> i would think that the democrats on whatever house,
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whatever senate committee will examine him before he's-- vote on him and say do you feel now the same as you did during the debate when you said this is one of the department you wanted to abolish. >> hopefully he'll say i don't want to abolish it i want to streamline it and even in my view it should be abolished and education-- >> rick perry said i've got three departments he wants to abolish. >> energy. and remind him of it. stuart: you're going to be back at 11:00 because you have good stuff. >> hot stuff on what john podesta wants to do and question, did the russians really hack hillary? you'll get the answer at 11:00. stuart: stay tuned. thanks, judge. the new york times hiring the politico reporter exposed by wikileaks for colluding with the clinton campaign. the times says he's a premier journalist and stellar addition to its time.
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the democrats' latest attempt to delegitimize the trump election. john podesta is demanding an intelligence brief for all members of the electoral college. my take on that coming up.
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stuart: it's hard to understand what john podesta is up to. he demands an intelligence briefing for the electors after a group of electors sent a letter asking for that intel briefing to see if in trump is quote fit to serve. one of those letter signers is nancy pelosi's daughter. this is grasping that straws. there is no way the electors will change their votes and vote for hillary clinton.
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there was no way jill stein's recount was going to change the votes in wisconsin, ohio or pennsylvania. it's all about covering up hillary clinton's loss and disarray in the democratic party. it's about the failure to understand that the democrats' view of america was totally wrong. it's not a racist, sexist country like hillary clinton said, it's a country that's tolerant and very democratic. we have a system and john podesta can't handle that. a party that once give us john f. kennedy and fdr now gives us this. what a farce. the second hour of "varney and company" is about to begin. look at this.
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dow, 20,000 is not that far away. one good rally and we are there. is it possible we are hit the dow 20,000 today or tomorrow? >> all the indicators are pointing in the right direction. another reading on connell super confidence came out just an hour ago. so what does that mean? it means people will want to shop for christmas and put their optimism to work in terms of spending money. we are in a great rally right now and we should all enjoy it. there is no question. >> explain to me, we have interest rates going up tomorrow and on the 10-year treasury. gas prices are going up 14 days in a row. those should all be negatives for the stock markets, why are we going up?
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>> in terms of interest rates it's a seen it economy has gained snuff strength to raise interest rates and get off this quick fix of zero% interest for such a long time. that's a huge change in the land came and it bespeaks better earnings. on oil prices, ditto. it wouldn't be happening unless opec producers were confident the man was not going to father. going -- were not going to falter. stuart: what about savers? suddenly saving money makes sense because you get a better rate of return as interest rates rise. >> it's interesting the last 8 years we heard almost nothing about seniors on fixed income who have suffered because they earned almost nothing on their
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retirement savings. nower in probably going to earn more. but they were probably better off in the stock market. if we see scene economy of rebooting, we'll continue to see a flow of money into the stock market. stuart: we are exactly 100 points on the dowell industrial. i find it really exciting. regardless of whether you have money in there or not, it's exciting. >> not only interest rates and the stock market, optimism, too. >> do you realize the election was only five weeks ago today. tuesday november 8 to -- >> a trillion dollars in equity values. estimated ballpark. this is with all the media slamming this administration, delving in every single day. every appointment, couldn't be worse.
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stuart: this was litter rally moments a -- this was literally moments ago at trump tower. president-elect trump and kanye west emerging from the he will straighters. we saw them give a bro hug, i'm told. ashley: that's a bro hug? stu center yes. ashley: okay. stuart: mr. trump is meeting with leaders of the african-american community. ashley: we saw kanye west, pastor darrell stock, jim brown, ray lewis, curtis martin and others. leaders in the african-american community. he wants to talk to them about
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issues raised on the campaign trail. there you have jim brown, the hall of famer, curtis martin, an interesting group he will be meeting with today. >> i got a shock when i saw kanye west on the screen. the republican establishment is pushing back against president-elect trump. listen to senate majority leadered mitchell mcconnell, what he had to say about the tax plan. >> i think this level of national debt is dangerous and unacceptable. my preference on tax reform is it be revenue neutral to the government. stuart: you cut taxes, you have to be revenue neutral.
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jeff, you may have a problem here. you are a trump guy. but i think here come the establishment republicans who are trying to slow you down, slow down the tax cuts, chuck a monkey wrench into the works and slow everything down. i think they are on the other side of the fence from you. >> this is where i'll put on my state treasurer hat and talk about the revenues the government gets. the government is taking in more in tax revenue now man ever in the history of our country. in some corners we are getting $100 billion a quarter. it's not how much the american people are being taxed. they are being taxed way too much. the problem is the amount of spending and waste. donald trump is the cost of governing down, and we have to pass that cost along
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to the american people. stuart: we would be negligent in our duty if we didn't point out there is a risk. the trump guys gung-ho for the tax cut. senator mcconnell also pushing the president-elect trump on the russian hack investigation. he says he supports the investigation into that hack. you don't have unity, do you. >> i think he's going to come around. what many people are going to realize that come january 20, president trump will have a veto pen. so in the end the president has more power than anybody down there. his agenda will get through. as far as the government, when you hear from the establishment long-time politicians who have been there while our national debt has doubled, an has seen
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the biggest rise in our national debt ever. it goes down to one of the things i shade which are long-time politicians who prefer to do nothing. part of that is cutting taxes to stimulate and grow the economy. because that's truly the way to get out of our national debt is to grow the economy. that's the only way you do it. tax reform, regulatory reform are big and everybody needs to get on board with that. stuart: you lost your smile. good luck to you, we appreciate you being with us. i want to get back to my editorial at the top of the hour. pinhead line in the "wall street journal" "an electoral college coup." john podesta wants an
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intelligence briefing for all the electors before they vote. i say that's political farce. there is nothing to it. they are delegitimizing trump. >> it's payback for trump trying to delegitimize obama over the birther issue. this isn't going to happen. but it's theater and it's supposed to basically under mine donald trump as he takes office. but you left off one reason why they are doing it, and it's fundraising. think about what jill stein was able to accomplish with this mystical recount. for the hoik camp and democrats who are hoping to reboot this sad-looking political party. this is going to be keeping them in the spotlight, allowing them to go back to their donors and
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say this is because of the russians. we did win and we can do it again, heaven forbid. on this mitch mcconnell thing, they are trying to make it out that he is suddenly backed an investigation. there has been an investigation going on into russian hacking. it doesn't mean they think it election was swung by russian hacking. there are two different issues here. one where the russians behind the intrusion into the dnc and secondly it didn't in any way alter the outcome. and i would say no. stuart: back to the thank you tour. he's going to wisconsin today, pennsylvania thursday, florida friday, alabama saturday. where does he get the energy. tech leaders are preparing for their meeting at trump tower
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tomorrow. jeff bezos owns "the washington post." open up the paper any day and you will see a lot of anti-trump headlines. you may remember glenn thrush, he's the reporter who asked the clinton campaign for approval on his articles. he just got hired by the "new york times." i've invested a lot in this game and the returns i get out are measured in reps, huddles,bright lights, competition and games played. at td ameritrade we believe the best investments are the ones that matter most to you.
