tv Varney Company FOX Business March 14, 2017 9:00am-12:01pm EDT
>> some are going to happen. maria: it seems that way from brexit for sure. lee carter. >> nonessential employees. that's a term, do we need them? i know. >> lee, jon, thank you, stuart, over to you. stuart: thanks, maria. good morning, everyone, at 6:15 eastern, we hold our production meeting and we map out the show very early. this morning, everyone had made it in. now, they're millennials, you know, 20 or 30-somethings, and they had braved the blizzard to make it to work on time. same with the studio crew. they're all here and i will not hear a bad word about these youngsters. look at them. that was early this morning and they all made it in. i'm impressed. i never want to hear a bad word about millennials again. let's hear that applause, yeah,
they're all smiling, that's good. okay. silence from the right. [laughter] >> in fact, in the middle of this blizzard, i want to bring you something positive and i've got it for you, here it is. another indication an optimism is absolutely soaring. it's the wells fargo gallop index and shows the biggest jump in yes. small business has not been this bullish in a decade. all right. contrast that with this, with the overwhelmingly negative political headlines that you think the world is about to end. look at that, please. stocks will open lower, not that much, down 50-odd points, not just of the political turmoil. and we're about what, 200 points from the all-time high. so, welcome, everyone. hope you are warm and comfortable, wherever you are. we have a show for you and you've got to love it. "varney & company" is about to begin. ♪
>> ♪ riding the storm out ♪ ♪ riding the storm out ♪ >> the storm out? >> that's a good song. stuart: that's reo speedwagon i'm informed. you didn't know. liz: no. stuart: you're looking at new york city, this is what the northeast is talking about today. the rest of the country may be feeling smug laughing at us perhaps, but it's a big deal to us. we hope you're watching from somewhere warm and comfortable. here is how the storm is tracking as of right now, that's the radar picture for you, you can see we're in the middle of it, obviously, winter storm watches and warnings in effect up and down the eastern seaboa seaboard, got it. our own adam shapiro is outside, braving the wind and snow. how bad is it? >> i think they would say in
your country, it's bloody cold, stuart. 27 degrees, four inches of snow so far in new york city, but eight inches upstate and they're expecting everywhere from a foot to two feet of snow. possibly a foot in the city, but two feet as you get further north. there are roughly 6,000 flights anceled today, according to flight aware. you've got train service delayed or canceled. for instance, the acela, the amtrak speed train that goes from new york to boston, no acela service today. modified regional service going north and modified service going south as well. acela service is going south to washington. in new york city, subways underground are running, but any subways that go above ground, they're not leaving the tunnels, they're staying underground. you can see sixth avenue behind me, this would be gridlock as people are at the end of rush hour and traffic is moving, well, what you can call traffic. but the bottom line is, the storm is, we're in the middle of it and it's not just the snow.
there's a lot of ice. it hurts when the wind picks up and the ice hits your face. and that's the scene here in midtown, manhattan. >> that was a very good scene setter, adam. we're going to keep you there to report on the hour, every hour, until this time tomorrow morning. >> thank you very much. [laughter] >> a good man, really is a good man. the blizzard warning for new york city has just been canceled. look at this, let's talk money for moment. this is the price of oil, down what, 69, 70 cents. opec says supply will continue to go up, despite their output cut. so down goes the price of oil. that is affecting the stock market, stock futures a little bit. we're down 50 points. that's about it. and still no huge retreat, and we're not seeing a huge retreat since the election. look who is here, james freeman with the wall street journal editorial page. with the problems we keep reading about in the headlines,
how can you explain we've not had a big selloff since november the 8th? >> there are reasons to be optimistic. we talked about tax reform coming, regulatory changes, the president yesterday afternoon playing out the plan to reorganize the federal government. let's hope it means smaller government. he seems to want to come this way. and we have this health care issue which should be, should be a big tax cut as well. stuart: so that's enough? >> every headline i see is negative. they're whining and moaning about this and that and that is going wrong and that's going wrong, we can't do this, we can't do that and the market never goes down, never goes down significantly. >> well, we've still got the very accommodative federal reserve so you've still got historically low interest rates. when you combine that with washington now taking a different direction, saying, we're not going to beat up business, that's pretty powerful in terms of expectations for stocks going forward, but, the administration has now got to deliver.
and you had gary cohn on your show on friday and i think it's a little concerning that he doesn't get that we need a big tax cut. he's talking and he's worried about deficits and this sort of thing and i think it's really key that they focus on not just tax reform, a better system, but lower rates and less money going to washington. stuart: so be quiet, gary cohn and let's get optimistic side of things. all right, stay right there. we've got a lot more for you. government bean counters, you've heard about this, they're saying that 14 million will lose insurance under the new health care bill by the year 2018. next year, 14 million gone by next year. look at these opinion headlines from that cbo report. "the washington post" editorial board, the cbo reveals republican health care cruelty. this from the new york times editorial board again, trading health care for the poor for tax cuts for the rich. that's one way of putting it. e-mack, i want you to deal with
that 14 million number that will lose insurance by next year. liz: that's the talking point, the bully stick that the democrats are looking at. it's a toothpick. it's 10 million in the obama exchanges and they had the mandate tax to deal with. the mandate tax goes away. if it goes away the 10 million would say, maybe i'll just buy catastrophic insurance or something else and cbo analysis doesn't seem to account for that. 3 million in medicaid jumping up to 14 million. but that's assuming that those people will not get coverage. there's a lot of half-baked assumptions in this analysis. stuart: what's with that assumption? how can the cbo assume that those 14 million won't choose to buy insurance by themselves? connell: correct. stuart: how do this he make that assumption? >> right, they don't assume well, we know that from history. looking at cbo's past forecast, they told us by this point, more than twice as many people would be in the obamacare
exchanges as are in them now. obviously, you can say that this is a benefit that's available, but firms don't want to offer the coverage, it's not there. similarly, there's a lot of worry in washington that maybe fewer people will be joining medicaid. this is considered bad news in washington? it's good for patients. medicaid doesn't work. liz: can i-- >> all of those people are better off without insurance than with medicaid. liz: one quick point to what james is saying. with the obamacare analysis now says, is now 24 million will be without insurance. the cbo said that obamacare itself would enroll 26 million in the exchanges by now. stuart: they got it wrong before. liz: they were totally wrong before and who knows now. >> you want the small government view? >> no, wait. >> it's a tax cut. stuart: i want to make room for you in the segment. president trump, listen to this, this is important, president trump has given the cia the power to launch drone strikes, repeat, the cia can authorize death from the sky.
all right, judge, i know we're probably going to argue about this, first of all, deal with this, that's a complete change in policy as to who can authorize a deadly strike by drone. >> it's a complete change in policy as to who can authorize, but not who can pull the trigger because barack obama did the same thing, but he himself, as commander-in-chief, made the decision. the president is not making the decision. so, the end result is the same. we are using drones to kill people in foreign countries without a declaration of war and some of those countries we are welcome, some we are not, but president trump said i'm not going to make the decision, what do i know who should be killed. the people on the ground should make the decision. that's the only difference. legally they're both on shaky grounds. barack obama did this using intelligence assets because the war powers act which regulates his ability to wage war does not cover intelligence assets so he's outside the war. so he could wage a secret war for longer than the 90 or
180-day period because he's not using the military. the war act restrains him to the military. stuart: so president trump is doing the same thing. >> yes, he is. stuart: using the cia to skirt the war powers. you don't approve, do you? >> it's not a matter that i don't have an i prove, the constitution doesn't. stuart: no, your reading of the constitution. >> the constitution is plain, congress shall declare war, and there must be a great national concensus for war rather than a president declaring on his own. stuart: is there a possibility to wage war and declare war against an organization like isis. they don't wear uniform, they don't have territories. >> you don't have to declare on a country, you can declare on a group. but the legal authority that barack obama relied on and president trump relied on is the 2001 authorization to get people who perpetrated 9/11.
isis didn't exist on 9/11 so-- >> islamic terror did then and it exists now. >> that's an ideology, that's not a group. the declaration of war has to contemporary so that there's a national concensus behind it. do you think the americans want him to wage pinprick wars? if so, let congress say yes. stuart: islamic terror groups exist now and we shall go after them that's my last word, you're done. [laughter] >> you think the federal government has the obligation to pay health care, the government that can't deliver the mail is going to provide health care? >> no, i want viewers to see this. wild scene in chicago, two separate crashes one a 34-car pileup on the kennedy expressway, seven minor injuries there. and pirates hijacking an oil tanker off the coast of
somalia, it's the first time somalia pirates hijacked a ship since 2012. details on that coming up. and steel team -- seal team six the guys who killed bin laden in south korea, part of a plan to decapitate north korea. we're on it. more varney after this. why pause a ontaneous moment? alis foraily use treats ed and the urinary symptoms of bph. tell your doctor about your medicines,
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>> you know, we are swimming in oil, supply way up, therefore, the price coming way down. this morning, we're at $47 a barrel, down nearly 2% again. look at valeant, the drug company. investor bill ackman is walking away from his investment, estimated loss for that gentleman is $3 billion. he takes a hit.
