tv Mornings With Maria Bartiromo FOX Business November 27, 2018 6:00am-9:00am EST
we have a lot of pressure on them. >> the the layoffs could be a warning on health of the economy we're paying a closer look there, coming up. a new trade threat for china, president trump expecting to move forward with round of tariffs on itemses to include iphones that stock is under pressure as a result all of that comes days before his meeting with chinese president xi jinping apple shares down almost 2%. the news has markets on edge this morning after that big rally yesterday take a look at markets fractional losses down 20 points right now s&p 500 down 5, and nasdaq down ab third of a percent e lower on nasdaq where it performer. markets were led higher by retail easer strong start to holiday shopping season. dow industrials up 354 at the close yesterday one and a half percent. nasdaq with a gain of 143 point better than 2% higher on nasdaq. yesterday at the close, let's talk global action this morning, in european markets down a
quarter of a percent and tariffs down a fraction and dax index down 20 points lower there as well. in asia market closed mix worst performer as you can see was really a fractional mover on hong kong index down best performer korea as was japan. another industrial giant breaking itself up united technology announcing to split into three companies details on the dow component coming up here. early christmas gift for atm users in texas get this, one machine spewing out 100 dollar bills instead of tens -- words spread quickly on social media even leading to fights and long lines to get to that machine. all of those story coming up this tuesday morning and breaking it all down dagen mcdowell and john and cfr investment strategist lindsay belle. good morning everybody. >> i want to get to one of those
machines. [laughter] before christmas. bank said it was out of stake you can keep the money. [laughter] >> put it that way. good luck. good luck trying to get it back. i'm just going to sit back because there's so much smart people on the show right here -- but coming up, later as morning rolls on so pill sit back and just listen. >> we have a great show coming up, and we get the fed meeting and the federal reserve chairman, john speaking tomorrow. jay powell at the new york economic club on thursday the fnc minute. i will be there. look for the day. exactly. so -- i think we need to be talking about gm today and the president response to it lindsay and i were talking about this before the show started you know one of the things that strike me is two things about what president said is, you know, the white house wants companies to be investing more in the united states right now. if you're a ceo waving what's going on with gm, a company getting browbeaten by the president for restructuring is
that going to make you more or less likely to invest in yiet i wonder if -- if there's -- counterproductive what president is doing. other thing is that the president has been -- applauding the drop in energy prices and gasoline prices that's good for consumers that's true. but one of the things consumers do when gasoline prices fall is they drive bigger car, and gm and ford right now are moving out of this small car segment that's what a lot of this restructuring is about. is getting out of small cars like cruz, so again, the comments and reality don't totally -- >> to your point, his comments on you know the impact on corporation coming to america is is within an industry that's actually rapidly changing. so gm is ahead of it trying to innovate while cars move to electric and self-driving. >> it is true and stock is down 1% right now so we want to get into this and see what impact on broader market join me my exclusive interview with betsy
delaware vas she will be here live in the 7 a.m. hour. rnc chair mcdamage is here along with former speaker of the house and newt beginning rich retires four star general and fox news senior strategic analyst as well. we have a big three hours coming up so don't miss a moment of it. our top stories, of course, the president expressing that disappointment in an american icon. commander in chief not happy with general motor decision to cut thousands of job in the united states close factories in michigan and ohio. president sending firm message to gm yesterday. >> we don't like it i believe they'll be opening up something else and i was very tough. i spoke with her when i heard they were close. and then i said you know this country has done a lot for general motors you better get back in soon that's ohio you better get back in there soon so we have a lot of pressure on them you have senators a lot of people. a lot of pressure they say that chevy cruze is not selling well. i say well then get somebody,
get a car that is selling well and put it back in. so i think you're going to see something else happen there but i'm not happy about it. their car is not selling well. so they'll put something else i have no doubt that in a not too distant future they'll put something else they better put something else in. >> president not happy after all of the i guess pressure he put on corporate america to create jobs. now this dagen. >> he put pressure on likes of general motors but slaying on tariffs on this country and gm you've been warned. you've been warned on this program and you've been warned by these manufactures you're raising cost of our steel by 25% potentially even more 10% in case of aluminum gm said we're going to to see higher cost annually of about a billion dollars. so what -- how do you handle that in you try to negotiate prices lower with your suppliers. you raise prices for consumers or you cut costs. and this is one of the reasons so this is not -- gm did not go into this because
