tv Varney Company FOX Business September 26, 2017 9:00am-12:00pm EDT
>> we want to tell you to join us tomorrow live in washington as the president unveiled his tax land. we will be there in washington with a great group of guys here at "varney & company" joins us right now. stuart: maria, thank you indeed. the great game of football, fans don't like it, viewers don't like it, but we've got something ridiculous last night. good morning, everyone. picture this. dallas cowboys all take me beard owner, jerry jones come included. he previously said he wouldn't tolerate such protests but they did this before the end them. what a fine distinction that is. their opponents, the cardinals locked arms with members of the military. which side are they taking? kaepernick, president trump, conclusion rains. cowboys fans largely booed. the big loser in all this in my
opinion, the nfl has lost credibility. game operations, all players must be on the sideline for the own. stand at attention, face the flak. they have failed to enforce that rule and we now have the case pa tv ratings for sunday night's game the lowest since 2006. but get this. pregame show ratings are up here the president explained it this way this morning. breeding for nfl football or way down except before the game starts with people tuning in to see whether a country will be disrespect it. this is the oxygen out of the real issues that affect your money. for example, for example, in 90 minutes president trump meets at the white house and its crunch time on tax reform. after the meeting, committee members may take statements that could move the market. example two, obama is all but dead. senator collins became the third
novella. that means we are stuck with a failing system. example three, puerto rico, no power, no water, no school, very little food, thousands stranded because the airport in san juan can only handle a few flights a day. the island needs a massive aid package. taxes, health care, puerto rico, disaster all vitally important that they've all taken a backseat to monday night football. it is exasperating but will fix it. "varney & company" is about to begin. ♪ listen to this paycheck to this paycheck at the fact stock is not moved yet much, but aqua fax ceo, i think it is the cle. is that right? the stock is halted right now. it should tell you that. down about 25% since news of the
massive cyberbreech broke nearly three weeks ago. this ceo is out, stock halted. the overall market here's how we're going to open in 27 minutes time. up about 18, 19 points. they've been at the center of all the action lately. lots of money has been taken off the technology table. most of them are up a fraction today after their big losses. we'll follow this this up in the market opens shortly. still out $40 a share from $43 a couple weeks ago. the self driving cars to take on tesla and its autopilot system. who thought it would be so big for gm. just over an hour from now, trump meets with democrats from republicans on the tax writing
committee. here's a congressman go mark and renée c. said about tax reform on the show yesterday. roll tape. >> we will pass a tax cut, we are. stuart: you don't have much time peer >> i know. we are going to get it done. stuart: he said it appeared they were emphatically going to going to get it done. harlan hill is a member of the trump for president advisory board at the white house yesterday. from your judgment as of right now, i say they are going to get the 250 votes in the senate and 218 votes in the house. am i right? >> they are and they have to. they either deliver on this and make that they will and there's a lot of confidence in the white house that the bill can be done. but you know, it remains to be seen whether the leadership on the hill has the wherewithal to deliver the votes because they continue to disappoint the american people time and time again. stuart:.it's incredible the republican party with a majority in the senate faces questions
about whether it can get 50 votes in the senate. i'm sure they will. you have to believe they will. >> the american people have given the ultimate gift to the republican party. the democrat party is now a relevant in terms of governing. 44 governors, two thirds of the legislators, house, senate, white house all republicans. overwhelming control across every aspect of our government. and they still cannot deliver a comprehensive reform, whether at the state level if he needs to happen that way early taxes at the federal level. they cannot do it. stuart: here is the broad outline. one for $5 trillion in cuts over the next 10 years or 20% top corporate tax rate, 25% small businesses, 35% for individuals. that is the broad outlay. is that what you're hearing? >> it is. what i like about the president's plan is he saying he will not give -- he doesn't want to focus tax cut on the ultra rich. he was to focus on the american
middle class and people struggling to make ends meet every month. that's what he wants to see the bulk of this tax cut happen for the american people as those corporate tax cuts. stuart: you were at the white house discussing taxes yesterday. just as this nfl stuff was going on, left, right, center. >> ivanka. >> now my wife, but -- [laughter] stuart: i'm very sorry about that. stuart: foot tall. the odds of protest is a huge discussion. >> ultimately i want to ask when did it become a core principle for the democratic party to disrespect the american flag in the national anthem? when did it become a core tenant and a principal for the nfl to disrespect her veterans? if you care about the bottom
line, like that's what i thought roger goodell cared about at the end of the day. if that's all you care about, why are you making stand like this? if you will let the victims of breast cancer where pink socks without a fine, then why are you letting people disrespect the american flag and the national anthem in her veterans. stuart: where you letting pollard colored kaepernick attend practice with stocks that make up eggs and do nothing about it. ashley: and wouldn't let the dallas cowboys -- stuart: this board is paying the price. thank you for being with us. congratulations on your white house visit with ivanka and everybody else. listen to this. sales and big company. this year's black friday, day after thanksgiving will be the busiest online shopping in history. i want to talk more about that with the author of the book on the 6 billion shoppers pay the
companies the global e-commerce boom. welcome to the program. first and foremost, this idea. we are looking at an acceleration of the shift towards online shopping because black friday is the day you went out to shop. >> yeah, it continues every year. we keep setting records like this for years in the future. and they get every black friday, cybermonday. stuart: you see no end to this. the extraordinary expansion of online shopping. no end to it. >> at some point it might tape off for. 15%, 20% of all retail sales altogether. the u.s. is about 10 growing to 14 at the point being we had all of the shops hundreds of years
so it's taking a while for people to transition. it seems very quick, maybe it will stabilize a bit, but this retailer i say she talked about where we are losing 10,000 retail jobs a month because of the march of e-commerce. the good news is consumers benefit from e-commerce. companies like amazon do, but we need to do something about middle-class jobs being lost. stuart: i am trying to think of a brick-and-mortar retail operation responding best to the online garage. >> they are trying. they just announced a new service will they come into your home when i'm not there, put groceries in your refrigerator and you can watch all of this on videotape to be secure. but if that is their solution to beating amazon, they have a lot more to go. most people don't want a stranger in coming in their home to put groceries in the
refrigerator. you haven't seen in a brick-and-mortar company really take on it e-commerce company very successfully. i think they have a tough battle. stuart: real fast continues to work with alibaba? >> is coming ears. stuart: is china the place for 18% are done online? >> yeah, and growing. it's probably grown since i just said that. when you go to china, the future of e-commerce, that's rico because everything is starting from scratch there. to understand the last 20 years, look at the u.s. to understand the next 20 years, look at china. we need to be ready to capitalize the opportunity otherwise we will get swallowed up. ashley: fascinating. thank you for joining us, sir. good stuff. where are we going to open the market? or tell you right now. but not that much. i want to repeat the news we brought you at the top of the hour. the equifax ceo al. no reaction for the stock to
believe it's halted. it is down 25% since news of the cyberbreach, 143 million people with personal details exposed three weeks ago the stock down 25%. the ceo is out. got it. big day for tax reform. just over an hour, president trump meets with members of the house tax writing committee. we may give more details on the plan later today. when we get them, that could move the market and we of course will follow it. new york's governor andrew cuomo blasting president trump's immigration policy by claiming he is an immigrant. not true. governor cuomo was born and raised in new york, queens to be precise. we will follow that story for you. the new england patriots apologizing to fans after judging them for dollars and 50 cents for a cup of top water at sunday's game.
stuart: equifax's trading again down 2% from early this morning. their ceo is out. often when a ceo leaves in a controversial situations tacos. not this one. continues to go down. back to the nfl in them controversy. president trump treated this morning. you see the bands they're burning football material because what's going on. ratings for nfl football way down before the game starts to see whether our country of or not will be disrespect did. former kansas city chiefs kicker, nick lowery. welcome to the program. this tummy when pregame ratings go up 19% and game ratings go down 10%.
it tells me that the audience wants to see football and not politics. where am i going wrong? >> the audience loves football and it's a great season. i'm conflicted because my father was a reconnaissance pilot in world war ii, head of the cia when i was in london in. just before russia invaded czechoslovakia. on the other hand, my next-door neighbor was a guy named byron was the byron was direct from a supreme court justice who led the marshals into alabama by coming during the school buses. mohammed ali the last 10 years has been my next-door neighbor. so you're so i want to feel about it. number one is there's an incredibly unfair position players have been put in the wall to my knowledge want to honor the military. stuart: let's not dance around the issue. >> i'm not dancing. stuart: years with the operations manual says to it must be on the sidelines for the
national anthem. you know this. your player. stand at attention in the face flak, hold helmets in a lucky number for him from talking. why doesn't the nfl and for several? >> i believe the commissioner is trying to make sure the players chance to express themselves is fairly expressed. the truth is the cowboys have been put in the position and they've express something really intelligently and creatively which is before the national anthem will want to say we are making a stand as a team, which means the player i am committed to my ultimate core values and loyalty to my team during the national anthem standard. stuart: get out there, stand up for the national anthem. this is the united states of america and we are free to do that. this half baked idea of kneeling before the end them, that is so different from kneeling during the anthem. no it's not. if the whole thing, a district that tonight dates of america.