now this. i think the temperature's rising diplomatically and militarily around the world. for example, 400 marines are in syria with heavy artillery. paratroopers from the 82nd airborne in kuwait on a mission in iraq. and navy seal team six will train with south korean forces and simulate a strike on north korea. john bolton is here now. temperatures are rising around the world. are we close to a flash point anywhere? >> well, i think the trump administration inherited a badly deteriorating american security posture around the world and what you're seeing is the manifestation of that deterioration in a number of different places. i ink especially on the korean peninsula, for a variety of regions, the aggression that north korea has shown in the continued pursuit of delivering nuclear weapons and the
political crisis in north korea, you could find a flash point not because anybody necessarily intends it, but because of the uncertainty of the situation. i do think, it's inevitable that the mistakes made by the obama administration would manifest themselves in ways that president trump has to deal with. stuart: well, president trump is probably going to meet with ping from china. >> my advice to the president would be, don't seek to make a quick deal with ping, talk about the range of issues, especially the north korean nuclear weapons program, china is trying to take over the south china sea and make it a chinese province there, added to taiwan and hong kong, their domestic economic policies, discrimination against foreign businesses and investors. there's a lot to talk about, so, i think from president trump's point of view, sizing
him up and getting a feel for what he's really all about is very important and should take some time. there should be no feeling of pressure to do an immediate deal on any particular issue. stuart: it's just interesting to see the american military pushing forward in syria and kuwait and in south korea. i want to bring up the issue of the saudis, the deputy crown prince who visits the white house later on today. can you tell us, what does president trump want from the saudis and what do the saudis want from president trump? >> well, i think they'd like to test out the president on his views on iran, on the nuclear weapons program, on iran's continued support for terrorism, how to deal with isis. the middle east, because of the lessening of america's presence and interest and determination there over the last eight years, is a very dangerous place, particularly different the threats of the terrorists and the regime in iran, so there's a lot to cover, including what's going on in
yemen, the deterioration across north africa and the middle east, of many regimes that have just collapsed and this is something that worries our friends there. stuart: do the saudis want us to stand up and maybe confront iran? >> well, i think the saudis have precisely the same interest as israel in opposing iran getting a deliver nuclear weapon. and the last eight years, iran marched toward that objective. and when the gulf said that when obama signed the nuclear deal with iran they would ppt it they know as well as israel does that iran does not intend to go by the deal, and all the way continuing to aid hezbollah and hamas and other radical groups. so, it's a very worrying concern for all the gulf. and it's my view of the struggle that the iranians are
pursuing and saudis and others are very worried about. stuart: it's fascinating, all of these hot spots around the world and we concentrate in america very much on obamacare and tax cuts and the economy. that's the way it is these days. ambassador bolten, thank you for joining us, sir. see you soon. >> thank you,stuart. stuart: how about this? shopping malls, shopping malls, could be the heart of the next credit crisis? investors are betting against the shopping malls and they see ghost malls coming and they don't like what they see. more on that in a moment.
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>> this is very much our story. that is a deserted shopping mall. investors are betting against shopping malls. they don't think they'll be able to repay all the loans they've got outstanding. james freeman, we talk about thisll the time. can you explain why investors arbetting against shopping malls? >> right, well, you've been charting on the show the growth of amazon and we're seeing the other side of it. which is on-line shopping is growing by leaps and bounds, and retailers now, j.c. penney's, macy's, struggling during the christmas season and know you closing stores. you've got 365 billion of commercial mortgage-backed securities, bonds packed by loans to the shopping malls and
some of them are not going to make it. stuart: 360 billion worth of bonds which back the shopping malls and some don't make it and what, banks and investors are betting against them. liz: we hear that, some big players on wall street. stuart: 2017 is the tippingpoint for shopping malls, it's going to change the way that america looks, isn't it? >> i'm not sure it's going to be armageddon. it's not-- people may want to make a parallel to the subprime crisis in residential houses. i think it's different because on the mall side you don't have government driving people into that market. we also get rising consumer confidence, faster growing economy and some people still like to go to malls and i was at one this week. and i don't think they completely dry. stuart: you went to a shopping
mall this weekend, james freeman, wall street journal? did they mob you and say-- . [laughter] >> hold on, we're going to open in a second, the market in four minutes' time and the market will be down a little. that's miami, that's miami, isn't it? >> yeah. stuart: it's not like new york where it's snowing. i've got to tell you there are no planes leaving newark airport for miami so you've got to stick it out here. we'll be back. dearthere's no oer way to say thi it's over. ve found a pmanent escape from monotony. together, we are perfectly balanced. our senses awake. our hearts racing as one. i know this is sudden, but they say...if you love something set it free. see you around, giulia
>> five seconds to the opening bell this tuesday morning. new york city in the middle of a blizzard, not affecting stock trading. the traders have made it in and besides you can always log onto your computer. we're down 40 points in the first minutes of the trading session, down 40 as 20,837. down 43. i'm going to call that a slight loss. when you look at the negative headlines, that's a slight loss indeed. here is what's causing at least some of that loss. this is my opinion. the price of oil. down to a fresh 3 1/2 month low and opec says that oil inventories will continue to rise, in other words, the supply keeps going up. that's why the price is now under a lot of pressure, down significantly in the past week. i'm going to show you what i might call storm stocks, first
of all, home depots and lowe's, a lot of people buying salt and shovels there. no impact on the stock prices. they run up in advance of the storm. generac, they make generators, they run up before the storm. and same with briggs & stratton. at alamo group and snowplows. douglas dynamics makes salt spreaders. minerals supplies rock salts. both down slightly in the middle of the storm. don't forget the airlines, roughly 6,000 flights have been canceled, no significant impact on airline stocks, all down slightly. now, we have the stock market holding onto the gains that they've made since november the 8th. i mean, coming down a little bit today, but essentially the trump rally is holding. >> i want some commentary on
this from liz mcdonald, and james freeman. let's start with you, ed. i say that the optimistic feeling on the market is outweighing the negative feelings at this point, what say you, ed? >> again, absolutely correct. and right now, this market is priced for perfection. and if things don't turn out to, you know, based on what we have planned in terms of dodd frank reform. obamacare and tax reform, we will start to see things come back. but the public and institutional investors still believe this is going to happen. that's why we haven't seen this, you know, 10 or 15% selloff based on this delay. >> steve cortez. i would have thought the negative publicly surrounding the cbo report on the ryan-obamacare plan, i would have thought it would take it down, but appears that the market is mostly shrugging it off. what say you? >> i think it is. i think you opened the show by
showing the gallup poll and that those optimistic is. we see it in consumer confidence surveys. i think the optimism is palpable. you wouldn't know it if you only pay attention to the mainstream media and only read their headlines about the gnashing of teeth in washington d.c. we could get that legislation through and we could have a new era of growth and productivity in this country. >> i want to show you that small business indicator. it's the wells fargo gall lup index and in many years, small business has not been bullish in at least a decade. james, you've been on this story all along. >> and steve said, same thing we've seen in the nfib data. now the president has got to deliver because these stocks are not cheap. you look at their earnings as we've discussed, people are expecting much faster economic
growth than we saw in the obama years and now he's got to get the tax and regulatory changes done that he's promised. stuart: he's got to do it. it's a show-me market. liz: that 3 trillion we've seen run up, is that what's held back in the obama years, eight years? the flip side to it? >> i don't have an answer to that, but you're right to raise the issue of 3 trillion in extra wealth. liz: that's what the obama time held back. >> a lot that is out of bonds. interest rates have gone up precipitously since trump took office and sometimes historically that's not a good thing. in this case, i think it's an incredibly good thing. nearly a decade where interest rates barely moved because nobody believed that we could grow and that started changing a little before the election and accelerated after the election and we've seen a massive shift of capital from the safety of bonds, into the riskier and more optimistic, more forward looking investment of equities.
stuart: that's interesting about the interest rates. 10-year treasury yield 2.62% i think it is now and the federal reserve probably going to raise interest rates maybe three times, could be four this year, but again, it's not collapsing the market. >> i think that's interesting. when you look how durable this sentiment is at the moment where the markets are now accepting multiple interest rate increases,ected this year, and then, i mean, it's ry refreshing, we've gotten out of, maybe, we hope, out of this era where the markets look to the federal reserve and money printing and low rates, to drive stocks forward. maybe we're transitioning into more of a real economy. >> it's not a fed driven market, it's an economy driven market. very interesting. >> no surprises here, boeing. space companies, they've got a letter together, and they're urging in congress, please, overall the tax system. they want a big cut in the corporate tax rate and says it
will make them much more competitive. no impact on the stock, but you would expect this from american corporations and everybody wants a tax cut and they want it now, no surprises, james. >> a lot of times when big companies get active politically, they aren't particularly helpful to the cause of the free market. this is good. maybe not unexpected, but it's a problem. the highest rate in the industrialized world. liz: and these are the defense players who have the administration's ear. stuart: down ever so slightly. the big board shows a lost. and some say it's a go nowhere market and we'll find out if it's three or four rate hikes. they listen to the tone of janet yellen. they look for the pause. the retail chain bon-ton gave a sales update and investors like it a lot. the stock is up nearly 13%. better profits, but sales
falling short at the shoe retailer, dsw. it doesn't matter. the stock is up nearly 2%. let's check some stocks. facebook, got close to an all-time high yesterday, and actually hit a high yesterday, still holding at that 139 level this morning. how about google? a very similar story, close to the all-time high, 863 today. never forget about apple. i think they approached 140 and they're doing it again. 139.44 on apple right now. here is a statistic. more people have netflix in their home than had a dvr. i'm told that's a big deal. we always say that streaming is king. so, steve, would you buy netflix at $142 a share? >> well, listen, it's not cheap and you're very near all-time high on most of those, by the way, big tech stocks, but the fangs as we refer to them, the fangs as a group made a new all-time high yesterday, a pretty quiet stock market overall. to answer your question, i
think that tech is going higher from here and once again, the main reason isn't netflix specific it's more on the macro side. i believe that donald trump, number one, is going to institute the policies that we need to grow. regulatory relief, tax reform. and number two, i think it's violently important, too, stuart. it's the attitude, the belief, the i think the intanningables and it's about time that we see th cycle where growth begets growth. stuart: ed, netflix, 143 or no? >> yeah, you definitely buy. it's about forecasted earnings bringing it to about 165. and where it's expanding is in europe. the european growth is multiplying and that was a surprise in the fourth quarter and the forecast going into this year is a lot more growth in the u.s. a lot more people are coming back who got rid of it because
they were upset with the pricing. those people are coming back. so what you really have is the best of both worlds. the europe growing unexpectedly at a strong pace and more people signing up in the u.s. don't forget, it's not just on the television. we carry our ipads around and watch netflix all the time. stuart: ed, we're about to lose your satellite. before you go, i want to say thanks, appreciate it very much. how about yahoo!'s chief, maris sa mayer, 23 million, she ge gets-- she got fired. liz: that's not a golden parachute, it's a golden airplane. this at a time when 1 billion user accounts at yahoo! are hacked. ten years ago to have sold themselves to microsoft than they are to verizon. stuart: i'd love to know what bernie sanders would say about this. tens and tens of millions of
dollars for failure, i'm going to call it failure because it was. am i too harsh. liz: he tends to make a virtue out of incompetence. he said to a small businessman, i don't care about your income. so maybe he doesn't care. >> and fans, they don't mind seeing lebron james getting the paycheck. it's the guy end of the bench that offends them. in her defense, i would say once these tech companies kind of hit their see-- zenith and start to decline, it's hard to turn around. stuart: young people, they're not put off by the word socialism. a recent poll show four in ten of those underage 30 have a favorable or somewhat favorable few of socialism. what's with that, freeman?
