tv Varney Company FOX Business January 26, 2017 9:00am-12:01pm EST
>> my thanks to a great panel and thanks for being with us. "varney & company." i love you mary tyler moore ♪ you're gonna make it after all ♪ >> that was a shock. maria: mary tyler moore, rest in peace, mary. stuart: yes, indeed, i'll second that one. yes, indeed. i don't know how to follow that, but i'm going to try. no retreat, stock holding firm. no retreat, president trump stays on plan. ignore the media, positive things are happening in america. the dow going up again, a little, okay, but it's going up. it's the trump rally and it's a
profits rally. wait until you see how much money companies are making. check your 401(k), you're making money, too the dow closed way above 20,000. what's our president up to today? reportedly to cut the funding of united nations and stop the flow of refugees. later, planning strategy for obamacare and tax cuts with top republicans. he's preparing for a meeting with britain's prime minister theresa may, she says they could lead the world together, like margaret thatcher and ronald reagan? oh, yes, to some of us, those were the days. please, ladies and gentlemen, ignore the media, they're eager to undermine this presidency, instead, look is the what is actually happening. america is getting richer and trump is doing what he said he would do, that would be president trump. "varney & company" about to beg
begin. ♪ >> looks like we made it ♪ >> here is a little fact. a little known fact. okay? everybody in the world likes at least one barry manilow song, but nobody will admit it. [laughter] i' set it up. liz: including barry manilow. stuart: a great guy. it looks like we made it, yes, the dow closed well above 20k, 20,068 to be precise and right now we're headed higher at the opening bell, up 20, 25 points to add to yesterday's big gain. well above 20k, got it. now, i've got breaking news for you on chrysler. bringing work back to america, the story, please. ashley: yeah, the fiat chrysler
ceo sergio marchionne says donald trump's policy today may shift production for fiat chrysler, they may move the production of the heavy duty ram pickup trucks from mexico to the united states. and he puts a lot of this on the trump administration's policies to spur economic growth and he says, sales for fiat chrysler have been very strong and only expect that to get better. stuart: look at that stock up 54%, that's something else. we said at the top of the show, it's not just a trump rally, it's a profit rally. look at this, ebay is making a great deal of money and we just found that out. holiday sales very good. ebay will go straight up this morning. higher profits at royal caribbean and that stock will go up. comcast is making money from cable channels and broadcast networks and i'm sorry we're sticking there on fiat chrysler, i've got a lot to tell you about. a lot of companies making a great deal of money and their
stock will go up, it's a profit-driven rally and here is another one, dow chemical, making a great deal of money from automotive and agricultural divisions and they're going up. the home builder, pulte making a lot of money. and former goldman sachs sacks, there's pulte, they will be up, not much, but going up. the former parter in of goldman sachs and author of "american mojo", peter kernen, with us now. >> good to be with you. stuart: i left out a word there, they're making more money. this is a profit reporting period and it's very good, isn't it? >> yeah, we're in a legitimate earnings season and this is looking very good right now and i'd say people are moving from the trump rally to let's show how we can do it rally and we're starting to do it and these kind of steps build a second leg above 20,000. stuart: a second leg above 20,000, that primarily because these profits are so good? >> that really helps.
i think if you take in the profits and add in the stimulus coming, tax regulation and infrastructure, that's on the back of this economy. stuart: on the left-hand side of the screen, some of the stocks we're talking about, profits are very, very good, some are going up sharply. we have got another money guy with us, scott martin. for those not in the market and not prepared to get in yet. would you tell them buy now because we've got another leg up coming? is that what you would tell them? >> i would, let's say your cash position is sitting on the sidelines. i would put in half now. peter talked about the earnings picture, there are some exciting earnings coming up in techland this week which i think are going to move the market and especially the nasdaq big. i think to the upside. if you have cash on the sidelines, today is the day to put it in. stuart: you accept there will be sompulmonapullback, but get .
holdn, minute, i've got a tweet from president trump about mexico. ashley: indeed and trade. saying the u.s. has a 60 billion dollar trade deficit with mexico, it's been a onesided deal with massive numbers of jobs and companies lost and goes on to say, mexico is unwilling to pay for the badly needed wall, then it would be better to cancel the upcoming meeting. stuart: oh. ashley: pretty strong words. stuart: because the president of mexico said, he's thinking twice about the upcoming meeting and now trump seconded back. he punches back, he doesn't take it lying down. ashley: he says mexico is unwilling to pay for the badly needed wall then it would be better to cancel the upcoming meeting. stuart: and then this, ladies and gentlemen, president trump and u.k. prime minister theresa may, meeting tomorrow.
may lead the groundwork for a bilateral trade deal and tells mr. trump, president trump together, they can lead the world. ashley, liz. feels like ronald reagan and margaret thatcher. liz: like the '80s power couple. they're different, but they're fixers. does trump need a trade deal with the u.k. because he's seen as too protectionist? that could be coming. ashley: she's going to be talking to the congressionalal republican retreat in philadelphia and then meeting with donald trump tomorrow. two issues to talk about, the economy and trade and national security and nato, those types of things. don't forget, the u.k. cannot do any deal with the u.s. until it gets out of the eu, and that could be several years. liz: could we just talk about what iain duncan smith said, a--
excuse me, a conservative out of the u.k., and said that the relationship wasn't good under obama and looking forward to improvement. jeepers. stuart: i think we knew that. i don't care about ian duncan smith. liz: talking about the relationship between the u.s. and u.k. stuart: peter. >> i think that what this is is a breakup with angela merkel and watching trump get togher with theresaay is huge change, seismic. the fact is the u.k. needs us a lot more than we need the u.k., but this is a part of the first step of the breakup from the eu to say let's have a bilateral deal just the two of us. stuart: how do you feel about ian duncan smith? >> i love his albums, much more than barry manilow. stuart: and priebus said watch for an economic boom. >> if we're an administration
that cuts regulation and lower business taxes so the companies can expand. and disincentivize to move to mexico and china and make doing business in america better for them, well, then the jobs are going to explode. we're going to have maybe, three, five, six, 7% growth if these things happen. stuart: peter, 3, 5, 6, 7% growth? >> well, listen, it's wonderful to talk about it. what we're starting to run into for the first time is what we haven't heard of in a long time which is worker scarcity. we're having a hard time filling some jobs we're creating. great news for workers because that means your wages are growing up. there are things to put in place before we grow 7%. stuart: stocks straight up, s&p, nasdaq expecting that growth. >> that's looking forward and if it doesn't come through, this stock market's going to have an accent. it's time to perform.
i think we're well on our way. stuart: the stream of executive orders continues, one would stop the syrian refugee program and another would cut funding to the united nations. that's big news. he has already signed an executive order to secure the border. s' going to build the wall. and hire 20% more border patrol agents. and he spoke to a packed house after signing the order, says it's going to keep our country safer, introduced a mother whose loved one was killed by an illegal immigrant. we're talking to her next. >> these were great young people and they will always be remembered. always. we will never forget them.
ford this morning. should tell you that, that's ford motor company. two executives orders coming down the pipe, one involving syrian refugees. ashley: accepting syrian refugees part of the plan and suspend the program for 120 days, and suspend visas issued to terror hot spots around the world and talked about the seven countries for at least 30 days. the interesting part, he's telling homeland security and the state department to review exactly what information will be needed to fully vet people coming in from the united states. and when he gets that back from his agencies, he says we need this, this and this, he'll tell countries you have to provide this information on your citizens who want to come to the united states. if you cannot provide that information they're not allowed in the country. pretty strong vetting. stuart: extreme vetting i'd say. >> yes. stuart: he's also cut funding to the united nations. what do we know about that one.
liz: basically it would be a 40% cut. the u.s. supplies about 22% of the u.n.'s funding. what's not reported, i think, according to the jewish press, if you track what's reported in israel is now the united states taxpayers pay for schools run by the palestinian authority, that is basically training students to be jihadis and they learn from anti-israel textbooks. and that's an issue. and it's also, he wants to stop funding to are making the plo a full-fledged member. stuart: he's cutting that. liz: he's cutting that. stuart: and president trump speaking at the department of homeland security, talking about families who lost loved ones killed by illegal immigrants. watch this. >> laura wilkerson, who lost her 17-year-old son, beautiful josh, josh was special. where is laura. good.
laura. [applause] >> thank you. >> that lady, laura wilkerson joins us now. welcome to the program and it's an honor to have you with us. would you tell us, please, what happened to your son, josh? >> yes, my son josh went to school one morning and he had a classmate that was here illegally, we didn't know at the time. he asked josh for a ride home and josh told him he would give it to him. unbeknownst to us, he was planning to murder josh and he did just that. he kneed him hard in the stomach and it spliced his spleen in two, and he strangled him over and over and set him on fire. stuart: laura, i'm sure it's extremely difficult for you to relate that to us. >> thank you. stuart: the man who killed your son was a dreamer.
he'd been brought to america as a very young man, didn't ask to come to america. he's a dreamer and now we find that president trump will allow those dreamers to stay in america. how do you feel about that? >> i'm not certain about that. i know there's going to be a process to get them out. we've got to get started and i think what he did yesterday was a great start to this. you know, it's going to take a while. let's agree on one thing, get rid of the criminals, mass deportations can start here. and then assess who is here. no one knows exactly who is in this country and that's a bad thing. stuart: did you reach out to donald trump before the election? >> i spoke at several of his rallies and we wanted him elected. i knew immediately when he came out and said the words that he did, that he was telling some part of the truth. not everyone here is a valedictorian and salutatorian
and my families know the bad people here and can't continue. so we did speak out to him and answered our call, actually and i knew at that point that i wanted donald trump to win. stuart: now, laura, forgive me for asking this question, a difficult one to ask, but ask it nonetheless. do you feel in some ways you've been used as part of a political movement? >> absolutely not. i know what i'm doing every day. no more than i'm using him, i guess you could say that as well, right. no, i don't feel like that one bit. stuart: what kind of person is our new president? >> our new president is someone who has a big heart. he's a very kind man. i wasn't sure when i first met him what it would be like. you know, just known him from tv, but it's a total different ball game in a room with him. he talks directly to you, and then tunes everybody out and he listens well, he's a kind-hearted man who loves america. stuart: okay. laura, thank you very much for being with us and sharing your story. i know it was difficult, but we appreciate it. >> thank you.
if i can share one more thing i'd like your viewers to go to enforce the law.org and explain what we're going to do this year with sanctuary cities. stuart: enforcethelaw.org. laura wilderson, dually noted. >> thank you. stuart: i've got breaking news verizon. liz: could be buying charter communications. it would be an 80 billion dollar deal to counter the at&t time warner deal and assessing out the environment for m and a and this deal could happen. talk started late last year and picking up speed. stuart: a huge deal. $80 billion is a big deal and that's a fact and look at charter communications, the company that's going to be bought, probably going to be bought. that thing is up well in excess of 10%, a very big gain. thanks, liz, got it. check this out, boeing, showing off new space suits, designed for nasa. designed to be 40% lighter and less bulky than current equipment.