it's outrageous. >> the players and is something i believe in strong light, which is the military are highest honor. that's the level of sacrifice is so much greater than anything in nfl player has done. stuart: the nfl is killing its own sport. >> ratings will be higher this year than ever before. absolutely. stuart: cases this morning i bought miller, super bowl 50 mvp he has just lost a local sponsorship of the ford dealership. others may follow. >> that's a different thing. he chose something that wasn't created to the two guys they care about most. another value is my friend, mike webster died of cte in this incredible issue with players suffered before, during and after their careers in the air in hernando's findings even though he was a despicable person, the fact is this issue
is a huge issue. stuart: another issue which the nfl is falling short on. >> they absolutely have fallen short until 2010. we want to work with them to develop sciences, the research we actually have the patent. the u.s. government says cannabinoids are incredibly diverse and are protected to the brain. it's important to me frankly having lived with and in a training camp with mike webster, one of the great heroes of the game. traded to the issue is you stand with the flag. and can you agree with and update the nfl's own rules. that's my opinion. thanks for being with us. >> thank you. stuart: have a nice day. >> can we talk more about concussions? stuart: now, we are out of time. i want to talk about standing for the flag bit of a newly minted american citizen. i wear the flag proudly and i don't like to see athletes ruining their moore's boards.
stuart: puerto rico fox news correspondent geraldo rivera is that the san juan airport are pretty tough. right, geraldo? >> today's exactly true, stuart. there are thousands of people trying to get off this island as it spreads. no power as you said in the last segment for four to six months. can you imagine no air conditioning here at the san juan airport is that thousands try frantically to leave. no fresh water. you need fresh water or sanitation. it is a dire, dire situation. the governor puerto rico is urging people to stay away from puerto rico, not to come. those who are here and can't get
out, to get out. the folks behind me have been waiting at the airport, some bird 24, 48, 72 hours. they came expecting a flight only to see reservations canceled. people have had their flights delayed up to a week. some good news, united airlines, what i think is enormously generous offer or give to the people trying to flee has put out a 777, the biggest plane they have leaves in about two hours. it is free. first come, first serve to fly to chicago in united in its generosity is giving everyone one more stop, one stop, when my leg on the journey from chicago. it is exactly that kind of passion, that kind of understanding of what is going on here that is desperately needed. back to you. stuart: well said, geraldo. things are being with us. we will see you later.
the dow closed yesterday at 22,000 to 96. we've come down a bit from the recent sessions. in the backdrop that tax cut meeting at the white house taking place one hour from now in the likely death of the obamacare reform efforts. got it. we just opened. here we go. i'm seeing plenty of green opening up. >> 23, 24 points. stuart: we've opened marginally higher this tuesday morning. still some stocks yet to open. the s&p 500 also left a fraction. about the same as vidal. a bit higher there. one third of a percent higher. through the rest of the markets, the price of oil up again. fifty-one dollars a barrel. just down a bit this morning. 51 bucks a barrel. look at general motors, still holding up $40 a share, launching self driving cadillacs.
stocks up 40. aqua fax the ceo is out three weeks after revelation of the massive security breach down nearly 3%. i will start with the technology stocks. facebook and netflix each done for .5% yesterday. apple dropped below 150. amazon and tesla apparently what we call bear markets. those are current prices bouncing back a fraction. they've taken it on the chin
recently. who's going to be scott shalit e. and mike murphy. there he is. wait a minute. he's back in chicago. okay, i'll rate. he's back. i'll be at illinois. mike murphy, i will go to the tech stocks one at a time. i want you to tell me. facebook at about 170. >> midland 60s.
164, 165. 175 is a slight pullback. stuart: you are buying it. netflix. >> i'd either. i'm not currently buying it, but it would. stuart: the price of netflix we've got -- let's move on. short on time. apple dropping below 150. apple is out 152. are you buying it? >> 13 times earnings. you can't -- one of the largest companies trading at 13 times next year's earnings. stuart:
amazon, are you buying it? >> yes. stuart: tesla? >> have it yet but i would like to buy it. stuart: you think this really is a combat or the five big-name techs? >> i'm smart enough to know i'm going to watch it. i don't have it all figured out, but the trend over the last eight years has a pullback in
these large big-name growth. you're batting one dozen if you do not over the last eight years. stuart: scott shalit e. in chicago. i hear your heavy breathing. >> i am not all for this driverless car, driverless dropping out. technology is the way of the future. if you want part of the future yet to be part of technology stocks going forward. if you want to put the money and all at once right now? probably not. you will get better chances and cheaper stock but at the end of the day if you want to produce big and future community hub is in the portfolio. stuart: we like the bow tie as well. thanks very much, scott. news on facebook apropos to football. they've made a deal to show game highlights. i've got back. i want to move onto equifax. a half-hour ago, the ceo is out. the stock is down some more.
1.5% at 103. how does solve the problem? train for now, when you make $3 billion in annual sales on information, personal identifiable information, it is really bad when you do things after major data breach to start selling them additional services. it gets pretty bad when pundits are out there saying you should invoke the slot where you can profit off your own crimes and state attorney general saying i could ask him to stop selling extra services. stuart: so you don't like this. >> i think it's in trouble. stuart: i want to talk about general motors because the stocks move from 3334 to $40 a share in the space of about a week. we do have news. cadillac division lunch and self driving cars to take on tesla. would you buy general motors at 40? >> i would sell it and put the
money because it's a much higher dividend. every car manufacturer is going to get into electric and self driving cars. as the wave of the future. it is not just gm. stuart: scott shellady, you are not onboard with the self driving cars the way of the future because i'm not either. >> worse is coming from? i know where it's coming from. it sounds cool. like cylinder. at the end of the day, the number one industry. number two, the people of the trucking industry for driving industry, those are the people who don't have college degrees. the number one job for folks without a college degree and there's 8 million of them. why is the government setting aside money to study how they can put 8 million people out of work overnight. i just don't get it. stuart: i just don't think it's going to be that big so soon. that's why i'm coming from.
>> on this upgrade. stuart: i'm not answering any questions. less than an hour from now, the president meets with democrats and republicans on the tax writer committee. scott, they could come out of that meeting, make some kind of statement with what they've been hearing for the president. that could move the market. do you agree? >> at the end of the day, we are going in the fourth quarter of the year next week. if you and i would've thought we'd still be talking about this today, would've laughed at each other eight months ago. it's diabolical what happened here and they've only got themselves to blame. middle america is getting frequently more and more nodded then. stuart: i'm going to make a prediction. we look at the president then he will sign a tax cut deal this year because the gop can't fail again. bedrock gop policy taxes are close to a deal already and we
have gary cohn, the white house minute charge of getting tax cut done. i think it happens this year. >> deutsche bank is saying now that well-known of the the market? politics around the world. stuart: are you with him? >> you lay out the reasons i think perfectly. that's exactly what's going to happen. i would like to have the trump administration needs to win and debacle. let's be honest. how can the gop failed the tax cut? >> scott come and they did on health. they are not a united party. there's more unity and tax cuts then there is obamacare. >> they became leaders of congress and campaigned on it. all these reform measures.
stuart: voters will never forgive them. look at this. now we are up over 60 points at 22,359. not bad. olive garden, the parent company of darden restaurants seemed we write that prompter. sales fell short. couldn't quite read that. sales fell short with all of garden. it's not really italian food, is it? >> a lot of people love olive garden. stuart: got it. higher profit at carnival cruise lines. i believe the stock is up 83%. this looks like a good pr move. target raising their minimum wage because they want to attract better quality talent. i believe that's what they're doing. >> for holiday workers they are hiring 100,000 public at $11 an
hour. stuart: they are going to 15 by 2020. >> much better than the government mandating them what to pay their workers. the higher skilled workers are willing to pay upwards. stuart: can we go back to the bigshot of all the big five technology companies? mike murphy said he would buy almost all of them. he said he would buy them and i believe you push them all up. >> i will take credit wallets out there. i think the market -- everyone wants one of these growth names. stuart: "varney & company" is powerful. it is so powerful that scott shellady came all the way back from london to his bow tie in london -- unfortunately, we've got to say goodbye. murphy, scott shellady, great stuff today. check the big word up 55 points. we'll be back at 22,300. now this.
the coach of the san antonio spurs says america is quote, an embarrassment to the world. what would brian kilbane say about that? he is coming up in our next hour. in the second obamacare repeal effort is all but dead. the republican party has a big problem with this. judge napolitano on that next. i no longer live with the uncertainties of hep c. wondering, what if? i let go of all those feelings. because i am cured with harvoni. harvoni is a revolutionary treatment for the most common type of chronic hepatitis c. it's been prescribed to more than a quarter million people. and is proven to cure up to 99% of patients who have had no prior treatment with 12 weeks. certain patients can be cured with just 8 weeks of harvoni. before starting harvoni,
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stuart: this is worthy of a breaking news headline. corruption in college basketball , said the church nearly a dozen people with an alleged corruption probe. college basketball now. stuart: talking about bribery and kick back essentially very competitive world of the getting top high school basketball players into the top programs in the ncaa.