>> the failure of the american education system. what can you say? other than the failure of our educational system when you look at the horror, the millions of people who died in the last century victimized by this ideology and today since 1999, what's happened with venezuela. we're seeing in real time, the disaster. stuart: something for nothing is attractive. who is talking to me. >> it's steve cortez. stuart: go. >> i recently gave a speech at de paul university here in chicago and as a trump guy walking in, i was probably as welcome as a red sox fan walking into yankee stadium you can imagine, but it was disappointing unfortunately when i questioned, i tried to have a dialog not just a lecture, when i talked what did they want out of politics, all i heard was free, free, free. i want free education, i want free health care, i want-- of course, i tried to explain to them nothing is free and somebody is paying, it's a matter who is paying, but unfortunately, i think too many of our universities and schools
have become practicety and i hope that's a policy of this administration and in fact all over the country. we've got to break to education monopoly. stuart: we can tell you're a trump guy, we can tell that. thanks to all, we lost the satellite on ed, but thank you, anyway. democrats threatening a government shutdown, all over president trump's plan to build the wall on the border. well, we're on that one for you. and congressman louie gutierrez, democrat, illinois, handcuffed and escorted out of a meeting with immigration officials. we'll tell you what happened. more varney after this. ♪ at fidelity, trades are now just $4.95.
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medical or dental procedures. eliquis treats dvt and pe blood clots. plus had less major bleeding. both made eliquis the right treatment for me. ask your doctor if switching to eliquis is right for you. >> the markets have come all the way back. we were down 30-odd points and now just 10, 20,870. this is the reason, actually, for the dow's decline. caterpillar tractor, it's down 1.7%. if it wasn't for caterpillar, which is a dow stock, the dow would be just about dead flat even. how about this one for you? pirates hijacked an oil tanker off the coast of somalia. not heard about this for quite a long time, liz. liz: in three years you haven't heard about this. a distress signal went out from an oil tanker on monday night. high speed boats loaded with pirates. so they took the boat, it's believed to be an oil tanker,
they thought it was owned by sri lanka, no, it looks like it was owned by united arab emirates. and now europe is involved and they're sending authorities to look into it, two dozen people, two men went onto the boat to seize it. stuart: thank you very much indeed. liz: sure. stuart: democrats are threatening to shut down the government over the border wall. it's part of the budget battle, that's what's going on here, so congressman louie gohmert, come on in republican from texas. i don't know why you're laughing. you know what i'm going to say. the border wall is part of the bugetary process therefore it needs 60 votes in the senate. they've got you. by parliamentary tactic, i know you're in favor of the wall, they've got you. >> actually it could go either way on that. it could be, maybe in the budget. i hope it is, and so, that it's
in the annual funding and not a supplemental that we add on after that, but then again, the president's talked about a trillion dollar infrastructure. we know that the democrats are desperate for that, but i hope that we put it into the annual spending and include it like we did backn bush was president, but napolitano said she wouldn't spend it on the wall. and stuart, when you think of the money that it will save, i mean, who can predict how much we'll save when we stop a-- well, billions of dollars of drugs coming into america? so, but i've got to give it to the democrats now. they are good about marketing their position. you know, when we in 2013 were moving toward a democrat forced shutdown, if you go back, boehner was doing everything he could that night, look, we'll agree to anything and the
democrats wouldn't agree to anything, they wouldn't even send anybody to negotiate and boehner was ready to cave whatever it took to avoid the shutdown, and then we got credit for shutting it down, even though harry reid did. so, i give credit to the democrats, starting now, with this letter that if there's a shutdown, it's the republicans fault. the mainstream media will grab onto that and that will be the sorry no matter what the democrats do to shut things down. stuart: face it congressman, they play politics better than you. >> oh, they do, but what they haven't counted on before was a president like president trump. they're not going to get the last word on this, if they think they are, and especially when they've gotten-- got 10 democrats in states that donald trump won. donald trump will not hesitate to go to those states and campaign on make their lives miserable. schumer is going to have the bigger problem in keeping them,
you know, aligned when they're losing their potentially losing their seats. stuart: in your meeting, meetings, plural, with president trump, did you imply that he would go to those states, which he won, but which are represented by democrat senators, did he say that? >> i don't remember him ever saying that expressly, but it certainly seems to be implied all along. i mean, he's donald trump. he's president, but he hasn't lost his sense of making a deal and if you want a real deal, then you put pressure on the people that pressure the person that you're dealing with and in this sense, the body you're dealing with is the democrats. so, yeah, i can see him doing that, that implication was there without expressed statement, but he doesn't sit still very long. that hasn't something we've had in the past and i'm looking forward to this battle knowing that we've got a
commander-in-chief behind us that knows how to lead. stuart: i know you've got to leave us to battle over obamacare's replacement plan. we'll say goodbye to you for now and we expect to see you again soon. >> thank you. stuart: check out the market, please. we're coming back a little bit. the sense of the market, it's largely lower, but not by much. down 20 points for the dow industrials. we'll be back. ♪ ♪ guyhey nicole, happening here? this is my new alert system for whenever anything happens in the market. kid's a natural. but thinkorswim already lets you create custom alerts for all the things that are important to you. shhh. alerts on anything at all? not only that, you can act on that opportunity with just one tap
>> this is congressman lewouis gutierrez, i think he represents in chicago. he leads the hispanic caucus, and he opposes building a wall and he's in handcuffs. liz: he's saying he went to a meeting at the local ice headquarters and they want today talk about hey, you're targeting dreamers, not criminals. when they basically, he's saying, after not getting the answers he sought, he staged a
sit-in, he heads the hispanic caucus and promptly told he's arrested. see the images there? th's louie gutierrez. stuart: congressman, got it. and jones, star of netflix's iron fist, he says that president trump is to blame for the negative reviews on his show. i'm not familiar with that particular film or movie. liz: you're not familiar with it, it's boring and has aimless story lines. it doesn't have a lot of story lines. he says it's hard to play a white, billionaire super hero since they have that in the white house. never mind that batman or ironman, i'm not buying that. stuart: i think the market is
on hold, actually. waiting for the interest rate movement tomorrow. and you've got to bear-- interest rates are very much on the mind of investors right now because you've got the yield on the 10-year troesh going up above 2.6% that means your mortgage rate is going to go up on 30-year fixed. and we're seeing the price of oil tumble, down a buck at $47 a barrel. that's not good news. but despite all of those negatives we're down 45 points, that's it, at 20,838. how about that? socialism on the rise with young people. membership in the democratic socialists of america, that's a political party, membership in that party trippled since the election. my take on socialism next.