>> well, how about this? amazon stock is up 43% since last january. i say, this is the most exciting company in the world, bar none. that's my judgment. here is one of the reasons why. amazon is now worth more than all of these retailers combined. there are eight on your screen, add up their value, combined, it's less than that of amazon the peter kernen. i'm saying the most exciting company in the world and you say? >> i say it's pretty amazing amazon was conceived on a cross-country drive in 1994 and literally when jeff bezos pulled into his garage from that trip from zero in 1994 to today. his idea at the time i'll disintermediate books and we're a long way from home. this company exploded and now is going to surpass macy's as the largest seller of apparel. it's dominating categories. i saw something, russell 2000 company saying, we have growth,
we have earnings, good balance sheet and we don't compete with amazon. stuart: that's right. >> it's become a key factor in buying another stock with the big guy. stuart: a newly minted fox contributor with me, steve cortez, most exciting company in my opinion is amazon and you say. >> if the cortez family is any indicating because a box from amazon shows up at our doorstep, stuart, every single day. and the cortezes are loyal and good customers. seriously, beyond the anecdote of my family, this company is so category changing and the things they're doing even beyond retail and doing in cloud convinced me, i think you're right, i think it's perhaps the most exciting company out there. and i think there's probably biotech companies and i'm not scientific enough to know which ones, i think there are biotech companies that may truly change our lives that we don't know yet. of the known knowns, yes, it's amazon. stuart: steve cortez, thank you. stay there. yesterday, we didn't just break records, we shattered them.
the dow rallied 155 and closed above 20k the first time ever. we are going up a little bit more at the opening bell. up 10, 15 points maybe. a lot of companies are making a great deal of money, it's earnings season and looking very good and check your 401 401(k). if you don't think you're making money, check that 401(k). watch that money grow. the opening bell is next. t eve businesses will need legal help as they age and grow. whether it be with customer contracts, agreements to lease a space or protecting your work. legalzoom's network of attorneys can help you, every step of the way. so you can focus on what you do and we'll handle the legal stuff that comes up along the way. legalzoom. thatlel help is here.he way.
>> all right, the opening bell, you can hear it ringing. they're start to go aplowplaud d they're going to open at 3, 2, 1. they opened-- closed at 20,068. and we're getting close to 20,100. yes, we are up just a little bit more. now, donald trump, the president, he has not said anything first thing this morning that's likely to affect the market or the economy. no dramatic announcements at this point. a couple of executives orders are coming up later, but none of them relate directly to money, wall street, stock prices or the economy, but we have opened a little bit higher. i want to run through some of the stocks, which clearly have been making a great deal of money in this latest earnings season.
look at that. ebay had a strong christmas, they're making a ton of money and the stock is up 7 1/2%. that's a big gain. a possible deal here, verizon may be buying charter communications. this is a $80 billion proposal. charter way up, $8%. liberty media owns a chunk of charter, that's why the stock is up, but not very much, 3 cents, i'm not going to call that a rally at all. cruise line royal caribbean, better profits there and look at it go, 6% higher. comcast is making more money from its cable channels and broadcast networks as well. up nearly 2%. dow chemical doing well in the automotive and agricultural divisions. not much change for the stock. better home sales and better prices. that's helping pulte home, their home builder, 3, nearly 4% up on pulte. record annual profit at southwest airlines. look at it go.
4 1/4%. it is higher this morning. who is with us today? i'll tell you. ashley, liz macdonald, peter kernen, steven cortez and scott martin. i want to know this. the market has opened just a little bit higher the day after hitting 20,000. are we in for another leg up from here? art with you, scott rtin. >> we are, stuart, and you mentioned a key point. just because there's n executive action so far today, the day is young. the market knows more is to come. the market knows that donald trump has businesses first and foremost in his mind and that's what's supporting the market here. we haven't seen a pullback below 20,000 and why i think we'll see a next leg up here. stuart: steve cartez, another leg up coming soon, do you think? >> i tell you this president has done more in four days and thank the previous two presidents did a four terms. he means business, not just the policies, the policies are incredibly important. the attitude, the optimism,
it's contagious. i think we are in a cycle, greet, optimism, investment. yes, i think you have to be on board. stuart: we're up 9% since the election and you're a trump guy, i know you are, okay. peter, another leg up? >> this is a trapeze, we're letting go of the trump rally and embracing the earnings rally. if the earnings come through, we'll ride that one. what comes next, m and a and investment that's exciting and frankly, a lot of back draft from washington in health and finally, at a multi-year low, but the risk in the market is flat as a pancake, that size buy. stuart: you don't hear that very often. that's a fact. we had breaking news not long ago about fiat chrysler. bringing work and investment back to america. ashley: chrysler ceo sergio marchionne, the atmosphere in america is strong to the point
that they are mulling, the word they used mulling over bringing production of the heavy duty ram pickup trucks back from mexico. it's a hugely, hugely important market and with donald trump in mind and he says, donald trump's policies make doing business in the u.s. very attractive. he says the infrastructure is already in place to bring back the manufacturing of those trucks. liz: and policies haven't been passed yet. stuart: look at it can, 56 for fiat chrysler. >> people are going to accuse them of the same emissions fooling around that volkswagen had. they've proven that may not be the case. >> earlier you mentioned southwest airlines, anything transport related, automakers, whether it's the airlines, the rails. look at rail stocks, what they
have done in the new year, they are vaulting higher. so things are moving, literally. stuart: they are. >> and the market believes that. stuart: they're listening to you, the market just hit it, 2 20,102. liz: if it stays here, 19 record closes. and fiat chrysler talking about new jobs in ohio and michigan. stuart: new jobs coming to america, that's important. other movers for you, look at this, ford motor company not performing at all like fiat chrysler. in fact, they're looking out to the future and seeing lower profits. watch out, the stock is down 2%. that's ford motor company. caterpillar, revenue down again, the company's trimmed its outlook and blaming the strong dollar, pretty much dead flat on caterpillar. johnson & johnson, huge acquisition, it's buying a european company, $30 billion
paying there and actelion makes drugs for rare diseases. and raytheon makes patriot missile down $3. and whirlpool a declining sales in britain following the british exit vote and taking it on the chin. >> out with the wash. [laughter] >> you waited all day to put that line on us. i say we're no close to 20,100, i think the profits reported by major corporations right now are almost as important as the trump rally. scott martin, what say you? >> i agree and i think amidst those profits, stuart, look at top line earnings numbers which finally are coming in good. the revenue numbers are starting to beat as well. remember for the longest time in the s&p 500, companies would beat on the bottom line, meaning the profit numbers, but the revenues would come in weak and that's exciting for the
spf. stuart: profit dominating, peter? >> i think it's the next phase where we should be. stuart: profit dominated? >> i think that the earnings recession we were in got too little attention. i think the earnings expansion might get little attention. the prime driver is trump, but growth was accelerating. stuart: that could give you the leg up. >> with the trump boost. speaking of your homeland, you mentioned theresa may meeting with donald trump. if we can get a revitalization of that relationship and get back to the reagan-thatcher days, imagine what that could do for business. a bilateral free trade agreement quickly with the u.k., a blueprint going forward. stuart: a theme on the show throughout the next three hours, believe me, we're on it. president trump, yes, build a wall he says and spend big on infrastructure and the companies focused on
construction and engineering up big since the election, on your screens, 41, 42, 31%, so those are-- we're going to quote a border wall stocks, and others, eagle floor corporation, jacobs engineering, all are up in very significant percentage tms just sin the election last ye, when infrastructure and building the wall became apparent. now, would anybody around this table buy into what we're calling border wall stocks or infrastructure stocks at this point? bearing in mind the run-up they have already had, peter? . if you look to caterpillar, big supplies to oil and mining, they've been soft. if you're patient, a return there. watch the steel stocks, it's unbelievable and that market has been asleep. you can get in and plenty of room to grow. stuart: the same question, scott martin. they've gone up already. will they go up more? would you buy in now, expecting them to go up some more? >> i would, stuart. i love the material stock.
