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tv   Varney Company  FOX Business  December 11, 2017 9:00am-12:00pm EST

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that "new york post" is reporting. maria: latest from "new york post" there, dagen mcdowell mike if you are fee an honor thank you so must have have a good day, everybody stuart take it away. >> good morning to you, new york police confirm explosion in if area 42nd and 8th avenue new york city around port authority bus terminal brings tens of thousands of commuters into city latest news is this reportedly a single male suspect had a device strapped to him, it went off exploded on sway platform the man injured being requested. fortunate it did not go off as train was in motion, under a deep tunnel, that is probably the only positive that we can drag out of this. liz following this more details moments. >> the incident had an immediate affect on stock
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futures up 50 points before the incident, then we dropped to a minus 35 minus 10, now pretty much a recovery, we are up 40 points at the opening bell, there was no impact at all on bitcoin, that is about as volatile market you can get no impact, futures trading began yesterday on cbo global marketplace started 15,000 as there are now the price is around 16,000 dollars. of them bitcoin perhaps gained some respectability now that traded on established exchange price action huge up and down moves, it is i believe you the latest highly disruptive technology vote alabama tomorrow pols suggest roy moore has small lead active sport of president trump if elected faces immediate ethics investigation by senate but cannot be denied his seat. yes, it is a very big day, two weeks before christmas, "varney & company" is about to
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begin. explosion in port authority, are a of new york city, earlier today and liz following it. >> around one of a.m., the incident possible pipe bomb strapped to suspect now in custody. badly injured 27-year-old bangladesh origin, isis inspired according to commissioner bratton helped on sway plal platform below port authority did not get the on the sway train would have been catastrophic there is an indication now looking into whether a broader plot or if it was, a lone wolf, the nypd and the nyfd saying they foiled numerous terror attacks in new york city this is the third since september 2016 if you count chelsea bomber
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injured 30 also west side highway attacker killed 8, possibly another individual wounded as well -- >> the situation swa on the ground, in new york city, is this traffic gridlock throughout much middle part of large city. and i believe, that some trains have been had and evacuations. >> all. >> sways diverted, buses did he de. >> can suspect be questions before he acquires a lawyer? >> the answer to that is yes, but he has to be told before he is asked any questions that he has the right to remain silent that he has right to talk if he wants, you know has the rate to a lawyer, that if you can't afford a lawyer the court will appoint one the lawyer will not be a government lawyer but somebody loyal to him if you mean can they divert him from the
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criminal justice system that would he be unprecedented for an finance of this nature that took place in the continental united states doesn't plat if a citizen what matters when he was when this happened -- the other argument is that bill bratton is probably correct that he probably was either inspired or directed by foreign for his we call isis because part of this forcess he should be treated as if a member of that army means outside the american criminal justice system, those are the two arguments. i think this will probably be treated in the traditional way because it happened here. for the courts to countenance summary removal from custody of nypd or fbi is not clear whose custody at the moment put in custody of military take him to cuba, about first time this has happened. >> you got to say you have the right to lawyer you have the
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right to remain silent. >> got to say that. >> i do remember, his words, are not the only source of evidence we have about him, a, where he did this is the most surveilled videoed part of the city of new york, question do police watch videos in real time? as they said they would or videos installed or do they use videos to find out what is happening after the event? b, did he have one of these with him aphon iphone if he did tracks movement captures sounds as he communicated with people there is a lot of ways, that the police can gather information and fbi can gather information about him. without speaking to him. >> thanks so much, a lot more for you coming up, let's have a look at futures market, as we said when event occurred, it immediately sent the dow futures down 50 points, now we've got a recovery, going to be up 35, 40 points opening bell small a ggainer for s&p.
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>> bitcoin i believe 16392 dollars to be precise that is futures contract, look who is with it james freeman "the wall street journal," editorial page kind of guy -- >> [laughter] >> you right editorials that i read okay? now here is what i come across, i kind of one report that i got about 1,000 people own 40% of bitcoins, to me that is -- that sets up manipulation doesn't it they all know each other too. >> is it a real market i -- we ought to remind people that bitcoin traded for the first time in 20103/10 of a cent showed the -- 16,000 dollars, now, it you know question is it a bubble i don't know how you can say not a bubble at this point, yes, as you pointed out great disruptive
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technology gives people opportunity to transact across border you don't have to use banks don't have could use visa mastercard but how much is that worth? and -- >> good point. >> i have not seen an argument on here is why that is worth 300 billion dollars, maria was interviewing the twins their argument think of it like gold like a currency issued by a country. it does not have intrinsic value people have not wanted bitcoin on hands, and it doesn't have -- [laughter] -- you have -- currency that is a -- a belief in the united states and u.s. economy there is nothing behind bitcoin that way it is you could see say a payment advance. >> art laffer with us, is
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bitcoin a speculative bubble would you buy into it? >> well let me just say i don't know whether a speculative bubble or not by implying you mean bursting coming back downive no idea to be honest with you in truth i think this is an alternate monetary system way of around world currency without followed and seen recorded. >> hold on let me ask you this, crypt occurrenccryptocurr. >> i think some of survive will setel down they will have a place in our society, some point in the future do you agree with that. >> i sure do, one webcams in competing with another currency, you will find it is good will drive out the other currency and that really does happen. stuart: that may deal with the real economy and look at this headline in the "washington
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post" printed an op-ed from former clinton and obama senior official larry summit. here it is. the economy is on a sugar high and tax cuts won't help or do you respond to that please. >> i think he is wrong on that. what he says number one is the corporate tax rate, the highest in the oecd cutting now will not increase secular growth of the u.s., nor will it increase or reduce things like tax sheltering, tax evasion, although that won't happen. number two, what he is saying its growth won't lead to better surplus to my revenues going forward are the last thing he says is we need to increase taxes on workers and increased payments to nonworkers. that will solve the problem because they will create equity and justice for the last two people working. he didn't say the last line. that's my line. [laughter] stuart: if you're just joining us in the left-hand side of the
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screen, a bomb blast in new york city, individual wearing an explosive device went off on the subway platform. that's when all the police activities about in new york city. just about paralyzed in the city traffic wise at this point. a jampacked hour coming out. alabama heads to the polls tomorrow. president trump recording robocalls for roy moore. the sitting senator richard shelby says alabama can do better. we are on that story. the media were if the president glanced at the solar eclipse without his protective glasses. i also said i didn't think it was a big deal glancing at the eclipse. one woman says the glance cost her big time. we will explain. i looked right at it. i looked right at the. liz: i did too. i don't live in fear.
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you mustn't look at this time. you've got to have the special glasses. 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.
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stuart: looks like a terror incident in new york. the response in the markets for the financial market showing a gain of 40 points for the dow is not again for the nasdaq and the s&p. open up 15 points in time. republican senator richard shelby says his state can do better than elect senator hopeful worry more. he suggested that people should ride in another candidate. former deputy director of the firm campaign and a fox news contributor. the author of that book, let trampy trump all about the fast food as well. david, i think he then faces an ethics investigation and cannot determine a defendant appeared is around the gop's neck. >> i think you're right.
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the voters of alabama will get a chance after all this time to have their state tomorrow. i think roy moore wins. i think the voters of alabama will reject a bid government liberal person with the nancy pelosi chuck schumer wing of the democratic party. the abortion on demand or not for that. let's not make any bones about it. they will come here with some issues. how they deal with those issues and they get to the senate i don't know, but i think we need is out for tax reform and the term agenda. stuart: we don't know whether we get to vote for tax reform. really sure about that. who knows which way were more votes when it's in the senate. who knows i don't know. >> you were an hundred% right. it's been historically someone who doesn't go with the
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prevailing winds historically, but when he gets here come he's going to want to show that he is part of the team in order to get to be accepted as part of the team. transducer will hope for the high income people of new york, california, illinois, connecticut, massachusetts and elsewhere. when we had gary cohn on the show on friday he suggested the president would be open to lowering the top rate attacks of individuals to meet the loss of the salt production. roll tape. >> stuart will come the conference committee in the house and senate is working on delivering fixes for the salt state. they have the ability to drop the top rate could the president will be supportive of that. stuart: i kind of thought that made news. lowering it from 39 points makes down to 35% as a way of using a deduction, lack of deduction. that's a big deal.
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>> it's an enormous deal and i hope they get to that. it is important. it's imperative that all americans feel a tax cut, not some americans see a tax cut in sun cut in some see a tax increase. that is hypocritical to a president trump has stood for during his campaign and this time in the white house. he wants all americans to share in their income more of their own income, keeping more in their pockets to spend on their families whether it's education, health care or they are saving for retirement. he wants every american to feel that tax savings. it's unfair and i think that's what's being reflect that in gary cohn's remarks that some states including virginia and maryland add to your list. sure into a compromise is possible. i would expect you to come down to 35% but it could go to 385,
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375, picking numbers out of the air. is this possible? >> there's also word on the street that the corporate raise coming in outcome and they may be able to bring the individual rate down, but they also talk about to have the corporate rate not at 20, but 21 or 22. that's also a possibility. stuart: take a little bit away from the corporation that i'd be the compromise. we don't know at this point. great by the way. appreciate it. stuart: southern california wildfires reportedly grew by more than 50,000 acres yesterday. 5000 more evacuations overall. destroyed 800 homes and buildings, told dozens enforcement in 200,000 people to flee since december the fourth. forecasters say the santa anna winds whipped fires across the
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region last week will continue in some areas at least through today. a lack of rain in the forecast. that's a big concern. much of the northeast coming in slow saturday. a full bill for to shovel the field in preparation for the game. they offered 11 bucks an hour plus a ticket to the game to those who put in a solid four hours of work. christmas two weeks away. i've got to say the snow did not help the retail stores. i think it did help amazon on saturday. we will be back.