this investigation, the fbi and the manhattan u.s. attorney's office leaving basically looking into whether the coaches at these schools and we believe albany is one of them were being paid by us identities. but talking about it is, even apparel companies. in other words, all these enticements to get the high school stars to sign for their program. that is where the alleged bribery kickbacks come in. half a dozen arrests, could be more. it's a big story in college basketball. stuart: as you were saying, that's another tv sport. >> all of these big networks pay out a lot of money and a lot of advertising revenue. now we talk about the credibility. ashley: 10 people charged. stuart: there will be a press conference on this issue at 12:00 noon today. fox business network will cover it. 47 points higher for the dow
industrial this tuesday morning. back to 22,300. stay in the markets now. i want to introduce you to a famous guy. jim rogers with rogers holdings. jim has been very on this. good to see you. very bearish indeed. you have been outspoken so i've got two questions. first of all, when mrs. bear market going ahead? >> stuart, i will tell you the answer to that. a program on fox business called "varney & company." you watch the program and you will find out everything you need to know, including when the next air market is coming. i haven't seen him in a long time. he's a smart guy. stuart: you tell me when this air market is coming at you or predict dean. >> we've got to make sure it is clear because some people -- what i have said is we are going to have another bear market. stuart, you don't have to believe me because janet yellen
says we'll never have financial problems in the united states again. if you believe the central bank, stop listening to me now. what i've said is we are going to have another bear market eventually and when we do it will be the worst in our lifetime. the problem in 2008 was caused by too much debt. since then, the debt is skyrocketing everywhere in the world. the next bear market will be the worst in our lifetime. stuart: okay, great galileo, hedge fund manager says he should put at least 5% to 10% of your money into gold. do you think that's a good tack tick bearing in mind the bear market you see? >> i think everybody should own some gold and silver as an insurance policy if nothing else. i won't hold for many years, i haven't bought any shares of gold in a while, but if people don't own bold communion to start buying some gold and silver to accumulate the position.
it's an insurance policy. you have fire insurance come you hope your house never burns down, but if it does, you're glad you have insurance. stuart: do move to asia many years ago as i recall because you believed a show was the future. i believe you're coming to a stop in singapore. so you are still in asia. >> i'm an singapore as we speak. i did move to singapore 10 years ago. i wanted my children to know asia and speak fluent mandarin because in their lifetimes, asia will be the most important part of the world. stuart: that won't change in our lifetime? america is going down in asia is going on. i don't want to be too simplistic, but is that how you see it? >> that's not what i said. everything you just said is correct that asia is rising. it's been rising for 30 years, 40 years as you well know when that's going to continue. america on a relative basis compared to that is certainly in
decline. america is the largest debtor nation in the history of the world right now. no country in history has gotten itself in this position has gotten out without a problem, prices are 70 prices. i hope not, but it's always happen that way. i also have to make sure you know there's plenty of problems in asia as america grew. we had 15 depressions, civil war, human rights, very little rule of law. we were en masse. but we had an extremely successful couple hundred years. stuart: jim rogers covey run of the most fascinating guys in the world of money. thank you for being on the show. user can come back anytime. we'll see you soon. where are they now? 53.5 on the dow. an even split 50/50 between winners and losers of the dow 30. the national rifle association, nra and the latest group to speak out against the nfl and the protest are backing a
president trump. we will show it to you. more "varney" afterne this. when it's time to get organized for retirement, it's time to get voya. 's list for free. which means everyone has access to our real reviews that we actually verify. and we can also verify that what goes down, [ splash, toilet flush ] doesn't always come back up. find a great plumber at angie's list. join today for free.
it is dead, flat-out dead. judge napolitano joins us now because they've got a bone to pick with you. >> with me personally? stuart: no, no, no, with your politics. the gop has failed to govern on one of the principal problems that is a libertarian block including rand paul. you are a libertarian. you and your fellow libertarians are standing in the way of governing the gop governing, giving us what we voted for. stuart: you are overlooking john mccain. you are overlooking susan collins as a progressive. but party has a libertarian, precrisis dynein with the central premise of the party wants, to repeal and replace obamacare. stuart: that is easy. senator rand paul shifted the reform bill so far towards the libertarian right that you lost both in the house and certainly the senate.
no idea how to play politics. you really don't. it's all principal with you. you can't get 100% absolute perfectly, i don't want any of that, with which means we are stuck with obamacare and taxes. >> let obamacare fail. the democrats will own it and be responsible for its failure. republicans will build something from scratch. my argument is the federal government should have nothing to do with it. stuart: do you really believe if we let obamacare fail the democrats will own that failure russian art do you think so? >> that's what the president is argued. stuart: do you argue that? >> your political realist. >> i'm a realist of the constitution means something and it does not authorize the federal government to micromanage health care or guarantee health coverage for everybody. stuart: the constitution guarantees the free flow of politics in the house of representatives in the united states service.
stuart: should we not count rand paul's vote? >> of course you should. you have no clue. >> you overlooking susan collins and john mccain. stuart: i need help here. i've been intellectually swamped by the judge. liz: i don't think the democrats vote on this and i don't think the republicans will own it. stuart: did you hear that? >> i did. stuart: book -- >> the failure to repeal and replace. gop is about to fail a second time to fix obamacare. >> perhaps this gop leadership in the congress. perhaps it's paul ryan and mitch mcconnell and they need to go. stuart: perhaps principled people should retreat just a little bit so we can get it done. >> what is wrong with
principles? stuart: if you stand on it too long and too often it loses its power and force. >> at the new version of obamacare reinforces the four legs of the old one, the mandate, the federal control, the federal access to medical records, what changes? >> you slow down the rate of growth under the federal government health care spending. >> you just took the federal money and give it to the states and let them spend it. stuart: what you've got now with this failure is i have to keep on paying. my children are paying an exorbitant amount of money for obamacare. >> may be the real failure was allowing it to start in the first place and john roberts and his cockamamie that its attacks is unconstitutional. >> you are judge and constitutionally he does have the power to do what he does. stuart: he does and he abused
it. stuart: finally got it out. ashley: i have principles and if you don't like them i have others. [laughter] >> here's another one for you. if i got principles by myself or someone else. paper moon by the young -- [inaudible] that's what she said. you stole from somebody else. just ask him. stuart: we are out of time. that was fun, judge. now, very different story. the situation in puerto rico dire indeed. no power, no food, medicine really running short. scorching heat, no air-conditioning. it is a genuine humanitarian crisis of major proportions. we'll take you there. stay with us.
puerto rico are americans and they are in desperate trouble. now look, we tried to avoid hyperbole, exaggeration, but the word desperate is relevant here. puerto rico is an island of 3.5 million people. it is virtually cut off from the mainland. the airport in san juan can only handle a few flights a day. thousands are stranded. there is no power grid, it won't come back for months. because of that the water supply has failed. 80% of island crops were destroyed by hurricanes irma and jose. food is very scarce. schools are closed. only a few atms are functioning. same with gas station. this is life-threatening situation and american citizens are in deep trouble. what to do? the good news is that fema is there and organizing and so too is america's military. they are best placed to get the relief effort moving now. but then, money will be required, and lots of it.
remember, puerto rico is bankrupt and now devastated. we're surely talking tens of billions of dollars. coming on top of the big bills for harvey and irma in texas and florida, that kind of money will be contentious, and it will add to the already exploding deficit. talk about bad timing. the president of the congress are locked in a political battle over taxes health care and the budget. in the middle of a humanitarian crisis, puerto rico and its 3 1/2 million americans are in dire need now. the second hour of "varney & company" is about to begin. ♪ stuart: and this breaking this hour, president trump meets members house ways and means committee, democrats and republicans. the focus is tax reform. we're all over this. we're getting new numbers on
consumer confidence. details, liz. liz: to the downside. this is 119.8. this is effect of hurricanes and possibly jitters over north korea. this is forecast for the holiday season because consumer spending was not coming as strong over next couple months. consumer confidence for main street up at five-month high. july, august, coming down. we have to watch consumer discretionary stocks. consumer related stocks. we'll watch to see for a selloff there. stuart: we're getting numbers on new home sales. have we got numbers yet? ashley: down 3.4%. we were expecting annualized rate of 586,000. so we're less than that. this comes off weak july numbers, weakest since january. it has been a very mixed picture for the housing inventory. prices going up. housing market not getting a lot of traction. liz: could be hurricanes too,
right. eight-month low. stuart: texas and florida, that is factor. dow industrials up 54 points, despite news on consumer confidence and new home sales. check out big five technology companies. amazon and tesla, they're in a bear market, bouncing back today. facebook made a deal with the nfl to show game highlights and recaps. facebook is up. amazon is up. microsoft, alphabet, google, apple, all of them modest bounces back today after significant losses the last couple sessions. equifax deep trouble there. its ceo is stepping down after this huge cyber breach three weeks ago. the ceo is out. the stock is down another 1%. 104 on equifax. we have carnal, the cruise line operator. it reported earnings, the destinations which it owns in the dominican republic, bahamas,
mexico, are fully operational. the stock is up nearly 4%. a very broad based stock indicator that is the russell 2000 it is called. it just hit an all-time high. that is an interesting indicator on day like this. i want to get to crisis in puerto rico. geraldo rivera, at the san one airport right now. tell us what is happening, geraldo. >> hi, stuart. this is an island of despair, puerto rico is. the difference between hurricane maria, hurricane harvey, and hurricane irma, in harvey the whole of the united states could rally the houston and rest of louisiana. entire united states could rally. truck cost be sent. line crews could be sent in hurricane irma down in florida, to help out that state, the sunshine state. here in puerto rico, it is an island, separated 11 miles by sea by united states. only way in by ships and air.