i think -- i would argue that -- gm is trying to avoid a bigger loud public fight with the president and the administration. it helps in this country but companies that use steel and aluminum get hit but this is direct fallout from that. >> you've said this from the beginning in terms of steel and aluminum comparing to number of jobs impact and versus the number of jobs impacted by the industrial giants that used that commodity. >> they can remove steel and aluminum but i think that, certainly this is plays into part of the decision. >> well it's steel and aluminum fact that they are falling people aren't -- they're not buying these small cars especially the small u.s. label cars that crews, the ford fiesta you know the ford is cutting become on its production there too. so i think that's a big part it have. you know, good point because
electric vehicle really never caught traction. it just didn't catch traction in a big way, and i -- bring it back to carlos scone from nissan with electric car betting on it a decade ago and it never took fire. >> ironically what gm says now is they want to invest more in technology but they are doing it in silicon valley not in detroit that gets another part of what the president is doing we're talking about job losses in gn an ohio. and you know these are states that president has to carry in two years whaing we're seeing right there is the politician -- for donald trump and not the businessman, donald trump laying into it. >> these are stakes that democrats won in master's degree term election and in almost every way. they were trump states in two years ago, and they were democrats states in the most recent midterms another thing to point out, though, i think that the president --
quite frankly has the room because what less than ten years ago government motors federal government bailed out gm, many analysts even back then said listen, they still had way too many plants in this country. they had too much capacity to produce cars in this country. they're trying to right size it but anybody government beginning after gm the american taxpayer saved that company so -- >> gm put itself in this position by bsh by getting bailed but what they're saying right now is listen we're trying to organize properly so that we don't have to do massive layoffs two or three years. >> layoffs that are happening more than half of the layoffs that are occurring are skilled workers laid off into this robust job market at a -- unploit rate 3.7%. 50-year low. there's 7 million job openings out there so there are better opportunities a better environment in except down the road in two years maybe when
country the is in recession i get the factory worker argument, though. maybe it is time to reinvent themselves you look at workers several decades ago. you know they have to go through the same thing. >> unemployment rate in tban is around 4% exceptionally lower and lower than it was back -- >> it was double digits in michigan when -- bailout. >> in detroit. and so -- to your point 8,000 of the 14,800 workers are salary employee, and in north america you're with right. 8,000. >> there's been an impact, obviously, on stock and there's big debate about this. we'll keep watching this gm shares among most heavily traded today and then u.s. china trade tensions rising between the president and chinese president xi jinping they'll have that sideline meeting on friday. the president told wreath journal that he expects to levee additional tariff on chinese imports to hit apple products
this would include iphone and apple shares are lower this morning and could be pressure on stock even yesterday you saw a turn in the stock when the president first started talking about this. lindsay that's going to be pressure for apple it is so far has not had impact on the iphone. >> could be -- it will be an impact for apple because they have to make a decision like daig l said do we pass on to customer or do we subsidize it and -- absorb it but i want to point out that market has been flat this morning. they're not hanging on to this as a massive bad news. so that i find a little bit encouraging. >> i'm -- interested in surprised in that because i think this is big news. this is a story of my colleague and friend bob davis broke yesterday. basically the president is -- is meeting with with xi jinping this weekend he stated at the outset he expects tariff to go to go from up 10 to 25% on this next 200 billion dollars worth of goods. and i think you know he's say
we're going to proceed it is exactly what the chinese are rying to prevent. and before the meeting even happened president said it is high lie likely this is going to happen a big development. >> you have to read every word of every wall street journal story if you want to bet because retail is some -- sometimes bury ready and not just in the headline it is not click bait at the most you said like u.s. officials said -- sides could agree to formal negotiations over coming month but any kind of -- move to the u.s. defending tariff increases is not likely. >> i don't know how this ends really -- the fight between the the u.s. and china, china has not changed its behavior in any way. in terms of the way that it has -- forced companieses to transfer technology, in the way that it operates its market. i mean, i guess country has made a decision is to open up markets in some sectors in five years right like the autosector in five years you may be able to own autocompany in china.