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stuart: current jewish in new york city, traffic at a virtuous and dylan much amid town manhattan as we speak. let me get this right. the man who allegedly did this is 27 years old? be my bet is correct from brooklyn. homemade pipe bomb. attempted suicide bomber went off prematurely on the subway below the port authority. this is a major transit hub. isis has according to william bratton. stuart: if national security analyst at mclaren project. when you make of this report from the former police chief of
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new york city was isis inspired? >> it sure does fit the pattern. i suppose that the next and all of these cases will be looking to see any type of accomplices. the fact that such information is out there already gives clear evidence that the individuals in the database in order for it to be attributed to jesus or some type of jihadist group. stuart: we are sitting here on the set and what on earth would inspire a young 27-year-old man has evidently lived in america for some time to strap on a homemade explosive device, walk into a subway station in new york city and although it exploded accidentally, his intention i would leave was to kill as many people as possible. have you any insight whatsoever into the mind of a man like
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this? >> it always comes back to this ideology based in authoritative shari'a law that believes in a theocratic mindset and after they believe and not command the idea that god's rule is better than man-made law such as western secular democracy, that the individual offenses which group is best implemented not been at the moment it is isis. we must understand that, even if prices were to completely vanish, as long as you have preachers out there with that form of theocracy, they will pick whichever terrorist group honors at the moment best fit that bill. stuart: fair point. real concern is isis is beaten on the ground in the middle east, the fighters come back, that's what you want to call it can perpetrate further action. i don't know whether that's true with the bangladeshi who perpetrated this event is here and is a concern for the
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authorities. thanks for joining us for the moment. we appreciate your insight. dow jones will open for business in four minutes time. we will be up 30 points. no impact from the terror incident even though our great city is pretty much locked down. we will be back.
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stuart: closer to 23,329 pivotal open with again of 20 or 30 points. right now, it is 9:30 eastern time in this market is now open for business, open for trading up five points greater fraction of a point, basically dead flat now slightly towards the downside. if you're joining us, left-hand side of your screen is midtown manhattan for the port authority area of manhattan where there was an explosion on a subway platform early this morning. lockdown, gridlocked midtown manhattan. the s&p 500 indicator up about the same percentage amount as the dow. not much movement. the nasdaq tech stocks up five points up again.
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overall despite what happened on the left-hand side of your screen, the terror incident despite that, flat to slightly higher now for the dow industrials. ashley webster enlistment donald here on this monday morning. james freeman is with us and so is todd horowitz. let me talk for steel above bitcoin. your futures trading kind of pie. are you buying into this thing? do you believe in that? >> good morning, stuart. i think it's legitimate. i have not bought it unfortunately. i think it is going to be a legitimate currency going forward are one of the other crypto space because this is more of a revolution, financial revolution that people are going to get away from the federal reserve and the restrictions that we see. it is going to the rail and whether it will be bitcoin are the others will be of real currency into the future.
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stuart: i do agree with you. a bubble will burst in there will be tears but at the end of the day, we will see crypto currencies emerge as a viable alternative to real currencies. let's move on. nonprofit hospitals ascension in providence saint joseph talking about getting together, merging would create the largest u.s. hospital operator. a lot of consolidation of the health care industry right now. is this because amazon threatens to get into it or obama chairs collapsing? >> the latter part of the story you have hospitals want to get bigger. they want the negotiating leverage as they face insurance companies which have also gotten bigger. getting back to the obamacare issue come you talk about what we were promised to keep our own doctors, insurance premiums will come down. no they didn't. and we remember president obama saying i'm going to accelerate a
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trend of consolidation in much larger entities controlling the health care market. that was not part of the fairytale is the right word, but that was not part of the story that we were given when obamacare was ruled out. stuart: the cost of health care is going up and not is why so many health care companies have done so well despite what was going on elsewhere. tesla has received a reservation order of about 90 electric tracks bought by the food distributor cisco and also by anheuser-busch. the plan will start shipping until 2019 but it's on the way. todd, come back in. you are a tesla heater. you still hate them? >> i love the cars. i love looking at it and driving it. however, it's extremely overvalued. at the end of the day he has to make money and they don't make any money. until they can make money at the
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bottom line, it is more of a bubble, more like a bitcoin that is going to pop. i love the cars, but at the end of the day until they can make money, they don't do me any good in another future going from here. stuart: we hear you. the dow industrial average four minutes into the trading session up four points. this market today has not been affected and i don't believe has been affected by the terror incident in new york city. i don't think it's been affected by bitcoin could the subject under discussion is what kind of tax cut deal are we going to get? ashley: get the buzz are ready but i think it's a sad for december they've been talking about three next year, three rate hikes into again in 2019. with the economy starting to pick up as we've seen, do they increase those rate hikes to for next year.
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train for that is spot on if they delay the corporate tax cut in 2019 when they are raising rates. stuart: i rarely mention the fed. you are right to do it this time. raising rates on wednesday. that is a factor on the market. what did you say? >> the decision authority price in. the real question is how are they going to forecast forward if they forecast the switch which is lower rates for longer, it will keep the markets going. if they come hawkish all of a sudden and indicate they will be higher rates, that may create an issue in the market. stuart: i can't believe we didn't attend. four points down for the dow industrial as we speak. very little movement on the big board at this moment. cbo holdings, the market launched the bitcoin yesterday and it is up about a buck this
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morning. rival cme group plan to launch their contract on bitcoin one week from today. they are a fraction higher. we never forget about general electric. the investing public by a forgotten about that but we have not. languishing at $17 per share. snow in the northeast over the weekend. i say that drove people to shop online. i think was a terrible thing for retailers. great for amazon. >> this could be a season great for both kinds of retailers. university of michigan survey not quite as optimistic as in october, but still very optimistic historically. october was this really low out, most confident consumer in 10 years come down a little bit since then but you still have generally happy consumers and ready to spend. the best gift of all. stuart: left-hand side of your screen up in governor andrew cuomo of new york city, built of
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lazio, mayor of new york city, police commissioner within. about to hold a press conference will tell you exactly what they've got to say. ladies and gentlemen. >> police commissioner. >> with a sound? we are good. >> at 7:20 this morning we had a terror related incidents subway between 42nd and 81,042nd and seventh. the governor is going to speed. the mayor is going to speak and i'll speak and i'll give you some more details. we'll talk about the minor injuries and then subway service. governor. >> thank you. good morning to everyone. the first news this morning was obviously very frightening and disturbing. when you hear about a bomb in the subway station, which is one of our worst nightmares, the reality turns out better than
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the initial expectation and feared. have a number of law-enforcement agencies that did a fantastic job. the n.y.p.d., pa pd, port authority police, mta police, were all behind us, representatives of all the agencies coordinated. the assistant director of the fbi, bill sweeney is here. everyone works together. there was an explosion. the police commissioner will go over the details. they listen effectively low-tech device. several injuries, we hope minor and it was handled extraordinarily well. there was a disruption in train service and bus service while a sweep was being done. that is all being restored now
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as you will hear from joe load a period the subway service except a 42nd street is being restored to the port authority bus terminal is being reopened as the buses will be running again. this is new york. the reality is we are a target by many who would like to make a statement against democracy, against freedom. we are the statue of liberty in our harbor and that makes us an international target. we understand not. with the internet now, anyone can go on and download garbage and vile man's on how to put together an amateur level explosive device and that is the reality we live with. the counter reality is that this
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is new york and we all pitched together and we are a savvy people and we keep our eyes open and that is what see something, say some thing is all about and we have the best law enforcement and we are all working together extraordinarily well. i want to thank the mayor and the mayor's office for doing a great job this morning and let's go back to work. we will not allow them to disrupt gas. that's exactly what they want and that is exactly what they are not going to get. thank you. >> thank you very much, governor. let's be clear as new yorkers come our lives revolve around the subway is when we hear of an attack in the subway it's incredibly unsettling.
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and let's be also clear, this was an attempted terrorist attack. they guide the perpetrator did not seize his ultimate goals. they got our first responders were there so quickly to address the situation and make sure people were safe. they guide the only injuries as we know at this point are minor. i agree 100% with the governors point the case of new york is always for a reason because we are beacons of the world and we actually show the society of many faiths and backgrounds can work and we show that democracy can work and our enemy is want to undermine that. the terrorists want to undermine not so they either to attack new york city. new york city is blessed with the finest law enforcement and water first responders did today was another example to address the situation quickly and make
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sure people are safe. let me just say it is very important for my fellow new yorkers know there are no additional node instance at this time. there are no additional known activities. we will wait for a fuller investigation of course are the n.y.p.d. and mta police and port authority police and a vi, but at this point in time, all we know of this one individual thank god was unsuccessful in his aims. there are also no credible and specific threats against new york city at this time. we will give you more information of course as the investigation unfolds. the first responders responded brilliantly. to secure all major transit hubs and major site in the city. you will see expanded n.y.p.d. presence all over the city.
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new yorkers have come to understand when you see our specialized courses, when you see the long guns and highly trained officers come and that is something reassuring to you. amy's n.y.p.d. is on full alert been out in force then you are safe. finally, i want to say the governor invoked the phrase we can't say it enough times when you see something, say something. this is the difference maker. we see that time again when an everyday new yorkers see something that doesn't make sense, see the package can i get the feeling something is wrong, and tell a police officer. they are the ones who can take the information and not done it. it so important to speak out because you could be saving many lives by doing some end. i will finish by saying this. this is the most resilient place on earth. we approve dead over a month ago, 9/11 and again today. terrorists will not win.
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will permit today when we get back to work. >> these are the preliminary facts. it just happen a couple hours ago. you have to understand these are plenary facts. there are 720 pocket of belowground walkway which connects its abbot ale with the irt@four, two and seven in the shuttle at times square at the one, two and three train. please call to a reporter station injured a 27-year-old male that would identify him as akyedyllah. this mail was wearing an improvised low-tech explosive device attached to his body. intentionally detonated that
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device. dan will talk about that is the subject was placed in custody and transported to bellevue hospital. immediate police response included members of the transit emergency service division, bomb squad, counterterrorism mta police, troopers and the fbi joint terrorist attacks is. in addition, the n.y.p.d. response group were assigned to other key transportation hubs and other locations around the city with precautionary measures. this was captured on transit system video. a thorough background investigation into akyed is being conducted and we are asking anyone who may have any information about the individual to call the terror hot line. as the governor said in the mayor said, we are new yorkers.
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we don't live in fear. if you see something that doesn't look right, come forward, give us a chance to investigate. dan will talk about the injuries now. >> thank you. as the police commissioner mentioned -- stuart: at the details as 27-year-old young man who was wearing a device that he made himself. he says he was intentionally detonated on a subway platform or a 7:20 this morning right in the middle of new york city right there run the port authority of new york, just as tens of thousands of commuters started coming into our great city. the midsouth congressman michael mccaul, republican from texas and the chair of the homeland security committee. your reaction to all of this. >> this is what isis has elevated itself to. low skilled low-tech bombings.
