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tv   Varney Company  FOX Business  November 16, 2018 9:00am-12:00pm EST

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think would help the market. >> maybe won't do a fourth. >> but tone will be a little bit different i think that's very encouraging. >> we'll leave it there. thank you so much for joining us today have a great weekend. have great weekend and as well as sunday among on futures varney and campaign begins right now. stuart take it away. stuart: good morning maria, good morning everyone. what a week. almost 500 points for the dow. plunging oil prices, gas coming to down to a buck 9 at some stations. big tech stocks go into reverse, and relative quiet from the president. what about today? down for stock at least to opening bell, up 200 thursday down what about, 100 as of this friday morning. look at that nasdaq looking shaky as well. gas -- well that's really falling fast, still -- national average down two cents overnight at 265 cheapest gas in the country. delaware, averaging 2.30 most
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expensive california at 3.66 as if they don't have enough trouble. price of oil a modest recovery there back to 57 a bairlg barrel as we speak. big stocks premarket who knows where they will close. this friday morning premarket all of them are down. every single one of them i have apple unchanged at 191. question -- how's the economy doing? very well thank you. at 3 to 4% growth we are a standout. and america's top banker jamie diamond says it is going to keep on going he says next year will be fastest global growth on record now that's a bold statement. "varney & company" is about to begin. >> ladies and gentlemen, i do not want to wine, those of white
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house live and work in new york have a very tough commute home last night, and again into work this morning. we were slammed by the first snowstorm of the year. not just us, the midwest and up and down east coast. traffic stops flights, disrupted -- what else you got liz? >> bridges shut there are crashes on the 26 car pileup on george washington bridge. the bayonne bridge was shut. there was -- looking at buses crashing into each other and 120th street. the port authority was overwhelmed with bus delays. you're looking at the crowds packed right there new york city was brought it a stand still by a storm they haven't seen likes of 136 years. stuart. >> well, that's poor performance on part of the local authorities. do you think that mayor bill de blasio will take any political hit from this? >> new york post is reporting yes. because democrats of politicians are in new york are sitting in their car you know calling into local media saying de blasio is not ready that he's basically
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incompetent but i love how democratses are wine about this they think this is spring break to them. but, i mean, their seasons are winter winter is coming and winter again. so thing is that -- the mayor should not have been caught flat-footed they have sanitation plows on bridges when the port authority plows should have been there so new york city literally was caught footed and they shouldn't have been because they were forecast of a storm it was it shall twice worst than expected. >> i don't to wine -- because it won't go down well -- but -- [laughter] or buffalo it was particularly awful. look at that pileup happening. yeah, nobody saw it coming. that i think weather forecast is got it wrong. actually -- the local authorities didn't know what hit them. a good point. they try their best. enough of the wininglet get so some serious stuff and financial program and we're political program too. seems like president trump has been relatively quiet since the the election especially this week.
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joining us now fox news contradict tore james freeman is a wall street journal editorial kind of guy. am i right, a, has he toned things down in and b, is he doing it so we can get along better with democrats in the house? >> maybe a little less volume we're still seeing discussing on twitter name still pretty aggressive talking about florida recounts, and going after president macron low poll numbers in france so there's been some of the normal chatter this week. but -- i think to your theme of no wining, even though this is -- magical season if we traditionally have airing of grievances i think this is a moment to avoid that. and to think about tone and being -- showing some humility and gris and courtesy he's got an issue you see it in journal nbc and other polls where people like policies but often don't like him or his delivery. so a lot of this is much easier
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to fix than other issues. he's already done the hard part in materials of getting washington to reign in its regulating and it is taxing a fair am. he's got economy moving again now i think -- a good focus and a good opportunity with nancy pelosi is for him to show that courtesy and humility and grace we like to see in presidents so an opportunity. >> cease the opportunity that's the the question isn't it? can he resist twitter account? >> and the media won't help him because they don't want to tell this story. but i think he can show a real contrast here and it may sound fun hawaii because his behavior on twitter, et cetera sometimes seems juvenile. but he can be the adult in washington because you have nancy pelosi who's values are not shared by most of the country being pulled even further left by alexandria cortez and new rock stars many democratic pert a sober serious
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president contrasting with that could be -- could make for a very successful couple of years. >> on occasion president does watch this program who knows if we with get a explosive tweet to respond to you. ening we'll be monitoring. we will. all right. by the way the dow has turned around down about 200 an hour ago. now we're down about 100 that's premarket, preopening of wall street. i want to get to amazon. oh not everybody is happy about its move to queens. big protest in the city. some local politicians don't like the tax breaks that amazon is getting they say, new york got a raw deal. now look who is here. bradley tusk is with us he has a very big name on wall street. this guy is more famous than i am. is that right? >> no one is nor famous than you are. >> good answer you'll come back. did amazon get a real sweet heart deal? >> every city and in every state in america offered a swee heart deal i think amazon got the process very right when they
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were able to say hey here's the promise of what we can create in your city and your state and your town, and where they went wrong and for company and andrew cuomo governor of new york is thinking that when it was announced every new york politician would say hallelujah instead they said why are we giving you in tax subsidies why are we building for jeff bezos and own subway don't work and they have a big fight on their hands. >> upstate new york is mad about this because their tax money is being used to attract a business to the city. where they're ailing upstate. >> i think that's true both upstate and across the city too. >> i have to talk to you about facebook. i've got two pet peeves with them. number one i think they've got too much power. they know everything about about two billion people, and that worries me. number two, they are censoring political opinion. do you see any regulation coming down the pike which would address those two concerns? >> i do. i think what's interesting on facebook is -- it's a new technology but their
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mistake is classic one which is coverup what's worst than crime. facebook created something as zuckerberg was unique if you have more than christianity has you're doing something right. but you can't anticipate every way that two billion people misuse this platform you can't anticipate every single way that a foreign government is going to try to manipulate it and rye to smear everyone who says pores you should say here's what we know, here's what we don't hoe. here's what we can do here's what we can't do and let's work with regulators to figure this stuff out by delaying that for so long an trying to hide for so long, they're brought that upon us. >> regulation is coming. strong tough regulation are. >> i think you're going to see both parties move towards it. got to talk to you about über we've reported they've made a billion dollar loss in latest quarter. growth rate is slowing down a bit but they want to go to ipo next year are they ready? >> look honestly they should a
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couple of years ago. über i've been a shareholder working with über since 2011. so i've seen this thing since pretty much the beginning. they're accompanied with a incredible amount of vision and you're betting on long haul vision like amazon in, you know, in 2001 or two whatever it was. so if you believe in that vision you're going to believe in it regardless of whether the q3 loss went up or down. it's if you're über believer it is because the big picture. >> i am told that you're the guy who got über into new york city. [inaudible conversations] you know where i'm going with with this. beat back taxi cartel and you made a hundred dollars as we were doing that. >> as we were discussing earlier don't say you got lucky. we did figure out how -- how to use our other mirrors to fight for über against tax cartel both here in new york city and every city in america. where i was lucky i would argue, is that über was so young when i started working with them they
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couldn't afford my fee and take an i could yeah what the hell. and it paid off pretty well. >> 100 million? >> we'll see what ipo -- >> ipo is worth 100 billion you should -- we'll pay the mortgage. [laughter] >> are you going to come back? >> if you'll have me. >> that was really cool. thank you very much indeed. >> a unicorn spotter. dges i like that. that's the banner that -- under. >> yeah. [laughter] mr. tusk thank you appreciate it. >> check some individual stocks moving this friday morning. start up with nordstrom sales fell shrt and company forced to refund some of it credit card customers. because they overcharged them. 72 million dollars worth of refunds, stocks and stocks down 10% now that's a big move for nordstrom. revenue falling short at williams sonoma down 11% on another retailer give a weak sales forecast for the holidays
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they're blamed unsold chips to piled up since cryptocurrency mining boom called off it was one of the highest flying tech stocks look at it now down 18%. 36 dollars lower, some serious big time moves this morning. as for futures overall, as i said we were down about 200 a half hour ago, now we're down about 100. in florida, the gob thattorial recount over, ron desantis beat andrew gillum heading for manual recount rick scott has a 12,000 vote very unlikely that bill nelson can evercome that that's the state of play. down 37 straight day we have a gas guy on the show today. he says we can see another ten to 25 cent drop in coming weeks now that's news. and you'll hear it here. president trump threatening a government shut down at his border wall isn't funded he wants 5 billion will he get it? i'll ask the question, next.
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here's latest on california wildfires, 63 people have died. california regulators and closer look at pacific gas and electric the big utility there, what you got on this? >> thinking of breaking it up this is a public utility commission now it popped because they're saying no to bankruptcy for pg&e but safety issues are so on the radar screen stuart, this state officials in california saying 17 of the last major 21 fires in california were caused by pg&e eight of the fires referred to prosecutors. so the issue is why is pg&e what is going on there? consumer watch dog are saying hey, utilities have given a lot of money to governor jerry brown is he going easy on legislation and oversight of the utilities here? it is a big fight now brewing in california. >> that's a pop and a half on stock 47% higher. this morning is that because they're saying we're not going
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bankrupt? >>s that right. that is correct but you're what they're going to do is pass on liabilities to rate payers 150 dollars a year increases in their bill to pay for pg&e's mistakes here. >> well all right that's news. >> we're staying on it. politics president trump reportedly not ruling out a government shutdown if he doesn't get pupgd for the wall. wml radio host with us now will he shut down government he may do it? >> a lot of people ho voted for president did it for five simple reasons cut taxes renegotiate nafta, judicial nominations, don't beat hillary clinton, which was a really important one, and build the wall. 4 down, one to go, and president knows he needs to show that progress and these republicans in congress over last two years they've been delaying and putting this off and say we can't fund building the wall because we'll lose reelection guess what they lost reelection. and the president is willing to
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stand for something and the republicans in congress one of the reasons are they lost to reelection is because they didn't stand for something. >> with migrant still coming in numbers, there's a political demand that you've got to stop them somehow or another on a wall. >> every democrat in congress should be asked by responsible journalist how do you stop people from cross our border? how do you stop these thousands of people? they don't have an answer only answer is the wall. smg find me a responsible journalist please -- >> in my argument, i'm sure you saw what elizabeth warren said quoting now, backs are blowing a hole in economy and regulators must take action. well the real question here is, are the democrats in a position to roll back the deregulation are of the financial industry? roll it back, what was already got can they do that? >> not unilaterally but i try to achieve one of two goals either make you laugh or surprise you. and i might surprise you i think senator warren has a bit of a
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point here make no point running for 2020 rying to fear monger but we have a lot of leverage lepgding going on even fed has admitted that and slightly down this year. but it could be a real problem. it's those cover innocent light loans i'm sure you're familiar with. i think something could be done here and by the way nancy pelosi and whoever leaders end up being in house they're going to want to demonstrate to their voters that they can work on some things and a bipartisan fashion. i think there's enough deficit and conservatives in the house and senate who also see this as a problem. who would love to take this off the plate figure out a solution. that isn't a heavy handed overregulated solution. >> but also be another area are of possible compromise with a trump administration and republicans. >> that's right. that's right. we get something. but the interesting thing to watch is do they really want a solution that democrats especially those running for president. there's elizabeth warren want a slews or does she want a big campaign issue? that's the question. >> i think the latter. but that's just my opinion.