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a. stuart: i think we are 120 point away from dow 20,000. the majority of the stocks are clearly in the green. take a look at ab inbed. they are selling some beer brand
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to japan for $8 million. the brand are european brands. look at boeing. it's cutting production of the ever popular 777. what else is going on? ashley: boeing said we'll have to cut production from 100 to 40 by 2018. they did have the big iran deal, but that's yet to be finalized. they boost their dividend 40%. it was leading the dow earlier this morning but has since slipped back. stuart: politics. major tech leaders are headed to trump tower tomorrow for a meeting with president-elect trump. they include amazon's and jeff
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bezos from "the washington post." i'll give you a series of headlines from today's paper. "trump is assembling an anti-government. did russia help him get here?" ask new york should seize strum tower." "and trump can't wait to sell out his base." all of those headlines in one paper. brent, i have never seen anything like this before. what do you think will happen tomorrow when the owner of the "post" is face to face with donald trump in trump tower. >> remember what we reported when network heads weren't to meet with him and what heed to say to jeff zucker and cnn. i would love to be a fly on the wall to hear what he has to say to this fella now.
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this is as man who called him a threat to democracy a few months ago. "the washington post" today, four hits today, and they will probably have four hits tomorrow. it's militantly anti-trump. trump doesn't back down from anyone. they are suppose to be talking tech issues and jobs. i'll put money on the fact he will give him the back of his hand. stuart: this is the president of the united states of america going after possibly one company. he's done it before, he may be doing it tomorrow. do you approve? >> barack obama spent 8 years going after fox news, even though fox news on a regular basis reached out to barack obama and his team for story after story that they did on him. but you have got "the washington post" and the head of the "washington post" attacking
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donald trump as a threat to democracy which is something no one at fox ever did. fit was okay for obama to go after fox, it's certainly so kay with trump. i would put my finger in his face and i would say back off on those attacks, stop calling yourself a legitimate newspaper if all you are going to do is run editorials about me. stuart: the "new york times" is hiring politicos glenn thrush. he's the one who asked the clinton campaign for approval of his articles, now being hired by the "times." >> not only did he submit his articles to po john podesta. but he identified himself as a hack for hillary clinton. you can't get more biased then
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identifying yourself as a supporter. stuart: it makes me believe brent bozell has had a fantastic day and enjoyed it. there is lots of material for you. new york's mayor, bill deblasio wants to give therapy to city workers feeling election anxiety. he says workers still feel distressed and vulnerable. ambassador john bolton will be with us. this is a clip of him on a fitness board shared countless times online. [♪] your insurance company
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stuart: we are on 20q watch. yes, we are. ready, eager, willing, able. for a lot of people, income taxes. they just hit a record high. emac, you have got to tell us -- elizabeth: $215 billion. $180 billion deficit. since 2014, the first two months the government has been collecting record revenue but
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spending a lot of money. president-elect trump inhe inhes the flaming across us of a spending problem. he's inheriting a big mess in the way the government runs its books. stuart: flaming cactus. elizabeth: or porcupine, whatever. stuart: new york mayor bill deblasio is offering counseling to help workers deal with president-elect trump. liz: remember 911, new yorkers are tough, now they can't handle an election. the mayor sent an email saying you can get counseling because of the distress and feeling vulnerable due to the election. stuart: we are paying for this. what do you think?
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>> this is the fault of the liberal media. why are these people so scared? because of all the head lines that talk about -- about fascisim and hate. they are frightened for no reason whatsoever. ashley: he says where's my safe space. i need some help. it's ridiculous. stuart: watch this. a woman is dragged off a delta flight in detroit, dragged by the wrists down the center aisle. authorities said she barged on to the flight and didn't allow the cabin crew to check her boarding pass. they dragged her off. we have gas and oil up. everything is going up. will that hurt economic growth?
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that's a fair question and we'll be back to answer it.
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stu very we are up 70 points and the big board. we had a strong rally from the opening bell. but we are watching 20,000 on the dow. it could be today. it's a long way off. oil, $52 a barrel. we had a strong rally yesterday. the national average for gas stleen keeps going up. it's 221 up for two straight sessions.
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i want to bring in brian brenberg, the finance chair at king's college in new york city. ' oil is up, the price of gas is up, normally those would be big negatives with the stock market. why is it not a negative now? >> oil has a natural limit. the shale producers are licking their lips. they are saying this allows us to get back into the market. $55 to $65 a barrel is good for producers. it's not something consumers have to worry about. they are so low. we are starting at -- we are talk about starting at a low base. we have a long way to go before it becomes an issue. stuart: it's not an issue? >> we have a long way to go with this recovery. consumers and investors are look
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at the potential growth. that's what investors are look at. they are saying we are not so concerned about interest rates, we are more interested in donald trump getting his policies through. stuart: i know you are not a stock market guy. >> i'm surprised we are that close. i thought it would be much later next year before we get to that level. but i don't think these issues are the big impediments. i think the big issues are how trump executes next year with his policies. stuart: establishment republicans are pushing back on trump on taxes and russia. senate majority leader mitch mcconnell, he wants tax cuts to be revenue neutral. katie pavlich is here. it seems this is pushback from the establishment against some of the more aggressive tax cutters in the trump camp.
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what say you? is the republican party divide on this? >> i think that's a little bit unfair. mitch mcconnell is looking that we are nearing $0 trillion in debt. tax cuts under president bush without spending cuts and here we are with nearly $0 trillion in debt. i think it's good mitch mcconnell is looking out for the future of the country. he said i want tax cuts to be definite neutral. stuart: he also approves of an investigation into hacking by the russians into the dnc. >> what mitch mcconnell said is the russians are not our friend and he aproves of a bipartisan investigation into russian cyber attacks on the united states. it's possible to ask.
