tv Varney Company FOX Business March 7, 2017 9:00am-12:01pm EST
>> watch north korea, we're putting anti-ballistic missiles in north korea because of missile launches. maria: i was not expecting pizza, go ahead. >> aca rewrite, how are they going to pay for it. dagen: and will health care prices come down. maa:ee you tomorro here is stuart. we've got the pizza and you don't have to worry about it. stuart: thank you very much indeed. i'll take it later. maria, thank you very much indeed. [laughter] >> where are we starting? president trump's legislative agenda, it has begun. obamacare gone. whoa, good morning, everyone, well, the president wants to grow the economy, he needs congress to act quickly and they've taken the first step, that is the plan to replace obamacare is on the table. they will thrash out details in two committees with a full vote of the house, quote, within weeks. by easter, says speaker ryan. well, that's what investors
want and fix obamacare and move onto tax cuts. it's a contentious legislative schedule, but it has begun. second headline, you might not like the president's style, but you like his handling of the economy, surprise, surprise. it's up sharply in a month. who knew. republicans must unite to get it done. democrats have to be careful about blocking trump's popular economic policies. and for investors, the trump rally is still on hold. politics and money, that's what we do. "varney & company" is about to begin. ♪ >> it is obamacare gone because we repeal all of those taxes, those mandates, those subsidies, there's nothing left there. and instead, we give them the same tax break that we give
workers at big businesses, it's obamacare light, it retains a significant part of obamacare, retains the cadillac tax. retains a form of the individual mandate, instead of paying the government you're going to pay the insurance company, but it also creates a new federal entitlement program and gives it permanent increases of about 5% at least a year. stuart: he didn't like it. well, you heard it there, the g.o.p. is indeed split over this replacement for obamacare. congressman brady as you heard, called it obamacare gone. senator paul says it's obamacare light. and can they resolve this split and get a deal done fairly quickly in congress, yes or no? >> yes, i think they will. stuart: oh, okay. >> i think that part of is that rand paul has to realize the entitlement was already created, that's what happened in 2010. we can't, much as we might like
to, we can't pretend that the obama administration never happened and so, i think what they have to do is focus on how do you reform this thing, how do you inject free market competition back into health care. >> well, they've got a lot of negotiating to do. a lot of horse trading is going on because i mean, they're going to flash this out in two committees as i understand it. >> that's right. >> and then present the full bill before the house and again, brady says it will be within weeks, congressman ryan, speaker ryan says by easter, that's about five weeks away. that's a very ambitious schedule, but the republicans have to do it. if they don't do it, i'm saying they're toast next year. >> they have to deliver and as you said, that brady committee also has to do the tax cut. a lot to get done here, they have to move on obamacare. i think what conservatives in the house need to do is accept that you're not going to cut everyone off who's currently getting a subsidy, but just look to add to the bill draft,
which is basically saying, instead of washington dictating choices, let the consumer. and just look for ways to take out that federal bureaucracy, to limit their role, to move decision making back to doctors and patients and i think that's where you can get a big win for freedom. stuart: okay, i want to bring in our own prize libertarian, his name is dr. andrew napolitano-- judge andrew napolitano, i'm sorry. >> you promoted me. you're a libertarian and rand paul is on the libertarian side of things. >> sure is. stuart: if you guys screw this up, and mess up this agreement, you'll never be on the show again. [laughter] we have to have the deal. >> is that a threat or invitation? >> it's a threat. we have to have this deal. >> can't be mean even when you're trying to, you're such a nice big-hearted person. >> you don't like the cadillac
tax, you have one of those fancy insurance policies. you don't like the federal government micromanaging health care, the micromanagement of health care stays. by ordering insurance companies, the house is on fire, give them insurance. stuart: judge, i will accept anything that gets a deal done and to move on to the more important tax cut. >> that's a compromising attitude which may actually work, that this is a step in the right direction. but look at what barack obama has done to us and james hit on this. he has created the mentality, even among conservatives that somehow, from some source, somewhere, not in the constitution, we owe, the government owes the american public health care. it doesn't. it's a good-- it's like a chicken in the pot or a car in the garage. you want it, you go out and buy it, you don't expect the government to give it to you. stuart: you always ignore the problem of politics.
you've got to get the votes, you've got to have this politically acceptable. >> the problem with politics, this defunds planned parenthood. i'm happy to defund anything. but you've got three senators who won't vote for anything that defunds planned parenthood. and you three republican senators that won't vote for me entitlementsment where are the votes comg from? >> because you can negotiate down the middle. >> that's where the president is a master at. stuart: am i coming back at the 11:00 hour? >> you're coming back in minutes. the president trump is tweeting. liz: i'm working on a new system where there will be competition in the drug industry, pricing for the american people will come way down. the president met with drug makers on the last day of january, does it mean he's going to import cheaper drugs from canada?
bernie sanders and elijah cummings would like that. and force drug makers to bid. stuart: the drug makers are down roughly 1 is% across the board. this is part-- this plan that we heard about yesterday does not xhu include any way of getting the cost of health care down. so the president competes out about competitive bidding on drugs. liz: he said the drug makers are getting away with murder. well, will he, in exchange, say to the fda, lift, dial back regulations so you can make drugs faster, faster to the market. >> the negotiation has begun and it's going to be intense and surprises coming from all over the place. james and i think we'll get a deal. the judge not so sure. all right, let's get to your money. we dealt with a little bit of politics, we're calling this the pause in the trump rally and investors waiting to see what do we get out of congress and when does it get done? we are going to open lower this morning and we'll be below 21,000.
facebook hit an all-time high yesterday. premarket down just a few cents, that's all you've got. but look at snap, that's where the action is. the stock prices drop below the first trade price, that was $24 a share, it's down to 22 and that's premarket, quote, down another 5%. how about that? dick's sporting goods, it looks like it's part of the retail ice age. weak report coming in from them and they're down 4% premarket. again, that's retail ice age, that's our story, we're following it. i want to get to that poll, this is very important, even though it's a cnn poll, it gives the president winning support on the economy, 55% approve of his handling of the economy. 41%, i believe it is, that disapprove thereof. 41%, that's it. you know, james, you brought this to my attention in your column in the wall street journal today. >> thank you. stuart: that statistic was buried, flat-out buried. approval rating is very, very low. his approval on the economy is
really high. >> yeah, that's what's moving, along with, as you said, the headline is this guy is not popular, he's historically unpopular for a president early in his term and that's true, but what you see is the progress. one, he's more popular than he used to be. and on the specific issue of the economy, it's a surge for support for mr. trump. stuart: that's a key issue and, well, james, how about that for news this morning. okay, i want to get back to the judge, let's never leave the man out. rod rosenstein goes before the senate to be confirmed as deputy attorney general today. judge, this is man, who if confirmed, will be in charge of the investigation of his own boss jeff sessions and of the russians. >> yes, this will be number two person in the justice department. when the attorney general recuses himself, steps aside from any case as he's done from the investigation of the campaign, as he will do for the investigation of the russians, this gentleman will be running it and he may be in a very
awkward position of managing the investigation of his own boss, if the allegations of materially misleading the congress go further. i don't think they will, but we'll see where it goes. stuart: wait a minute, the democrats are playing around with this. connecticut senator blumenthal, i'm not sure of the-- putting a hold. >> for a period of time. stuart: it's another delay. >> yes, it's another delay in which the temporary bureauat, i don't want to besmirch, the guy is a great lawyer. with managing the fbi investigation. but the key decisions will wait until rosenstein is in office. senator blumenthal is going to try to get a commitment out of him, will you go after jeff sessions if we ask you to? he can't answer that. stuart: a lot going on, there's that hearing, there's a press conference by kevin brady about
the obamacare new plan, there's wall street, we still say it's on force. and james freeman, wall street journal. >> and expanding entitlements. stuart: there's the libertarian. here is how you change subjects, we have a nerd alert for you. [laughter] . >> don't look at me. stuart: look at a robot designed by german engineers set a new world record for solving rubik's cube, finished in .637 seconds, beat the previous robot record of .8 seconds. liz: it did it with six arms. stuart: well, that's an advantage. >> i like-- >> and super computer brain. we'll repeat it later. back to your money, check the futures. where are we going to open? we'll be down 20 or 30 minutes from now when the bell rings? what else have we got for you.
newt gingrich has a thing or two about congress, he says the president is off to a good start with his legislative agenda, big things are happening says newt gingrich. you'll see him on the show. and north korea, a response sending an anti-ballistic system to south korea. not happy about that. we'll have a jam-packed show. but thinkorswim already lets you create custom alerts for all the things that are important to you. shhh. alerts on anything at all? not only that, you can act on that opportunity with just one tap right from the alert. wow, i guess we don't need the kid anymore. custom alerts on thinkorswim. only at td ameritrade.