the folks behind me are heeding governor rikard corossello's ad mow anything. don't come here unless you're bringing aid to folks here. that is dire situation. we use that word advisedly. we know that connote as real catastrophe. that is exactly what is happening in puerto rico. there is no power, stuart, as you indicated. so people lucky enough to have a generator, many do because the island's power grid has been so unreliable overtime need gasoline of the wait for gasoline to fill up one red five gallon, jerry cans, six, eight hours. people running out of gas waiting in line to refuel their vehicles. they need water to be pumped needs electricity. they're applauding united airlines just announced they're putting on a jumbo jet, 777, flying to chicago for free of charge for people who have been waiting. they have been waiting in line,
24, 48, 72 hours to get out. those who can not get on board, first-come-first-serve, asked me in the mournful voices, geraldo, what is my advice, what should i do? lamely get a reservation in a hotel. they respond the hotels are all full. it's a very, very tough situation, stuart. i don't know how it will get, they mead massive inflation. they need generators on every street. they need to rebuild the electrical grid. uk talking about months and months, you will be hearing about unraveling, slow motion disaster for months to come. stuart: well-said, geraldo, thank you very much for that report. you're really telling us how it is. that is very, very important for us on the mainland. thank you, geraldo rivera. good stuff. joining us on the phone, hector is with the department of public security in puerto rico. hector, a local official there says the devastation has set the
island back, 20, to years. can i -- 30 years. can i ask you this, how many money, hough federal money do you need? can you give me a dollar number? >> no, sir, no way to quantify it. this is such devastation to give you, to quantify it by just giving awe number now that would be irresponsible on my part. stuart: we have reports of looting and lawlessness. can you con permanent that? >> well, we had an incident, i can confirm we had a second day of incident of looting people were arrested. this is not looting like we typically know which is rampage and lawlessness. that is not the case. that is absolutely not the case. we arrested 40 people because of the curfew. 12 were charged criminally because of looting. that is not the case, no, sir. stuart: we're painting a picture of dire need here. you need generators. you need people, you need exit
to get out off the island. what is your most pressing need right now that we could, we on the mainland, american military or fema, what is the mess prosing need we could fulfill right now? >> saving life. hospitals. main problem with hospitals is multiple problems. you know, electricity, generating power to the hospital. we have been only been able to do three throughout the island. three major ones i could say. we have one operational. but three major ones including the medical center. that is priority one, saving life. let it be known, it is not fuel. it is not transportation. it is not the grid. saving life, we're still in that mode. stuart: as i am right in saying food is in short supply because 80% of the crops in puerto rico destroyed in the two hurricanes? is that accurate, food is in short supply. >> i'm not going to venture 80%
of the crop. food in short supply, that is not the case. we met with the food distributors what we're having problem, trying to get supermarkets open. my understanding by last count, we had 390 supermarkets open and running. it is a complex issue. it is not only open supermarket. you have to open supermarket with people. some have not made to the jobs yet for different reasons. one they can't get through. two, they have no fuel. it is not easy solution. it is complicated matter. we're tending to it. first priority, saving life. rescue missions are going on. stuart: hector, thank you for being with us in a difficult situation. >> thank you very much. thank you much. stuart: okay. president trump meeting with hour members of tax-writing committee, house ways and means committee that is. joining us tim phillips, americans for prosperity president. welcome back to the program. good to see you, sir. you met with the president
yesterday. i'm saying surely this time around we are going to get a bill, a tax cut bill that the president will sign this year. i'm predicting we will get it. will you join me on that? >> i do. i think they will get this done. republicans know the stakes for them if they fail on this front. president knows if you get a bold tax reform, slashes corporate rate down to 15, 20%, you will get job creation, especially manufacturing back in the united states. he understands that. we're encouraged. we think it will get done. republicans in the house though, they have to be bold, stuart, starting out where this legislation starts, okay, got to be bold. we understand broad outlines of the plan are indeed for cut in corporate rate from 35 down to 20%. that has been verified. how about this? dropping top individual rate from 39.6 where it is now, to 35%? i'm sure you would like it to be
lower, but can you live with a top rate of 35%? >> absolutely. what they're calling for, i know you talked about this, collapsing from the seven current individual rates to three, 15, 25, and 35. that is a good plan. simplify the code for a lot of americans. it will give americans tax cuts across the board. stuart, one other key thing. they are not specific here, but they're starting to become, clearing out a lot of these deductions and carveouts, these wealthy, well-connected lobbyist-laden organizations and interest rates get. get rid of those. get the rates down low. unrig the code. that is another important part. that is not as much detail. we understand that happens soon. we're pushing for that along with important rate cuts. stuart: we're also told that the mortgage interest deduction will not be touched. the charitable deduction will not be touched but deduction for
state and local taxes will be cut out. now that would dramatically hit new york, new jersey, connecticut, massachusetts, illinois and california. is that on the cards? >> it is. we think it is the right thing to do. it is to get rid of that deduction. and hopefully, a lot of other carveouts as well. with the individual and corporate rates but especially with all the individual rates going down, that will more than make up for the hit on the state and local deduction. if they get these rates. why it is important to do both, lower all individual rates, collapse from seven brackets to three, so you simplify it. also lower it. that will more than make up for loss in some of these deductions. stuart: tim phillips, you're an important guy have a lot of clout in washington, you're telling us the tax package as we outlined is good to go and will get through? >> we think it will. republicans have had a rough year, the bad year. health care thing is epic failure. talking about that with the
judge. there does seem to be greater unity on the tax reform package across the republican caucus. collins, murkowski, cruz. stuart: important. tim phillips. thank you very much. it's a battle for the senate going on now. alabama senator luther strange and roy moore facing off in runoff which is today by the way. president trump siding with luther strange. and many of his allies coming out in support of his opponent, roy moore. we're all over that one. even hollywood turned on hillary. one a-list actor says, she never elevated her game. we have got details. you are watching the second hour of "varney & company." ♪
we'll go to it live. >> that should be celebrated anywhere and always. that is my opinion. casey. >> put you on the spot, talking about health care and tax reform? >> you want kevin in there? >> i was sending a message to the senate. >> there has been a split in the party, some concern in the senate that republican voters are very angry at congress for not doing anything on major priorities. do you think they will, you, republicans will forgive you if you pass tax reform, even if you fail on -- >> obviously in the house we're frustrated. the hoist has done its job. we passed the health care bill in may. we have passed more bills in the house of representatives at this stage in the trump presidency at the same stage of both obama presidencies and bush presidencies. first time we passed all the appropriations bills as republican majority. yes, we're frustrated that the senate has not acted on seminal promise, health care and obamacare is collapsing.
tax reform affects every single american. it affects our confidence as a country. it affects whether middle class taxpayers meet their mortgage payment, get kids in school, save for retirement. we want a type of economy that gets people in the middle class in the first place. tax reform is something we can do to restore confidence in it country and get jobs and prosperity. we're so singularly focused getting this done this year. >> tax question for you. the president -- [inaudible] condensing the tack brackets to top rate of 35%. -- tax bracket on the wealthy and how do you square -- >> we'll answer the questions when we release the outline, rachel. i think that particular question you're asking will be addressed tomorrow. susan? >> [inaudible]
>> yes. >> talking about tax rates and -- what about simplification is that still part of -- >> yes. your question about simply -- simplification of the tax code. that is one of our priorities. americans are suffering under the weight of tax code and internal revenue service this is top priority and we'll address that tomorrow. thank you very much. stuart: ladies and gentlemen, i'm not sure we got much out of speaker ryan there. did i miss something? ashley: there were questions about tax details. wait until tomorrow. your questions will be answered then. that is it. stuart: that is that. thank you very much indeed. we'll move on. go to the battle for the senate. alabama senator luther strange faces off today in a primary election against roy moore. now more is getting support from several prominent republicans, sebastian gorka, steve bannon and several others.
chris cox, he is the bikers for trump guy. chris, you are in alabama as we speak and you support senator strange while several prominent conservatives are supporting roy moore. why are you with luther strange? >> we support our president 100%, stuart. he was, he is, was duly elected. he is a fine man and we support his agenda too. his agenda that pushes forwards the interests of middle and working class, regardless of the color of their skin. that being said if donald trump wants to see senator luther strange in office, then we're behind him 100%. we'll behind candidates across the country our president wants. we elected this man to lead our country. we have to give him tools that need to lead this country in the form of congressional, gubernatorial and senatorial members. stuart: i want to get your input, if you can, chris, on this nfl controversy. i'm sure you've got a position
and our viewers want to know what it is because we've got, in my opinion, football, the sport is suffering mightily, and the nfl does not look good in this controversy. where do you stand on this? >> well. >> the nfl has taken arrow to a new level. if the nfl is going to trash america, you will certainly see america trashing the nfl. i for one am not watching any nfl right now. i don't really see myself watching any the rest of the season. we encourage all of america to get behind this we can not prostitute the fabric of america to prove a point that has nothing to do with our american loyalty and, integrity of our american flag and anthems that we hold so highly and such high esteem. i'm at a loss for word almost for the first time on your show when it comes to what we're dealing with here. stuart: i tell you, i'm exasperated, chris. this seems to be sucking all of
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stuart: following very important and breaking story. the feds are charging nearly a dozen people in connection to a fraud, alleged fraud and corruption probe in college basketball. ash, there are big names here. ashley: got big names. chuck pierson, coach at all burn university. lamont evans at oklahoma state. tony bland, used to coach at university of southern california. book richardson, coach at university of arizona. these are big schools. what is being alleged here, the fbi began an investigation back
in 2015, what they called criminal influence of money. what the issue is here, what they're interested in, the coaches have big influence over their players. in regard to, which agents do you use? which business managers do you use? which financial advisors do you use? the alleged, the claim is, coaches, assistant coaches are getting kickbacks from some of these financial advisors, agents, what have you, to steer their players towards their services. stuart: that is the charge? ashley: included in this, jim gotto, director of global sports marketing of basketball at adidas. that was the the big apparel coy was hinted. adidas is caught up. stuart: the coaches you named are assistant coaches? ashley: they are. stuart: the schools are big name schools? ashley: big name schools. all about pushing their players to use services of certain individuals who kick back bribes, whatever you want to call it to those coaches to advice the players.
