tv Varney Company FOX Business September 10, 2018 9:00am-12:00pm EDT
politics that carries a message on immigration for all of europe. bonnie -- varney & co. is about to begin. >> the tweet storm starts to the gdp rate 4.2 percent is higher for the first time in over 100 years. is anybody going to take on the present here? because they call it clearly seems to be strong. >> no opposition, right? >> exactly right. >> definitely it is agreat economy. and he deserves a lot of the credit . >> 4.2 percent growth, haven't seen that in 100 years. >> very good! >> obama has been out saying, -- >> but obama does not
acknowledge $21 trillion in federal reserve is a lot of money, helps and a lot are spending for the recovery. doubling the federal debt. >> tax reform, deregulation. a wonderful thing. >> it is a fine tweet. 4.2, 3.9. not in 100 years. goodbye. the present by the way also threatening to hit china with tariffs on another $267 billion coming out of china. by the way, this occurs just as china's trade hits a no record with the united states. brian is with us this morning. how come with all of this used to be considered negative trade news, the market is going up nearly 100 points on opening day. what happened? >> news came out on friday. we had a little selloff on the news that the extra 267 billion would essentially take us through all of the goods we import from china. potentially susceptible to taxation.
it will include more things that u.s. consumers buy.think about the made in china tags and walmart. iphones are a big part of the story as well. potential for higher consumer prices versus goods we have already seen tax. >> when you get news like that, two weeks ago, that market would have sold off big time. now -- >> related to understand with the $200 billion being talked about right now, what kind of goods that will be on. this 267 is in addition.so far in the future and so much decision has to happen. there are a lot of unknowns. >> i tell you i am shocked. it is clear evidence of a trade war. i mean they are going at it. and the market is still going up. 90 points. >> we saw a large trade deficit with the rest of the world and china. it's been getting bigger as the same time. >> i don't understand why the market is going up in the face
of what used to be considered very negative news. >> if you see larger trade deficits and this is not disrupting maybe companies and behavior, the tax cuts and the rest of the economy are good enough to offset what at this point has been a relatively small amount of tariffs. >> we can play the hard line because we very strong economy. >> recently would rather to see it happen in thiscontext than i 2010. >> okay got you. >> what about big tech will we get a big rebound? >> it is the one of our favorite sectors. very high in growth. it does not rely on the price of energymoving up or down. it does not rely on tax cuts . we like in that sense. also like other parts of the growth sectors of the s&p 500 like healthcare. which is not the same kind of run attack in the last couple of years but similar earnings growth outlook. >> no reason for viewers to worry. they are turning in on a monday morning first thing.
the market will go up at the opening bell. do not worry, relax. it is still in place. >> the month of september similar to march into june does not have earnings reports. it will be good news on earnings coming in october and november we may have to wait a little longer before we get the extra that takes the market higher. >> thank you, brian. the president tweeting about apple. interesting. apple prices may increase because of the massive tariffs we may be imposing on china. but there is an easy solution. if it would be zero tax and a tax incentive. make your product in the united states instead of china. stop building new plants now. exciting! and we have some with us on that you approve of the president singling out a single individual company, do you? >> i don't think the present will care about my approval one way or the other. but i wish you would think about this because you know,
apple, okay, if they take his advice and come back to the united states where will they find the workers? manufacturing because of these wonderful tax and regulatory cuts, is looking for workers. most single most important business problem seen last week and other service, employers cannot find workers. the manufacturing revival is happening in the united states. we do not have to make iphones here, we designed them here that is where all of the money is. this is a very light expensive item that is easy to ship overseas. lots of other stuff that is heavy, that we make here. and it is working. we do not need to put trade barriers. >> it's a double whammy from donald trump and his tweets. china-based suppliers of apple products are plummeting in market value right now. >> did you think that apple would actually bring back phone manufacturing to the united states? [multiple speakers] >> you know the designing is
here. we want the designer to stay here. because that is what makes the u.s. the tech leader. if we make manufacturing much more expensive for tech companies around the world, maybe somewhere else becomes the tech leader. i think that is adanger because t.v. if he is doing this and it is the art of the deal and great but if this is about a permanent state of high tariffs, it will be bad for u.s. manufacturing.>> it's fascinating. can they come back here and make funds in america? i find it hard -- >> what does that do to the price of the goods made here? how much higher will it be? >> us move on to les moonves. he's definitely out at cbs. james, i do not think they had much choice in this bearing in mind that new allegations that surfaced over the weekend. >> right. a lot of really awful stories and people putting their names on them. this is not anonymous stuff on the internet.
it is a lot of people coming forward alleging and not just harassment but assault. i really do not think a company has any choice. i don't think they can wait until a criminal potential process has played itself out to make a move. >> was the charge is laid and a graphic charge at that. >> yeah. >> they just have to act. we will move on. let's look at the market now. we open up in 21 minutes. we will be up this morning.we are going up at the opening bell, 80 points for the dow, 10 for the snp, down 40 for the nasdaq. hurricane florence is expected to hit the east coast later this week. three states have already declared a state of emergency. we will tell you when and where she will strike. and in venezuela, a suspected coup according to the new york times or the military reportedly did hold talks with trump officials to overthrow the president of venezuela.
the former state department official on that one for you. this is the monday edition of varney & co.. 've grown substant. so i switched to the spark cash card from capital one. i earn unlimited 2% cash back on everything i buy. and last year, i earned $36,000 in cash back. that's right, $36,000. which i used to offer health insurance to my employees. my unlimited 2% cash back is more than just a perk, it's our healthcare. can i say it? what's in your wallet?
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the chief strategy officer and as he's leaving the company quote - to pursue other opportunities. the stock has really been taking it on the chin recently. now down below $10 a share, down one and half percent as of right now. hurricane florence yes, heading for the east coast. tell us when it lands, where it lands end how bad will it be? they would love to know that. we know will hit on thursday somewhere along the carolinas it appears south and already a state of emergency declared. the bad news is it is we
intensify. it weakened to a tropical storm. is now getting stronger could rattle be the category three by the end of the day.it could hit the coast as a category three or category four. the category four has between hundred and 30 and hundred and 60 miles an hour wind.the other news when it hit the east coast it will hit the land and slow rapidly. they have a storm surge they believe around 15 feet. >> storm surge? >> torrential flooding rain it is very dangerous. thursday, somewhere in the carolinas. maybe up to virginia. but the carolinas looked to be in the crosshairs retina. >> thursday the carolinas. >> you got it. >> 15 foot storm surge. venezuela, military officers trying to overthrow president maduro. reportedly, they sought help from the trump administration. during this now we have a former advisor to president trump and bush 43. christian, is this a coup? was it a coup?
were we involved a coup? what's going on? >> members of the initiation probably state department according to the new york times just taking meetings with officers and representatives of the venezuelan government who were indeed planning a coup. there's nothing wrong with that. we want information about a major political change, potentially happening in our hemisphere. if what the new york times says the administration did happen, no big deal. it's actually good senator franken, venezuelans in the military are fed up with the situation there. >> you think will get regime change in venezuela before the end of this year? >> it is so difficult to time this. unfortunately, frankly what "the new york times" did was, maybe too much detail but give the regime about information about opponents plotting against it. i assume it will lead to some things. >> do you think we should be colluding with the venezuelan military to knock off or get rid of, president maduro? >> i think it is generally frowned upon to be that interventionist within.
another situation, given support, moral support to people power. eventually it is not so much the military goes in and shoots the guy but the idea that you already have people in the streets and the military simply joins them to set aside the government. that sort of abstract, i think so. as far as covert maybe that is intrusive. >> what about the election in sweden? the far right party got 17 percent of the vote. it came out of nowhere. not quite the 20 percent they were expecting but 17 percent. it is a hung parliament. there is a message here for other european countries.i would have thought is all about immigration. >> is a big part about immigration, sweden a country of only 10 million. welcome immigrants from the latest wave out of the middle east. the people of europe whether central europe or old europe, do not want uncontrolled muslim immigration or more zones per
the message is loud and clear and the reaction from voters is not just against the left-wing powers i have let this happen. but also for center-right parties that are letting this happen. we saw this in germany, we see it in italy, new center-right government also skeptical of the eu. now this growing minority party in sweden. >> it doesn't stop, does it? we've had this argument and debate for a long time now since angela merkel opened the doors and let everybody in. but it has not stopped. they've not come to a conclusion, they have not address this problem. i think it is splitting europe big time. >> it is. you're seeing a political class that cannot adapt. we did see within the angela merkel coalition, the smaller parties trying to push to a stronger stance against this. but this will change europe fundamentally. it's just a question of when the parties and powers will get smart. if they do or if they will have to be supplanted. >> question, thank you for joining us. we will see you again soon. >> thank you.
>> where are we now? we are up 89, 90 points for the dow, 11 the smp. 36 for the nasdaq. two big stories from sports. two dolphins plays now kneeled during the anthem before yesterday's game and serena outraged by a call by an umpire saying it is sexist we're talking politics and sports. a rotten mix.