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it's important that we look at both. the russians don't have our interests in mind. they have been attacking us for years. if you talk to any intelligence analyst or cyber-security analysts, they will tell you cyber is the next front on the war whether it's terrorism or state actors. mitch mcconnell is saying we should look at how they are trying to influence our system at any level. he's not taking a stand against trump saying it changed the election outcome. stuart: you are not seeing a split amongst republicans? >> no. stuart: you see donald trump, the charge continues, the move towards growth continues, no impediments in his path? >> i think the republicans will work with him on his agenda. we have a budget here. but what he can't continue to spend the way we are without the
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type of growth that donald trump has proposed. if we can get to that 4% to% growth he promised, maybe we can talk about going on this massive tax cut spree. the fact is it has to be deficit neutral. $0 trillion is more like $150 trillion. it's unsustainable now and in the future. >> just make sure we all get a tax cut all included, january 1 of 017. katie, thanks for being with us as always. brian brenberg is with us. i want to return to this. >> i think this is great news. mcconnell wants to get something done. the way you get something done is putting together a realistic package. this had to happen. this is not a fight.
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this is shaping policy. this means something could get done sooner in the year if it's the kind of tax cut that's revenue neutral. it could meet republicans' demand. your tax cut comes sooner, stuart. stuart: you have to cut out all kind of deductions. the lobbyists will go bananas over this. >> isn't it good we have donald trump the necessit -- the negotiator-in-chief? he has to get the american people on board. this is going to require spending reform. if you are going to get this done, you have to reform spending. it's good news. it's realistic. stuart: why is the dow industrial average up only 50 points. >> you are getting greedy. we are almost at 20k.
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stuart: moving on. president obama and his family sending out their last white house christmas card. is there something about this card? >> it says happy holidays, rarely do presidents put a photo of themselves. he did. he's only one of four presidents to do that. it's also they have shown pictures of the family dog. the happy holidays people are getting mad again. it's the 8th straight year. no merry christmas. donald trump's christmas card says merry christmas and happy holidays. stuart: katie pavlich, what do you think of this christmas card? >> the white house has its christmas tree unveiling. i think this encompasses christmas along with other religions including judaism
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which is celebrating hanukkah and christmas eve this year. there is a war on saying merry christmas, but i don't think it's coming from barack obama. stuart: you are softening, katie. she is in the belly of the beast. she is going to rip somebody apart. >> i have to pick my battles, stuart. i don't have the energy to be upset about he little -- about every little thing. stuart: katie, come back soon, please. >> i will. stuart: this is sad stuff and it looks awful. the battle for aleppo said to be coming to an end, but there are reports of gassings, mass executions. that city -- i think this is drone video. that's the second largest city in syria destroyed.
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the democrats tried to delegitimize the presidency demanding a cia intelligence briefings for electors. this is your daughter. and she just got this. ooh boy. but, you've got hum. so you can set this. and if she drives like this, you can tell her to drive more like this. because you'll get this. you can even set boundaries for so if she should be here, but instead goes here, here, or here. you'll know. so don't worry, mom. because you put this, in here. hum by verizon. the technology designed to make your car smarter, safer and more connected. put some smarts in your car.
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stuart: new york mayor bill deblasio offering city workers therapy to deal with trump stress. david webb got fired up about that one. >> bolshevik bill, our fast it mayor, maybe he need a hug. his son is afraid of the police. he has anti-police rhetoric he puts out in his administration. where are the policy solutions from new york. he wants more money from the government. he wants to hold charter schools hostage. this guy needs to get to work for the cities workers.
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stuart: jim brown, ball player, running-back for the cleveland browns. one of many people who will be coming and going at trump tower. a parade of the greats today. we are on it. we love this stuff.
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i have got to bring to your attention, the battle for aleppo is said to be coming to an end. death, destruction and mayhem. >> the rebels have been held up in eastern aleppo for four years. they are on the brink of defeat. as government sources file in with help from the russians. syrian forces going into these neighborhoods, pulling people out and shooting them dead in the street, including women and children. there are reports 100 children are trapped in a building being bombarded. they have no parents or adults with them. the story is just appalling. and it doesn't get a lot of coverage. it's huge what's going on and we are turning away from it. stuart: but we are turning away from it. all right, thank you. democrats. some democrats want to know if
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russia swais the election. president obama called that whole idea ridiculous. >> i think it's ridiculous. i think it's just another excuse. i don't believe it. i don't know why. they talked about all sorts of things, every week it's another excuse. we had a massive landslide victory in the electoral college. i guess the final numbers are 306, and she is down to a very low number. i don't believe that at all. stuart: i think this is a good opportunity to bring in the former director of the cia, james woolsey, and he's with us this morning. i have a couple items of news here. the house intelligence chair said mr. clapper back in november found no evidence of russian hacking. the director of the national intelligence agency is telling reuters he has not endorsed the cia study, the f.b.i. is not
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going along with these conclusions, a lack of evidence. is there anything to these allegations at all? >> i think you have to unpack this word hacking a little bit because i think there are a couple things going on. one is the russians have something they call disinformation. which basically means heavily carefully structured lies. they attack pretty much all institutions in the west through fake photo shopping, through all sorts of tactics that embody the ethics and the ideological and philosophical structure of the west. they are anti-semitic, they go after the jews, the catholics and the pose. they may well be going after the democrats and republicans. they go after political parties in europe. a number of them. it's very nasty and they do it all the time.
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if they were -- somebody picked up for the first time they were going after the democrats in the united states, i might say they are trying to influence the election. maybe they are, but this disinformation stuff we have had to deal with for a long time. full stop. there is at least some possibility, i suppose, that the russians hacking in an electronic sense into the voting machines and trying to change the vote, i have seen no evidence of that. and that's what most people mean by hack. but i think the likelihood that that is occurring would depend have heavily on there being a recount. if there is a recount. the 25% of the voting machines that the united states uses that do not have a paperback yum, they are just touch screen.
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if that's all you have got, it can be fiddled with, it mac be tampered with and masked. we need to get away from those pure stuff screen. until it was through that route or unless there was earn insider inside the company that produced the voting machines and they were tinkering with the software as it was produced, i can't seen or heard of any information about the traditional kinds of hacking that people talk about. stuart: the allegation is they selected to release bad stuff about the democrats to influence and make it a pro trump. that's the allegation here. i wanted to move on to one other topic. president-elect trump says he only needs a weekly intelligence briefing. one a week. he doesn't need the same thing daily. you used to supply those intelligence briefings. >> i supplied them in writing. president clinton didn't want to listen to briefings either.
