tv Varney Company FOX Business November 21, 2017 9:00am-12:00pm EST
>> what a great show. dagen mcdowell, mr. xiao, great to see you. happy thanksgiving to you appeared great to see appeared stuart, take it away. stuart: maria, thanks very much indeed. an explosion of allegations about inappropriate behavior, sexual harassment, to media people and another politician. good morning, everyone. john conyers, longest-serving sitting congressman allegedly fired a female employee because she wouldn't succumb to his advances. settled in 2015 for $27,000. glenn frye and company are "new york times" reporters suspended today after allegations of misconduct. and charlie rose suspended by cbs and pbs will no longer distribute his program. he's accused of misconduct by a
one-man come in three of have gone public. it's indeed a delusion, it is not over. we will ask what is the appropriate punishment. blockbuster news on the merger front. justice department sues to at&t and time warner. many lawyers say justice doesn't have much of a case. others say it is political. president trump doesn't like cnn owned by time warner. look at this. here comes another rally. stocks going up triple digits at the opening bell. some very strong economic indicators. maybe a strong economy moving the market rather than hope for a tax cut. what a day. big names accused, big rally on the way. again, and "varney & company" about to begin.
>> the big outrage in washington is not sexual harassment. it is an old story. the big outrage is that we taxpayers are paying the bill for the settlement payment, the hush money to protect these big-time harassers on capitol hill and that is what got been stopped. until you had harassers from both parties and their wallet because that's where it really hurts, it's not going to stop and we taxpayers should not pay the legal fees and the settlement payments year after year, millions of dollars to cover this out. i am not about.com is stuart. stuart: yet she is. betsy macauley angry about taxpayers footing the bill for sexual harassment in congress. joining us now is fox news contributor katy parrish. why are we paid millions and millions of dollars? >> well come a piece of legislation passed in 1995 that was enough for her to allow people to come with sexual
assault or harassment allegations in addition to that harassment or discrimination based on all kinds of things and accountability on capitol hill. but in the bill, they didn't take out the measure that allows taxpayers or forces taxpayers to pay settlements to people who are big guns of sexual harassment or other discriminations. so since the bill is passed on a 260 plus cases have been settled to the tune of $17 million by taxpayers in the worst part of it outside of taxpayers footing the bill is that no one can see how much exactly was paid out in for what congressmen or congresswomen it was paid out on their behalf. silly defeat gray. stuart: what you think is the appropriate punishment for members of congress who are accused of misconduct and maybe admit to it? what should we do with them? should we have a blanket rule you've all got to resign?
>> well, i do think we have to take a step back and take cases on a case-by-case basis. bad behavior is not the same thing as. in terms of what happen you have to look at the details of what happened that the ethics rules are whether they are being enforced at all kinds of rules on capitol hill and a lot of them are not followed in a lot of these can also be changed. a lot of sexual harassment laws on the books now are outdated, not in compliance with new things like 16 and social media. an update to those rules and regulations the hill would be at least a start. stuart: i've got 20 seconds. a lot of people say this is not over. you are the middle of d.c. can you confirm that? >> this is just the beginning. this will be a big story for months if not years to come. it's been a big story for two decades. bill clinton coming here we are today and it will certainly
occur on capitol hill and more people in media as well. stuart: thank you today. appreciate it. thank you, stuart, have a good thanksgiving. stuart: i shall indeed. the dow just a few minutes from now. positive signs on the economy. a shortened week. the volume much lower than normal. bottom line going up again at the opening bell. three retailers reporting financial numbers. looks like a good thanksgiving break even for the bricks and mortar guys hurt record sales at urban outfitters up about 1.5%. dollar tree sales up 3.3% year-over-year. that's a good performance of 2%. better sales, better profits but the stock is down. home depot is outperforming lows. that is why moses dowd may be to .5%. good vibrations on the economy. the federal reserve looking down the road with more economic
growth ad, while over 3% and they're not even considering the impact of the tax cut. fox news contributor steve cortez with us today. good vibes, is that what is helping the market this morning as opposed to hopes of a tax cut? >> stuart, and absolutely is. as ms. wonderful we can come on-air and talk about great economic news after a decade of slow growth of the united states economy being in the last beyond the greatness of this country. what we see now is it's mourning in america economically receiving statistics on the stock market. most importantly on main street. the stock market on welfare, i'm really enthused about what we see at wal-mart lately. they gave us a report last week that was gangbusters. the stock has responded with a massive rally. 90% were middle-class and low-income america generally shop. the fact that wal-mart is doing
now while tells us it's on the health of the typical american consumer. stuart: here you have this good news on the economy completely overshadowed by the latest charges against media people and politicians overshadowing the very, very good news on the trump economy in his first year, almost his first year in office. what a shame that the very, very good news about the bread-and-butter baseline story is kind of lost in a cloud of sexual harassment. i'm in a real hurry. i've got to move to this. the justice department is suing to block at&t from taking over time warner. speculation the president has a beef with cnn piling on the political pressure. let me go first of all to even out comments. liz: at&t will ask the court to get between the white house and the justice department about
this deal because the president traits about fake news in the light haired at&t saying that comcast on nbc in 2011 let the deal go through. the antitrust regulator himself on this 108 billion-dollar deal to block it said recently not a problem. this is an issue. the u.s. and mexico, the government did bring a similar case but the problem is they had a real lock-in can really drive up prices in the united states. stuart: steve cortez, will disturb a monkey wrench in the whole idea of major league mergers? >> you know, it might. milton friedman taught us a long time ago that being pro-business isn't necessarily being pro-free enterprise. big business wants to squash competition and mergers are the method they use to do exactly that. we have to be careful for a
solid free enterprise system, it's important that the government does have a role in preventing monopolistic practices. i believe this merger is so big and involves so many companies controlling the content and delivery of media that its anti-competitive and i agree with the justice department and challenging it. stuart: steve, thanks for joining us. we'll see you shortly on the show. here's a favorite story. this for automotive say they are working on a battery that charges in one minute flat. that would be a game changer. as a pie-in-the-sky dreaming? fisk or ceo is on the show at 9:45. nascar driver martin truex, winner of the 2017 championship. is the new jersey resident. i'm going to ask him. with all that money is going to lose half of it. he's on the show at 10:45 this
stuart: whitest campbell soup stop going to do today? it is going down. less money coming in. big v-8 vegetable juice is not selling well apparently. it is down 7.5%, ouch. poor mel makes skippy peanut butter, but they are most famous shortly for spam, which i was raised. good for them, 3%. forget the ketchup. president tom's crackdown on
sanctuary cities has been permanently blocked by a federal judge. harlan hill is here. update us. >> absolutely. you know why this is happening, why the courts are injecting themselves into big american political policy? it is because democrats can't win. judges have become activists. they become legislators and that's not the role of the court. it's because democrats have no role in running this country come in legislating that scale because they lost across the country never state house and at the federal level. >> absolutely. the wording here is there is a permanent injunction the anti-sanctuary cities all across the country. is that right? i'm not a legal expert. >> it's outrageous. if anyone thinks this justice department is going to take this
laying down, they have a surprise in store for them. they will fight this tooth and nail because they should. they decide they will slowly come to expect in president trump ran on in 2016. this is a showdown in the making. stuart: good, wanted to address strong words for a very liberal guy, mayor bill deblasio talking about president bill clinton. roll tape, please. >> today there would've been a very different reaction. i don't think you can rework history. if it happened today, if any president did that today, he would've had to resign. stuart: what you say? >> there was bill deblasio in 2016 to go back to the white house. where were you? you are right, but why has it taken you so long to come to this realization? there's nothing new in the allegations against bill clinton. we've known for three decades ideas and not as a sexual
predator. stuart: the wave of sexual harassment allegations has re-awoken what happened 25 years ago. stuart: at not even that. democrats now know they can't defend around. no one is safe from this. if you have committed this sort of act, you are held accountable even if you are a democrat. stuart: used to be a supporter. pretty hard and not now, aren't you? you know we've got donna brazile on the show 1130 caught this morning. she says it broke her heart to tell bernie sanders that hillary had an unethical advantage over him. what do you make of that? it broke her heart to tell bernie that hillary had advantage over him? >> donna from a 7 million voters switched over to support president trump in 2016. that's a decided this election. a big reason they made this
decision was because people like you didn't take a stand for antiestablishment candidate like bernie sanders. that's why democrats lost the white house. i respect you. i respect her for taking a stand now, but it's too little too late and the democratic party is in total disarray. ultimately, that is at her feet because she was in her position and authority to do something about this when it mattered. stuart: do you think she has some responsibility for democrats been in total disarray? >> absolutely. they were integrals of president trump winning this election. if they'd just given him a fair shot and listen to his popular nationalist, sometimes socialist if they had given him a shot, he may have been president of the united states. i think he had a better shot than hillary clinton did. stuart: fascinating. harlan, you made your mark. thank you very much indeed.
you are staying with us. you are on a roll. nice touch they are. by the way, she will be on the show. donna brazile on this program today about 11:30 eastern time. lavar or more, of ucla basketball player who was detained in china for stealing sunglasses is not the unit with chris cuomo won't give president trump any credit for getting this done as contempt for president. you will see at all after this.
stuart: former new york jets football player talking to cnn about the president. his son tommy ucla player of angela ball and two others facing several years of jail time for shoplifting and then president trump intervene. he has something to say about that. roll tape. >> what did he do for my son? anybody who speaks to the president. >> this is the president of the united states. it doesn't take much as they thank you hereby ones they thank you? >> if somebody does something for you use a thank you. >> they thank you. >> which is your last name? you want me to thank you?
you kind of air again. >> if they invited you to the white house, would use a thank you then? >> heck yeah, if he invited me to the white house. >> did you think the doctor for bring you into this world? >> forgive me, but this bald guy is an looking for his 15 minutes of fame. his son had the decency to come out and then president trump. his son did it. meanwhile, his father is acting like a child. even cuomo on cnn had to push back on him and say why can't you just thank the president for saving your son from 10 years of imprisonment which is why this kind of crime gets in china. this would've ruined his life in president trump did the right thing and provided compassion and support a win out of its way to bring him home.
stuart: i am going to dig into this. he hates president trump. >> course he ds. it's the aogance. no once have heard him apologizeor his s'son actions. they are representing the united states and china. althing president xi, but not president trump. outrageous. liz: of president trump did nothing, he would be on television complaining about the president not doing anything. he is completely clueless about how rough china is under the law they are and what his son would have faced, completely clueless. ashley: his son think president trump. stuart: he just could not bring himself to say anything nice to or about president trump. ashley: even when pressed. trade for good on chris cuomo depressed back. stuart: one of the hardest in
the news media in president trump and there he was defending president trump. he was in exactly attacking him. >> why even have this guy on? he's just looking for a little bit of fame, trying to take advantage. i don't think this is anything more than the same scheme. that's what this is. stuart: a decent last word there, he'll. how about this. watch out. they forecast weaker profits ahead or do you do that come and go kill you. down 20% on the stock is 60. the shoe retailer, psw lowered and look to the future, not so rosy, down it goes, 13% of the opening bell. in contrast to the overall market, which will go straight up this morning. and for about five minutes, wall street will go up triple digits.