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that ideology is quicking taking over the democrat party. it is certainly expanding its power and influence. consider this, card-carrying fully paid up membership in the democratic socialists of america, that is a separate political party. membership in the party tripled after donald trump's election. bernie is not a member. but the dsa is very much in line with his politics. he and they, want socialized he medicine, government care, a step i don't understand obamacare in the debate bernie has dragged the democrats further on to his left side. younger people not put off bit word socialism. a recent poll, four in 10 under 30 years of age have a favorable or somewhat favorable view of socialism. when bernie and socialists want to make america more like europe. cradle to grave welfare, paid for by taxes on rich. don't spend a dime on the
military. let someone else defend you. this drift to the left is gathering strength. the collectivists under the guise of democratic socialism are a major force in the democrat party. they want to take it over. they're challenging the old guard leadership which itself is being shifted more and more to that point of view. but i'm an optimist. i can't believe the far left can win the presidency. i can't believe that youngsters will continue their flirtation with socialism. europe's example is not exactly inspiring. i think it was churchhill who said, if you're not a socialist by age 25, you have no heart. if you're still a socialist after 25, you have no head. the second hour of "varney & company" is about to begin. ♪
♪ i'll take your hat, your hair looks swell ♪ ♪ mind if i move in closer, what is sense hurting my pride, baby it's cold outside ♪ stuart: we're ignoring the secondism of that song. sixth avenue of new york city. usually jam-packed with traffic. we're in the middle after a blizzard. some areas of the northeast could get as much as two feet of snow. midwest was taking a hit at last count. emac, tell me, the blizzard has been lifted for new york city even though it looks like one right now. liz: that warning, right. stuart: there is a huge pile-up in chicago. liz: big change reaction pile up involving three dozen cars on the kennedy expressway last night. it took police four hours to clear it. cleared it at 2:00 in the morning. uber vehicles, minivans, taxis. so seven were hurt, released
from local hospital with minor injuries. stuart: what a pile-up there in chicago. got it. check that big board please. there are two factors that are hurting stocks this morning. one would be interest rates expected to go up, three, maybe four times this year when the fed meets tomorrow. the yield on the 10-year treasury, like at two-year high. that means your mortgage rate is going to go up. here is the other factor, the price of oil way down off a buck now at $47 a barrel. we're swimming in the supply of oil. that's why it is down so much in price. 2:29 is the still the price of regular last gene. we expect that to fall as the price of crude oil comes down. how about valeant? that is a drug company. bill ackman made a big investment in it. he is walking away from the investment and will lose $3 billion. walking away cost the stock 10%. caterpillar, that is a dow stock. it's down sharply, 2% loss
accounts for some of the overall dow industrials loss. want to get back to my take, p of the hour. the rise of socialism, how socialist, bernie sanders i think he is the driving force in the democrat party nowadays. that is my opinion. "town hall" editor, katie pavlich. can you explaining why so many of those youngsters, four in 10 of 30 and under have a favorable view of socialism? what is going on? >> in the millenial generation, six in 10. there are more millenials, america's largest generation, 90 million strong who believe socialism is a favorable economic system than capitalism, the free market. the problem they don't really know what that means. they enjoy the benefits of free market capitalism yet they promote socialism in a way they don't really understand. i'm on college campuses all the time when i ask simple questions to students promoting socialism.
do you like your iphone? do you like choosing what kind of shoes you wear every day? do you like the choice of being an individual making your own decisions how you want to live, the answer is always yes which of course doesn't really compute with being a proper steward of socialism. stuart: take this premise further. my premise is that bernie sanders is the idealogical force within the democratic party. i said he may well take over the party or his supporters would. have i going too far with that? >> absolutely not. look at the dnc race for the chairman of the dnc everything was very far left. you have tom perez, who believes illegal immigrants have more right than american citizens when it comes to labor this country. keith ellison is extremely farthest are. the party really moved into that direction. hillary clinton in the primary had a lot of trouble because bernie sanders was moving to her left.
she in fact was more centrist in terms of her history, had to move to the left as a result of winning the primary. of course there was a whole rigging thing as well but she had to it move her positions to line up more with bernie sanders in order to get his base to vote for her in the november election which by the way they did not. he certainly has taken the party further to the left as the country has gone more to the center. stuart: they're making a running. they're the noisy ones within the democrat party. >> yes. stuart: because of president trump, that is what is going on here. look i ended mid tomorrow saying i'm an optimist. i can't believe a socialist would win the presidency of the united states. and i can't believe these youngsters would still be socialists when they have themselves a job, house, car, kids all the rest of it. i can't believe -- what do you say? am i being too optimistic here? >> i think my generation will certainly grow up a little bit and realize socialism as margaret thatcher said doesn't necessarily line up with the facts of life.
the facts of life are conservative. once they get older and real responsibilities they tend to change their political leans. i do want to say this generation came of an age in terms of going into the workforce with a very bad time. it was under president obama in 2009 had trillion dollar stimulus package. with had very limited gdp growth for eight years. when you get out of college and you have $100,000 in debt, you have no job, they place all that blame on the free market system when really it should have been placed on big government intervention and putting a wet blanket over the economy. so their grievances were mispoliced. they like socialism. they don't understand it. i'm optimistic. once they get a job, have real responsibilities they realize socialism doesn't fit with their lifestyle. stuart: thank you, thank you very much indeed. thank you. >> going to be okay but we do have a responsibility to be as stewards of the free market system to teach young people
what free rket are all b guess what? you can't blame them for something they have never been told. they're t being ld or ta about the joys of the free market civil in their college classrooms. stuart: you're right. thanks very much, katie. >> thanks, stuart. stuart: you how about this one? the rap, snoop dogg, has released a controversial new music video. real fast, lizzie what is controversial? liz: most high-profile rapper with a video making a direct threat basically shoot as gun at a man dressed up to look like a the president in clown paint there. senator marco rubio saying you shouldn't do that, snoop dogg. it should be noted it is wrong and against the law to make a direct threat against the president. stuart: if it were other way around, if it were singer doing same thing with president obama, all hell would break loose. you can not do that. liz: you're not allowed to do it period. but he is saying this is about police brutality and he is an artist and all that. marco rubio and other republicans saying this is
totally wrong. stuart: thank you very much, liz. we've got this. new this morning. boeing, along with what, i think 90 other aerospace companies, they have signed a letter, they're sending it to congress and they urge an overhaul of the tax system. i mean there is no surprises there, liz. what company doesn't want a lower corporate tax rate? liz: you're absolutely right. but the fact that it is 90, that is pretty -- stuart: aerospace companies. liz: aerospace. the defense industry does have the ear of the administration. they're supporting tax cuts. they want it done. stuart: i don't think it made much difference to their stock prices. >> no, it's not i'll check. stuart: all companies will do well if they get a bigger tax cut. they do even better when they get the tax cut. liz: that's right. stuart: we're down 50 points. we're waiting for the interest rate decision tomorrow. interest rates are already up on the 10-year treasury around the price of oil is down. that is why we're off just 45 points. that's it. the blizzard, well the
blizzard warning has been lifted for new york city. that is new york city's sixth avenue right outside of the studios here. as you can tell we're under a winter weather situation. but we all made it in. we'll be back. ♪ i'm so on fire for her. and she is so cold. she is so cold. ♪ if you take medication, you may sometimes suffer from a dry mouth. that's why there's biotene. and biotene also comes in a handy spray. so you can moisturize your mouth anytime, anywhere. biotene, for people who suffer from dry mouth symptoms.
stuart: how many times have we talked about the big department stores in serious trouble? how many times have we talked about ghost malls are coming because of online selling? now we've got news from neiman marcus. reuters is reporting that that big department store chain is exploring a sale of itself. that is the report we are just getting? liz: that is the report. they have nearly five billion dollars of debt. they're on list of s&p one of 19 retails under severe stress this year.
you pointed out earlier this is a tipping point for shopping malls and certainly the 19 retailers. stuart: there is $360 billion of worth of debt attached to these shopping malls around the country. a lot of that debt is not going to be repaid, in serious trouble. that is why so many shopping stores, department stores are going out. that is why we have ghost malls. neiman marcus, a name i've known for 50, 60 years now up for sale. liz: up for sale. that is quite a story. we'll stay on it for you. stuart: retail ice age. that is our story we got it. thank you. the president's scheduled meeting with german chancellor angela merkel has been pushed back till friday obviously because of the weather in d.c. yesterday i asked our frequent guest ralph peters about angela merkel. what does he think about her? roll tape. >> angela merkel who i admire tremendously. i mean we underestimate that woman all-americans know, she screwed up immigration.
she has been savior of europe during an economic crisis. she is a moral leader and she led the resistance to vladmir putin's aggression and generally insidious behavior. so i see her as a heroic, moral figure. stuart: a moral leader, heroic figure, savior of europe. come on in please, "daily mail" columnist katie hopkins, joins us from britain. you heard that. i take it you have a different opinion of angela merkel? >> i can't even believe what i just heard. i can't believe i heard someone say merkel is the savior of europe, and that on the day that britain looks like it will trigger article 50 to leave the european union. a lot of that is because of merkel. it's because of merkel, the mother of all migrants. i wrote down a schedule here in the last 12 months. february, may attacks.
july, shooting. july machete. july, bombing. laureate tack. august, axe attack. machete. that woman brought these migrants into germany to attack german nationals. if that is is the savior europe, is it connell peters? stuart: yes. >> needs to take good look at himself in the mirror. stuart: you said the brits, maybe today will trigger exit from europe. this is article 50. without getting bogged down into details here, this is the day britain says officially yes, we're out, is that right? >> that is exactly right. there has been all of this wrangling in the courts trying to overturn the decision because we made the wrong decision to leave but today is the day theresa may, sayrighwe're all on the bus. now we have got two years to leave the european union. negotiations begin. so it's a great day for people that he believed, believers, and
it is terrible day for crying snowflakes which are remainders. stuart: you are wicked. you are really wicked, katie. bring me up-to-date. >> just telling the truth. telling as it is. stuart: bring me up to speed on the election tomorrow in holland. geert wilders, told he will win but might not be able to create a government. i'm told his polling numbers in the last few days have not been good. bring me up-to-date on that election. because it counts over here you know, it counts on our market here. >> don't you just love polls as well? i remember a couple days before your election when we were told hillary clinton, 98% certainty of a clinton win. but in the dutch elections we've got gather willedders, against the democrats, prime minister. geert called the prime minister leader of foreigners. this is all about migrants. this is all about migration.