>> walgreens will pay $165 million to buy the patient prescription files and inventory from pharmacists across 10 southeastern states. investors like it. i'm squinting but i think it's up 63 percent. or a dollar. [laughter] this is not good stuff. two dolphins players kneeled during the anthem of yesterday's season opener in miami. and the second one, serena williams is find $17,000 for three violations during her u.s. open final. as williams claims that the umpire was sexist. and our sports guy with us this morning. i think this is a
rotten mix of politics and sport.you say what? >> it was two years ago that we start talking about the anthem and i said i'm taking a knee on politics and sport. i guess the world doesn't care. but apparently we still care about fewer than one percent of nfl players that are protesting. 26 teams, 1400 players, fewer than 10 protested. now, is a possibility that the new way that the chief players coach and says let's get away from what's right or wrong about the anthem and look at the issues. which raises the question comic-con sent out a tweet calling the two guys on the dolphins his brothers for doing this. what about the rest of the guys that are not kneeling? are they all on the same page? i don't think so. >> yeah.>> serena williams calls the umpire a thief. she calls him a thief in the argument. she smashes a racket, gets a point takenaway or loses the game . she calls the umpire a thief? come on! serena stole a lifelong woman in the making for a 20-year-old tennis player called naomi osaka.
that was a champion of the u.s. open. serena did not lose because the umpire gave her a hard time. she lost and we never have seen this when she is winning. only when she is losing. instead of looking in the mirror, serena lashes out at others. it is not the mark of a champion. she is the best tennis player in the world. but i am not impressed. >> let's hear what she said. >> to win you have to have ice in your veins. i would ask serena, is your coach telling ahead of time the umpire is notoriously tough? defines and warnings like this and has been inconsistent in the past. had that knowledge in your head, you go into win. you will not be emotional on the court. it sets a bad example for women in sports. it is not the way to win. >> it was just a meltdown. a temper meltdown in the middle of the u.s. open. >> there is no way that will be judged as a good thing. >> i am okay with emotions but it is when we do not see that in the marks of champions, i've never seen federer do that.
and when it comes to mind serena is the best player i don't know who wrote this for someone once said there are no failures of talent.only failures of character. and that rang true to me on saturday. >> is it sexism? was he inconsistent in the past with male tennis players? yes. others have complained about that. >> my heart goes out to the winner. the woman that was born in japan race in america. >> she was great. >> we are going on this market, 4 and a half minutes time. look at that please. 80 for the dow, 10 for the s&p, nasdaq will go up about 32 points. we are supposed to have trade trouble lurking in the back on but investors did not get the memo. we will be back after this.
china and we still do not have a deal with canada. in the past it would have put starts down maybe a couple of hundred points. not this morning. 15 seconds, it is likely we are going up about 100 points. bear in mind ladies and gentlemen, this is in front of a live audience. there is a group from ohio in the studio this morning. here we go. we are off, 9:30 am eastern we are up 65, 70 points. i see a lot of green on the left-hand side of the screen. 79, 84, we are up 87 points. this is a horse race! 90 points, 91 points higher. we've opened with a rally and a sea of green. how are we doing? check the s&p 500, that i was up one third of a percentage point. same for the smp, .40 percent. here's the interesting one. the nasdaq. tech stocks doing better than
the dow in the smp. up a full half percentage point. watch out technology, looks like it may be bounding back a little this morning. i need help, not just the latest from ohio. james freeman fits the bill. i need your help. the man on your screen, jeff, do not be alarmed. [laughter] first question to you, why is the market up? we have got all of these trade wars in the background? why isn't it down? >> i have said before, ignorance is bliss. [laughter] this has been essentially, a paper tiger. president trump has been threatening tariffs, but not executing to the extent that he is threatened. so the market which is momentum driven, has been primarily focused on whether or not president trump carries through
with the threats. as of now, he has not. and the market on a day-to-day basis, singularly focused on china. will rally and decline based on where we go based on the threats. >> the finance. >> thank you. [laughter] how about big tech?>> was that a compliment? >> where is the big tech we met we will not see twitter is down again and i see, facebook. that one is down a little bit. but alphabet up, amazon up, i think microsoft is up as well. james?do we have to wait for some kind of trade deal with china and/or canada before we see a huge rebound for the tech stocks? >> i think you certainly would get a rebound if we get a north american trade deal that does not whip up our supply chains across the various borders. and that has been the story all year.as jeff mentioned, when
investors see more barriers to trade, it goes down. when they think the barriers may be easing or not as much it goes up. it could be a catalyst. the other thing i think, and this is an issue for big tech but maybe more dangerous for consumers. i think big tech would like a big deal in washington. that has regulation they can live with that limits what their smaller competitors can do.i think it could be good for their stocks but bad for the country long term. >> and so far this monday morning there is no clear trend that says tech is bouncing back. it is not the case at this moment. we have facebook on the screen. it is 162 this morning. no bounce back there. let's talk about ali baba, jack will leave in a year. put them on the map. this is a big loss, do you think? >> i think it is a loss but
keep in mind that jack has resigned from co a few years ago. so it is not expected.but the big question here is, the chinese government and intervention is crucial for us to understand because first of all, the chinese market is having trouble. and the president of china is now reeling in some of these companies. under those conditions, will the chinese government take more initiative in reeling in these companies? >> a rotten looking stock is gone from 200 to 158. they have not done well recently paid down again this morning.we are up 100 points. as of right now 103 points, 101. over 26,000 again. check out tesla. it is up significantly five percent. it was a big drop last week. actually dropped six percent on friday alone. did you have anything to do with that? >> this shows the cult mentality. only after that video hit the stock rally.
any other video it would be at zero. >> the video in question by the way, was elon musk smoking weed with mr. rogan. >> and vaping -- >> i don't know, stock is up 4.6 percent this morning. we will leave it at that. look at snap. that chief strategy officer leaving the company. stock is down only nine cents. he is leaving to quote - pursue other opportunities. that stock has really come down a lot recently. then we have coca-cola as you know, they bought the british-based coffee chain, now we are reportedly looking at gsk in india. i bet very few people know about this company could explain. >> is a nighttime drink, malt flavored, kind of a chocolate ovaltine drink. i know you probably grew up on it, i did. >> i did, right before bed at
night. >> is sound strange but -- >> these two advertise this but he didn't want to go to bed hungry. and this would stop you getting night starvation. [laughter] that is what they said! [laughter] nike, let's look at that pier where his dad this morning? down a little bit last week this morning it is up nicely. $1.48 then the sales were up 31 percent in the four days after the callan add debut. >> nike doesn't see that. you know, if it is calling, more power to call in. but i'm questioning this. consumers are buying stocks apparel, and here is the thing, it is an analysis, they grabbed email receipts. email receipts from 200 million i'm sorry 300 million americans.
that means they are looking at peoples emails to do analysis. i just do not know enough to justify the 31 percent data point they put out there. >> let's get real. you do not believe it. >> that's what i'm saying. >> that is a headline. lindsay did not believe a 31 percent. les moonves, he is out at cbs. the new sex abuse claims have surfaced. the stock was up on the news. now it is down on the news. jeff, what you know about this? moonves, cbs, stock price. >> a major destructors has been eliminated. keep in mind, the last analyst call, cbs made it clear they do not want anyone to ask any questions about these allegations. the analyst being the cowards they are, backed off the questions. now, cbs is free to conduct their business without having
to deal with this discussion. >> and they have to pay les moonves a separate.a whopping big package. >> it shows they are in fact, handling this the way they should. eliminated the distraction and focusing on what they should be focusing on. which is business and shareholders peer. >> okay a blockbuster in the media. he was the real starter. mattel, interesting, taking a cue from hasbro. launching a film division. >> a great move. because sales are hurting with transformers. by the way, let's make a movie! how successful transformers the movies has been? i think it is a little late but they are trying to regenerate some sales. they believe making movies of their products, you know there are lines. >> will beget barbie movies? >> you are going to get everything. >> amazon, netflix, hulu. there has never been a better time to be the movie, t.v. and
film production business. a lot of these will not work out. but if you are in hollywood and you are in this environment, maybe it is not -- >> the problem is, and they waited for this. mattel waited for a lot of the toys, barbie and hot wheels, kids today that play with electronics, they do not know what barbie and hot wheels are. in fact, the fact that the iconic cinematic masterpiece, the lego movie did so well, it inspired them to do it. they should've did it while they still had -- >> i want a ken dull. >> my granddaughters so i newspaper and did not know what it was. amazon -- [laughter] [multiple speakers] as i was saying, amazon will introduce more of these stores. they will go to new york city.
seems like a great idea to me. walk in, grab your stuff and walk out.that is new york style. >> without getting arrested for shoplifting. >> yes, without getting arrested for shoplifting. >> people tend to shop and spend more in cashier list stores. >> i am told it is 9:40 am eastern. you know what that means, james? >> what? >> you're free to go write the newspaper. [laughter] whatever you do! >> thank you very much. great thanks to all of you, ladies and gentlemen. a fine performance. [applause] we appreciate you all!we are up 87 points now at 26,000. and then there is this. a knife wielding attack in paris last night. several people injured. is it terror? we will organize a story to your jeff sessions will meet later this month with state attorneys general about
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gaming revenue could be really big in a few years. i want nicole to come in and tell me how big at this mobile gaming revenue. >> it is going to be at least 60 percent of the entire videogame market. and in dollar terms we are talking $106 billion globally. in just a couple of years. by the year 2021. a talk a lot about fortnight which has been growing exponentially. my kids do not get off of this thing. we have two tvs for everyone to play when they are assigned to play, of course. >> okay, we have it. if you could -- >> the last thing, it will alss sell more smartphones. more people want to do games on mobile phones. >> sorry, we had a mic open. sorry i threw you off. very sorry. great report on mobile revenues. got it! switching gears and i mean
switching gears, a knife attack in paris. is this terror? >> they say they do not believe so. certainly terrifying for those involved in this. seven people stabbed by a man apparently originally from afghanistan. two british tourists injured, one stabbed in the chest and another in the stomach. the individuals carrying a iron bar. have you ever heard a french game -- it is like a big metal ball. you throw it. they saw this was going on and this guy, they brought him down with it. it was bizarre. bottom line, they are not saying what it is. they do not believe it is a terrorist attack. but who knows. it is open to interpretation. >> all right, there we have it. the biggest names in social media. stock prices took a big hit last week. there is concern that regulation could be coming down the pipe. we -- look down the road for
me, please, jim. do you think serious regulation that will hit these companies, is it coming? >> i think it is, it's just a question of when. it's inevitable. they are too big and important in our lives. >> what kind of regulations? >> that is a tricky part. the conversations we are having right now honestly on the wrong conversations. he heard about conservatives expressing concerns or being shadow band or not being surfaced. if i am the ceo of social flow. when you type in social i wanted to be that because it is in my interest. but social security pops up and said, does that mean that i am being discriminated against? we have to move to the right conversation be just because my name my companies name does not show up, does not mean the tech companies are discriminating against me. >> how can you format regulations that ensure an even
and level playing field for everybody? how do you do that? >> is a tricky one. but you have to talk about the right things. we cannot just rely on anecdotal feedback that i'm not showing up high enough. therefore, somehow you are doing something wrong. we have to get to the algorithms work, how do you tune them and how often? >> but who is in charge of and what is -- >> i think it will be about x disclosure. you do not want the government setting how algorithms work. but it is not just a twitter or facebook issue. facebook, google, netflix even. what you see on netflix and icr netflix are tailored to each of us. we increasingly live in a world we do not just turn on the t.v. or the channel and everyone sees the same thing. it is tailored to you and me. all of these tech companies are getting quite proficient at it. >> they hit the high watermark. the social networks, we are now waiting. what is coming down the pipe?