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20 seconds to go in the market will open. i'll tell you right now we open on the upside. a triple digit gain for the industrials. no fresh word on tax cuts and whether or not we get them. i think the market is moved by some very encouraging news on the economy for next year. 9:30 tuesday morning already had 70 -- that's yesterdays actually. 84 points, 80 points, 91 points, up, up, up. the prevailing word is up about a third of 1%. s&p 500 is also up about a third of 1%. exactly 31%. nasdaq in early going all-time high. press the button audio. thank you. all-time high of 31 points and a half a percentage point on the upside. quick news items or the justice department to sue to block att
from taking time warner could did time warner could did it would give one company too much control in a rapidly evolving media landscape. serious -- did i say serious? ashley: you did. trade to higher sales of urban outfitters up 1%. strong sales and profit outflows getting beat by home depot. that is why lowe's is down 2%. look at this. palo alto networks make a cloud-based security, strong demand for that. up nearly 8%. listen to this or the price of gasoline national average $2.53 per gallon. i can't believe this, but it's true, that is up 40 cents a gallon nationwide from last thanksgiving. how about that. forty cents a. joining us, who was with me? elizabeth mcdonald, mike murphy, aaron scott martin. the federal reserve looking down the road see much stronger
economic growth, well above 3% next year. is that what this market rally is all about, mike murphy up 112 now? >> it is. people feeling good about the overall economy, the direction regulation is going in the administration is going and solid earnings out of a lot of companies across several different actors. when people say the market can go up anymore, one of the biggest mistakes that the market can go up and will go up further. stuart: the federal reserve making forecast a much better growth next year without taking into consideration any possible tax cuts. factor in the tax cut. stuart: that would also and for rate increases. more to come. >> rate increases i believe are good things with a normalized level. we should be at the level we are currently at. stuart: you are not bothered if we get a few rate increases that
doesn't worry a stock investor? >> i'm loving it. mike murphy is right. an environment where we should have interest rate starting to normalize in my opinion a year or two ago. one of the reasons janet yellen is going bye-bye because probably going to normalize the interest rate curve as they should because of the fact mike highlighted the better business and consumer optimism. by the way, record highs in the stock market. stuart: by the way, up 114 points. 23.5 is where we are. the justice department sued to block at&t from taking over time warner. scott, let me get back to you real fast now. do you think this changes the whole outlook in the future? >> in media? absolutely. this is a hat scratcher. i'm not sure what the doj is looking now. if this is cable circuit may be run by birth which i'm not going
to give away or maybe 15 years ago, i could be this needed to be blocked. with the cord cutting going on, proliferation of services online, it seems odd the doj is taking such a deep stance against this. to me this risks other media mergers that off base with what the doj is saying. ashley: what about comcast and nbc universal which would've gone through either. transfer aside the government going after ibm and blew that up in the government going after netscape and microsoft blew off netscape and block buster. stuart: my interest and that's what i would hope the merger would go through, and that cnn would be off from time warner and finally find out how much cnn is worse. >> scott mentioned that they had scratcher. this combined company would be going up against netflix, going
up against apple, amazon. some good competition there. >> very strong competition. a little german and there. wal-mart going head-to-head with the amazon in ways you might not even think about. consider this. jet.com owned by wal-mart. they are reportedly offering extraordinary perks to get qualified staff like three weeks of paid time off right at the start of the year weekly in office happy hours. all new parents give form and the paid leave. that is a pretty strong -- that means talent is short and hard to come by. offering the world to get them on board. >> am i doing the math right? two full years of paid leave. wal-mart is doing a great job going up against amazon.
liz: go ahead. i still like the retirees in their rv solid amazon ran the country. >> it's great people are working. amazon is taking over so much of what we do and wal-mart through their purchase of jet.com which is a startup, company three years ago finally taking the fight to amazon so now it's a two word race there. that helps all of us. stuart: wal-mart, amazon. hold on, more and wal-mart. reportedly inventing, and the right word come a better word, a cantaloupe that stay sweet year-round. tomatoes they year-round. tomato staking shipped long distances without rotting. a yellow skinned watermelon. can't wait. further touch flavored pickles. ashley: i have tourette's.
i shout things out. stuart: is wal-mart the principal adversary of amazon? would you say? >> it is. one thing we've learned is the world is big enough for both of them. the problem is the world is enough for two of them and nobody else as we've seen with other retailers. what wal-mart is coming up with, that sounds really weird and gross. maybe more of a publicity stunt to get people talking about the ingenuity wal-mart has versus -- but ashley was talking about. liz: wait a second, whether you're disagreeing with? liz: it's a one horse open sleigh ran by in the sun. this is about price cutting. the war of the algorithms, amazon has a more powerful robot that basically under cuts, scrapes prices off the competition and immediately undercuts insides of a firewall to block companies like wal-mart
from finding out what their pricing is. it's amazon. stuart: and so a. >> i would. both of these companies are trying to figure out how to attack the grocery market. amazon only controls for% of the nationwide grocery market. wal-mart or amazon can figure out how to get groceries to you. that's a major advantage for both and it gives a lot, they can get 20% of the market, talking about half a billion dollars in market cap. there's a lot of money there. wal-mart is trying to figure out how to play with the amazon. i'm fine with it. i like it and i would be a buyer of wal-mart over at amazon. stuart: wal-mart is 1100. check the big board. not quite the height of the davidow moused up 121 points. 23,552. individual stocks, let's have a look. campbell soup heard a weak
demand for v-8 vegetable juices. down 5%. better profit and for now, better sales, to. they make peanut butter skippy and they make spam. you had that when you were a kid. at school. america said britain was spam. when i was little boy we had rationing and i was eating a lot as man. >> sorry about that. i'd say i had spam this morning but nobody would believe it. the interesting thing is the one thing wal-mart does have that amazon is still trying to figure out what the whole foods merger is location. they are doing the trick wal-mart is doing last week at raising prices online to get people into the stores. people in the stores to pick up the stop & shop that's going to work. train too quickly, said in quickly, cigna jeweler's weak profit forecast is a problem. down it goes 23%.
we profit and sales that the shoe retailer dfw lowered their outlook down 13%. home depot is a dow component all-time high yesterday $170 as of this morning. i think that is another all-time high. 9:40 eastern time. the men in the box behind my shoulders have to say good night. got to say goodbye to one and all. great performance on a tuesday morning. check the big worry. this is the high of the day up 125. don't you love it? a you see berkeley computer science professor makes a youtube video about the dangers of drugs. the professor's message? they could form a killer robot army and attackers. we will present you with the story. this is a big development for electric cars of israel. pfister automotive working on a battery. plug your car in for one minute and you are fully charged.
stuart: we are up to half a percentage point. 130 points to be precise. 23560. china's tech giant has surpassed facebook in market value. nicole, give me the numbers, please. >> first of all, social apps, we chat, games and a big deal is this tech company in asia surpass the $500 billion market cap. based on the number five spot to day up 3%.
what holds the top four spot? apple and also alphabet, google, microsoft and amazon. stuart: thank you indeed. survivors of the las vegas massacre suing mandalay bay in the concert promoter. what's going on? liz: 450 victims and witnesses who are at the shooting an event suing mgm resorts come mgm resorts come in the owner of mandalay bay saint inadequate security, improper exit at the concert site, lack of training of individuals of the staff, also suing the sugar estate as well. basically suing improper or inadequate security. five lawsuits in california, for private families are the biggest 1450 in california. the reason has a lot of victims came from california. stuart: we understand mandalay bay had not many people in it
gambling, they don't know what the future of that hotel is, but now they are facing lawsuits. thank you. a very big story. car company fisk or as a car battery with the 500 range in one minute flat. that the big news. joining us now is chief henrik pfister. one could this new battery deliver a 500-mile charging one minute and how many years down the road? >> working in the automotive business at about four to five years, however the consumer electronics and the samsung phone we expected to be two years away. it's got a graphite totally different. flexible solid-state.
then it's nonflammable. in a lot long will be smaller as though huge advantages. philip then two or three minutes. indeed a game changer. i've actually done it. have you done it in the laboratory. >> first and donate to fire up an electric car. stuart: you know what they mean. have you done this or is this pie-in-the-sky dreaming. >> we have built a battery not for the test come from. we are building the next
batteries which will show at the consumer electronics show. it's actually quite exciting. we need of course an ultra- charger to be able to do the because you will not be able to use a normal cable so we are developing a charger that comes in underneath the car. you don't need to get out of the car when you fill up in one minute and you would just be paying straight to the conductivity of the charging station. the fact is we will be showing this as well at the consumer electronics show in january. stuart: why are you going it alone? it sounds like a revolutionary product extremely valuable to the general motors, toyota's of the world. why not install the technology. we are negotiating with
companies and we actually don't even want to get that spread out because we need a great infrastructure to use these chargers and technology. stuart: any idea on the price. four or five years down the road just got this in place. what do i need a charger that charges in one minute. >> the reason is we don't need as much cobalt which is very extensive. that means the electric cars ultimately will be cheaper than comparable cars. stuart: in four or five years time i can get my electric car which i'm very interested in by the way and i can charging one minute. that is a revolution. henrik pfister coming thank you very much. an eye-opener. appreciate it.
okay. that is what we call market scan. the dow 30. as you can see, 27 of them are out. three are down. including ge. 23574 of 144 points. 1130 eastern time that the debate wanted hillary clinton to win. donna brazile and our third hour. you've got to watch that. mom: our first concern was the kids. this was going to be hard on them. chubb got us a place to stay in the same school district. otherwise it could have been a nightmare.