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the balloon is squeezing, living elsewhere. foreign fighters going to europe. radicalization is still the biggest threat. this this individual with isis inspired and it all comes to the power of the internet. stuart: you can have devastating impacts. one individual on a subway station in new york city. highly vulnerable. i don't see how you can protect everybody against this threat and the impact is very, very significant. >> virtually impossible to stop all these attacks. one person with a homemade device explosive. it is a soft target. even worried about the subway system in new york because it is so soft. we have canines to play but you just can't stop they react like this. stuart: what about those foreign fighters, americans left this country, went over to fight, got beaten, and some of those foreign fighters are coming
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back. you are the chair of the homeland security committee. what are we doing about these people? >> there are thousands i returned to europe, hundreds to the united states. if we can mock them up we do. if we can't -- stuart: have we locked them up? what would be the charge? >> anything we could charge them with. usually material support to isis. if we can we monitor that. make sure they are being monitored. this is a new age of terror. it will be a smaller scale, low-tech event designed to bring down the city. trade do however, you would say to me you are getting a grip on it. >> you have a global ideology that we can stop right now and it's all over the internet. working with the tech companies that want to take this jihadist the chill off the internet because that's the power.
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it is getting lower scale attack. stuart: when we asked you to be on this program this morning, with a totally different subject line. we did not know there is going to be a bomb attack on the subway system in new york. who did you bring with you for the other subject we were going to cover? >> this is more of a good news story in a bad news day. my friend, little sadie keller, childhood cancer survivor. childhood cancer copies. made best advocate, best voice to treat childhood cancer. stuart: we are going to take a break in sadie will join us after the break. no, she is with us as of here and now. you are great. you're a cancer survivor, leukemia survivor, correct? i hesitate to ask, but the moment came when he found out you were in remission, going away. do you remember that moment? >> yeah, it was very like
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incredible and i was like so happy. even when i was seven i didn't know what remission meant but it was a good thing. i was just like a really awesome day. stuart: we can only imagine. you have a special program. you are collecting toys, are you not? can you tell us about that? >> i do something called the cds slay, where i collect toys from the hospital and donate them on christmas. so this year for sadie's sleigh, i will click for four hospitals, children in dallas and fort worth and medical city children's hospital. stuart: you want 10,000 toys for sadie's sleigh. how many have you got? >> right now, we have about 3000
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toys. stuart: that's pretty good. you only just started this thing. i should have asked you that. you're almost close to your goal. sadie's sleigh. is that correct? you look terrific. he look like the picture of great help. just wonderful. great to have you with us this morning. thanks for bringing us. >> she's very strong. congratulations young lady. great to have you on the show. good stuff. sadie's sleigh. remember that. more "varney" after this. cannot live without it.
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stuart: if you're just joining us, there was an attack in new york city earlier today, an improvised explosive device strapped onto a young man, 27 of bangladeshi, bangladeshi origin when i subway platform in new york city. as you can see left-hand side of the screen is so pretty much gridlock right there in the middle of manhattan. that figure is with me and he has an update on the medical condition of the suspect that will be akayed ullah. >> is at bellevue hospital. the others went elsewhere for hearing issues and headaches. inside source tells me that he
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had a blast injury to the liver, meaning that it damaged his liver. how much of damage, how long that will go on general and this kind of a situation the liver is an incredible organ that tends to repair itself. stuart: it's not life-threatening for this man. >> correct. serious, but not life-threatening. stuart: he could answer questions or are they look at the questions in the fairly near future. >> absolutely i would suspect yes to that. a little more than minor, but not life-threatening. stuart: thank you for the information. we appreciate it. nobody else has that information. we appreciate you bringing it to us. top of the hour coming up, the final fox news poll for the alabama senate race. we will bring you those numbers after this.
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stuart: almost 10 eastern time, there are two items on your screen. on left-hand side that is new york city. an explosion on a subway platform, took place around 7:30 eastern time in the middle of the rush. gridlock in new york. dow industrials up about 50 points. now this. the alabama vote tomorrow. the last "fox news poll" is in. look at this. it gives doug jones the democrat a 10-point lead over roy moore, the republican. you never know until the votes are finally counted. but right now jones has a 10-point lead. 10% of those asked were unsure. doug jones, 50, moore 40. roy moore has had the help of president trump, active support. the president put out a pro-moore robo call. moore's lawyers say, one of his accusers did not tell the full truth about entries in a
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yearbook decades ago. they say she lied. in my opinion the right thing is happening. it is voters of alabama who should decide who represents them. suppose for a moment, roy moore is elected. this poll indicates he will not be, suppose for a second he is, the republican party has to decide what they will do with him. moore will face an ethics investigation. he can be thrown out of the senate for what he did before he became a senator. how he votes on issues, that is his business. we don't know how he would vote but again the poll shows him, roy moore 10 points down in the election, very important election takes place tomorrow. it's a mess, moral, yes, political. another example of the wild ride we've all taken taken in 2017. ladies and gentlemen, it is not over. the second hour of "varney & company" is about to begin. ♪
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stuart: this is a developing story. we received an update from the authorities on a bomb underneath the new york city port authority bus terminal. it exploded, the pan who exploded it, he strapped it on himself he is injured but he will not die. cheryl casone live at the scene. paint the picture please, cheryl. reporter: stuart, that press conference wrapped up with new york governor andrew cuomo and mayor de blasio. the mayor saying quote, this was an attempted terrorist attack. we have gotten identification of the suspect. 27-year-old bangladeshi, believed to be living in brooklyn, a kay yesterday ullah. that would coincide with the reporting you're doing on set with dr. siegel. talk about what happened here.
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7:19 a.m. is the precise moment. there is video of the incident when he attempted to detonate and did detonate this device. him badly injured. three minor injuries. people around him took themselves to the hospital. the suspect wept to bellview. this is being described as isis-inspired attack. it is being described as a pipe bomb. many in the subway that we talked to said it was chaotic scene down there because this was the height of the morning commute, stuart, as you know. everything is still shut down behind it. we're told the port authority bus terminal has reopened. but again the streets around this area, right in the heart of midtown, manhattan, streets remain closed. there is still a lot of police activity and fire and s.w.a.t. team activity happening behind me right now. we'll monitor what is going on. back to you. stuart: cheryl casone, thank you
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very much indeed. this did not not have significant impact on stock market. we're up 45 points. that puts us at 24,374. a lot of interest in stocks, i have to tell you enormous amount of interest in bitcoin. it started trading a futures contract in chicago last night. more on that in a moment. the question is, is it a buy get in on the action or is it a bubble that will lead to tears? they have come down quite sharply, they have pretty much recovered. facebook just shy of $180 a share. amazon up four bucks. microsoft up 4 cents. google up a tiny fraction. apple at 169. >> no back to my editorial at the top of the hour, the alabama special election. as we said that new poll out from fox news shows democrat
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doug jones with a 10-point lead. john fund, "national review" columnist joins us now. that is a big lead. i think that is unexpected. >> real momentum for democrats in the last of the campaign. if this poll is borne out, it will mean big things for tax reform. jones will be sworn in. if he wins on december 22nd. last day before congress leaves for the holidays. that means they have to get the tax bill to president trump's desk by december 22nd. stuart: because mayor begin -- margin for error sinks dramatically. is that a trend for all democrats, people like his policies or is it a trend away from roy moore and accusations? >> we saw last month's election in virginia where democrats did extremely well. i think moore case is special case. clearly enthusiasm is with
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democrats. now having said that, this is a special election. turnout is probably going to be about 25%. it all depends what that turnout is. and who votes. is it mostly african-americans? do suburban republicans stay home, vote for jones over moore? anything can happen. stuart: real fast, is it referendum and president trump, he went and deliberately said a robocall for roy moore and said vote for roy moore, is that a referendum on him to some degree? >> same people who want to impeach president trump want to defeat me. moore is trying to make it that. stuart: john, stay there, please. a lot more coming up. back to the market story everyone is talking about, no, not stocks or trump rally, it is bitcoin. we have a the co-owner of key advisors group. so you're going to pass judgment here. is this speculative bubble that will end in tears and would you
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buy into isn't. >> i certainly believe it's a bubble for sure. now like any bubble, i think this thing still probably has a lot of room to go up on the upside as more speculators go in. my biggest concern, hard-working middle class people start to read more and more about bitcoin. all of sudden take ira assets and retirement accounts try to jump on that. as we know retail investors time it wrong. once shore sellers come in, also understanding there is a few people that own a big percentage of this. what happens when they start to sell? stuart: let me jump in on that. i was told this morning, i have forgotten the source, 1000 people own about 40% of all the bitcoins out there. a lot of them know each other. that would seem to me to set up some manipulation. >> that is a tremendous risk. now, all of sudden if they start to sell, who is on the other end to buy? you could see the spiral down. it remind me a lot about the
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dot-com bubble. people buying into things without any earnings. stuart: couple hundred bucks throw it away -- >> casino money, whatever you're willing to lose. absolutely, that would be it. stuart: this one for you too. larry summers, you know is a former treasury secretary, he is writing in the wash upon toast this morning, i am writing this for you, tax cuts will prolong the sugar high but no substitute for foundation we desperately need this is from the same guy that said 10,000 people will die if we get the tax cuts. so, sugar high? >> tax cuts will be fantastic for the economy. one thing people are not over looking and talking about, pass-through tax changes that will affect small businesses. small businesses are the backbone of our economy. so the large corporations can work with whatever tax code is out there. they have the resources to do that. small businesses and entrepreneurs don't have that luxury. the entrepreneurs mindset is to be absolute best what they do,
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and reinvest any positive cash flow back into their people and back into their business. so if you cut their taxes by 10%, they're not going to take the extra money go on vacation. they will reinvest back into the economy, into their business and grow, stay ahead of the competition. that is good for the middle class that has had stagnant wage growth for too long. stuart: when we get the tax deal in place, do you think it is big enough and good enough to give us another leg up on the stock market? >> i do and the other component to that too is, we've been putting assets overseas because there is better competitive tax rates overthere. what is going to happen when we bring our tax rates to be more competitive with the globe? the equation people haven't factored on, how much companies from overseas will now potentially come here and start to build our economy as well too. stuart: fair point. >> a global met-up which is happening which is fan taste tick for everybody. stuart: global melt of-up which is good for everybody.