he is the antty islamist party. i think geert will get it. 40% of the dutch population are still under decided. i think we i will win, however because there are so many small groups he will not be able to form a government because no one will go into bed with him. no one has said they will go into government with him. so he may well but he will not form a government. stuart: what a situation. europe's falling to pieces. that is the way it looks to me. katie, you're always good and direct straight to the point. we appreciate that. >> absolutely. stuart: thank you very much, katie. see you soon. get a sense of the market now. my sense it is ever so slightly lower. it is a wait-and-see market. wait and see what happens with interest rates tomorrow. wait and see what happens with the price of oil which keeps coming down. we have a dow off about 50 points. the east coast, yep, snowstorm. by the way the snowstorm, the blizzardas been downgraded in new york city. now they're predicting only four
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stuart: as we reported moments ago they have downgraded the amount of snow that is expected to fall in the new york city area. four to six to eight inches is the forecast now. but let's get a forecast and a look at the entire storm as it affects the entire eastern seaboard. fox news meteorologist adam klotz has that for us from the weather center. adam, what have you got? >> you're right about this new york city, we moved this a little bit the national weather service changing where the blizzard warning is.
it's a cowell miles inland from the coast. everything in the red still a large area under blizzard warning throughout the area. still a very big storm, something folks will have to pay attention to. what happened along the coast? this shifted a little bit off to the west and to the north and we're getting more of a wintery mix. that will obviously be less snow, a little more rain of the drier snow expands a little bit more. that is where you see the big numbers. 28 degrees, but just a wintry mix in new york and same in philadelphia and stretching down to washington, d.c. how much are folks going to see? as i showed you right along the coast not very far much, but inland 18 inches, two feet. some people will be digging themselves out come tomorrow, stuart. stuart: adam, thank you very much indeed. now the cbo report, it said, amongst many other things, older people will have to pay more for health insurance with the ryan plan. dan weber with us, the ceo of association of mature american citizens.
dan, i think you still like the ryan plan even though the cbo says that older people will be paying more. explain yourself. >> okay. throw those numbers out. they're meaningless. it was unfair to ask the cbo to even score this because cbo doesn't have a crystal ball. people were not listening to the president yesterday when he said the marketplace is changing. stuart, there is a revolution in health care about to happen. it is the health savings account. it is going to radically change the way health care is delivered. look at singapore. they have health care savings accounts and they're tremendous results. 25% of the cost of, of our costs and a better outcome. stuart: let me get this straight. the health he savings account is an account in your name? >> yes. stuart: and you get your paycheck and money goes from your paycheck into that health savings account. it is not taxed? it is goes into that account
before it is taxed so it grows tax-free. >> exactly right. stuart: the president proposes that you can use that money in your health savings account for a lot of different things connected to your health. that is what you're really much in favor of that, right? >> your esteemed colleague, sean hannity, has a gentleman on says for 50 to $100 a month, you can get a local primary care doctor, no co-pay, nothing out of your pocket when you visit the doctor. add the savings feature to the health savings account, put in 100 to $200 a month and soon you have a catastrophic $6,000 for the health plan. catastrophic, who knows what it costs to get into a operation. post what the rates cost and operation is 20,000. if you can get it done for 12, you keep half the difference. take the $4,000, put it into the health savings account.
there is a revolution about to happen. problem with obamacare, it did not lower health care costs. this will lower health care costs. stuart: okay. you are the conservative alternative to the aarp. that is the way i look at you. dan, it was interesting to talk to you. thanks a lot, sir. >> pleasure. stuart: come back to see us again. we like that stuff. >> thank you. stuart: check out the big board. we're at the low of the day. we've been hovering around a 30, 40, 50 point loss. we're at 74, right there at 20,800. also if you read the mainstream newspapers, "new york times," "washington post," for example, all you see is doom and gloom about politics. there is a new poll however that shows a lot of optimism about money. so politics negative. money positive. we'll explain it all in a moment.
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stuart: you ever heard of euronet worldwide? well they are a payments processor. they have just offered to buy the money transfer company known as moneygram. they're offering more than a billion dollars. that is much bigger than a competing bid payment affiliate at alibaba. bottom line, somebody wants to buy money gram. they're prepared to pay more than a billion dollars. the stock is up 25%. no stock to quote on neiman marcus because they're privately held. there is big news on the upscale adopt store chain. they put themselves up for sale. this is part of the retail ice age and ghost malls that are acoming. the dow industrials down 80 points. just dropped below 20,800. get back to that cbo report on the republican health care plan. the mainstream media focused squarely, entirely i should say on the negatives.
couple of headlines for you. first off, an editorial in "the new york times." quote, trading health care for the poor for rich, for tax cuts for the rich. here is the "washington post," again the editorial board. this is what they are saying as a newspaper. the cbo reveals republicans health care cruelty. byron york from the "washington examiner" is with us the media has overwhelmingly come out negative about the ryan plan and the cbo report. overwhelmingly so. do you expect it? >> not a surprise at all. as a matter of fact, everybody in the administration expected the cbo report to be whait was. as a matter of fact, some of them had been trying to cast some doubt on the accuracy of the cbo report before it happened but look, the fact is it is a bad report for the ryan bill and it is a better idea to have more people have health
care coverage, and promise from donald trump was that more people would have it at lower cost. the question whether the ryan bill does that. stuart: yes. >> but there is no doubt that it's a problem for republicans now. stuart: does this then give the freedom caucus, the conservative s more room to manuever within the republican party and with president trump? because if the ryan plan is as bad as the cbo says it is, that opens up the door to conservatives who want to make a clean sweep of obamacare i would have thought? >> there are really two-ways to look at it and i think you're right about that on one hand the moderates say we need to do less, keep more elements of obamacare. the conservative caucus could say, we'll take all the hits. might as well do it the right way. so, i think there is a real possibility that whatever gets through the house, goes to the senate and the senate makes big, big changes in it. not sure where that will end up. but the senate when it receives a bill, it can basically control
a, select, alt, delete and start over. that could happen here. stuart: that means, i'm reading between the lines here, that means that the process of getting a reform plan in place, signed, sealed, delivered is now stretched out? it will take longer than we thought? >> you have to think so. remember, it took democrats more than a year to do this. they had 60 votes in the house. they had 237 votes, excuse me, 253 votes in the house, 60 in the senate. they had big majorities, a filibuster-proof majority for a while in the senate and still took them a long time to do it. paul ryan is much closer in the house. the margin in the senate we all know, just two votes. this could take a while. stuart: but president trump will now be much more active itly involved. i keep saying banging heads, horse trading, forcing the two sides together, making compromise. he will be much more proactive
in that negotiating process from here on out. must be. i think he is meeting with some republican leaders today actually on that subject? >> yeah, there is no doubt, donald trump, unlike his predecessor is doing exactly what he needs to do in this kind of thing, develop personal relationships with lawmakers, talk to them, find out what is important to them. what they need, what they can give up. that sort of thing is absolutely essential in passing something like this. if you go back to 2009, there was a lot of criticism of the obama white house for kind of sitting back and letting democrats in congress do the whole thing. it is called obamacare but it was really done by the democrats in congress. if trump will have his name on this, and he will, he needs to take an active role in it. stuart: will it be known as trumpcare? it must be. >> if it is passed, signed into law, how could it not be? he campaigned on repealing and replacing obamacare. so did every other republican
for last seven years. stuart: better be good what we get in the long run. if it is called trumpcare it better be good. >> he is thinking that way, yep. stuart: byron, thanks for joining us as usual. we'll see you soon. thank you, byron. by the way groups funded by george soros are planning big protests on capitol hill next week. i think it will be very theatrical. a protest against obamacare, right? liz: this thursday and friday. 23 house members, those in districts that hillary won, and nine senators, are going to be targeted by moveon.org. all hands on deck, basically -- will have props like crutches, stretchers, slings. they will show up on friday on capitol hill. stuart: it is tailor-made for a theatrical process. why not bring out crutches and white coats. liz: it is political theater. here it combs. stuart: democrats play the roll tubularly well.
i don't think republicans do a very good job. i will be intrigued to see what he they come up with. the. the snow is still falling here in new york city and many areas up and down the eastern seaboard. i want to check in with my good friend brian kilmeade who is on the radio right now. brian, i got to be your ratings, your radio ratings will go straight up today because lots of people have stayed home and they will be listening to kilmeade and friends on the radio, ain't that right? >> i think you're 100% right. here is the other thing, stuart. i don't have the meteorology background let's say you have, i know when there is a lot of snow, and i know when there is a lot of snow. i'm going to go with not a lot of snow yet. so far in the northeast, not inland in pennsylvania, i am somewhat saying what the heck is going on here? you scared us again and, mday is spring by the way, nothing really accumulated yet. i ayed in a hotel it last night.
barely allowed me -- you have to walk in single file and you see just the bed there. and then there would be shower knob on top. because it was sold out in new york city because everyone was scared not to get to work, that is what i put up with, there is not much snow there. we should be able to handle this stuff. put on a little moisturizer and handle it walk into the snowstorm. stuart: i was in the same hotel as you last night, you're the one who kept me up all night playing the loud music. were you playing rolling stones at midnight? i think that was you. that was you, kilmeade. >> a lot of people don't think i should bring my accordion to a hotel room because some of the walls are paper thin. i need to relax of the it is fantastic. my thermostat was stuck at 80 degrees. i usually can work a thermostat. i couldn't, it was so small, the printing, i had to call downstairs, walk me through it like it was apollo 13. stuart: my producers are telling me enough with kilmeade and his
hotel room, move on. that is what they're telling me. i want your take on the current rise in socialism among youngsters, particularly bernie sanders style socialists there is a new poll, four in 10 of 30 somethings, people under the age of 30 have a favorable view of socialism. can you explain that? >> yeah, i think i can and i think it goes back to fundamentally, if you learned anything in social studies, they talk about leninists and marxists, good guys and democracy an capitalism, not perfect what the best there is. we're told compete best you can try to win. however now we don't keep standings. we don't keep goals against. we compete. scores don't matter. guess what happens. if you graduate college and scores don't matter, you look at that wide open field and you don't want to compete. so you say, i would rather be a tie. what is socialism? the ultimate tie. we all get some money. we all do a little bit. we have kind of a good career. go on kind of good vacations. we want to go out to try to wi
this generation has to go out to get the trophy. come in first, come in second, figure out why you didn't win and go win again. it is mentality i can't win, so i don't want to play. stuart: this is why a lot of people are listening to you, brian. it has nothing to do with the snowstorm holed up in a nice, cozy house. you have the correct opinions when it comes to socialism. you're a good man. i will go so far to say you're not a pocket hercules. oh, no, you are a mighty hercules on the right. that is why people listen to you. last word to you? >> explain what you mean. bulgarian superstar, on fox news channel. stuart: yes you did. >> you gave me the ultimate compliment. for that i will never forget that. stuart varney, you're the wing of business and king of radio for this brief moment and cut me off to go to somebody smarter. stuart: right on all counts. you're cut off.