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because it took too much time. he was a speed reared and he would an annotate and ask me questions about them. i think this is a tempest in a teapot. i think presidents get to receive the information how they want it, weekly, daily, five times a week for one week. once a week for the next week. whatever. stuart: jim, i have got to run. i have breaking news from the white house north. trump tower moments ago, bill clinton -- the president-elect met with bill gates. liz: this comes out of the transition meeting phone call that bill gates is expected to meet or talk with donald trump. trump said he did get a phone call from bill gates after the
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election. he said it was a great phone call. it looks like there could be a meet and greet involving bill gates and donald trump. what they will talk about, we don't know. clean energy. microsoft. stuart: some varney viewers have a lot to say when i talk about guns. we received a huge response online about some of my comments about a new law in ohio. we'll tell you those comments. ambassador john bolton. an internet sensation. he will be on the show without that board.
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stuart: is there a test for bad temper or bad judgment? you whip out a gun? >> these are fans fill fears for which there is no historical basis. stuart: i have fans full fears?
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-- i have fanciful fears? >> yes, you do. stuart: a new ohio law would also allow guns in daycare centers. here is some of your reaction. this is from shea. relax about adults carrying guns. my daughter and housekeeper carry at all times. we don't have wild west shootouts on the streets. travis said when i was 18 there was a draft for the military. todayer in in the military doing what i did. but the left makes them out to be dumb so they can't be trusted with a gun. i hope you were listening when it was explained to you the realities of people using
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firearms to defend themselves. stuart: yes, i heard it all but i still have concerns about guns in the day consider centers. ashley: i understand what the viewers are saying. it's jarring to say carry a weapon into a daycare center. that being said on school campuses, i get it. >> it's such a tough issue. the daycare centers. they are saying when need protection. if you children are also curious. one woman says i find my car keys missing. what if a curious child comes up. stuart: lock it up, put the ammunition separate. i got all that. people are saying you are an englishman, they doanlt have guns in britain.
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stuart: well big shock came about 11:00 eastern time on election night. trump had won. that was a shock. the next shock came 9:30 eastern a.m. in the mornings tuesday, november 9th, the trump rally had begun. like the election result itself, very, very few people predicted the stock market rally and nobody expected to be as explosive as it has turned out to be. if you watched this program you have seen one new record after another and now, we're knocking on 20-k's door. there is a lot going on here. trump's tax cuts should give us robust u.s. economic growth. his proposed roll back of obamacare gives middle america a huge boost. changes to financial regulations should free up the banking system.
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energy deregulation should make energy us energy independent, all food for the economy and yes the market. one more thing. the mood of the country. it is not a downer anymore. we've gone from no, we can't do that, to, yes, we can. we're rapidly shedding the politically-correct straitjacket. we've gone from negative to positive. that is a very big deal. america is looking to the future, likes what it sees, what better reason to invest in america, dow 20,000. the third hour of "varney & company" is about to begin. ♪ stuart: let's get right to it. dow 20,000. when do we get there? because the trump rally is certainly rolling up, up 70, at 19870.
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peter keirnen is with us, author of that book, american mojo, lost and found. today or tomorrow, 20-k? >> all i can tell it is is going to happen, here's why. one of the things you've seen, 15 hen hundred%, 1500 points. four stocks can for most of that rise. goldman sachs, united healthcare, ibm. that is most of it. we're getting warmed up here. here is exciting. when is last time we talked ityut he can question issuance? issuance day for the year. stuart: companies issuing stock? >> this is great time to sell stocks. this week there are 85 deals around the world happening in the equity market. we haven't seen that in decades, probably not since 1995. one of the other parts about the trump rally everybody worldwide is tapping in. stuart: really? money flowing into the u.s. dollar and bond market and stock market.
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>> if i want to raise money in italy or france, if i want to raise money, i'm coming here because i want to get a bit of that excitement into my stock. what you're seeing people turning to the equity markets like we haven't seen in a long time. this market is just getting warmed up. stuart: just getting warmed up, we like the sound of that. remember, you're the guy who on election night said this is the best buying opportunity in a lifetime. you did say that? >> i said that. i bought and hope viewers bought. remember when you look at dow. most of the gains coming from four stocks. look at small caps and mid-caps. they're really going. look for ones that are hated. if trump tweets against a company, that may be a huge buying opportunity. i bought boeing that way and bought lockheed that way. telling you both are up. stuart: you are a goldman sachs guy. >> i am. stuart: goldman sachs has three people in top jobs in the administration.
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goldman sachs's gone straight up. you're happy. the company is happy. everybody is making money but it looks a bit like goldman sachs runs u.s. government. >> i have to say good to come out of the hinterlands. a lot of years we weren't so popular. i said i worked on wall street. i was not popular in the cocktail parties. economy, stocks and. you will see the companies take economy and harness it. stuart: do you have goldman sachs stock. >> no, i do not. stuart: i'm sorry about that. >> it is up 40% since this quarter. that is a pretty good run. i like jpmorgan and some others. stuart: more of the greats are walking through the trump lobby. ray lewis, former linebacker of the baltimore ravens. that is him in trump tower.
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we'll go to golden elevators. which floor? ashley: 26th floor. stuart: 26th there are where the young man is going. parade of greats. peter is with us for the hour. move on to trump's pick of rex tillerson to be secretary of state. aforementioned and after foreheard of, john bolton, american enterprise institute scholar is with us. i heard commentary which says because tillerson did deals with putin that counts him out for america's job in the government. what say you? >> i did deals with putin, sergey lavrov, as well. not a question how know, what your deals are, the question is what is your view of america's national interest. that is the fundamental question. that i'm sure will come up in the senate confirmation hearings. stuart: you divorce yourself as your role representing your company and become a representative of your country. total difference. can you divorce the two. >> that is what you have to do. everybody comes into the a
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government job from some position in the private sector. you're fulfilling a different role. in my case i'm at the american enterprise institute. i appear on fox. i write speeches. i write oped. i do all that. these are my personal opinions. in government you follow the orders of the president or whoever your superiors are. you either do that and get used to it. if it comes to a point where you don't feel you can as matter of principle, you resign and go back to what you were doing. it is different being in government. it's a different life you have to get used to. stuart: there were talk, speculation you were number two to whom so every secretary was. are you allowed to comment on it? >> i am allowed to comment on it but i won't, taking a position that is not appropriate. i think one thing to understand about the state department different from every other government department, i'm pretty sure this is right, every other department has one dep i t the state department as two deputies. one is called the chief operating officer. the other is called the chief policy officer.