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[laughter] politics. larry i hope it toes snowing down there because it has up here and we're not wining any longer. thank you. >> we'll never stop wining down here. [laughter] going to be down about 100 point on the dow industrials. we're up 200 yesterday down about 100 at the opening bell at the current pace. amazon here's a story -- amazon's alexa may have witnessed a murder -- police now want amazon to turn over recordings. full story, coming up next. see that's funny, i thought you traded options. i'm not really a wall street guy. what's the hesitation? eh, it just feels too complicated, you know? well sure, at first, but jj can help you with that. jj, will you break it down for this gentleman? hey, ian. you know, at td ameritrade, we can walk you through your options trades step by step until you're comfortable. i could be up for that.
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that's taking options trading from wall st. to main st. hey guys, wanna play some pool? eh, i'm not really a pool guy. what's the hesitation? it's just complicated. step-by-step options trading support from td ameritrade
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i am a techie dad.n. i believe the best technology should feel effortless. like magic. at comcast, it's my job to develop, apps and tools that simplify your experience. my name is mike, i'm in product development at comcast. we're working to make things simple, easy and awesome.
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police in new hampshire say an amazon alexa device may have witness withed a double murder joining us the cyberguy, now, police want to get at that recording. and they're going to because judge has had said amazon you must turn over anything that was recorded in the specific period surrounding this double homicide. >> i just don't like this whole idea of a device listening to and recording stuff inside my house. that's what they're doing right? >> it is big brother times million. i mean, this is -- a reality of we have these devices that are bringing convenience into our lives. automates all of our lives we love to engage and alexa to piengsd out weather, recipes whatever else. but it never occurs to us until something like this comes up
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that it is also recording the things in -- in storing them on a server somewhere where a judge could say -- give me everything stuart varney has ever said to you. is that fair? up to judge not to you anymore. >> hijack big brother. i don't that in any house. >> they're not -- they won't destroy the tape a of my conversations inside my house. it is on a server somewhere. >> so you can go on your app go to activity and hear and look at everything you've ever talked to alexa about. and you can delete that from your phone. it doesn't mean it is deleted on server side so it is there somewhere. i'm told that somebody went to a house which was organized by alexa screamed in the front window oh, alexa open the door. unlock front door and dead bolt slid open and inside the house they walked this was a security test done by a security firm
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realizing there wasn't voice recognition of a voice signature to authorize a command into alexa and there are voice strong enough to get through a closed window if someone has an automated lock at home. >> do you have one in your house? >> i have an alexa we keep them in the common areas of the house. i will not allow this sort of technology in the bedroom or any other private spot. >> okay i wouldn't have one in my house surprised when i go to look to see what i asked because my recipe that i have found. i'm surprised what's there. this is way too much information sitting in one place. that -- i know what it means does anyone else know what it means and what happens when you combine whole family's dna of your voice commands together sitting on someone's server what power that gives to amazon people. so intrusive and argue that it offers convenience and they can learn from you and whawns we need new paper towels.
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great to have you on the show thank you sir, quickly how's market going to open on friday morning a volatile week and down about 120 points. stay there please we're going to take you to a volatile wall street in one minute. what if numbers tell only half the story? at t. rowe price, hundreds of our experts go beyond the numbers to examine investment opportunities firsthand. like a biotech firm that engineers a patient's own cells to fight cancer. this is strategic investing. because your investments deserve the full story. t. rowe price. invest with confidence.
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open this market in 20 seconds
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man has it been up and down week several days this week thus far. we have seen 500 points swings for the dow industrials. that's called volatility, i don't think it is going to end today. we're looking at a loss of maybe -- eight maybe 120 point when we start trading and we're starting trading as of boom, right now at 9:30 eastern time. off we go. where do we open? down 46, down 06 down 64, down 63 i see a lot of red on left-hand side of the screen. more than half of the dow 30 are in the red. and we're down 60 points. we're maybe getting lower when other stock open now let's let go of this. we're down 1/3 of one percent that's a loss of 91 point on dow. the s&p 500 where is that opening this friday morning? that is down about a half percentage point that's a big up percentage loss for the dow industrials. how about the nasdaq is the key to what's beginning on with technology stocks way down? a loss of a full 1% point on
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nasdaq down 72 points. might as well take in big techs right there at the opening bell they've all opened lower facebook is down 2 buck amazon is down 34 apple is back down to 190 alphabet that's google down 9 bucks. a small loss for microsoft holding at 107. we need help. so here it comes jonathon and elizabeth macdonald all with me this morning. jonathon wild week for stocks that continues where do you think we end the year? >> well, still excited to be with you and to talk about plant a seed day -- [laughter] stuart -- let's talk about something is that really matters nots plant a seed day but market as you said this is wild and cut to the chase i think it is qeak. this is an ugly tape yesterday 300 new lows only about 30 new high and google name like city group and names like goldman sachs are tremendously weak. i think you hold off from buying
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this is still a falling knife of a market. >> there's a strong word for you okay we have to look at boeing been underfire since that lion air crash wall street journal says southwest airlines replaced the the sensors in the 737 max jets that were implicated in crash. what do you got? >> here's what's beginning on those in the boeing aircraft bisquely was put nose of the plane down qard for about 10 seconds. if the -- if the red angle in fear that flame was going to stall out so all push into down mode the south, southwest trouble shooting weeks before indonesia crash that killed 180 people southwest pilots according to wall street journal report dlil could not engage automated throttle setting similar to cruise control so couldn't override it to southwest saw it so issue for boeing and responsible for a quarter of the dow losses this week. >> up today lost 700 points this week you're telling me that a
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quarter of those 700 points will because of boeing? >> that's correct. >> we're down more. down $2.39. >> coming out of indonesia families. got it. apple you might say going hollywood partners with a movie studio a24 to make future length films smart move for apple you think? >> definitely a smart move service an content have been a big part of that business and building up 15.of the revenue today and 20% by 2020. content network services, that's growing lost phone sale and ipad sales going down. >> saying buy a pl on this dip. correct? >> i am i think you should but wait a little bit until after holidays still correction going on market momentum is actually happening. >> okay here's high flying technology stock that has fallen down. low -- look at this -- he gave a weak sales forecast who are holidays with unsold chipping piling up because of the the cryptocurrency mining
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bomb at center of that that boos called off nearly 20% down 38 dollars, 163. jonathon, in video used it be a tech darling. what exactly happened? >> yeah. well rising tide lifting all boat with a falling tide if you will and her name is like that bitcoin and cryptocraze was thing that could only happen stuart in a period of what just wide tech domination with name like fang microsoft and seeing opposite of now names that are leaders are lagging and when you see a big cap name it isn't some bulletin board microcap a big cap stock getting ten, 15% in one day i think it is a reason for worry. >> you're a tech guy that's what you do you like at this 163? >> i think it is good. all of the stuff that's going on with ai driveless cars all of the computer that's in the cloud but once again i wait to pick it up but it is a good tip --
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it is a hell of a tip -- [laughter] down 38 bucks today. wow. all right amazon starting black friday early. deals are going live today. jonathon gearing up for a strong holiday shopping season, obviously. i am in line with that. i think it is a great holiday season. >> i agree with you it will likely great holiday season best example is consumer confidence in just we've talked about fact that oftentimes economic data is lagging market is lead ling so expiet the fact that we have with had a terrible october so far this week has been a week for stocks consumer confidence is high to help retailers i don't know if it is beginning to help amazon, however, perfect typical example of a great stock, great stock in the way up. but in a weak market amazon are are going to continue to get punished i would avoid this name despite this good news. >> so are retailers lngd side of the screen most of the big guys are all down today. check big board we're down
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overall -- volatile week and it be continues 25,100 that's where we are. become to retailers nordstrom sales fell short that had to refund credit card customers after overcharge them and to give them back 72 million dollars. look at it go down that's a major retailer down 13% become to 50 on nordstrom. revenue falling short at williams on guarantee that stock is down as well. it is 13% lower. now the price of oil that made news earlier in the week. modest rebound we're back to 57 dollars a barrel this morning that's up a buck. but the price of gas wall tumbling down 265 national average down two overnight 37 straight day it has gone down by the way gas buddies patrick they check gas stations all across the country he's on the show. he says that next week we could see hundreds of gas stations all around the country. selling gas below $2 a gallon
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he's a favorite guest when he says that. nike flash ship store of the future, in new york city, 6 floors full of brand new customer experiences, that's important word experiences. what do you make of that experiences ray? >> important right gone through a massive dingal transformation and part of that is offline online so immersive experiences with the right stuff to call ahead to order sneaker pop in pick it up and they'll have it are the for you that's what they've been doing in shanghai and taken store into the u.s.. >> okay. you're a techy guy it workings for you you can call them up when you get it -- [laughter] people like me -- >> and this is the future of retail stuart. i mean, we've talked about amazon putting retale out of business they have to transform themselves as ray said into experienced centers. where you don't pick up shoes you put them on and play against a virtual lebron james in effect so more of this starbucks has done this all over the world. not just coffee houses but huge
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flagship experiences, if brands want to step out they're beginning to have to step in to major retail -- plus for nicki. don't you want that experiences? >> either store -- [laughter] i'll dodge that question. and by doing so i'll dj a bullet what do you got? >> other things popping up mixed reality. you can try things on you can feel it and see what's going on and then you walk out and might buy it and might not but they caught your time and attention that's what they want. >> i want a dressing room mirror that makes me look skinnier. that's what cameras are supposed to do. look as we say big experience and fifth avenue and something down a buck. okay -- a senator elizabeth warren or general screens she says banks are blowing a hole in the economy regulators must take action. come on swrawn thon should banks be really seriously concerned about this political threat? so noneny banks need to be
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regulated they've been regulated since the 1920s and they've only gotten more regulated every time bernie sanders, elizabeth warren and people on the right wing you know, including people on right wing tengd to get involved. net result is more disaster, i mean even 2008, it is coming seemingly knowledge now people say oh banks cause a financial rice sis it was a regulators that cause the financial crisis so you know, if president wants to effort more deregulation banks in financial services are great place to start. >> and they're all down today by the way. bernie sanders rolling out the stop wal-mart act, it would block big employers from buying back their own stock unless they pay all employees 15 bucks an hour. i don't like the deal of legislating wages what do you say ray? >> seen this already 15 dollars an hour hurting a lot of cities some places rolling back you've seen what happens in new york city, seattle states are rolling it back what's actually happening people who have jobs are getting kick. but if you're starting out to get that first job, you're
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losing out in the marketplace. smg a matter of principle to me. don't let politicians regulate and legislate wages, period. >> yeah and control economy means stuart something is so -- ominous about a legislator who would launch a bill saying, stop wal-mart app. wal-mart is american treasurer and employer we should -- and legislator should be doing everything to benefit private companies. not stop them. >> you know what bernie sanders -- always ignores as a benefit that these companies are, you know, trying to give out including not wal-mart but amazon. >> you've heard it first on "varney & company." wal-mart is american treasure ain't that right. time is up everyone ray and jonathon thank you very much for joining us very important day. appreciate you being here. check that big board down 100 points just over 100. 25,100 is where we are. to britain, that is cause for vote of confidence for prime minister trees may, will there be a second referendum on brexit
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nigel will join us later i'll ask him the question. second referendum is it comes and as member of the caravan begin to arrived at the border president trump is not rolling out a government shutdown because he wants border wall built get on it. and talk to louie goldman about that i know away when he's going to say. check this out a 19 million purchase by this painting by david who broke the record for work by living artist ever sold at auction. more varney after this.