what are we going to get? that is a state of play.>> i don't think we've hit the watermark. these tech companies have it. i think regulation in some way shape or form is inevitable. not just in the united states. when will it come, what will it look like? if it takes five years then there might be five more years of tech growth. >> that's right. if they do not touch the business model they will probably be okay. thank you for joining us. >> thank you. >> the market is up still.18 minutes and and we are up 90 odd points, 26,000 is where the dow stands. much more on les moonves coming up for you. and a question for judge napolitano. it les moonves or the company, cbs, liable? the judge is next. making my dreams a reality
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story. a fast food restaurant in oregon, revises its dress code to avoid politics. >> this is interesting. they call it flair. this is the pacific northwest burger joint. trouble was, one of the workers would turn up with badges that read abolish i.c.e., no one is illegal paired the company says that is not right but the union
the people belong to says there is no written policy. they were forced to bring them back. now, the company is getting a written policy saying, no one wants to be you know, faced with politics coming in to eat their food. and so, the union saidthey should be allowed to express themselves through badges . but the company saying, no. we're putting her foot down. that is basically the story. people wearing badges making political statements. >> they have every right to dictate what approach their staff will take to a customer when they walked to the door. >> and they have a written policy pair. >> the two cbs and les moonves. he is out after new sex abuse claims surface. judge napolitano is with us. i want to ask about liability, number one can les moonves be sued by his alleged victims? >> generally, yes. i said generally because i don't know how old the allegations are. he claims they are 20 and 30
years ago. there is a statute of limitations. it is two years for injury to the body. it is six years, for financial loss.if these things happen more than six years ago, they will not go anywhere with the lawsuit. but generally, of course, he could be sued within statute. >> les moonves himself. what about cbs? his employer? they employed him at the time of the abuse have taken place. >> isaiah understand the allegations, and he denies them, but as i understand them, they allege he uses corporate authority to badger and in some cases, to force women to touch his body and in a way they did not want to. so cbs is liable for the alleged misuse or abuse of the authorities. that cbs gave to les moonves. absolutely. >> they will decide what severance he gets when they complete the investigation. the severance package, if any. >> sometimes a savage package
will include indemnification. in other words it could say we will give you $120 million. we'll give you 100 million and indemnify you from all of the lawsuits. we will fight them. >> okay redstone. winner? >> yes, this dispute for control of cbs has been going on for a long time. mrs. redstone herself i'm sorry miss redstone. forgive me. the biggest obstacle was les moonves. when they attempted to dilute the voting power of the redstone stock, they own 79 percent of cbs. when they attempted to dilute that, it resulted in litigation. a federal court in new york city. a trial was to begin next month. the cbs lawyers and redstone lawyers tell the judge, we want a two year cooling off period. two years? they will settle this in two weeks with les moonves gone. a big win for her. my opinion, she will personally choose the next ceo. >> maybe that is one of the
reasons why the stock of cbs is down this morning. maybe. >> and think it is down, you know better than i but i think because of the uncertainty. how much are they going to pay, what else will come out?some of the allegations reported on are too horrific to recount on air. >> yes, they are. >> some of the worst i have heard.how these things stayed below the surface for so long is beyond me. >> judge, we will see back at the 11:00 hour. thank you, sir. president obama. he is back on the campaign trail and trying to take credit for the economy. is this what they want to head of the midterms? [laughter] stop laughing, judge! we have more "varney & co." when we continue. em up or slide 'em down. so let's see. for most of you, it's lower a1c. but only a few of you are thinking about your heart. fact is, even though it helps to manage a1c, . .
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climate change. yep, he's back. barack obama has returned to politics. he will be in ohio this week with another campaign-style speech. he is leading the democrat charge to the midterms. is a return to the obama era what voters want? well he is claiming credit for the economy. that's a stretch. today's stellar 4% growth is clearly the result of tax cuts and deregulation. that's trump. it is not obama. generational low for unemployment with historic lows for african-americans and hispanics. that is it trump's record, it is not obama's. there is climate change and the paris climate accord. obama put us into it. trump took us out. do voters really want america to go back in? the paris agreement let china off the hook with vague promises to cut emissions in 2030 while we had to cut right now. same story with iran. obama got us into the nuke deal. trump has taken us out.
are we not in a stronger position now with trump's new sanctions derailing the iranian economy big time? trump has the iranian people demanding change, regime change. so will democrats benefit from obama's return? perhaps his calmer process sore demeanor who are put off by trump's style. president had a response. he said i tried to watch it, but i fell asleep. perhaps some voters want to return to the obama economy. president had response to that. 4.2% growth, 3.9% unemployment, haven't seen that in 100 years. that's a response. second hour of "varney & company" is about to begin. ♪
>> how great the economy is doing. remember when the recovery started. when job numbers come out, meantly job numbers suddenly republicans say it's a miracle. i had to remind, those job numbers are the same as they were in 2015 and 2016. stuart: well, that was president barack obama campaigning for democrats in illinois. obama talked about going backwards. that is our view of what he had to say. look how the president tweeted about the economy first thing this morning. again i will show it to you. the gdp rate 4.2 rate is higher than the unemployment rate 3.9% higher for the first time in 100 years. this smiling man is charlie kirk, founder of turning point usa. welcome back, charlie. >> good morning. stuart: do young people, i refer to young people because you're a very young person, do youngsters
want to return to the obama era economics? >> the ones that do, young person voting for a democrat is like a chicken voting for colonel sanders. they better be careful. stuart: do they know that? do they feel that? i don't think they do? >> because of university system, most of them do not feel that way. however, the support for the democrat party amongst younger voters has eroded tremendously since high watershed in 2018 and 2012. young people that self-identify as democrats are 48 to 50%. that was upwards of 64% in 2018 under president obama. stuart: 10 years it has gone over 60% democrat registered, younger people in colleges. now under 50%. >> now under 50%. more are going towards socialist. let's not celebrate that. more young people are saying i'm independent center right or conservative in generation z
than demographers anticipated. next generation after millen unless will be the most conservative in american history. they saw their parents struggle during the financial crisis. they saw terrorism first-hand. they have memories of 9/11. they saw the pendulum shift back. if millenials are more left, the ones after that will be center or cerner right. stuart: do you believe barack obama getting back making speeches like that, will that fire up youngsters to vote democrats? >> not as much. it will fire up the republican base. this is a reminder what we opposed for eight years. taking credit the hard work this wonderful president is doing. this is astonishing and also a signal to our base, hey, if you don't show up, that who will be in charge of congress not for i cannily of course. stuart: charlie. i have more for you later, let me get back to your money. we lost some of the rally. we opened up 100 points.