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thank you, eddie. >> yes, sir. stuart: we also cover money and politics on this program. we have more developments on the political front with the mueller probe and fbi, some say bias against president trump. one of mueller's top investigators attended hillary's election night event on her side. aaron zebli. former mueller chief of staff, represented justice cooper that smashed some of hillary's mobile devices. jenny ray, represented ben rhodes, ex-obama guy, represented clinton foundation in racketeering case and represented hilly herself. john fund, i will conclude all of this, there is a deep state conspiracy to go after president trump, you're smiling why? >> deep state coincidence. we know 95% of federal employees who donate to presidential candidates donated to hillary. obviously the average federal
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employee is democrat. having said that, i am astonished where's waldo connection between all of these lawyers. did mueller ask any questions on the personnel form what their political affiliation was? i realize you're not supposed to hire on the basis of political affiliation but just pr alone would make him curious i would hope? stuart: do number of coincidences add up to a conspiracy? >> well i think this fbi agent peter strzok, that is one of the most astonishing things i've seen in washington. this fellow was the lois lerner of the fbi. of every stage he was apparently putting his thumb on the scale of justice and it wasn't for anyone other than hillary. stuart: seems like we have two parallel deals going on here. we have the trump investigation through robert mueller. we've got the investigation of democrats and the fbi through
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the other parallel investigation. >> we should do both and we can do both. unfortunately most of the news media, this program accepted is completely uninterested in the other story. they can't walk and chew two stories at same time. stuart: you got that right, john. thank you very much indeed, sir. appreciate it. check this out. i was surprised to hear this. saudi arabia lifting a 35-year ban on movie theaters. the saudis say it will start opening as many as 300 theaters starting next year. the latest social reform in the kingdom. earlier lifted the ban on women driving. movies coming in next year. two democrat lawmakers skipped the opening after civil rights museum in mississippi because of president trump's attendance. one of them, congressman john lewis, a civil rights icon, we'll deal with that in just a moment. that he wouldn't be able to retire until he was 68.
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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.
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stuart: watch any football game anywhere, anytime on a mobile device, how about that? yes, verizon and the nfl agreed
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to a new streaming deal. it is worth billions. not sure how much you can see in snowstorm. give me details. liz: two billion. journal says could be 2.25 billion. 20% more from the prior deal which is 1 1/2 billion. this is a five-year deal. basically the preseason, regular, playoffs, entire nfl schedule accept monday out of market games. this is win for verizon to get in here to do streaming on mobile devices. two properties boost those properties. it is win for nfl. the nfl has a plus from this deal. ashley: that snow video was brilliant. bills and colts. just great stuff. stuart: played in buffalo? ashley: yes. stuart: lake-effect snow. liz: i went to school there. i love buff he low. ashley: fascinating to watch them play. stuart: catch a ball. ashley: amazing. stuart: president trump
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attending the opening of the civil rights museum in mississippi. notably absent, congressman john lewis of georgia. fox news contributor kevin jackson joins us from phoenix. kevin, is mr. trump regarded as, viewedded as a racist by large numbers of african-americans? >> it is tough to answer that, stuart. the short answer would be yes because the media has done such a hit job on him. but i think with the media having their problems, a lot of people are beginning to see through that. the issue that he had where he got the three black players freed certainly helped. he started off with the having a meeting with the hb cu, his colorally black college university presidents, giving more funding to them than barack obama did. so he made good steps. i think a lot of the economic news that blacks are beginning to become more employed under president trump won't hurt as well. but, yeah, the general consensus is, donald trump is a racist,
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which is of course wrongly-presented because of people like john lewis, a civil rights icon in the same vain that john conyers is an icon to nancy pelosi. he is a relic. it is time that their racist rhetoric stop and they let donald trump do his job. stuart: but john lewis is a brave man. he was a hero of the civil rights movement, and what he says has great clout within the american community and african-american community in particular. i was rather surprised that he took a very strong stand, did not attend. that museum opening because president trump was there. were you surprised? >> i wasn't. you know, recall, he and many others of the congressional black caucus i call the congressional black circus did not attend donald trump's inauguration. its fitting that john lewis didn't show up to the civil rights museum in mississippi or any other because the lack of civil rights that he and many of the members of the congressional
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black circus presided over for decades is atrocious. their, the track record of these people in dealing with civil rights should have them all imprisoned. they have done far worse for blacks in terms of this economy and helping blacks continue the progress that was made, particularly from the 1980s in the time of reagan to this day. when barack obama became president, stuart, they doubled down on all of this. so now blacks are victims of everything. we've got national football league millionaires who are taking a knee for something that they have no knowledge of whatsoever. and quite frankly, they know that many of the problems that occur in the black community are self-inflicted. stuart: one last real fast thing here, kevin, the democrat party would be seriously injured politically in congress if they could in the vote of 80, 85% of black voters. >> of course they need the black
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vote but they would be seriously injured as well, stuart, if donald trump continue to become a success in the black community with this policy. that would be the worst thing that can happen to those clowns. stuart: as i understand it, black unemployment is down from where it was in the obama years. hispanic unemployment is way, way down. >> right. hispanic unemployment is record lows. black unemployment is dropping and will continue to drop. that is the worst possible news for the congressional black caucus and democrats in general is for donald trump to be a success. that is why they do these symbolic moves versus anything of concrete -- they should be meeting with donald trump and asking hill for help in the black community. stuart: kevin jackson, thanks for joining us as always. >> ply pleasure. stuart: more contempt from the left against the trump administration? comedian chelsea handler mocking sarah huckabee sanders appearance in a new video. talk double standard, please. now this. more evacuations in southern
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california because of the massive wildfires. we go live to ventura county, racing against the clock to protect holes. tough call. big race.
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stuart: it is monday. let's get updated on the california wildfires. robert gray is there. are the fires expected to spread some more even now, robert? reporter: well, stuart, we're definitely following the winds and that what has been the wild card for the past week to see which way they go. right now there is not a lot of wind. they are trying to get better containment. we'll watch if that continues with the santa anas expected to pick back up later today which could pose a problem. the thomas fire is where we are. we're in santa barbara county and we're outside the city
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limits of jarpeneria. the blazes were across the ridgeline. as lance zooms in, you can still see some burning. the smoke is going straight up. not a lot of win there. helicopter air support is coming in dropping water on it, keeping eye which way it is going. the fear it will actually build towards us, towards the sea, stuart, from a east to west movement. we're west of the mountain line. that is what they're watching for. that is where the homes are. they have 88,000 people are evacuated. this is agrarian area that i is also a vacation area. we're not far from the peach. celebrities like ashton kutcher, george lucas have second homes here. we're 25 miles from the city of santa barbara. this is the fifth largest wildfire in modern california history. this continues to grow. just 10% contained. keep in mind that is a ratio, stuart. if the fire gotten bigger, doesn't mean the fire department
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lost control of more areas. continues to blaze on. we'll follow it for you. send it back to you. stuart: not great news, robert. president trump feuding with the media once again. calling for a "washington post" reporter to be fired after he tweeted an inaccurate photo of the president's rally crowd size. california governor jerry brown claims president trump isn't worried about climate change because he doesn't fear the wrath of god. we are certainly on that story.
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stuart: very narrow lead. we have the dow up 15 points this morning. the final outcome of the tax deal unknown at this point. that has the market in neutral territory, up just 13. let's have a look at the
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bitcoin price. $16,148 as we speak. futures trading in bitcoin started yesterday, sunday night, 6:00 p.m. eastern time on the chicago exchange. it's official. corning buying most of 3m's optical-fiber and copper cable business. they will pay $900 million in cash. little movement for either corning or 3m stock. let me updated out attempted, terror attack in new york city. 27-year-old man of bangladeshi extraction, set off a device strapped to him on the subway system, subway platform right below the port authority in new york. he is injured. not life-threatening. three others we understand also injured. not life-threatening injuries. joining us is buck sexton, former nypd intelligence specialist. do you think this was, one former nypd guy says this is isis-inspired. do you believe that?
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>> yeah, most likely. we don't have the evidence just yet although i think we probably will. stuart: that would be a direct, connection, right? >> some of these guys they have been told by isis, write out a note, bring it to the scene, leave something at home. they want people -- when it is isis-inspired, or isis-connected they want to make it crystal clear i did it for islamic state. this is different than idealogically predid i posed to do this because isis wants you to. stuart: they were going through the isis chat rooms, santa claus bomb, times square. >> there were known jihadi chat room forums. some they put out as propaganda. holidays are heightened threat, people are on edge. they have been threatening members of the uk royal family. they have been threatening the vatican. they have been threatening times square. it was santa claus, dynamite,
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see you in times square soon. times square was a target for some time. in 2010, they tried to blow up a car bomb. he didn't harm anyone with his poor bomb-making skis. that is what saved lives today. this guy didn't know what he was doing. stuart: effectiveness of this guy, depends on how we react in the future. will we move away from crowds? will we do that? will we avoid going on a street to avoid being run down by a truck? there is no evidence to suggest that america lives in terror but a few more of these they could be effective. >> after incident like this they forget about it relatively quickly. there were no serious casualties. nobody was killed. what was the single most important factor in the lack of casualties this guy was just not good at being a terrorist. he was not skilled -- if he had gone for a vehicle attack i would note, you almost don't want to say this, don't want to remind them, vehicle attack is
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much more effective, much more likely to create mass casualties than somebody -- bomb-making i know something about this, this is not easy thing to be involved in. if you make a minor mistake, you could have own goal, kill yourself that happened in barcelona before the vehicle attack, there was own-goal on bomb-making factory, own-goal is what they talk about. putting suicide vest on based on a pipe bomb, it's a crude device. his body as we saw the video absorbs a lot of the blast. people know more about these things construct the devices differently. thankfully he did not know more, thankfully no one is dead this morning. stuart: thank heavens he is incompetent? can we say that. >> one of the most important factors in dealing with terrorists is the incompetence of terrorist. stuart: incompetence is good word to attach. buck section son, thanks very much. >> -- sexton. >> good to see you. stuart: two cases of media inaccurately reporting on
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president trump. first of all, cnn they erroneously reported that eric trump got access to wikileaks documents earlier than others. not true. he did not. "washington post" posted a photo of event in pensacola, florida. the photo was sustain hours before the event started. the reporter said the crowd was small. he later apologized. "mediabuzz" host -- i'm sorry. >> whatever. stuart: very sorry, howard kurtz. that is his name, there he is. do you think the president is right, when he says, fake news people are out to get me? >> i think media are on a real losing streak when it comes to much booing stories about president trump. the cnn error was really serious. involved supposedly email to president's other son don, jr., which was supposed to be, as you were saying he had early secret, shadowy access to wikileaks but the date was wrong. it invalidated whole premise of the story.