>> here is a story for us. our story, ashley, amazon and alphabet, neck and neck, we asked the question which will be first to $1,000. maybe neither of them. we're not sure, but we're concentrating on that race and we will show you that at the opening bell. the u.s. military bringing a missile defense system to south korea, this is in response to the north korean test. china doesn't like it. liz: they see it as a trojan
horse for surveillance. russia is not liking it either. and the u.s. says it's not meant for surveillance, it's for defensive purpose to intercept and destroy north korean missiles. china not believing that. stuart: china has done nothing about their north korean clients. they make the nuclear blasts and make missiles. liz: they crack down on the coal deliveries. stuart: whoopty doo. and i want to bring in art laffer, former reagan economist. this plan released last night and detailed more this morning, it gets rid of the surtax on high income tax earners. it leaves in place the cadillac tax, i think, a lot of taxes are gone. you've got to approve of that, art. >> i love it. i think it's absolutely wonderful. this is a huge plus and stuart, to put it in financial terms, i think if this passes as it stands without modification,
will be worth, 2, 3, 4,000 points on the dow. stuart: whoa! that big? >> well. stuart: some conservatives are not happy about it. the cadillac tax stays and it's still an entitlement program which can only expand. you're shaking your hand. make your case. >> it's wa, wa, wa, it doesn't have everything yet. it will be modified in the committee. these things will go and it will happen. i don't know of any conservative today, free market economist who would not vote this bill over doing nothing. i know of none of them. it's going to pass. it's g to pass a these people who d't want defund any of this program or that program, or whatever it may be, they may be sitting there trying to get another point in or not, but when it comes to a vote, there's no way they are not going to vote for this bill. stuart: i think it was you who said it, but it has been said, that if you get rid of these taxes in obamacare, then you've
just given the middle class the best tax boost you could possibly give them. is that accurate? >> yes, it gives a shot in the arm to the u.s. economy. these tax burdens are enormously hindering of the bull market and the economy. they're right on the margin. they pull all sorts of pressures on small and larger companies and they do all sorts of damage. this is the first major step in the pro growth agenda. now, as you say, tax cuts are next, you're right, tax rate reductions are next, but this is a huge plus, stuart. stuart: 17.2% of all the jobs in america are part-time. i think that that is partly the result of obamacare and the mandates from obamacare. well, the mandates are going, they're going away. do you think we will therefore have more full-time jobs in america and fewer part-time jobs? >> well, we're going to have more full-time jobs for two reasons, number one, obamacare does tilt towards part-time versus full-time. that will happen just as you
said it. but also, we're going to have a lot more jobs in america as well so we're going to have more full-time jobs because of growth in the economy. we have had a huge collapse in employment as a share of adult population from the end of bill clinton to now because of all sorts of bad policies. those policies are now being unwound and the coolest they think about the trump administration, if i may say, is they've kept expectations low. they've not made overpromises and expectations have been at a low and only up to go. they have the lowest bar imaginable, stuart. this economy is going to start to go and once it starts, the ball will start rolling very much in their favor. i'm quite excited about the next couple of years. i think that trump played this beautifully. stuart: you may well have just moved the market. how about that, real power for the guy right there? >> well, i'm watching, i want to get to 21,000 again and go en. stuart: you'll be on the show
when we get to 21,000 again and again. you will be, sir. art laffer, stay there, we'll bring you back for the opening bell. >> thank you, stuart. stuart: exxonmobil announced a plan to invest 20 billion dollars, creating 35,000 construction jobs and 12,000 full-time jobs on the gulf coast. president trump calls this a true american success story. how about that? we'll be back. why pause a spontaneous moment? cialis for daily use treats ed and the urinary symptoms of bph. tell your doctor about your medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain,
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>> the news on exxon this morning is that they're going to spend $20 billion to create maybe 45,000 new jobs in the gulf area. president trump's very happy about this as you might expect. here is the tweet. thank you, exxonmobil, for your $20 billion investment that's creating more than 45,000 manufacturing and construction jobs in the usa. can i call that a win, james freeman? >> yes, and investors are calling it a win, too, sometimes when oil companies make big bets, investors get nervous the money is going to be misspent, but it looks like judging from that chart, investors are bullish, too, and i think we're now going to see what the u.s. energy economy can do with an administration that is not hostile to it. you think of how far the u.s. energy revolution came when obama was in office, trying to
stop it at every time. it proceeded because it was on private land, mainly. and now you get-- you look at a lot of the exxon investment, it's in manufacturing, refining, very difficult to create new refining capacity in the u.s. for decades. manufacturing petrochemicals. so this is really i think is encouraging sign and goes to what we're talking about, how the limits of growth, to growth are being taken off the u.s. economy. stuart: it's fascinating, isn't it? >> it's fun to watch. stuart: it really is fun to watch and our viewers think the same, i believe. where are we going to be in four and a half minutes when the markets open. might be slightly lower, 20 or 30, you'll see the markets open four and a half minutes from now. we'll be back. dearthere's no other way to say this. it's over. i've found a permanent escape from monoto.
>> here is the time frame. last night. we started to get details of the plan to reform and replace obamacare. actual details. the plan was published. we know what'sn store. now, the market opens in abo 30 seconds and it's going to be reacting to this beginning of the legislative process because it is off and running. the president's legislative
schedule is now get rid of obamacare and replace it, then cut taxes, get it all done, hopefully, by august. if it can keep to that schedule, the market looks good. five seconds to go and we are off and running this tuesday morning, we're expecting a small drop in a very early going. here we go. what have we got? we've got 19, down 20, down 28 points. the very, very early trend is ever so slightly lower. that's not much of a pullback by any means. 20 points down on a 20,000 index, with about two-thirds of the dow 30 stocks in the red and going down. i'm going to bring one particular class of stocks to your attention, that's the drug stocks, because moments ago president trump tweeted about bringing in competition among drug companies so you get lower prices. consequently, drug makers, pharma goes are down in the
early going. other stocks like facebook hit an all-time high yesterday and they're still very, very close to that all-time high level. very different story with snapchat. yesterday, it dropped below its first trading price which was $24 and down again this morning, back to 21.92. that's another 7% down. very much in the news. snap. gopro, it hit 7.95, that's not much of a bounce from the all-time low, 8.24 this morning. who is with us on a tuesday morning on a day like this to figure out what's going on? i'll tell you who is with us. full screen, elizabeth macdonald, art laffer, james friedman, mike murphy and nicole on the floor of the new york stock exchange. now,oo the legislative schedule has begun. the trump plan or the congressional plan on obamacare is in front of congress. things are starting to move. does this rally the market, mike murphy? >> it does. you look at what's going on
with the market right now. where pullbacks are 50 points, 20 points, 30 points, the trend is still to the upside, the momentum is still to the upside. the market likes the reduced regulations and the prospect of lower taxes. as long as that's out there and earnings can keep up, stuart, we'll see higher markets. >> james freeman, you've said earlier we've started the legislative, and obamacare will be repealed, reformed within weeks? >> yes. stuart: that's got to be a plus. >> many weeks, and we'll say months and i think you get tax reform this year, too, that can't help, but be good for markets. stuart: we're off and running and you think it's good for the stock market overall even though we're down 20 odd points? >> well, obviously, we're trading at a very high level since the election. that overall trend is still very positive. but new yorks as we've seen for a few weeks here, people want to see the president deliver. you saw the beginning of him delivering last week and now
legislative action begins and i think he gets this obamacare bill done. stuart: art laffer, moments ago you were very bullish on the market because you think we are going to get this reform of obamacare done. tell us again. >> i think it's going to be fantastic. one thing that i think there was confusion about is the tax on cadillac health care plans. that tax, i don't believe, stua yet. i think even the aca had it coming in at 2020. that's been deferred again to 2025. when you defer something to 2025. that's effectively repealing it. stuart: okay. >> so i am not worried about that tax. stuart: nicole, come in, please. nicole: we had a guest on earlier on fbn a.m. from the to institute. i'm all for threpeal a replace and making things better for america myself, however, i will say he really expressed a lot of concern. he criticized this new act and calling it obama light, saying it didn't do enough, didn't
have enough changes, and his concern there was that the administration basically has one chance to get this through until the next elections in congress. so they've got to do it and they've got to get it right. and whatever that is, move it along and can paul ryan got it down? >> we shall see, the legislative process has begun. here is something that happened an hour ago, a trump pr president tweet. liz: you said a tweet from president trump. stuart: did i say. liz: you said president tweet, you said a trump from president tweet. [laughter] >> very sorry, ladies and gentlemen. mr. president. the tweet was about competition to lower drug prices and look at the drug stocks, they're all down this morning, james. >> i think this is a concern of what does he mean about that. when you talked in the debates, you got the sense maybe the government dictating prices. i think what you want to see, what markets want to see is what he was talking about last
week, which is, we are going to allow competition by having the federal regulatory burden reduced where we've seen drugs, vaccines, epipens not having competitors in the markets because the food and drug administration will not allow them. i think that house conservatives should focus their effort, how do you get some regulatory reduction into this health care bill, make it-- give the -- people the freedom to try medicines. stuart: a good prodding tweet. liz: and bernie sanders and elijah cummings like the thought of this. and it may get out of the tar pit of tweets over the weekend. nico: anthe rlines, the last few days, the administration is trying to reduce regulatioonirlines, kind of just cutting it back, know the having to hear how many wheelchairs are lost and giving them a little bit of
relief in the regulation area in order to have competition there as well. maybe he'll give us-- be tough on the companies and somehow give to them as well. right now he's saying you better get those prices down. stuart: he's prodding the process along and doing that and the drug makers are down and the market is holding with a loss of just 20 points. that's all it is. i'm going to draw your attention to facebook, we cover it frequently all the time i should say, hit a record high yesterday. still very-- well, look at that, now it's at 138. mike, you've been a big supporter of facebook. >> big supporter, like the stock. and so many we talked about for revenue. sena senate-- we talked about snapchat and facebook has proven they can generate the revenue. stuart: snap opened for trading
last thursday and went straight up and now come down, i think that snap is now around $21 per share. actually down another 9% as of today. here is my question e-mack, why did nbc universal put in $500 million into that company on day one? >> it's saying its own content could be directed at the young users of snapchat. it did like dreamworks, nbc universal bought dreamworks. watch the point, when facebook's instagram started mimicking snapchat, the user growth at snap started to slow down. i think that facebook has a play with instagram. stuart: you wouldn't touch snap? >> i wouldn't, they floated a l number oshares so this market, it doesn't take much buying to get the stock to run up to 29 and as you can see it doesn't take much selling to get it around 21. the key for me, does it hold 17 when it gets there, that's the
ipo price, does it hold 71. -- hold 17. if shares get unlocked, it could go lower. stuart: i want to discuss amazon versus alphabet. which company gets to $1,000 first. a lot of people say on the program, it's amazon. what says mike murphy? >> i would say amazon. remember, both of these companies, stuart, do a great job in acquiring start-up businesses and they're going out and they have a ton of cash. they're looking at start-up companies that they can bolt onto their current businesses and get current growth. into the business lines. amazon would be the company, although you're not going too wrong with google either. stuart: okay, art laffer, i want to ask you the stock question, is it amazon or alphabet that gets to $1,000 first? >> i agree with elizabeth
macdonald totally on this issue. [laughter] >> oh, that was cruel. liz: very nice. stuart: which one first, amazon or google. liz: amazon. stuart: all right laffer, you think that amazon gets to $1,000 first. >> if elizabeth says it it's booked. liz: so nice. stuart: you're always nice on the program, you don't have to flatter people right, left and center. liz: i'll take it. stuart: you don't have to flatter me. >> i flatter you for being such a young man. stuart: i like that a lot. the dow jones industrial average is down 33 points, know the a big pullback. i'm saying the trump rally is on pause. the market wants to know, are we going to get obamacare repealed, reformed, replaced? are we going to get the tax cut by august. the answer yes, i think the market goes up. that's my opinion. if the answer is no, it goes down. anybody want to take me on. >> what the president says he's going to deliver, he has so far.