border wall or not, there's still a lot of demand that's pent up. as peter mentioned. a lot of the stocks have been asleep and commodity prices have been depressed for the last couple of years, you're going to get big if you put money. stuart: it's all bullish. >> a little cold water. as much as i love donald trump i believe there's going to be serious tension around trade, scary moments where it looks like a trade war, we won't have a trade war and it will look like that, when that comes in the coming weeks and months, and i believe it will, the markets will get fearful. liz: hang on, that will hurt our exporting companies, right? >> but if and when that happens-- >> i've got to get to the floor of the new york stock exchange. nicole, what do you have for me this morning. nicole: i'm talking toys, because toys are the big losers today. in fact, on the s&p 500, breaking out to new record highs, has a couple of losers, mattel and hasbro are in the
top three losers as we've watched mattel over the last couple of years try and regain strength. right now, mattel is down 14% and has been down 6% on the news of the latest quarter from mattel weak holiday season, competition, promotional environment, and amazon, of course, is an exception because they saw toy sales surge. toys "r" us talk about this. what happened to mattel, you go back to 2015. they were struggling five quarters in a row of declining sales and changed ceo and last year they saw a pickup with barbie and the like, but the last quarter is relatively flat in the promotional environment. the ceo is stepping aside and bringing in a former google executive now to run the show, to try and move things forward. so, the toy overall, that sector, is under some pressure, but mattel and hasbro really feeling it today. not only the competition from amazon, but princess dolls, and
doing okay with the hot wheels. stuart: i'll remember that one for my grandchildren. strong holiday numbers for ebay and the stock is way up, 5% up. does anybody still buy stuff on ebay. liz: yeah. stuart: you do. liz: yeah. stuart: we asked the question around the production company and nobody touched it for years. >> there used to be ebay addicts and and they took paypal, but a good growing business, but nothing like the luster. a good holiday season. stuart: up 5%. let's talk about snapchat for those of you who don't know what it is. i do. it's in talks for a big ad deal, several big ad deals ahead of going public. they want 100 to $200 million from ad companies, that's what they want in advance of going
public. are they going to be bigger than facebook? i mean, scott martin come into this. you're a young man and you know all about snapchat. is it going to be bigger than facebook? they want to be. >> formerly a young man, stuart. and funny thing about snapchat. keep your eyes peeled. everybody is using snapchat. and a couple years ago facebook was trying to get snapchat and google and they didn't take the deal. remember, this is a social media stock, not as strong as facebook so as good as snapchat looks today, it could be trash in a year. stuart: trash in a year, that's a statement. go ahead. >> what snapchat has to do, twitter had a whole lot of users, but not a sustained business model. snapchat says let us resolve the question, whether there are advertisers before we go public. a wise move on our part. stuart: it's the biggest ipo. year. >> a lot of drama and a lot of people are asking the question,
will there be a business rational other than kids like to use it? i think it's shrewd of them to do this. liz: hillary clinton says she should have used it, joked about-- >> should have used it. >> it erases itself. >> i have teen daughters who absolutely live on snapchat. and the problem is teens are fickle. young people, you know, let's not forget my space. people can quickly change platforms. it's a good business, bigger than facebook, i don't know about that. stuart: just because kids like it doesn't mean it will be a wonderful trillion dollar company. kraft heinz and oprah be getting together on a packaged food line. remember, she announced her investment in weight watchers, remember that? the stock is down 12% since last january. no reaction from kraft heinz this morning. now, the ceo of the spice company, mccormick, everybody knows mccormick from the supermarket. they've got their own display area. even i know that.
they say that a border tax poses a problem for them because you can't move the equator. you can't grow their spices in america, they are always going to be grown down south and there's a problem with the border tax. ashley: a good point. a company who is having to import products because these particular spices grow by the equator and to their ceo's point we can't move the equator. is that unfair? probably. stuart: the stock down 19 cents, hardly a catastrophe. how about this, since the election, $2 trillion have been added to the wealth of the nation. in other words, the value of all publicly traded stocks has gone up by $2 trillion. i say that's a positive, peter. you get the wealth effect from all of that extra wealth in our society. what say you? >> i say one of the things people haven't seen the additional wealth effect that the dollar is going up. everybody is freaking out about a strong dollar. a strong means what you have is worth more.
there's an effect here more powerful. liz: enthis you've got analysts worrying, hedge fund guys saying a strong dollar means a currency crisis somewhere, including china. stuart: $2 trillion since the election added to the nation's wealth. i can't see that as a-- >> over the long-term the strong dollar is a boon to the american consumers. liz: china doesn't have a strong currency, it's been spending forward reserves. >> one reason i think that china is a house of cards. and i think that it's unsustainable. stuart: if you added $2 trillion to the nation's wealth and people's investments have gone up nicely, are they not inclined to buy a second house or-- >> you're talking the wealth effect. stuart: the wealth effect. isn't it obvious? we're up 9% on the dow since the election, the s&p and
nasdaq and we've lost much of the early this morning 7 points. but we're at 20,077 as we speak. last words around the block here, what are you going to say. >> you couldn't get to 21,000 on a trump rally and you need earnings power and that's where the market's going. stuart: scott, do you think there's another leg up coming, do you? we lost him. oh, i'm sorry, we lot scott, i think we lost the satellite feed. okay. >> i'll fill in for my chicago friend, scott martin. it's morning in america, it's morning in the markets right now. the american economy has been like a runner wearing a weighted vest. that vest has been taken off. you played some barry manilow to open the show. and we made it through the bush and obama. i'm critical of bush, slow growth. and now it's time for sunshine and time to grow. stuart: you guys are talking
about whopping great big rally to come. >> i think there will be hiccups, i think primarily on trade, but those are hiccups to buy. stuart: are you carried away, peter? >> as carried away as i can be. the honeymoon is over, but the good news love carries on. stuart: and i want to thank everybody to participate in the second day of the 20,000 dow and we will be back. achoo! (snap) achoo! (snap) achoo! achoo! (snap) (snap) achoo! achoo! feel a cold coming on? zicam cold remedy nasal swabs shorten colds with a snap, and reduce symptom severity by 45%. shorten your cold with a snap, with zicam. sometimes they just drop in. always obvious.
> >> president trump and the republican, yes, they plan to cut taxes across the board and congress us now is the republican from illinois and tax policy subcommittee chair. congressman, welcome to the program and great to see you. >> thanks, stuart. great to be with you. stuart: a lot of conservative, a lot of people who want to see the economy get going are very worried that we won't get the tax cutting program through until late summer. what say you? >> well, i say there's an urgency to this and there's timing and here is what we've got to be mindful of. we've got to move with dispatch and momentum and move forward expeditiously, but you didn't jam tax reform. we know from the affordable care act, and we know what happened when they tried to jam it. let's flip the game board and
come up with an entirely new tax system, we can do it. stuart: but we're going to repeal and replace obamacare first, that does take time. that means you can't really do tax reform until you finish it in july or august. that's got a lot of people worried because that won't jump start the economy early enough. is it going to be july and august? >> well, i think july and august if we get this signed into law in july and august, that's pretty quick. stuart: so you think you might be into the fall of this year? that's a shock to a lot of people. >> not necessarily. look, here is what i think. i think that these things can happen simultaneously, so, in other words, the work on obamacare, repealing it and replacing it is happening. at the same time, you're seeing an aggressive move on tax reform. tax reform went from being a total outlier concept a year ago to more likely true than not true. so we don't have to wait for obamacare repeal to do the
work, and part of the retreat this weekend is doing the work the ways and means blueprint and so forth is well underway. senate colleagues are engaging substantively with their vision of this. so i think, i'm very upbeat, stuart, based on what i've been hearing at this conference and retreat and based on the disposition of the premium who says he wants to fundamentally reform the tax code. i think it's imminent and upon us and get done. stuart: can you tell us if it's going to be back-dated to january of 2017? >>-- we want to avoid retroactive that hurts people that they didn't anticipate. but there if there's a back where for energy, we're better off. stuart: peep want to know what we're going to get not necessarily wait until september and october when the
president signs the bill, but if we know what we were going to get in march, april or may, for example, then companies and individuals can act on that and adjust their future spending and investment. i think that's what people want. they want to know what are we going to get and they want to know as early as possible. is that accurate? >> yeah, i understand that. that makes-- that's a fair point, so here is what we've been proposing, to collapse these rates down at the individual level from 7 rates down to 3. highest rate 33 and then 25, then 12. the subsume a whole lot of small deductions into a larger standard deduction, keeping mortgage interest and charity continually and reworking as to retirement and education saving and a child tax credit and earned income tax credit, getting rid of the amt, all of those on the individual said and then on the corporate side, getting the rate down to 20%,
having 100% expensing and making some of these other changes to make us more competitive, that can be transformational and what we, i think, are recognizing, my district and all kinds of folks across the country, are realizing, this current tax code is a disaster, it is an island that is dissolving underneath us. we cannot stay on it because it's failing. we've got to move and move expeditiously. stuart: real fast, congressman, i know you're from illinois. in chicago last night, another six people were shot, they were attending a vigil for someone who had already been shot and rahm emanuel, the mayor of chicago basically wants some federal money. do you think he should get it? >> look, i think the mayor should stick with governing chicago. there is a real -- the heartbreaking nature of the crisis in chicago is now world-wide news and i think that, you know, the mayor is getting into a tussle with the administration about sanctuary cities and so forth.