we're now 60 just shy of 26,000. the social media companies took a big hit last week after executives from twitter and facebook testified before congress and it looked to many investors, looked like regulation is coming on strong. market watcher keith fitz is here this morning. you say, keith, you're not worried about this, you say still buy facebook? >> no, no. if you recall i said avoid facebook prior to last earnings train wreck. i think that is still the case. most twitter. you have to sort tech out, who is who, and who is not. stuart: you don't like social media because you do believe that some kind of regulation is coming, have i got that right? >> yes. that is correct. now we cannot regulate something as simple as dirty magazines in this country, so how are we going to regulate something as complex as search routines and prioritization? last thing we want is government. i think there will be emergence
of possibly a new search engine here. this is the kind of stuff capitalism sorts out. stuart: okay. tesla, elon musk, as you know, keith, he smoked marijuana while doing an internet interview. you can see it on tape. the man was doing it. i think you're saying tesla may not survive this latest shock, is that right? >> that is absolutely correct this will be the ge moment, the kodak moment, whatever you want to call it. this is the moment people instantly realize that is not the guy they want running a publicly-traded company. i think tesla falls into the 150, 175 range before it is all done if he doesn't get his act together. stuart: whoa. do you expect him to get his act together? how would one get his act together after a series of gaffs like we've seen? >> two things has to happen. the board has to step in be and forcibly move him to a portion of the company where he is not
in control and in charge of so many things which will be hard, he is chairman and ceo. i think you will see an investment base build against him. they love him. i think he is one of the most brilliant individuals on the planet, but i do not any longer think he is capable of running a publicly-traded company. stuart: big picture, keith, reassure our viewers, do you think the market continues to edge higher through theories of this year? >> yes, i do, stuart. i think there will be a few speed bumps here, midterm elections, based on history are not a cause of concern. focus on ceo's and earnings particularly with big tech, because you have amazon, microsoft, alphabet all of which are still changing the world, still attracting revenue, still worth your dollars. stuart: keith, the dow is up 50 points as we speak. keith fitz, see you real soon. i want to go back to charlie kirk, because atlanta's mayor has ended her city's relationship with i.c.e. here is charlie kirk's tweet
about i.c.e. over 30 days, i.c.e. arrested 364 illegals living in the midwest including 187 with prior criminal convictions, ranging from murder to child pornography. 97 who had been deported at least once. one animal wanted for raping a child. i.c.e. agents are not thugs they're american heroes. charlie, you're going up against the mayor of atlanta. that is a different opinion. >> everyone has to know this? atlanta is the child sex trafficking capital of the world, of the world. stuart: what? >> number one in america, number one child sex trafficking goes through atlanta. stuart: who says? >> international child sex trafficking organization. u.n. done studies. in america, by far number one. i.c.e. gets no help going after
sex traffickers. they shut down the horrible website back page.com which is horrible way to describe it, craigslist for child sex traffickers. gop congress shut that down. president trump signed that into law. this is radical posture by the democrat party, you will shut down i.c.e.? their daily mandate to go after people committed such heinous crimes that should be deported from our country and she wants no affiliation. stuart: i keep hearing from cities and states around the country. abolish i.c.e. is that popular? >> let me tell you why they're doing this they realize that their core base of support, african-americans are no longer as loyal democrat voters as they thought they would be. so they need to go after new segment of the population which is illegal aliens. illegal aliens fear i.c.e. for right or wrong reasons. most of them should not be here in the first place if we had proper border security. if the black vote goes trending 20%, 15%, all of sudden democrat
political monopoly will be destroyed. their monolith will be put into question. they need to go after a new segment of the population which they're pandering to by abolish i.c.e. stuart: you think 15, 20% of the black vote goes to republicans? >> to trump. trump's approval ratings amongst black americans 36 of%. if that is half true, pretend it is half true, that is the end of the modern democrat party. we'll see. stuart: big deal, charlie. big news for a monday morning. well-done, sir. thank you, charlie kirk. coming up the next hour, by the way, congressman barry loudermilk, republican from georgia, the mayor of atlanta is thinking about politics, not real world consequences. he will be on the show, 11:30 eastern time this morning this program. we lost some of the rally. we're up over 100 hour. now we're up over 46 points. the nasdaq lost the rally completely. it is now dead plat. politics, republican john cox giving democrat gavin newsom
a real run for his money in the california gubernatorial race. cox narrowed newsom's lead to just five points. i never thought i would see the day when he is only five points ahead. we'll discuss it. top trump officials reportedly spoke to venezuelan opposition leaders about staging a coup, removing president maduro from office. that is according to "the new york times." full details coming up for you. north korea celebrating its 70th anniversary over the weekend. they held a big military parade but one thing was missing, no ballistic missiles. we'll tell you what president trump is saying about that in a moment. ♪
25,960. nasdaq composite opened with a nice rally. it's turned negative. now we're down seven points at 7895. look at obama obama. chairman jack ma is stepping down. he will focus on philanthropy. alibaba had a rough go. they were over $200 a share. now they're down to 160. jack ma leaving one year's time. "new york times" reports that members of the trump administration met with venezuela military leaders talking about staging a coup. wait a minute, emac? the coup, the "times" used that word, a coup? liz: yes it did. talks reportedly began last fall. extended into this year. it was launched by a venezuelan commander. one military official was under sanction by the trump administration by corruption. the talks ended. nothing happened. military officials reported
dozen of coup plotters have been arrested. we do know, these are facts that people inside of venezuela have felt abandoned for the prior eight years under the prior administration. some of them are saying that we talked to, yes, they support what the white house is trying to do with economic sanctions. they didn't go so far talking about a coup effort. it has been criticized because u.s. involvement in other areas of south and latin america, they feel action is being taken. president said in august of last year military option, that is what we're talking about for venezuela. stuart: well -- liz: complex story. stuart: we're waiting. not seen anything. let's turn to north korea which celebrated 70th anniversary. that is the big military parade. what you didn't see in that parade, impressive as it was, no ballistic missiles. president trump tweeted about that omission. here it is. north korea has just staged their parade, celebrating
70th anniversary of founding, without display of nuclear missiles. this is a very big and very positive statement from the north koreans. thank you to chairman kim. we will both prove everyone wrong. hairy kazianis, center for the national interests. are we making any progress here? doesn't seem like much of a bilge deal to put your rockets in a parade? doesn't seem like a big deal? >> it is actually a big deal. i've been following north korea for over a decade, and i've never seen a military parade that didn't have some sort of advanced ballistic missile. especially last few parades, they had these icbms in theory that could hit the united states. if you're kim jong-un you're under tremendous pressure to show how tough you are, how strong you are, especially when you can't feed the population in the country. this is a lot of restraint on kim's part. this will set up next week when south korean president moon goes to pongyang for a summit with kim jong-un.
big things could happen there. this could be set-up for that. stuart: is it possible we wrap in a china trade deal? i say china is real close to north korea over ever sense of the world. we've not gone that far with the north korean talks? it occurs to me that maybe if we did a deal with china on trade, they would put a little pressure on the north koreans and we would have a really big round the block deal. is that kind of thing possible? >> i don't know about some asian grand bargain where china helps with the maximum pressure campaign and we do something on trade. i have a feeling what will happen here, the united states will focus almost squarely on cain takenning china, economically, but also militarily. that means unfortunately the maximum pressure campaign with north korea is probably going to be in some big trouble. i think what eventually happens the north koreans will take small steps to denuke rise. i think long term the americans focus will be on containing china. i think chinese will realize
that and i don't think they will be eager to deal. stuart: you don't believe the north koreans will genuine nuke denuclear rise? >> i thought this time around we would see more missile tests. there has been no missile test. they have done a lot of things. there are small steps towards denuclearization. i think north korea and south korea will sign a peace declaration. i think there will be move towards some detente. how long it lasts we'll see. stuart: is it in america's interest for detente between north and south korea? >> you have to remember from the south korean perspective this is existential problem for them. if there is war with north korea, 40, 50 years of economic progress would be destroyed in an afternoon. for the south this is the issue, quite frankly their only issue. good thing to let south korea take the lead while we focus on the bigger threat which is china. stuart: got it. harry, thanks for joining us. we'll see you soon. >> thank you. stuart: back to the big board,
we still have a rally. 60 points rally for the dow. we do have hurricane florence getting ready to slam the east coast. this could be a big one. we'll tell you when and where it is going to hit after this. ♪ fact is, every insurance company hopes you drive safely. but allstate helps you. with drivewise. feedback that helps you drive safer. and that can lower your cost now that you know the truth... are you in good hands? you shouldn't be rushed into booking a hotel. with expedia's add-on advantage, booking a flight unlocks discounts on select hotels until the day you leave for your trip. add-on advantage. only when you book with expedia.
stuart: the dow up 50 points. now take a look at snap. bearing in mind, please, that its chief strategy officer says he is going to leave the company to pursue other opportunities. stock's down another 1 1/2%. that thing is really come down a lot recently. hurricane florence, that is picking upstream, barreling towards our southeastern coast.
janice dean is with us. when and where does it hit, janice? >> thursday, friday. we are watching the storm. we have a few days out but i need people who live in north carolina and south carolina, even parts of virginia need to make their plans. listen to the local officials. we'll start to see evacuations very shortly. we are expecting the storm probably in the next advisory before 11:00 a.m. to become a major hurricane, cat three. very good chance we see a cat-4 this time tomorrow, stuart. we see making landfall as a category 4, the last time north carolina felt a major hurricane category 4, this is hazel in 1953. don't take your eye off north, south, west of this. you will also feel effects of storm. making landfall thursday into friday. the potential for the storm to stall as it potentially makes landfall is going to mean catastrophic flooding,
life-threatening flooding. so remember hurricane harvey last year for southeast texas? i'm concerned we're dealing with a similar scenario. here are the forecast models going out in time. a little bit of discrepancy. we're pretty certain we'll have a landfalling hurricane, a major hurricane in the southeast. the mid-atlantic needs to keep an eye on. make mention we're undergoing rapid intensification because the water is extremely warm here, stuart. nothing to tear this storm apart. so possibly the worst-case scenario for some of these areas across north carolina, south carolina, still watching the delmarva as well. stuart: janice, we consider ourselves truly warned. thank you very much. >> it's a big one. stuart: serious stuff. walmart wanted to sell high-end hunting and camping gear on its website but the plan backfired. tell me what happened. ashley: all hell broke loose apparently. a lot of high-end items used to go into the great outdoors, over 1000, what you call premier
products, turns out there are other stores, physical stores that sell these items as well. they're saying wait a minute you can buy this stuff on walmart, now? the problem the specialty stores, physical stores, worry end up on walmart.com, there will be pressure for the price to drop. what happened was, those stores complained to the original makers of these products, if you put that on walmart we'll not carry your stuff. so this is the difficult line between wanting online sales to maximize, the sale of your product. stuart: yeah. ashley: but at the same time blurring the lines, are you pushing the price down by doing so? it is actually quite fascinating. stuart: amazon effect through walmart. ashley: correct. it is interesting. stuart: we do a lot of switching gears. that is the way we are. ashley: yes, we are. stuart: the anti-immigrant party did very well in sweden's election of the not quite as well as they were hoping but they had a big impact, maybe no mistake this is all about