i'll bet with him not go ens him and that's why the markets are holding. stuart: art, you agree. >> i want to make sure that everyone understands this is a marathon not a sprint. from the reagan bear from august 14th, 1982, to the end of clinton, we had a huge rise over 1300 points in the dow. this is a long bull market that we're just starting and i think trump is doing exactly the right moves. don't push this agenda too fast, let it take its own coors, and you will see miracles over the next decade and a half. stuart: let me back that up. i've got a poll from cnn of all places which shows president trump, people approve very much of his handling of the economy, 55% approval. they might not like the man himself or his style, but they think he's doing a very good job on the economy, james. i wasn't expecting that. >> yeah, and i think what a lot of them are looking for, what art was talking about, letting things take their course, letting nature take its course,
if you get rid of government imposed limits and i think on the trade end, exxon, we talked about their investments, a lot of these new products are going to be for exports. i think the best case scenario here is you start seeing this export growth, economic growth, and president trump maybe puts on the back burner, the ideas of intervening in our trading relationships because it really, his domestic economy agenda is about freedom and then you cross the border and it's all about the government managing things. so, i'm hoping some of these bullish signs we're talking about will encourage him not to disrupt trade. stuart: i'm going to give the last word to art laffer and art, i want you to repeat what you said about 20 minutes ago, that we're going to get a 2 or 3,000 point rise for the dow when we've gotten rid of obama carry and tax cuts in place, repeat it, please. >> the boxes from obamacare, 3.8%, plus all the other taxes, the extension of the tax on the
cadillac plan to 2025, these have an enormous impact on the margin for profits and output and employment. and those numbers will add to 2, 3, $4,000 equivalence on the dow and maybe even more over the long-term because once this machine starts rolling, it doesn't stop, stuart. it goes to the democrats, they'll come back into the fold, and you will see an america really trying to get economic growth in four or five years and this will all be because of the beginning of this trump administration doing the good economics and undoing w and obama. stuart: art, i've got to tell you, i see a lot of smiling facesment art, james, mike, nodding of heads, come on, big smiles. thank you for participating in this love fest, we appreciate you all. [laughter] >> love fest. dow jones industrial average where is it? it's down 39 points now, and i'll still saying the trump rally is on pause. former house speaker newt
sings it and here is why, we're learning that jamie is opening a margaritaville retirement community. liz: let's hold that away and old the shaker of salt. it's a retirement community in daytona beach so it will be a spa, a gym, and be near golf courses and restaurants. way to go, jimmy. they start at $200 k apiece the properties. stuart: go to the villages, liz, you go to the villages, you'll be mobbed, never get out. i'm telling you. liz: you'll be mobbed. stuart: a new study, there will be technology skills gap in america and 58% lack the skills needed to succeed in technology. come in, please, randi zuckerberg, founder of zuckerberg media and brother is mark zuckerberg.
great to see you. >> thank you, anyone who wants the margaritaville homes you've got to make sure you have a great job leading up to it that's going to give you that happy retirement. stuart: let me come at you. i'm going to come right at you with this. our schools are not producing the technology people that your industry needs and i think the only way to get them, you could train them, but you're not doing-- not training them much. the only way to go is to import them. you are in the immigration debate because you need technology people in the companies like facebook. am i wrong? >> you're not wrong at all. in fact, a code.org study, there are right now over 500,000 open computing jobs in this country right now that are not being filled and when you look at the stats, there's only about 40,000 computer science majors graduating every single year from schools here in the country so you're right, that's a skills gap of hundreds of
thousands of jobs that are just sitting open and if we don't have folks inside this country who can do it, well, then we're going to have to expand the reach and look outward. so that's why i think it's so important, what we're here talking about, closing the tech skills gap in this country because there's an immediate and huge opportunity here. stuart: why don't you train people? i mean, you've got all the money in the world in northern california. why don't you have extensive training programs? >> i think you've absolutely hit the nail on the head. i think companies need to invest more in continuing education because even hiring someone, the best and the brightest today, their skills are going to be outdated ten years from now when we see where technology is going and how fast it's changing and also, i think this goes beyond just a hard tech skills, when we're thinking about coding jobs. those numbers that we put out there are just for coders for computing skills. that's not even the applied
tech skills that are marketing business sales, administration, leadership, that still requires some technology. so, i'm here at south by southwest in austin on a panel with due duvrie. >> if i graduate with a degree from an american university in computer science and i'm pretty good in coding. if i was that person, how much could i expect to make if i moved to northern california and got a job with a big tech company, how much? >> oh, my gosh, it really depends, but i think, you know, for the good coders you're definitely looking at over six figures a year right out of college. stuart: that's what you've got to do. >> with the potential that gives you. stuart: that's how you do it, you want people to work, advertise, get six figures right out of the college.
that's how you do it. randi, i'm sorry, i'm flat out of time. we appreciate it. there's a little delay on that, i'm very sorry about that, everyone. liz: there was. stuart: check the stocks, where are we? we're on pause, a predominence of red for the dow 30 and the dow industrials, down 38 points. president trump israel's president netanyahu. they say iran's recent behavior is malevolent. back in a moment.
>> you know? did you hear that? he just appeared on the side there and immediate cheers from the-- they're tourists. they're taking part in a tour of the white house unexpectedly, the president appears, greets them, and they cheer mildly and young man comes forward, talk about man of the people. by the way, did you notice, in the corner, justice above the president's shoulder when he first appeared, there was a portrait of hillary clinton. [laughter] >> i don't know whether he did or not, but it was right there. so what do you think, man of the people? man of the people, he heard the cheers, the crowd loved him right there and he has a way that he embraces people one-on-one, and he quickly always selects somebody from the crowd and this time he selected a young lad right there. so, you know, the first lady excitedly announced this move, portrait of hillary. stuart: i think it's a portrait
of hillary, yes, yes, it is. liz: that's right. the white house is criticized because she shut the tours, but the first lady said after a hiatus, they're back open at the white house. stuart: fascinating. and the president happens to appear on camera and steals the headlines, and steals the news cycle. it's all about him and the crowd loves him. that's america these days. liz: it is. stuart: amazing. he didn't have a public statement. the president himself, about the executive order yesterday relying on three cabinet secretaries to do that so this is the way he's doing and he says i am under immediate firestorm and i'm going back to the people. stuart: he grabs the headlines on tv all over again all the time. and now this, real fast, deal with this, president trump and prime minister's president netanyahu spoke on the phone. that was from back in february,
but they were on the phone yesterday and i think they discussed iran the malevolent behavior. liz: it came after aggressive reaction by iran launching missiles, 14 iran has done since the nuclear deal was struck by the obama administration. so they talk about countering threats from iran in the wake of this iran nuclear deal and netanyahu thanked the president for a strong statement against anti-semitism in his statement to congress last week. stuart: so the president has to deal with missiles launched by north korea, and we move a defense system to south korea, that really annoyed the chinese and russians and deal with the problem of iranian missiles just being launched. what are we going to do about that, just a threat. liz: a footnote, the north korea missiles reports are targeting military-- u.s. military bases in japan, multiple bases there, 54,000 military personnel. the iran missiles targeting u.s. ships in places like the
straits of hormuz. stuart: we concentrate on domestic policy, repeal of obamacare, replacement of obamacare and tax cutses. we tend to put on the back burner threats from rogue foreign regimes, but they're on the president's mind. >> that's right. the dow down 37 points. pandora down on that sirius may not buy them, just 4 1/2%. next case, president trump's campaign promises are now dunk into legislation. that's job onereplacing obamacare. my take on that is next. as after a dvt blood clot,ital i sure had a lot to think about.
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plus had less major bleeding. both made eliquis the right treatment for me. ask your doctor if switching to eliquis is right for you. ( ♪ ) upstate new york is a good place to pursue your dreams. at vicarious visions, i get to be creative, work with awesome people, and we get to make great games. ( ♪ ) what i like about the area, feels like everybody knows each other. and i can go to my local coffee shop and they know who i am. it's really cool. new york state is filled with bright minds like lisa's. to find e coanies anlent of tomorrow, search for our page, jobsinnewyorkstate on linkedin. search for our page, just like the people every business is different. but every one of those businesses will need legal help as they age and grow. whether it be with customer contracts, agreements to lease a space or protecting your work. legalzoom's network of attorneys can help you, every step of the way.
so you can focus on what you do and we'll handle the legal stuff that comes up along the way. legalzoom. legal help is here. at angie's list, we believe there are certain things you can count on, like a tired dog is a good dog. [ dog barking, crashing ] so when you need a dog walker or a handyman, we can help you find the right person for the job. discover all the ways we can help at angie's list. stuart: this tumultuous presidency has a new phase. campaign promises turning into legislation. replacing obamacare, that is job one.
to get it done quickly to move on to cutting taxes, republican party has to come together to pass the bill. that is a must. republicans have the house, the senate, and the white house. they were elected to get rid of the disasterous obamacare. there is no excuse for failure. they have got to get a deal and pass it. the democrats have to be careful. 10 democrat senators from states won by candidate trump are up for re-election. if they insist on blocking obamacare reform, they may be in re-election trouble remember, plea, 55% of the voters approve of trump's handling of the economy. that is a big number. then there's president trump, he has got to shepherd his program through congress. perhaps he should be careful with his tweets. perhaps he should avoid inflammatory statements at the crack of dawn that could bleed over and upset the jam-packed legislative schedule. add it all up, getting america
moving again requires republican unity, self-interest and political survival on part of democrat and more measured tone from the president. can they do it? stay tuned. the second hour of "varney & company" is about to begin. ♪ stuart: it's happening right now. senate confirmmation hearings of president trump's nominee for deputy attorney general. his name is rod rosenstein. it could be contentious. he is in charge of investigating the russians and his boss jeff sessions. liz: that's right. democrat senator blumenthal saying i will block your nomination, mr. rosenstein, unless you say yes to a special prosecutor to investigate allegations of trump aide escrow solution with russia and chuck grassley.
he is fighting back. where is intellectual honesty. you dent demand special prosecutor for obama scandals. stuart: this man was a show-in before the jeff sessions item. liz: he is no slouch. he worked with ken starr on the clinton whitewater scandal. stuart: if we get contentious we'll show you, take you right there. byron york is included. we'll go there with you as well. check the big board, i'm saying trump rally is on pause. we're down just 35 points, right around 20,900. on pause, that is my qualification of the market now. look at snap, trading well below its first trading price which was 24. it is down another, 7, almost 8% at the 21 level. facebook new high, 113.37. that was earlier. we're still close to the 138
level on facebook. weak outlook from dicks sporting goods. this is our continuing story of the retail ice age. pandora's stock is down. a report rival sirius may not buy them. 5% lower. >> i want to get back to the tweet that came from president trump first thing this morning about lowering drug prices. liz, what did he say about competition? liz: what is really striking. he said, i have a plan to basically create competition with drug prices. that is why you see drugmaker stocks going down. so does this mean he will say yes, medicare, start bidding war between drug makers? yes to reimporting lower costed drugs from canada. bernie sanders and elijah cummins would like that. stuart: he is throwing that into the negotiating process with the deal in the house. liz: what do drugmakers pet in return? faster approval from the drugs. stuart: that is negotiation, quid pro quo.