i think he'd be much better off concentrating on the city of chicago rather than opining on other things. stuart: pete, thank you for taking time out. i know you're an extremely busy guy and we appreciate you being with us this morning. >> great to be with you. stuart: thank you. >> thanks, stuart. stuart: britain's prime minister theresa may says she and president trump could team up and lead the world. can't help, but remember ronald reagan and margaret thatcher when they teamed up. how about that? those were the days. my take on that the top of the next hour. here we go. at angie's list, we
anti-establishment, antielite movement that is catching on elsewhere. this trade, trump is upsetting the established trade order and britain wants a new partner. a deal suits both sides. that would be a powerful symbol which other major states want to do a trade deal with america. which want to do that deal? there are plenty of them to enjoy the biggest market of them all. edge maybe other nations would sign on to new vigorous leadership of judeo-christian democracy. does this remind you of the thatcher-rage ban relationship shaped the world for a generation. there are clear parallels. they liked each other back enthis they needed each other. when they worked together they beat the soviets and returned both nations to prosperity. churchhill and fdr, thatcher and reagan, let's hope for more of the success from may and trump. it might just happen. the third hour of "varney & company," no, the
second hour of "varney & company" is about to begin. ♪ ♪ stuart: that follows on from my may-trump idea, everybody wants to rule the world. that is in advance of the meeting tomorrow at the white house. britain's prime minister and donald trump, president of the united states, more on that is coming up. i have breaking news though, housing numbers. first off mortgage rates, liz, the number? 4.19%. it is going up. it was trending down for three weeks. now it has turned and going up. median price house up year-over-year 9%. it is really popping these housing prices. so we have to watch the homebuilders, no actions just yet. stuart: mortgage rates up a tad around 4.2%. liz: correct.
stuart: housing numbers, new home sales? ashley: down 10.4% in january, december, i'm sorry. so that is -- we have very mixed numbers from the housing sector. we had housing permitsp but mortgage applications way down. not enough homes on the market to be sold. prices are going up. people having a hard time getting a mortgage which is more expensive right now. so a lot of mixed messages from the housing. but there you go. home sales down last month 10%. stuart: is there any stock market reaction to that? we went up a little bit more as the news is breaking. president trump meeting about mexico, ash? ashley: this is interesting. this is donald trump i guess at his best when it comes to being combative. this is what he tweeted this morning. the u.s. has a $60 billion trade deficit with mexico. it has been a one-sided deal from the beginning of nafta, with massive numbers of jobs and companies lost. this is where mr. trump brings,
this is where the foot drops. if mexico is unwilling to pay for the badly-needed wall, it would be better to cancel the upcoming meeting. stuart: tensions are rising. there is meeting next week. ashley: pushback from leaders of mexico. donald trump saying, hey, we're going to push back too. already the rhetoric heating up. stuart: that is what president trump does, he pushes back. you push him, he will push right back. that is what is happening now. ashley: yep. stuart: theresa may, britain's prime minister wants to lead the world along with president trump. "washington examiner," columnist, lisa booth is with us. what do you say, lisa. >> hi, stuart, good morning. stuart: i didn't invent this off the top of my head. it really does remind me of margaret thatcher and ronald reagan in the last generation. i think there is a possibility for a similar link-up tomorrow. what do you say? >> absolutely. i think both countries are trying to reassert themselves on
the world stage, globally from a economic standpoint. also from a foreign policy standpoint. theresa may is trying to lead britain out of the eu at the current moment. president trump says he wants to renegotiate a lot of these trade deals, sort of reestablish the united states in this global economy. so it is exciting times for both countries right now. stuart: both leaders have upset the applecart so to speak, because the brits rejected the european union and we voted in donald trump which is a very different presidency. it seems like, it's a natural fit. both want a trading partner. they're both leading anti-establishment, politics essentially. it is a natural filth. think they both need each other at this point. >> absolutely. there is a lot of similar parallels going on right now. as you just laid out, you laid out in your opening statement about this subject matter. i think more importantly it is important that she is going to
go to speak to the republican conference as well, because they're meeting right now what is the agenda for this country for the next 100 days. so it is important for everyone to be in concert together. stuart: i had for gotten that but theresa may is addressing the republicans at their meeting today. i don't remember that before, a foreign leader addressing one political party right before that leader meets with the president of the united states. that's unusual. >> it is unusual. i believe that this is a first as well for that to be happening. so i think it is exciting times for the country. obviously markets are responding well to president trump. businesses feel sort of reinvigorated as they see that president trump, as he moves forward with the pipelines, going to get the economy moving again. i think there is a lot of exciting stuff happening in this country right now. i think for americans looking for good-paying jobs, this is an exciting time right now. stuart: ignore the media, lisa.
look what is going on. another rally on wall street. economy is expanding. profits are all good. >> you have to carefully parse through it, yes. stuart: you really do. watch carefully. look at this the dow industrials now at 20,105. we're up 36 points, 40 points. here we go. this is a slight extra leg up. there is a possibility of a huge deal here. verizon may be buying charter communications, and that puts charter communications up 5%. this is an $80 billion -- liz: could be 85. same difference. sorry. stuart: you make a good point, $85 billion may be. liberty media owns a chunk of charter. charter's stock is up and liberty media stock up 1%. ebay, remember them? a lot of people still use ebay. they did very well over the holiday period. the stock is up 6% this morning.
this is part of the profit rally. corporations turning in very good profits. ebay amongst them. so is royal caribbean, cruise line. better profits, that stock is up 8%. how about comcast, cable channels, broadcast networks giving a nice juice up. that stock is up almost 1%, almost a buck higher. dow chemical doing well in the car business, whatever they got in the car business, it is up a buck. that is 1.7%. look at this record annual profit at southwest airlines. that is good enough for a 6% gain for southwest airlines. long time since we saw airlines. ashley: because they nickel and diou to death, that's why. stuart: okay. we have a very special guest, a man i've known for a generation, that kind of dates me, there you go, scott mcnealy. welcome sir, great to have you on the show.
>> how are you doing young man? stuart: yes, okay. scott, i'll take that, very, very much indeed sir. you want to talk a little bit politics, do you not? if i'm not mistaken you think trump's going to be a fine president. make your case. >> well there is certainly the hope for that. i have always said the world worst ceo would be a thousand times better than the best politician and i really believe there is a huge opportunity -- i'm a capital it, a raging capital it. i believe capital elf brings people out of poverty, which drives standard of living and self-esteem. we all have a job. we need to drive the labor participation rate up off 40-year lows. we have opportunity, somebody who understands cost of capital, who understands development, who understands filling out tax forms we have to filling out tax forms today. he really understands the jobs and economy in a way long, long
time, i have never seen anybody who is developer and entrepreneur in charge and understanding what really projects capability in our country. stuart: you're a california guy. you're a silicon valley guy. you're the founder of sun microsystems, for heavens sake, yet you are saying trump could do very well for this economy. that is a very unusual statement because of where you come from. are you, you almost totally alone out there, aren't you? >> i, not totally. there was actually a group of people who got together, i think there were six of us, had a little get together that talking about the hope and opportunity. i'm a mid werner, from the rust belt, grew up in the auto industry, grown up in detroit and see what's happened. there is opportunity to drive technology and software piece but also drive the hardware and manufacturing services piece back into our economy.
and i'm excited about the energy. tax code, trade agreements. lots to do getting our deficit down, all the rest of it. it is a very multifaceted -- it is death by not a thousand cuts, but death but a thousand stab wounds and we need to work each one of those. nice to have somebody that understands the core of capitalism. stuart: i need to talk to you about your new company, not that new, it is your company. it is called weigh in. you have data on 114th of the entire population of the world, i believe that's correct, one in 14 of all humans you you have full data on them. what are you going to do with that data? >> it is what our customers do. this is voluntary opt-in data captured through the new ear of not tv print, and billboard and
naming rights kinds of advertising but through the digital marketing experience and engagement experience. we're building out a cloud environment that allows advertisers and companies that are selling -- stuart: scott, let me get this right. you have got all this information, all this data and you sell it to advertisers, that is pretty accurate? >> no. the advertisers, the brands are tually capturing this data vontarily rough our cloud from the customers so they know what they like, what they want. they do, they get reviews on their product. they do contests and do sweepstakes and that allows them to have better understanding who their customers are and what they want. it is all voluntary. it is all opt-in. we're much more excited to share our data with somebody who we're doing business with, who we're buying products from, than the random stuff where it is somebody tapping into my email stream or whatever without me knowing.