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now figure out how that works. let me give you a test you can only have at the state department where rank and protocol are everything. chief operating officer, chief policy advisor, which deputy is senior? stuart: chief policy advisor? >> you get it right. you are right. she becomes or he becomes acting secretary of state when the secretary is out of town. this is complete anomaly bifurcating dep position to more dysfunction. news try, stuart. leads to more dysfunction in the state department. they need to be combined. stuart: i ask you the question put on the swirling board. >> that episode yesterday on "fox & friends" will be a day that lives in infamy. stuart: trump advisor, kellyanne conway, says a big priority for mr. trump is moving the u.s. embassy in israel to jerusalem. roll that tape, please. >> you do you expect the united states embassy to move to jersey, kellyanne conway? >> that is a very big priority for this president-elect
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donald trump. he made that very clear during the campaign. as president-elect i heard him repeat it several times privately if not publicly. it is something that our friends in israel, friends in the middle east in israel would appreciate. something a lot of jewish-americans have expressed their preference for that. stuart: what is the significance of a move israel's capitol from tel aviv to jerusalem? >> well i think in trump's case it has two significant aspects. number one, every presidential candidate in recent history has said i will move the embassy from tel aviv to jerusalem and it never happens. for trump to do it, would signify that he is not a conventional politician. it is a commitment made and commitment honored. number one. number two, he can move it overnight. take the u.s. consulate in jerusalem, take the sign off the front that says consulate, and put a sign that says embassy. he can find real estate to build
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a real embassy. he can do it on january 20th. it would be a signal to the rest of the world this is different kind of president. stuart: do you think he will do it? >> i am betting he would do it. stuart: that would be a quite dramatic, would it not? it would be a big move. >> it would be a big move. it would signal to everybody this is a different kind of administration. stuart: mr. ambassador, we'll never show the whirlly board again. >> i will answer every question you put. stuart: not bad. thank you, john. >> thank you. stuart: check out the big board. we're looking out for 20,000 for the dow industrials. lots of people on the program that said we will hit it this week. well, let's see. what day is it? it is wednesday, yes. we have all day today and tomorrow and friday. today is tuesday. liz: you're working sew hard. stuart: it is tuesday all day. >> wednesday is fed day. that is why you thought of it. that i think will be liberating act. stuart: trying to get me out.
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mitch mcconnell is on the screen. he warns of dangerous debt. it appears he is at odds with president-elect trump's tax plan. in a moment we'll explain this. you but next, a guest who says repealing obamacare would be a big tax cut for middle class. gives us an excuse to run the sound bite from none other than than nancy pelosi. >> affordable. affordable. there is a reason. affordable. affordable. affordable. affordable. affordable.
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stuart: well, we are off the highs. we were up 117, now we're up 64. we have not deserted you good viewers, we're still on 20,000 watch. we would love to get there. tesla's stock moving back to $200 a share. elon musk will be one of the tech heavyweights at that big meeting with mr. trump tomorrow. i don't think that meeting has anything to do with the stock price though.
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senator mitch mcconnell might be pushing back on trump's tax plan. watch this. >> i think this level of national debt is dangerous and unacceptable. my preference on tax reform that it be revenue neutral to the government. stuart: now, mr. tax is otherwise known as grover norquist, americans for tax reform. he is with us again this morning. i took mitch mcconnell's statement there to mean that he wanted it to be revenue neutral. that means might be cutting back on the tax cut itself and probably delaying it. am i right? >> well there are two-ways at looking at revenue neutral. if you go to revenue neutral you can do it inside of reconciliation, that you only need 51 votes. that make as fair amount of sense. however they have dynamic scoring when they look at it in the house and the senate. so you can actually on a static level drop taxes about
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1.5 trillion, $1.5 trillion over a decade and be revenue neutral because of growth that comes from lower rates. so we're not talking about, not being a net winner for taxpayers. stuart: maybe i'm overdoing this, but it looked to me like this was establishment republicans pushing back against the renegades from the trump many cam that want to go gung-ho. am i reading this too much into this? >> yes. there is also a misreading because people talk about the trillion dollars in infrastructure that trump says he wants to do. if you go on their web site, look what he is talking about, that is almost all private sector money. he has tax credits to encourage pipelines and railroads and so on. this is not a trillion dollars of government money but it is dangerous when you talk about a trillion dollars in d.c. appropriators start to salivate and they think this is other people's money they get to play with. that is not what trump is talking about.
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i think we're going to see an end to the delays on permits and massive infrastructure spending, pipelines, railroads, liquified natural gas exporting facilities that have been held up by obama's war on real infrastructure over the last eight years. stuart: because he announced that plan to establish a fund, private money, announced it on this many prop months ago. >> private money. stuart: private money. very important. you invest in the fund. you get a bond. get a rate of return. it is your money and private money and you build america. that is a pretty good plan. you have got an article saying repealing obamacare would bring huge stacks cuts to the middle class. you want to explain that? >> sure. we forget there is a tax cut that trump and paul ryan and brady and hatch want to do, big tax cut. but before we get to the big tax cut we have another big tax cut, and that is getting rid of obamacare. obamacare is a series of 20 tax
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increases with a seth epscope -- stethoscope attached to it. called it health care. getting rid of all the tax hikes, eight of them directly hit middle-class americans. obama said he would never tax anyone who learned less than $250,000 a year. that wasn't true. and it certainly wasn't true when you look at obamacare. much of that tax increase, straight at the middle class of the getting rid of it is a very significant tax cut period and also very significant tax reduction for middle income americans. so obamacare, roll back, tax cut, tax cut, tax cut, and then two years from now, we need another tax cut. stuart: i like the way you talk there, grover. i realstry do. i could get into that. grover norquist, you have done your thing. appreciate it. >> thank you. stuart: peter keirnen, i'm inclined to believe that obamacare was a great weight on middle america.