amazon is down another 12 bucks. apple back to 216. google down another $2. microsoft up 50 cents at 108. mixed bag but no serious rebound for techs. we have elon musk, whoa, did he take heat after he smoked pot life during on a interview on the joe rogan podcast. jeremy owen joins us now. we read your stuff. you say smoking pot is the tip much iceberg when it comes to tesla's problems? why don't you give me litany of bad news? >> i don't think smoking weed is top 100 issues of tesla now. this is the disconnect in california and y'all in new york. where we don't care about the weed at all. i will run into somebody smoking weed within a block and it is 8:00 a.m. out here. same day we saw the chief
accounting officer leave less than a month. say openly the culture within the company is one of the reasons that he left. that is a much, much, i can't even explain multiple how much of a bigger deal that is than elon puffing on a blunt on youtube. it is ridiculous that is an issue when there are so many other issues to focus on. stuart: you're right, there are lots of issues to focus on including they haven't made any money but the stock is still at 2$75 a share. you have to ask what is going on here -- $275 a share. there is litany of problems. you called musk a jerk in the past. the stock came down from 360 to 275, that is not exactly falling out of bed, does it? >> no but there is still a chance they will put up some monster numbers in the second half, show profit, at least for the second half if not for the year. there is that chance and there are still people betting on that. we have to go through that
second half to see if they are able to do it. if you bet against elon musk and tesla, they set up something that could come b my thesis, they need somebody else in charge to make that come about. elon is not capable of doing so. it is actually a negative right now but the fact is tesla is set up to perform in the second half and in some ways come close to justifying that valuation. stuart: the question is not, does tesla survive because it has got a product, it has an electric car, a lot of people like it, tesla will survive but you're saying maybe musk does not survive as the ceo? is that how to sum it up? >> yeah. as the ceo, especially after the whole stock manipulation. having him as public company ceo is going to be a negative for tesla, because investors will be scared what he will do next. maybe keeping him on as chief product officer? there are other ways to get
around this, without him being bottoms. he has shown he is not a great boss. and he is a great brains, great engineer, but at some point you have to say he is probably not the best boss for this company. stuart: yet, it is still $275 a share. tesla is still worth about as much as general motors, isn't it? it is worth more than ford, despite all of this, it is still up there. >> because if they can do half of what elon has promised they could be worth that. stuart: okay. >> that is kind of where they have headed so far, doing half of what elon musk promises. stuart: if you do just half you're okay. jeremy, thanks for joining us. i'm sure we will pursue this for a long time to come. >> thanks, stu. stuart: the anti-immigrant party in sweden, it had a big impact on this week's elections. ash,s that has a message for rest of europe. ashley: i think it does. the nationalist party picked up
18% of the vote. that is high. up 12% from the previous election. what were the key issues in all of this? immigration. sweden, believe it or not took in more refugees per capita than any other country in europe, even beyond the million plus germany took in. they took in 263,000. it was a big issue in this election because sweden's economy is booming. that is not the issue. there is tremendous pressure on housing, education, welfare services because of this wave of immigration. it became a big issue. stuart: and crime. ashley: and crime. this is not just the latest country. denmark has seen rise of nationalist parties. we know germany with the alternative for germany. italy had the five star and the league. this party in sweden is calling for swexit. getting out of european union. swedish version of "brexit." stuart: there is the message for europe. thank you very much, ash. ashley: yep. stuart: cbs chief les moonves is
out, he is gone after six more women accused him of sexual misconduct. howard kurtz with us, media buzz guy on the fox news channel. how does cbs look without moonves? >> well it looks a lot better than it looked with moonves. the latest round of allegations in the piece by ronan farrow. pushing one woman against a all, retaliating against them, ruining some careers. i think cbs and the independent board there had no choice. now it did score or avoid i should say a public relations fiasco paying moonves zero for now in terms of severance because he was looking at $100 million. he could get the money later once the outside law firm finishes their investigation. stuart: going forward cbs has lost a guy, moonves, who is very successful in picking winning programing. i mean they don't have him any longer. who have they got that will do
his job as well as he did it? >> probably no one. they can find a competent executive but les moonves was brilliant at doing this he has been a force in hollywood for decades. took a last place network. over the last 10 years turned them into the first place broadcast network so it's a huge loss. unfortunately, especially in the me too environment, the most powerful person to be toppled during this movement, corporations no longer have a luxury saying this is a really, good, talented executive and we'll kind of ignore the fact that he acted abusively allegedly to all these women. stuart: you can't do that. you can't sweep that -- when you see the allegations you can't sweep it under the carpet. you can't do that. i want to talk to you about president trump who wants the department of justice to investigate the anti-trump anonymous op-ed in the "new york times." are you comfortable with the justice department conducting that kind of investigation of a leak? >> well, first of all this
unname source who i call deep state throat is an absolute coward. even many on the left are agreeing. if this person feels that donald trump is not a good president, doesn't agree with some of his policies, resign, get out, go public, write the inevitable book but i'm not comfortable at all saying there should be a criminal investigation. this is an op-ed piece. it didn't disclose any classified information. i'm not seeing the crime here. if he wants to do internal white house probe to find out who the person is, fire the person immediately, that's fine, but doj shouldn't be involved. stuart: i'm surprised. i thought washington was basically a leak sy sieve, we would know the identity of the anonymous leaker within 24 hours being published. but so far we don't know, no hint. >> took 33 years with bob woodward's "deep throat." i think we will no sooner rather than later who this person is. i think ultimately the person and probably "the new york times" knew the identity would come out. then the debate will turn,
stuart, is this really a senior administration official, somebody at least part of the inner circle or some deputy assistant secretary. stuart: what got me going the "times" would not say how senior this senior official is. it could be anybody. >> it could. i think the "times" will be humiliated if it is somebody who seemed to be a fringe character. i don't want to jump the gun on that. i do think we will find out. i don't think it's a matter for criminal investigation of a president accused at least of wanting justice department to be politicized. stuart: howard kurtz, as always, thank you very much, sir. see you again soon. >> good to see you. stuart: check this one out. a jeweler in massachusetts wanted to have a little fun with the nfl kneeling controversy, so he took out this billboard. says if you will take a knee this season please have a ring in your hand. it didn't go down well. that jeweler is being accused of racism. we'll have more on that for you, coming up. drama at the u.s. open and then some.
♪ ashley: in the last hour judge andrew napolitano joined us to discuss les moonves officially being out of cbs and we asked is he or cbs liable? here is what he had to say. >> generally, yes, generally because i don't know how old these allegations are. he claims there is 20 or 30 years ago. there is a statute of limitation. two years for injury to the body. it is six years for financial loss. so if these things happened more than six years ago they're not going anywhere with the lawsuit but generally of course he could be sued if within the statute. stuart: that is moonves himself? >> yes. stuart: what about cbs, moonves' employer? they employed him at the time these abuses supposed to have taken place? >> as i understand the allegations, and he denies them -- ♪ making my dreams a reality
from insurance to savings to retirement, it takes someone with experience and knowledge who can help me build a complete plan. brian, my certified financial planner™ professional, is committed to working in my best interest. i call it my "comfortable future plan," and it's all possible with a cfp® professional. find your certified financial planner™ professional at letsmakeaplan.org. you see on your screen the stock price of fred's. is up a buck. that is 60% gain. why it is up so much? walgreens will pay $165 million to freds. they're buying patient subscription files an inventory from 185 freds pharmacies across 10 southeastern states. investors love it obviously. freds is on track for its best day since september of 2016.
when you're up 61% you can say that it is of course just a 2-dollar stock. sports, serena williams goes after a chair umpire during her u.s. open final match. she's, she's accusing that umpire of sexism. joining us now is burgess owens, super bowl 15 champion. what do you make of this from serena williams? what is your take on the whole incident? >> good morning, stuart. first of all i, just reminder, excuse me. we believe in the concept of meritocracy no matter what color, background, even how much popularity we might have. serena at the end of the day, later made some very nice statements regarding, very classy statements. what we should be celebrating right now is a young lady from japan who did her best and actually won the fight, the won this competition. and that is what we need to be focused on.
i think for a black americans particularly we need to make sure we're giving our kids the best example how to deal with these kind of situations. control ourselves and respect the process. stuart: that is, you are critical of serena williams. she made very generous comments at the awards ceremony. that was a fine thing but on the court, when she lost her temper, you're critical of that, are you? >> absolutely. i think again we have young people looking at us at all times. those of us who make it in this country need to be better examples of, again respect, particularly and control ourselves when things aren't going our way. that is the way we do things in this country. if we don't do it here, when our kids grow up, there will be more issues with lack of control, lack of respect for them. stuart: another example of the politics getting into sports the two miami dolphins players took a knee during the national anthem during the first game of the season. do you think we'll see, looks like we'll see more of this for the rest of the season.
there is no policy in place. this will keep going, isn't it? >> here we are in the third season and nfl has not figured it out yet. we talked about this before. of course the players are doing what they believe is the correct thing to do. it is up to the ownership to set parameters, make sure players know what is right and what is wrong. nike just joining this fray and as we see, a little bit less probably of the kneeling, we'll still see the narrative by nike. that is a markist of the face of commercial in nfl games moving on. we have to look in a bigger picture. understand in america we're under assault. it is like 9/11 and pearl harbor. we're being assaulted by the left. we need to understand who they are, they're globalists and leftist globalists, worst thing can happen to our country, let them get away with it. don't understand the long game. it is not american patriotism,
profit and politics about them. stuart: what is the name of your latest book? >> why i stand. a great read why the nfl is doing at this point. once we understand we win. stuart: what was the name of the book before this one? >> liberalism, or how to turn good men into whiners, weenies and wimps. stuart: there is a title i could live for. burr guess, i will read them both. >> appreciate it, stuart. stuart: sure thing. next, that jeweler, in massachusetts, taking heat for a billboard that makes light of the nfl kneeling controversy. can you take me through this, liz? liz: this is garier jewelers a small store in central massachusetts. they did do the billboard. it is satirical. immediately after somebody posted this shot of this billboard on social media, somebody was driving by it, they started to get threats.
threats of vomiting on the store showcases. you rin -- urinating on the sidewalk in front and death threats to the owner's daughter you should kill yourself. they said this is racism. they made the leap and logic that this billboard is quote, racist on social media. stuart: any criticism of the nfl kneelers -- ashley: is racist. stuart: is racist. liz: that is simply outrageous and disgrace and ridiculous. we would hope law enforcement would track down the people making those statements. stuart: a death threat is a death threat. thank you, lizzie. the california governor jerry brown sticking it to president trump, he is trying to, signing a bill that bans offshore drilling in his state. how is that going over with republicans in california? we'll talk to the chair of the california gop about that and he is next.