stuart: scott mcnealy -- >> that is negative privacy invasion. stuart: next time you come to new york, come on the show, sit next to me in the studio, have a discussion about this because i find our discussion fascinating. thanks for joining us. >> i would love to do that, stuart. stuart: thank you, appreciate it. as we were talking to scott, you may have seen another leg up for the market. 20,120 is where we are. president trump signing an executive order on the wall. it is coming in month he says. illegal immigrants will get a one-way ticket home. we're speaking to a border agent in the room as trump signed that executive order. how about this, madeleine albright is ready to register herself as a muslim. we'll be right back. ♪
stuart: moments ago house speaker paul ryan held a news conference with senate majority leader mitch mcconnell. it was in philadelphia. they were talking about the budget. watch this. >> if we're going to be spending on things like say infrastructure, we'll find the fiscal space pay for that in our spring budget. stuart: if we're going to spend on infrastructure we're going to find the space for that. what? liz: this is standoff between fiscal hawks. paul ryan doesn't want new spending he is fiscal hawk along with mitch mcconnell. saying we need to do spending to fix nation's bridges and roads and basically with jobs. who bends first, who backs down first? this is standoff happening in congress. stuart: ryan and mcconnell do not want to increase the deficit. ashley: right. stuart: donald trump doesn't mind if you increase the deficit. standoff. they're all meeting together today. liz: correct. we'll watch who bends first. stuart: former secretary of state madeleine albright says she is ready to register as a
muslim, presumably, this is about, over president trump's refugee policy? ashley: yeah. dold trump want to suspend the fugee program for 120 days. she put out a tweet that says, this is madeleine albright, former secretary of state. i was raised catholic, became an episcopalian but found out later my family was jewish. i stand ready to register as muslim in solidarity. she has been a vocal critic of trump and campaigned for hillary. liz: muslim doesn't want a muslim reg city period. there is nothing about a religious test. enough already. he doesn't want a muslim registry. when it madeleine albright rest of that side of the aisle going to get it? he is saying no to that. talking about terror-prone countries. sorry i'm upset. stuart: you're all right. president trump speaking to abc news says he believes some torture practices are effective. watch this. >> mr. president, you told me during the one of the debates
you would bring back water boarding and a hell of a lot worse? >> i want to keep our country safe. i want to keep our country safe. >> what does that mean? >> when they're chopping the heads of our people and other people, chopping off heads of other people because they happen to be christian in the middle east, isis doing things nobody ever heard of since medieval times would i feel strongly about waterboarding? as far as i'm concerned we have to fight fire with fire. i have spoken as recently as 24 hours ago, with people at the highest level of intelligence, and i asked them the question. does it work? does torture work? and he answer was yes, absolutely. i will rely on pompeo and mad disand my group. and if they don't want to do it that's fine. if they do want to do, then i will work toward that end. stuart: very interesting conversation. come on in please, oliver north, host of "war stories" on the
fox news channel. ollie, welcome back to the program. good to see you you again. i'm sure you were listening there to what president trump said about waterboarding. essentially he is saying fight fire with fire. does it work? answer yes. where do you stand on this? >> look, first of all waterboarding, hot boxes, sleep deprivation, loud noises weren't defined as torture until 2015 when congress passed, obama signed a bill limiting interrogation tactics to measures described in the u.s. army field manuel. i guess,. of the measures now defined as torture were routinely used in n survive escape, resist training. i ran the program in 1970s, to enable pilots to resist interrogation if they were captured. use all the techniques including
poisonous snakes to train them. most important, absent another 9/11/01 attack likely in his statement, congress will not change the law, defense secretary mattis or pompeo will have their sub board nantz change the law. changing it would take congressional action. stuart: does it work? >> yeah, that's why we train people in it. stuart: the answer to the question is a very important answer whether or not we do it again in the future. given your druthers, ollie, would you do it again in the future? >> as a matter of policy, no commander-in-chief should tell our enemies what we won't do. that happen ad lot in the obama administration. the current army field manuel could have been written by osama bin laden or al-baghdadi, it is so pro-terrorist if you will. if we had information regarding
an impending nuclear attack on the united states, or an ally, what techniques would we be willing to use or deter or prevent the attack? that is the question need to be asked by members about congress who said they will not change the law. stuart: well-said. ollie north, sorry we cut it short. it is very important subject, appreciate your input on it. ollie north, everyone. >> yes, sir. stuart: and this, president trump preparing an executive order that would cut america's funding of the united nations. not eradicate it, but cut it. the market making history, president trump's economic advisor, steve moore says, it's going to go up even more. and that every american should be singing in the streets. more "varney" in a moment.
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download the xfinity tv app today. ♪ >> it does seem you've been asking a lot of very personal questions that don't have a thing to do with my qualifications for this job. [laughter]. stuart: remembering the life of actress mary tyler moore who passed away yesterday. she won seven emmy awards over the years and was nominated for an oscar. she inspired a generation of female journalists when she played the character mary richards, 30-year-old associate news producer. one of the first female-focused sitcoms. "the mary tyler moore show." gone at the age of 80. let's check the market for you.
looking good, 2point higher for the dow industrials. close to 20,100. here is a stock, couple of them moving today. how about jetblue? profits better than wall street was expecting. up goes the stock, not much. that was just over 1% on jetblue. nikki haley sworn in as america's ambassador to the united nations. all that as president trump says he is going to cut funding at the united nations. by how much and which funding? liz: 40% of the u.s.'s funding to the united nations. and in particular, he is noting the funding for schools in palestinian territory basically trains jihadis. that is what the israeli press has been saying. they also give their student anti-israel textbooks to read. so and he is also freezing, looks like willing to freeze that 221,000 parting gift -- ashley: million. liz: sorry, million, parting
gift from obama to the palestinian authority. ashley: good. stuart: good. i think our viewers will be in accordance all just been mentioned. moving on. chief of staff to the president, reince priebus, promising growth of up to 7%. we got him on tape saying that. that is quite a growth rate. meanwhile president trump says the wall with mexico is coming and that mexico will indeed pay for it. remember when he said this on the campaign trail. >> a nation without borders is not a nation. beginning today, the united states of america gets back control of its borders, gets back its borders. [phone ring] hello. hi, it's anne from edward jones. i'm glad i caught you. well i'm just leaving the office so for once i've got plenty of time. what's going on?
so those financial regulations being talked about? they could affect your accounts, so let's get together and talk, and make sure everything's clear. thanks. yeah. that would be great. we've grown to over $900 billion in assets under care... by being proactive, not reactive. it's how edward jones makes sense of investing.
forward. he signed executive orders yesterday. first step towards building that wall. he also plans to hire 5000 new border agents. there are 21,000 right now. so at that is a significant increase. our next guest standing right behind the president as he signed those orders. border patrol union president brandon judd is with us. welcome to the show, sir. good to see you. >> good morning. thanks for having me on. stuart: an extra 5000 boer patrol officers. sounds like a big increase in the numbers. in your estimation is that enough? >> it is enough. in fact, if we were able to put all of the agents that we currently have on the border we would be able to secure the border, given that we get the additional technologies such as a wall, we would be able to secure the border now but that 5000 additional agents is going to help us exponentially. stuart: you say you would secure the border now. what's missing then? >> well, unfortunately we have
too many of our agents that are currently doing jobs other than securing bottomedder, such as, we have agents that are in pr department for the agency. we have agents doing labor employee relations, instead of actually on the border securing the border. so we do need those, if the agency determines that those individuals are needed in the places that they're at, then we do need that additional 5000 agents in order to secure the border. but i will tell you with the number of agents we currently have, if those agents were on the border, we would be able to secure the border. stuart: brandon, hold on a second. i'm going to run a sound bite from president trump yesterday, laying it on thick there, we're going to build the wall, quote, within months. watch this. >> they are going to pay for it. i never said they would pay from the start. i said mexico will pay for the wall. >> when does construction begin? >> as soon as we can physically do it.
>> within months? >> within months? certainly plan something starting immediately. stuart: can you comment on that brandon, start building the wall within month. >> you have to be excited. if you look at first couple days of this president he is taking a business approach to government instead of a bureaucratic approach to government. anybody border security proponent they have to be excited. he is already getting surveyors ready. he is already working on where the wall is going to go, what strategic locations, where we need the wall in order to help the agents be as successful as possible. it is exciting, stuart. and the agents, they feel the excitement. they're excited. they want to work. when have you seen employees come to their employer say, we want to do more? we want more work? that is what our border patrol agents are doing right now. they're excited because we have president who really wants to actually secure the border as oppose odd to the last eight years. stuart: will you tell the american people, if you build the wall, we don't know exactly
with kind of a wall it is going to be, how high, how long, theoretically you say we build the wall and we've got another 5000 border guards, will you tell the american people that yes, that will secure our southern border? >> this president has the political will to do what is needed to secure the border. i am very confident under this administration we will secure the border. stuart: all right. brandon judd, thanks for being with us this morning. you were in great company, we saw you standing right behind the president. thanks for being here, brandon. appreciate it. >> thank you. stuart: infrastructure stocks, we've been talking about the wall and building bridges and roads, those infrastructure stocks have done very well since the election. have they not, cheryl casone? >> they have been doing great. there are so many different can stocks connected to the building of the wall. i want to give you stocks for example that are on fire that would be readily, ready to go for donald trump to build the wall.
company like acon, up 40% since the election. large-scale construction, design building. u.s. concrete, up 40% just since the election. orion group, 30%, construction services. eagle materials up 2-- 28% since the election. they would jump right in and build immediately. stuart: these are not wall stocks. all these stocks have not gone up like this just because we might build a wall. they have gone up because we might spend a trillion dollars on infrastructure. >> sure. i wanted to pick specific companies involved in the process of building the wall in particular. these are stocks to watch. verizon, they have surveillance technology that can also be incorporated into building that wall. that could be a name to watch. in my opinion, not just -- stuart: that's good. >> meyer group up 2%. that's electrical. they're also construction but active on the electrical side of it. there are some different plays
here. jacobs engineering as well. design, construction, concrete, ready to go. of course cat, which i know you talked about, but i still think cat is another name we should watch. stuart: talking about a trillion dollars worth of spending on infrastructure the next 10 years, you will see a stock market reaction. that's what we've got. >> exciting to watch, if he is talking about the type of infrastructure overall in particular, if it is going to be in months with that wall, watch out for these names. stuart: i wonder if they can go up some more. 40, 50, 60% up already. you're not a forecaster? i understand that. i'm intrigued. i'm intrigued. >> giving you the numbers so far but and there's other sectors. i have got more. i just had to condense for time. stuart: you did well, because on the left-hand side of the screen happening now president trump is about to head to andrews air force base. air force one on your screens. president trump has not left the white house left but he is going to philly to meet with -- ashley: go.
op lawmakers, congressional gop lawmakers for their annual retreat. it's a policy retreat. first time for him to talk to the gop as a whole. republican lawmakers, come on donald trump, i do not want to hear about voter fraud, i do not want to hear about crowd sizes. let's talk about policy and immigration issues and perhaps at the very forefront, let's talk about health care reform. how is this going to take place? can we come together on a replacement plan for obamacare? stuart: theresa may is going there. liz: to address the republican meeting. never happened before. stuart: never happened before. that is most unusual prime minister of great britain addressing republicans. ashley: by the way democrats are very upset about that. they feel like they're snubbed. stuart: the world has turned upside down. that is the tune they played when the brits lost to the yanks back in 1776. the world turned upside down.