i want to get to my take, editorial at the top of the show, getting legislative ball rolling. the aforementioned byron york is with us now. i got the serious question of the day. we've got the plan. we know it is contentious. we know there is not a great deal of unity within the republican party. can they come together and get this thing done quickly? >> everything on capitol hill is ultimately about numbers. republicans have 237 members in the house. they lost a few because they joinedhe trump administration. but there they're at 237. you have to have 218 to pass something. assume unanimous democratic opposition, means paul ryan can lose 19 of his own guys, republicans and still pass it with 218. stuart: okay. >> one more number. the house freedom caucus, number of conservatives many of whom are opposed to this. 30 members. remember the trouble they gave john boehner, shutting down the government over repealing
obamacare. they're going to have to be dealt with. the plan is going to have to change in their direction. stuart: a little bit. >> a little bit. stuart: because you can't lose them all. >> you can't lose them all. you can't lose 30 votes -- stuart: the republican party would lose it all if they don't get this through the house. >> that's right. there are a lot of objections. there are people who think that the refundable tax credit are obamacare subsidies by another name. in other parts are obamacare features by another name. they need to deal with that. but the key word in president trump's tweet this morning, was, negotiated, negotiable. he always wants to make a deal. stuart: the key question is, you have got to answer it for us because our viewers are watching, they're investors and they want to know, are we going to get a deal? is the republican party unite and pass the thing in the house? >> think they will. stuart: you say yes. >> they all campaigned on repealing and replacing obamacare. they all did it.
stuart: i would love to be fly on the wall with the horse trading. give you that subcommittee, if you give me the chairmanship. you can see it coming a mile. >> no smoke but a smokey room. stuart: stuart: i want to get back to the markets. listen to what reagan economist about art laffer what the obamacare replacement bill could do if passed for the stock market. roll tape. >> this is a huge plus. stuart, just to put it into financial terms, if is passes as it stands without modification will be worth, 2, 3, 4,000 points on the dow. stuart: if it stands without modification, 2, 3, 4,000 points on the dow. there is a state for you. come on in, steve cortes, money guy, former trump advisor, maybe still a trump advisor i don't know. >> informally yes. stuart: 2, 3, 4,000 points up on the dow if we get obamacare he replaced as is now? >> i think my friend art laffer
if anything is being too careful about his prognostication how much we can rally. the reason i say that isn't just because the benefit come, substantial they be, benefits from repealing and replacing obamacare, the fact we'll be moving the ball forward. if we score this touchdown. we'll be immediately in the red zone again when it comes to tax reform. if we get tax reform this summer, as i believe we will, we'll see this economy absolutely soar. you know, the american economy, i believe, has been a runner has been wearing a weighted vest. we're starting to very much that vest away. you will see this economy sprint forward like a racehorse. the stock market is already getting in front of that. but i think far more gains to come. stuart: okay, i got to ask you about snap. very much so. the company, very much in the news last thursday when it went public for the first time. now it has dropped significantly. we're down 7% just today. big drop yesterday. are you kind of guy who would -- you're a money guy. would you put your investors or
your money into snap at this point? >> stuart, absolutely not. as enthose astic i am about american growth prospects going forward because of our deal maker in chief in the white house i don't like this deal of snapchat and why? pretty simple really. it's a company that doesn't make money. it sells its product and markets product primarily to people who don't make money, young people and teenagers. i have a house with three teen girls who practically live on this product. i understand the addiction and stickiness of product. but i also understand they don't spend dime one on this product. i think is a problem going forward for snapchat. stuart: we hear you, steve. thanks for joining us as always, steve cortes. appreciate it. how about this from exxon mobile. they're betting big on gulf coast projects to the tune of $20 billion. liz, first of all, how many jobs does that create? this is exxon over couple years, 20 billion, how many jobs?
liz: 45,000 estimated. 35,000 of them are construction. you have to wonder if the keystone pipeline which will deliver heavy tar sand oil down to the gulf coast, if that is why they're expanding refineries and processing down there, president trump wants more energy production. that is his whole energy production. exxon falls very much in to that. byron that sound like a trump win? >> it is. this is what trump voters want him to do. he got great feedback with the carrier corporation. last week's speech seems like a million years ago. joint session of congress. very well-reviewed. mentioned jobs, 12 different times in that speech. it is what his voters wanted him y good feedback in washington and outside when he does that. liz: without the u.s. energy boom the obama administration would have seen a recession. we talked to wall street economists about that.
the president is taking the lid the obama administration put on u.s. energy, even though fracking boom, on private land. stuart: looks good for the economy. president trump has a 55% approval rating for his handling of the economy. that's stellar. that is wait out there. >> that is a very big number, especially if you look at some other approval numbers, a lot of people don't like his style that much but they like whahe is doin stuart: i think the market is on pausaiting to seif the new obama care plan, replacement plan is going to work and work quickly. we're down 28 point. we're almost dead in the water at that level all morning. happening in our next hour, by the way, congressman kevin brady he is going to officially reveal his plan to replace obamacare. we'll take you there live, full explanation from him. that is in the 11:00 hour. ♪ why pause a spontaneous moment?
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stuart: dead steady as she goes. 25 point down from the dow jones industrials. still at 20,000 the hundred. that is about 2/3 down for the dow 30. about 1/3 up. i call it a mixed market. >> how about those drugmakers? early this morning president trump said letting the companies compete to get prices down. investors don't like that. the drugs are down. how about this. former cbs anchor dan rather, no fan much president. this is part of a long rant. power attracts sycophants and cynics. the i have never seen level like this. sheer pair know yow! is
untenable. to workings of the republic. byron york. >> this sound like a bitter old man with a facebook account. left cnn in scandal. stuart: cbs. >> cbs, excuse me in the george w. bush national guard scandal. and i do think he kind of longs for a day when dan rather ruled the world. in ever city there were three tv stations, there were three networks, a couple of newspapers. they all decided what everybody could hear. that is not that way anymore. stuart: he was always slightly left of center. always skewed that way, ever so slightly left of center. got it. byron, stay there, please. we got you for the hour. >> all day. stuart: lucky you. coming up, the big unveil. congressman brady and walden announcing the republicans obamacare replacement plan. you'll see it. former senator scott brown will be with us. he is here right now. senator, i want an answer to
this question. i want an obamacare plan, signed sealed delivered quickly. i know the republicans are not unified. are we going to get an agreement, signed, sealed and are on the table quickly? >> i want it like you do, stuart. so from your lips to the senators and congressman's ears. i hope so. every indication i'm hearing from former colleagues that's the plan. obviously as you referenced earlier in the sho there is negotiating process, a good first step getting the plan out there. really addressing i think a tax cut for all the high wage earners, first step, you couple that with an actual tax cuts i think the markets take off but one of the things i want to zero in on the defensive medicine, medical malpractice angle, allowing doctors to deliver their treatment at a cheaper price, so you will have to get costs under control. i don't see a mechanism. i'm still researching for that yet. stuart: that surprises me, scott.
that really surprises me. because tort reform is surely a key, vital key to getting the cost of health care down. that is a huge component for getting it down. it is not in this plan i don't think. >> i haven't seen it, yet, stuart. i'm doing due diligence like everybody else. there are senators and congressman who are going to address that. without that, it is really throwing good money after bad. you have to have an all after the above approach. faith based cost sharing plans for people that want to do things differently. you have to have cross-border competition. you have to have competition in the workforce and insurance force so people can get the plans that they want. i don't want certain things that the government is mandating me to do but i do want some type of care and coverage. i should have the ability. competition is so critically important. allowing every tool in the tool box. tailor make them for everybody
and make sure no one falls through the cracks. it's a good first starting point. i'm hoping, you are too, that they get it done. stuart: thrill will be arm-twisting, horse trading, i hate to use the word bribing each other, they put heavy pressure on each other. that's a fact. at the end of the day scott brown says it will be done quickly, yes? >> here's the key, here's the key, yes. here's the key though. remember the democrat when they rammed through obamacare they didn't do it. they didn't have any republicans on board. you tell me, stuart, all the people in those states who have one insurance carrier whose premiums have skyrocketed, their deductibles have skyrocketed, care and deductibles are not going down, trump won the state, you say the democratic senator in particular will stay home and not play. i argue a golden opportunity for that senator to put his or her mark on the bill to get something done. remember when i got there they
filed 300 amendments to try to fix obamacare. now we're at the fix it stage an they're not going to do anything, really? come on. stuart: those 10 senators up for re-election next year who come from state won by candidate trump they're under the hammer. scott brown, thanks for joining us. we're following this real closely the appreciate it. thank you, scott. big board is still pretty much dead flat, down 20, 30 points. we've been there all morning. the trump rally i'm saying is on pause at this point. happening in less than an hour, republicans get the ball rolling on obamacare. democrats plan to object and be struck. >> they will make america sick again. is that what the republicans want to do? i certainly hope not. hopefully we can work together to find a path to address some of the concerns they may have, but not to undermine this pillar of economic and health security for the american people.
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stuart: we're getting headlines from health and human services secretary tom price. what have we got. liz: that the house bill from the gop is a important first step. there is still work to be done to reach president as goals to for obamacare form. the states yes to selling insurance across state lines. obamacare did allow for that. section 133 said yes to that. five states do that. a lot of states are still hunkered down. they won't allow it. stuart: addressing a idea of national market for insurance policies. liz: and other things the president wants. could be, yes. stuart: that is very important. that is in the negotiation.
good stuff, lizzie. gerri willis is here, who knows about taxes, don't you? >> this is a big tax cut for folks. stuart: i want to know, this new plan that we'll hear details of later, which taxes go away? >> talk about the ones most imrtanto your viewers. those are folks earning a chunk of change. might be investing their money like you every single day. 3.8 investment surtax on investment income, gone. stuart: if i'm wealthy -- >> say you're making 200,000 as single, 250,000 as a joint filer, that is what you had to pay under obamacare. not anymore. stuart: extra 3.8% tax on profits from interest and dividends. >> not anymore, my friend. stuart: what about the extra tax on income, for high-income earners? >> talking about the payroll tax you saw, medicare surtax, 0.9%. this is also been a killer for high income people. this is people earning 200,000 as single, 250,000 as joint
filers also goes away under the republican plan. stuart: goes away? >> yes. talking about nowhere. stuart: see the smile? you see this smile. >> smaller. you like that, don't you? [laughter] stuart: if i need a new hip, which is entire possibility of course -- >> are you telling us something? stuart: no, i'm not. does the medical device tax go away? >> yes. stuart: yes, it does. >> this is another thing they targeted the medical device tax. they want to get rid of that too. that is not just good for your hip, which is good for your hip but for the stock market. companies that make devices ultimately keep more of their money. come out with better hip replacements. stuart: one last one. if they pass this remail and replacement, the new plan is in place by april -- >> still a big question. stuart: sign it april the 1st, does my tax, paycheck, immediately reflect it? >> no. that is too much. you're asking too much.
you want everything. so the two taxes i talked about on investment income, medicare tax, payroll tax, so that wouldn't happen until next year. stuart: okay. >> you're so, i don't know. you want everything. stuart: of course i do. >> and a dozen red roses. i'm telling you. stuart: willis, your time is up. look at this, ladies and gentlemen,he market has turned around. they're watching this show. i knew it would move the market. now we're up two points. we're off. we're running. and the dow is up two point, 20,956. liz: i'll take it. stuart: news conference coming on your screen. republicans appear to be split. senator rand paul says the house bill will not pass. we're on it, believe me. more "varney" after this.