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cnn said sources gave us bad information. if reporter goes on air with both sources giving wrong data, raises a lot of questions, if you haven't seen the email itself you might be cautious reporting it. >> the trouble, it brings whole industry, whole news media into disrepute. lowers that credibility level, makes people think they are really not doing their job, they're out to get the guy. it's a credibility issue, really, isn't it? >> especially with multiple incidents. in the case of "washington post" reporter dave weigel, in effort to have snarky moment, tweeted photo of half empty pensacola arena. he did apologize. twitter sloppy place for journalists. too many reveal anti-trump bias. it gave president opening demand he be fired. abc suspending brian ross for four weeks involving false report of mike flynn and donald trump.
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this does not make the news business look good. stuart: brian ross was suspended four weeks without pay. but when he is comes back he is not allowed to report on anything to do with president trump, that accurate? >> that has been reported. that is abc's new policy if you're chief investigative reporter of network, that is a bit of a handicap. president seizing on these to attack what he calls fake news he thinks many are deliberate, sources are made up. i don't agree with that part. i don't think any news organizations wants to run humiliating corrections. journalists make mistakes. i have made mistakes but i think there has been particularly on the russia investigation, really anything to do with donald trump a lower bar for many news outlets to rush on to the air, to rush online with information that justicer out to be half-baked, quarter baked, or simply not true. there are no many incidents. it is hurting credibility of our business. stuart: i think there will be a price to be paid at some point fairly soon i suspect. howard kurtz, "mediabuzz" guy,
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got it right. there you go. howard, we appreciate it. thank you, sir. now this. at the top of the hour we brought you the final fox news poll on the alabama senate race. look at this. i find it very surprising, doug jones has a 10-point lead over republican roy moore. jeff flock is there on the ground. jeff, have you got, i know you're at a doug jones, is speaking. jeff, it is yours. reporter: i'm listening to doug jones right now. okay. you're live on fox business, network. start varney you're talking to. you have a 10-point lead according to "fox news poll." 10 point lead, do you believe it? >> dot folks from fox cover alabama football and auburn football. we don't follow polls, we wait until we see what is happening. coach saying bonn and coach mall
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sawn will tell you. we feel good about the race. we're not paying attention to polls. we're out here. we're talking to people like we're behind 50 points. making sure our message is getting across, while roy moore hides behind who he is hiding behind. certainly not us. reporter: okay. he gave us first shot as he promised. there you go. stuart: well-done, jeff. reporter: doug jones trying to play doesn't poll. i was very impressed. stuart: 10-point lead, when other polls shown roy moore with a 2, 3, point lead himself. says doug jones with the lead. i wonder, liz, help me with this, i wonder is it possible senator shelby, sitting senator for alabama, in alabama said state can do better than roy moore. liz: he is very powerful and influential. has legendary, pretty stellar career in d.c. he haste been there for decades.
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he looked up to in alabama. this poll was done thursday through sunday. more than 1100 voters. more than one in 10 are undecided. six-point margin, average of both, republicans and democrats believe the allegations. they believe the allegations against roy moore, that they are true. stuart: come on in kristin tate, "the hill" contributor. this poll is a real surprise. i'm not going to call it a bomb he will h it is certainly a surprise, kristin. there was some positives for roy moore. the president is doing robocalls for him. the president said get out there and vote for roy moore. and one of his accusers was shown to have not been fully truthful about what was written in the yearbook. i would have thought that was a plus for roy moore. now we find him 10 points down. what do you make of this? >> you know the polls are all over the place. if there is one thing we learned in 2016 it is that the polls often don't reflect reality.
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i actually don't think that roy moore is a huge problem for the gop. i think that the media is constant attacks on roy moore may actually help the gop by mobilizing conservatives voters who are really fed up. voters are so sick of coastal elites in the media telling them who they should vote for, what their morals should be. i think that a lot of people who may not like roy moore that much may actually go out and vote for him just to send a message to the media. a vote for roy moore than it es against media. stuart: it could be somewhat after referendum on president trump. he is after all robocalling for roy moore. he did say, get out there and vote for roy moore. now the polls have fon the other way, 10-point lead for his opponent doug jones. could it be referendum on donald trump and maybe some in alabama don't like him? >> it could be. i really don't think that is
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what we're seeing here though. again i think we really can't trust these polls. reality may be much different. the polls are all over the place by the way. there are some other polls that do show roy moore in the lead. ultimately the people will make their decisions. i do think that the media is just being way too biased. it may actually have the opposite of the intended effect because the bias is so obvious. i think it turns off a lot of people frankly on both sides of the aisle. stuart: they vote tomorrow. by tomorrow night we find out the final poll which is the actual vote. we'll find out what happens. kristin tate, thanks for joining us. big deal. thank you very much. apple reportedly close to buying a music app, i know this one shazam. liz: i love shazam. ashley: its great. stuart: $400 million. use the phone to identify a song. hold up it in the store, playing music, "shazam" tells what music
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is being played and. pope francis wants to change a line in the lord's prayer. not everybody is happy about it. we'll tell you which line he wants to change and why. by those with the resourcefulness, the ingenuity, and the grit to help ensure the next energy to power our dreams, will be american energy. that's why feeling safe is priceless. with adt, you can feel safe with an adt starter kit professionally installed for only $49.00. call today, and install an adt starter kit that includes security panel, keypad, key fob,
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roll tape. >> it is enormous deal and i hope they get to that it is important, it is imperative, that all americans feel a tax cut not some americans, see a tax cut and some see a tax increase. that is antithetical to what this president, what president trump has stood for. during his campaign, and, and his time in the white house. he wants all americans to share, you know, in their income, more of their own income, keeping more in their pockets. 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.
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yes. yes you do. a kohler walk-in bath provides independence with peace of mind. call to save $500 off bath walls with your walk-in bath, or visit for more info. stuart: pope francis wants to make changes to the lord's prayer. here is the suggestion from the pontiff. currently the reading is this, lead us not into temptation. here is how it could be changed. do not let us fall into temptation. joining us now, area my jaw johnson with the christian thinkers society, author of this book, "unimaginable." sir, any idea why pope francis wanted to make this change and what is your opinion of it? >> well, first off, pope francis is talking about the modern version of the lord's prayer, as you rightly said, stuart. he is not take issue with the greek manuscript evidence we have. he is not taking issue with the
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latin rendering. i really have no problem of it, truly the force of the greek does not allow us to be tempted but he can protect us from temptation. after all, stuart, james, jesus' brother, said in james 1:13 let no one say to you that he is tempted by god. the next verse says we are tempted by our own real vices. this is why i wrote my book, unmannable, what we would be like without christianity. there would be no moral code. or where temptation came from. law of the young girls you're a protestant, evangelical christian, in your church will you adopt the different line in the lord's prayer? >> what is so great about christians especially in the we believe in the priesthood of the believer. why christians need to develop biblical literacy. most people think billy graham preached sermon on the mount. biblical literacy is off the
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chart. we have smartest christians of all time in our churches yet most biblically illiterate. what this speaks to as christian i know there is overwhelming evidence for my faith, stuart. do you realize as historian i have to appeal to roman emperors as we have for jesus of nas rath e legitimate. in the christian faith we don't tell people how to think, we encourage them to think for themselves. we can discuss modern translations and how they get us closer to the original text. stuart: raise the issue of jerry brown, governor of california, he says, president trump is not worried about climate change. listen to this. >> i don't think president trump has a fear of the lord, the fear of the wrath of god, which leads one to more humility. this is such a reckless disregard for the truth and for the existential consequences that can be unleashed. stuart: the governor of
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california does not believe that president trump fears the wrath of god. your comment, pastor? >> well my comment i'm glad to hear god being referenced in the conversation. as i point out in unimaginable, world without christianity, no one would reference god. so i'm delighted by that. as christians we're to sufficienter is with those suffering, as hurricane evacuee i'm thinking about many californians having to evacuate their homes. having very uncomfortable discussions with their children. this is the beauty and power of the christian faith, scriptures tell us that god brings beauty proashes. i want to say this to the people of california. god's plan is not canceled by the trials you're facing. but i also want to say this to positive brown. we should fear the lord about things like integrity, things like fear of human life and dignity and preserving human life and dignity at all ages for all reasons. so i think that reference to god is helpful in this discussion, stuart.
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stuart: papas store--s pastor jeremiah johnson evacuated during the texas flood. our prayers are always with you, pastor, jeremiah johnson. >> merry christmas, stuart. stuart: merry christmas indeed. >> more people could face ahere, tax bill under the senate tax plan. we'll tell you who is effected and how much money we're talking about here.
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ashley: now this. a provision in the new gop tax bill could actually hurt small business investors. how could that be? gerri willis is here to explain. >> hi, there, ash. that's right. this would hurt small investors, mom-and-pop investors, not the professional ones. here is first-in, first out means. it would mean investors selling partial stakes in their stocks would unload their own shares first. this would allow the government to bring forward revenues. they believe they can get some $2.4 billion over 10 years. this sort of removes the flexibility of small investors to sell the shares they want. say you bought a big load of microsoft around kept buying it every year. would you have to sell the oldest shares of microsoft first. that no doubt would have appreciated the most t would be worth the most. so tax bill would be highest.