see you next week, brian. this is from south korea. u.s. special forces including by the way, seal team six, planning to take part in a war drill with their korean counterparts. seal team six knocked off bin laden. liz: that is exactly right. for the first time seal team six will take part in a huge war drill that will happen in south korea. it is an annual exercise that they're doing. so you're seeing right there fighter air jets taking off there. so you know, this is meant to take out the north korean regime? that is how north korean is interpreting it. stuart: a warning shot across the bow. liz: certainly is. stuart: seal team six is there. f-35s are there. missile defense system. all moved up by president trump. knock it off by north korea. liz: merciless counter attacks coming their way. stuart: they're used to that kind of language. lizzie, market at the low of the day. w we're down 86 points. we're waiting on the interest
rate decision tomorrow from the federal reserve. interest rates are already rising this morning. that is a negative for the stock market and the price of oil is down roughly one dollar a barrel. all of those are negatives for the market and the market is listening to them and taking the dow down 86 points. how about that blizzard? the well the blizzard warning is withdrawn from new york but across the country, i should say across the northeastern region it looks pretty grim, doesn't it? ain't you glad you're inside watching tv? we'll be back. ledge. why don't you just go to thinkorswim's chat rooms, where you can share strategies with thousands of other traders? mmm, blueberry? tap into the knowledge of other traders on thinkorswim. only at td ameritrade. 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.
♪ liz: now this. democrats threatening to shut down the government over the border wall. part of latest budget battle. listen to what congressman louie gohmert about that. roll tape. >> i really hope we put an end to the annual spending and include it like we did back when bush was president but napolitano decided she wouldn't spend it on a wall. and stuart, when you think about all of the money that it will save, i mean, who can predict how much we'll save when we stop, well, billions of dollars of drugs coming into america? so, but i got to give it to the democrats now. they are good about marketing their position.
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stuart: you want to hear about a big deal? we have got a big deal to tell you about. how about this? volkswagen wv reportedly open to fiat chrysler merger talks. what do we know? liz: 25 billion-dollar deal. came out the volkswagen ceo said this at a conference overseas. he saying you know what? i wouldn't rule out a merger with fiat chrysler.
he hasn't talked to sergio marchionne at chrysler. big shake-up of robot cars and ride-sharing services there could be consolidation coming in the car industry. stuart: wouldn't that be something. got it. snow is falling. cars stuck all over the place. flights, thousands of them canceled. we'll bring in jeff flock at o'hare airport with the latest. what can you tell me, jeff? reporter: i have to foot of snow in my front yard. i didn't have to stay at hotel to get to work. but i digress. cancellations even as far as chicago. all the laguardia flights canceled. all the newark flights canceled. all the boston flights cans i would. all the washington flights canceled. we don't have too many people stranded, because people knew about this. heres the latest number on cancellations 5036. it's a mess out there. i hear you doesn't even have very much snow.
stuart: in new york city we got enough to shut things down, that's for sure. it is most unpleasant. jeff, glad you're indoors. see you shortly. president trump holding, he has phone calls today with the ceo of anthem. he is talking with the health and human services secretary, that would be tom price. he is talking with paul ryan. and he is talking with the house majority leader kevin mccarthy. what are they talking about? the health care bill of course. and negotiations to get a replacement going for obamacare. house majority whip, congressman steve scalise joins us now. from what i'm hearing, congressman, is that because the ceo really trashed the ryan plan, the president now has to negotiate and give some concessions to the freedom caucus, that the freedom caucus is the one that will dictate the new plan. what say you? >> we've been meeting with all of the different caucuses within our conference for weeks now. in fact if you look at the bill that we got out of committee last week.
i was on commerce committee. 27 hours we debated, took amendments. every member on the committee voted the bill to move it forward. we're very close on differences people might have different way they want to do things. cbo confirms big items in the bill. lowers costs, lowers the deficit and cuts taxes. stuart: hold on a second. one of the sticking points for the freedom caucus that tax credits replace subsidies. they don't like tax credits. are you near to a point where you abandon the tax credit idea? >> well you know there were changes made to the tax credit back about two weeks ago to address some of their concerns but if you look conservatives for years have had the tax credits in different bills that they have had from jim demint to tom price before he was hhs secretary, to rand paul. he has refundable tax credits in his bill. at the end of the day what we want to do first give individuals freedom in health care so they chan choose their own plan. that is front and center in our bill.
we do a number of other things but medicaid reform is a big part of our bill too but helping low income families to buy the plan through their choice if they can't get it through their company, their employer, that is really the heart of the tax credit and helps people buy the plan they want. stuart: i will ask you the same question i have asked folks involved in the health care debate and it is this. if a poor person, get as catastrophic illness, cancer for example, who pays? under the system which you're proposing who pays? >> if they have got a health care plan, obviously their health care plan pays for their coverage. we're setting up the ability for states to do high-risk pools for people with preexisting conditions as well. that is something that will dramatic help lower costs. our big focus was giving families the freedom to choose their own plan, lowering costs which is opposite of obamacare where you have increasing costs. lowering the deficit, being able to make sure that people can buy whatever they want, those are all parts of our bill but there
is a lot more that will be done in stages two and three where secretary of hhs price has broad authority to do even more things that will lower cost that cbo can't factor in. when you look at the cbo report, it helps bolster our argument, because it shows we'll lower costs. even when they say 14 million people will lose coverage. those aren't people losing coverage. those are people choosing not to be on obamacare. that is not losing coverage. stuart: we took issue with that number. 14 million will lose insurance by 2018. no. 14 million people will not choose to get or be forced to get insurance. that is very important. steve, i know you're a busy guy. i know you have to get right back to the negotiating table. we wish you the best of luck. thanks for reporting in to us this morning. >> always great to be with you, stuart. thanks. stuart: thanks very much. let me give you a sense of the market with the dow industrials at the low of the day. a lot of red on the screen which
means a lot of stocks are on the downside for you. here is what we have next. varney viewer hate mail. not exactly hate mail. a lot of people are angry with me about being impatient for the tax cut and obamacare. they don't like me being impatient. more "varney" after this. yes? please repeat the objective. ♪ thrivent mutual funds. managed by humans, not robots. before investing, carefully read and consider fund objectives, risks, charges and expenses in the prospectus at thriventfunds.com.
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stuart: you know some people are calling me impatient for the new republican health care plan. mio? impatient? listen from dale. stuart, i love your show and your style but please stop with the impatience. i'm a small business owner and a conservative republican. i've been a strong trump supporter since he came down the escalator at trump tower. he has been president for less than two months. as one of millions who voted for trump, i can assure you we are not impatient. if it takes him four years to fix the mess obama left us, that will be fine with us. in my defense, i believe that we've got to have -- [laughter] liz: let me hear it. stuart: look, if we delay too long with the tax cut, we won't get a tax cut. we won't return to prosperity and we won't get the economy growing. so i do apologize for banging the table and being a little impatient but i'm sure, you liz, can understand where i'm coming
from. liz: i can. you've been impatient for eight years. stuart: 6years. liz: i personally have the patience after goldfish. i have no patience. i hear the viewers. cut the president some slack. he is working the phones. he is working hard. we haven't seen this action in the white house a very long time. hope he will get it done. hope and change the subject for you because it makes you really mad if you don't get it. stuart: doest make me really mad. it makes me disappointed. if republicans have the house, senate, the white house. they went to the electorate we'll cut taxes and make the economy grow. you have got to do it. liz: you're absolutely right. there is red wall rising in flyover states. they wanted it. they voted the president in. vote the gop in to get it done. stuart: i don't deny it will be uphill struggle to reverse eight years what i didn't approve of but nonetheless get on with it. liz: get on with it.
stuart: some of us are scratching our heads over the trump aby no big selloff? the dow has gone virtually unbroken. it has done that without a correction or crash or one day selloff. especially with the extreme political turmoil surrounding the trump administration. the explanation is in the divorce between politics and money blue negative, divisive, stop and block politics, confidence, growth in the world of money, separate. justin, the wells fargo gallup index shows the biggest jump in
optimism in many years and jumpstarted with the election of donald trump. political lies tell us one thing, financial lies tell us another blues if you are snowed in this morning or in california or florida, forget politics, logon to your 401(k) and smiled blues you are still doing well. the third hour of "varney and company" is about to begin. ♪ there is a killer on the road ♪ stuart: the doors, spiders on the door blues i knew it well back in the day. check the big board, session -- off of session lows, we are down 86 moment ago, now we are down 55.
look at the airlines, 6000 flights being canceled because of the big storm in the northeast. airline stocks down 3% on this storm day but we have a list of stocks we call storm socks they would be generac, briggs and stratton, home depot, the ceo of generac will join us later in this our blues you are looking at airline stocks, those storm stocks are lower. you by storm stocks in advance of the storm, not the day of the storm blues netflix build for storms. more people have netflix at home now than have a dvr. look at oil driving some of this
downside move in stocks blues we have $47 a barrel oil, down 2%, huge supply, down goes the price despite opec production cuts would look who is back, the author of american mojo, peter kiernan. why is oil so important? 's >> oil is important. people underestimate it, especially the saudi's blues last thanksgiving they said we and opec will get together, reduce production to make the price go up thinking we will milk it very well and the rest of the world has to pay and suffer. the united states has become a massive player, we are at 9 million barrels a day on our way to 10. americans won't sit back blues we have a powerful voice in the world oil market and we are producing it. stuart: why is that bad for the rest of the stock market?