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[shouting]. stuart: let me explain what just happened there. tourists just started going through the white house again. up pops president trump by sheer, he pops out of the blue and greets the tourists. he is a man of the people, byron. that was good. >> what a great picture for the president. he pointed out he did it under watchful eye of portait of hillary clinton. stuart: he did. >> this is kind of stuff great for him to say. it is not an angry tweet at 6:30 in the morning. it good stuff. talking about creating jobs. if you're a white house staffer, create the positive energy to go along with all the fights he is having to fight. stuart: the man is good on television.
he has a natural sense what to do and how to do it. look at camera. make people like him. he has got it. right there. >> he got elected president exactly that he did not do things in the staid way some of his predecessors. stuart: very well-said. we do indeed have a turnaround on the stock market. we were down 20 or 30 points all morning. we have tipped to the upside, not by much but we are up, five points, 20,960. now we're up six. look at oil, 53.46 per barrel. it has been at that level a long, long time. don't forget gold. it has had a nice move. it is above $1200 an ounce. down a little bit today. if you want a single if ounce of pure gold, roughly 1211 per ounce plus. taxes commissions and all the rest of it. okay. i want you to look at this. this is a new poll from cnn the part of the poll that most media outlets focused on is this.
the president's, i would say fairly low approval rating, just 45%. that is what the media concentrated on. buried however, was a more important number in that same poll. look at this. 55% approved of president trump's handling of the economy. you don't see the media touting that, certainly not. no wonder. our next guest says we can't trust the media. come on back please, senior editor, now at the federalist, molly hemingway. good to see you again. >> great to be here. stuart: what do you mean we can't trust the media? what do you mean by that. >> everyone is different, many in the media you can trust but overall there is overarching narrative many in the media push, make it hard to trust what they're saying what you need to know. take for instance the president's approval rating as byron reported himself, the president had a pretty low approval rating on the day he was elected t might not be a
best metric to judge the success of this president. if you look at booming economy, that might suggest people have different views about the president. one of the most undercoverred issues throughout the 2016 campaign people's frustration with the sluggish obama economy. last year gdp growth was 1.6%, the lowest in five years. president obama was the first modern president to never have a single year of economic growth above 3%. this is, these are also interesting changes would be good for the media to cover as they have all the breathless headlines. stuart: do you have any reading on how people feel about the media? not so much whether they trust them to tell the truth or not, but how they feel about them, the objective approach? "the new york times" called the president a liar on day one. "the washington post" referred to him as hitler during the campaign. how do people feel about that? >> really depends on one's politics this was happening even before president trump was elected. there were polls that showed, basically both sides had a lot
of trouble trusting the media, but with republicans it was off the cliff. only 14% reported they had any trust in the media in september before the election. now if you're a liberal, if you're someone who the media is constantly reporting and advocating you might have slightly higher view. in general, it is not good if people don't have trust in the media. also good if they don't have trust in the president. we have unreliable ney ratetores on both sides here. stuart: i was told that the three broadcast networks, abc, cbs, nbc, nightly half hour news, i'm told they are down a million viewers in the one-month following the president's inauguration. not sure where i got that from but a million viewers down is bad news indeed. this is a sign surely of distrust? >> "new york times" keeps promoting how its subscriptions are up, at same time it is itself having struggles with revenue and what not. i don't know. partly could be there is just
less interest postelection but in general i think people are kind of no longer having as much interest in general media. they're more interested in media that is balancing, has their own perspective. i don't know if that is very good for civil discourse in america either. stuart: well-said. molly, thank you very much for being with us. we see you on "special report" at night. you're a star. we're flattered you would come down-to-earth with us this morning. molly, you're all right. >> thank you. stuart: come back, please. how is this for a sign of the times. we have a struggling mall in virginia. it has replaced empty storefront, with vending machines. now what is that about? liz: regency scare mall in richmond. they're putting more vending machines in front of boarded up storefronts. nothing says failure like a ghost mall in a town. they're wreaking havoc across the country. one survey by commercial real estate operators, they say a quarter of u.s. shopping malls,
could lose an anchor store. meaning they could be turned into a ghost mall. stuart: a quarter? >> a quarter of them. what do you do with the stores? do you lift the roof of macy's and whatever, create a movie theater or trampoline park or walk-in clinic? it's a big problem. stuart: sure is. byron, you're into politics, you really cover politics but this is a huge trend in our society. >> oh, it is, decline of brick-and-mortar sales? stuart: absolutely. >> absolutely. it keeps getting worse and worse and worse. we see a company like sears which you thought was dead a long time ago get deader, and deader and deader. that is something that the president and congress do have to address, in the sense of creation of jobs that actually pay better money because obviously the -- stuart: i don't know how you do it. >> unemployment rate did go down significantly under president obama, 10% below 5%. people are not as happy because the jobs are not good as ones
before and don't pay as much. stuart: we reported 17.2% of the jobs in the america are part time. >> yeah. stuart: i can't remember a time when you had nearly one in five jobs as part-timers. i can't remember that i think it is result of obamacare. liz: it is. stuart: walking away from people being employed full time because they can't afford obamacare. liz: gives incentive for small businesses to stay small because the way obamacare is written. >> rise in disability payments. people not working for whatever reason. stuart: let's not forget that one. i have a story about espn. they're preparing to lay off more talent, people in front of the camera. laying off talent. the network is struggling. cord cutters they are the problem. liz: even though bob iger at wall disney says we'll keep espn. it has been such a drag every quarter on disney's profit line. so last year disney announced $100 million will be cut at espn in terms of costs and throughout the company.
so espn is really under the gun right now. you will he see some big-name anchors possibly be let go. stuart: whoa. big-name anchors. watch out, sports fans. i find that interesting because you don't need cable tv to see a sporting event these days. liz: right. stuart: you can stream it. facebook tried streaming it. amazon got involved. that is a tough time. that is what cord cutting is all about. a lot of people are doing it. liz: that's right. stuart: the u.s. military bringing a missile defense system to south korea. this is a response to recent north korean missile tests. china's not happy about it. liz: we're hearing russia is upset because it's a trojan horse. that is what it is viewed as by china and russia according to news reports. they're basically afraid of the surveillance capability of the u.s. missile system. it has powerful radars in there to detect and intercept missiles coming out of north korea.
which north rea says is aimed at u.s. military installations in japan. stuart: they're testing president trump, north koreans and iranians. >> exactly. i was thinking about the iranians as you were saying that. he is facing test in north korea, south china sea, around iran and we also have russian planes buzzing american warships. there are a lot of serious challenges out there, and trump has to show that he is firm with all of them. stuart: but we don't hear much about it, because we're consumed with domestic politics. obamacare, tax cuts, wiretapping the trump tower, et cetera, et cetera. we're consumed with domestic happenings. we're not paying much attention to overseas what is going on? >> no, we're not, unless it comes, i don't want this to happen, unless there is some incident. that is all we'll talk about. stuart: you got that right. thank you very much, byron. we're up but not that much. turn around where we were before.
>> it is just absolutely wonderful. this is a huge plus. stuart, just to put it into financial terms, i think if this passes as it stands without modification, it will be worth, 2, 3, 4,000 point on the dow. stuart: whoa, that big? >> it's a huge -- stuart: conservatives are not happy about it. the cadillac tax stays. it is still an entitlement program which can only expand. you're shaking your head. go make your case. >> yeah, it doesn't have everything in it yet. it will get modified to the committees. these things will go and it will happen. ♪
stuart: stocks are up, not by much but better than being down 20 or 30. that's where we opened. now we're up 12 points. there is another protest scheduled for tomorrow. it is being dubbed a day without women. what is that all about? liz: basically suggesting a walkout. remember the womens march in washington, d.c. the women organizing protest, if you can walk out of work. and men should support what women are doing in this endeavor to basically raise awareness about women's pay and issues of that nature. giving me a funny face. stuart: are you planning to be with me tomorrow morning? liz: i plan to be reporting about this i think it is
perfectly fine for women to exercise their free speech rights. stuart: but you're not answering my question. liz: i said, yes i'm going to be here. stuart: thank you. that's all right. we appreciate your effort. next case. our next guest is calling for a merit-based immigration system, his book, "green card warrior" was endorsed by president trump on twitter. welcome flag usa founder, nick adams, friend of mine with australian accent. how are you doing there, nick. >> good day, stuart varney, always a pleasure, sir. stuart: do you think you and i would have gotten in here had they merit-based immigration system when they arrived? >> i was thinking about it. the only thing i disagree with, the only criticism i can offer about president trump's merit-based immigration approach he is taking, it should be called the varney-adams model. because you and i both, we came here to make and not take.
to give and not receive. to join the place, not change it. we really came because we wanted a better life and, we came because we love all of those things that are quit essentially american like guns -- stuart do you have any information on the kind of plan, merit-based immigration plan, that the president has in mind? i'm familiar with the australian plan where you score point for various attributes. i think it is somewhat similar in canada. do you have any idea what the american plan might be? >> i don't have the specifics, stuart, i think what we're going to be see something an elevation, a prioritizing of skills like proficiency in english, like job prospects, certain skills that perhaps are not available readily in america. so we're going to make sure those kind of people come. if we want to keep america the best country in the world, we've got to make sure only the best are coming. stuart: am i right in saying
that australia has not admitted a refugee in three years? i'm referring to the refugees who arrive on boats. they stopped that and park them on islands, as i recall. i believe i'm right in saying no refugee made it into and stayed in australia in three years. accurate? >> that is absolutely accurate, yes it is. stuart: that is reviewed and considered discriminatory? >> well unfortunately, all things common sense, any measures you take to protect the safety of people in a country these days is considered discriminatory and bigoted and everything else that the left likes to throw at you. but the reality is, stuart, if we want to keep america safe, if we want to keep western civilization safe, we've got to have borders. without borders you don't have a country. stuart: am i right in saying, nick, this would be a real change, a sea change in how we who we decide who we bring to america?