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now, let me tell you a lot of folks complaining about this, including td ameritrade wrote a letter to congress saying this, the proposal quote, inexplicably and unfairly discriminates against the main street investor using a buy-and-hold strategy. this is the way small investors invest, right? they invest over time. they find a stock they like. continue to invest every single year. this proposal would reduce their flexibility. i spoke to folks at the american association of individual investors this morning. they say they don't like this. they're getting complaints from small investors who have gotten wind of this. the big complaint is, it removes flexibility. also unknown at this point, unintended consequences that portfolio rebalancing could become a lot tough irfor folks who hold individual stocks. dividend reinvestment strategies. those might be screwed up too, if this goes through. this is one of many cases where congress seems to be interfering with individual investors
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ability to save, invest and take care of themselves over the long run. if you remember, there were big questions about care care and ira would be handled under tax reform. a lost suggestions they would cut our ability to manage our own money. i got to tell you here is another problem shaping up for small investors. you can bet thrill be lots of complaining, ashley. ashley: i have yet to hear anything about this, gerri. great job bringing this to our attention. we'll see if congress responds. very interesting indeed, gerri, thank you. >> you're welcome. ashley: people buying homes with bitcoin? believe it or not it is a growing trend. come up next hour a real estate agent will be with us and she has an issue with this. she will tell you why. more "varney" after this. often reveals a better path forward.
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... discover how we can help find your unlock.
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>> stuart: so, bitcoin gets some respectability, now that it's trading on an established exchange, trading began last
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night at 6:00 p.m. eastern and it gained 10%, trading was halted and it dropped and then it rebounded 20% and was halted again and that worries a lot of people that kind of activity. massive gains and intense volatility are signs of a bubble in south korea, this new bitcoin futures trading has been banned. they think it is a millennial casino. well, it certainly is a brand new and very disruptive technology. i don't think it's going away, what is it? it's a series of computer users calling what's called blockchain technology not backed by gold or the full faith and credit of the u.s. treasury. its value is based on supply and demand. problems? oh, you bet there are. the so-called bitcoin wallets can and have been hacked. bitcoin stolen, never to be recovered. there's a report that just 1000 people own 40% of all bitcoins. that kind of concentration allows manipulation, and what happens if there is a crash? all those lost dollars could
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affect the economy. there's also the problem of energy use. it is huge. one bitcoin transaction is said to use the same amount of electricity as one house for a week. bitcoin now reminds me of some of the wild new technologies introduced over the last generation. remember the dot com bubble? stable d coms emerged and investors loved them and made money. online selling went nowhere until amazon broke through and look at amazon now. i think the same will happen with bitcoin and other cryptocurrencies. over time, things will settle down, and winners will emerge from a sea of losers, but right now, it is a bubble and i am not in the gambling business. but the third hour of varney & company is about to begin. all right, where with renow?
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we just turned south, we're up 20 odd points, suddenly we're down one or two points i'm going to call it narrowly mixed with a bias to the downside. acceptable? >> go out on a limb. boeing and home depot weighing on the dow right now. >> stuart: boeing and home depot weighing on the dow. i love that expression. mattel, i'm not going to say it mattel warns of a weak holiday quarter they said that just two weeks before christmas, explain to me why mattel stock is there for up 2.5%? i have no explanation. that's mattel for you. >> bias to the upside. >> stuart: i'm not exactly out on a limb there. back to bitcoin. yes, i say it is a bubble, nothing there, jonathan hoenig, capitalist hedge fund manager love that name and fox news contributor is with us and now jonathan i think you're a libertarian as i recall all those years i worked with you so i take it that you fully aprove of bitcoin and you're in it's,
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invested in it and it's not a bubble a wonderful thing. >> well the irony is stuart at the top of the bubble no one actually thinks it's a bubble. you mentioned bubble from the late 1990s and they went up in 96, 97, 98 and then in 99 they went up 100% so stuart i own one bitcoin and i've made a lot of money on it and people will continue to make money on it and as you said will bitcoin end up being like pets .com or priceline? we don't know and until then, will the markets determining and it's deciding its fate. >> stuart: i think you and i both agree that the cryptocurrency whether it's bitcoin or whatever it is, they are here to stay. they're not going away and this is a really disruptive new technology right? >> right that's exactly it. you can't confuse the technology stuart with the price of bitcoin or any of these cryptocurrencies which right now really simply is a speculation. as you mentioned the other underlying technology has great
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potential not just in currency but across a lot of the elements of the economy. i have to say you mentioned you thought the futures markets now which just recently launched will make the priceless volatile and the of o pit is actively true. markets where there's futures markets make them less volatile so i'm from the camp that says the price of bitcoin will continue to go up but we're late in the game here by the time it's being talked about on the cover of usa today and it's more like inning seven or eight than inning one or two in my opinion. >> stuart: i'll take you for it now switching gears, look at this headline and it's from larry summers former treasury secretary. here is what he's saying. the economy is on a sugar high tax cuts won't help. you want to comment on that jonathan hoenig? >> well tax cuts won't help, stuart, unless there's also spending cuts and i think a lot of people are trying to look long term especially when it comes to the debt coming up on $20 trillion in debt. i think the economy is strong
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stuart but the market which tends to be a great leading indicator is kind of late in the game here. we're seeing fewer and fewer new 52 week highs, a lot of public bullishness whether it's from the president or anyone else talking about the prospects for a great economy next year, so i'm not a dooms day type of guy but i think we've had the longest stretch now without even a 3% correction in the markets, so i think it gives someone pause when looking out into 2018 and even beyond. it comes to putting a lot of money on the table. >> stuart: great to have you back on the show don't be such a stranger just because you're a libertarian doesn't mean you have to hide from us. >> any time stuart happy to be with you. >> stuart: thank you jonathan good stuff. now i want to ask the same question to beth ann bovino, the senior economist at standard & poor's. show me that larry summers headline again please about the sugar high. can we get that up, please? because i want, we would love to get it up and like to try. okay there you go. the economy is on a sugar high
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and tax cuts won't help. you're an economist, is he right or wrong? >> well certainly, this is the discussion on capitol hill has been going on the debate for some time. we at s & p global are factoring a tax package waiting to see what will happen how big it will be and we do see near term will give the u.s. economy a boost both 2018, 2019, but the big issue is demographics. >> stuart: hold for a second. you say when we get this tax cut deal done and we will get it done it will give a boost to the economy. now we are growing at what, 3- 3.3% now, can we reach 4% next year, if we get these tax cuts? >> well what we're looking at and our analysis first i'd say 2017 overall economic growth we're looking at still in the twos and in 2018 if we do see a tax package get through, we're looking at something closer to a boost to three, but over the long run, the issue we have is demographics. we have an aging population, labor participation rate near a
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40 year low and that means growth slows. if you don't have people working you don't have their productivity and you don't have growth and that's what we're looking at right now. >> stuart: to some degree you agree with larry summers? >> [laughter] i didn't listen to what larry summers said but in terms of our forecast we're looking at u.s. potential growth going out 15 years. it slowed down about 1% from where it was 15 years ago. pure demographics. the baby boomers are leaving. my mom and dad aren't planning on coming back to the workforce. >> stuart: yeah, but i'm not leaving it. >> [laughter] you look very young. >> stuart: flattery is the best of television welcome aboard. okay look i've got one for more you. gary cohen top advisor to president trump. he said we interviewed him on the show on friday and said look , the president is open to lowering the top rate of income tax on individuals, maybe down to 35% instead of 39.6 where it is now. move it down. that lets you, you can ease the loss of the salt deduction. just roll tape. let's get that on tape, please.
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>> stuart look, the conference committee in the house and the senate is working on delivering fixes for the salt states. they have the ability to drop the top rate. the president will be supportive of that. >> stuart: now the president will be supportive of it. now, you like the idea? >> well, as a new yorker sure, i'd love to see lower taxes how can you not beat that but again we have to look at the details and i understand that. >> stuart: in principle do you like the idea of bringing down the top rate of tax on individuals whether it comes down to 36, i don't care but bring it down substantially. do you like the idea? >> i'm wondering as a household, look, lower taxes is fine. i'm wondering also but you do have to look at how the promises work out into proposals and how basically the overall economic impact will be. overall, when we look at a tax reform we haven't had one in 31 years. that was back when the united states was a manufacturing
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society. now we're largely services so we do see tax reform as a real positive in terms of growth going forward, but the question is all those bells and whistles we'll leave that to the tax experts to decide. >> stuart: bottom line you see tax cuts as a positive for the economy next year? >> near term, we see a tax package as a near term boost. >> stuart: we'll take it beth ann bovino, thanks for joining us. >> thank you. >> stuart: i want to update you on the attempted terror attack on the new york port authority, the bus terminal here. it was a 27 year old young man from bangladesh extraction, a national. he's in custody. he was injured. he set off his own bomb that was strapped to him on a subway platform. he was reportedly inspired by isis. earlier this month, isis had warned of terror this christmas in times square and the port authority is very close to times
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square. the suspect is expected to survive. four others suffered non-life threatening injuries. any more updates we'll bring them to you as fast as we've got them. alabama votes tomorrow in the latest fox news poll is a surprise. it has doug jones democrat leading roy moore, republican by 10 points. that's a shock. we're on it. chelsea handler facing backlash after tweeting a video that mock s white house press secretary sarah huckabee sanders now, listen to this. a number, 1.7 million new jobs have been created during the trump presidency. 20 8,000 per month, that's the best since bill clinton was in office. much more "varney" after this. ♪ lightning before the thunder
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>> stuart: southern california
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wildfires, the thomas fire, reportedly grew by more than 50,000-acres, 5,000 more evacuations. overall the fires have destroyed what, 800 hopes and buildings and killed horses and forced more than 200,000 people to flee it began one week ago december 4 let me get to roy moore and look at this. the latest fox news poll shows doug jones the democrat has a 10 point lead, 50-40 over roy moore , the republican. dana lash talk radio host with radio america is with us. dana? i was really really surprised at that because other polls had put roy moore what, three, four points ahead and now the fox poll shows him 10 points down. >> dana: yeah, i know and stuart it's good to be with you good morning. it kind of goes back and forth and we've been following this and watching this ping pong back and forth over the past couple of weeks now with everything that's been hitting the news. the bottom lynn though is that
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stuart this comes down to alabama voters they're the ones who have to decide the ones who know these candidates and the ones who have lived with these candidates so it's a big decision for them to make and i know that everybody else on the east and west coast wants to make this decision and cast this vote themselves but ultimately it comes down to those who live in alabama. >> stuart: this poll was conducted from december 7, that would be thursday through sunday there was some thins very much in roy moore's favor in that timeframe. one of his accusers did not tell the full truth. the president does robocalls for him and says vote for roy moore and he's still down 10 points. when you don't admit to a look shock there? >> dana: well it's a little bit shocking and of course we'll see the rcp average has it a little bit closer than that although of course i would imagine with the admission of this latest poll that does change that average there a little bit, but i mean it's not surprising this has been a dirty campaign. this is one of the dirty its campaigns i've ever seen besides perhaps one of the previous
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senate races in georgia but it has been going back and forth and a little surprising we'll see. who knows maybe alabama voters decided they've had enough and maybe they're going to go along with everything they have been reading in print, maybe they're going to believe the accusers or believe roy moore and we saw this though stuart remember, let's not forget its been a little over a year ago after the historic upset with president trump of course and the republican victory that past november. the polls were all wrong leading up to that election so i'm not saying the same thing, it's the same thing here but it could be something similar. we're not quite sure but watch the rcp average, watch what alabama voters do i'm interested seeing exit polls as well. >> stuart: indeed, chelsea handler facing something of a backlash after tweeting a video that mocks white house press secretary sarah huckabee sanders watch this, dana. >> get this on my hand, and i'll just put it all over your face