fun facts. [laughter] mayors of sanctuary cities pushing back on president trump's transformation of immigration policy like mayor de blasio of new york, mayor emanuel of chicago, holding rallies and protests around the country. boston's mayor lit up city hall in red, white and blue, for immigrants. i think he is missing the point. did he light it up for illegal criminal immigrants? is that what he did. ashley: undocumented we're supposed to say. stuart: joining us former nyc, that would be new york city police commissioner bernard kerik. they're pushing back and president trump is pushing in the first place. who wins? >> the president is going to win on two fronts. one, i don't know how any mayor or governor, they can make a decision they're going to violate the law, number one. number two, the president has the money. and he is going to hold the money, and hold them accountable
for any money that he gives them federally. they want to push back, they can push back. they can have all the protests they want. i don't think it will help them. i think the bottom line sanctuary cities are creating sort of a criminal empire, haven, if you will. chicago is an example. if you took the money that they put into the sanctuary stuff in chicago and you put it into law enforcement and crime reduction, he wouldn't have the problems he has today. stuart: they're putting a lot of money into the sanctuary? >> they have to take care of these people, no? stuart: you have got a point. hold on a second, bernie. we have news coming out of chicago. liz, lay it on me please, this is not a dramatic story from chicago. liz: it is disturbing. we were talking about it earlier. there was a vigil for a 20-year-old who was shot and killed. there were six people shot at this vigil. so sort of going through a circus hall of mirrors what is going on in chicago. apparently reportedly the mother
of the victim was shot and a 12 yield girl shot at this vigil. stuart: good lord. >> stuart, this is new york city back in the '90s. keep in mind new york city had 2,000 homicides when rudy giuliani came in 1994. people said it couldn't be cleaned up. over eight year period him and i and bratton were in office, those numbers were reduced, homicide was reduced by 70%. violent crime reduced by 65%. they didn't do it by coddling inmates or coddling crime, crime guys. stuart: i'm waiting for the day when rahm emanuel stands up to use taxpayer money to defend a criminal alien that raped somebody. >> that is already happening. they're already doing it. stuart: bernie, we appreciate your input always, sir. >> thank you. stuart: president trump's chief of staff reince priebus, president trump could get us 7%
growth. what does trump's economic advisor steve moore think about that? he is with us. he is coming up in a moment. first, this day in history, all the way back 1998, at the height of the monica lewinsky sex scandal, remember when bill clinton said this: >> i want you to chrisen to me. i'm going to say this again. i did not have sexual relations with that woman, miss lewinsky. at angie's list, we believe there are certain things you can count on, like what goes down doesn't always come back up. [ toilet flushes ] so when you need a plumber, you can count on us to help you find the right person for the job. discover all the ways we can help at angie's list.
♪ ashley: the dow moves past 20,000 and the rally continues. former goldman sachs partner peter keirnen says you can thank president trump's economic plans. roll tape. >> we're in a legitimate earnings season. this is looking pretty good right now. people are moving from the trump rally to let's show how we can do it rally and they're starting to do it. these kind of steps build a second leg above 20,000. stuart: a second leg above 20,000? is that primary because these profits are so good? >> that helps. if you take in profits and add stimulus coming and legislative initiatives coming like tax cuts, regulatory reform, infrastructure, that all says, a great stiff wind at the back of this market and this economy. ♪
♪ ♪ living free, this philadelphia freedom ♪ stuart: why would we play you elton john's philadelphia freedom? that is air force one. it will go to philadelphia very shortly, carrying president trump. he is going to meet with the gop where they're talking about tax cuts and repealing obamacare. by the way, britain's prime minister theresa may will also be in philadelphia, meeting with the gop.
democrats don't like it. she is going anyway. check that anyway. we're another leg up for the rally. we're at 20,108. how about that. look at johnson & johnson. they're buying a european drugmaker actelion, for $30 billion. this company makes drugs for rare diseases and it's up 19%. they are being bought out. weak, very weak holiday sales at mattel. the stock set for its worst day in eight years. it is down 14%. >> trump rally, call it what it is, the trump rally, it rolls on. trump's economic advisor steve moore is with us now. steve, you say the nation's wealth has exploded. i know this is factually true. it's up $2 trillion since the election. i see that as nothing but good, and i see it having a positive influence in the future. agree with me. >> yeah, there is a wealth effect, no question about it.
over half of americans own stocks. so when you see that $2 trillion increase in wealth, most of that is in, is the stock mket, theans americans can spend more. you looked at some of those, mattel, retail companies that haven't done so well recently, you know if americans feel they're wealthier and more money the savings account and in their 401(k) accounts they spend more. this is good news for investment. eventually for consumption and retail as well. stuart: i think it is good news for the second home market as well. >> you got it. stuart: steve, earlier i spoke to congressman peter roskam, the policy committee chair, i asked him if tax cuts will be retroactive to january the 1st. listen to this. is it going to be backdated to january the 1st, 2017? >> i don't think a decision has been made on that yet. there will be a lot of other people will have input. we want to avoid, we want to
avoid anything retroactive that hurts people that they didn't anticipate. if there is backtracking benefit we can do to make it get the tax cuts and energy out there earlier we're all the better off. stuart: steve, he would not say yes. >> that is a little ambiguous. stuart: i'm worry about that. what say you? >> i am too. would be very wise for paul ryan and donald trump and
stuart: i'm with you on that one. we are absolutely right. some people were upset with our dow 20k covering. they say we got carried away with stocks. i believe when you cover the screen with numbers and quit showing the people on the show. last one from andy. there was a fun, exciting discussion on set. it's like hearing ager rogers throwing a hail mary. it's better than our competition which never cracked a smile at 20,000 on the dow. what do you make of this.
ashley: we put the dow up there because it was such an iconic number. all you could harper was voices over it. stuart: it's a big deal for america. liz: we have a lot of listeners on radio, too, but i know what you are saying about graphics. stuart: we do have a lot of listeners, and it's president trump from here on out. we'll be back. o stanley... and that's kind of it right now. but rodney knew just what to do...he got quickbooks. it organizes all his accounts, so he knows where he stands in an instant. ahhh...that's a profit. which gave him the idea to spend a little cash on some brilliant marketing! ha, clever. wow, look at all these new students! way to grow, rodney!
anyone with an ira or a company plan, you are doing well. even the near insolvent government pension funds have more breathing room now. even if you have no direct connection to the market you will still benefit from what's called the wealth effect. just as the election, $2 trillion in extra wealth has been created. people feel richer. they may buy that second home or a new fridge. the point is the wealth effect means more spending and therefore more growth and therefore maybe more good jobs. after the financial crisis wall street became a dirty word. don't be confused by this political rhetoric. instead celebrate. a stock market rally is lifting all boats because it shows america is doing well.
stuart: $2 trillion added to the wealth 69 nation. 20,100. the trump rally marching on. peter navarro joins us. he used toe a regular on the show but he went up in the world, he's now on the white house team. i like the view better here. >> a lot of people are worried. the other trade guy, there is an awful lot of people who are worried.
investors will get into a trade war of some kind, probably with china. what do you say about that. >> we are going to cut great trade deals around the world. and every trade deal will increase our growth, strengthen our manufacturing base. globally the great imbalance of trade, us with the rest of the world, europe with places like china anne has created structuralism balances. if we are able to smooth them south with more mutually beneficial trade between the u.s., the rest of the world. we'll be able to grow at a much fast wee have a structural problem like here, corporate tax reform. regulatory reform. energy preform. the american worker pan american manufacturers.
ask. stuart: you have got to bear in smienlds two recent developments. president trump threatens china with trade barriers. sow there is a spat developing there. with mexico, there is some concern about whether the visit will take place. there is a pushback between the two there. that's trade friction. there is a lot of people worried that it explodes. it's not just friction, it's an explosion. kellyanne conway is getting on the plane to go to philadelphia with the president. on the trade issue, look, after the election, the day after the election, the futures were spiking down, everybody was running around crazy things were
saying things would go crazy. what do we have? we have the recognition on wall street a strusm administration would deal with trade energy that would spur growth. what we have seen since trump took office is a number of executive orders. every time ink comes out of his presidential pen, we create tens of thousands of new jobs. weave did it with the tpp order which will defend our industry. we've did it with keystone and the use of american steel. and all i see, stuart, is the marketsespondg positively, not just here, but in asia as well. the markets are not seeing what you are seeing. the only people talking about trade wars are the crazies that the "new york times" who want to stir this you have. the crazies at "the washington post" who want to disrupt the
trump train agenda. stuart: i'm sorry if i joined the crazies at the "new york times." stuart: i talked to the chair of the committee in congress. he said we won't get a bill signed by the president. and he couldn't answer me whether that will be backdated january 1. calm everybody down, if you can. >> strum time is fast time. we'll do everything possible, the white house and on the hill to move things brisk live along. you know my feeling on the importance of corporate tax reform, getting that rate down, addressing some issues. if we don't get that done, we
won't get the growth we need. so our intention is to must on the excel vapor and move quickly. if you look at this week, how much have we gotten done? this is probably the fastest any president has moved. that's trump time. stuart: last night reince priebus told sean hannity, expect a real boom. 6% to 7% growth fairly soon. i suspect that's an exaggeration. >> let me defend reince on that. historically what you have get when you come out of a recession, you usually get 7% or 8% growth for one or two or three quarters, then you settle
down to a steady state which will probably be 3% to 4%. if we can do what we can on taxes and regulation, trade and energy, we'll see the boom take us up historically as has always happened for 6%, 7%, 8% growth. then you go into the steady state of 3.5%. our steady state is a little less than 2%. we have had that for the last 15 years. what happened in the last 15 years? china came into our market and began flooding the market with subsidized goods. the trump trade agenda is basically to rebuild our manufacturing base and our defense industrial base. bring jobs to the american heartland and the rest of this
great country. and for the last 15 years remember our wages have not appreciably gone up to any degree. you will get a friens priebus -- call this a reince priebus boom for the next 6, 7, 8 quarters. you * peter kinnon is with us. you were rinsing to peter navarro. he's tamping down the idea of a trade war and supporting the idea you could get 6% or 7% growth at least for a couple quarters. >> i agree they are not anywhere close to a trade war. you have people opining on this story who have never been in a negotiation in their lives.