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stuart: this just coming to us. house speaker paul ryan has released a statement: a report about john conyers. here is my statement. this report is extremely troubling. additional reforms to the system are under consideration. the house committee on it frustration continues its review. does not mention him by name and has not responded to our request for a comment. congressman bill huizenga comer looking for michigan. obviously, the punishment and
the process is under review in the house. what do you think should be the punishment for a congressman, a politician who has abused women in the past? >> in this particular circumstance there's two issues here. what is the abuse in and of itself. to is using taxpayer dollars to cover it up and using what is called an mra, office budget to pay out over $27 to keep this person quite as outrageous. and it's really installed on top of the injury. stuart: you want to get rid of it. when a member should be personally responsible for that, it is different when it among all possible in the office, and then are you going to allow a slightly different use of funds possibly, but when it's a member of congress who's doing this than is found guilty, and that is very serious. stuart: that the whole point,
found guilty. an awful lot of allegations and none of them have been proven in court to my knowledge. maybe later. but have you worked that out? >> transparency. we have to know what is happening. that means acknowledging which office is and what those settlements are in those kinds of things. i think there ought to be personal dollars involved in the settlements of it is that they member of congress. stuart: okay, now we are told there is more to come. is that the buzz on capitol hill? >> that is very much to does. talking to my female colleagues we know there is legislation looking at this from a couple of my colleagues, ryan costello and jackie speier, looking at how we deal with this and frankly how we deal with this as a society. there is a greater conversation happening and it should be happening and i'm glad it's happening even though it's an ugly conversation, one that needs to be had. stuart: you can't say this
disappearing, resolution come i can't see that. i see this as a long-running nasty story of great pain for so many women. i just don't see it going away. stuart: sexual harassment is not going it's going to be around and that's why we need to take serious steps towards addressing it. stuart: extraordinary series of revolutions. stuart: the amazing part in one of those affidavit that says they use congressional resources to find people from washington d.c. and if that's the case you ought to resign. >> bill hyde think republican of michigan thank you. we appreciate that. high tax states facing in accidents, a huge outflow of taxpayers who enters the question. how does big government survived with high income earners don't fund it? that's not a lot of them very
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stuart: they're getting nervous. lawmakers in high-taxed states face exodus of taxpayers, big trouble. how do they survive when the taxpayers that fund it leave? here's the story. it is very likely that the tax package will get rid after deduction extremely valuable to high income earners. in states where taxes are high, the 1% will end up paying more. the democrats claim that the rich get all the breaks. that claim is laughable. and wrong. in new jersey, new york, california, illinois, elsewhere, they get a tax increase. you may have no sympathy whatsoever for that 1%. they are going to react. like it or not they will react. they will move. the exodus has been going on for years. it is about to become a glad. good. the high taxed states the jig is
up. taxing the rich won't work. they will move. very high tax rate new jersey, the new governor wants to tax the rich even more. in a moment you will meet a leading democrat from new jersey who is publicly admitted he is very worried. the second hour of "varney & company" is about to begin. ♪ ♪ stuart: you don't know who that is, i will tell you who that is. that is brian ben berg and pete hegseth. they're both regulars on this program. apparently, yes -- [laughter] they're both regulars as you can see. benburg and what is your name again? hegseth.
that is picture when they were nine or 10 years old. we will reunite them on the show. which one are you. >> i'm on the left. bren berger, we called him. is on the right. ashley: encouraging signs for the housing market. although we still have a lack of inventory which surety hads. but overall, solid. stuart: that is helping good news on the economist. that is good news. home sales are up. liz: home depot hit a record high. stuart: home depot hit a record high. the dow industrials are up 134 points. the strong economy really helps. show me big tech stocks. what is going on with them?
most of them are higher or up. facebook, amazon, microsoft, alphabet, apple in a upside in generally up market. look at this. very good earnings at palo alto networks. they had some strong upgrades. citigroup, raymond james, rbc, barclays all came in, palo alto networks they are going up and they have. eight, nearly 9% up. other cyber stocks as we call them are up as well. cybersecurity on the upside across the board. look at palo alto up 9%. record sales at urban outfitters. there is a retailer doing well. they're up just 40 cents, but that is nearly 1 1/2%. the gop tax plan gets rid of the federal reduction for state and local taxes. you know what that means. in new jersey the incoming democrat governor wants to raise the tax on millionaires, raise it afresh, anew, big tax, going from current 8.9% to 10.75%.
our guest, also a democrat, is not sure that tax increase on millionaires is a good idea. welcome back our old friend, stephen sweeney, new jersey senate president. welcome back to the program. very good to see you, sir. >> great to be back, thanks, stuart. stuart: what is you're worried about is exodus of upper income taxpayers who, if you impose this higher tax, will leave the great state of new jersey. are you still going to do it? >> well, we are taking a pause for one reason. we have to see what will come out of washington. it would be irresponsible not to put all these implications, all these things talked about and look at the total, see what we're really looking at numberwise, stuart. stuart: price water house. price water his come up with numbers how many people likely to leave high-taxed states if the state and local tax
deduction. northern new jersey would lose 10,550 of very wealthy people. westchester, 4,000. these are high income people very likely to leave, leaving you with actually less money in your treasury. >> well, stuart, that is why we're taking a pause to see what is going to actually come out of washington. you know, new jersey, we cut the estate tax. we eliminated the estate tax last year. actually, eliminated this year. we have raised threshold for retirement income, we have done things to try to make new jersey more affordable. we were looking, we were looking at millionaire's tax to help fund education. education we're having a problem funding education now. stuart: i think you're going to fund teachers pensions and government worker pensions with the extra money, weren't you? >> no. this was, strictly to get money into the classroom. new jersey is always top 3 in educating our children and it is important for to us do that that is why we are a high-income
state. we have a smart population. stuart: okay. now look, let's suppose, it is almost certain, that you're going to get the elimination of the state and local tax deduction. it is almost certain. it is right there. you know it is coming at you. are you still going to propose a millionaires tax in new jersey? because we're interested, in these high-taxed states, are they going to be squeezed? looks to me they are being squeezed? >> looks like there is attack on higher income states, who send more money to washington than we get back. right now, stuart, i hit the pause button for one reason. if this actually does happen, i am very concerned about the exodus of wealthy people out of these states that pay a large portion of our tax base. stuart: yeah. >> it is something we can't cavalierly go forward with, think, we don't have to worry about it, they're always going to be here. stuart: no. >> i want, stuart, what happened to the deficit hawks though? what happened to the washington deficit hawks? stuart: i'm really talking to but the state of new jersey.
what is going to happen to your state, if this deduction goes away, and you put in higher taxes? even if you don't put in higher taxes, richer people are going to leave. you can see it coming a mile off. >> stuart, we see it coming, you're right. the biggest problem is, you know, not just the wealthy will get higher taxes, the middle class will get banged real hard here. stuart: what are you going to do? >> this is horrible. stuart: what are you going to do? >> there is not much we can do with washington. unfortunately we have one congressman, tom macarthur going along with it. but all the other republicans and democrats are standing together which they should because this is an attack on new jersey. stuart: but it is going going to happen. i don't like being hit. frankly i'm thinking of moving to pennsylvania. i don't mind a two-hour commute both ways at 4:00 in the morning. i can handle it. but i can't handle a 60% tax rate, sir. i can't. >> well i agree with you. that is what our concern is. stuart: why don't you think about cutting taxes in
new jersey? why don't you do that? you get more revenue if you did that. you would grow the state, instead of shrinking it. >> we have, no you haven't. >> we have stuart,. stuart: tax rates on new jersey, you haven't done night we cut business taxes 540 million. just like everyone talked about. stuart: how many years was that? >> stuart, we did eight few years ago. we have eliminated estate tax. stuart: nobody pays in in the first place. >> yes they did. yes they did pay. stuart: two brains to rub together, two brain cells to rub together get themselves a fancy lawyer and you don't pay estate taxes. >> stuart, we collected a lot of money in the estate tax. we eliminated it. it was real. that is why people were talking about -- stuart: will you cut income tax rates in new jersey? >> if he lose millions of dollars that you're talking about, what they're talking about, in taxes, taxes will be
raised on average families by $2500 when they lose the deductions they're going to get, how can you do anything? right now we have to reevaluate where we're going to go. stuart: cut taxes. grow the state. >> well, you know, something -- stuart: works in florida. why doesn't it work in new jersey. >> listen, stuart we cut taxes for earned income tax credit. raised it to 35%. we cut taxes on retirees. raising exemption to $100,000 if you're married. so we have cut taxes. you know something, we looked to cut taxes wherever we can but this is going to be a major tax increase coming from washington just to a few states. and it is, states like new jersey and new york are under attack and california under attack by a conservative group in washington that couldn't stop talking about deficits when obama was the president but now, adding $2 trillion to the deficits is not a problem. and middle class tax cuts they claim they're going to give us, ones they're claiming they are going to give us expire.