>> it creates a bunch of issues for people competing in the oil business because they are producing at lower oil prices. why produce with lower oil prices? one of the sweetest sounds in texas, $100 oil, 2% interest rates, that says borrow borrow borrow and pump pump pump blues if you pay to present you are getting $100 a barrel. those honeymoons don't ask forever blues we have a bit of a contraction, oil around 15 bucks but the thing remains, these guys have to pay down their loans blues they got to produce. stuart: oil stocks on all of them on the way down. the other side of the coin, this is good news for the market, small business optimism remains
pretty close to a decade-long high if i'm not mistaken. speech is a great time to be a small business person blues having been a small businessperson and investing in small businesses which are getting an accommodation everywhere you look. the regulation seem to be more reasonable. one thing donald trump has been doing is every major department in the federal government has been asked to appoint a regulatory chieftain, a diviner of regulation sanity. what are the dumb regulations that block small business? get rid of them. that makes business people feel good. stuart: we have not seen that kind of environment for small or large businesses in a long time. >> if you think about starting a restaurant you got to go through 10 regulatory -- if you want to open a male salon in some cities, seven regulators and
approval stampers have to be gone through before you can put buff on somebody's fingernails blues we have gone over the edge and trump is pulling us back. that is something small business embraces. stuart: the talk about a very big merger. more news on neiman markets. the company put itself up for sale and ebay listed. what does hudson bay do? liz: they own sax merging with neiman markets and lord and taylor. these are markets owned by canada's pension fund. they bought neiman markets for $6 billion. hudson bay saying if we buy neiman markets you got to get rid of billion death pile.
i don't see that happening. stuart: a lot of these department stores are in serious trouble blues we are not shopping the way we used to shop. online guys are leading their lunch. the people like neiman marcus are in deep trouble. liz: they walked away from macy's because of that. stuart: this is the merger i want to talk about, volkswagen opened to a merger with fiat chrysler. did i hear a $20 billion price tag? liz: you were saying to peter about the value of snapchat -- stuart: this merger places the value -- liz: we don't know yet which the ceo is open to a possible deal. he has not heard back from sergio markey only at chrysler coming out of the emissions
scandal with the epa, the epa dialing back, robot cars coming down, right handling apps like huber and gm. stuart: i am laughing because if you value chrysler, you are valuing fiat chrysler the same as snap which is different here in this disappearing picture ap apps. >> i will explain why people overpay in markets. if you pay valuation, you say about this these auto companies are in a bind, gm has never made money in this and i think a lot of these car companies have pulled into a cul-de-sac and the only way to get back to growth is merge and consolidate and get scale. stuart: jobs have to be on the chopping block, vast overcapacity. 's >> jobs will be on the chopping block no matter what whether
these companies merge or not blues there will not be enough -- we are driving more miles than we ever did before but we are paying and using less fuel to do so. people are looking for different cars, electric, all these things, if you are not predator you are pray. stuart: uses cell snap, the short of the century, that is the low price for snap. 's >> i thought it would be the high, i lost for $2, anyone who is disappointed and wants to get back at 17 get your chance, it is going to be down to 17 again. stuart: thanks very much. britain's exit from europe cleared the final hurdle, parliament passing the bill allowing prime minister teresa may to start talks to leave europe blues this is the day they officially say goodbye, sayonara, we are out of here.
why should i care? i am an american investor? speech is used care whether brexit happens because just like in the bible lots of other things. another independence referendum can'happen while teresa mason is so. she may say yes. tomorrow they are going to the polls. these things have predictive value. following on that is france and germany. watching the united states very closely, if this turns into the new shape of things in the world that is great for american investors and american exporters and good for us. stuart: europe breaks up, we love it because the money pours over here. >> we will have bilateral trade relationships with each of these countries rather than one giant munificent in belgium. stuart: you ever been? >> never to see the sun. i have never been there when the
behind brexit. i'm told, they slipped a little in the last few days. let's say that proposition, why should we in america care about a vote among the dutch. >> the global revolution 16 was with nigel faraj and trump winning and the italians getting rid of the prime minister in a referendum is going to continue. that doesn't mean every election will produce a dramatic result. it would be a day to go virtually neck in neck with the
prime minister you would have said i was looking something. the fact he is neck and neck shows amazing advances that have been made. through the netherlands, the french election you will see a continuous of this revolutn against global governance. why should people in america care? the european union was the prototype to what hillary clinton wanted your country to be a part of. the netherlands might not be huge significance, do not underestimate the magnitude of the french presidential election process which will end in may but it will be a battle, macroin believed in supernational government and penn believes in nationstate democracy. if she was to win the effect of that on global politics would be as big as nigel faraj or trump.
stuart: president trump will meet angela merkel friday. a frequent guest on this program is lieutenant colonel ralph peters. he spoke glowingly about angela merkel and the soundbite of what he had to say about angela merkel. >> angela merkel who i admire tremendously, all americans know is she spirited up immigration, she has been the savior of europe through an economic crisis, she is a moral leader and she has led the resistance to vladimir putin's aggression in the city donation city is behavior. she is a heroic moral figure. stuart: savior of europe, heroic moral figure blues what says 22?
>> when the global crisis hit in 2008 she was the senior political figure in europe and took control of the entire situation which ever since that day we are living in a german dominated europe. think about history. that was what the european project was supposed to stop. maybe he is right. she did save greece and italy and spain and the others because they are still in the euro ten years on. real leadership would be to recognize during that crisis, the mediterranean countries were not suited to join the euro zone and would lead to mass unemployment and misery and real leadership is to recognize when you got something wrong rather than plowing on with the same project. she may have been successful in germany with election after election and up until the
immigration event she was held in high esteem but frankly if you were to use her name right now in a coffee bar in the mediterranean they would probably spit on the floor. stuart: nigel faraj telling it like he sees it, see you again soon blues we are in the thick of it in new york city but if you are in sunny florida or california laugh it up. next on the show the ceo of generac, the stock went up in advance of the storm. the ceo is on after this.
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>> two rate hikes, moving the june rate hike tomorrow. and positioning three rate hikes and possibly a fourth. >> a strong vigorous growing economy and she is trying to slow things down, that is usually too late but this was in june and she job roundup to make sure it was this particular view. stuart: i want to bring in the ceo of generac which sells those nice fancy generators. they do very well during storms. aaron jackfueled joins us now. you pray for these storms, don't you? >> we pray for people to be safe during the storms but howard is go out and we want to make sure -- those market they are impacted was we are there to
help. stuart: you have been on this program for several years. we bring you on when there is a storm of some kind. your business has expanded dramatically in last few years. >> the power grid has been a mess lose if you look at the american society of civil engineers annual report card, it graded the infrastructure at d plus and energy and power and distribution are important parts of the infrastructure but our business has grown. stuart: it is not the extreme weather, the storms, but the way the grid has been run down. used to been with that problem. 's >> when you say why is this problem happening in the last two or three decades, deregulation played an important part in keeping utility rates
low for businesses and homeowners but the flipside is dampened the long-term investment needed in power generation and that correlates to poor power quality. stuart: thanks for joining us. appreciate you being with us. dow industrials were down 86 points and now we are down 20,850. back in a moment.