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>> friday morning, 15 or 13 minutes into the session we're down about 100 points. i want to get back to that winter storm that really hurt people in the northeast. janice dean, seeing fox news senior meteorologist is with us. will you admit to getting wrong? >> yes. now i will say this, the forecast track was right. that timing was right. it was off by a couple of degrees. so we were trending more of the warmer storm we were going to see burst of snow we're talking about new york city here. a burst of snow in the afternoon, and then -- it was going to transition from snow to sleet maybe freezing rain and then rain. but because the temperature was cold, cold or at the surface and different levels of the atmosphere that we look at, the atmosphere is like a slicing of temperatures. right -- because we got that wrong by one or two degrees, it was more of a snow event and it lasted a duration of several hour hoes
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and instead of maybe just an hour before it transitioned. otherwise, it was a great forecast but i will tell you this. this was an overachieving storm from the very beginning houston, texas got flurries for the -- for earliest time in their lifetime but they've been reporting and then across the south as well portion of alabama, mississippi, louisiana, the got their earliest snowfall as well so then when it got to d.c., d.c. overachieved as well they have three inches of snow when we were predicting a dusting and then rain. so you know what -- >> i'm glad you kind of fessed up made a mistake. you -- slightly wrong. there's a lot of people really angry. pfnlg of course absolutely. public transit was ridiculous they did not salt the roads they didn't treat roads but i will say this. even if you have less than inch of snow you need to treat the roads. so this morning we've got our mayor in new york city blaming the forecasters we'll take the blame i would wrath per people be overprepared than underprarred. and --
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he wasn't prepared. well city was not prepared. >> not to blame and we'll take the fire but you know what, mr. mayor, you need to treat your roadway even if there's less than an inch of snow which is what we were forecasting. ening janice dean you're all right come on admit to a mistake about that. interesting always good. it is good. not exact science and be nice to your local forecasters. take compliment while i'm giving it -- [inaudible conversations] >> janice dean never -- >> request that stuart varney. see you tomorrow with a better forecast. [laughter] >> federal government as we know cracking down on menthol secrets roll tape. >> so we've been running public process we've heard these public health concerns, and we're going to be initiating a process to look at banning menthol flavoring of tobacco this will be a public open transparent process to take time and it will consider all public health factors and thoughtful.
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banning menthol secrets people smoke them you know joining us now is greg smith with advisors he's a cannabis investor amongst many other things. if they crack down on thol secrets like that what do they do to cannabis if it is ever nationally recreationally okay? >> that's something that folk have been con any distant of when it is scheduled in the fd airings begins to regulate this market, it is going to -- keeping out of hands of kids how do you do that? >> it feel like there's better enforcement that's what's happening in cigarette market which children certainly 18 are able to walk into convenient stores buy cigarettes we need to tight opinion safeguards keep cigarettes out of hands of minors. >> but it won't mess up industry if it goes national recreationally? >> i think we're seeing last week elections we brought legalization to several more
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states including michigan. i think for the fist time ever you're seeing gallop polls register at 66% of americans now want the legalization of cannabis so wins are continuing to grow in that direction. >> i saw cannabis companies profits or losses this week in general how do they do? >> in general i think it was a mixed bag. we have a very it few weeks in cannabis. i didn't get that but just been explode with a vast new market. >> you ever hear by the rumor and sell news. so i think many of these are fully priced these names i would not buy any of these name for myself. i wouldn't be surprised to see us even hit an air pocket in names in the next several months and you can see decline of 20 to 40% of some of those larger. >> you want expect that in a brand new industry almost like a.com. >> the base of many of these names continues to be low and
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shallow we're coming in year end many fronts had a really, really bad october ones that might have cannabis names and with a lot of volatility in their books might not want them on portfolio year end for investors to look at and filings hitting tap and see what ownership shows but i think many are smoking pot that don't -- >> whatever you say. but message is, become off this is a brand new industry some that lose it. >> great things happening in industry it is professionalizing, and it is very bullish but i would buy any of these public names. >> honest man thanks for joining us. check that market we've come all the way back now we're down 29. gas prices -- don't you love it. falling for 37 straight days. now our next guest saying we can see prices fall another ten maybe 25 cents a gallon. in a matter of week. talk about a christmas gift i just love it. make his case in a moment.
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got a map for you. these are some of the cheapest gas prices at different stations around the country. all of this according to gas buddy.com. stations in at least six states selling gas for less than two bucks a gallon. lock at if go down all over the
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place. patrick is with gas buddy and he is with us now. all right i've got a national average of $265 patrick, how far down does that go? >> i think we could see it go down to 250s maybe the 240s stuart and throw something else out we've added 7th seat now tennessee became 7th state with sub two dollar a station popped up in memphis for a dollar 99 but back to how low could we go oil prices bounced up a little bit. you're likely to see more rhetoric cutting oil production to be big drop in oil at least for next few weeks gas prices drop like you said maybe earlier maybe 15 and 25 cents. now price seems to be coming down sm faster than it used to come down and previous periods when the price declined. it guess up rapidly used it be that it come down slowly this time coming down quickly. is there an explanation for that? >> well we're making up for lost
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time here, you know but it's a much more condensed bigger drop because of the dramatic fall on price of oil usually things do move much slower. i can't think of the last time first of all we've never had a consecutive ta-ta climate like we recently saw in oil 12 days straight so that was really a big punch to the price of oil that's why gas prices are falling so significantly buzz that condensed 25% drop in the price of oil since october. >> now, in the states which we have on map there down a buck i see a buck 83 right there. are those gas stations using this as kind of a loss leader? maybe they want to be on tv? so they put price at the a buck 9 knowing that we're going cotosser them with good advertising is that what's going on? >> in some of the areas that louisiana station first of all louisiana has lowest gas taxes in the country and they have refineries in their backyard as well so they may not be much money stuart but not losing
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money either. >> you know when you fist came on this program, a few years ago you used to have like a t shirt and jeans now i see a fancy banker shirt look luke a suit you're doing quell? >> saving people money is lucrative business. >> that's a goods one liner sir. patrick it's a pleasure thanks for being with us. appreciate it. >> thanks stuart. facebook -- is responding has responded to a scathing report in "new york times." disekerburg calling it unfair that doesn't interest me so much. my problem is with with censorship and power of these social networks. got an editorial on that after this break.
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stuart: facebook is reeling. "the new york times" published a scathing report on mark zuckerberg and sheryl sandberg's leadership. delay, deny, and deflect, that
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is the "times" judgment of facebook. facebook responds calling the criticism unfair but admitting that facebook was slow to respond to the crises it faced. personally i am not interested in the details of how they handled trouble and i'm not interested who said what to whom. i have a problem with censorship and power. i don't like the free speech of conservatives being censored by faceless, facebook employees. that is what they're doing. they claim to be rooting out hate speech. okay. but why is support for president trump defined as hate? if you want something done about millions of illegals in our country, why are you a hateful, anti-immigrant kind of guy if you say it? i don't like your politics, facebook. i'm tired of you shoving your views down america's throat. then there is power. here is the real danger, the handful of multibillionaires that run facebook and google know absolutely everything about everyone. and when artificial intelligence
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is applied they will run your life even more than they do now. imagine that, a couple of calfornians with all that power over a couple billion people? there is something wrong with that. notice how their public image has changed. a few years ago zuckerberg was boy wonder, the 20 something who would bring the world together. now he has been on a apology tour and he is playing serious defense. i think it is high noon for him. the second hour of "varney & company" is about to begin. ♪ stuart: look at that. if you hang on that shot long enough we'll going positive. almost. we're down a point. i will take that. that is complete reversal from the opening bell we were down well, there you go, we turned positive. we can expect that on the market this week? that is what we've been seeing.
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price of oil, nice rebound there, not all the way back to 60 bucks a barrel. up 2%. gas, as we keep telling you, very important story, keeps plunging. we're at 2.65 as the national average. down two days in a row. here is something important, nvidia at the lowest level since august of 2017. gave a weak sales forecast for the holidays. it is on track, i should say, for the steepest loss in 10 years. that was a high-flyer. it is down 17% in one day. other chip stocks are down as well. let me go through them. kla, xilinx, mks, all of them down, not that big big of a losr most of them. intel is actually up about 1%. let's get back to facebook. as you heard i say they have got too much power over what information they see, and they do a lot of censorship. illinois congressman adam
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kinzinger is with us. he is part of the energy an commerce committee. adam, if i'm not mistaken your committee could be the one that regulates facebook and social media. what could you realistically do with facebook, when they have all that power and all that censorship? can you change that? >> that that is a tough questio. as free-marketeers all of us can quit facebook. if somebody says that is fine they can know about every i search thing i have and all my friends use that to target products. at the same time though we're getting into the area, facebook is very successful. there is nobody that can compete like they have. but where does this encroach into monopoly? where is the point we need to understand they're collecting even more information than the government has, and what level is that? i think from our committee's perspective, we've done hearings on this.