it's a real change, right? >> absolutely. a dramatic shift, stuart. all of sudden we'll be putting out to the world americans want the best of the best coming to the united states, to continue the exceptionalism of this country. i couldn't think of anything better or anything more fitting. stuart: hold on a second, nick. i've got byron york with me. do you think american voters would approve of that kind of sea change in immigration policy? >> absolutely. as a matter of fact you have to talk about that, if you talk about immigration reform. the "gang of eight" bill, those framers talked about moving from a family reunification-based to a skills-based immigration system. they didn't put it in the bill, they felt rhetorically had to say that because the public supports it so much. stuart: one last question to nick. how much did your sales go up after president trump said he liked your book. >> business and politics, stuart varney. that is what you're known for.
look, we did incredibly well. we topped 100 in the world list. we did amazingly well. i'm grateful to president trump for the shoutout. it should be easy for good people to come tonights and hard for bad people to come. unfortunately that is not how the system works. stuart: green card wore i can't remember. nick, see you soon. republicans hold a news conference replacing obamacare. they're facing opposition within their own party. the ball, the legislative ball is rolling. newt gingrich is next. ♪ ♪
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i'm amazed moving complete bill this is early. this is six weeks before i thought they could possibly get it done. this first bill has to be done under senate reconciliation rules which require everything to be budget related. there will be a second obamacare bill probably in september and october that will include much more profound reforms, such as selling across state lines. stuart: okay. >> i think that is coming but this particular bill in order to move it quickly, they're moving it under senate rules allow 52 republicans to get it done as opposed to regular order which takes 60 votes. stuart: can they getepublican unity to get this thing throh on time? obvious questions. >> you asked three different things there. first of all i really like president trump's tweet which says this is a great bill and it is open to negotiation. that is exactly the right way to approach this. the opposite of the obama model. this isn't take it or leave it. they will be listening to a lot
of people. i think that mick mulvaney, director of budget did a great job this morning an television explaining where the administration is coming from. in the house it will go with kevin brady and then with greg, on the house side, energy and commerce committee. the two will have to work their two committees. i think there will bements offered. when they merge and come together with a bill goes to the floor, my guess there may be some amendments offered. then it will go to the senate. i can virtually guarranty you there will be amendments offered. that is the way it should be. this is much more open process than obamacare was, that will make it a better bill. and it has got big things in there, stuart, i think you would really like. stuart: well, look, big picture here, our viewers, who are investors, they want obamacare fixed, done away with, got it through congress. >> right. stuart: then they want the tax-cut package and they want
all of it done by august. now that is a really difficult schedule. do you think they have got a shot at getting it? >> they have a shot at getting it but i would bet on october. stuart: that would still be okay, if you get it done this year. >> speaker ryan has been very clear in interviews i've seen that he believes there is about 2-hundred day schedule here -- 200 day schedule, that allows some room for slippage. in addition they have a infrastructure bill coming down the road that will be very, very important. a lot of your investors will be very interested in. the e a number of things coming simultaneously. of course there is a budget. we'll probably he see the first trump budget. it will be dramatically different than an obama budget. that will lead to all sorts of excitement by itself. underneath all the tweets. underneath all the news media noise, there are big things done by the trump administration and house and senate republicans. they're working together as a team pretty darn well.
that is the story "the new york times" and "washington post" don't want to cover. stuart: we have never seen it before. i say that to all of our guests. it is true. newt gingrich. always appreciate it. >> thanks, stuart. stuart: we'll be back. why pause a spontaneous moment? cialis for daily use treats ed and the urinary symptoms of bph. tell your doctor about your medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain, or adempas® for pulmonary hypertension, as this may cause an unsafe drop in blood pressure. do not drink alcohol in excess. to avoid long-term injury, get medical help right away for an erection lasting more than four hours. if you have a sudden decrease or loss of hearing or vision, or an allergic reaction, stop taking cialis and get medical help right away. ask your doctor about cialis.
that is the first step on the path to fulfilling our promises to the american people. we welcomed president trump and secretary price's support. we will continue working closely with them and our colleagues in the senate to get this bill passed into law. let me be clear. our plan is the first step. under our plan, we are moving forward in a positive direction to rescue the individual insurance market and give flexibility to our states. we are protecting those patients living with her existing conditions under our plan. we are not returning to the days of lifetime or annual limit. and we will continue to allow young adults to remain on their parents policies until they reach the age of 26 and will keep our promise to not pull the rug out from anyone including those on medicaid. we are also creating a new and innovative patient and state
stability fund to help low income americans afford health care and repair the damage done to state insurance market by obama carrots good we were turn power back to the states, strengthen medicaid and prioritize all for our nation's most vulnerable. simply put, weave a better way to deliver to not washington bureaucrats first to provide the american people with what we've asked for and what they've asked for. greater choice, lower cost and flexibility to choose the plan that best suits their families needs. introduction of this bill is just the first step in helping american families across the country obtain truly affordable health care and were eager to get started. now turn it over to my collie, chairman of the ways and means committee, mr. brady. >> greg, thank you all for joining us today. seven years ago, obamacare pope
washington in control of american health care. her seven light-years, i just hurt more people than itself. families can't afford their premiums. patients can visit the doctor that they like and fewer insurers are offering coverage options every day. it is getting worse. with president trump now in office, house republicans are taking action to deliver relief to americans now. this week, republicans have introduced legislation to repeal this daily lot and help ensure americans have access to health care tailored to their needs, not health care aided and tailored to washington needs. the american health care act transfers from washington back to the american people. we restore state control of health care so it can be defined for the families and communities in each state. we restore the free market so americans have a greater choice of products tailored again to what they need and what their
family needs. so, in the ways and means committee, our role is first to act now, dismantle obama ca unpopular taxes and mandate that of her job center do not health care costs. to enhance and strengthen health savings accounts so people can spend their health care tax dollars the way they need to. we will help low and middle income americans access affordable, quality health care with a monthly tax immediately available. health and human services, secretary price wrote today this morning, our legislation alliance of the president's goal of rescuing american from the failures of the affordable care act. secretary price wrote that our bills are unnecessary important first step for fulfilling our promises to the american people. i encourage you to read the bill and cover our action tomorrow.
this bill is available to the american public contrast the affordable care act. 2400 pages written in the dark of night and rush to congress. this legislation is a little over 100 pages and every american can read and understand it. house americans promised to deliver step-by-step affaires to provide relief from obamacare and give people health care they deserve. we take that critical first step tomorrow. >> i'd be happy to take your questions. go ahead. [inaudible] >> in fact, the bill went online for the entire american people, all of you to read, all of us
are probably extremely to 6:00 last night. my colague said not that much to get through. it's pretty well understood. and it keeps you in practice with reconciliation legislation. and the democrats at reconciliation, they didn't have a cbo score before the budget committee. that's pretty much how it operates. we will proceed with their markets or there will be a cbo score coming to look forward to that before comes to the house floor so all the members of our congress have enough for that. [inaudible] >> what is the message -- [inaudible] >> well, we have the good reef in the senate colleagues. last week walk-through within the various provisions. i encourage them to read the bill, find out what the name. i've sent notes and copies to some of the senators who are seeking the bill. so they can read through it.
we are repealing on replacing obamacare. we start with a 2015 reconciliation legislation and moving forward to get health insurance for its affordable and available to create more choices in the marketplace and to do the biggest entitlement reform since bill clinton signed welfare reform into law. cities are big measures moving forward. we certainly met the test of the president and secretary price who believe we will work with them and we made them onboard to make this happen. >> this is obamacare gone. this is the first and most important step to giving relief to americans from this terrible law and begin the replacement principals restoring state control and restoring the free market to conservatives, moderates, a republican to build consensus around. dr. price's own legislation last year which we embraced and our republican plan had 84
cosponsors, including members and leaders of the freedom caucus, rnc and republican conference. we are following that consensus. here is i guess my main point. as republicans, we have a choice. we cannot now or we can keep fiddling around and squandered the opportunity for repealing obamacare and begin a new chapter for the american people. house republicans are choosing to act now. i am not
>> we hauled a lot of listening sessions with conference members i met individually with leaders of the various groups within our conference. we had a lot of discussions over the weekend with white house and various folks there. it is a legislative process. we now have a bill available for all to read and i encourage you to do it. i would encourage them to do it. i encourage them to look against their own bills and what they've supported in the past. let's have a thoughtful legislative discussion. there's a process before each of our committees. there will be a process of the budget committee, process at the rules committee and will come to the floor. this is an important step moving forward to fulfill her promise to the american people to repeal and replace obamacare. >> matcher at how many peopl-- [inaudible] >> it's interesting because if you go back to a cbo predicted would be covered on exchanges
today, they are only off by a two to one ratio. there were 21 million they projected to be covered. 10 million actually covered. the worst part is we are chasing young people away from insurance coverage through the various obamacare mandates. as a result, already 5% of those people who decided not to sign up for obamacare and pay the penalty and stat or get an exclusion for people under the age of 35. we need to give options affordable and available to more people and insurance coverage. we believe the reforms under medicaid and drive more dollars into coverage rather than bureaucratic process they have to go through to get waivers. [inaudible]
>> so we have been listening very carefully to house republicans. the entire conference across the philosophical spec term about how best to restore state control, how best to return -- create a free market and how to make sure we do that in a way that balances in the budget. we looked seriously at the option of actually providing the same health care available to others to the exclusion at the end of the day. our conference, the direction they gave us was not a provision they were comfortable today and so we decided again to go a different direction. i am not >> will cover more americans with affordable health care then today is probably the key question. here's what i know in texas in our district. more people have opted out, found a way to get out of obamacare then are taking it.
those who have it wrinkly can't use it to the deductibles are too high. the copayments are too high. it's just a card. it doesn't help them. under our approach, by returning an addition to the states, and giving americans a broad choice of plans that can actually use, i believe we are increasing access to affordable care for those who want it. i think that is an important distinction here. as i see the tax credit, i have a small business background as the chamber of commerce executive. so for decades, i watched small business people, entrepreneurs, mom-and-pop companies struggle to get health care. while workers in big businesses goall the help. under the republican plan for the first time, if you work hard and play by the rules, you are treated equally. you get that help us much for
newer. so those businesses frankly aren't taking the affordable care act. the small business people doesn't help them. >> yours but we do know. last year, 225 counties in america is one option left for people to choose from on the exchange. this five country nears 1022 before humana pulled out. the insurance market is collapsing before our eyes. the ceo of aetna says it's in a death spiral. he is then not market. they are looking up whether they can sustain the losses that they are now enduring because the way the markets created. the facts of the matter are not what this will be going forward. we were right to think of a pretty big wreck and we're trying to clean up the mess. fewer people back to. we are not taking anybody off medicaid upon it today. you can read that in the bill pretty clearly. we are going to devolve power back to the dates,
decision-making to the state the next and access to affordable insurance that people can take advantage of. one out of three counties in america, one plan and in some cases next year we hear it may be zero. that's the gap we are trying to prevent. [inaudible] >> not only do i think back, i think secretary price believes that and truck leaves that based on the letters they sent to the communication iss. i know mac >> we are waiting for cbo.