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stuart: california politics, here we come. closing the gap, that would be republican john cox. he is closing the gap in the governor's race in california. he only trails the democrat, gavin newsom, by five points! that is extraordinary in california. joining us is the california republican party chair.
jim, i'm sure you remember me saying in my lifetime we'll never see a republican elected to statewide office. should i take that back? >> well, either that, or you should die pretty quick. stuart: steady, jim, steady. >> look, the early polls were nothing but reflections of name i.d. the lieutenant governor, the democrat nominee, gavin newsom was the mayor of san francisco. he has been lieutenant governor eight years and as the general election campaign forms and as john cox continues to deliver his message about how unaffordable california is, the high taxes we pay, high housing costs, high electricity costs, high gas costs, the gap is closing because people are listening to what john cox is saying and they instinctively agree with him california is just a tough state to live in. stuart: am i right in saying
that gavin newsom took a big decline in numbers the moment he came out and said free health care for all illegals in this state? that was a moment, wasn't it? >> yes, and you know, he wants single-payer for all californians. it is $400 billion a year to do that. the entire budget of the state of california is only $201 billion. so you know, gavin newsom takes big spending to a level that's steroidal. stuart: that would be true. gavin, governor jerry brown, he is going to sign this bill that bans offshore trilling. that seems to me like he is sticking to it president trump who wants to expand fossil fuel drilling and oil drilling. he is sticking it to the president, isn't he? >> at every opportunity to distract what is going on in california the democrats want to
mention donald trump. look, most californians don't want drilling right offshore where the view is distracted but the fact of the matter is, most of these federal leases are far offshore. you would never see the drilling rigs. but the democrats don't want drilling onshore either. anywhere in california or anywhere in the country. this is just one more attempt to attack donald trump, to distract voters in california from what is really going on here in our state. stuart: it would be something, wouldn't it, if john cox won. that would really be something. jim -- >> it would be great for california. stuart: keep on coming back to tell us how things are going. we appreciate you being with us. jim brulte. >> thank you. stuart: two years ago, yesterday, hillary clinton made that famous deplorables speech. we all know what happened after that. i think that comment played a big role in her losing the election. i will if i have you my take on it coming up next.
the digital divide is splitting this country. we have parents who are trying to get their kids off of too much social media and computers, and then we have parents who would only hope their children have access. middle school is a really key transition point, right. the stakes start changing. students begin to really start thinking about their futures. what i like about verizon's approach is that it's not limited to just giving kids new tools, it's really about empowering educators to teach in different ways, and exposing kids to more active forms of learning. giving technology is not a total solution. teaching technology, now that is.
stuart: september 9th, 2016, hillary clinton made the speech which defined identity politics and which i think went a long way to her losing the election. it was the "deplorables" speech. speaking to an elite audience in new york city, she said half of donald trump's supporters belong in a basket of deplorables, racist, sexist, homophobic, scene xenophob xenophobic, islamophobic. she was looking down on americans from the lofty heights of the oh, so elite new york city. on both counts i took strong and personal offense. in my immediate family, there are three races, caucasian, asian and african. there are two religions, christianity and judaism not to mention immigrants from germany,
new zealand, china, ethiopia and england. we are a very american family. i really don't like being insulted by presidential candidate right before the vote. are you crazy? that speech reminds me very much of growing up in england which back then, was a class-based society. i can tell you a few ugly stories of being looked down on because i wasn't to the manor born as we used to say. that's the feeling i got from hillary clinton two years ago. you're looking down on me. i know you are. bad move. reportedly, hillary understood she had made a mistake right after the speech. she said she had probably stepped in it. yes, she did. and we have yet to see her step out of it. the third hour of "varney and company" is about to begin. stuart: well, you heard what i had to say about the deplorables
speech. we will get reaction from fox news senior political analyst brit hume in this hour. checking out the big board, we have lost almost all of the rally. we were up over 100 points when we started out the day. now we are up just five, 25,922. scott martin is with us. scott, you say we will grow just 3.5% in this quarter, at an annual rate this quarter, third quarter, just 3.5%. i thought it was going to be a lot more than that, more than 4%. >> you know, it still may. there is still some data that will come in. it's funny what we are talking about, just 3.5%. can you imagine if we actually had these numbers coming off a 4.2% number, don't forget, just last quarter, if we had these numbers during the obama administration, how excited we would be. let's take it in context. still getting by our research 3.5, 3.6, 3.7 for this quarter
is still pretty good, considering how we have been in the recent past. to me, even if we get a little bit of a disappointment here, the economy will reaccelerate in the fourth quarter. stuart: why is it slowing down? most others say it's 4% plus. you have it down to 3.5%. what's the big deal? >> some of the trends we are seeing, consumer spending for the rest of the quarter looks like it's going to slow down, after a big bump we saw in the summer and beginning of the quarter. i wouldn't look at it typically as a slowdown, just a little less growth because the economy is still growing with the reacceleration as consumers save up for q4. stuart: as you were speaking, the dow turned negative. an hour ago we were up over 100 points. now we are down. we will turn around there. talk about big tech, hit very hard last week. i don't see any serious rebound.
tell us which ones you like and why. can. >> we do. we own amazon, google, microsoft, apple today is an interesting buy for investors that missed that one because it's up quite a bit, a few bucks. listen, tech has been hit recently but we have seen this movie before, haven't we, over the last couple years, when tech gets hit it goes down to 50-day moving averages or just a price level that is key for the stocks, then bounces back as investors come back in. this is no different. if you look at the fundamentals on tech, the free cash flow, the revenue growth, the future spending plan, the amount of confidence these companies have in their businesses going forward, aside from what the government is going to do to them, i still think they are a good buy here. stuart: i also know you like industrial stocks, deere, 3m, caterpillar. that's a play on trade, isn't it. are you expecting a trade deal with canada, so the trade-related stocks go up? >> we are.
canada is probably act one and i think a trade deal is coming with china here in the next few months. that's a reason to pick up industrials now. if you look at the charts, on the ones you mentioned, deere, 3m and cat which we all own for ourselves and our clients, look at the stocks and how they are performing and how they are kind of basing out. you start to see deere especially today starting to move up nicely. that's a basing out formation that shows a lot of that news from the trade side is in these stocks and things are starting to improve so we are allocating to them now. stuart: got it. thanks for joining us. see you soon. let me move on to china and china trade. president trump threatening to put tariffs on everything, that china sends over here to america. couple billion dollars worth of product will be tariffed, if i can put it like that. joining us, michael pillsburry, author of "the hundred year marathon." good to see you. last time you were with us, you were saying president trump is
taking a hard line with china because he can. he's still taking a hard line with china, going right up at them. you still think he's doing the right thing? >> yes, i support the president's moves but what i have been surprised about is how china will simply not negotiate. there has been no offers. their press, their television programs, are kind of ignoring all this. we had some delegations here recently, they say china wants to wait until after the midterms before it makes any offers. there has even been some jokes. this morning's chinese newspaper says they have set up an internet court that's had 40,000 cases already in the last six months, so you can supposedly file a technology complaint or intellectual property violation complaint online now and wait for the judge to reply to you. i think this is just kind of a joke but they're not taking seriously president trump's demands.
stuart: the failure to negotiate, as you put it, is surely the result of china's not wanting to lose face. if you give in to president trump at this stage, president xi does not look good and he doesn't want that to be the view the chinese people take of him and his presidency. >> yes. i think that's right. but they also have been debating among themselves in beijing, they don't want to make too small a concession and really antagonize the president, but they don't want to make a major concession because they are so wary of him as the master negotiator that they are afraid a concession will just cause the president to ask for even more in another round. stuart: let me get this right. you are saying they are discussing whether china blinks mang and makes a concession. the question is how big a blink they take. in other words, they are going to blink. just how big and when. is that where you're coming from?
>> yes, but those are pretty big questions. it could be a one-year trade war before there's any blink. i know some of the optimists in washington are hoping this can be resolved in the next two or three months, but i'm getting more pessimistic in light of this really harsh chinese attitude that they simply will not negotiate. stuart: their economy is slowing, their markets are still way, way down. can they afford to let this drag on for a year? >> no, they can't, but that's our view. their view, especially in the last couple of days, they have been highlighting how much their trade is up in the last six months. they are trying to focus on the positive. their trade with the european union is especially improving. so they remain optimistic, where this is whistling past the graveyard, i don't know, but i'm getting more pessimistic myself about a near-term deal. we just can't deal with this kind of obstinate chinese
refusal to make any serious offer. in fact, they wouldn't even recognize there's a problem. they say there's perfect reciprocity. they say there's been no technology theft at all and it's america's fault if the deficit is too great because you americans, they tell us, don't save enough. we're not getting anywhere so far. stuart: well, looks like we are headed for a head-to-head clash. michael, thanks for joining us. see you again soon. amazon opening a cashier-less store in new york. it's going to. it hasn't yet but it's going to. you walk in, you scan your app from your phone, then cameras and sensors track what you pick up from the shelves. amazon bills your credit card. you walk out. amazon opened its first cashier-less store in seattle in january. it is coming to new york but we don't know when. the cashier-less store will open in new york. look at the stock, back to $1939, down about $120 from the high of a week ago.
look at cbs. les moonves gone as cbs' chief executive after another six women came forward accusing him of sexual misconduct. the stock is now down 3.7%. down two bucks. alibaba's co-founder and executive chair will retire in a year, focusing on philanthropy when he leaves the company. the stock is down 3.3%. that would be another loss for alibaba. the democrat mayor of atlanta continues cutting ties with i.c.e. coming up, the congressman from georgia says the mayor is playing a very dangerous political game. the president is calling on jeff sessions to investigate the anonymous op-ed in the "new york times." trump calls it a national security risk. what does judge napolitano say about that justice department investigation? president obama is back on the campaign trail, going after president trump and trying to take credit for the economy.