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i think we need to get a grip what is that line. stuart, it will take years to find where the line actually is. stuart: what you have got to do, is not bust up facebook and google, not ruin them, because that is not what we want to be doing. but at the same time, you have got to rein them in, to the point they don't have monopoly power and don't have censorship position. i'm looking at the stock, adam, i don't think you can see it. they're down another four bucks. they're below $140 a share. this is retreat for facebook. i think they see something coming at them? >> yeah. i think so too. this is where, i've been more confused about like facebook and twitter, some of these companies not taking a more proactive look, a proactive approach how they will police their own policies. with the russian interference issue, by the way, i don't think russia made donald trump president by any means but no doubt they did facebook ads. it should be in facebook's
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interest, hey, this is how we're attacking that, this is how we're addressing that, by putting that stuff out in the sunshine the russians work and different groups work, put that, inoculate us against that kind of information warfare if you will. like you said at the opening part of it too, the idea they basically sit there, determine what is the correct thought, what is considered hate speech from their left-wing starting ideology is a big concern. stuart: adam, we wish you well on your committee because you have got a tough job, you know it, it will take years to rein them in. i hope you can do it. adam, thank you very much for being with us. >> you bet. stuart: come on in david bahnsen with the bahnsen group. he is the cio there of. tech companies across the board they have been really beaten down. is this a time to buy any of them? >> if you're talking about new tech, cool tech, big tech, the stuff i've been talking to you about all year, stuart, no, it's
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not. i think there are technology companies that don't belong in that sector, that are not fang names but are value names. look at cisco's results yesterday in a week where the market is down 1000 points, going up 4%. continuing to pay over 3% dividend yield. they're growing double digits a year. they have repatriated $70 billion from overseas. and they are completely reinventing their company. i have used cisco in a totally different category than these overpriced behemoths like nvidia and facebook. nvidia is down 43% in five weeks. this is the kind of carnage that i always felt these names were vulnerable to. so at this point i think they remain overpriced. you mentioned all the other political problems going on. it is not for us. stuart: very interesting, david. one more. as you know i'm sure, bernie sanders rolled out the stop walmart act t would block big
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companies buying back their own stock unless they pay their employees 15 bucks per hour. i don't like this. i don't think it is going anywhere. i don't like it on principle. i don't think politicians should be legislating what a workforce should earn. what say you? >> yeah i don't think it really worked really well in the old soviet union either. i don't think it was popular in libya. venezuela is not really act selling in such a an idea. this is not something that can be discussed only on a basic market, and invest economic level. this gets to the core who we are as a country, what we believe idealogically about free men and free markets. that is completely anti-american and it won't accomplish any of what he is saying he wants done anyways. it is statism. it is bad policy. other than that, i don't mind it. stuart: other than that -- good one, david. sarcasm though is still a low
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form of wit but, give me, i know you're a dividend investor, you're a yield investor. you want something coming back at you not just capital gain, give me a stock you own, you bought, that pays you a strong dividend guaranties you for the future. tell me? >> you said the guarranty word. we have regulators and stuff watching. i will not see any dividend guaranteed. refer to ones paying for 60 years and 80 years, year-over-year. i have to first tell you, it is not that we like dividends. we like growth of dividends, a very key, important differentiator. we want companies growing their dividend. it tells us there is confidence behind them growing their free cash flow and growing their business. blackstone is wonderful example of a name that continues to grow the dividend. the stock price is growing with it as they keep growing earnings. every name in our portfolio we believe to be such. names growing dividend through time. boeing and amgen done this over
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the years. i don't think dividend are at odds with capital gains. i'm arguing more reliable, low volatility way to get capital gains. stuart: okay. >> there is a few examples as you go into your pre-thanksgiving weekend, my friend. stuart: full disclosure, because of your recommendation i did buy some blackstone. i thank you very much indeed. >> yes, sir. stuart: thank you, david. >> happy thanksgiving. stuart: and to you, my friend. big hour for you this friday, the caravan, migrants, went to the u.s. border patrol agents in arizona started detaining some of them. 650 in the last few days. president trump says he is willing to shut the government down to build the wall. texas congressman, favorite of the show, louie gohmert on that, next. democrats going after big business? alexandria ocasio-cortez outraged over amazon's tax breaks coming to new york.
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bernie sanders promising to go after walmart. we're on it. keurig with a premixed cocktails. what is wrong with going to a bar to have a mixologist do it for you? i will talk to "bar rescue"'s jon taffer about this. second hour of "varney" just getting rolling. ♪
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stuart: it's called volatility. not going away. 45 minutes ago we were down 120. 45 minutes later we're dead flat. actually two points lower. that's it. now look at nordstrom. here is a retailer taking it on the chin. they have been forced to refund $72 million to some credit card companies. their sales fell short, down
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13%. similar story at another retailer, williams-sonoma. their sales fell short, they are down a similar 12%. big drop there. venezuela, rolling out new i.d. cards for its citizens. what are we doing here? we're talking about real social control by a government the likes you have never seen before. emac? liz: this is astonishing. zte is embedded with within the venezuela. they will track venezuela jobs, income, property they own, medical history, their social media presence, their political party and their voting. what they are doing in venezuela, it is mind-boggling, stuart. you talk about silicon valley controlling the population, they're basically saying they will link it to the government welfare program that venezuelans take ad lang of, in order to reward the loyalists and punish their opponents. this is to funnel more government resources to the loyalists in venezuela, again
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punish opponents via the state i.d. card. stuart: that technology is being used in china. and iran i believe. is that correct? liz: iran and north korea. the way they get it, watch this. if you're a citizen of venezuela helping do things like get out the vote you get a cash prize to sign up for the smart i.d. card. stuart: shocking. really is. liz: it is disturbing. stuart: president trump is willing to shut down the government over funding for the border wall. come on in republican congressman louie gomez earth had of texas. do you think he is prepared to do that, go all the way, shut down the government if he doesn't get five billion to build the wall? >> i think we ought to give him more than that but i think he is prepared to do that. because he knows he will not get it the next year or the following year. just breaks my heart, stuart. i go back to september in each of our last two conferences, republican members, i got up,
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said, people, the president will have his voters come out in 2020 and vote for him again because they see he is done, tried to do everything he promised but they don't have a reason to come out and keep us in the majority because we haven't even helped him with money to build a wall. and that was a central promise. let's at least put money in a bill before we leave for october. not only did we not do that, we left a week early. we didn't help the president. and, georgia i think is a good example. i understand there were 20% less voters than president trump got and democrats had 15% more than hillary clinton got. it was almost devastating to that state. so the president knows what should have been done and we didn't get it done. so the least we can do is do it on the way out after having screwed up. stuart: as you know, louie, the caravan, the migrants in the
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caravan, some -- >> oh, you really mean there is a caravan? i thought cnn, msnbc said there wasn't one? it is interesting that it exists. wow. stuart: sarcasm is low form of wit, louie, you knew that anyway. >> at least there is some evidence of wit. that is good. stuart: more coming. the ones arrived i think they are in some tent he encame papment waiting for -- encampment waiting for processing. isn't this argument for building the wall? >> this is irrefutable evidence we need a wall, people can't climb up, sit on top of and mock our border patrol. we have to do this to keep any sovereignty whatsoever. stuart: okay. i don't think we'll build that wall, do you? >> i do. i have that hope that springs eternal in the human breast. i'm counting on our president to stay good on his word.
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actually i know our folks, our republicans are scrambling to try to make sure we get money in there for the president to build a wall. and it could be done with reconciliation where we didn't even need 60 votes in the senate. our speaker was a former budget chair. it can be done. brad burn has a bill that would allow us to get that done with more than five billion for the president. it can be done. we just need to do it. stuart: give him the backbone, louie. >> we're working on it. stuart: i know you are. >> thank you. stuart: thank you for joining us, louie. appreciate as always, sir. fao schwarz, that is a very famous toy store closed its flagship store in new york city, that is, in 2015. now it's back. i want to know why it closed in the first place and what is different about it now? we'll go live to fao schwarz next. ♪ give isotoner gloves
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stuart: on your screens, marijuana stocks, most reported profits or losses this week. this is how they're doing today. mixed bag, no big moves for any of them, except for tilray up 2 1/2%. tobacco stocks, yesterday the fda announced a crack down on menthol cigarettes. tobacco stocks mostly lower, with the sole exception of vector group up four cents. the rest of them down. iconic new york city toy store, fao schwarz, it's back. it closed in 2015. it's back. lauren simonetti is there. lauren, why did the store close and what is different about the new one.
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reporter: the rent was too damn high, stuart, it was. tens of millions of dollars per year when people weren't shopping in stores. they were going online to buy stores. going to discount stores or walmart, target to get their toys. things have changed. this is the first holiday without toys "r" us. fao schwarz reopened. it will open today, any minute now, for the first time in three years. i am going to tell you about everything that is different. first i want to show you what is exactly the same because this brings us back to our childhood memories. the iconic clock tower, it is still here. you have those crazy, ridiculous plush animals like this, almost 2,000-dollar guerrilla. what's different is -- gorilla. what is different you are not dropping 2-g on this guy. you want to come into a store and get an experience. that is the what fao schwarz is
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doing this time around. there are scientists building volcanoes and making explosions. there is a place where you adopt the a baby and go through the whole process. you can check out, build, engineer cars. this is very much about the experience. this store is a third the size of the original fao schwarz but they have a three billion dollar hole to fill with toys "r" us not be here. where do you buy toys? there is no place to go these days. foa schwartz, they will try to open stores overseas and doing things differently this time around. stuart: we like the volcano and gorilla, whose name i believe is stuart. good to see you. that is not true. it is a joke. two weeks away from the g20 summit where president trump sits down with china's xi xinping. we have a guest that says china
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is desperate to reach a deal. we'll hear from him. i hoped you watched yesterday. elon musk's brother came on the show. he is on the board. he refused to answer. talk about his project, plant a seed today. i lost my cool. jon taffer is known to lose his cool every now and then. what did he think of my performance? watch this. think my viewers want to learn about plant a seed day. >> are you kidding me? it will be amazing. stuart: they don't care, kimble. they don't care! liz: [laughter]. they really don't care. stuart: i don't think so.
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stuart: don't care any pictures of chairman mao, ain't going to do you any good anyhow. liz: that was good. stuart: in the '60s that was radical thing to say. we're at 25,300 where we are. big tech names opened lower. most are still lower. apple up three bucks at 194. there is a recovery. microsoft a little higher, reaching 108. the rest on the downside. facebook struggling to hold 140. look at pg&e. a california public utilities official saying the agency doesn't want pg&e to go bankrupt should it be responsible for the california fires. this is reported by bloomberg. that stock had fallen 60% in the past six days. it is back up 33% as of now because, the official says, not
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going bankrupt. look at retailers. disappointing numbers from nordstrom and williams-sonoma. that is dragging down most of the other retailers as well. look on your screens. nordstrom, williams-sonoma, chico's, bed, bath & beyond, et cetera, et cetera. all of them down big time too. just this week we've seen several prominent democrats targeting business, big business. alexandria ocasio-cortez went after amazon. bernie sanders launched his stop walmart act. maxine waters says she will go after the banks. tammy bruce with us, fox news contributor. >> happy friday. stuart: what do you make of this? this is full frontal attack on anything like big business? >> this is posturing. elizabeth warren is making good points. the leveraged loans are up to 1.1 trillion. stuart: hold on. senator warren said the banks are blowing a hole in the economy? >> that's right. she is seeing the same trend. she argues that happened in 2007
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and eight. she is worried there is not enough oversight. her action with mnuchin and with the fed, saying what are you doing? are you watching this? she is asking questions which have to be asked because the leveraged loans are coming back and she is concerned about that. that is reasonable. the american people should be concerned. we don't want the same thing to happen. on the other hand with bernie sanders this is all posturing but his positions regarding minimum wage with walmart, it is not just stop walmart, it would affect every company with over 500 employees. you can't rebuy your stocks if you don't give your employees a certain wage, if you don't give them certain things we think are appropriate. in the short term i suppose for existing employees would be great. what it does, kills hiring of new employees. you will stop reinvestment in a company which allows it to employ people and even expand. walmart employs 2.1 million people. there is a reason they're able
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to do that. because they're successful. we want that to continue. this is the suggestion, that the government is going to tell you, the government of all places, look at the last eight years under obama. destroyed the economy. destroyed jobs. and there are also now, with the jump economy, people, if you don't like where you're working you have alternatives. the worker is now the value. and so companies are competing for you. under the socialist system, there is no competition. so the government has to declare what you have to pay. stuart: there is a difference here. the socialists want to legislate wages. >> yes. stuart: tell businesses how you can use your capital. >> correct. they want to control -- stuart: capitalists have the opposite point of view. >> as we've seen under obama, it creates a boot on business and the ability to make a living. you become a part-time nation. problem with alexandria ocasio-cortez is the same issue. she is complaining about amazon getting subsidies, right, like new york city. she should complain the but it is contrary what she herself has been advocating for. for every job amazon will create
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in new york, new york taxpayers are paying $48,000, for every job. yet in begin i can't think same number of jobs are costing virginians $22,000 a worker. cortez complained on free college, medicare for everyone, same dynamic. if she doesn't like taxpayer money going in to fund people's lives but that is what she is arguing for. stuart: i have breaking news. want to get it to our audience, battle between cnn and the white house. a judge issuing a ruling temporarily restoring jim acosta's press pass. cnn sued the white house after his pass was pulled last month after his confrontation with president trump at a news conference. the judge says acosta should have his pass restored on fifth amendment grounds. that is coming at us.