>> you explain a little bit about the creme m. r. hayek and hazlitt's current in the individual mandate. >> yeah, sure. we look at continuous coverage. this is not a novel can't do it. you'll find a similar version of this to cover preexisting conditions in medicare part b, met a car -- medicare part d and the employer market. we modeled it after that. one of the issues we found that some people were gaming the system of guaranteed issue. not that they had a preexisting condition necessarily, they pay for nine months of insurance coverage is insurance coverage as well do not magically come back into market. that is part of what is causing the spiral downward. we want to make sure if you have a preexisting condition you get coverage. the coverage is not rated a stomach condition.
it's just if you let it lapse, if he didn't pay the premiums, there is a marginal penalty there going backwards. it's a little bit like you don't get to buy fire insurance for your house on the roofs on fire. you have to buy it ahead of time. a little different i realize when it comes to health care, but the concept is continuous coverage. economic at the 63 days. basically that's three months, how it is in other areas of federal law today. our goal is to make sure if you have a preexisting health condition you do not deny insurance are priced out of the market. that's what we accomplish here. i know mac >> yeah, i disagree. i look at the 20,000 jobs that have left america because of the irresponsible medical device tax. i look at the health insurance taxes and others that drove up
health care costs on americans, especially those who could least afford it. you ran down tax increase after-tax increase after-tax increase favored the economy. they hurt health care. they achieved not in. i don't want americans to continue to struggle under the obamacare tax is, which is why we are moving to repeal them as well as the subsidies. at the end of the day, as you all know for this to pass the senate, this has to balance within the budget and the window we've been giving and we will make sure it does. [inaudible] >> so, on the side that we are focused on, very little from the standpoint of repealing taxes, penalties and the mandate and the subsidies as well, making sure that we are defined in planned parenthood and redirect
those dollars to committee health centers so women have those services where they need them. so we used the 25th 10 reconciliation bill as the foundation for repeal, but we go further with those two key principles, returning state control so communities can get help here designed for them, restoring the free market so people can choose health care they need. >> from our standpoint, we have crafted the biggest entitlement reform in the last 20 plus years by going to a per capita allotment act is dave for traditional medicaid population. i don't believe that was the 25th 10 reconciliation bill. that's important to empower states and to cut medicaid on the budget. so that is probably the biggest. we had the patience ability and state stability fund and hear us loud because there's been all this damage done to the market itself, we wants it to come in,
whether texas or oregon. we have vastly different decision-making that's gone on in health care and our state to help out. >> is that going to be an annual pay and inform about the set up as an endowment? >> to $100 billion fund over 10 years will be about 10 billion a year if they could no that's coming to their states. >> on medicaid, have you talked to any states -- [inaudible] >> we've talked to a lot of states as you might imagine. i heard from a lot of governors that had very protect the discussions. i don't believe they will be allowed to expand if they haven't expanded before. but if they have the expansion, they cannot do people on until december 31 of 2019. why do we do that? states have told us and others have informed us that you've got to have a transition. here that works for the people that are on medicaid and that
works until mr. brady's tax pieces up online and remember with insurance markets, it takes them a year or so to come up with new plans and policies and get them out there. what we are trying to do is what we pledge to do. not pull the rug out from anybody. make sure there is a transition with more policies, more opportunities than a more fair health system. [inaudible] allen. [inaudible] >> clearly, we have an economy that is struggling. worst recovery not the century. young people cannot find good paying jobs. a lot of people have given not. part of this is to remove the
damaging job killing tax is in the affordable care act to lower the cost, but it also fits into our vision of the tax reform proposal that spill from growth, built for the growth of jobs, wages in the u.s. economy. i think a key element of the tax credit is that it is really targeted and tailored to the individual. it is a credit immediately available to them. it grows and increases with age because your health care costs go up as you get older. it expands with your family because you have greater needs of the family. it is a credit that you can take from small business to small business, from state to state, home if you're starting a business or raising a family, even as europe roach retirement. this is unprecedented freedom. i would know, too in this legislation close to the work of chairman walden, that those on the aca today who are watching
it slowly collapse, they will actually be able to buy products off the exchanges including catastrophic coverage is very important to them if they make this transition. it is very carefully and deliberately thought-out. [inaudible] tree into you just heard it. the two men who chaired the two committees which will deal with obamacare and getting the reform through congress, they just held a press conference. they answered questions about the new plan, which is now on the table. may i give you a very brief outline of the way i see the new plan? very brief. the mandates gone. penalties gone. you keep coverage of a preexisting condition. that is still there. you keep your children up to the age of 26 on your coverage, on your policy. that is still there.
power transferred from the central federal government as much as possible to the state government where health care is concerned. that's a very rougoutline of what the plan that was just presented to the american people. commerce and michael burgess joins us now on the subcommittee. let me see, subcommittee on health. in your adapter to boot. to some degree, that synopsis of the plan that i just gave us a little added date because president trump has been tweeting already today he wants competition among drug companies to lower prices and he wants competition amongst insurance companies and that they should be able to sell policies across state lines. those two caveats, those two tweets would seem to me to make it easier for the freedom caucus right-wingers to get on ward with the plan. >> actually, stuart, i apologize i have not seen those tweets.
so many americans today are grateful for the immediate relief with the reconciliation at the energy and commerce committee. the immediate release that provides, the problems, the problems that occurred than detailed by chairman walden and chairman brady. people have been asking early so that is on the way. recognize this reconciliation bill is a pathway that is ahead of us because of senate rules. it is not the end of the process. it's the beginning of the process. the flexibility in the health and human services with over 1400 regulations published as a result of the aca. they have enormous flexibility and other things that can come after. in fact, we will do with the food and drug administration. h her first hearing l there's a generic drug er fee
agreements on how to bring costs down. so there will be things that happen as we go through this first year of the administration. lots of opportunities. some of those big ideas will require 60 votes over the senate. i hope we have people who put their political weapons away on both sides to get good things done for the american people. stuart: do you have enough sweeteners to get the freedom caucus on board. at the moment, or 30 members and they are saying in we don't like this. this is obamacare light. we don't want it. can you straighten him out than get them on board? they have an opportunity to have a discussion with those numbers. obviously with some interest that i watched some of the interviews and nick mulvaney did this morning. we spoke dari clearly and very forcefully in favor of the provision that are included in the ways and means.
so we will see. that's at the legislative process is about. we will have our markup now and go on for a long time. they are on our committee and liberal democrats on our committee will hear from both sides. the attempt to get everybody on board. the horse trading. i guess i'm not of luck on that one. >> can i just say one thing about that? i offer to henry waxman and the obama train russian team. i said i didn't give up a 25 year medical career to sit on the sidelines or talk to me abouthe thingsoue trying to do. maybe were not on completely different pages. but they never did. they never eve tried. we have a president now who is famous for the art of the deal. forgetting compromise. i'm excited about the process that lays out in front of us.
it'll be a very different landscape beside 2009, 2010 and the benefactors are the american people. >> congressmen coming are very busy guy. we appreciate you being with us on a very busy day. thank you on the circuit appreciated. one of the experts that we turn to one obamacare over these many, many years. grace marie, welcome back to good to see you again. >> good to be with you. stuart: good morning. okay. now, they are going to replace the subsidies, which are currently available with tax credits. is that a big enough -- is that a big enough for placement? are people going to be made: caps-off with tax credits as opposed to subsidies? >> this is going to be better. they are able to use very generous tax credits in the aca to purchase coverage. but they can afford to see a doc
or because the deductibles are so high. by giving the states more power to approve plans, the people may actually want to buy. the tax credits are going further. bizarre market dynamics. the consumers in the marketplace, not between bureaucrats and politicians. this is sad being someone who is 30 years old is going to get a $2000 year credit to purchase insurance. a family can get credit up to $14,000 a year. it is really hard to see how they're not goingo have a policy that pleases them, especially with states approving a much wider range of policy. stuart: grace marie, it seems president trump wants to be involved in negotiating here. he's come up with to tweets so far this morning. he wants up competition among drug companies to get the price of drugs down and he wants competition amongst insurance carriers across state lines
again to select so you can get policies in front of people as possible. i take it that you approve of those two inputs from the president? >> the reason he did that is those two issues are important things he's talked about, important issues that the american people, but they could not get through this narrow tube that congress has to go through to get this legislation through the reconciliation process. he is basically saying those will be the next steps. you heard the chairman said over and over this is the first step. this is not the end of the game. they are going to move from here and president trump is already talking about what will be the next debate. trade to stay there for a second. peter kernan joins us. former partner goldman sachs. peter, you heard all of this. you've seen president trump's tweets and yet the market has moved a little bit lower.
does the market not approve of this plan? >> the market is pausing for one reason cited a couple of times. the affordable care act was 380,000 words. if you think about the regulations created by the affordable care that was 20 million words. we look at the beginning of the process either one of those agreed to sign into and done in the pens passed out. tens of millions are certain to follow. the market is saying let's wait and see. there's things that i can think they don't. stuart: early days. show me you can do it. >> the tribe rallies on a rallies on the path and this is precisely what we predict it. now it's time for the rubber to meet the road. they will come into view. people are ready who are annoyed with it, which is a good sign. stuart: okay, you can hear the judge and i promise to introduce a momentarily.
the gop is still divided on replacement plan to listen to what senator rand paul said this morning. roll tape. >> the house bill put forward is obamacare light. it won't work. premiums than prices will continue to spiral out of control. this is obamacare light. while not pass. conservatives won't take it. stuart: it will not pass who is here? judge andrew napolitano, the libertarian judge himself. president trump tweeted twice this morning and away he will will like it surely. competition among drug companies to get the price down. competition among health insurers across state lines the national market going. >> out another problem that the competition. competition improves the product and drives the market down. i condemn the me and said the individual mandate as to give.
i condemn the maintenance of the cadillac tax, which directly goes to -- stuart: 2025 is years away. >> it days until 2025. >> until 2025. >> it is they are now and it goes away. i am talking to stuart varney, the most conservative person i know what the dollar or the british pound, whatever you want to say. and you're in favor of more attacks is. my eyes and ears deceive me. stuart: data such nonsense. >> the 3.8% tax on investment income. the .9% extra tax on high income earners on their income gone. the device tax, medical device tax gone. the cadillac tax you are so riled up about is still there, but not applied until 2025.