stuart: president trump, about to meet with members, democrats and republicans on house ways and means committee. this is a big meeting. they will unveil a tax cut plan tomorrow. if we get any comment or news about that package from the meeting today, we will bring it to you and it could move the markets. speaking of which, we're still up about 40, 50 points on the dow. we're back above 22,300. let's checks big names.
modest day for facebook, microsoft, alphabet and apple. look at general motors, please. it is holding at $40 a share. analysts say it's a making a big move for self-driving cars. i can't believe that accounts for run-up in gm stock. look at this, darden restaurants, remember please, the parent company of olive garden restaurant chain. some people think that is genuine italian food. some do not. the weak sales at overall darden restaurant chain. now, a deloitte survey shows more than 80% of wall street cfos, that is the chief financial officers, the money guys at big corporations, they think the market is overvalued, 80%, overvalued. our next guest founded an investment firm and managed in his time billions of dollars. here is leland faust. he is author of a great named book, a capitalist, lament, how wall street is fleecing you and ruining america. let's start with this 80% think
the market is overvalued, do you? >> i think it is highly possible i learned if you say it is, you sit back, it may surprise. i might have said that two years ago. look where we are. stuart: if you were advising me whether i should sell the stock in microsoft, i do own some, i done very well over the years, would you advise me to sell it? >> i might advice you to pull back your investment portfolio. i've gone out of my way to make sure i never make individual stock recommendations like this in public. stuart: okay. you would say, stuart, you have done well, pull back a little in various areas of investment portfolio? >> absolutely. stuart: that is what you would tell our viewers? >> yes. stuart: tough stuff. overvalued. >> especially tech area. stuart: especially tech area. like pulling teeth with you. especially in the tech area. you would pull back there because they have run up so much? >> exactly. amount of run up, the percentage of the industry they are now,
tech industry, the whole s&p 500, the multiples, i think we've had a huge run-up. look at tesla, for instance. tesla is a extreme one. it is such a small company. others amazon, google. microsoft are huge. tesla is not. stuart: you got these stocks. you want to keep on going. you think it can keep on going. you're saying hold on a little, pull back a little. that is your message? >> yes, i'm concerned about tesla. i don't think it will change. the fact it is so dependent on government programs, credits, deductions things like that. being free market person that i am, i don't think oil companies should have that. i don't think the solar companies or the electric companies should have that either. stuart: your claim to fame in one part of your life is that you managed the money of a lot of sports stars, a couple hundred sports stars. you among their money, is that correct?
>> absolutely. stuart: would you advise, some nfl players taking the knee, one is von miller? >> yes. stuart: von miller with the broncos, he has lost a local ford dealership as one of his sponsors. what would you advise these athletes to do? >> i would advise them to make their own personal decision. if you know that if you're going to take a political stance you're likely to loosen doorsments. michael jordan was the star of that, not making any political stance. he is a highest paid endorser ever because he didn't do that. i think if you're von miller, someone like him, if you choose, make a principled decision. you already make north of $10 million a year for playing football. if you lose a small endorsement because of your principles, you say, that is what i want to do, i think that's fine but i also think you have to understand, that the sponsor will only sponsor people they are comfortable with. i think market should take care
that way. stuart: that is a strong answer. you are true to yourself, true to your principles. but if the principles come with a price, you have to figure out is it worth it? that is what you're saying? >> the thing is, people who get big endorsements, they make so much money for their salaries. so they're more able to afford it. there are not big endorsements going to marginal players. stuart: my problem with this, so many players will be negatively affected because the sport is taking a hit, both on television and viewership. >> well i think that is a whole other discussion that the players as a group should have. the union should have, and then decide what they want to do. they're in the entertainment business. they say we can take advantage our celebrity to advance our thoughts and beliefs. i guess, fine, then they have to say, there is a market out there. if the market says we don't like this, they have to be either prepared to take the consequence or to change their behavior. stuart: i think you're exactly right.
leland faust, thanks very much for joining us. come back soon. >> i would love to, stuart. stuart: love your style. we have the dow industrials up 36 points. that's where we are now. 22,300. we have reachieved that level. it is 10:36. time to bring in brian kilmeade, host of the brian kilmeade show, joining us live on the radio. brian, i want to start with this probe of corruption in college basketball. this story is just breaking. i'm sure you're familiar with it. seems like the feds are about to arrest assistant coaches at big-name basketball schools. this is really sending shockwaves through the college basketball industry if i put it like that. >> talking about usc. talking about auburn and louisville. as big as it gets. players come in, a lot from urban environments, single parent families they come from meager means. they need a full scholarship but
they need some type of money in order to pick that school. that is what it looks like here. there are bribes being floated around. one thing is pretty clear, the fbi is looking into this since 2015. eight of 10 people have been arrested. one person i'm familiar with, former star of auburn, now assistant coach. he is accused of taking $91,000 in bribe, taking money to give to future recruits. there is some type of money changing hands according to this fbi indictment. it could be a lot bigger. head coaches at programs very nervous at this hour. stuart: do you think we start a player being paid for college athletes, a market for what they're doing? >> has to be fortune for division 1. gymnasts, soccer players as important they may be, football, basketball, some cases baseball that provide money for entire
athletic department. most will not gopro to do this for a living. they need some financial incentive. sell their shirts, sell their likeness. get big ratings. coaches in schools get big money, even done once they graduate, some type of reward for their effort because they spend all time studying together, playing together, selling together, traveling together at lucrative levels. i think some money has to come back. years later we'll look back saying how did we get away with this. stuart: i agree entirely, ashley, i really do. we turn to the nfl. we got ratings for sunday night. i'm not surprise, revelation ratings for the pregame show dealing with the game, sports, highlights thereof, the pregame ratings were up 19 sunday night. once the game actually started where you see the national anthem and protests that is when ratings take a dive down 10% or
more. that tells me that people watching on television are fed up with this stuff and they just want to watch the game. what say you? >> a couple of things. i was interested in the pregame too. often times biggest names, howie long, think about michael strahan, terry bradshaw what do you think they about this. where do they stand? i want to know how they feel after and pregame shows. and after show i want to see what they will do. there are legitimate problems with the nfl. people are not only torn by taking a knee, they're wondering about the cte, head injuries. getting hit on two fronts. number two you have markets not responding. jacksonville is one. los angeles has not embraced the chargers or rams. they are down 8% week to week on sunday night football, 10% year to year. 2016 they blame trump and hillary clinton's tantalizing election for their struggles. so now who are you blaming?
stuart: i think nfl is the biggest loser in all of this. i will quote from the operations manuel put out by the nfl. all players must be on the sideline for the national anthem and must stand at attention, face the flag, hold helmets in their left hand and refrain from talking. the nfl has not enforced that rule. we have chaos. i think nfl is partly to blame for this nonsense. >> not stopping last year. stuart. saying capper economic, stand up or get out. you agree with the president, or disrespecting flag, you agree with the players, you say it is about race. you can't have it both ways. do we need another issue to divide the country on? nfl has 48 hours to solve this problem. we have a game thursday night. they have got to solve it because it is legitimately dividing the country. i didn't think for the president to weigh in. for a year i have been echoing
exactly what he is saying. what bothered me more that i saw over the weekend, i saw wednesday, of third-graders taking a knee. that was my biggest fear. generations of people of different ethnic background will think america is not great. we're not perfect but we are great. stuart: make a rule. you stand and pay respect to the flag and the anthem. simple as that. >> but need the union to buy in and the union should have emergency meetings. i'm getting a lot of calls on radio show. they're saying, mr. president, call a meeting. get the owners and player representatives into the oval office and do it. do you think so? stuart: yes. get a rule. respect the flag and respect our anthem and you stand up. nothing wrong with that. i'm sorry, brian, we're out of time. >> don't be sorry. stuart: you're all right. >> tell your panel i said hi. you never let me talk to them. stuart: i have to. thanks very much, brian. >> thanks. stuart: silence. ashley: yes, sir. stuart: anthem protests at nfl.
we have the nra. they have a new ad in response to this we'll talk to a former navy seal who stars in this ad coming up. watch this. >> every time i see our flag wave, i feel hum blink reminder of the brave, who keep and kept us free. i stand to honor sacrifices of generations before me. advanced manufacturingg wih that brings big ideas to life. and cutting-edge transportation development to connect those ideas to the world. along with urban redevelopment projects worthy of the world's top talent. here and all across new york state, we're building the new new york. to grow your business with us in the southern tier, visit esd.ny.gov.
ashley: we spoke with jim rogers. he moved to singapore. he says asia will be the most important part of the world and here's why. roll tape. >> stuart, america is the largest debtor nation in the history of the world right now. no country in history that has gotten into this position has gotten out without a problem, a crisis or semicrisis. i hope not. but it always happened that way. ashley: jim rogers -- >> stuart, you need to know, plenty of problems in asia as america grew. we had 15 depressions. horrible civil war. we had very little human rights and rule of law. we were a mess. but we had a extremely successful couple hundred years.