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repeal it and you take the weight off. i'm very much in agreement with grover. are you? >> i am particularly when you look at the impact on small business and one of the reince you're seeing small business indexes explode after the trump election is they're going to be relieved partially because they don't have the ability to execute all of those requirements on obamacare any longer. and secondly, they don't have to face all these huge regulations. big companies have compliance departments. if you're small business you get liberated by these things. this is the great, i think stimulus you could possibly find for small businesses. stuart: that is fascinating. peter, thank you very much indeed. they have got you there for the hour. >> stay as long as you have me. stuart: look at atket scan. those are all 30,000 docks. dow industrials up -- 30 stocks. a pattern established recently. modest move up in the morning.
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it settles down, calms down, big move in the afternoon. not predicting a big move, hey, it might happen. there you go. liberal lunacy on campus, more of it. california, a professor calling trump a white supremacist. watch this. >> president again, one of the most anti-gay humans in this country and so, we are in for a difficult time but again i think we can get past that. our nation is divided. we have been assaulted.
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i've spent my life planting a size-six, non-slip shoe into that door. on this side, i want my customers to relax and enjoy themselves. but these days it's phones before forks. they want wifi out here. but behind that door, i need a private connection for my business.
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wifi pro from comcast business. public wifi for your customers. private wifi for your business. strong and secure. good for a door. and a network. comcast business. built for security. built for business. stuart: you never know who will show up at trump tower. that is kanye west with the president-elect this morning. who else has been? ashley: what is he doing there? apparently there are reports that kanye west requested a meeting with donald trump, a fifth teen-minute sit-down. what they talked about, no one knows. they wouldn't give any details as kanye west leaving there. donald trump called him a good man. they have been friends a long time. take care of yourself. i will see you soon. who else have we seen? a plethora of sports legends. probably one. greatest football players if not the greatest ever, jim brown strolling into trump tower.
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stuart: is that jim brown? ashley: that is jim brown. also we have pastor darrell scott who came here to talk about african-american issues with donald trump. he made that a part of his campaign. by the way that pastor, darrell scott, will be with us tomorrow. hopefully we get inside info what happens when you get inside of elevators. stuart: who is that? ashley: that is ray lewis. stuart: right. ashley: baltimore ravens, much-feared defender. he was tough. stuart: fascinating. ashley: oh, yes. liz: how he canceled the press conferences meeting with kanye west. stuart: that is 500 yards where we're sitting. white house north. don't you love it. donald trump is back on the thank you tour. today he goes to west allis, wisconsin. then he goes to pennsylvania, i believe thursday. florida on friday, alabama on saturday. now that is energy, peter. >> it sure is. i have to say not since fdr's fire side chats have we seen
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deliberate attempt to circumvent the press, circumvent any intermediaries this is what donald trump does so well. he reaches out. he connects. this is his strong suit. what he will do not allow any friction between his message and the people. these things are, they're jovial. they are uplifting. there are tough messages being delivered. this is the way he communicates. stuart: he grabs the headlines every single day. when is last time you heard of president obama? he doesn't make much news these days, does he? liz: driving establishment media berserk. stuart: yes it is. don't you love it? quick check of jetblue stock, posting the biggest gain in more than four months. i don't know what the reason for that is. it is a big gun. we thought we would bring it to you. wait a second, peter, look at this. microsoft all-time high. lifetime high. i do own a thin sliver of that thing but i love to see it go. retirement territory is just around the corner. that is a look at market scan.
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that is all the dow 30. moving more into the green look at this. as we said, you open higher, it goes down a little bit. then early afternoon you start to go up again. look at it now. we're up nearly 100 points. almost back to 19 nine. dow 20,000 may be by the end of the week. we'll be back. hey gary, what are you doing? oh hey john, i'm connecting our brains so we can share our amazing trading knowledge. that's a great idea, but why don't you just go to thinkorswim's chat rooms where you can share strategies, ideas, even actual trades with market professionals and thousands of other traders? i know. your brain told my brain before you told my face. mmm, blueberry? tap into the knowledge of other traders on thinkorswim. only at td ameritrade.
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stuart: all right. this is 20,000 watch. we're not there yet. we're about 116 points away from it but that trump rally does indeed march on. the price of oil, $52 per barrel. the price of gasoline, that keeps on going up as oil goes up. we're now at 2.21 as an after knowledge regular for the price of a gallon of gasoline. peter morici with us, economics professor. oil is up, gas is up. why is the stock market up as well? interest rates rising usually a negative for stocks? >> but interest rates are still very low. if you carry logic we should have zero interest rates forever and market never boomed before. as long as economy is recovering and doing better.
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right now they have prospects of better times, regulatory relief for oil industry, manufacturers, people run a restaurant, finally barack obama's minions are leaving town. stuart: let's suppose that the 10-year treasury yield, we had it on the screen at 2.45%. if that went to say, 4% by the middle of next year would that be a negative? >> depends on how quickly the economy is growing in line with it. if we had 3% growth and 2% inflation, that would imply a real interest rate of 5% on 10 to 30 years would be acceptable. it really depends how much progress we make. i'm glad it is 2.45, not 4.45. stuart: got it. dow industrials are at 19,879. senate majority leader mitch mcconnell is concerned that trump's tax plan may add to the debt. we brought you that story early this morning. he wants the tax plan to be revenue neutral from mitch mcconnell.
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what do you say? should we be concerned about the debt, peter? >> oh, absolutely and we should be concerned how big of a deficit we create next year. you can't be against spending when obama in the white house and democrat want to recklessly spend. you can't be against tax cutting, can't be for tax cutting when trump's in the white house and we'll have a huge deficit. we have to keep these tax cuts in reasonable proportion. we have to put greater emphasis making tax system simple and make it, make sense of it so people aren't doing what general electric does. i'm convinced general electric is really a tax department which has to manufacturing on the side. spends all of its time trying to get tax breaks for its manufacturing. whether they invent anything up there doesn't matter, it is the tax breaks. stuart: how do we avoid adding to the debt already at 20 trillion, how do we avoid adding to that if we're going to cut taxes dramatically and raise spending on military and raise spending on infrastructure?
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how do you avoid to add to the debt? >> you have to prune as well. although mr. trump may be exaggerating when he goes after air force one and like there is a lot of ways we could save money through sounder personnel policies brought up-to-date the pension system for officers corps and so forth. entitlements is real problem. there are is lots of places to prune so we can afford more spending and tax cut. we can't afford the tax cut he campaigned on. face it, when you're campaigning on public office and arrive in the city of detroit they need new roads, you don't promise to build them some new roads, you promise to pave them in gold. we have to roll back to asphalt and solve the problem. stuart: i can't remember a single american president who didn't say they would cut waste and fraud. they always say that none of them ever do. >> one in 20 adults, between the ages of 16 and 65 is on social security disability. if that is not a fraudulent system i don't know what is. stuart: okay.