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okay. i want to move on to trade. we've got president trump meeting china's xi xinping later this month. trade is the focus there. come on in blake burman at the white house. have you got progress to report for us here? >> progress, sure, both sides are talking stuart. as larry kudlow points out dealing with two world powers is a good thing. china presented list to the united states earlier this week as related to possible trade reforms. here is what i can tell you. one, what china would negotiate on. two, what china would not negotiate on, and three kind of the middle ground, what is currently up for discussion as well. however, sources that i spoke with earlier today that should not be viewed as any sort of major break through. not that there is any spiking of the football that those i speak with on the issue that are knowledgeable about these trade discussions. president trump and president xi
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are going to meet in argentina in three weeks at the g20. the sides are talking but still appears there is a long ways to go as china essentially talked about what it will talk on, what it won't talk on and potentially middle ground potentially. blake, thank you very much indeed. we'll see you later. i want to speak to stephen moser, author of the book, the bully of asia. stephen, you say china is desperate, your word, to make a deal. make your case. >> absolutely. we've seen for the last two years on the chinese side delay, delay, delay. they first thought when donald trump was elected president they could offer sweetheart deals to his family. they could bring out unpaid lobbyists from k street in washington, d.c., chant on the street corners, free trade, free trade, he would buckle like presidents before him. he hasn't done that. they tried to play the north korea card. that didn't work. they waited for the midterm
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elections, stuart. they interfered in the midterm elections. in way. they bought inserts in the "the des moines register" to criticize the trump administration. they targeted tariffs at trump's political base, political tariffs. they were essentially attacks on products produced by states that support trump. that doesn't work because all 15 soybean producing districts in the united states reelected republicans. they also tried to use their control of the media here in the united states. they own radio and tv stations. the trump administration said fine. you want to do that. you register like russian tv, rt, as a foreign agent. all the efforts in the midterm to interfere with the election, to weaken president trump have failed. it is no surprise finally after months and months of delay, they finally put something in writing, put something in writing. that is a step forward. i don't think everything will be resolved in buenos aires on
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november 30th. but i think the clock is ticking. what happens on january 1st? the tariffs go up from 10 to 25%. china is desperate. a lot of things moving in the bad direction. stuart: we made this point before, it is worth returning to it, are they hurting more than us? >> oh, absolutely. you know, we don't have good measures of things like consumer confidence but look at expensive liquors, they are sitting on the shelves and chinese are buying cheaper liquors. look at apple suppliers, we talk a lot about supply chains, things sourced in china. we have seven suppliers of apple products moving out of china to places like vietnam, to places like india. reopening assembly lines in the philippines. thinking about moving back to the united states. so if they lose that business, from china, that business is gone forever. i think that above everything is worrying the chinese leadership. stuart: they are desperate as you say. thanks very much indeed to
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steven. we appreciate you being with us. good stuff. >> thank you. stuart: now this, british prime minister theresa may trying to save her "brexit" deal. other "brexit" chief resigned. there were calls for vote of no confidence in her leadership. nigel farage will join us. he is basically the father of "brexit." i personally don't think it will happen actually. does he agree? we'll first deal with facebook reportedly fired oculus chief palmer luckey because he supported president trump. later this hour we'll talk to insider being a republican voter there is a kiss of death for your career. what a story. ♪
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♪ liz: the gas buddy guy, patrick dehaan, joined us earlier and told us where he thinks gas prices will be by the end of the year. take a listen. >> could go down in the 2.50s, maybe the 2.40s. stuart we just added a seventh, tennessee had sub 2-dollar stations a station popped up in memphis at 1.99. you may see opec taking the role of the grinch here. oil prices bounced up a little bit. you may see more rhetoric by
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opec to but for the next few weeks gas prices continue to drop. you said earlier maybe another 15, maybe as much as 25 cents. ♪ at t. rowe price our experts go beyond the numbers to examine investment opportunities firsthand. like e-commerce spurring cardboard demand. the pursuit of allergy-free peanuts. and mobile payment reaching new markets. this is strategic investing. because your investments deserve the full story. t.rowe price. invest with confidence.
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stuart: volatility. down 120 at the opening bell. we're down 108 hour and ten
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minutes later. no idea where we will close today. the founder of oculus, goggles, vision thing, his name is palmer luckey. reportedly he was fired by facebook because he supported president trump or candidate trump in the 2016 election. ha mead dillon, republican national lawyers association joins us now. much hameet you have strong opinions, you say if you're a conservative in the silicon valley, you say it is the kiss of death for your year? it is that bad? >> we had recent surveys by independent tech groups, shown the vast majority of conservatives very uncomfortable being such at work because people mike my client james demoore and palmer luckey and at other companies are discriminated for their views and fired and this is prime example of it.
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stuart: what troubles me about google, facebook, the extraordinary power that they got, knowing everything they have about all of us and censorship about conservative opinion. do you think regulations are coming which will be tough enough to address those concerns? >> stuart, as a conservative i have mixed feelings about more regulation of our businesses. stuart: good. >> however, we have existing regulations in place that would cover a lot of these issues. for example in california, it is illegal under our labor laws to fire somebody for the political views. so what facebook did in this case is illegal. they reached a settlement with mr. luckey. we have antitrust laws which can help with market concentration of revenue and power between these two companies. we have federal trade commission for unfair business practices. we have state laws for unfair business practices, fraud, theft of data, of consumers. so i would like to see prosecutors, i would like to see private entities, and i would like to see our federal
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government apply existing laws more stringently. the thing that needs to be done, look at immunity under communications decency act, section 230, which allows companies to do it whatever they want, excuse it on the grounds they're immune of liability because of that law. stuart: be an optimist for a moment. conservatives are optimism. look down the road five years. do you think facebook and google retains the same degree of power that they ban now. the same political persuasion in terms of their censorship? >> as an optimist, i will say, that, you know, as a realist, i will say it probably doesn't look good. as an optimist if over the next two years the senate and perhaps even some liberals in the congress, together with our president, take action to stop the overwhelming power and abuse of that power that these companies are wielding in the
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market, yes i think we can see some positive changes. there are already by the way these companies trying to self-regulate themselves in an effort to avoid that regulation but in europe, for example, they have already been significant wing-clipping boeing on there with regard to the abusive privacy violations. stuart: take the money off them. why don't you. always a pleasure. >> thanks, stuart. stuart: got a number for you, big one. 81% of the homes in san francisco, the bay area, not just the city itself, but the bay area itself of san francisco, 81% cost a million dollars or more. liz: i'm astonished by this. the number of million dollar homes nationwide is like 3.6%. but in san francisco, it is 81% are a million dollars or more. you know, democrats like to talk about a housing crisis. you know what i mean? excuse me in california, nearly 1/3 of the homeowners there, renters, renters, rather, pay
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half their income in rent. so, yes it is silt con valley. yes the tech industry driving home prices up but it is astonishing the speed of it because the number of million dollar homes in the bay area has tripled in the last five years. stuart: i bought my first house in san francisco. liz: yeah? stuart: 30th street, san francisco, bought it in 1979 for $60,000. that house is worth well over a million dollars. liz: what was the mortgage rate on that? stuart: 12 1/2%. thought i got a bargain of the out of time. love to talk about it. keurig launching a pod-based cocktail machine. premixed cocktails and beer apparently. what is wrong going to a bar, a bartender, mixologist doing it? let's see what jon taffer, "bar rescue" guy, thinks about all of this.
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it's also a great time to learn about an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. here's why... medicare part b doesn't pay for everything. only about 80% of your medical costs. this part is up to you... yeah, everyone's a little surprised to learn that one. a medicare supplement plan helps pay for some of what medicare doesn't. that could help cut down on those out-of-your-pocket medical costs. call unitedhealthcare insurance company now or visit aarpmedicaresupplement.com for your free decision guide about the only medicare supplement plans endorsed by aarp. selected for meeting their high standards of quality and service. this type of plan lets you say "yes" to any doctor or hospital that accepts medicare patients. there are no networks or referrals to worry about. do you accept medicare patients? i sure do! see? you're able to stick with him.
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like to travel? this kind of plan goes with you anywhere you travel in the country. so go ahead, spend winter somewhere warm. if you're turning 65 soon or over 65 and planning to retire, find out more about the plans that live up to their name. thumbs up to that! remember, the time to prepare is before you go on medicare! don't wait. get started today. to learn more about the range of aarp medicare supplement plans and their rates, call or go online today to request your free decision guide. oh, and happy birthday... or retirement... in advance. stuart: cnn has released a statement following a judge's decision to reinstate jim acosta's press pass. i will read the statement for you. we are gratified with this
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result and we look forward to a full resolution in the coming days. our sincere thanks to all who have supported not just cnn, but a free, strong, and independent american press. that is cnn's statement. accost tahas been reinstated with his press pass. we're up, not as much as five minutes ago. 79 points higher. look this is volatility writ large this week. we've had several days of 500 point swings. the swings so far today has been about 250 points. it's still volatile, up 78 at the moment. and now this, keurig has teamed up with anheuser-busch to make the quote, drink works home bar. okay? similar to the keurig coffeemaker but this new machine uses pods to make cocktails, beers and mixed drinks. how do you feel about that? let's ask jon taffer, the host of "bar rescue." wait a minute. what is wrong with your bar guys mixing at the bar?
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what do you need this thing for? >> it is an interesting machine. they have draft beer systems for homes with small little kegs. they have wine-making systems for home. so this is logical progression. the problem these are shelf stable products. so they're non-refrigerated concentrates and powders. so it is not exactly like a fresh class of orange juice with your vodka. stuart: no, it is not. i don't like the idea of powdered tomato juice in my vodka. >> the beer is called brew, because it's a concentrate or powder that produces a beer tasting product but it is not actually beer because the moisture is removed and then reinstated. so we'll see how works out. stuart: what about the alcohol? >> the alcohol you add on your own. that is separate. stuart: you buy vodka, whatever, you stick it in. what about the beer? >> the beer, you put liquid, the water from the unit creates a beer-type of product but they can't call it beer. they call it brew. it is limited release.