but the corporation taxes don't. stuart: okay. i hear you sir, but you got to cut taxes rates on income if you want rich people to stay. it is as simple as that really is simple. steve, you're a good friend of the show. i respect and admire you enormously. appreciate you being with us. >> thank you, stuart. thank you. stuart: not really fair on individuals, of course i am. it works. liz: he didn't answer your question. new jersey has the worst individual income tax rates and individual property tax rates in the country. stuart: yes. you can't get away with it much longer. brian bremburg, this man knows business what do you say? >> left always pretend tax rates don't change behavior. they're finally threatened with change, you can see them, oh, no, this will be a big deal. this will be attack on us. hey, gets what? the net outmigration from places like new jersey, california,
new york, that happened for decade. this will not change trajectory. this will accelerate what is happening. if they don't do something positive on taxes, this problem will pick up. stuart: cut tax rates on income in new jersey. otherwise they're gone. >> behavior. people vote with their feet. stuart: we will. all right. i'm running out of exasperation. pete hegseth, i would tease during the commercial break. hegseth is here. what do you say? >> ironic as you said. they want to raise taxes on wealthy in new jersey, but howl to the moon about removal of the deduction of state and local income tax. it all matters. it is all money in the pocket of consumer either way. they're not focused on consumer or individual. they're focused how much money they take from the individual to fund their fantasy as local and state level. stuart: i got numbers from price water house, accounting people. new york city will lose 18,900 people. all of them wealthy people. ashley: where do they gain?
liz: florida gain as about a quarter he have a million people. stuart: florida gains quarter of a million people. texas gains 200,000. california loses 150,000. et cetera, et cetera. high-taxed states lose. low taxed states win. >> they act like they're the victim. they can solve the problem. their tax rates are in your hands. nobody is preventing from you doing that it is in your hands. stuart: pete, and brian to stay with me please. my exasperation will bleed over into the next -- a lot more to go. slew of new allegations concerning inappropriate behavior. another politician, two more big names in the media. here is the question, what is the proper punishment for them if they're guilty? speaking of punishment, the father of one of the ucla basketball players released at request of president trump will not change the president. even cnn says he should have gotten a nice word in for president trump. we'll have details.
nascar champ, martin true -- truex, jr., what would happen if a nascar driver decided to kneel before the national anthem at a race? i can only imagine. ♪ zar: one of our investors was in his late 50s right in the heart of the financial crisis, and saw his portfolio drop by double digits. it really scared him out of the markets. his advisor ran the numbers and showed that he wouldn't be able to retire until he was 68. the client realized, "i need to get back into the markets- i need to get back on track with my plan." the financial advisor was able to work with this client. he's now on track to retire when he's 65. having someone coach you through it is really the value of a financial advisor.
stuart: we're about 40 points away from all-time high on the dow industrials. what you're looking at is all-time high for the s&p 500, getting close to 2600, record high. individual stocks that are moving, campbell soup is down. weak demand for the v8 vegetable juice we hear, 7% lower. signet jewelers, big drop in same-store sales. that hurts.
down 26%. i believe tiffany is also down today. now this, house speaker paul ryan releasing a statement following a buzzfeed report about congressman john conyers. here is the ryan statement. this report is extremely troubling. additional reforms to the system are under consideration as the house committee on administration continues its review. he doesn't mention conyers by name. conyers' off has not responded to our request for comment. former congressman from utah, jason chaffetz is with us now. what annoyed a lot of our viewers it is the taxpayer on the hook to pay for settlements when this harassment charges are brought. >> if a member of congress is breaking the law, why should taxpayers dig into their wallet in order to bail out congress? members congress should have to pay for that. the members reimbursable allowance, $1.3 million in the house, you can't use funds to fly some bimbo in you're having
affairs with. that is the allegation. we don't know if it is true. if it is true, you can not do that. whether that expulsion or you step down, that will go to the house ethics committee f that is true, bringing them in for really non-government business, you can't be using that money to fly people in to have relations. stuart: can you have a blanket punishment, that is applicable to all? in some cases you have got rape. in some cases you have got assault. in some cases you have inappropriate touch or kiss. you can't have the same punishment for them all, can you? >> there is no end to the creativity. there is always somebody doing something stupid somewhere. if you have something legally, something that is illegal, go through law enforcement. you don't need house administration or house ethics committee to do it. if there is political problem, if they have gone outside of the bounds of congressional rules, then it goes through the ethics committee f a woman or a man who
is assaulted go to the cops. don't think that you can go to house admin, symptom staffer think you're going to get some form of justice. stuart: until noll too long ago you were an established member of congress. >> yes. stuart: we are told there will probably be more revelations of activities of congresspeople still to come. is that accurate? >> i would be shocked. this is the first time anything like this has ever happened. the place is largely run by 20-year-olds. you have members of congress away from their families. they get lonely. i'm not saying it is a good excuse. buff i'm just saying atmosphere is there. there is power, there is money. there sin influence. and there is a lot of people that are in close proximity and bad things do happen. there has to be an avenue. no woman, no man, no matter what age should be able to put up with that. when you're parents are sending your kids to do internship, do something else, there should be exposure. sending them into a predator's office, i feel for those
families. stuart: indeed. coming up in our next hour, we have donna brazile on the show. former interim chair dnc. it broke her heart to tell bernie sanders that hillary's campaign had an unethical advantage. we'll get that out of her when she arrives on the set in d.c. what question would you like to ask her? if you were sitting in the seat, what question would you like to ask? >> what was the point then she decided i will stop helping hillary clinton start being being a fair arbiter. donna brazile has a good reputation over the decades. she is coming clean on everything she possibly can. i do think the contract that hillary clinton had, joint fund-raising agreement which most members of congress have, that is illegal. you can not be moving across money in order to get around the financial disclosure forms. there are the campaign contribution limits t sounds like they were coming up with a
scheme to get around that. stuart: that was donna brazile's book revealed that. >> you it did. done in bra veal has nothing to do with getting those together. that contract the department of justice should look at. you can't put up scheme, give me the money, wink and a nod, we'll go ahead and i will have control with my own staff. i am glad donna brazile is doing this i think both parties need to look pretty hard how these things operate. stuart: i bet you are glad you're out of congress. >> it will be a good thanksgiving. that's right. stuart: you have a great thanksgiving, young man. thank you, sir. the justice department wants to stop the merger between at&t and time warner. at&t's chief says, the suit defies logic. you know, it sounds a little political to me. we'll discuss it after this. ♪ if you have medicare
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stuart: if there is any doubt about today's rally let me insure this. this is a broad-based rally. that is the russell 2000. a lot of smaller companies. that is an all-time high, that that indicator just hit. the s&p also at an all-time high a little bit earlier. as you know the justice department wants to block the merger of at&t and time warner. brian bemburg, i want to talk to you about this. there is a lot of speculation because president trump has it in for cnn, he is being political about this merger, holding it up because time warner owns cnn is it political? >> i hope not because one of the best things the president is doing is pushing his deregulation agenda. that means getting politics and
government out of these kind of decisions. if he is playing politics he undercuts this thing. there is no economic reason this merger shouldn't go through. this is defensive merger. it is not a offensive merger. they're trying to play catch-up with amazons, apples. the justice department doesn't need to block this thing. stuart: are they saying if the merger doesn't go through consumers will be on the hook for much higher pricing of content? >> they say they will have limits to the content because at&t will charge more money to other providers for hbo are we talking about the getting government involved to protect people's right to watch hbo? is that really a government issue? this is marketplace issue. the market can solve this thing. if at&t overprices other competitors move in with better content. stuart: the market changed. competition with amazon, apple, no knows what else. i have to go, but you stay. >> okay. stuart: taxes all up to the senate now. there are a few senators who could use the opportunity to stick it to president trump. we're very much on that story.
stuart: i believe this is the high of the day for the dow. it is up 156 points. that puts it 14 points away from the all-time closing high on the dow industrials. big tech, that is where the money has been flowing and it is flowing in today. major gains for all of them, microsoft, dare i say i own some. it is up a buck 83. 83.68. higher profit at lowe's, the home improvement retailer. however the stock is down. appears home depot, another home improvement place outperforming lowe's. home depot hitting another all-time high. big contest there. look at ge.
sorry to say they're in the $17, no, they just hit $18 a share. liz: turnaround. stuart: not exactly robust, is it? >> moving on. what have we got? high-taxed states facing an exodus of high income earners if the tax bill goes through. new jersey senate president sweeney here earlier on issue. role the tame. >> i'm very concerned about the exodus of wealthy people exiting out of our state that pay a large portion of our tax base. it is not something we can not worry about they will always be here. stuart: a republican from very high-taxed state. he has often appeared on this program, his name is tom reed. you must be very, very concerned about this exodus because it is coming. >> no, absolutely. i had a direct conversation with our governor. he express ad concern about it,
but as i told him, this is the problem with the class warfare of the 1% have to pay their fair share. when you drive the 1% out of our state, that is a huge tax budget hole that is puts on our residents and on people across the state coming out of albany. but the bottom line is, i'm fighting for people we represent, western new york. they're not making a million dollars. they're making on average $40,000 a year, stuart. the tax reform bill we passed will give them immediate relief. stuart: you will be very much in favor of this tax reform deal, because the people in your state will benefit mightily from it. other people in your state, the 1%, will get just murdered. i have got, that, euphemism. they will be hurt financially, let's put it like that. i have got figures here from price-waterhouse that shows new york city will lose 18,900 high-income taxpayers. long island, 4600. northern new jersey, 10,000. westchester, fairfield counties, 3,000 people will leave.