stuart: check the big board, we're still to the upside. we're back above 22,300. there we are. the president is meeting right now between republicans and democrats on the tax writing committee of the house, the house ways and means committee. they're talking tax reform. come on in larry elder, salem radio nationally syndicated talk show host. why are you laughing? >> i think they will get this done. stuart: yes. >> there is consensus, bipartisan support for lower
taxes. stuart: yes, i was going to ask you because look in a few minutes, i will editorialize, i will predict, saying this time they will get it done, because they have to. the gop can not fail at this. although they will dissolve next year. what do you say? >> well i agree with you. when you have president obama saying that our corporate tax rate which is the highest in the industrialized world it is high, it is too high. you can get at least democrats on the corporate tax front. the personal tax front will be more difficult because you will get the old line you're giving tax cuts to the rich, even though the rich disproportionately pay much of the taxes. top 1% pay 40% of federal income taxes, any break they get will go disproportionately to rich people. that will be the line and what republicans have to fight against. stuart: you're in california. california is one of the highest taxed states in the united states. how do people there, liberal as they are, coastal elites,
ultraliberal are they in favor of a tax cut for themselves? >> probably not. the left-wing people are not. they're still going to be rich even after their taxes go up but the majority of californians believe they're overtaxed, even though you ask them specifically what they want to cut you find a lot of them running for the hills. so whether or not tax, rich people in california want tax cuts is irrelevant. this is a left-wing state. forget about them. talk about normal people. normal people want a tax cut. normal people feel that they're overburdened. normal rich people want a tax cut. california rich people are different breed of cat. stuart: don't you run a talk show based in los angeles, and you say forget about california? >> well, unfortunately we have to. however, hollywood, stuart, every year, runs to sacramento to get tax breaks for so-called runaway productions. they understand higher taxes
negative affect their business but when it comes to their business they couldn't care less. stuart: well-said. george clooney, criticizing hillary clinton because of a failed run for the white house. in interview for "the daily beast," he says this, i'm quoting for office. it was frustrating because i never saw her elevating her game. she was never good communicating things. when she got up to gave a speech and it didn't soar. you're laughing when we started and what do you think of george clooney's comment. >> where has he been for the last 20 years? she would all of sudden become winston churchill all of sudden? he is having buyers remorse. 13% voted for hillary regret their vote. only 9% of trump regret their horse. need to look into the mirror ying i bet onhe wrong horse. stuart: thank a ever being with us. the offer to come to stay in new jerseys still open.
we stiave relatively low taxes comred toalifornia. the offer is on the table, larry. don't forget. >> i may never leave. i may never leave new jersey once i get there. stuart: that's what they all say. larry, you're all right. we'll see you again soon, mr. elder. >> appreciate it. thank you very much. stuart: i will get to puerto rico, serious situation. you have got some numbers? ashley: i do. fema aid to puerto rico and u.s. virgin island in wake of these storms. 10,000 federal employees have been deployed to the caribbean we're told. stuart: 10,000? ashley: 10,000. stuart: literally moved there? ashley: that have been deployed. that is huge army. health and human services army corps of engineers are working to reopen hospitals. federal agencies say they have saved or assisted 500 individuals so far. i want to get into puerto rico in particular, hurricane maria, fatalities, 2. 27. there are still parts of island they haven't reached. 10,000 people across the island
in shelters in puerto rico. many residents still have no safe place to live. they are greater risk of disease. we heard from geraldo it's a desperate situation. liz: it's a humidity humidity crisis. stuart: crisis it right word. you want to avoid hyperbole or exaggeration, this is legit humanitarian crisis. that is a fact. thanks, everyone. president trump meeting now with the members of the house ways and means committee. big meeting they unveil a tax cut plan tomorrow. we are on it. back in a second. ♪
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call now, request your free decision guide and start gathering the information you need to help you keep rolling with confidence. go long™. ♪ liz: 1.3 million less people on food stamps since january. stuart: i don't want to be a pain in the neck here, but you did say, 1.3 million. liz: fewer people. stuart: that's wrong. it is 1 point whatever it is fewer people. liz: thank you for that. stuart: you got to admit. i was correcting elizabeth's grammar as i should do. liz: that is hilarious. i like how i made the same mistake twice. by the way, it should be pronounced fewer in the british tongue. fewer. stuart: that's correct. that is an accent you're referring to.
i'm referring to grammar. there are fewer people, not less people. liz: i was totally wrong and i stepped on it twice. stuart: do something on television. i want you to roll your arms. liz: torturing me. i have thanks to the british people, british short tongue, i would say speech impediment classes. i would say land of the free and home of the brave. i am embraersed again by stuart varney. stuart: you can't say say puerto rico? ashley: no. you are a groom march elitist, stu. you make fun of elitist, but you're a grammar tarian. stuart: that is not pronounce syization. liz: you win. stuart: what is wrong with the following sentence, elizabeth. my mother told me to quickly run to the store. thank you, i'm a missionary in this country. grammatical missionary. i hope you enjoyed this session.
stuart: i am going to go out on a limb and make a prediction. the tax-cut package will be signed by the president this year. that is a prediction. i am on dangerous ground. how many times where we promised the repeal of obamacare? to happen. why am i making this prediction? several reasons. number one, the republican party has failed to deliver the main campaign promise of getting rid of obamacare. with an election 13 months away a cannot fail again. second, tax cuts are bedrock gop policy. i can't imagine a republican
voting against tax cuts. third, the party is an agreement on the basics, notably a tax cut worth $1.5 trillion over the next we 10 years. there will be argument which rates get cut and by how much but they are not that far apart on that either. finally, gary cohen is the point man for the white house on tax reform. it is his job to get 50 vote in the senate, 218 in the house. he is tough, smart, a relentless negotiator. i am comfortable going out on this limb. we will get a tax-cut signed this year. the third hour of "varney and company" is about to begin. ♪ >> every time i see our flag wave i feel humbling reminder of the brave who keep and have kept us free. i stand to honor the sacrifices of the generations before me, he
rose who charge into battle through bombs and bullets, who lost their brothers and still pushed through. fighting for every inch of our freedom. stuart: that was a brief clip from a new nra ad, addressing the national anthem protests. the man who stars in that ad is a veteran navy seal who will join us later on the growing national anthem controversy. breaking news from the white house donald trump says he will go to puerto rico tuesday to survey the storm damage. the president says he may stop in the virgin islands after visiting puerto rico. let's go to the markets. check the big board, holding on to a narrow lead, 60 points, now it is 20, 22,313 is where we are, the game being paired a
little. a tax-cut package will be signed by the end of the year. peter kiernan, new york times best-selling author and peter morici, tenured economics professor at the university of maryland. we are going to get it for the reasons i outlined, what do you say? >> i think we are going to get it and what i hope it focuses on is not just the corporate tax break which gets all the attention, credible and important and investments, the lowest business startup rate in 40 years. we are not investing, we are well below historical norms for business investment. things that will encourage investment have to happen. that is good for wages, good for the middle-class, good for the company. stuart: peer morici, i say we will get a tax-cut package with your, what do you say? >> i think we will. how does the package they come
out with tomorrow score over the cbo? if they say it will lose more revenue than the budget provides we won't get rate increases by as much but how could you not vote for a corporate tax rate of 25% instead of 33 even if you don't get 20? the editing will be what they eliminate sort out, how does the lobbying go? when you give something back you raise the rate a little bit? stuart: important details, peter kiernan, the outline of the plan as we see it is 20% top rate for corporations, 25% for small business, 35% top rate for individuals, will that get 50 vote in the senate, 218 in the house? >> it will come down to how we pay for it. in order to get it they will abandon border adjustment tax and the only way to pay for it
is do something with salt, state and local tax deductions. salt poured into a wound hurts. that will be painful for states like new york and new jersey, connecticut, etc.. stuart: that is a big deal, you take away deductibility of state and local income taxes and you have a problem in new york, new jersey, connecticut and california. >> lots of places where democrats won't vote with president anyway. one out salt, its neck liberal states very hard. this is a workable problem. stuart: just getting tape from the president. >> i am going to puerto rico tuesday, scheduled trip, earliest i can go because of the first responders and we don't want to disrupt relief efforts. the mayor of san juan was
generous, thanking us for the great job with fema, we have, we have worked very hard in puerto rico. it is tough because it is an island. in texas we can ship trucks right out there. we also on puerto rico the difference is this is an island in the middle of the ean. it is a big ocean. a very big ocean. we are doing a really gd job. i want to go tre tuesday seems to be thfirst time we can do without diupting first responrs and the eorts being de to help people. we havshipped massive amnts of food and water and supplies to puerto rico and continuing to do it on an hourly basis. that island was hit as hard -- when you see 200 mile an hour winds even texas didn't have 200
mile an hour winds. when you see 200 miles an hour, even more than that hitting a place, literally houses are just demolished, like having hundreds of tornadoes, it touched down as a category 5, people have never seen anything like that and it was dead center. a week before got hit by another hurricane. that would brushed it but did tremendous damage. puerto rico has tremendous problems with flooding damage and collapse, still looking for people. i am going there on tuesday and may also stop at the virgin islands, the governor has done a terrific job, he has been devastated but done a terrific job and he has been very generous with what he said about the relief effort, the fema folks have worked so hard. we thought after texas they could take a little bit of a
rest. what they have done is incredible. they go from texas to florida, stopped in louisiana in between, now puerto rico gets hit. they have been there and doing a really good job. i will be there tuesday and perhaps some of you. puerto rico is very important to me and the puerto rican people are fantastic people. i grew up in new york so i know many people from puerto rico, i know many puerto ricans, these are great people and we have to help them. the island is devastated. i read this morning it is literally destroyed. the infrastructure was in bad shape in puerto rico before the storm. now in many cases it has no infrastructure. starting from almost scratch but these are great people, wonderful people, party people,
they will be back but we are helping them. i think we are getting good marks for the work we are doing. we are literally landing water, food, supplies on an hourly basis and this is to an airport that has been devastated, we are not talking runways that are open, please land your plane right here, these runways are devastated and broken. the airports are broken. these are important to all of us. i can speak for everybody around this table, we are working hard on puerto rico and getting tremendous efforts, tremendous amount of supplies to the virgin islands. >> he will visit next week, get his tax reform, holding at the white house, the politics of his trip to puerto rico. >> msnbc and other media outlets saying this is trump's katrina
because he has been tweet researching about the nfl but the governor of puerto rico he is saying he is pleased with the us response so far with fema and the defense department, in puerto rico. stuart: this will take tens of billions of dollars, am i right? >> watch for corporations to jump in, we have seen four or five, they will play a role here. stuart: peter morici, i see the deficit exploding, these commitments of damage to money. >> the insured loss estimates are larger than those for houston and you have to remember that is just the insured losses, the uninsured losses are much greater because there wasn't much insurance in puerto rico and lost economic activity is
even greater because the island is losing his young skilled people because of economic conditions. we are going to have to do something or the place is going to sink to a level we will be ashamed of. this is going to be a big budgetary commitment if we are serious about it. stuart: a jampacked hour for everyone. the nra tackling the nfl controversy with budgeting by name. the man you see is a veteran u.s. navy seal, he will join us very shortly. also joined by one of the few hollywood celebrities who is for donald trump. he will respond to the end some protests but this man as we call the trump of georgia the finance chair of the republican party there, a medical device company, he cannot be happy about the imminent failure of the latest health reform efforts.