as a foreigner in but they've been saying that for 20 years. so how does this end then? >> i think we're in a new cold war. it is a different kind of cold war than it was with the soviet union but this is a cold economic war and it doesn't end tomorrow. it doesn't end this weekend and it doesn't end -- >> why won't president slap rest of the tariffs on? >> i'll go out on a limb, though, you're entering a stage where companies are beginning to wait it out. whether you're doing business in china or worried about tariffs that are in place that are going to be slapped on additional imports in united states investing in new plants here in the u.s., they're gipping to wait two years and see what happens with the presidential election. >> frankly they're going to -- >> anyone will get elected even if the president loses i don't think someone new is going to come along and get elected on a campaign of let's make up with china. >>let help china. i think fight with china -- to keep it down. >> most agree on this point but
china that has not been a -- >> you're not in china% but you are on the side of the american consumer. so -- we're doing what is best for the u.s.. people care less that that's intellectual property and keep products from china but that's your political messaging on left. >> cheap products quick break and then united technology one of the america last industrial conglomerate decides three company better than one and company plans to split in three, coming up, and then fighting for money brawls breaking out at a texas atm machine, that was spitting out hundreds instead of tens. back in a minute. ♪
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welcome welcome back at the lows with dow industrials better than 50 points quarter of a percent lower and s&p dun a third of the president and nasdaq down one-half of one percent lower as weekends lowered this morning. voters in mississippi headed to polls for senate runoff cheryl casone with more on details there. in headlines concern cheryl. >> yeah maria mississippi deciding last senate race of the mid-materials today they're choosing between republican cindy hyde smith and democrat mike. president trump held two rallies yesterday for hide smith. >> the senate seat is for a -- very, very special woman who is goinged to a special job and she votes for us and she votes for make america great again. >> smith hoping to be first elected to congress from mississippi.
first african-american senator since reconstruction. well the industrial conglomerate united technologies breaking itself into three companies completedded by 2020 and strictly aero space company and other two companies are going to be elevator and carrier which makes refrigeration products and looking at this. microsoft was briefly the world most valuable company yesterday or for the first time in eight years. the company passed a physical in market cap value with 812.9 billion to apple 802.6 billion and eventually apple regained top spot, though, yesterday by close of trading shares of microsoft rose 3.3% that meanwhile shares of apple reraced those are your headlines. >> microsoft has been doing
better and better over last couple of year interesting could be next trillion dollar company. >> been an amazing fete that company reinventing itself when it was challenged by am l and google all of the other tech incumbents. >> it was that moment in time when it was in cross hairs of government that it was too big. but it is really come back in a big way. >> a product microsoft is less relevant today than it used to be when you have two and stuff leak that and it is really amazing what they've done. >> old tech companies be able to reinvent themselves and been impressive over last few years with momentum you've seen in new tech stock. >> you can make a bunch of mistakes with cash flow new window and you can foul up and foul up and foul up until you figure out something and that's microsoft has done it and -- caravan crisis president trump says hundreds of quite a bitted criminals are among migrants on that caravan. we have the very latest coming
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all of which helps you do more than your customers thought possible. comcast business. beyond fast. welcome back now a shocking story long time author executive carlos ghosn ousted as chairman of nissan and mitsubishi motors for alleged financial misconduct and in wall street journal troubling demise titled the