that's really devastating for, from new york itself, new york state. so my question is, why doesn't new york start to think about lowering taxes in the state? why not? >> stuart, absolutely. we'll have to deal with the real coot cause of the problem in the state, high taxes. this mass exodus, we'll see results of political class warfare have real consequences this is what it is all about. we can no longer hide from problems we face in new york, high taxes, high spending. stuart: your guys, your constituency are okay. you have the $10,000 exclusion on property taxes. but so far nothing, at all, your state and local taxes, you can no longer deduct them. that is the way things stand now. do you think that changes at all in the final version? >> i do believe there is room to negotiate more. maybe a little bit higher on the property tax or even bringing in income tax side of that equation
people can deduct at state and local level. it will not be exorbitant. it will not be for high income earners. we'll target the relief as we continue these negotiations for hard-working americans, the folks in that 50,000 to 250, maybe 300,000 tax bracket. but at end of the day, we'll have to deal with the problems we face in new york. out of control spending leads to out of control taxes. stuart: i know you're in the house. but i want to ask you a question about the senate. start with the statement, i can't believe that the republican party around the united states senate will turn this down, and destroy the republican party in next year's elections. therefore, i'm 90% sure that the senate will get something done. how about you? >> i am even maybe even higher than that i know tax reform needs to get done and needs to get done by the end of the year. we need to show relief to the american people. we have to start the economic engine and make america open for business. stuart: from what you're hearing, tom, from what you're hearing on inside here, you
agree, definitely going to get something done? >> i agree. i have said it before. i am 100% convinced, we'll deliver tax reform for the american people by the end of the year. stuart: tom reed, always a pleasure having you on the show. we're indebted to you. you have been with us through thick and thin. i've been very harsh to you. i know i have. i apologize profusely, but i think you're all right. is that okay? >> that is fair criticism. we appreciate it, stuart. happy thanksgiving. stuart: yes, sir. to you too. brian brenburg, what do you say? i got to be honest. i can not see the day when new york or california or new jersey will actually lower income tax rates. i can't see it. >> if it is ever going to happen because they will get into this situation where the support is pulled away, basically you need to fix it or the rich people leave, the productive people leave. value creates to leave. this is the kind of experiment we have to have in this country, or we will not get changes in the states. stuart: people in texas and
florida are -- ashley: look at individuals coming in, tremendous. stuart: they win. these numbers from price-waterhouse, we had them earlier, liz, dallas will gain 86,000 people, high income people. austin, 42,000. et cetera, et cetera. really extraordinary stuff. guess who is with us now? yes it is time, 10:36 precisely, fox news radio simulcast brian kilmeade with us right now. all right, brian, first story, the father of a ucla basketball player who was jailed in china allegedly for shoplifting, the father, now going after president trump for his role in getting his son released. bear with me, brian, i want to roll the tape so our viewers can see. roll it. >> i don't have no doubts about what he did. i got doubt what is he didn't do, how is that? i would say thank you if he put them on his plane, took them home. then i would have said, thank you, mr. trump for taking my boy out of china and bringing them back to the u.s. there is lot of room on that plane. how do you know, how do you know
it wasn't involved? before i even knew that. he didn't even know they was over there, like that. what is reason for him going over there in the first place. >> what are you trying to say? >> wasn't like he was in the u.s., said, okay, there is three kids in china. i need to go over there and get them. okay. stuart: my production team tells me that the father, there is a little controversial to start with, but what do you make of this? >> well, president trump is seen with the sports world last three years. his son got drafted number one by lakers. the other son is at ucla, the one got shoplifting. another son coming up. he is oppressive richard williams dad with seemingly great kids but their dad is out of control. he is now, the president has gotten levar ball into the news world. he was totally unhinged. i watched that whole thing live. i don't even know if he believes what he said. he does not know why the president was in china the area?
and if the president, what was he doing there to begin with? why couldn't he hop on air force one? well the problem was, the president doesn't usually pick up shoplifters to bring them to the philippines and vietnam after. i'm not really sure. if ucla suspends you don't get to ride on air force one. that is not reward for stealing $2,000 sunglasses. for the father to say i grew up in south-central, i've seen a lot worse than shoplifting. i'm sure you have, but i never seen explanation and cover. his kids made him proud the way they apologized. i looked at kids apologizing 18, 19, 20. how do many other kids make big time mistakes at that age. they looked very sincere. my hope the president does not tweet the guy again because we will be forced to talk about him again. he is unhinged, illogical and bizarre. stuart: you are absolutely right, brian. don't mention him again, mr. president. we don't want to talk about this, you got it. as you know, brian in the next
hour, on this program, my program, we have former dnc interim chair donna brazile. what would you ask her? what would be your question to her if you were in my position doing this show? >> read the whole book. there is so much more explosive stuff in the book then been brought out in press releases she is tempted to walk back because the imagine the blow back is so strong. how about this? the fact that barack obama left the dnc $28 million in debt. how about on the midterm elections in 2014, he was asking for a loan from the dnc, money to work ondown ballot tickets. donna brazile saying we have no money. barack obama could raise money by drop of the hat. why don't he raise his own money? debbie wasserman schultz has to be worst ceo of anything ever. she did nothing to grow the party. did nothing but destroy it financially. allow people to suck money out of it. that is pretty much why the republicans were able to dominate on every level.
donna brazile is somebody who wants to shake hands and put up yard signs, understands people, looked them in the eye. hillary clinton campaign wanted to work the flow charts and pie charts. every time she brought anything up about interacting with people, they looked at her like she was a dinosaur. i was insulted for her reading this book. she is what is good about politics even though not perfect. but she wanted to get out there and work. they wanted to get out there and stay on computer and looked at people as numbers. i really think she did a great thing for politics by writing this book. i know she is not perfect. i think she should stick to what she wrote, don't let her back out of it. stuart: brian, i see if i measure up to your anchoring standards. >> tell her to do this show too. enough about stuart varney. what about the brian kilmeade radio show? stuart: never enough stuart varney. >> panel has to agree with you. they won't be asked back, i know the varney rules.
ashley: that's right, mr. varney. stuart: you know the rules. kilmeade i do think you're all right. i have to break away. i'm sorry, i have got breaking news out of venezuela. i have got to get to that. reports the president, acting president i should say, oil company citgo has been detained in caracas. liz: that is the correct, showing insidious move full bore by russia into venezuela. sit -- citgo was exempted by the sanctions on trump administration. venezuela in dire straits, needs money. needs russia's help. russia wants citgo. they will post citgo assets for loans from russia. russia is in venezuela such a big way. military hardware, oil, assets. basically venezuela putting up sit -- citgo to tell so russia. that is the bottom line. stuart: venezuela detains citgo
head in caracas because russia wants citgo, the asset? liz: owned by pedevesa. this is only successful unit of pedavesa citgo. russia is in a big way. talk about russia in crimea, russia is moving into venezuela. stuart: oil production dropped 28-year low. has more reserves. cronies run the oil companies. that is what happens in socialism. coming up straight from the track, nascar champ, martin truex, jr., don't miss it. here he is comes. ♪ i think it's terrific. your kids go to college and you start trading. >>yeah, 5 years already. 5 years, hmm. you ever call your broker for help?
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♪ ashley: car company fist hears pattened ad -- fisker, a car battery that can be charged in one minute with 500-mile range. the ceo told us when the battery will be available. >> in the automotive business, probably looking four to five years. however in the consumer electronics, let's say iphone or samsung phone we expect it to be a few years away.
stuart: is this a brand new type of bat remember i, called i think, graphite or graphene bat rememberry? >> it's a brand knew battery. that is flexible solid state battery. no liquid in the battery. no liquid electrolyte. it is non-flammable. it is 1/3 of price of today's batteries. it's a lot more dense. that means the battery will be smaller. so there are huge advantages.
stuart: check the big board, ladies and gentlemen. that is the high of the day i do declare, up 164 points. 23,594. i'm doing the math. we're eight points away from the all-time record high for the dow industrials. now this. nascar racer, martin truex, jr., beat kyle busch in the final laps to win his first-ever nascar championship. the guy is with us now. the his name is martin truex, this trophy, the giant structure is right next to him. is that the trophy? >> this is mini replica. stuart: mini? you do things big in nascar. >> it is huge. stuart: this is series. it is end of the series, end of the season so to speak? >> yes. this is basically we won the championship for the end of the season. our championship playoff race is 10 races at the end. so last one was this weekend. stuart: you're the man? you're the champion. >> the champion, first time
ever, feels unbelievable. stuart: do you like it? >> love it. drive cars for a living. stuart: i interrupt my own question, when you walk the streets of new york city, do people say that is martin truex, jr.,. >> i had three of those today. pretty good day. stuart: what happens if it was in south carolina? >> probably more than three. stuart: can you walk down the street? >> oh, absolutely. stuart: do you like it? do you like being center of attention, the champion, the man? >> i'm not sure. still sinking in. only two days old. trying to learn about it. stuart: what would happen, at nascar, if a driver took the knee at the national anthem? >> well we have not seen it. i don't think we have to really worry about it. that is one of the things about our sport, very patriotic. huge military fans. just have those guys at racetrack all the time. i don't know that it is something we'll have to worry about. stuart: what is the average speed going around the track? >> depends on the track. one we raced at where we won the championship, would be 180 range.
in the 180s. miles per hour. stuart: i don't want watch nascar. i'm sorry to say. i know it is on fox. i don't actually watch it. ashley: yes. stuart: so, 180 miles an hour, you're inches from the competition. >> and sometimes inches from the wall, yeah. i think the fastest i ever been in stock car about 220. cars are fast. it's a lot of fun to drive them. they're big heavy cars. 34, 3500 pounds. not like a little time any car that is really right and low to the ground. they're quite a machine to hustle around. stuart: it is all about tactics, isn't it? >> sure. stuart: i don't understand what is going on besides going around and around. tactics when to make the move, when not to make the move? >> technology in the cars to make them go faster and handle better. our races are won and lost through the corners. whoever foes through the corners fastest, basically same rules, tires, within a few horsepower.