stuart: we will get the tape of donald trump at that tax meeting, we are up 19 points, peter kiernan, if he says something positive, that could pop the market. >> the market is waiting for stimulation, waiting for him to say something. people tried to characterize this bill that doesn't exist yet has a program to enhance the rich. if he can reposition and create investment of earnings and moving the market. stuart: we open for the gain of 60, 65 points, we have come down to a gain of 22 points, and tax
reform, role that tape. >> i'm honored to welcome republican and democrat members of the house ways and means committee to the white house. we have been meeting long and hard, for quite some time and it has been interesting and we have a big announcement tomorrow. i would like to thank kevin brady and ranking member richard neil for being here today. really appreciate it. i have asked lawmakers of both parties to join us to discuss our framework for tax cuts and tax reform before it will be released tomorrow. we will release a comprehensive detailed report tomorrow and a powerful documents, our plan is based on four crucial principles, we must make our tax
code simple and fair. too complicated. american taxpayers waste 6 billion hours a year comply with the tax code. the vast majority of americans file their tax return in a single page with extra record-keeping and all the paperwork. we will keep it very simple. it is called simplification. we will cut taxes tremendously for the middle class, not just a little bit but tremendous, that includes doubling the standard deduction most families on their taxes, increasing the child tax credit, have been talking about it for a long time. we will lower tax rates for businesses to create more jobs and higher wages, america has
the highest business tax rate anywhere in the developed world, the highest taxed nation in the developing world and the undeveloped world too. are claiming all sorts of things. we keep it in the developed world. with the highest taxed nation and develop world, we want to be one of the lowest. the jobs will start pouring in from all over the world coming back to our country, they are coming back in. because we have a noncompetitive tax structure. finally we went to bring back trillions of dollars from overseas, we want this money invested right here in america. close to $3 trillion and it could be more than that, no one
really knows what the number is but it is more than $2.5 trillion and that money is overseas and that money will be pouring back based on what we are doing and incentives we are giving. i look forward to working with members of congress gathered today to pass the reform and massive tax cut our country desperately needs to thrive, to grow, to prosper, we do this we will create millions of new jobs for our people and bring many many businesses back to our shores. we will become a competitive nation again. we won't see companies leaving our country, firing their people and selling their product back into our country with no tax and no retribution. time for both parties to come together and do what is right for the american people and the
nation that we all love. i think everybody very much for being here and look forward to getting to work. we have been working on this for a long time but these are the finishing touches. thank you, all of you folks, thank you very much. we will see what happens. we were disappointed by a couple republican senators, very disappointed they would take the attitude they did. we don't know why they did it. you can figure that but we will see what happens. it is going along and at some point there will be a repeal and replace but we will see whether the point is now or shortly thereafter but we are disappointed in the so-called republicans.
stuart: certain so-called republicans, sounded like he was dealing with health care reform. the most substantive part was about the tax cut plan which he said will be revealed tomorrow. interestingly he said they would lower the rates for business to become the lowest in the developed world, we will get the actual rate, the number they are aiming for tomorrow and he talked vaguely about repatriation of money coming back to america. what was missing were specifics and the certainty that we are going to get it. >> one other thing it was missing, he has to do that as he goes forward to sell this plan. here is what it means for you. repatriation is complicated for business experts. what does that mean for me? stuart: introducing a middle-class tax cut. liz: w standard deduction and double child tax credit, that is a popular way to get middle-class tax rates going down. ashley: he said tax brackets are too complicated. does that mean going from seven
brackets to three. stuart: we do not know. he does not know what the top rate of income tax will be for high earners. he did not say that, didn't mention tax rate cuts for individuals, just said tax rate cuts for corporations. that is why market is not reacting. we are up 25 as we speak. >> i took some comfort, he said we will make this a detailed plan. last time was a one pager. time for the meat, the actual details. liz: get ripped to shreds, this is a strategy. stuart: market of 25 points, no reaction. i want to get more on health care reform. in my opinion it is all but dead in the senate. i will bring in pete petit,
known as the donald trump of georgia, financial chair of the georgia republican party and ceo of a medical device company. here we have you are a trump guy, republican and the republicans have failed to repeal a tax which you is your company has to pay. where do you stand to do you still a trump guy? still a republican? >> absolutely. first of all, the healthcare system in america to me is the most complex business entity anyone could ever design. the constituents are not aligned, there are dozens of them. this situation was disappointing. we need to take the first step of the length process to have experts come in and the president knows how to assemble those had a process procedure for making changes that are necessary. stuart: it is miles away.
the republican party has failed. that is a pretty harsh judgment but i'm going to make it. what say you >> i couldn't agree with you more. it comes down to frayed egos of a few people instead of taking the american public's interest at heart, some people went off on other tangents. that is disappointing, the president's leadership will rain through. stuart: do you think the republican party can unite around the idea of cutting taxes? we know the broad rough outline of the package. you got to tell me if you republicans can pass this thing. >> i do. i heard the president's comments a minute ago. he came to this office not as a politician but a business executive which washington dearly needed, learning this political approach, i think he will end bringing this a piece at a time so we don't get the
media off on tangents associated with. we will see what happens. i think he will pull this off. stuart: you run a medical device company, medical devicemaker. heavy tax on your product or your business to >> anytime small or fast-growing medical innovation or companies have tax put on it is troublesome. in our case thank goodness we reformed exceptionally well, the fifth fastest growing public company in america at this time. those things haven't affected us but anytime that kind of taxes dropped on a business enterprise it affects productivity and innovation. stuart: what is the name of your company again? >> the medics group. stuart: i will remember that. we will take it. thank you very much for joining us, we appreciate it.
stuart: no details which tax cuts the president favors, no details on the new rates, the market is barely holding on to a game, now it has gone south, that may be a result of what the president had to say. the obamacare repeal all but dead, republicans moving on to tax-cut, win. will to get it? i said at the top of the hours that we will get the tax-cut deal signed by the president this year. are you with me? >> no. i got to tell you, i was fairly bullish on the idea the republicans could use budget reconciliation to jim through on
a partyline vote something before the end of this month. it is clear they are not going to do that. they are going to make a try for a 60 vote passage, they will do a tax bill on its own and end up reviving reconciliation, that won't work and they will try to revive reconciliation and last a tax-cut package to of the legislation, make it conditional on the passage of the budget next year, it will get too collocated and they will walk away from it. stuart: you are talking the stock market way down. you have done it before and doing it again. reason number one we will get a package this year, the republican party cannot fail again. tax cuts are bedrock gop policy. they are close to the already, they have the online degree do. and gary cohen -- gary cohn is smart, intense negotiator, i say
they get it. where am i going wrong? >> i understand susan collins and john mccain are opposing the health insurance overhaul, kicking obamacare back to the states, i get why they are doing it and feel free to flout the president but if you want to know how bad this president is with the democratic party they are openly defying him in alabama. people who claim to be staunch supporters openly defying him, supporting the senate candidate opposite his choice in alabama. why do ted cruz and rand paul feel so plucky that they from states the president carried handily, heavily where he should be very popular, why would ted cruz and rand paul feel absolutely comfortable killing an initiative the president said he wants, campaigns on behalf of, has demanded?
i republicans are in revolt, conservatives do not fear trump. if he can deliver electorally in a state like alabama today, people fear him even less. stuart: you make a good case and i won't argue with you much. by the way the market has turned north, going up again. thank you very much, we do appreciate it and i like your reasoning. i want to get to the nfl and some controversy. it may the sucking oxygen away from the big issues of the day but it is the controversy. dallas cowboys took the knee last night including gerri jones. donald trump responded on twitter this morning, the blueing at the football game last night when the entire dallas team dropped to its knees was the loudest i ever heard. great anger. dallas dropped to his knees as a team that stood up for the national anthem. big progress being made. we all love our country, that
was from donald trump. a big star, actor antonio sub otto junior will weigh in on the nfl controversy. i will give you my opinion. i think the nfl is the big loser here and we the fans are totally left out. >> people won't watch football this week. men and women who fought for our freedom not the right place to be, that is my opinion. stuart: you are in hollywood saying things like that? >> i'm running for congressional district 26 a little bit outside hollywood. stuart: will you be able to work after appear inc. on this program being a supportive trump? >> i lost a lot of work because i ran for congress and supported the president and i love my country more than that so i will keep flying and i will be in office in washington working for the american people.