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they're just releasing in st. louis, then florida. they're saying we won't really see it until around 2020. we'll see if it even works. stuart: i know you well, jon taffer. i read between the lines. you're not real enthusiast of this? >> i'm not. stuart: thank you. i have another won john, for you. don't go away. as everybody knows by now i spoke with elon musk's brother, his name is kimble musk. oh, it got heated. roll tape. >> thank you for having me here. i'm so excited about plant a seed day. stuart: hold on. i know you want to get to plant a seed day. i understand entirely kimble. >> i'm proud of the tesla. we're doing plant a seed today. i'm happy for the future of tesla. stuart: i'm sorry. i don't need to know you're happy about the future of tesla. >> what i would like to say i'm so happy about the future of tesla. plant a seed day in 2019 will be a way for companies across america to participate. stuart: come on.
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you think my viewers want to learn about plant a seed day? are you kidding me. >> it will be amazing -- stuart: they don't care, kimble. they don't care! deep breath. sorry about that. jon you regularly shout at people. how did i do? >> i thought you did great. had you thrown maybe a plate of seeds it might be more effective. i think you're ready for a guest spot on "bar rescue," for sure. stuart: really? what do you think i would do on "bar rescue"? >> take the aggressiveness to the next level. together we would be great. stuart: in all seriousness you feel about the way about your viewers the way i feel about my viewers. >> you want to be honest. stuart: i want to be honest with them i want to ask questions about valid things know about. i'm not interested in being sold a bill of goods about national seed day five months down the road. >> it is your show. when they take you off track it is not fair to your audience. stuart: you regularly shout and
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scream. >> it worked. i don't think he will be back talking about seeds very soon. >> you get reaction. you lose your cool a little bit. >> sure, just like you did. it is not fake. we're true to our audience. that honesty is why you're here. stuart: we should coanchor a show, jon. >> i'm game. stuart: there is money in it. we could lose your cool together. >> yes. stuart: mr. taffer. come on back soon. thank you, sir, appreciate it. coming up. this is something you will not hear about on the evening news, oh, no. america is the world's standout economy. we don't know that. some of the other bib economies are actually shrinking. you didn't know that, did you? sit back and enjoy the trump growth agenda ride, please. my take on that next. ♪ welcome to the place where people go to learn about
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their medicare options...
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before they're on medicare. come on in. you're turning 65 soon? yep. and you're retiring at 67? that's the plan! well, you've come to the right place. it's also a great time to learn about an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. here's why... medicare part b doesn't pay for everything. only about 80% of your medical costs. this part is up to you... yeah, everyone's a little surprised to learn that one. a medicare supplement plan helps pay for some of what medicare doesn't. that could help cut down on those out-of-your-pocket medical costs. call unitedhealthcare insurance company now or visit aarpmedicaresupplement.com for your free decision guide about the only medicare supplement plans endorsed by aarp. selected for meeting their high standards of quality and service. this type of plan lets you say "yes" to any doctor or hospital that accepts medicare patients.
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there are no networks or referrals to worry about. do you accept medicare patients? i sure do! see? you're able to stick with him. like to travel? this kind of plan goes with you anywhere you travel in the country. so go ahead, spend winter somewhere warm. if you're turning 65 soon or over 65 and planning to retire, find out more about the plans that live up to their name. thumbs up to that! remember, the time to prepare is before you go on medicare! don't wait. get started today. to learn more about the range of aarp medicare supplement plans and their rates, call or go online today to request your free decision guide. oh, and happy birthday... or retirement... in advance.
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stuart: america, the standouts, economically we are way out front. america is growing fast. the rest of the world is not. in fact, some of the world's largest economies are contracting. they're not growing, they are shrinking. you won't see this on the evening news. our economy is booming, growing almost, what, 4% and heading into what promises to be the best holiday season in a decade. but of course, this is the trump growth economy, so it gets very little coverage. meanwhile, germany just surprised the world when it reported an unexpected shrinking, yes, they are contracting. they're not selling so many of those mercedes, audis and beamers. germany is the latest or the largest economy in europe and it's contracting. japan, ftoo, shrinking. china still growing but slowing down. it's meeting head-on the trump trade hammer. let me put it like that. so how long can the u.s.
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continue to outpace the rest of the world? i don't have a crystal ball to look way out into the future but for the next six months, we are going to do very well. there's a lot of talk about a trade deal with china. both sides want it. president trump meets xi jinping this month. a deal would give our economy and our market another shot in the arm. the democrats, they've got no interest in growth. they haven't had a serious growth plan in a decade. they will try to roll back tax cuts and they will try to bring back the red tape but they will find it very difficult to reverse what is already in place, and the makings of growth, they are already in place. sit back and enjoy the trump ride. wages rising fast, confidence at record levels, job openings everywhere, and gas, don't you love it, getting cheaper by the day. the third hour of "varney & company" is about to begin.
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stuart: still up but not as much as five minutes ago. that's called volatility. 52 points higher now, 25,341. dead even split between winners and losers on the dow 30. joining us now is the chief investment strategist at nuvine. this man is a big hitter, aren't you? >> i try to be. singles, doubles. stuart: i say our economy is growing fast, way out front of the rest of the world. i think that's a plus for our market. what say you? >> it certainly has been in 2018. if you look at the degree to which the u.s. market even though it's not up that much is beating other major global markets, it's due to the fact our economy has grown at or above expectations this year. rest of the world, including europe, japan, china, has largely failed to meet what were pretty high expectations coming into the year. stuart: wait. you have high expectations for
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2019 as well. >> we have lower expectations for 2019. stuart: for the economy? >> for our economy. given the fact we did so well in 2018 -- stuart: look, it's 3%, 4% growth right now, but you don't think we will maintain that next year? >> 2.5%. stuart: that would still put us in front, probably, of the rest of the world. >> sure. the only concern is that our trajectory compared to the rest of the world which is sort of muddling through, maybe europe makes it through at 2% next year, japan a little below that, china slows down, our trajectory will appear to be slowing faster because so much of the growth this year has come from the one-off effect due to tax cuts but also extra federal spending this year. that will start to wear off in the second half of 2019. stuart: okay. got it. most people in our audience want to answer the following question. is it time to buy big tech stocks? because that's what our audience invests in a lot, and they have been really beaten down. can you give me an answer to that question? is it time to buy that group? not individual stocks, but that
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group, now? >> i think if you tie it back to the slower growth story, the slightly slower growth story, for next year, a lot of these companies have very high secular earnings growth and haven't been standouts this year because so many companies posted 25% or 30% earnings growth this year. next year, that's not going to be the case so a lot of companies that are getting hit hard in the last six weeks because there are concerns as the market looks forward to 2019 and earnings growth isn't as strong, some companies may be getting unfairly hit, including some in technology. we also want to look at places that are perhaps less certain by regulatory risk. health care also represents pretty good growth. maybe given the divided congress we are about to see in 2019, doesn't come under as direct a threat as, say, the technology companies do where there is bipartisan consensus to do something to at least call them to capitol hill if not rein them in. stuart: reading between the lines, i hear your tone of voice, be cautious on the big techs as a group. right? >> they are priced better than they were a few weeks ago but they are not our absolute favorite sector coming into next year.
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stuart: tell me about oil. tell me why lower oil prices and much lower gas prices are not a wonderful thing for me and the economy. >> the last time we had a large drop in oil prices, 2014 through '16, we saw individual savings rates go up, we actually saw the economy slow down. we saw corporate profits decelerate and actually have a corporate profits recession because of energy. we are a big energy producer. our economy does not look today like it did 20 or 30 years ago, and when oil prices fall it hurts a lot of very specific places in the country and doesn't come to the benefit of consumers as much, because they tend to raise their savings rates. consumers are smarter than a lot of people give them credit for. they don't necessarily go out and buy a new car because they are seeing lower oil prices temporarily. stuart: so we are too much of an energy power. >> i don't think that at all. stuart: when energy drops in price we all suffer? >> we don't all suffer when energy drops in price but the economy as a whole is much more leveraged to energy than it was back in the opec boycott days, where it was a clear unambiguous
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negative when oil prices went up and a positive when they fell. stuart: you are a big hitter and we listen to what you have to say. thank you. appreciate it. now, let's get to the outrage and there's a lot of outrage in new york about the tax breaks that amazon received, because they put hq2 in new york city. critics call it corporate welfare, a giveaway. joining us is grover norquist, americans for tax reform. this man is all about taxes. did new york give away too much to amazon? >> new york had to pay, because people don't move to new york because their taxes are too high on everyone else. if you want to press release photo with a business person starting a business or plant or any sort of business in new york, you have to bribe them to come. down the road, there are people who are leaving because their corporate income tax is too high, their personal income tax is too high, their property
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taxes are too high and the taxes you and i couldn't pronounce. so new york hurts everybody in the state. so does virginia, and in order to look like they're pro-business, the governor says we're going to incentivize you, meaning give you other people's tax dollars if you move here. everyone will hear about that, they will say the governor is pro-business, but tell that to the grocery store two blocks down the road. tell that to the gas station, tell that to somebody who has a manufacturing plant in upstate new york, the one that hasn't closed yet. and cuomo himself, the governor, cuomo part deux, son of the previous governor who is now governor again, cuomo, we are naming them like henry tviii. when you don't pay people to come to new york, they move to texas. stuart: he's right, though. he's right. what's annoyed so many people in
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new york state is the upstate people, upstate new york is vast and truly depressed. their tax dollars are being given to amazon to move to new york city which is not a depressed area. that's what's got people really upset in new york. >> well, they have been looting upstate new york for quite some time. they are very high taxes on upstate new york. the minimum wage law hurts upstate new york because wages aren't as high, standards of living aren't as high, so when you have new york city minimum wages and you stick them in buffalo, this does not help. so new york is an example of how big government really hurts the forgotten, somebody who can't put the governor on the front page of "time" magazine or the "new york times" or on the talk radio to tell you i care so much about businesses. this is a long-term mistake. i understand why the governor of new york and the governor of
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virginia have to do that. they can't cut property -- sales taxes, property taxes, corporate income taxes, individual taxes, for everyone because they are democrats and they get elected by giving people money, other people's money. so they're kind of stuck. stuart: sooner or later, the problem with socialism is you run out of other people's money. >> and they move to texas or florida. or new hampshire. stuart: desantis did win the gubernatorial election in florida so -- it's not been declared yet. >> pack your bags. the outgoing governor of maine is doing just that. stuart: he was on the show the other day. he's gone. he's leaving maine, going to florida. for taxes, how about that. grover, good to see you again. see you again soon. thank you. let me go through some individual stocks which are indeed moving today. apple going to partner with a film studio to make new movies. that's not the reason why the stock is up. actually, it's a bounce from the low that it reached earlier this
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week. amazon is going to start its black friday deals today, but that's not helping the stock at all. it is now below $1600 per share. let's get to britain where the prime minister theresa may trying to save her political career. the brexit deal is in jeopardy. her brexit chief has resigned. looks to me like ms. may is going to be out. next, we talk to nigel farage and he is the father of brexit. in washington, elizabeth warren, senator warren, slamming wall street again and the banks, saying it's hurting the economy. the banks must be regulated. we are going to talk to a top banker about that in just a moment. i say maxine waters cannot bring back the regulations that have already been taken away. we will be joined by a member of the house financial services committee on that subject. mr. trump says he will support a bipartisan prison reform bill. looks like he's willing to work with democrats on some key issues. we're on it.