it is very, very technical. there is a lot behind the wheel you have to learn. stuart: when you are going around a corner, tight corner, do you slide? >> yeah. stuart: you do? >> a lot. stuart: how do you control it? >> the key is to make your car slide less than anybody else's. that is where technology comes in. stuart: are you aware of tesla's new roadster which goes from zero to 60 in 1.9 seconds. >> that is pretty quick. stuart: faster than your car? >> top speed, i'm not sure, what is the top speed? >> i have no idea. acceleration, that is the point, isn't it? >> i don't know, yeah, that is pretty impressive for electric. stuart: can you see the day when nascar goes electric? >> i don't want to talk about that. stuart: why? >> i love the smell of race fuel. stuart: oh, that is good. are you working for yourself or do you belong to a team, represent a team, a car company team? >> yeah. i represent toyota. toyota is our manufacturer. my team is furniture racing in denver, colorado. we're only team not in
north carolina, based in north carolina. pretty cool story. stuart: our producer has done research. top speed of the roadster is 250 miles an hour. >> that is pretty quick. stuart: you could win a few races, couldn't you? >> no, because it wouldn't to 500 miles. [laughter] stuart: got to ask you, i think you're a good man. you founded a foundation with and for your girlfriend. tell the audience please. >> well we actually started our foundation in '0. a long time before sherry dealt with her cancer, diagnosed with her cancer. her and i both had great childhoods, great families. grew up being able to kind of lead a healthy life and, had all the things we needed growing up to become successful, right? we started a foundation that focused on children at first. did all kind of different things. abuse, neglected children. sick kids. we did some cancer stuff in the beginning. we for whatever reason we kept going down the road pediatric
cancer, meeting family and children and their stories and inspiration they gave us. come to find out in 2014, sherry got diagnosed with ovarian cancer. she is battling that. our foundation deals with pediatric and ovarian cancer because what she has been through. stuart: well-done. you live in new jersey? >> no. i'm from new jersey. stuart: from new jersey. going to ask you would you be prepared to pay more than 50% of the your income because of joys of living in new jersey? >> if i hadn't moved yet i would be moving now. stuart: i knew i liked him. you can come back any day you like. thank you, sir. real pleasure. of the martin truex, jr., a champ. good man. >> thank you, more "varney" after this. brighthouse financial established by metlife.
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ashley: we have some breaking news for you on john con conyers from michigan. he's told an associated press reporter that he never settled a sexual harassment complaint with any staff member. there was a report that he had settled with an ex-staff member who denied or did not succumb, reportedly, to his sexual advances in the amount of $27,000. now we're hearing that john conyers, the republican congressman -- the democratic congressman, rather, from michigan denying there was ever
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and you can too. build a better website - in under an hour. with gocentral from godaddy. stuart: why is hillary clinton still talking about the election? in the last month, hillary has blamed just about everyone for her loss. everyone, that is, except for herself and the campaign she ranch in part, this surge of recrimination and excuses-making is the result of a book. it's called "hacks" written by donna brazile. she was the interim chair of the dnc. she was right in the middle of it all. she's been interviewed many times on television. she will be interviewed on this program a half hour from now. why did she spill the beans about hillary's acing out bernie sanders in the nomination process? senator warren says flat out hillary rigged it. as her friend and colleague for years, why did ms. brazile turn
on hillary with this book? why did she reveal a question that hillary would be asked during a debate with bernie? that's cheating. and why didn't hillary come clean and admit she was part of the cheat? truth is, the election still fascinates. i don't think democrats even a year later accept the loss or to understand why they lost. it has split the party. the left is saying, hey, if you hadn't rigged the nomination, bernie would have been the candidate, and he might have won. we're not here to sell donna brazile's book, we're here to figure out the state of the democrat party and hillary's role, if any, in it. donna brazile a half hour there now as the third hour of "varney" rolls on. ♪ ♪ stuart: yes, of course we'll get to politics, but right now we're looking at money. the dow jones average, i think that's the high of the day,
awfully close to the closing high of 23,602. the nasdaq, the s&p also hitting all-time highs today. why? we got some pretty good news on the economy. the federal reserve looking ahead and seeing a lot more economic growth coming next year. peter kiernan's with us, author of the book "american mojo." the federal reserve, two separate fed banks, saying we're going to get way over 3% growth next year. you agree with that? >> i do, and i think it's a worldwide phenomenon. so they have got a lot of support both inside and outside the united states. we are in growth mode. stuart: growth mode, what would you say it's going to be, 3.5%? >> i think that's achievable. and the amazing thing if you'd said that eight months ago, they would have said heresy. this is a case of serious momentum all across the globe. stuart: right now we're up 172, 173, we're at 23,602. that is an all-time high for the dow. s&p, nasdaq, russell 2000, all
the same, record highs. this is a huge gain all across the board. and you saw it coming, didn't you? >> happily -- [laughter] stuart: you did. >> every once in a while you get it right. [laughter] stuart: now, the retailers, i'm talking bricks and mortar people, urban outfitters, for example, lowe's, dollar tree, they're bucking the trend. they're looking towards a pretty good thanksgiving week and a pretty good christmas. that's a state of the economy story really, isn't it? >> it is. and i think with retailers you have to be very careful and divide them into the haves and the have nots. and the haves have a moat they can put up against amazon, and that would include auto zone, walmart which is up 33% since the debacle last summer. the ones to watch out for are the flashes in the pan like macy's which is up 9% this month but still down 40% this year. stuart: still, that's a flash in
the pan? >> jcpenney, up 16% this month, still down 60% this year. beware. these companies are not going to die tomorrow, but they are not the kind of franchises that have a moat around them, and they will persist for a long time as sears and some others have. these are hard franchises to kill, but i wouldn't rush to invest in them. look for a moat, and you'll be safe. stuart: i think this is the year when amazon emerges as the company which is really dominating so many things. this is amazon's year. >> no question about it. if you look at it, macy's has been the dominant supplier of apparel in this country for the last 40 or 50 years. this year a new leader is going to sell more apparel than macy's. that is -- stuart: amazon. stereo right there. >> exactly. stuart: you know, there's talk that it gets to $2,000 a share
in which case it'll be worth a trillion dollars. >> i think it's the first stock to do it because beyond the retailing is cloud-based computing. that is a dominant position, more dominant even than the retailing. those combination of things will lift this stock even higher. i love this stock. i own this stock, i'll admit it. i wish i owned more. this is a fantastic company. stuart: why are you still working? [laughter] >> the amazing thing is you could have this stock, it's up about 10,000% since it went public. i owned it and i sold it. what a done. [laughter] stuart: don't ever say that. look, i'm intrigued at overall market rally and amazon, but i've got to deal with at&t, time warner, the justice department blocking the deal. some people say that's political because president trump doesn't like cnn, and he wants to have a go at time warner. what do you say on this? >> i don't happen to love the deal. at&t is a massive distributer. they are number two in the cell
phone service, number one in landline service, they have directv. for them to get into content feels like a stretch. but this is the first time in a very long time that a vertical -- which is, say, a downstream acquisition -- has been so challenged. the last time one of these went to court was 1979. and by the way, spoiler a alert, the justice department lost. i don't think this is going to be something that is sustainable trust and what i worry about in terms of antitrust is if you're fox, for example, or you're disney looking at fox, you've got to be watching this closely because the consolidation, the concentration is happening. and you don't want to be unfettered. why? because my grandpa watched six different studios, the same six studios exist, but now netflix and amazon are spending more money on product and content development than those studios. the game is changing, and the regulators are behind the curve. stuart: fascinating. peter, please stay there -- >> absolutely. stuart: -- because i want the move on to tax reform, tax cuts.