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and like gravy. my face is a big fat biscuit and very accessible and you can get this at a drug store right next to the gun store. i know what you guys were thinking. she's only 35, i get it. i've got my dad's old face. >> stuart: i'm disgusted how about you? >> zane a: yeah, i'm so glad stuart the third way feminism has brought us so far we can attack a woman's appearance and try to shame her looks because we lack in a substance in terms of intellectual descent. this is i thought chelsea handler was supposed to be like all of women empowerment and supportive of females. say a hillary clinton doesn't care whether she aproves of her smoky eye. she's a working mom with a very demanding job so i think that makeup tutorials and this other stuff she doesn't have time for this and to sit here and go after her looks, do you know what stuart? i'm going to tell you, the lord has tested me this morning with
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some of the people and the comments because i really don't think that someone who looks like they crawled out of the bottom of a ash tray needs to be commenting on the white house press secretary's appearance. >> stuart: well take that. we heard that dana loud and clear okay now this, as you kno- >> dana: i've tried stuart. >> stuart: the house passed the conceal carry bill as you have a permit in one state you can take your gun to the other state regardless of the other state's laws your reaction? i've got to say i don't think this gets through the senate. >> dana: i think it's going to be tough in the senate. i think it's going to be a battle in the senate which is why millions of voters who went to the polls this past november and they voted with their second amendment rights in mind, i think that they need to be picking up the phones and calling their elected officials calling their senators daily to let them know they want this passed but i'm so happy to see this stuart because this is something that i have been hoping to see since i was a teenager since i was a young
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woman, i would love to be able to have to be able to carry my firearm with me no matter what state i go. now of course you'll have to follow different states regulations on that. that's a whole other discussion but i'm so happy to see this has gone through because this would be another promise kept by the administration but we have to have our lawmakers get it to the desk and i want to point out something as well really quickly stuart there is a lot of misinformation about conceal carry reciprocity and there are a lot of individuals out there and well-intentioned people frankly who are incredibly mislead and some people who i don't think have the best intentions that are saying these bills do something they entirely do not. it does not create a new class of prohibitive possess ors or put the adjudication for mental ly unfit or anything else except in the power of the courts. due process is protected so i'm really frustrated to see a lot of bad information about this particular, these bills being pushed out there. it's not true, and people shouldn't believe it. >> stuart: well said, dana lash
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always a pleasure. thanks for joining us. got it back in february on this program, the company "workhorse" that's the name of the company they unveiled a drone delivery service that launches from the roof of electric trucks. ups had tested them in florida, quite something. the ceo of the company is back. he will reveal the date of the first maiden voyage for their new passenger drone called "sure fly." he's on the show shortly. and we've been talking about bitcoin a lot but what about buying real estate, with bitcoin s? we have a real estate agent with us who is not a fan. she will give us the reasons why ♪ all you have to do is stay
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>> stuart: a new jersey police officer caught the moment that a fireball streaked across the sky this was taken earlier this month and it shows the fireball streak across the road before disappearing behind trees it was confirmed to have been a meteor. british youtube star has built a replica of the ship from star wars, the last jedi. the ship measures 14 feet high
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and took him and a team of four people two months to build this thing. the ship was a special collaboration between ebay uk. why is it on this program? because the producer thought it was cool and the movie opens very soon. check the markets, a very modest gain on the upside 14 points higher for the dow industrial look at this these are hospital stocks. there's a big merger in works, non-profit hospitals ascension and providence st. joseph healthcare, they're talking about getting together to create the largest u.s. hospital operator. consolidation, the name of the game throughout the healthcare business. but look at tesla it says its received orders for 90 of its tractor trailers, electric trucks by any other name. food distributer cisco and anheuser-busch the what is it? >> beer. >> stuart: the beer people that's right they're the latest to order the big rigs but they won't start shipping these things until 2019. tesla is up 3% nice gain.
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macy's executive chair terry london retired from the board in january of next year. the retailer is a mixed bag this morning. look at delta. it's going to start charging economy passengers checked baggage fees on flights to europe $60 for one checked bag, $100 for two. that's delta. some people in america have bought homes with bitcoin. next we have a real estate agent who says buying homes with bitcoin, well that's a big problem. here is her question. how can something so volatile be held in escrow? that's a very good question, we'll be back. i can do more to lower my a1c. and i can do it with what's already within me.
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because there's more to parkinson's. my visitors should be the ones i want to see. learn more at when it might be time to buy or sell? with fidelity's real-time analytics, you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today. >> stuart: 26 points for the dow industrial is at 24, 355. bitcoin, that's been the talk of the world i think in the last few days. i say that it's a bubble plain and simple and by the end of it there will be tears. let's bring in dan schafer, he normally talks to us about the impending huge drop in the stock market but now i want to talk to you about bitcoin. look i say it's a bubble and will end in tears. >> do you remember the tulip
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bubble? >> stuart: yes, he does remember. [laughter] >> this is absolutely the most ridiculous thing i have ever heard of. >> stuart: really? >> i'm a futures trader and i trade the markets. i'm looking at this thing even the exchanges put out a disclaimer there's nothing backing up this contract. there's nothing there. >> stuart: it's just supply and demand isn't it? >> it's speculation like going to atlantic city and putting money down. it's going to do its thing and run up because everybody wants to get into it just like fads, but the fact of the matter is, they're thinking it was originally designed to be a currency, now if they pay to you in bitcoin and the volatility was as extreme as it is today you don't know what your value is tomorrow, that's a big problem so the restaurants and places that take money are expected to take this. now i have another theory. >> stuart: wait a second at the
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moment you can't use it as a medium of exchange, but when things settle down surely there is room for cryptocurrencies in our society somewhere. >> i agree that electronic currency is good like the u.s. dollar, electronically. get rid of paper money. that i don't disagree with but this is just somebody makes it, you buy it and hope that the vendors going to take it when you want to pay for it for something and when you do pay for something and you sell it, it's a capital gain. you got to be taxed on that. it's not a regular currency it's an investment. now my other theory that's been going around for years is the speculation of a one world order and one world currency. whose behind this? whose testing this? whose got it out there? so i'm kind of like trying to feed through information that i get fed to me by a lot of people as to what is the real reason for bitcoin? >> stuart: we were told this morning that just 1000 people own about 40% of all the bitcoin s, and now that strikes me as being right foreman in
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ullages. >> that's like trading pork bellies. they're up or down because there's no mark and only two places in the midwest that do that. this is ridiculous. it just doesn't make sense at all, but people and emotions and the way humans are structured is wow, i've got to get into this because my buddy just told me that he made a lot of money on it. >> stuart: this is a rare moment of agreement because i think it's a speculative bubble and i wouldn't touch it with a 10-foot pole and you agree with me. >> i think it's worse than that. >> stuart: come back soon dan. still, on bitcoin, people are buying homes using bitcoin. not very often, it's not happening that much but it has happened. samantha debianchi is with us and samantha, i don't understand how we can possibly price a home in bitcoin when the price goes, the value of the bitcoin goes up and down by a thousand bucks a
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day if not an hour. >> right so the price isn't based on bitcoin but people are saying you can buy my property in bitcoin. does it actually happen? that comes into question. obviously there's a lot of volatility but a guy in texas actually bought a property in bitcoin and actually converted out to the seller in u.s. dollars come closing but because it went up so much, he bought the house for 4 million but then came out making an extra $1.3 million and he went and he bought a car, like any person would. >> [laughter] >> so let's just say look, i don't want my commission to be paid in bitcoin. i like cold hard cash and i'm a true believer in that because how do you put bitcoin into escrow? what about when you're a buyer all your contingencies are released and then what? what if bitcoin went from here to here and you're stuck? that's called a lawsuit that's a big problem and then the fact
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that this is all digital. you can't even identify who the buyer is, so we spend all this time and money trying to locate who the buyer is, whether it's legitimate, if it's fraud, and we don't know that and lastly, if a seller does actually accept bitcoin and not have it convert over again as you said before, how does it get taxed? because the irs looks at bitcoin as property and not as currency so it's a big huge question mark and i want nothing to do with it >> stuart: okay we hear you loud and clear but i guess if i'm a bitcoin owner and i want to buy a house and i find somebody whose got a house for sale and they're bitcoin people i suppose we could do a direct bitcoin exchange. i guess we could, couldn't we? >> of course you can. i mean you could pay ignition. you can pay in monopoly money if you want to, but you know what is it really worth? monopoly money could be worth more at some point. >> stuart: you operate in florida i know you do but have
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you come across this? has anybody that you know of even vaguely actually bought or sold a house with bitcoin? >> right now, there's property that is being advertised as accepting bitcoin but actually selling or buying it through bitcoin, i have not heard of that in florida. that's not to say it hasn't happened but again for the most part it's only one part of using it so it's the buyer saying i want to pay in bitcoin but come to closing, you're actually just converting it to u.s. dollars to the seller but again, that leaves a lot of question as to what it's going to be worth once you get to the closing table. >> stuart: samantha i think you've done an excellent job in burying this whole idea it's just not for you. samantha samantha debianchi, thank you for joining us. >> thank you. >> stuart: the national sheriff 's association is backing attorney general sessions in a push to defund sanctuary cities. are they going to make it this
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time? i know what you're going to say. before you comment on bitcoin, you can not upset a previous appropriation made by congress. >> correct. >> stuart: you can only change appropriations in the future. >> i don't know if the president is going to get the strings attached he wants because he needs 60 votes in the senate but if he did get those strings attached meaning if a president donald trump budget or appropriation say $100 million to the city of chicago to support the public education system, has the strings attached you accept this money, all of your people, police and clerical and civilian employees will cooperate with ice. that is a valid and forcible contract and the hundred million doesn't come all at once it comes monthly so the fed's could stop paying it if the city stopped cooperating but only when those strings have been attached before or at the time the money is accepted, not afterwards, is it enforceable. >> stuart: but it looks like this is in the longer term away
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around, a way of defunding sanctuary cities if he gets the 60 votes. >> if he gets 60 votes the term sanctuary cities will fade because the cities are so desirous of federal dollars they will do almost anything to accept them, and the federal court decisions that have blocked for example, attorney general sessions from holding back the money all say the same thing. this wasn't agreed to at the time the money was accepted. if it was agreed to it's a contract because the supreme court has been very clear on that. >> stuart: you've got 20 seconds left do you want to make some comments? >> i'll tell you why i was groaning, as much respect as i have for our colleague on the other side of you saying bitcoin is valueless, dollars are value less. >> stuart: none says. they're backed by nothing created out of thin arizona by the banks and by the federal reserve. >> stuart: the promise on the part of the united states treasury to pay the bearer the full faith and credit of the
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united states treasury, that has value. >> and what value would that be when the united states government can't borrow any more money, because it already owes $25 trillion? >> stuart: the value will sink. >> oh, so it might be worth something but a lot less than what it reports to be. >> stuart: you've had your fun. gotcha. >> accounting for taste. >> [laughter] >> stuart: terror this morning in new york city right here an explosion set off during the rush hour commute at the port authority terminal. that's the suspect's home by the way. that's where all of the cops are on the left-hand side. the police identified the suspect and said a low tech device was detonated in a subway passage. it caused chaos during monday's rush and four people were injured. we'll keep you up-to-date on this developing story.