>> what about the federal government forcing the project you don't want. it's not a tax to the fed. it's not assigned to the fed. it's a payment to the insurance carrier anyway for a product you're not going to get. that is taking proper be okay in giving it to be which the constitution of the supreme court has condemned. tree and do you know what, i don't care. >> from whom the property is taken as opposed to him as being given, you will care. stuart: i want a deal and i want a deal pass quickly. >> are you going to stand on not one little tiny objects in? how about a joke character vastly. i say to the three smart people on the other side of you. how about we keep the government out of micromanaging 16%.
stuart: regrettably the market is listening to you in figuring out your going to stop us getting a deal so we stopped getting the tax cut. all i want is a deal and i want it done very quickly. are you going to stand in the way? >> i'm going to argue against this because it also institutionalizes the concept that is the obligation of the federal government to provide health care for people in that it's not the constitution. professor lunden agrees with me. stuart: i'm just about to introduce the man. may i do that, please? [laughter] you've been listening to this diatribe. >> there's no question the judges read about the mandate. i feel it is unconstitutional. it is distinctly inappropriate. however there is a desirable part of the american people for a deal and i think that you will have an adrenaline shot in the market. it will be while there will be
some reconciliation and further discussion. i hopehat there will be some discussion about the mandate. i have an idea of simply taking the notion of a medical savings account, starting 20 or so starting 20 or so than people need very little medical care. there's a big chunk of money available to you. the way the market can operate effectively in the united states and allows for individual choice and it strikes me about the sort of thing we ought to be doing rather than imposing the governments will of the american people. stuart: i do hear all these people. i want to bring in grace marie turner. we lost her. we lost the audio feed. peter kiernan, are we going to hold this whole thing up because of the one item, the individual
mandate? >> you look at how about more than that. it will feel like another entitlement come a different kind. one of the things that have a problem with mandates, these allocations are done by age, not by income. but as someone who's 65 with $10 million in the $4000 a month. it doesn't make any sense. you will see a lot of people from the conservative side say i don't like these monthly stipends. there is another welfare from the government. and we should change that. those two things will combine to create a real debate. stuart: we are going to take a commercial break momentarily. before we do, i'm going around the table one more time and i want to ask a serious question. do you think a deal will ultimately be done very quickly and get a deal to replace obamacare? will it be done? your objections notwithsing.
will it be done? >> absolutely. it will be done in large part because the public is looking for financiers. liz: yes, but not quickly. >> yes, but not quickly. i would not look for a huge market response right away. they were weighted the. tranter if they don't get it done, the republican party is toast. and so is the stock market rally. the republicans lose big if they can't get this through in the stock market also loses big if they can't get it through. >> were you surprised at my guest answer? stuart: gas, i'm confused by libertarians being flexible. >> they will just do a deal for the reason you stated, to stay in power. that's the only reason i go for anything, to stay in power. they did start with the hardest problem first had much less vexing thing started with infrastructure where everybody
agreed. why make the same mistake which is to start with very hard thing at first before you have any momentum can and a shared sense that he's a good guy and get it done. >> the trouble is just because it's way doesn't mean you have to ingest the same. stuart: but they quickly go to the stock market. we didn't move. the market didn't do good we are down 30 odd points of us are at a press conference down 33 points now. i should tell you that the big drug makers are down because president trump wants competition to lower drug prices. other health care issues like the insurers were up on this news conference today. quickly, shares of sporting goods, and give weak guidance, really taking it. this is part of retail ice age. pandora's stock is way down. a report that its rival sirius might not buy them. take a look at snap. twenty dollars a share earlier. a couple days ago 2829.
transport it is in correction mode. what is happening is the bears are coming in big time to short the stock. now the bearish filter from snapchat, snapshots filtered. look at the action on this. the price action is devastating today. true to what peter byatt? >> i sold it as 25 minutes getting to the right price. this is the most dangerous time for a stock. none of the underwriters research departments are allowed to recommend a byatt. so here you have a moment with the stock floating out there in midair for anybody wants to come a couple of sale recommendations on the stock, but all this cascade firms in the underwriting can't say go out and buy. 25 days to wait. stuart: if i was the guy in charge, i'm not so sure they've gone public. >> there is always away from the price. when a car to 28, 29 come you'll
get another chance. i would expect in 27 days to see all kinds of recommendations from all those firms in the underwriting. stuart: we call ourselves a live-action news program covering a live-action president. right now we've got a good stock market down 30 points. but in that way for the best part of 90 minutes. the live action new show will continue and we will be back. ♪
>> im with your fox business brief. the dow is down 20 points at 20,926. s&p 500 done it. our 100 day of not less than a 1% listed the downs died for the dow and s&p. embassy matted over 20 years. dow winners and losers look in and see her. zero and time united technologies to the upside right now. fisa pfizer and nike come under pressure. donald trump said they will be in his system and pricing for american people will come way down for drug shares watching satellite television company will be joining the s&p 500 on march 13th. linear coming out en masse acquiring. watching the soda stocks, one of the cities that has a soda tax
to pepsi and coca-cola are seeing a slump in sales. more fox news coming up. nitrat, or adempas® for pulmonary hypertension, as this may cause an unsafe drop in blood pressure. do not drink alcohol in excess. to avoid long-term injury, get medical help right away for an erection lasting more than four hours. if you have a sudden decrease or loss of hearing or vision, or an allergic reaction, stop taking cialis and get medical help right away. ask your doctor about cialis.
economic and health security for the american people. stuart: you heard it right there, house minority leader nancy pelosi continuing her criticism of the plan to repeal and replace obamacare. let's address all democrats for a moment. states from candidate trump one in the election last year. they face reelection next year. there is surely a limit to how strongly they can oppose repealing and replacing obamacare. the democrat are vulnerable. >> i think they are. as donald trump pointed out, obama carries in a death spiral. premiums going up, co-pays going up. if i did nothing of it collapsed its own way. if we get too much of an obstacle towards that better thing happening, you could pay a price at the polls.
stuart: the other side of the con is this cnn poll shows 55% of respondents approved of mr. trump's handling of the economy. that is a very strong number. you might not like the man himself and his dial, but they really approved 55% of economic policy. this is another reason why democrats are at risk if they oppose president trump's very popular economic policy. >> that's right. whether it's a travel ban or what he wants to do. these things are all very popular. filmic attack on mistake if they under a made popularity. donald trump says a lot of blustery things to things you might call it irresponsible. by and large, people like what he's doing and i forget who should get a 40 p. growth. people will recognize the economy has gotten better. the stock rocketed. consumer confidence hasn't been this high and several years that
he's doing something right. stuart: is there a shift in opinion in california? you're a california guy. that's where you that in broadcast from. any shift in opinion? >> i sure hope so. we talk about a trillion dollars. we've been talking about the fact that they can't spend the money to prepare the dam. we've been talking about the fact they released a prisoner early because of prison overcrowding. somebody who shot a cop. realize tax then maybe a few republicans might steer us in the right direction. stuart: when you go on air with your radio show, what will you say about the obamacare replacement plan? >> i've been talking about it for many weeks. my problem is health care is a commodity like eggs, sweaters, smartphones. to make it more affordable you
have more competition, not less competition. what i fear is republicans will replace obamacare with obamacare light and we still don't have the competition we need to have in our health care system. stuart: but you would then to get a deal. when you? >> it's better than what we had before. we have too few doctors in part because the ama has been able to artificially limit supply about yours. akin to a deal that shut out competition. we had these kinds of noncompetitive aspects of health care from top to bottom. i would trash the whole thing and go back to free markets. that's a bold move most americans do not accept. trade you got to bend time you got to win. thank you. appreciate it. now this. exxon in the news. they are going to invest $20 billion to create 45,000
jobs. the $20 billion investment creating $45,000 manufacturing and construction jobs in america. liz: think president trump or the keystone maxell and -- exxonmobil pipeline. headed through the pipeline to the gulf coast. that's about what we import from saudi arabia. stuart: do you think they'll build a refinery? >> tremendous inflow coming from canada. stuart: this looks to me like a win for president trump. >> one of the things that people are sitting in the boardroom as i have and say what we do next? where do we create this plant. if we know there's a familiar and favorable turn, plays, that's where they're going to go. this is playing along. you don't get to be worth $350 billion by missing some of
the signals. the signals from washington are clear. play along a note at a log. stuart: it doesn't hurt rex tillerson used to run exxonmobil and it doesn't hurt president trump was more domestic energy production. >> are than anything else is increasing the dividend to this country. we have natural resources boom going on and they intend to feed it. stuart: nextstep, when a president trump's top environmental advisers. the question for him. does the president believe in global warming? i'm going to ask him next.
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stuart: now is the time we find out what is the answer to the following question. what this president trump really feel about climate change, global warming? let's bring in someone who can answer the question. his name is ed russo, president trump's top environmental advisor. how does the president feel really deep down about global warming? >> well, if it's global warming
or climate change or sea level rise, it's all about clean air and clean water and as it is what private citizen. as president, there is better raised about handling items and make sure it has a better effect on clean air and the climate change. stuart: does he believe that the earth is warming and that is the result of human activity? that's the real question, isn't it? >> a big question is what are the behaviors of human activity and what can humans do to change their ways to make things better. the focus really has to be cleaning out. landfills -- [inaudible] stuart: that's not the question i asked. what does president trump feel about whether the planet is warming and who's responsible it is that human beings? what is it then? >> human beings contribute to this. it's not a question of whether
you believe in climate change or not. it's whether you understand it. we have to work to clean up the environment now with a much greater effect on climate change and global warming. and that is where our focus must be. stuart: he wants to cut the environmental protection agency budget significantly. he wants to cut its rules and regulations. that is how he's going about taking care of chronic business. >> what he's trying to do a streamlined epa we are spending a lot of time talking about climate change when we should be cleaning up things that affect climate change. landfi one of the things people don realize is landfills belch out methane every single day. methane has six times the concentration of the greenhouse gas and co2. if we can focus on rentals and other sites, we will have a much
better impact on climate change than the co2. stuart: i've got a feeling that the courts or lawyers rather will fight him all the way. >> that may be, that private businesses and environmental organizations and government agencies at all levels should follow his lead. again focus on cleaning up the environment we have today. you go past is landfills and you see these white types get those are meant to aid vents. we should stop that. better ways of handling that they and better ways of creating energy from nothing without combustion. stuart: i wish we had more time. thanks for joining us. we appreciate it. there will be more "varney" after this.
how do you explain that, peter? >> the pause that refreshes. everyone is waiting and seeing. stuart: refreshes. we're going up from here? >> if he does some of the things he talks about, it will go up. liz: take a while for this health care thing to go through. stuart: neil cavuto, it is all yours. neil: peter might be on something, they don't have all a the pieces together. that is worrying some here. as you heard by now the republican health care plan is out and not all republicans are buying it. congressman kevin brady and greg walden were among the first to say all you conservatives with problems with this, take a chill pill. take a look. >> we will work with them. we need them on board to make this happen. >> this is obamacare gone. this is the first and most important step to giving relief