stuart: okay. hurricane florence is gaining strength. it is now a category 3 with winds of up to 115 miles an hour. it's located as of now 625 miles southeast of bermuda but they are getting ready in the carolinas and virginia, where they are expecting a direct hit. florence could become a cat 4 by tomorrow, could hit the east coast on thursday. it's a big one. back to my take. it's been two years since hillary clinton made that famous
deplorables comment. >> you could put half of trump's supporters into what i call the basket of deplorables. the racist, sexist, homophobi homophobic, -- stuart: i remember that well. i'm sure brit hume remembers it also. i think that was a pivotal moment. i think it went a long way towards her losing the election. am i going too far? >> i do think there was a measure of snobbism reflected in that, which is the last thing a democratic candidate needs. i think there are larger forces and a much deeper sense of disappointment in the electorate that gave us president trump, but any chance she might have had of overcoming that and being elected was certainly harmed by that comment. stuart: do you recall that comment? i did, because i took it very personally. you may have had a different
reaction at the time. did it seem like a big mistake at the time? >> oh, yeah. it ranked up there with romney's famous comment about all these people who were living on the dole or whatever. it was damaging in the way that suggested i think to so many people that this is proof that hillary clinton's a bad campaigner. and stuart, this snobbishness toward trump and those who elected him persists. it persists on the left and it persists on the right. i know a lot of conservatives who just think these trump supporters are idiots and fools and should be paid no attention. but i think the smart play in the world of politics is to figure out what their grievances are, come to understand them, recognize their power and act accordingly. there hasn't been enough of that, in my view. stuart: president barack obama, i think he's back on the campaign trail, i will put it
like that, and he is going after president trump. let me just roll some tape. >> it did not start with donald trump. he is a symptom, not the cause. he's just capitalizing on resentments that politicians have been fanning for years. when you hear how great the economy's doing right now, let's just remember when this recovery started. it should not be a partisan issue to say that we do not pressure the attorney general or the fbi to use the criminal justice system as a cudgel to punish our political opponents. stuart: president obama was silent for the last two years so my question is, why is he coming back on to the campaign trail? is it he that wants to come back and confront president trump, or do the democrats want to use him in that role? >> i think the answer is the midterms. they are just around the corner now, and the president remains
popular, indeed, deified to some extent with many democrats. he could help raise money, if that's what he chooses to do. presidents and past presidents are still big stars and they can turn out crowds for fund-raisers so that's part of it. may i make a comment about what he said about remember when the recovery started? the recovery started in june of 2009. in terms of economic shrinkage which is what you have during a recession, the worst of that was over when he took office. in june 2009, the stimulus spending program that he had gotten enacted in congress had yet to take effect, and the economy began to recover. i would say his policy had very little to do with the beginning of that recovery, because it was the actions of the fed, and the fact that in a market economy like ours, when there's a downturn like that, the economy tends to recover by the actions of countless individuals around the country trying to get their
businesses growing again. then what we had in the aftermath of that, as you well know, was the weakest recovery since before world war ii we have ever had, and that recovery has notably picked up steam in his absence. stuart: i'm glad you made the comment and i noticed that a little fire came into your comment as well. we are very glad you picked up on that. brit hume. see you again soon. thank you. check out various different markets. first of all, start with bitcoin, a price today for one coin, $6,294. look at the price of gold. what's the price per ounce? $1,201 per ounce. what's the price of oil? how much was one barrel? >> $67.90 per barrel. an actual average for gasoline, right there, $2.84. seems like it's been there for a very long time. now check this out. a homecoming queen in mississippi trading her crown
for a football helmet. katie foster was crowned before the game, then kicked a game-winning extra point in overtime. she says she was confident she would make the kick but not so sure she would win the title of queen. space-x rocket lifts off from cape canaveral carrying a communications satellite. once it's stabilized in orbit, the satellite will bring broadband services over parts of asia. now take a look at seattle, the west coast. i can do more to lower my a1c. because my body can still make its own insulin. i take trulicity once a week to activate my body
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stuart: you want to take a cruise around the world? you have a chance. the luxury cruise line seaborn have a 146-day cruise that hits five continents and 26 countries. the cost, $67,000 per person. it sails january 20th, 2020 from miami, florida. hundreds of [ inaudible ] have been discovered in northern italy, in a jar in the basement of a theater. they say they could be worth
millions of dollars. western australia have discovered two very large gold-encrusted rocks, could be worth about $10 million. the larger rock weighs 210 pounds and contains more than 2,400 ounces of gold. president trump wants the senate to confirm supreme court nominee brett kavanaugh by the end of this month. coming up, former senate majority leader trent lott. does he have any doubt kavanaugh will be confirmed this month? does he? we will ask him. the left's war against i.c.e. continues. atlanta's democrat mayor orders the city to cut all ties with i.c.e. we are all over that. once we ponder the story, look at the weather in atlanta, georgia.
bottoms, signed an executive order to stop the city jail from receiving people detained by i.c.e. can't take any on. georgia congressman barry loudermilk is with us this morning. congressman, this is your state. big city in your state. it's an extreme move, or it seems to be to me. what's it all about? >> well, that's what we're trying to figure out, stuart. it's again, nancy pelosi's a trend setter for democrats across the nation and when the democrats decided we need to remove i.c.e. as an official entity of the government, all the far left liberals throughout the nation, including a red state like georgia, are falling in line because to them, it's more important to make a political statement than it is to ensure the safety and security of americans. this is all about making a political statement. stuart: can you make a judgment as to how much support the mayor has within the confines of the city of atlanta? what kind of support does she have for this kind of i call it an extremist move? >> it is an extremist move.
we are going to see what kind of support when the truth comes out, because there's a lot of hypocrisy built into this executive order. if you read the executive order, she said that they are doing this in response to the separation of families, which we all know has been going on for well before this president, but she said it's because of that. well, that's another organization that was involved in separating families, not i.c.e. what she's doing is ordering detainees that are still in the atlanta city jail to be moved to her words, substandard facilities that are in some case, hours away. so they are separating the detainees from the locality of where their families and their attorneys are. so it's counterproductive to what they are saying. this is all about making a political statement. it does jeopardize the safety and security of people in atlanta. it jeopardizes the safety and security of i.c.e. agents here who will be put in more dangerous situations. by them saying they are not going to cooperate with i.c.e., that is unbelievable because
i.c.e. is on the forefront of stopping an opioid crisis. you know, last year, i.c.e. intercepted almost 3,000 pounds of fentanyl which is a key element in the dangerous opioid. that's enough to kill the whole population of the city of atlanta. yet the mayor is not going to cooperate. i think when the truth comes out t people of atlanta are going to revolt. stuart: you can't do anything about it because what the mayor is doing is not illegal. it's not an offense to do this. you've got to wait for a vote. the only sanction you have on the mayor is the vote, right? >> that's right. it goes beyond just this action, because there's other things going on. the city of atlanta has numerous problems. there was a cybersecurity attack on the city of atlanta several months ago where data has been lost and is being held hostage. the city spent over $3 million trying to recover and we have data that's permanently lost. recently, federal and state investigators are investigating massive corruption within the
city of atlanta, and just a couple of months ago, hud stripped away from atlanta a low income mortgage program because atlanta is not responding to the request for documentation. these are the things the mayor should be focused on that are hurting the people of atlanta. but again, they are more interested in stopping i.c.e. than isis. this is what's happening across the nation, being -- the democrats being led by far left ideology like nancy pelosi. stuart: the vote is less than two months away. thank you for joining us, sir. appreciate it. see you again soon. confirmation hearings for brett kavanaugh. they have wrapped up. want to bring in trent lott, a man you know, former senate majority leader. welcome back, good to have you with us again. >> glad to be with you. thanks for recognizing our football-playing homecoming queen in mississippi. stuart: you're welcome. it was a fine kick she made as well. >> absolutely.
yes. stuart: is there any doubt in your mind that brett kavanaugh will be confirmed? >> no, there's no doubt. he handled himself, i thought, really well before the judiciary committee, where frankly, i was embarrassed by the conduct of the democratic members of the committee and the audience, when the nominee's children have to be escorted out of the room because of the conduct they are witnessing, you got a really bad situation. he handled himself very well. when mitch mcconnell says that a confirmation is going to take place in the senate or one that is not going to take place, you can write it down. mitch mcconnell says he will be confirmed in time to take his place on the supreme court by the time the court comes in session october 1st. stuart: does that mean leader mcconnell has already gotten assurance from, for example, susan collins or lisa murkowski, susan collins and murkowski, who were wavering, they are republicans but were wavering, do you think mcconnell has a commitment that they say yes on kavanaugh? >> well, they may still be
waiting to make sure nothing pops out, but i also am sure mitch mcconnell is checking their temperature every day of the two senators, susan collins and lisa murkowski, plus we have a new senator, jon kyl, my successor as whip in the senate, he's back in the senate replacing the deceased senator john mccain, and he was the sherpa, the guy taking kavanaugh around, so his presence will help also. i think we will get every republican vote for kavanaugh, as they should vote for him, and a handful of democrats. i don't know whether it will be four or five, but there are several that will understand he's qualified by education, experience and demeanor and there's no reason to not vote for him. stuart: just because the hearings are over doesn't mean we have forgotten all about it. i think it's an extremely important issue. >> very important. stuart: it's just very, very important stuff. again, you say he gets confirmed and he gets confirmed this month, september?