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stuart: to california, at least 63 people have died in the camp fire in the northern part of the state. 630 people still unaccounted for. the national guard is helping police to look for them. then there's the woolsey fire in southern california. about 70% contained. crews say calmer winds are helping. the fire killed two people there, destroyed more than 500 buildings. later this hour, we will talk to a man who rescued his grandparents from the wildfire. he used a boat to reach them because the flames had cut off the roads to their home. that's coming up in about 20 minutes from now. in britain, brexit is in
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trouble. theresa may finding it very hard to get her plan for brexit agreed to. there could be another general election that could even be another referendum on brexit. nigel farage is with us, joining us on the phone. nigel is the father of brexit. nigel, do you agree with me, brexit's in real trouble here? >> yeah. the deal theresa may made is completely and utterly unacceptable. not dealing with issues like open borders but trapping us inside something called customs union which means we would be subject to existing european union rules and we would effectively not ever be able to leave the customs union unless the european union agreed, rather like voluntarily going into prison and saying well, one day i might want to leave. so what's happened as a result of it is you've got resignations, seven resignations yesterday in the conservative party, two cabinet ministers.
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the prime minister saying well, if you don't get this deal, you may not get brexit at all. we are really being put in a very difficult position. i have to say, i genuinely believe the parliament must vote this down and i think that it will, and i will say if we stay on with this prime minister, we are headed for a brexit which will be so tied into eu law, so subjugated to them, that frankly it represents the worst deal in history. stuart: but it does look like, nigel, there are not the votes in parliament for this brexit deal or virtually any other. it looks that way, doesn't it? >> well, the problem is, you see, the british people voted for brexit but over two-thirds of the british parliament still do not believe in brexit. so we do have a major problem.
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in my case, it was voted for in a general election and the parliament is duty-bound, honor-bound, to carry out the will of the people. we may well be heading for one of the biggest constitutional crises in modern british history and it could result in another general election and they could make people vote again but the damage that would do to our democratic system would be huge. stuart: i think britain would be humiliated. i think britain is being humiliated by europe by what's going on with this brexit deal. it's humiliation. last word to you. >> yeah. it's like neville chamberlain coming back in 1938, he's a really nice chap and it's all going to be fine. theresa may is coming back with a piece of paper saying this is the best deal we could get. we have been beaten game, set and match and it's time to completely press the reset
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button not just on the process, but on the prime minister. stuart: nigel farage, thanks for jumping on to the show this morning at a crucial time. please keep in touch. this is a developing story. thanks very much indeed. now, from britain, let's go to florida. looks like the race for governor is all but over. a recount shows republican ron desantis with a large enough advantage over democrat andrew gillum to avoid a hand recount. gillum, though, has not conceded at this point. but there will be a hand recount in the senate race between republican rick scott and democrat bill nelson. less than 13,000 votes separate the two. actually, scott's got a 12,000 vote advantage here that is very unlikely to be overcome in any kind of recount. now, then, look at cannabis stocks, marijuana stocks. several of them reported their profits or losses this week. not much movement, although aurora cannabis is down another 4%. tilray back up 2%. it's a mixed bag here as
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investors try to figure out the eventual winners in the marijuana market. bitcoin, i believe that's now at a new low for the year. yesterday we had it in the $5,000 per coin area. this morning, can we get it on the screen or tell me in my ear, where is bitcoin right now? there you go. $5,500 per coin. okay. it's up $78 but how about gold? i'm sure it's still around $1200 an ounce. yes, it is, $1221, to be precise. check this out, too. nike just opened a 68,000 square foot flagship store called the store of the future in new york city. six floors in total, brand new customer experiences. that's what it's big on, experiences. that's the new store, fifth avenue, new york city, nike. david hawkley set the record for most expensive work sold at an auction by a living artist. that's the painting. portrait of an artist, pool with
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two figures. $90 million sold at christie's in new york. heavy price. spacex celebrating its 18th successful launch this year. it deployed a satellite for qatar last night using its falcon ix rocket for the second time. it's planning its next launch for monday when it hopes to launch the falcon ix for the third time. if that happens it will be the first time the same rocket successfully carries out three orbital missions.
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stuart: just months after toys "r" us closed its doors for good, another i con ic "r" us closed its doors for good, another i cononic toy sto is back. fao schwarz opening a store in new york city today. lauren, it's yours. reporter: we want to know, david, why will fao schwarz make it this time when toys "r" us couldn't? >> one word, experience. that's what's missing in retail today. we have a lot of great experiences here you just can't have anywhere else, whether it's
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make your own remote control car, adopt your own baby doll, grocery store for kids, you name it. reporter: we are going to show you the experience in this store and mind you, it's only open not even one hour. the people are coming in in numbers. there was a tremendous line. there's a craving out there for toys, for an experience, for a place to go and play. this is where you can adopt your own baby doll. you can even get a gift certificate -- a baby certificate, and a magic show. imagine going into a toy store with a magic show happening behind you. all right. i got to send it back to you. there's so much more i can show you. see you next time. stuart: okay. we get the point. what a store. thank you very much indeed. let's get to california. incoming governor gavin newsum wants to spend a lot of money to address issues like housing, health care, education but where's the money going to come from? good question to ask.
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each day our planet awakens with signs of opportunity. but with opportunity comes risk. and to manage this risk, the world turns to cme group. we help farmers lock in future prices, banks manage interest rate changes and airlines hedge fuel costs. all so they can manage their risks and move forward. it's simply a matter of following the signs. they all lead here. cme group - how the world advances. stuart: dare i say, we have achieved a little stability.
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we haven't moved that much in the last ten minutes. we're still up about 40 points, been there for some time. that's not the way this week has progressed. then we have jamie dimon, the nation's top banker, he says next year, 2019, could be the fastest year on record for global growth. okay, he says there could be a slowdown by 2020 but next year, fastest for global growth. come on in. economics professor at ucla and senior fellow at the hoover institution. professor, do you agree with mr. dimon, rapid growth next year globally? >> yes, i do. gdp growth is looking good for the fourth quarter as well as next year. the corporate tax change early this year was really a game changer. that's leading to a lot of employment growth and business investment. stuart: jamie dimon is laying it on thick. he's talking the strongest growth on record for global growth. that's kind of a strong statement. you with him all the way?
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>> it is. well, in the u.s., i expect we should, you know, assuming that we can get maybe some good news on tariffs that could come as early as the end of this month as president trump and president xi meet, we could see 3%, 3.5% growth in the u.s. for 2019. stuart: that would be strong indeed. let me ask you about california. the incoming governor, gavin news newsom, wants to spend a lot of money, health care, housing, early childhood education. any idea where that money might come from? >> it's going to be a real challenge. governor-elect newsom has a laundry list of very expensive promises he made to his base, and california's already the fifth highest taxed state in the country. governor newsom's proposal for single payer health care would, just by itself, double the state's current budget of $200 billion to about $400 billion.
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so this is going to be a real problem. already, government spending from the state and local is about 40% on health care. pensions are taking up a larger and larger share of local and state government budgets. it's going to be a real problem for governor newsom to deliver on this. stuart: could i have the last word and say it ain't going to happen? would you agree with that? >> i don't see how it possibly could. it just is economically infeasible right now. stuart: i think you agree with me, ain't going to happen. >> absolutely. yes. absolutely. stuart: thank you very much for joining us. it's a jam-packed news day. that's why it's so short. this is combat television. that's how it works. see you soon. then maxine waters, now, she is going to chair the house financial services committee starting in january. she's already declared open war on wall street and the banks. congressman barry loudermilk is with us, republican from georgia, and a member of the financial services committee.
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here's the simple question. when maxine waters becomes chair of your committee, can she reverse the deregulation that's already in place. i'm not talking about what we might see in the future. can she reverse what we've got? >> i don't think so, stuart, because what we have passed as far as helping the small and regional banks have been on a bipartisan basis. she signed on to much of it and it's already passed law. hopefully we have more that will go through the senate to the president's desk. once it's law, she won't be able to undo it unless she does it through legislation which i don't think is going to pass through the senate. i think it's a lot of big talk at this point. stuart: in the future, could she hold hearings, subpoena people, thereby get some kind of measure in the future which restricts the financial industry? >> a lot of it depends on who's in control of the legislative side here. we believe we will be back in the majority in two years but what she could do is gum up the works. instead of doing what we have been doing, making it easier for
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lending institutions to lend money to the american people who really need the money, what they are trying to do is make it even harder, you know, as long as she can put pressure on the regulators to overregulate, she could cause some problems. but for the most part, i think we will be able to balance that in the senate. stuart: senator elizabeth warren, she is saying that the banks have blown a hole in the economy, hurting the economy, need to be regulated. now, she's in the senate. can she achieve some measure of success in regulating the banks from the senate? >> i'm really confused on her remarks, because they're the ones who passed dodd-frank that was supposed to fix all these problems. it was the fix-all. so now she's saying that the problems still exist. most of tderegulation has been geared toward smaller and regional banks, not big systemically risky banks she has been going after. all the capital requirements
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they passed in dodd-frank are for the most part still there and the data isn't backing up what she's saying. could she create some problems by, i mean, appealing to their base, yeah, it's possible. but i think we need to make sure we stand by the regulators to actually enforce the good regulations out there, to make sure that they are enforcing the regulations across the board, but also providing some regulatory relief for the financial institutions to help the economy grow. stuart: we will let you go so you can go pay attention to that crying child in the background there. >> we love children here at the capitol. stuart: clearly. thank you very much, mr. loudermilk. a pleasure having you. >> pleasure to be with you. stuart: i think the left has a war on banks and on financial institutions generally. so i'm going to bring in david ryland, ceo of sunrise banks. this man is a banker. are you worried about more regulation? you are a smaller regional bank, if we can define you that way.