stuart: you are in ventura county. all of california is a relatively liberal place. >> it is a liberal state going to the ocean and if we don't do something my country is winnable. i could get it back and we will start with that and help the american people. we are working for the american people. stuart: how do you feel about the president's tone when he dealt with the nfl. >> i agree with most of the things the president is doing but those are small stuff. he should focus on foreign policy, north korea, russia, iran, the list goes on and on, we are doing the reform which is really important and the healthcare system is falling apart, obamacare is a disaster. i disagree with that but he will keep doing it. stuart: tell me how it is to be an obvious conservative as an
actor in california, in hollywood? >> i am a proud american, i came from italy in 1985, became an american in the 90s, i love this country and conservative party is what i believe is the future of this country and we have got to stick together. stuart: how do they react to you? how do they react? >> you can't debate them. stuart: will they talk to you? >> they talk to me but they want to fight and argue and i don't have time for that was i want to work for the american people. they can complain all they want, it is hard to live in california, we have a lot of issues, ab 109, early prisoner release told a lot of neighborhoods. a lot of fun going on, these are policies democrats are putting out and not good for the american people. stuart: i do wish america would listen more closely to immigrants like us. we truly appreciate what we have
come to. >> countries that are hard to live in, communist countries, my mother escaped the czech republic, the germans were taking over. we know what hardship is about. i don't want that to happen here. stuart: thanks for coming on the show. >> voteantonio.com. you got to support us, we are against the party that is not fair. stuart: i which i had a voice like that. 's for joining us, good luck. the nra is backing up donald trump. a new ad addressing the anthem protests. we talk to the man who stars in that video, navy seal john lasso. imagine this please. a bank, no tellers, no cash, no branches. may sound far-fetched but that
is what pure point financial has created. we are joined by company president tear haveis. no branches, no tellers, don't have cash, you are a bank. >> we have financial -- physical locations in 18 today in new york, florida through texas and chicago. stuart: i like the idea all these banks with massive real estate branches, i see all that and tellers doing nothing but what about security? >> great question and this is what a terrific, it is owned by an efg union bank, part of a bank in the united states, $100 million on the west coast for 150 is owned by bank of tokyo mitsubishi. you won't find a more secure
bank in the world. stuart: i see what you are doing, they realize there is no value in banks having branches and real estate so they start with you, no branches, no tellers, no staff, not many of them, just financial centers. you think you're the make of the future? >> we bank of the future, the bank for americans because what we have done is taken technology, digitized the entire banking process, no paper in our locations, you can bank online. what we've done with that savings is turn it into great for america. when i like tellers, they show me what to do. >> that's right. when they speak to my grandchildren. liz: that is what you have grandchildren for. >> we have life people, we have professional -- locations to help our clients every day. stuart: that was a nice
>> nicole pedallides, target they have an answer to hold on to the best staff raising the minimum wage. target today virtually flat, loser this year but saying they are going to boost their minimum wage to $11, and it is all in order, and this will not only be for full-time workers but tends coming and for the holidays. disney in the news, testing its first major redesign of its stores since 2010 and watching many retailers, we will see which ones are likely to hire for the holidays, look at other retailers today.
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driving technology, called supercruz. cadillac says supercruz is the only system that lets drivers take their hands off the wheel. that is part of the reason general motors has gone to $40 a share. peter kernan, you were saying by this thing 33? >> this is a company that has an electric self driving cars. cannot be tesla's alone. stuart: thank you very much. the nra has released a new ad tackling the anthem protests. watch this. >> every time i see our flag wave i feel humbling reminder of the brave who keep and have kept us 3. i stand to honor sacrifices of generations before me, he rose who charge into battle through bombs and bullets, who lost their brothers and still pushed through, fighting for every inch of our freedom. i stand for my brothers who can't stand anymore, men who
tented terrorists to the ends of the earth, who sacrificed their bodies and lives so that we can peacefully live hours. i stand for the children, spouses and parents his family made the ultimate sacrifice for us. we are all standing. stuart: that man in the ad is former u.s. navy seal, welcome, everyone, welcome to the program, great to see you. >> thanks for having me on. stuart: the ad does not mention the nfl but that is exactly where it is ames, am i right? the end of the day we need to be talking about honor first. it is about putting america first. it could be any organization and we will see the same thing, bringing up an issue, people are angry about the reaction and actions people are taking and we
have to remember the foundation this is built on. stuart: i think the nfl is the big loser here. i will break you from the nra and look at the situation. seems to be the nfl is the loser. they are not enforcing the rules in their own rulebook and they seem to be in chaos about this issue. what do you say? >> americans are upset. doesn't matter what issue you are talking about, the foundation of everything we have built here. i am pretty proud of where we have come as a country and we need to take a look around and look at the freedom we have got. i'm disappointed, there is nobody i know more than me that wants to see us united, have great leadership and honor all those who have gone before us and at the end but am disappointed in the leadership and the decisions that were made but it is a learning lesson and that is why america has been so great. we will take this and continue to figure out ways to bring us
back together putting on her first. stuart: at this moment most americans are angry at what they see on their screens, monday night football, sunday night football, you have expressed the mood of america very accurately, people are as you say thoroughly angry. last word to you. >> everyone is looking at this and paying attention and we have to have good leadership. everything i said in my video, the brothers i lost, families that have sacrificed so much, it is timing. there are not important issues but the timing that you pick to bring it up, don't bring it up, talking about putting america first, honor first and look at the foundation we have been built on. stuart: did you go to the nra or did they come to you? >> it has always been a joint effort about putting our rights first, whether it is the second
amendment or first amendment, this specific subject hit home, means a lot to me and i am in a position to convey the education. when i look at people who take the actions they are taking sometimes realize they don't know any better and have to continue to bring what is important and valuable to this country. stuart: the next football game on tv will you watch? >> we have to be aware what is going on. you can see a lot of people reacting, people burning jerseys, canceling tickets, i have taken small actions of my own to mitigate some of that because of the values. it is still a point we can turn into good leadership and that the end of the day will be difficult for me, there's no your patriots fan than me and i was disappointed in the actions taken and all that i can do is hope that we find ways to look at things together, unite people and put on her first. stuart: thank you very much for
joining us, we appreciate it. just heard a veterans take on the nfl. what about the legality of it? what are the limits of free speech and expression? judge andrew napolitano on that next. ♪ check it out! self-appendectomy! oh, that's really attached. that's why i rent from national. where i get the control to choose any car in the aisle i want, not some car they choose for me. which makes me one smooth operator. ah! still a little tender. (vo) go national. go like a pro.
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>> before the break, on the anthem protests. who better to answer questions legality than judge andrew napolitano. what are the limits of free speech and free especially in the workplace? judge napolitano: you cannot deify. and explicit instruction from your boss. with i give a political opinion to disrupt the workplace i can be punished. >> how about a workplace that is also a public place. >> and a vendor in a stadium.
from a public place the more freedom the boss wants them to do or say. >> not only to watch the spectacle to exchange ideas about the spectacle they are watching. stuart: seems to me the giants or the jets seems to me they have more protection for free speech and the cowboys would judge napolitano: the giants and jets play in metlife stadium, state law in new jersey makes it nearly impossible for an employer to discipline an employee because of expression of a political opinion unless that opinion disrupt the employer's work. stuart: just a difference in location. judge napolitano: it exists in new york, illinois, and other states.
stuart: supposed gerri jones ordered all the cowboys, you will neil, and they did last night, all of them did but suppose one of them stood up? judge napolitano: could he be punished for standing during the playing of the national anthem? almost inconceivable. this would be a challenge of mister jones's determination for conformity. i can't imagine that person being punished. the standing is the expression of political opinion in the workplace that does not materially interfere with the employer's business. stuart: i agree with donald trump, if you don't stand and show respect for the flag and the national npr outcome you don't play. judge napolitano: led gerri jones run the cowboys. stuart: i say it. if you don't stand for the and man show respect for the for your out. stuart: are you -- judge napolitano: are you sell your shares?
stuart: answer the question. judge napolitano: what is the question? >> do you agree with my position? judge napolitano: i do not. i agree with the law. you can ask for is a political opinion as long as that express does not interfere with principal activities of the workplace. stuart: and economic organization, football team. i own that capital. i am saying you bring down my organization by disrespecting america you are out. judge napolitano: you have changed it. if you can show some economic loss you have more control over what they say. such a good question or. where to these questions come from? stuart: you don't want to know. more varney after this. ♪ think your large cap equity fund has exposure to energy infrastructure mlps?
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stuart: this morning we're following a federal law enforcement story. charging nearly a dozen people with alleged corruption probe into college basketball. we'll take you momentarily to that podium where a press conference on this will be held. neil, sir, it is yours. neil: i was going to say that. stuart: neil, it is yours? i don't think so. neil: you took my thunder away. i was building up to it, bum, bum, bum. stuart: i like the sound effects of. is that your heart? the good one? neil: now you're concerned about my heart. thank you very much. you might want to look for yours. meantime, love him to death. as stuart pointed out, federal law enforcement is looking to charge 10 people in connection with a probe of college basketball kickbackses. there is not what is going on in