i read tpp. it's pages and pages of a document only a lawyer could love. you have to take some tough stance if you are going to get into a negotiation with the chinese. they are canny negotiators. same thing with mexico. they are going to come around. see how canada is going to come around. they are meeting to figure out how can we anticipate what's going to come from nafta. it's past due to have a tough conversation with the chinese. china is going in knowing every single thing about us and we are going in winging it. who is the person on point for china in the obama administration? it wasn't john kerry or secretary of state clinton. but one question i would have for peter navarro, who is the
point person on china in the trump administration. stuart: president trump and u.k. prime minister theresa may will meet tomorrow. maybe a bilateral trade deal will be on the table. theresa may tells president trump to get up, they can lead the world. that's what she said. it sounds like a sound bite from margaret thatcher to ronald reagan.
poor, poorer provided the rich were less rich. that's liberal politics. stuart: wonderful margaret thatcher. the current prime minister of great britain is theresa may. she'll meet with president trump tomorrow. they may be laying the ground work for a bilateral trade deal. karl rove, great to see you again. i remember very well. you don't because you are so much younger than i. i remember reagan-thatcher and what a wonderful success that relationship was. i think there is somewhat similar possibility in the theresa may-donald trump rip. wharip -- relationship. >> when it comes to the creation
of a u.k.-u.s. trade deal, a lot would ride on that for both of them. stuart: you sound lukewarm. >> i am, but i don't have your english enthusiasm. i think this is a really important meeting in a really important relationship. and it's in the interest of beth of them to get it right, right from the beginning. from the british perspective, they are exiting the e.u. their biggest collective market is the european union. if they had a good trade deal with the united states that has a level playing field and everybody looks at it as a win-win, it has similar leverage with the french and germans who may want to punish them a little bit for brexit. if trump gets a good deal with
the u.k. and everybody walks away with a win-win. it's a model for the asian countries who are miffed with abouts tpp. stuart: we have marine one which will be transporting along with air force one to philadelphia where he will meet with gop leaders. also meeting with the gop is britain's prime minister theresa may. a foreign leader meeting with one political party in the united states. what's going on here? >> i think there is a natural sympathy between british conservatives and american republicans. not all british conservatives are fans of the republicans. a lot of them tended to be moderate democrats and they liked the john kerries and bill
clintons of the world more than republicans. but it's a smart move on her part. republicans control the leverage of power. she wants to get the trade deal right and have a good relationship with donald trump. there are foreign leaders who attended i believe the republican congressional retreat in the past and may not have necessarily met with the democratic leader and foreign leaders that attended the democratic retreat and didn't meet with republicans. >> we understand the democrats in america not happy they have been as they say snubbed by this. what do you think is the main topic of conversation where president trump meets the gop leadership. is it tax cuts? the supreme court? what is topic one? >> i think all of those will be part of the topic. but underlying it will be the natural friction by a president
who wants to move things along at a speed. trump time and congressional time. things are a lot more complicated on the hill than most presidents the want to have. there will be a little bit of friction and it's natural. it happens all the time. i want you to get my initiative moving quicker. these kinds of things are always a conversations between the white house and the congressional leadership of the president's party. i have got to respond to the thing you said at the beginning. i couldn't remember the ray began-thatcher relationship. let me ask you this. did you ever up produce margaret thatcher? >> i did. i was thrilled to be there. and two minutes before the lunch began, ed turned to me and said incidentally you need to introduce marching rat -- --
introduce margaret thatcher. if there was a moment when i started to shake, it was that. she was a great leader for our world. stuart: 30 years ago i did an interview with prime minister margaret thatcher. i walked her down a receiving line to the point where we would do the interview. the last person on the receiving line was the president of the net woirk was working for. and margaret thatcher said in his presence, oh, mr. varney, we watch you all the time. >> that's called job security. stuart: you have been on both marine one which our viewers are seeing and air force one. i am told a lot of people prefer to travel on marine one than the big jet. >> marine one is a great way to
get to the airport. the hot towel the stewards give you when you have get on the plane is great. i became a big fan of it. the people on the crews of marine one and air force one are the top of the line. they are terrific people from the steward to the pilot from the navigator to the cook. they are terrific individuals and it's a great honor to fly with them. stu center when president trump first walked into the office the first thing he did was to get fitted for a flying jacket. do you know if president trump has his flying jacket yet? i wonder what he's going to look like when he emerges from marine one. >> i don't remember how long it took president bush to get his flying jacket. but whenever he would board the plane he certainly liked wearing
it. it was a great testimony from the crew which presents it to the president. i didn't get one, but i kept every single one of my seat cards. i sat in an area called the senior staff cabin. desks, radio phones, and i have a card on each one of them. he is not wearing his traditional plain red or plain blue tie and he's definitely not wearing a flying jacket. he's walking across. he will get on board air force one. you don't have to stand in line on air force one. you take off when you want to take off. and he will make a short flight to philadelphia where he will meet with the gop leadership. the red carpet you have the steps of air force one, and
there we go. i'm a newly minted american and i love this stuff. i love to see our president. he would turn around and wave. but he doesn't. now, that's different. that's different. the door has closed. >> it reminds me of the time when obama was traveling with clinton. stuart: thanks, karl, your information on marine one and margaret thatcher was great stuff, but mine was better. we'll watch the steps go up there, the plane will be departing momentarily. i want to bring you news on chris letter bringing work back to america. it looks like it's another win for president trump and the
pressure he's aflieght car makers. liz: chris here is going to invest $2 billion on two factories. they are moving heavy duty production from mexico to the united states. when you look at how much money the car makers make on the big vehicles, that is a lot of money. it's about six times what they make on the smaller passenger cars. it means 2,000 new jobs in the united states, and those jobs are probably safe because this is where the trends are. people want the bigger trucks and suvs. >> we don't know whether this november by fee a --we don't kne by fiat-chrysler -- >> they have committed money. liz: they estimated 2,000 jobs.
stuart: i'm sure the president will take credit and say it's a win for president trump. he's promising to build the wall and spend on infrastructure. companies in the construction and engineering businesses reeve hated to infrastructure are up big since the election. we are talking 40%, 50% up since the election. border wall infrastructure stocks. eagle materials. u.s. concrete, all of them up very, very sharply. i didn't see this coming. but if you are going to spend a trillion on infrastructure, you can understand the stock price move. >> when you have think of a trillion dollars, people think of it over 20 years. when you have remove regulations, the market loves that. they have more visibility. they have say i'll invest in
these come any proactively. stu there are norman anderson said we have all these projects lined up. they are ready to gene they are largely finded by private enterprise. that's the money that will get into the economy very quickly. >> there are tens of billions of dpol dollars ready what waiting in the public-private sector. i think the commercial guys will go with faster, cheaper, on time. >> will companies put their name on a project because they helped finance it. >> i think it's a greatway to engage the american business community. liz: the democrats are meeting
in west virginia on how to speak with regular voters, meaning the trump voters. how to talk to them. have the democrats lost their minds? they have been count rabbit hole for the last four years. they called the trump voter deplorable. they called the blue collar working class voter irredeemable. they used to be the doer of their base. they are so alienating elitist finger waging that they have last their way. stuart: they are trying to figure out how to do it. >> they used to talk to the working class voter. what happened. >> you have to give them a map and show them there is a middle of the country. it's not just l.a. and -- liz: it wasn't like this with
bill clinton and al gore. stuart: this is his first trip on board air force one as president of the united states. is it a downgrade from this personal jet? liz: we need a strong democrat opposition party. y where is it? i'm upset. you need to sit down and have a meeting about how to talk to regular working class voters because you don't know how to talk to them anymore? stu were that's extraordinary coming from democrats. ashley: it has been turned upside down. rich people are democrats. union guys vote for trump. liz: where have the elitist democrats in the boldway been
the last 8 years. everybody was talking about the blue wall. hillary is going to win because of the blue wall. trump can build a red wall in the rust belt states. >> china wants globalization and the united states and great britain are saying let's protect ourselves. liz: you can't get excited about any democrat leader right now. who is going to electrify the democrat base? what leader is out there except the old guard? ashley: brian tried. he got slapped down. he would have been a great, fresh leader. stuart: he lost in a landslide to nancy pelosi. liz: they are putting a lid on the new guard from coming up.
you * do we go to commercial break? no, we don't. we want to see it take off. we are staying with air force one until such time as it takes off. this is history on "varney and company" just like yesterday when we hit 20,000 on the dow industrial average. it's about to take off. this is the first time president trump has flown on air force one. that's why you are watching. actually, we'll always watch the president because he is news and he's brand-new in the job. he's not been on the job even a week. liz: what terrifies people is he's not a republican or democrat. his ideology is make american
great again jobs. his gold standard is the 4% growth and he's shooting for it. stuart: there is another reason we put president trump on our air. this is americana. that is air force one. that's our new president taking off on air force one, first time ever. that is the trump rally, ladies and yes, which added $2 trillion to our national wealth since the election. i'm an american loving all this. carol roth is joining us. i'm looking at the stock market at 20,100. you are a financial person. do you have think we go up some more from here? what do you say? >> i think we want to look at a different metric. i know do you 20k is more sexy
than s & p.3k. but the s & p is the broader benchmark of the market. with:financial earnings doing well and the other corporations reporting and their revenues are improving. we are seeing a lot of optimism coming out of the pro-business stance of president trump. so that's making businesses interested in reinvesting the capital they have had on the sidelines. if they continue to do that, that's a catalyst to push the market higher and higher. stuart: i said that's a trump rally. we may be entering a different phase of the rally which is a profit-driven rally. the numbers i have been seeing are very strong. is profitability also driving this market? >> it's trump and profit hand in
hand. if you look at the actual numbers, the financial services companies are adding a lot to the earnings and revenue growth. in order for this to keep marching, we'll see that on more of a broad base across industries. if you look at the policies of president trump and the things are expected in the market, that's going to be the catalyst for not just the financial service come any and tech companies to continue to increase their profits. if we see that and we get the 3% growth in our gdp or higher, then we should continue to march higher. stuart: for all of our viewers who may or may not be in the market. do they commit fresh money to stocks? your answer is yes, put your money in, is that correct? >> i think you have to look at your own portfolio and justify your risk.