ghosn a business savior arrested at the airport tells attention for days without charged. interrogate bid prosecutors without a lawyer present and fired from his post amid media leaks claiming he's guilty of financial malfeasance communist china no. capitalist japan is guess on to say this without more transparency open account of the allegation and opportunity for messages ghosn and kelly to defend thelses nissan ambush will stand as a black mark on japanese business. i could not agree more. wreath journal reporter covering japanese autoindustry brought us this story of ghosn's arrest and good to haveon the program thany much for being here. >> in terms of your reporting, these allegations of what he did having homes using corporate money to buy those homes and maintain those homes, not reporting his salary in its entirety, et cetera are these
charge les coming from japanese officials the ceo of nissan? or -- anonymous sources? >> first of all two things here there's a nissan investigation that covers things you've listed salary issue, the housing consulting fees paid to his sister. and then there's that looks at the file and security reports where he's alleged to have not reported his entire carl rei and not referred amount he's supposed to. so ours of which seems to be in its entirety spurred on by whistle-blower report. who is this whistle-blower why are we learning so-called charges about carlos ghosn from anonymous poem and this guy who wases hailed as a savior to nissan and icon in japan is
country sleeping on cot eating porridge on floor, you know, told you can't speak to your family. you can't speak to any friends only this japanese lawyer that we're giving you. and yet we're supposed to believe he did all of the these things wrong. i mean, i'm outraged by this because i feel this has injustice and i still have not seen one person to put their name to this allegation. do you have a name? >> not that i can share with you on -- tv. i think we're all quite concerned about the lack of information that sort of come out about this case so far. but it is par for course here in japan during the prosecution this is a high profile case but i think we're all waiting to hear from accused mr. kelly and ghosn to hear their side of the story because we have to hear it. >> i have spoken to people close to mr. ghosn and what they're telling me this is all about people within nissan and
japanese government not wanting to be acquired by a french company. how much of this is about the upset within nissan that they are going to be at some point perhaps acquired by this french company that they don't want to, and even though carlos ghosn led recovery back for nissan, now nissan is a much bigger company than rahno and they don't want this alliance? >> i think look, with the tensions within the the alliance have become quite clear. and the ceo of nissan has been on the record saying that he doesn't want a merger. and frankly surprisingly ghosn himself has said he didn't think a merger would work so -- but i don't think it is simple as saying that there is a murder in the work and nissan put ghosn in prison i certainly that was the opinion that seemed to be the case we have reported from perhaps some french.
but they release carlos ghosn after hearing charges. >> how long in japan he's in a pre-trial detense up to 22 days but isn't it true japanese officials say here are more charges we need to keep him another 10, another 20 days and at one point ceo of nissan was ally of carlos ghosn and the other day as you reported he said well, carlos ghosn had too much power as chairman because he also led largest shareholder and that exposeed mounting tensions between two men ahead of the firing. so first tell us, how long japan can hold him. >> well, i think that's -- unclear at this point, obviously, as you mention 22 day limit but as long as they have evidence can bring fresh chargeses, they can with judge judicial approval roll over that time line to release him and
file charges. >> and in terms of this alliance is that dead at this point? how likely is it going to be that we're going to see this whole idea of a nissan merger off table and then suddenly carlos ghosn is free and fixed their problem? >> well, look, i think that's the question we're all pursuing at this point and they have a meeting on thursday, we're all going to be watching very carefully to see -- any signs of the direction that headed but as of right now at least all three parties in nissan and mitsubishi said they believe that the alliance is a good thing and like to see it continue. probably a great deal of disagreement over what nature of that alliance will be in future but certainly they want to be part of the alliance in the future. >> we have to discuss greg kelly american citizen who was also being detained in japan. what do we know about what he's done wrong? other than lead the nissan merger and alliance?