specifically, i want to talk about senators corker and flake. both not up for re-election. they're getting out of politics. so will they try to stick it to the president and vote no on taxes on their way out for personal reasons? congressman jim renacci, frequent guest, he's on with us now, republican from ohio. welcome to new york. >> glad to be here, stuart, always. stuart: do you ever sheep? >> -- sleep? >> on occasion. stuart: senators flake and corker are at odds with president trump in a very personal way, and so is senator mccain. is it possible that the senate will drop the ball on tax reform because of personal disputes? >> well, i hope not. now, look, there's seven members now that they're talking about that are uncomfortable with the tax plan. it's not even finalized or written -- stuart: there are seven now? >> there are seven listed. stuart: raised objections? >> well, there's concerns. when you can only lose two, it becomes a real problem. but it's bigger than these individuals, that's what i'm hoping. this is about the economy, this
is about people, this is about americans back home trying to make a living and, you know, just barely getting by, and yet we've got senators saying i don't like this and for personal reasons, i'm hoping not. stuart: okay. the senators are saying i don't like this, like ron johnson saying he wants a better cut for small business. that's horse trading, isn't it? go public with the criticism, see what you can get out of the senate. that's to be expected, isn't it? >> sometimes you go public just to get the idea that i have an idea. look, i have ideas too, but in the end we've got to come together. that's the issue i have. stuart: jim renacci, you are mad as hell at the senate because you think they might drop the ball and really mess up the republican party. >> i hope they don't drop the ball. we have a chance to be able to do something for the american people, and they need to help us get it done. stuart: i keep saying there's no way on god's green earth that the senate will reject bedrock republican policy and reject tax cuts. how crazy am i? >> i'm hoping that's not the case, but i would have also told
you when it came to health care that wouldn't happen either. stuart: yes, you did. you want to be reminded of that? >> no. [laughter] stuart: we keep hearing allegations of sexual harassment by members of congress, and yet it is the taxpayer who funds these settlements. that doesn't seem right, and our viewers are outraged. what are you going to do about it? >> they should be and, again, i'm a business guy for almost three decades. we have human resources departments. we don't have that in washington. i think this all needs to be opened up. i wasn't even aware we were doing this. this is the kind of thing that i've learned over six or seven years. i think it's time to open it up, let's have transparency. we should make sure that if there's issues, just like what would happen in the private sector, i think we disclose everything and show the american people what's going on. stuart: what business were you in? >> i'm a cpa, but i also had car dealerships, motorcycle dealerships -- stuart: really? >> -- a construction company. i've done a lot out there. stuart: sir, before we go i've
got to show these pictures to our audience. that is you riding your motorcycle past the washington monument with chris cox. you're still a biker? >> i'm still a biker. stuart: i almost said at your age. [laughter] jim renacci, always a pleasure. thank you, sir. >> appreciate it. stuart: coming up in 20 minutes, donna brazile, former interim chair of the dnc. in a new book, she says the election was rigged for hillary. well, she doesn't say "rigged," but she implies it. i'm going to ask her why she's airing the democratic dirty laundry. senator elizabeth warren refuses to answer whether al franken should step down other sexual misconduct allegations. you'll hear it later this hour. and president trump says tax cults will be a huge christmas -- cuts will be a huge christmas present for millions of americans. i want to know if paychecks are going to go up immediately in january. we'll ask that question to the white house next. ♪ ♪ [vo] when it comes to investing,
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stuart: zimbabwe's parliament speaker ss robert mugabe has officially resigned as president. mugabe had been in power since 1980. his resignation came just as parliament was voting to impeach him. right-hand side of your -- left-hand side of your screen. they're happy. mugabe is gone. now let's head to the white house. we're joined by kevin hassett, chair of the council of economic advisers. if we do get a tax deal done, do paychecks for many, many people go up immediately in january? >> well, i think that what's going to happen if we pass the tax bill -- and i think we will -- is that all of a sudden
people start locating their plants back here in the u.s. and putting job listings in the newspaper, so wages will start to go up. but the whole $4,000 effect that came out of our economic report is going to happen over 3-5 years. so you won't see a $4,000 hike in january. stuart: if everybody's tax rate is cut, surely paychecks go up in january. >> oh, they will get that as well, you're right. the tax cut part of it will go right into the paychecks right away, but then the wage increase is going to happen over a few years as economic growth picks up. stuart: come op, kevin, you've got to sell this thing -- [laughter] this is marketing 101. >> i'm just an economist, stuart. stuart: the first thing you say is, hey, all you taxpayers out there, if you pay a dime in federal income tax, you're going to get a higher -- you're going to get a better paycheck come january the 1st. guarantee it. bank on it, baby, that's what tax cuts do for you. >> yeah, that's really true. so the after-tax wage is going
right up in january, and the -- stuart: so get technical. kevin. [laughter] you don't have to worry about little details. you're gonna love it. how about millionaires, however? if you earn a million dollars or more, your paycheck goes down, doesn't it? >> well, i think it's going to depend on what state you live in and also the final details of the bill. you just covered that the stock markets are at an all-time high. if we get the economic growth and the capital formation we're looking for, that's good news for everybody. stuart: sure. quick question on growth. two federal reserve banks looking to next year, they see much better than 3% growth, and they haven't even factored in any kind of tax cut. well, you do the work for us. you factor in the tax cut, and you tell us what growth rate can we expect next year. >> well, right now we've got two quarters that were north of three. at the cea, our professional staff thinks the third quarter's going to rise up, and the fourth quarter's going to be in about
the same area. i think it's our view at the cea that all of the capital spending drawn back to the u.s. next year is a reason for optimism that we can sustain 3% growth for a good long time. but an exact number is something you'll have to wait and see the president's budget early next year. stuart: you do know that you're driving high-tax states crazy, don't you? i mean, we've got -- i'm sure you've seen this, price waterhouse, the accounting firm, they're saying 19,000 people will leave new york city, 4,000 will leave long island, 10,000 will leave northern new jersey. it's pretty bad. >> yeah, i know, it's breaking your heart, right? [laughter] stuart: i live in new jersey. >> yeah, i was born in new jersey too. the fact is that it shows what we've been saying is true which is that the federal government has put its finger on the scale in favor of the high-tax states by having the state and local tax deduction and by eliminating it, then the states are going to have to compete against each other a little bit more. i think you're seeing that already where new jersey is
thinking about not having an increase in their top marginal rate because they think people might leave if they do. stuart: you're a hero in texas and florida, but on the streets of manhattan, sir, you're toast. kevin hassett, we to appreciate it. >> good to be here again. stuart: former dnc interim chair donna brazile coming up in about ten minutes. i say the democrats, the party drifting to the left. actually, it's full speed ahead to the left, i think. i'm going to ask her how she feels about that. crews working on a renovation at the seattle space needle discover a forgotten time capsule buried in '92, supposed to be dug up in 2002. people forgot it. it contained menus, photos and $1.50 ticket to the observation deck. the ticket now costs $22. [laughter] taylor swift, beyonce, adele, which one made the most money this calendar year? stay there, we've got an answer for you. ♪
blocking and slowing down web traffic. otherwise known as net neutrality. the fcc chair, ajit pai, is on kennedy tonight at 8 p.m. eastern on the fox business network. basically, this story is about a revolution about what you see, where you get it from and what you pay. it's a very big deal. complicated but a big deal. a few minutes from now i'm going to be joined by donna brazile. i want to alert some of the headlines first. broadway, oh, booming. we're halfway through the 2017-18 season, and ticket sales are up 18% compared to last year. i i think maybe that's got something to do with people wanting experiences rather than material things. "forbes" released the list of this year's highest paid women in music. beyonce right there at the top of the list, $105 million. others, adele, $69 million. taylor swift, $44 million. celine dion, $42 million.
jennifer lopez came in fifth at $38 million. how many of them lived in new york city and paid 60% tax rate? very few. listen to this, aaa expecting thanksgiving weekend travel to be the highest in 12 years. 50 million of us going to travel. aaa says the flights are the cheapest they've been since 2013. if president trump gets a tax deal, that would be a very big win. what happens to the democrats in 2018 if he gets that win? i'm going to ask former interim chair, dnc chair donna brazile. she join us right after -- she joins us right after this break. ♪ ♪
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that put donald trump in the white house." donna brazile, welcome to the program. great to see you with us, ma'am. >> well, thanks for having me today. stuart: we really wanted to ask you right off the bat why do you think that hillary clinton lost? >> well, i think there were a combination of factors. one, of course, is
not have played a role in our elections. and three and most importantly, every american should understand the threat of cybersecurity and to take prudent steps to protect their own identity, protect their own software and whatever else that they are using. stuart: i don't think she lost because of the russians or cyber hacking of the dnc -- [laughter] i think she lost because it was a lousy campaign -- >> well, that -- look, look -- stuart: was she a good candidate? >> look, i didn't run her campaign, but had i run her campaign, i would have ran it differently because i believe you run a campaign that is positive, and you run a campaign that brings people together, and i think she attempted to do that. but she lost. and while we can let litigate her campaign, and i do that in my book, i also, you know, accuse donald trump of really running a very divisive, a very corrosive campaign that is still having great implications today. again, hillary clinton fell short in the electoral college. she won the popular vote. if we want to really talk about
what happened in 2016, we have to talk about the russian interference because no american should be under attack from a foreign government. i was under attack. many of my colleagues simply because they could take our e-mails, steal 'em -- it's a crime -- and then use them to weaponize us to hurt each other. so i want to say this about hillary clinton who i've known for a long, long time, she's a dedicated, wonderful public servant. she cares deeply about this country. i wish she was in the white house, but nevertheless, i pray each and every day that donald trump is successful because i want my country to be successful and prosperous. stuart: okay. >> and safe. stuart: why did you give her the question or a question or several questions in the debate with bernie sanders? you were working for cnn, it was a cnn town hall. you knew the questions, and you gave them to hillary before the debate. >> you know, that's why -- so this is why i want your readers to read my book, because half of the things you just said is simply untrue. i did work as a political commentator, a pundit with a
point of view for cnn. i was also the vice chair of the democratic national committee. cnn never provided any of us, pundits or anyone else, with questions in advance. what i've said in the book and personally over and over and over and over again, wikileaks sought to discredit us. they only, they only put forward e-mails that were sent to hillary clinton. you never saw e-mails sent to bernie sanders or martin o'malley -- stuart: did you tell her the question? >> i was -- stuart: you did tell her the question in. >> i gave both cates heads up that we were going to have additional town hall meetings and forums, that we would have diverse audiences, diverse questions -- stuart: you didn't -- >> sir, hold on, i said i gave both campaigns hates up that we were going to have more town halls, more forums, and i apologized that the american people only saw what wikileaks wanted you to see because they did not show you everything that
i did to make sure that we had diverse communities and that these questions and these very important topics would be addressed in to 16. stuart: the clintons, bill and hillary, they've been at the center of american political life for a generation all the way back from the late '80s to the early '90s. that's a very long time. they now appear to be, reluctantly, leaving the stage. conventional wisdom has it that they're done. do you agree with that? >> bill clinton was in puerto rico yesterday. hillary clinton, while i don't know her whereabouts today, i don't believe that any american -- the bush family should not leave the stage, the obama family, jimmy carter's family, ronald reagan's family. every american who has served in this capacity should be able to continue to help the american people, to help us internationally. and while hillary clinton fell short in the electoral college, there's no question i still believe she would have made a far better president than donald
trump. stuart: the 25th anniversary of bill's election, the event was held in arkansas over the weekend, i believe. the two were together, and hillary was saying she thinks that trump is obsessed with her. [laughter] i checked the body language of bill clinton -- [laughter] he didn't seem too happy about that, you know? he seemed, oh, don't go there, hillary, don't go there. am i mistaken? >> well, i didn't see it. over the weekend i was in my beloved louisiana are celebrating for the first time the election of our first female mayor. now new orleans follows in the same footsteps -- stuart: yeah, okay. you didn't hear anything about the 25th anniversary of bill's election? you don't know anything about that? >> i was invited, but i chose to be down this my -- stuart: bill and hillary are like this, are they? >> i can't see the photo of what you're showing. stuart: okay. i'm holding up -- i'm saying, oh, there's the photo.