and it depend on who you are as an investor. i can't recommend a blanket that everyone should invest. stuart: where is your heart. >> i do think that overall we'll have a catalyst to go up more. but i'm a conservative main street type of investor. so i like to put a little bit in at a time and have a diversified strategy. you won't get a blanket buy, buy, buy from somebody like me. stuart: that's what i wanted. we appreciate you being with us. our next guest has written that president trump is doing things at a frenetic almost crazed pace. here is his headline. the trump kaleidoscope, it's time for doubtful and hopeful
trumpers to stop obsessing over trump himself. i'm not sure what that's all about. but the man who wrote it is famous, more famous than i. people stop you in the street, right? >> left and right. stuart: what i think it means is president trump comes out -- he's clouding the message because he's keeping up with this frenetic pace. he's not controlling himself or what he says. i think that has people anxious. is that what you are writing about? >> that's what i'm writing about. everywhere one goes, the question is about trump, is this going to work, is trump going to be successful. i had my doubts. it's all about trump trump trump all the time. what i'm trying to say in this column, we are almost a week into the trump presidency.
while it's difficult to separate donald trump from his presidency, the fact is we cannot keep obsessing over trump and his tweets, we have to focus on the policy initiatives he put in motion such as immigration or trade. stuart: his tweets feed the media and his narrative. >> the media cannot stop obsessing over trump's tweets. ke sended feds into chigo. or i want a commiion to investigate vote per fraud. whether this presidency will be successful, this government will be successful, i think we can ignore those things. but we have to start talking about the details and policy initiatives he put in motion. and where necessary, support them, refine them and resist them. this will be a normal government in that sense.
>> look at what we have seen so far. concrete moves so far. do you have approve of what's going on? >> i can't approve of everything. i city spending $15 billion to $25 billion on a wall across the u.s.-mexican border is probably not money well spent. but i will say this, stuart. trump's tweet this morning about canceling the meeting with mexico if they won't pay for it which may kill that meeting will be my example of trump tweeting getting into the area of brinksmanship in policy. something that has a material effect on an initiative. stuart: if the president. mexico says i might not come to the meeting, president trump will counter punch. >> i understand that. but he's the one who wrote the
art of the deal. there was supposed to be a negotiation. he's putting the president of members koa into a position where there is no negotiating room. there will be no negotiation. i hope trump's intention is to get people to come in and talk privately about his goals. stuart: thanks for joining us. i'm staying on president trump. he's the center of attention. our next guest says the president's action on obamacare is revolutionary. here is the headline from judge andrew napolitano. trump has committed the most revolutionary act i have seen in 45 years. napolitano is with us. he's in d.c. preparing for his appearance on special report. the most revolutionary things you have seen in 45 years on obamacare? >> yes. i'll tell you why, stuart.
i'm talking about the first executive order he signed as president which he signed 4:00, 4:30 in the afternoon january 20. it said to if the people in the federal government who administer temperature obamacare. i want you to dime it back. if you are about to after he says a fine, a fee, a setoff or tax, don't assess it. because bif the time it becomes due on april 15, there will be no obamacare, there will be no individual mandate, and the irs will not have the authority to collect that money, sow why should we take money today that's only going to be returned. the second thing he said which is the most revolutionary part. when you have discretion about how to enforce the law, time, place, manner, severity. i want you to exercise this
discretion, this is what you never hear from the government. in favor of the individual and against the government. that is the line that is far more tom tals jefferson with prr knowingly associated than theodore roosevelt with whom the president wishes to be associated. that's the line. if the ideology behind him warms my heart. stuart: president trump says he wants to end the hillary probes into her email and the foundation. that's what the president says. you make of it what? >> when you have asked me to cover this story i went back and read the transcript of what he said. he gave himself wiggle room. he's going to rely on the recommend days he gets from soon-to-be attorney general jeff sessions who will get advice and a file the public has not seen from staying in office for the
meantime. the f.b.i. director jim comey. jeff sessions was about as fierce an advocate for her indictment as i was during the campaign. he wants to turn a page and probably wishes president trump had pardoned her. or he doesn't want his to look like political vindictiveness. but the evidence of guilt on emails is overwhelming. there are hundreds of thousands of pages on them. the evidence of engage in political corruption and making decisions as secretary of state to benefit if the foundation rather than the national security of the use the is at least -- of the united states is at best circumstantial. stuart: fit proceeds, maybe
the -- if it proceeds, maybe president trump will have to pardon hillary clinton. >> he should at least receive a presentation of the pros and cons based on the evidence. stuart: we have a rally off and running. give me best to bret baier. president trump said he wants to cut funding to the united nations next. special guest, the former chief of staff to prime minister benjamin netanyahu. he's next. he will respond to this u.n. cut. hey nicole. hey! i just wanted to thank your support team for walking me through my first options trade. we only do it for everyone gary. well, i feel pretty smart. well, we're all about educating people on options strategies.
trump will sign. >> it's authorizing the justice department to investigate voter fraud. jeff sessions has not been confirmed yet. so that's an issue that could hang up jeff sessions nomination. if the pew research that's been out there about voter fraud. one of the authors of that report says there is no evidence of wide scale voter fraud on the level donald trump suggests, 3 million fraudulent votes cast. >> they will investigate by executive order. stuart: president trump to sign an executive order to cut funding to the united nations. george, this cut in funding to the united nations as i understand it, there is also a cut in funding for some palestinian school kts which teach young jihadists.
have i got that right? >> yes, stu, you do. if you are standing on the temple mount in jerusalem looking south there is a hill. back at the time of the roman empire and jesus it was the hill of evil counsel. i think it's quit appropriate. the united nations has been a source of a problem for actually getting the palestinians and israelis to make peace. under the obama administration and previous administrations and the international community, we allowed the palestinians to use the u.n. and yo to pressure isro a potentially terrible deal. they understand that only way to get things done is bilateral one-on-one palestinians and
israelis. i'm hoping cutting off underring to the u.n. and not allow the funding of palestinian schools that incite and teach hatred towards the jews. it will send a signal there is a new sheriff in town. if you really want peace the on way to do so is to sit down across from the israelis in a bilateral way. stuart: i don't think benjamin netanyahu wants that to happen because it would set off nasty riots. >> i don't think so. i have known the prime minister said israel is the only country in the world who does not have the right to have its capital recognized by the international community. if they were to most embassy to
jerusalem it would send a message to the palestinians and the world that israel does have the right to declare its capital eternally as jerusalem. and. >> did you think it will happen? where will america's embassy in israel be? >> president trump is a man of action. if he wants the embassy to be moved, it will be moved. the geographic location, the planning, all that has been in place. it's not a big surprise where they would put the embassy. so it's really a matter of will. the first few days of the presidency are any indication of president trump's turning will into action. >> thank you very much for joining us. stuart: we have been following the market.
i can show you a couple of stocks that are moving. whirlpool, the ceo of that company says the british move to walk away from the european union, that was a real problem for whirlpool and the stock is down 7%. jetblue plans to recruit more pilots this year. their stock is down but necessity want 200-300 more pilots. we have bad lip reading, this one from the inauguration. >> are you cheery?
he has trouble here, trouble at home and trouble at the wall it's a bad way to start. stuart: after a contentious election we thought would give you a comedic break. here is a clip from bad lip reading poking fun at moments from the inauguration. >> will you cheery? >> i'm always like this. >> i do into your face. >> are you wearing a big boy shirt? >> yeah, probably never will again. >> every wash that wig? >> together we'll build a bar in rural connecticut and make it a bar with a nanny. >> i was disappointed they
didn't find the continent of atlantis yet. >> i was disappointed they didn't find the couldn't meant of atlantis yet. >> i win. stuart: that's poking fun it's a little risque putting words into very famous people's mouths. but it's funny. we have a three-hour show. isn't there room for entertainment? >> when they do the varney capsule i want to put that in there. stuart: we did well yesterday at 9:30 when the dow hit -- hit 20,000.
youngster that started fire in the streets of washington d.c., here is the roll tape. >> this young man, you're participating in fire. what is your name. >> carter and kind ever started this fire. >> what why did you start the fire, carter. >> sorry, why did you start that fire? >> because i felt like it. because i'm saying [bleep] our president. stuart: we all watched that. where are the parents? hold on. ashley we know who the parent is. >> that is the son of drew carey, the comic. connor, 11-year-old connor carrie. mom and dad saw the clip. very upset. we're in the hot water. we're not told what punishme he got. stuart: the parent did not approve? >> apparently not. stuart: he didn't use a profanity. used another word for a profanity.
>> now we know. the rest of the story. >> his middle name is payback. [laughter] stuart: whose line is it anyway. i like that. our time is up. we hope we entertained you at least, little bit last part of the show. neil cavuto. it is yours. neil: thank you very, very much donald trump just landed in philadelphia. probably got word that the mexicans gone ahead and canceled that january 31st meeting. the mexican president pena nieto said it was a waste of time. it would probably be better to cancel the upcoming meeting. the meeting is off. the peso feeling the pinch. it started falling as soon as we got the news. the mexican stock market was not doing much prior to this down about a percent. whether this comes up and the degree it could be a source of conten