youngsters with? >> i'm not doing it, maybe my colleagues are but i'm trying to instill in my young people the notion that markets are good in capitalism is great and go out and start a business and contribute to america. they don't want socialism, they want democratic socialism, income redistribution, everybody under $200,000 should be taxed at 75%, typical democratic hill staffer. they want to take stuart's money and give it to someone else. i don't really think they are socialists. stuart: i was idealistic many years ago. what changed you? what will change these youngsters who speak favorably of socialism, what changes them? >> they have to earn a living, have the regulatory state
frustrate them, they buy a house and the sun has settled in new york city and the government taking away all kinds of taxes blues that changes your mind fast so you ask how much am i getting for my taxes and what are my taxes going to support? these people drop off obamacare, falling out of medicaid, 35-year-old guys who don't work, aren't willing to look for work, sit around watching espn, spge off their girlfriend and get food stamps and medicaid which i have no trouble having them fall off the rolls and not having health insurance, in might inspire them to get a job. social security giving out biggest disability these days but you become aware of those things and change your mind unless you live in new york city and vote for palacio. stuart: i got to digressed to one other quick thing. i will digress to the situation
in socialist venezuela, hardly a utopia which it has fallen to pieces. 's >> 70% of people in poverty. it is a stampede, refugees coming to this country is up since 2014, the number of people fleeing venezuela. bernie sanders has yet to weigh in on it and argue oil price collapse, canada has major oil reserves and that economy is not in collapse blues this is socialism destroying and oil-rich country, waiting to hear bernie sanders or sean penn weigh in on socialism collapsing. stuart: do you have a comment? >> they have enough oil to embarrass the saudi's. with oil at $100 a barrel, not
have enough money to feed your kids, staff your hospitals, make the organism run tells me they have run amok with the money. stuart: back to peter morici, the federal reserve. interest rates rising, the 10 year treasury is 260 and tomorrow we get the interest rate decision from the federal reserve. are we going for three rate increases or four? >> no more than three especially if donald doesn't get a tax cut by august. a lot of this euphoria in the market and emotion air freshers will rebate if he doesn't get s tax cut beuse oil prices are falling blues a lot of the inflation is not just the price of gasoline rising but higher oil prices filtering through the core inflation but things like nurseries, flowers, influenced by gasoline and oil prices
falling back because of increased drilling activities so my feeling is this is a temporal surge of inflation and unless something else boosts demand like a tax cut i don't see this situation being threatening, unfortunately, she is a democrat. the place is full of democrats. they did him a favor, they kept rates arbitrarily low and letting people borrow money even though he was taxing them and they are not so sympathetic to mister trump. they would like to -- this is the mantra on the left. a lot of people on the left, mister trump gets nominees in their. and getting places like goldman
sachs, as much sympathetic as he likes. stuart: teach some capitalism to those youngsters. peter kernan, janet yellen is politicized. speech into different view of growth and that is the problem. and they job owned those things, like a rate hike, having been tomorrow, wasn't necessary. the jobs report is good, wasn't overheated and we have something where one part of the government pushing for growth and the
trouble is a slower pace, the fed, this cannot be making donald trump happy. they will be at each other. stuart: i hear some heavy breathing. 's >> she is a central banker who likes to regulate the economy and substitute her judgment for that of consumers and investors and kernan is agreeing to. stuart: why are you droning on about the fed? that is pretty good, that is a drone. president trump now says the cia can decide who we drone from the sky. judge napolitano: constitution says congress shall declare war. modern presidents decide they can declare war blues the present president will let the
cia decide which is that what has become of constitutional power in this country? stuart: this is a major switch. before this was it not the president who decided not on which target but the cia can determine the target. judge napolitano: as grim as this sounds the president personally decided the target was an american, four americans were killed, human beings born here, radicalized elsewhere but born here, personally decided when an american was the target. i don't think he personally decided other targets but participated in that and had a group of people, military, law enforcement and intelligenc dona trump given it exclusively to intelligence agencies given to one of them, the best-known the cia. stuart: you don't approve what is best able to decide who to
kill? surely the intelligence agency. judge napolitano: these decisions -- it is very dangerous to remove power from one branch to another -- stuart: we want to get that guy. that is what it is. if he will not accept anything. judge napolitano: the constitution means what it says which i accept the negative appellation. stuart: it has reinterpreted. judge napolitano: congress should declare war, the cia -- stuart: a man who believes taxation is theft is not in a position to address the constitution in 2017. judge napolitano: hardly in a position to criticize one that is. why do i keep coming back for this? stuart: i will tell you why i
bring. because of ratings. we have come to an end of this constitutional fanaticism, your time is up. judge napolitano: you like my necktie. stuart: that is a pileup in chicago, 34 cars piled up on the kennedy expressway. seven injuries, minor injuries, the impact in chicago. we are california dreaming blues east coast slammed by deller but look at santa monica. we will be right back. at fidelity, trades are now just $4.95.
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yellen alludes to more rate hikes. 6000 cancellations, 2800 delays into tomorrow, all down arrows food energy with down arrows as oil pulls back, valiant down 82%, bill ackman walked away wi selling his entire steak, dow component at a new 52-week high gets positive comments from guggenheim on its highly anticipated beauty and the beast friday. keep it here on foxbusiness. and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain, or adempas® for pulmonary hypertension, as this may cause an unsafe drop in blood pressure. do not drink alcohol in excess. to avoid long-term injury, get medical help right away for an erection lasting more than four hours. if you have a sudden decrease or loss of hearing or vision, or an allergic reaction, stop taking cialis and get medical help right away.
stuart: report from government been counters known as the congressional budget office, 14 million people will lose their healthcare under the new republican plan by 2018, almost an immediate loss of 14 million people from their insurance. check out these headlines from the mainstream media about the report, washington post, cba reveals republicans healthcare will see. new york times, trading healthcare for the poor, tax cuts for the rich. larry elder, salem radio, nationally syndicated talkshow host, how do you feel about this? the media is overwhelmingly negative about the reform and replacement of obamacare, and it is the same in southern
california? >> absolutely. the media believe healthcare is a right and other taxpayers should pay for that right. the problem with replacing obamacare is it runs against two important principles of economics 101, competition is quality, accessibility and affordability of any commodity and healthcare make no mistake about it is a commodity blues the second principle is there is no such thing as a free lunch but you get 20 million americans healthcare insurance, tell insurance carriers if they can't exclude people because of preexisting conditions, they can't kick off a kid until he is 26 years old if he wants to remain on his mom's health insurance plan it is going to cost money, and obamacare not only repeal but replaced, they own it, a question how much it is going to cost. stuart: sound like you are with the freedom caucus, you don't like the ryan plan, you want
something completely different. of that is where you are coming from, you are in a strong position because the cbo trashed the ryan plan, incomes president trump, has got to get a deal going, you put pressure on the ryan people to compromise more with the freedom caucus people, the conservative people, not exactly in the drivers seat but got more influence today than you did this time yesterday. >> politics are still in favor of the anti-repeal and replace people, and if anybody is worse off, anybody can no longer get health insurance and a preexisting illness under obamacare, and coverage of how cruel and mean and nasty these republicans are. stuart: difficult to get over
that, and to go after any touching of obamacare. >> they need to make the argument obamacare is collapsing of its own weight we did hillary clinton were in office she would be in trouble because of rising premiums, co-pays and deductibles which make obamacare unaffordable even though they call it affordable. if you argue the federal government should provide healthcare for everybody as opposed to letting the free market deal with it which is what i believe. stuart: i you sitting in sunny california laughing at us frozen yankees in the northeast? >> for 25 years i lived in the midwest so i feel your pain. it is comfortable turning on the television and looking at all the snow and walking out in 75 ° heat. stuart: thanks for joining us, great pleasure.
an interesting story about those shopping malls, one that looks deserted. ghost malls, investors are betting against these shopping malls and department stores because they have such competition from online sellers. we had a report that bad debt on the part of shopping malls could create a credit crisis in america. >> it will be a big credit pain in the neck. you have sears and macy's looking for strategic options including the exit door. the basic business is broken. macy's is really troubled, has profitable cash flow policies so the death march we are on is how quickly can staples are these retailers reduce the unprofitable stores and pared down to the ones making enough
money to survive and pay their best? stuart: that is the story of ghost malls. >> if you lose the big anchor tenants on either side that is when tumbleweeds blow through the parking lot because they are the beacons, the people that bring the troops in belize if people are coming and they won't go to starbucks or other places, mall is an endangered species as structured now. stuart: check this out please. you are about to see three-month-old oh in crafting, son of our producer, eric cresting. they are watching our show this morning right now. mom says he is transfixed by me. so glad we got that on the show blue to be a good young man, you are a fine youngster. ♪
♪ baby love ♪ baby love ♪ you gonna bring up that stock again? well you need to think about selling some of it. my dad gave me those shares, you know? he ran that company. i get it. but you know i think you own too much. gotta manage your risk. and you've gotta switch to decaf. an honest opinion, even if you disagree. with 14,000 financial advisors it's how edward jones makes sense of investing.
turkey. that should influence the dutch vote. live from the hague with the latest. >> coming from the capital of the netherlands where there are elections tomorrow. even regional superpower turkey is involved in the action stemming from a riot we saw over the weekend sparked by a decision from the government, prime minister to block two turkish miniers from speakg fore referendum in turkey next month. the turkish president angrily blasted the move branding the dutch as not the remnants, blaming them for atrocities in the balkans and flapping diplomatic sanctions on them.
we asked about this dangerous spat between two us and nato allies. what can you tell the united states, what can you reassure about your relationship and the nature of nato? >> we tried to compromise and in the middle of that negotiation turkey threatened us with sanctions and we can never negotiate on a threat. >> reporter: this is a response to tougher talk, populist politician about turkey and a range of issues like closing mosques, blood blocking muslim immigrants, resonating with the dutch, his party was said to be the number one votetaker in parliamentary elections. as we have seen, he himself is pulling a lot of punches here and causing a lot of stir here
>> two industries where consolidation going on. volkswagen, fiat chrysler expressing interest in merger with vw as the european car industry slimming down. the second industry is the department store, sort of business. as we got news on that one as well. neiman marcus put itself up for sale. we're told reportedly that hudsons bay which runs lord & taylor and saks, they're interested in neiman marcus. there you have it, consolidation in two industry, peter. >> more to come. watch the oil price. last time depression in oil patch in the '90s.
big mergers in oil. >> you predict boast malls? liz: you feel like you're the last person alive when you stand in the ghost malls. >> that bad? our time is up. charles payne is standing by ready to take it away. sir, it is yours. charles: hello, everyone, i'm charles payne in for neil cauto. we're watching number of flight cancellations thousands without power and we'll have more on that coming up. but first, to the firestorm in washington over the cbo report on the gop health care bill. blake burman is at the white house with the latest. blake? reporter: hi, there, charles. speaking storm you saw our camera get knocked by. we're getting a little bit here. this is something for republicans and democrats to hammer home. we're talking about pr