>> well, can i say -- stuart: are you telling me that bill and hillary are very close politically and all the rest of it -- >> i -- can i say something? maybe hillary is right. we've been talking now for the last few minutes and all we're talking about is bill and hillary clinton. why don't we talk about doug jones. let's talk about that race in alabama. let's talk about 2018 -- stuart: you're the, you've got the book. you wrote the book about it. >> it's a great book. stuart: i'm sure it is, and i intend to buy it and deliver it. i'll read it. >> it's a great book. it's a great read. [laughter] stuart: okay. [laughter] >> only louisiana can put in every chapter something -- stuart: is that why you wrote the book? >> i wrote this book because i wanted to tell the story of a chair who became chair for the second time, the hacking that took place. and as i went as a part stand, i left as an american concerned about foreign meddling and interference if our elections. i hope when this is all over we
learn truly what happened last year and that president trump acknowledges what happened and to tell the american people we will prevent this from happening in the future. stuart: you're going to make a lot of money from the book. how do you feel about paying at least 50% tax on what you earn? >> you know, i have been a small business, a small business opener, i have paid taxes -- owner, i have paid taxes since the age of 13. i love my country, and i know that my taxes are important. but let me just tell you what worries me about the republican tax -- stuart: no, no, tell me about, you tell me how you feel about losing half the money that you will make from writing this book, losing it in a tax. i mean, are you okay with that? >> i won't with lose half the money. i understand how much of my book advance and how much will go to paying taxes, but i'm not one of those americans that believes that a paying taxes is a bad thing. i like to pay forward.
here's what i want you to say -- stuart: 50% is a lot. >> i did not write book for money, trust me. stuart: okay. >> i wrote this book because i wanted to tell the american people what happened, i wanted to tell democratic donors what happened, the staff people. i wrote this book because i had a story to tell. i'm proud of the book, i loved writing the book, and i just want you and your readers, your listeners, i want them to understand that this was -- [inaudible] a great story about american democracy. and this book tells that story. stuart: last one. should al franken resign, and if he does, does bill clinton have resigned way back when? >> i think roy moore should be rejected by the voters of alabama. stuart: okay. how about al franken? >> let's get -- donald trump was elected after several women came forward with allegations of his sexual misconduct. sexual harassment is a problem in the workplace, and people across the country today are figuring out, across all industries, are figuring out how to support these women who are
going forward. the senate will investigate the allegations against mr. franken, and i hope the people of alabama reject roy moore. but more importantly, i hope the american people understand that sexual harassment is pervasive, it's a persistent problem, ask we need to get rid of to it, we need to understand it more. and in terms of politicians, media figures, celebrities, today we're talking about them. but if you're just an ordinary citizen out in the country, you should know your rights and you should not be harassed while you're on the job. stuart: donna brazile, i am going to buy your book. i'll make sure some revenue flows to you. i'm sorry you're going to lose half of it, you will unless you've got a very good accountant and a lawyer. donna, i do want to say it was a pleasure having you. thank you very much, indeed. >> i look forward to coming back on the show again, how's that? [laughter] stuart: if you're not careful, you'll get an invite. >> i'm available. i'm not always free. stuart: be careful, be careful.
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stuart: all right, everyone, i do hope u heard and watched the interview with don that brazil just moments ago. doug schoen is with us and peter kiernan is still with us. i want to talk about the interview with donna brazile. first to you, mr. schoen, becaus you are still a democrat. >> i am. stuart: you've been in presidential politics for many, many years. >> true. stuart: donna brazile just said that hillary lost because of the russians, the hack of the dnc and trump's toxic message in three key midwestern states. that's why hillary lost,
according to donna brazile. and you say? >> i say most, if not all of that, is wrong. i would say she lost because she was hillary clinton. she was too far left, she didn't have a jobs message in the midwest, and to blame the russians, the hacking, jim comey, i think what democrats and clinton have done rather than engaging in self-examination is an exercise in failure and futility. stuart: okay. hold on a second, doug. peter, you're a money guy. you analyze the market and the economy. did you get anything out of that interview with donna brazile on the financial front? >> no, nothing on the financial front. frankly, she's a compelling presenter and a compelling speaker, and so i'll grant her that. i found some trouble, without getting too harsh, with the notion that the candidate wasn't the center of the issue, because in the end the candidate is always the center of the issue. no mention of the ball and chain e-mail scandal which followed her all the way through, and i
think bedeviled a lot of people's questions about her reliability. and, in fact, she could have owned that and dismissed it. she did not. i also think, frankly, that the notion that the candidate did not choose to travel in anything like the same way that donald trump and others have in the past was an exercise in risk. and the risk was you might lose one or two or three of those key states that she wound up losing. and those two things combined far more than the weaponizing of e-mails through the hack led to her loss. she also, by the way, got sucked to the left, and everyone knows the road to the white house is real estate that's in the center. and trump is too big and too good a developer to not go for that prime real estate. the center wins. stuart: i'm going to move on, and i want to bring this in. senator elizabeth warren dodging a question on whether al franken should resign. roll that tape. >> people are calling for al franken to step down. do you think he should?
>> so, look, i was just enormously disappointed about this. al is going to be subjected to a hearing in the united states senate, an investigation. we have had for a long time now in the senate, long before i got there, a bipartisan ethics committee that meets on a regular basis, and he's going to go in and answer. stuart: okay. unequivocal. >> yeah. stuart: what do you think he should do, al franken? >> resign. quickly, immediately. stuart: for the good of the party or -- [inaudible] >> the good of the country. we can't have u.s. senators who are engaging in the kind of public groping that he engaged in. there's now a second complaint. we just don't need him. and by the way, i'm not a fan of roy moore. i think if you engage in this kind of questionable behavior, the privilege of being a u.s. senator should not belong to
you. stuart: but should it be up to the voters in the state that the senator represents? it will be in the case of roy moore. alabama voters will decide on him. shouldn't it be the same in minnesota with al franken? >> well, it's both because we have rules that allow the senate to pass judgment on the qualifications of individuals to be members of that body. roy moore, if he wins, will get to washington. there's going to be an ethics committee look at him, and there'll be real questions whether he should be seated. and i just believe that the precedent ought to be pretty simple. you do what al franken did, what he's acknowledged he did, you go. stuart: peter, you're from the land of money. have you any comment on al franken, resignation and sexual harassment? >> i do think it's very sad when you see people of enormous ability stumble and do the things they're accused -- but the onus ultimately falls back to that same individual. if you're a responsible person, the best statement you can make is not by doing this, it's by your actions.
resign to show you know you did the wrong thing. i think he should resign, i think roy moore should step down. stuart: okay. good opinions there. thank you very much, gentlemen. stay there, please, i've got more. remember lois lerner? she's the former irs official who was at the center of the tea party targeting scandal. now she wants to make sure her testimony in that case stays private forever. an update on lois lerner and the irs scandal after this. ♪ ♪ i used to have more hair. i used to have more color. and... i used to have cancer. i beat it. i did. not alone. i used to have no idea what the american cancer society did. research? yeah. but also free rides to chemo and free lodging near hospitals. i used to maybe give a little. then i got so much back.
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to hide. don't forget, she pled the fifth. >> she has faced death threats, but i think they're right, put it all out there and just own it and apologize. stuart: all right. the democrat, doug schoen. >> absolutely, get it out there. the irs is at the center of the integrity of our financial system. i believe there was a massive effort to target conservative organizations. the fact that she stonewalled it, we haven't seen her testimony is, to me, outrageous. i agree, let's get it out there. stuart: pretty clean cut. i've got to say, i like that. ladies and gentlemen, we have to leave you for a short commercial break. as of right now, record highs across the board for all the major stock market indicators. 23,607. we'll be back. ♪ zar: one of our investors was in his late 50s right in the heart of the financial crisis, and saw his portfolio drop by double digits.
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stuart: all right. you're looking at the dow -- you will look at the dow -- 23,600. here's my question for peter kiernan. if we get a tax cut deal before the end of -- before christmas -- >> right. stuart: -- do we get 24,000 on the dow before christmas? >> i believe we're going to get 24,000 on the dow before christmas. i believe also that a lot of this tax cut enjoyment is already baked into the price. so i don't see it screaming after the tax cut. i think it's going to be fantastic for stock prices over time. don't play the passage of the law. play the fundamental. the fundamental is we're growing, we're good, we're going to get to 24,000. stuart: i've got a sneaking suspicion that you would sell on the news -- >> i could be tempted to sell on the news, yes. and you'll get a chance to buy it back. this is great news for stocks. whatever you say about the middle class, this tax deal is good for stocks. stuart: let's ask a money question to a political guy, doug schoen. [laughter]
let's suppose we get the tax cut deal done, signed, etc., etc., before christmas. >> yeah. stuart: 24,000 on the dow? >> yeah, i think so. the one thing where i disagree with peter, given the difficulty in the senate of getting this bill passed, i'm not at all sure it's baked in that we're going to pass it. but if it does pass, i think we're going to get a final jolt of energy in the dow and in the s&p before the end of the year. not so sure next year's going to be anywhere near as good as this, but, in fact, i'm -- i think we're way, way overvalued. certainly organized my portfolio that way. stuart: when are we going to hit 25,000? >> well, you know, if we get the tax cut passed, then we have a chance. but, again, i think this is all short-lived, and i do not think it is going to last an appreciable amount of time. stuart: well, there are 34 days until christmas. that's not all trading days, obviously. i guess about, what, about 24 of them, 25 of them are trading
days. and you expect 24,000. peter kiernan said it, doug schoen said it. today is november the 21st. all the rest. [laughter] our time is up, but we leave you with that thought, 24,000 by christmas. neil. neil: thank you, my friend. we are looking at these markets running up here again on expectations we probably will see a tax cut. more though today, i should stress, and as stuart has indicated on growing optimism of the pace of better than expected earnings. we are just about wrapped up, and they show growth about double what the consensus was. so closer to 10% year-over-year than the roughly 5% that was largely anticipated. and that doesn't account for the surprises that we saw on the upside with technology. we're going to get into that and into the prospect of what happens now with those tax cuts because so much of this seems to be built on optimism. that's what we're going to see. goldman sachs does have a report