>> i do. they have had enough time to go over all these documents and of course, the senators, most of them are not really looking at too many of the documents anyway. they may have staff going through them. they will have had basically two months to hear him, meet with him, go over the record, you know. i think i could talk on this because i did understand and learn early on that elections have consequences, as others have said, and the president makes these choices for the supreme court and then the rule should be if they're qualified and if they have the experience and demeanor, i voted for ruth bader ginsburg even though i knew i wouldn't like the way she voted but she was qualified. stuart: we didn't know that. >> maybe i should take that back. stuart: maybe you can come back. you're looking great, senator. looks like a life outside politics is good for you. >> thank you very much. stuart: great to have you on the show. >> glad to be with you. stuart: president trump has called on attorney general
sessions, hey, get out there and investigate that anonymous "new york times" op-ed. he says, the president says, you're doing this for a national security risk. that's what he said. judge napolitano is back. is this a legitimate investigation by the justice department of a major newspaper? >> no. it is a legitimate investigation by the white house as an employer of a human being profoundly disloyal to the boss, but there's no basis for a criminal investigation. the justice department investigates crimes. it doesn't investigate all wrongdoing like a civil wrongdoing, where an employee disses the boss in a public place but hides his face. this is what happened here. stuart: if the leaker had leaked a state secret, for example, that's a security issue, that merits a justice department investigation. >> correct. correct. when the president used the word "treason" in his tweet, then repeated it to pete hegseth, whenever the last rally was,
thursday or friday in montana, i was very disappointed to hear that. not only is that wrong under the law, it's dangerous. treason is the only crime defined in the constitution. the framers did it that way so congress couldn't change the definition and the courts can't change the definition. it consists in levying war against the united states or providing aid and comfort to enemies when they're levying war against the united states. it does not consist in spilling the beans on what you heard, somebody else heard in the oval office. stuart: just because the president urges jeff sessions investigate doesn't mean to say that jeff sessions investigates. >> that is profoundly true, particularly with this justice department and the relationship that president trump has with attorney general sessions. it's not laughable but we're smiling because they are both characters. one is beating the daylights out of the other and the other just keep saying hit me again,
harder, harder. stuart: it goes on and on and on. >> yes. stuart: i have never seen anything like this before between a president, any member of his cabinet. >> you heard me say this 100 times. the more admired attorney general in the post-world war ii era was the president's brother. don't you think they talk to each other? what are we going to do about lbj? we want him on the ticket in '64? of course they had those conversations. jimmy hoffa, yes, prosecute him. these two don't talk. one tweets and the other doesn't respond to them. stuart: you are having fun covering it. yes, you are. thanks, judge. president trump continues his hard line against china, threatening tariffs on all chinese products that come over here. next, tim phillips with americans for prosperity. we get his take on the latest escalation in the trade war.
walmart taking new action to address the trucker shortage. (guard) i've seen things i shouldn't have. unnatural things. these people they don't sleep... like ever. they reveal in extremes and defy limitations. these pursuits may seem unnecessary. but the scariest thing i can imagine is a world where this, doesn't exist.
drivers that they desperately need in order to take goods from the distribution center straight over to the stores. what we have been seeing in our economy is a booming economy, consumers buying everything and truckers needed in order to drive the merchandise. they do have a private fleet of 6500 trucks, they have 7500 truckers. they have been spending on marketing. in fact, they have a national television ad. they are shortening the process of hiring. one mother who was recently hired is working with them to try to get the tedious process down from 70 days to 30 days in order to make this happen. they are spending and retaining truckers and are boosting that by the end of the year. there's a referral bonus of $1500.
stuart: the billionaire behind oxycontin is now working on a drug to treat opioid addiction. he's one of six inventors who received a patent for formula which dissolves under the tongue to curb opioid cravings. back to trade. president trump threatening tariffs on all chinese products that come here. our next guest has not been a fan of those tariffs from the get-go. tim phillips, americans for prosperity president, is with us again. i know you don't like tariffs.
i know you think it's a rotten way of negotiating any kind of trade deal. but i put it to you again, the stock market doesn't care. we just had another escalation of the tariff wars with china, and the market is showing no change. the market doesn't care. >> well, this administration's tax cuts which congress helped put through have been an enormous boon and genuinely, the markets have responded in the right way and the administration systematically knocked down opportunities to opportunity job creation by getting rid of red tape and regulation we didn't need anyway and that was there from the obama years and some of the bush years. so that in our view is what's lifting this economy. we do worry over the long term, though, that when you have the tariffs and protectionism happening, it is going to start impacting consumer prices, stuart, and it will be hurting american manufacturers. i was just in tennessee thursday/friday. furniture manufacturers,
automotive parts makers, they need aluminum and steel for their parts, they are paying higher prices and are seeing cut-backs. long-term, it's not going to be helpful for the economy to have a trade war and to have this kind of protectionism. that's what we're saying. the administration is doing so much good on the economic front. let's not undermine it with tariffs. that's what we're saying. stuart: trouble is, it's a bit late to drop out and back off now, isn't it. once you have gone through all of this and said i'm going to do this, i'm going to do that, to back away completely would be a real loss of face, certainly for president trump. >> well, i think the ultimate gain of face for the administration is a healthy, vibrant economy, where americans have lower consumer prices and job creation is expanding even faster. that would be helpful in the long term. remember back in the spring, you and i were talking on the air about how it was a negotiating tactic, the threat of tariffs.
well, we are now four or five months down the road and genuinely, these are happening. it's not good for americans in the whole. we also have the spectacle of america, the government, picking winners and losers. that's not good. they have $12 billion in subsidies now going to farmers because the tariffs have hurt the foreign markets for our farmers, who are the best in the world. they don't want aid. they want to be able to do what they do best, which is produce the best, most efficient crops in the world for both americans and the world. but they're hurting right now. i'm telling you, they are, and that's not good. stuart: i understand. i know you are pushing hard against the whole idea of using tariffs against nafta partners and china and the europeans. i got it. but do you see any sign at all that the administration's going to back off? because i don't. i see trump maintaining the hard line. that's his style. there's no way this president is going to walk away and say i got
that wrong. not going to happen. >> actually, if you look at immigration over the last year and a half, the administration has made offers and has been willing to take steps that have often been rebuffed, by the way, by the democrats who just want to politicize too often, on the nafta negotiations certainly with mexico, the administration has done some good things, some flexible things. n i know with digital trade, there are improvements in the negotiations going on right now with mexico. it needs to include all three countries, but the president has been willing to be flexible on occasion. to kind of declare victory and move on, and we would urge him the take a look at that. just politically, good policy is normally good politics. bad policy is bad politics. i'm telling you, when you look at the polling, when you are in battleground states like tennessee, indiana, missouri, these tariffs are not popular. they are seen as a drag on too many american consumers in those states and businesses. i'm telling you, the poll
numbers are not good on this. stuart: okay. i hear you. >> that's important as well before an election. it is. stuart: that is extremely important. that really is important stuff. tim phillips, come on back. i want running commentary on trade. see you soon. thanks very much, tim. how about this one. brad pitt is being sued by people in new orleans who say his organization built for them defective homes. the residents received homes back in 2008 after hurricane katrina as part of this make it right foundation. the lawsuit claims the homes have a slew of problems, including mold, electrical and plumbing issues. they are taking him to court. i don't know how much they got the homes for. i don't know whether they paid anything at all. i have no idea. but they don't like the house. >> they're suing. stuart: walgreens will pay $165 million to buy the patient
prescription files from some fred's pharmacies in southeastern states. look at fred's and walgreens stock. look at fred's in particular. it's up 62%. $165 million is a lot of money. how about tesla. it's up today. it was down friday after video of elon musk smoking pot on a podcast surfaced. this morning it's back up nearly 6%, $14 higher. keeps going. the house is expected to work this week on tax cuts 2.0. they want to make individual cuts permanent. next, we talk to congressman eric paulson. he's on the tax writing committee. what exactly are we going to get, and when?
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stuart: this is just coming in to us. congressman ron desantis says he will resign his seat in the house. instead he's going to focus on his race for the governorship of florida. desantis faces andrew gillum, who is a socialist, in november. then there's this. house ways and means committee marks up the second round of tax cuts. joining us, minnesota
congressman eric paulson, who is on that tax writing committee. congressman, always good to have you on the show but let me get right at it. you can mark up anything you like in the house and you can probably pass it, but it's not going to go anywhere in the senate, is it? >> well, i wouldn't necessarily say that's the case, and here's why. look, the economy is performing really well. who knows how many house members are going to move forward on our tax bill now but look, the senate, knowing how strong the economy is, how many senators wish they had voted for the tax reform that's in place right now. as we do tax reform 2.0 we will build off the accomplishments we have right now, make sure it's family-friendly for retirement savings, people have more money in their pocket, lock in tax cuts for install businesmall bu middle income folks and help startups. we have seen a decline in business formation. that's important. stuart: i'm in favor of it. i got it. but it is a political move. you are not going to get 60 votes in the senate so it's a political move. it's to tell people look, we are
the guys, we cut taxes, we got the economy going. don't forget that. it's politics, really, isn't it? >> well, it's more the messaging and here's why. there are a lot of senators that see the results, when you have over 4% gdp, there's a lot of folks that want to keep that trend going. we want to see the stock market continue to rise. don't knock the senate out necessarily after the election. it may happen. we will put the pressure on and the house will have a strong vote. we will move forward as we did with tax reform last year. stuart: what's the single biggest thing that will come out of this markup of the next round of tax reform? the single biggest item, in your opinion? >> i think the single biggest item is locking in those tax cuts for middle income folks and for small businesses. that's a game changer. it's been a game changer. we will also look for the first time at really helping new business formation so that new startups can get a leg up. we have seen the decline in new small businesses across the country in the recession years and currently so we will help
stuart: watch out carolinas, here comes florence. as you can see. the cone, the cone of uncertainty? >> yes. you don't need a cone ever uncertainty pointed at you. it's a cat-3. expected to reach a cat-4. winds of expected to be 160 miles an hour for a cat-4. stuart: oh, it's a cat-4? >> no it is expected to be. carolinas, maybe begin i can't in it take as jog to the north. 15-foot storm surge, tour rings rain, devastating winds.
liz: potentially two storms behind it. stuart: there is a whole line up across the atlantic. thursday in the carolinas. >> thursday and friday morning. stuart: that is the current status. that is the cone of uncertainty. of, you have to the that connell mcshane sitting in for neil? >> i love having ashley dot weather. terrific show. busy couple hours for us on "cavuto: coast to coast," i'm connell mcshane filling in for neil today. president telling apple it can avoid higher prices if it makes the products in u.s. instead of china. ben kissell is here. michelle mckinnon is also here. terrific panel to start off o