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>> start right there. adult men, 34 years old, you don't feel like working, barack obama puts you on medicaid and food stamps? how about that one? we wouldn't need so many immigrants if those guys get off their bottoms and go to work. stuart: your time is up, fellow. i'm an immigrant -- >> you know what i mean, fellow. this notion we have to import a lot of people because 7 million people won't work. stuart: i hear you. you know you make an awful lot -- >> you're indispensable stuart, we all know that earns flattery is the mother's milk of television. that is very good stuff. peter, thank thank you. see you soon. >> thank you, sir. stuart: why are you laughing? that is john podesta, former clinton campaign chair. he wants a special intelligence briefing for the 538 members of the electoral college because of allegations that russia interfered with the election. napolitano, what is wrong with that? >> here is what we learned in the past 24 hours.
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the cia and the fbi examined the exact same data which was produced for them by the nsa. the cia's analysts said, the russians are behind this the fbi's analysts said, there is no evidence that the russians were behind this. but we do know that this was leaking. it was not hacking. leaking is the unauthorized exposure of something to a person for whom it wasn't intended. hacking is the altering of an operational system so you get a false result. you can't affect the outcome of election by hacking mrs. clinton or the dnc. you can affect the outcome of election if you hack those who register voters or count voters. stuart: can't you affect the election if you hack into the democrats and release all kinds of nasty you stuff about them but you don't do the same with the republicans? >> except that there is no evidence that this was done by the russians. but there is evidence for this.
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who was harmedgy mrs. clinton es extremely careless, director comey's words use of state secrets? whose agents lives were jeopardized by her failure to keep these state secrets? the american intelligence community. it is more likely than not that members of the american intelligence community leaked this to julian assange than the russians did. stuart: that is a fascinating suggestion. >> suggestion comes from members of the american intelligence community. stuart: is that right? >> yes. stuart: you've got some good sources. now you say that there is a long list of questions for fbi director comey. >> yes. i don't know what the president-elect, i don't know what the president-elect is going to do. i doubt that he will keep director comey in office but, really should be an investigation. either by the congress or by a special investigator. we can start with the tarmac meeting between attorney general lynch and president clinton.
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they said it was by chance, yet the fbi began two hours before the meeting showing the, shoeing the press away. stuart: really? >> yes. why the doj was not involved in the decision to prosecute? why is it that director comey announced decision not to prosecute he released all evidence against her? why no grand jury summoned? why no subpoenas issued? why no search wanter obtained? why did the justice department grant limited prosecution to her circle of immediate idea aides? there are so many legitimate questions. this is not partisan or anti-clinton or pro-trump. these are legitimate law enforcement inquiries american public is entitled to have answer to. they will never get an answer unless somebody investigates who, what, where, when, how and why of the investigation of mrs. clinton. stuart: that is a pretty thorough list you got there. >> only scratched the surface. stuart: thank you, judge, thank you very much.
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now "the new york times" and "washington post" are lobbying mr. trump to rein in companies like google and facebook. blake burman is with us. blake in 30 seconds what do the newspapers want and why do they want it? reporter: here's the basis of this stuart. when you google or read a news article, read it on facebook, google and facebook profit from the advertising. the news media alliance says they are unfairly profiting from the newspaper's work and they're lobbying the trump administration to change copyright enforcement to force those companies to pay up. this effort, it is backed by news corporation, which is the same owner as our parent company. by the way the other side of this, the electronic frontier foundation, they defend it, digital community say the current law the way it stands, that is the basic tenet of a free press. stuart: very good. that was 30 seconds. i understood precisely what you're saying. mr. burman, you're all right. not easy to do on complicated story. peter keirnen, these newspapers slam donald trump on daily basis
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but now they're going to trump for help. >> it is interesting, isn't it, fair use, basically what they're arguing for is a reasonable proposition. the trouble for them to get that, they have to go through a five course meal with the president and every course they're serving crow. they will have to eat major crow in order to get to the promised land. but i think it is a reasonable point. the book publishers won in same sort of argument. time for the newspaper publishers. they have a bit of a hill to climb and it begins with, i'm sorry. stuart: that means leverage for donald trump. >> yes it does. stuart: he has got it. check the big board. we do this a lot today and any other day when we're looking towards 20,000 on the dow industrials. this is a real horse race. it has been an astonishing rally since the election. you're looking at it in in progress. 19,874. 125 points from 20,000. the old guard establishment republicans might already be pushing back on some of president-elect trump's proposals.
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we are on it. a college professor in california calls trump a white supremacist, electing him was quote, an act of terrorism. more from this coming up. >> the vice president is one of the most anti-gay humans in this country. and so we are in for a difficult time, but again i think we can get past that our nation is divided. we have been assaulted.