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you have done very well from the deregulation we have seen so far. are you worried about re-regulation? >> yes. particularly at the small and regional bank size, that cost of regulation is really a threat to the business model. we lose about, through merger and acquisition, one community bank charter every business day. stuart: really? >> exactly. you can see the decline in the number of charters in the united states. stuart: why is that? what's the big problem? >> combination, cost of running a smaller institution and the cost of meeting those regulations. obviously, you have to have more revenue in which to have more people and systems and more sophisticated systems in which to meet those and as a result, you either need to cut or you need to merge into a larger institution. stuart: i don't see, i'm not asking you to be critical of senator warren, but i'm asking you in what way are banks blowing a hole in the economy? any idea? >> so i mean, banks follow the
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natural cycle of an economic cycle, right, so you are going to see in good times, as we see, we have low unemployment, growth in the economy, you will see more lending and as a result, that's what you're seeing. if you are comparing it to ten years ago, it is a large difference, because we are actually seeing the economy grow at a rate we haven't seen in some time. stuart: can you do anything about me getting a mortgage, or any of our people getting a mortgage? at the moment, it is absolute nightmare. >> i would love to try to help you do that, but it is a nightmare. stuart: paperwork is killing. >> if you could get rid of that stack and simplify it, people would understand what they actually have in terms of their obligations, as well as repay it in a responsible way. the fact is, i don't think you can whack the stack. stuart: i agree with you. i don't see how you can do it. i would love to do it. it's awful. i'm sure your customers come to you and say -- >> they do. i try to apologize up front, quite frankly, saying this is going to test your patience. we will help you as best we can. stuart: david, thanks very much for being with us this morning.
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it's difficult to be critical of our political masters but you did a good job there. check boeing. very much in the news. it's been facing a lot of heat over that deadly plane crash in indonesia. the "wall street journal" says southwest airlines is replacing the sensors in the 737 max jets that were implicated in the crash. the stock is down five bucks. up until today, this week, the dow had been down 700 points and boeing accounted for a quarter of that loss, just one stock. look at nvidia, down big-time after giving weak sales forecasts for the holidays. that was one of the highest of high-flying tech stocks. it's not now. down 17%. other chip makers, mostly down as well. i think we've got intel on the upside but nvidia, applied materials, advanced amd and micron, all on the down side following nvidia. retail stocks are getting
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hit. nordstrom and williams sonoma reported disappointing numbers. bed bath & beyond, et cetera, down significantly, five, six, seven, eight percentage points down. breaking news on brexit. prime minister may's spokesman says she has appointed a new brexit secretary. his name is stephen barkley. he voted to leave the european union. the previous brexit secretary quit earlier this week. he was unhappy with the draft agreement that prime minister may had reached with her cabinet. coming up, we will be joined by congressman mike johnson, republican, louisiana. he was just elected chair of the republican study committee and is making his first tv appearance since his election. i want to know how he will be able to work with a democrat majority in the house. i will ask him. president trump says he will support a bipartisan prison reform bill. it looks like he's willing to
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work with the democrats on key issues. the rnc joins us on that in just a moment. - at athene, we think it's time for the financial world to stop acting the same old way. you need a partner that is willing to break free from conventional thinking. we are a different kind of financial company. we are athene, and we are driven to do more. starts with a december to remember at the lexus december to remember sales event. lease the 2019 nx 300 for $329 a month for 36 months. experience amazing at your lexus dealer.
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this morning, maria bartiromo sat down with robert
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caplan to talk about u.s. growth. here's what he said. roll tape. >> growth in the united states this year is going to be closer to 3% so i was on the low side for 2018. we think it's going to be a little higher than what i said in april. the issue is, which was what i said in april, and i will still say today, what i'm conscious of is part of the bump this year we think is due to this fiscal stimulus. the government spending that we talked about. not the corporate tax reform so much as the individual tax cuts financed by increasing debt to gdp. that's going to start to wane into '19 and '20.
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stuart: in the california wildfires, our next guest used a boat to rescue his grandparents from the woolsey fire. this is in southern california. jamie is on the phone with us now. jamie, i want you to take me through the story here. when you first realized your grandparents were in trouble, what did you do? take me through the rescue, please. >> hey, stuart. so on friday night, i got home from work and connected with my family and realized no one had heard from my grandparents since 10:00 a.m. so i took to facebook, reaching out to see if anyone had a boat that i could use to at least go check on
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them, make sure they were okay. i had seen on the news that the fire had jumped over to their neighborhood on the beach in malibu, paradise cove. so i got a couple responses but ultimately, everyone with a boat said it was too dangerous that night to go out, visibility and the wind. so the next morning, i woke up, i didn't sleep very well, and i took to facebook again, basically got a boat through a friend, anthony perez of nautical tech services. he said come on down to the marina and we'll go. when we got there, we jumped into the water, we didn't have a raft, we swam to shore, went to their house, unlocked the door and they were there and because they had no electricity or no phone, they didn't realize that there was actually a fire about two doors down from them. so i eventually convinced them to leave even though they didn't
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want to go, and you know, i had to make up a lie. i said to my grandfather, hey, pop, grammy really wants to go, she's super-afraid but she's only staying because of you, which was not the case. and because he loves her, he decided that he would go. then i went inside, said the same thing in reverse to my grandma. i said papa really wants to go, he's super-scared but he's only staying because of you. and she said that's not true. stuart: you know, i'm going to break in for a second because you are quite a guy. what a guy. necessity is the mother of invention and you invented a couple of lies and you made it. one quick question, though, before we leave you. what's the state of their house? your grandparents' house? did it suffer any damage? >> well, we actually ended up barefoot and shirtless two doors down putting out the fire before we went back to the boat. i think we helped save the neighborhood but it was next to a construction site filled with barrels of diesel fuel.
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which is a whole story in and of itself. stuart: yes, it is. i would like to hear it at some point. sorry i'm out of time but you, sir, are all right. you did the right thing. that was terrific. well done, young man. well done. >> thank you. stuart: sure thing. see you again soon. liz: that's one of the best stories i have ever heard. stuart: the man told the story in a way i can understand. terrific. now this. president trump says he will support a bipartisan prison reform bill. our next guest says that is a sign he is willing to work with democrats on key issues. rnc spokesperson kayleigh mcenany joins us now. is the president prepared to wheel and deal with the democrats on immigration? i mean, is he prepared to do a deal? >> certainly, stuart. you know, look, even when we had control of both houses, the house and the senate, he said i will give you daca legalization if, in fact, you give me the wall in return. he was wheeling and dealing long before their divided government and we just need a willing negotiating partner.
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prison reform legislation, let it serve as an example of what can be done with bipartisanship. this has been decades-long fought for and is being achieved under this president, a republican president. stuart: he says that he's prepared to shut down the government in order to get funding for the wall. that's in the next three months, in the lame duck congress. that's not exactly negotiating. that's playing hardball. >> playing hardball but playing hardball is often part of negotiating. we have the great deal maker there. everything he does is strategic. that may be playing hardball to force the democrats to the table. they get nightmares when they think about government shutdowns. you remember the schumer shutdown. it may be a tactic to bring them to the table. stuart: take me into next year. would the president do a deal on infrastructure with the democrats, which might mean raising taxes somewhere to pay for it. would he do that? >> well, he will make a deal on infrastructure. he's not a fan of raising taxes so i'm not sure that will be on the table. but that being said, absolutely. he's already been talking about
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infrastructure once again when we controlled both houses. so that's on the table. paid family leave, ivanka trump's main cause, that's on the table, too. that's a big deal, if we can achieve that. it's been a democratic talking point. it can become a reality under this president if they come to the table. stuart: only time will tell. okay, i get it. kayleigh, thanks for joining us. let's see if the negotiations actually work out. i would love to see it. >> thank you. stuart: coming up, we are joined by congressman mike johnson, republican, louisiana. he was just elected the chair of the republican study committee. that committee is in charge of pushing traditional republican values. what's he going to do with the democrats in charge in the house? we will ask him. we just received the white house's response to the acosta ruling. that's next. hey there people eligible for medicare.
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stuart: the white house has released a statement in response to a judge reinstating jim acosta's press pass. here's the statement. today, the court made clear that there is no absolute first amendment right to access the white house. in response to the court, we
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will temporarily reinstate the reporter's hard pass. we will also further develop rules and processes to ensure fair and orderly press conferences in the future. there must be decorum at the white house. end of statement. about an hour ago, our next guest was elected to chair the republican study committee. here he is, congressman mike johnson, republican from louisiana. congratulations, congressman. good stuff. >> hey, stuart, thanks a lot. we really appreciate it. stuart: your committee, so to speak, your group, is charged with projecting republican values. i don't think you've got much in common with the incoming democrats to the house. you're like poles apart, aren't you? >> we are. and our job is to paint that stark contrast so the american people see that our core conservative principles are the right ones. we have to stand by that now more than ever, to keep the country from veering off the tracks. the rnc has a long history, 45 years, in fact, and it's known as the intellectual arsenal of
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conservative values on the hill, and we are going to stand by that. it's the largest caucus of conservatives in the congress, and this is a great moment for us. stuart: bearing that in mind, do you think you can reach a compromise on the issue of immigration, for example, and building the wall? you think you can get a compromise on infrastructure projects and paying for them? it seems like you're miles apart on everything. >> we may be, and we hope that there are some democrats on the other side of the aisle that will be willing to work together and as we said, not veer the country off course. there are some core principles that can guide us, the same core principles that have guided us since our founding. they don't change regardless of who the majority party is in the congress. we will be working on those issues and many others because we are here to solve problems, and we are sort of the idea of factory, so to speak, of conservative values and we are going to be very active. we are excited about the next two years. we think this is a good moment for the country and for us. stuart: are you a blocking group, forgive me for the pejorative, but sometimes the freedom caucus was a blocking group.
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are you in that category? >> there's a lot of crossover between freedom caucus and republican study committee membership, and oftentimes we have a duty and responsibility to stop bad legislation, to stop bad policy, because it would be bad for the country. we take that responsibility very seriously and we will do that when necessary. that's part of our responsibility. stuart: congressman, congratulations on your election to that job. we appreciate you being with us one hour after your election. first time on tv. good stuff. thank you. >> thanks, stuart. appreciate it. stuart: now this. if you are making about $60,000 a year, there are ten cities where you would be able to afford more than half the homes on the market. best cities for middle class home buyers? we will tell you where they are, next.
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. . stuart: before the break we
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asked you to guess which is the best for middle class homebuyers. realtor.com says it is, pittsburgh. they say that city is one of 10 where a 60,000-dollar annual income allows you to buy more than half the homes on the market. number two, rochester, new york, three, buff know, new york, four, st. louis missouri, five, cleveland, ohio, after that we have birmingham, alabama, memphis, oklahoma city, cincinnati and. you have to make $60,000 to live in those cities. i want to say a very special thanks to elizabeth macdonald. you were supposed to have this day off. we called you in in the middle of the night. she is on her way in, she had to brave an electrical fire in the subway, still made it here, bright eyed, bushy tailed in the 9:00 in the morn. liz: give you $10 at the show.
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stuart: most of our viewers don't know this it was dreadful commute, last night, and this morning in new york city. we have producers who took four hours to go couple miles to new jersey. lizzie, thanks. liz: anytime. $10 coming. stuart: i promise. my time is up, neil cavuto. neil: that is so weird. we called liz and she said i can't get in. liz: [laughter] neil: i am going to have a talk with her. thank you very much, lizzie, you're wicked! the day after the wicked snowstorm, wicked, confusing day for stocks. they're trying to claw their way to respectability. we're looking at first down week in three here. unless something miraculously changes and soon. get a read on all of this deirdre bolton from the nyc. >> you have seen what the markets are doing most of the day. just along the flat

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