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up next, the trump growth agenda , infrastructure is supposed to be a trillion dollar plan here is our question. who pays? but first, listen to this. a wealth management robot now has more than 10,000 clients, could you trust your money to a robot, the judge has no comment on that. >> [laughter] 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.
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>> i nicole petallides with your fox business brief, today may be the day that there is an announcement, a solid one between apple and shazam. apple right now is up 2.5 at 183 and shazam is the music identification company and lets users take their telephones, point it to your audio source and identify who and what you're listening to, and in the meantime its raised $143 million from investors and competes against apple music and spotify. gnashes am and apple already are integrated in that you can listen to your songs, hear it, like it, and then have the ability to buy it on itunes. according to tech crunch this deal has been in the works for about five months, and we could hear a deal now in this last hour and it may be roughly around 400 million. again, all according to their
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>> stuart: denmark's bank now has 11, 500 clients in his wealth management unit using a robot. this robot is called june. it targets retail clients and small businesses who normally wouldn't have the resources to figure out how to invest. june asks a bunch of questions, gives you a recommendation, and the investment limit is 160,000
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bucks per person, 11, 500 people do that. >> it's a robot. >> stuart: in denmark. no further comment. now this, what do you mean? president trump expected to unveil his infrastructure plan next month, the price tag is roughly a trillion dollars. look whose here? former hud secretary on the president clinton, secretary welcome to the show. >> secretary: glad to be with you sir. >> stuart: i think this is where republicans and democrats can combine their forces and agree. >> there's a lot of bipartisan support for the concept of infrastructure because it's going to create a lot of jobs stimulate the economy and for the long-haul, enhance the nation's competitiveness. >> stuart: you're for it that's why you're sitting next to me. who pays? >> well, it's a trillion dollar plan the president has advanced, about 200 billion of it they propose will be governmental funding. the rest are hoping to stimulate a whole series of incentives that will draw private capital.
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for example, pension investments and others to the infrastructure space and that's very doable. >> stuart: but then you have to have a rate of return. >> you have to be able to monetize the resources so a lot of infrastructure can be monetized emergency in toll road s for example,, bridges, airports who charge fees and concessions and so forth. stuart: do you really think we're going to go for toll roads and bridges at this stage? >> as an alternative to not building infrastructure the answer is yes. we've seen this extensively in europe, britain, spain and other parts of europe, in australia, in asia, and i think the day has come in the united states where we're saying we have a $1.5 trillion sportfall. we have airports that are inadequate and bridges that are, 65,000 bridges in the united states that are dangerous. >> stuart: so you think they could be built or rebuilt with private enterprise? >> absolutely. private enterprise and capital is not quite private in the
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sense of high net worth individuals, but for example, pension systems that are looking for longer term investments what's called bond-like investments. >> stuart: if i my call you by your first name, mr. secretary, henry, you've come a long way. you can't believe the private enterprise can actually build roads and bridges and airports successfully? >> i have always believed that i was mayor of san antonio in the 1980s. >> stuart: but you're a democrat. >> [laughter] a texas democrat. there is a difference. >> stuart: if we get this thing going next year, and i think we probably can, how big a stimulus to the economy is it? >> i think it's a very big stimulus to the economy but the real long term pay off is competitiveness on the world scene. more and more we have to have the ports for example,, the ports of los angeles and long beach import 40% of all the cargo coming into the united states. they need to be enhanced. the roadways to them, the railroads to them, et cetera to
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bring those goods then into the heartland. people fly out of beautiful airports in asia and in europe they land at kennedy and they say which was the third world country that i was just in? >> stuart: sar casm is a low form of witt, mr. secretary i'm sorry we're out of time but very interesting to get a democrat on board with something that involves private enterprise. >> can i say just a quick word about the pending tax reform? there are infrastructure aspects in that. elimination of private activity bonds would be a serious blow to bringing private capital to infrastructure, and so would some of the other aspects of tax reform that need to be thought out, so i would just in more the conferees to think not just short run or immediate but think how are we going to build our infrastructure within the tax reform. >> stuart: positive democrat input. if you're not careful you'll be back on this program. you lose all your friends. >> [laughter] thank you, it was a pleasure.
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>> stuart: christmas, what two weeks away exactly. if you're mailing gifts you're ranking out of time to make sure those presents are under the tree. today is the first of several deadlines set by delivery companies. the postal service says drop-off your packages before they end up today if they're going to a military base or diplomatic location and also the last day to ship via fedex smart post and americans are expected to deliver more than 15 billion pieces of mail this holiday season. all right, now this. the company which brought us the first delivery drone is now introducing the first passenger drone. we'll deal with that and show it to you, next. ♪ oh, yes wait a minute mr. postman ♪ cannot live without it.
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comcast business outmaneuver. >> stuart: the first passenger drone to fly in america will make its maiden voyage next month. it is called the sure fly drone, and the workhorse group will fly it. workhorse group ceo steve burns makes his return to our program right now. steve welcome to the show. >> steve: hi, stuart. >> stuart: that thing goes up in the air with a lone pilot?
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>> no no it has a pilot and a passenger. >> stuart: well it's not a drone then it's a helicopter? >> no. well, we reinvented the helicopter after 78 years. if you look at the helicopter literally 78 years ago and today not much has changed so we thought why don't you have a helicopter in your garage to commute into this commute. you come in at 4:00 in the morning so it comes down to a few things. a, they're expensive, b, very difficult to fly and c, they have a lot of single point of failures. if one thing breaks on a helicopter bad things happen. >> stuart: how much is yours and what's new about it? >> right so ours is $200,000, which for a helicopter is very appropriate or cheap, if you will, and then the main thing is it has eight propellers and those are electrically driven so you can lose a propeller, maybe
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even two should you strike anything in the air, for example , and then you can, the generator, there's a gas generator that generates electricity and if that should ever fail, you have a battery pack. five minutes to get down and on top of that it has a ballistic parachute that can carrie the whole thing down. >> stuart: does it have the things that go around the top, what's the name of the things, the blades? >> the props, it has eight of those. so the reason everybody calls it a passenger drone is it looks like your classic drone. it's just a cockpit, two people, and then four arms, two props per arm. >> stuart: did you fool us and get on this show by saying that it was a passenger drone knowing full well that it's a helicopter >> [laughter] well, no no, we proudly say we're reinventing the helicopter but because it's a new category it's difficult to pigeon hole it into a spot. >> stuart: so you call it a passenger drone? >> that seems to be the general. >> stuart: $200,000, it needs a
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pilot, has all kinds of auxillary power. >> redundant power. >> stuart: it makes its maiden flight next month. when do you think you might have it on the market? >> so it's a regulatory issue, of course, right? so getting the faa to aprove a new type of aircraft and electric backup helicopter if you will so they've been working with us very readily. we're really pleased with their, they don't want to really stive el innovation so it seems like a new and improved government agency so we're trying for 2019. >> stuart: a new and improved government agency not trying to stive el you? >> well they're trying to use common sense and not stifel innovation or us but because around the world these things are popping up this is a new category called vertical take off and landing electric power, so lithium got there, carbon fiber all of the components are there so you're starting to see it so i think they don't want america to be left behind. >> stuart: stick with the name
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passenger drone. got you on the show steve burns thank you very much, sir appreciate it. >> thanks stuart. >> stuart: there will be i promise more "varney" after this . . . . .
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stuart: all the talk is about bitcoin today. one thing that emerged this program is this. this is a report. 1000 people control 40% of all the bitcoins. lizzie, i don't like the sound of that. liz: i know. it is the cftc supposedly going to oversee currency trades to be sure there is no pump and dump action. right? you could have a block of people agreeing to buy bitcoins to jack the price up, and cash out within minutes. ashley: you're absolutely right. i think there's a place for cryptocurrency. what is the regulation?
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what is it backed by? the real concern this is bubble. the concern that speculative money coming in and people will get absolutely killed. stuart: i wouldn't touch it with a 10-foot pole. neil it is yours. neil: what did peter lynch say, if you can't explain it, don't buy it. that is a mouthful. thanks, buddy, very, very much. we're following up on what could have been a very different start to the day but because of the terrorist attacker screwed up right now, it doesn't look as nearly as bad as it could have been. still there is so much we don't know about the attacker. just had he not botched this, again it is too early to say the degree which he botched, could have been a much more massive damaging attack, we'll never know for sure. what we know, they're counting their blessings in new york city right now. connell mcshane with the very latest. hey, connell. reporter: neil, this attacker,


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