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♪ >> live from the floor of the new york stock exchange i'm lori rothman with your fox business brief. all eyes on dow 20,000. stocks out of the gate rushing higher but not at the milestone mark just yet but it is another lifetime high for the dow jones right now, about 89 points up. close to 19,900 at the moment. let's see what is driving the dow. nike, ibm, apple. air buds, the wireless ear buds, delay is over but they're still not going to get to you before christmas, december 29th. oh, what a disappointment. also food stocks today having a pretty good day. dean foods, mondelez. so you have got some gains there with dean foods up more than 3%. jetblue biggest intraday percentage gain. want to show you that one as well. get you back now to "varney & company." ♪
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stuart: hey, we're going up again. we're 83 points higher now, 19,879. we're is 119 points from 20-k. please look at this. microsoft reaching $63.22 a share. ♪ i do own a small amount. okay. a professor at a california
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college caught on tape calling trump's election win, an act of terrorism. listen to this. >> the vice president is one of the most anti-gay humans in this country. and so, we are in for a difficult time you but again, i think that we can get past that. our nation is divided. we have been assaulted. it is an act of terrorism. one of the most frightening things for me and most people in my life is that the people who -- are among us. stuart: bring in larry elder, salem radio nationally syndicated radio host. by the way, larry, the student who videotaped it professor is being threatened by teachers union. what you do you make of all that? >> that's right. welcome to california. your tax dollars at work. there was a study came out a few years ago by the national association of scholars. they call them independent and non-partisan. other critics call them conserve. they put out an 87-page report,
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the californias on humanities side anyways long since crossed line from education and are now indoctrinating. in contrast to the code of regents they are engaging in political indoctrination and partisan politics within the classroom. what happened in this particular, excuse me, what happened in this particular case is going on all over the country after donald trump's election. students are intimidated by professors like this. they are afraid they will be given a bad grade if they don't comply with how the professor thinks. it is an outrage. stuart: that is the point. if a student stands up and debates professor in calm and rationale materials they may not get a good grade. that is the intimidation of the left over the student body. that's the problem. i don't think that professor should be fired. i have no problem with tenure in that sense. i just want to see debate. you can't have it right now. >> well i got a problem with tenure but i agree with you, the professor ought not to be fired. the professor was expressing a
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point of view, silly, outrageous one, over the top one, incendiary one, but the question is would the professor tolerate somebody in class debating him or her and would the professor downgrade somebody that turned in a paper that are contrary to the views of professor. that is concerning. stuart: want to talk to you about senator mitch mcconnell. he says the tax program of president-elect trump must be revenue neutral. i took this as a sign that the establishment republicans are pushing back against the trump folks. have i got it wrong. >> no, you don't have it wrong. establishment republicans, some of these guys are true fiscal conservatives. donald trump is a populist. i tell you, stu, the federal budget, half of it involving entitlements. another large segment is interest on the debt, another large segment is national security. a small sliver is so-called discretionary spending. if you are to get a handle on the debt and deficit you can't
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have a massive tax cut which what is what donald trump wants and massive infrastructure spending without blowing a hole in the debt. we need a constitutional convention. senator tom coburn is leading that, from oklahoma, and my colleague on salem is talking about this 10 years. should be convention much states, amendment to the constitution, fiscal constraint and balanced budget and hold federal spending to percentage of gdp. that is only way you get discipline because politicians will give, give, and because they want to get reelected. stuart: you lost me, larry. i'm not up for a multidecade event to change the constitution. we appreciate your participation in the program, larry elder. i'm sure we do. i think that will be lead story on the. >> the can will be kicked down the road again and again. social security and medicaid are under funded. they're not doing anything about it. nothing will be done about it
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until they're forced to do something about it. stuart: i gave you the last word even though you're totally wrong. it was great, larry. you come on back anytime you like, young man. >> anytime you ask me, you got it. stuart: now, new york city's mayor, bill de blasio is offering workers counseling and emotional support to deal with trump's victory. peter keirnen, you're a new yorker, what do you say? >> since when did we get so doggone delicate. i have to say, whether colleges and universities they're trying to create wonderful community but the world is not a safe place. the world is filled with trigger language. we're bending over too far to create smoothness when the in fact the world is a rough place. be smart, be sensitive, but most of all, be plural and do it with your brain you know? stuart: yes, please. liz: when did we change from 9/11, tough new yorkers. >> yes. >> liz: we're resilient. suddenly election we need government counseling taxpayer paid for. stuart: paint the trump administration as racist. that is what it is. homophobia.
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liz: a lot of first-responders the voted for trump and they're not racists. stuart: moving on, look at market scan, why don't you, that will cheer you up. all 30 dow stocks are on your screen, most of them are going up and dow is up 88 points. have we got this for you. louisville women's basketball coach jeff waltz goes off on culture of entitlement. he joins us for a moment because he said this. >> we just live in right now the generation of kids that are coming through, everybody get as damn trophy, okay? you finish last you come home with a trophy. are you kidding me? what is that teaching kids
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>> we just right now the generation of kids that are coming through, everybody get as damn trophy, okay? you finish last you come home with a trophy. are you kidding me? i mean what's that teaching kids? it's okay to lose. and unfortunately it is our society. it's what we're building for. it is not just in basketball. it's in life. stuart: you heard it twice, i think. jeff walz, head coach of louisville women's basketball
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team after his team suffered a loss. look who is here, the man himself is with us. jeff, thanks very much for coming on today. we appreciate it. >> thank you very much. stuart: now i'm going to play devil's advocate for a second. >> yes, sir. stuart: what's wrong with recognizing the good intentions of team members? they showed up, they played. what's wrong with recognizing their participation? it is less harsh than telling them you're a bunch of losers. >> i don't think there is anything wrong with completion certificates when you talk about a young age, the youth. i think it is great to participate, to complete, to have that feeling of, i have accomplished something, i went out to do something and i finished it. stuart: okay. >> but at the same time, you have to be able, in my opinion, and again it is my opinion, to have winners and losers in life because that's what it's about. sports, teaches you how to knock
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the dirt off and get back, figure out, okay, how do i get where they are? what do i have to do? stuart: okay. >> i believe if you continue to give out just a ribbon, award, atrophy, and you are not keeping score, you're not finding out what do i have to do get better. stuart: what do you think about the mayor of new york city, bill de blasio, he is providing safe spaces for city workers not happy with the election result? i know what you're going to say. i see the smile on your face. the. let's have it. >> you have to learn how to handle defeat and that is part of it. you know, you go back and you just look at, you know, when the election was over with, i read where professors were canceling exams at universities. stuart: yeah. >> you know, you have to be able to handle it. we lose a game --
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stuart: what did your women's basketball team do? they lost, what did they do? >> no, we lost and, we had some exams the next day our players had to go and get focused and put their concentration on those to succeed. stuart: i have sentechs left. >> our players bounced back. stuart: are you popular guy on campus. >> i'm not worried about being a popular guy. i just try to speak the truth that i, what i think's the truth. stuart: okay. >> our players responded well. and came out and really competed and i think that is what they're learning. i want them to succeed in life, not just on basketball floor. stuart: you have got support i'm sure every one of our viewers and all the people around this table. jeff walz, congratulations. thanks for being on the show. wish you best of luck. i wish you merry christmas. is that okay. >> thank you very much. a christmas to you also. stuart: we'll take it, jeff. more "varney" after this.
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stuart: look at this. we are close on 100 points, we opened hire, pause, went up in the afternoon, only 120 points from 20,000 on the dow industrials. my time is up, hope it hits 20 k on your show. neil: are we that close that it could happen during my show? stuart: one good rally is all it takes. neil: what is your problem with participation awards? when i was in school i had cleanest uniform on the team award. what is wrong with that? neil: nothing at all. neil: a lot to go, this could be a, the dow 20,000 some time in this two hours and it might not be. but you will never know unless you keep tuned into this show.

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