>> well, sources tell me as we've reported that he -- was mr. ghosn's long time close aid and was man charged by mr. ghosn to handle a lot of these matters. i should say allegedly asked to handle matters for which he's currently being investigated so not many people knew him he was certainly -- well known within the upper nissan. but not really seen that often. and number of senior positions ing hr and legal he was a trained lawyer and so -- he's quite an important person just wasn't a public face. >> would this be kind of situation that the trump administration gets involved with? given that he's an american citizen being detained in japan and we still dengt know what charge against him are? >> well, i wouldn't presume to speak on behalf of mr. trump. certainly judging by new cycle i've seen from all the way over
here has his hand full at the moment but if he were to get involved something i would want to write about. >> do you think at this point we're going to -- see any of these men get out of detention any time soon? isn't it -- do you find it at all odd i know that the japanese judiciary system is very different than america even though they call themselves capitalist. but i mean, do you find it odd that you can hold someone in detention in jail? and -- then decide what charges are while they're in jail? >> well, i'll put it this way it is extremely different from the u.s. system to the point where -- it is very alarming to people surrounding mr. ghosn and mr. kelly certainly that's sentiment shared with me and i think -- you know, anybody can sympathize with them. but at this point, i do not know what they can do. there's some precedence for charges being dropped during this entire interrogation faze
with toyota was released before charges filed. so i mean there's some presents perhaps this could go away but it depends on the negotiations between prosecutor and lawyerses which were very much not at the moment. >> shawn great reporting as always. thanks so much. shawn at "the wall street journal" stay with us we're doing cryptospiral, next. but i didn't say a word. during the course of their disease around 50% of people with parkinson's may experience hallucinations or delusions. but now, doctors are prescribing nuplazid. the only fda approved medicine... proven to significantly reduce hallucinations and delusions related to parkinson's. don't take nuplazid if you are allergic to its ingredients. nuplazid can increase the risk of death in elderly people with dementia-related psychosis
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welcome back good fuse morning i'm maria bartiromo tuesday november 27th. your top stories right now, 6:35 a.m. on east coast caravan crisis homeland secretary say there's a significant number of known criminals in the migrant caravan headed to the u.s. border. president trump laid out how u.s. will deal with this caravan now. >> we are sending a simple message to the lawless caravans into the illegal marching toward
our border. it is very simple. turn back now. >> that coming up, plus outrage over alexandria cortez is comparing the migrants to jew. fleeing nazis, coming up. trade tenses investors are eyeing next round of china tariffs, and it is not good. this as president trump prepares to meet with chinese president xi at the g20 summit this week meeting happens on friday ahead of it after the president does suggest more tariffs are cool marketses are lower. dow jones industrial average down quarter of a percent. s&p dun a third of a percent and nasdaq with 33 point decline down one-half of one percent after a big rally yesterday take a look at the markets close yesterday finish strong dow industrials up 355 point 1.5% and look at the nasdaq, up 143 points better than 2% higher this morning. in europe this morning, the markets are also lower as are futures in the the u.s. 100 down 17 quarter of a percent.
down 14 also quarter of a percent and dax index down quarter of a percent lower there as well. asian markets mixed overnight take a look at the numbers all a fractional move. cryptotrouble, price of bitcoin headed lower this morning. nearing its lows for the the year we have break it dun as bitcoin now trades at 3665 versus dollar. a bank of america atm gave out hundreds instead of tens. customers were fighting to get their share. they wanted those hundreds how bank plans to handle this mistake coming up. all of those stories coming up but first our top story this morning caravan crisis strong words from trump about about the migrant caravan try aring to enter the the u.s.. >> we're sending clear message to the caravans and to the trespassers turn around go back home. if you ever notice they say they're coming up, and they want protection because their country is such a bad place but they're waving the flags of their
country as they're walking up. i don't know somehow that doesn't work. right? this coming after reports that administration is considering increasing number of troops along southern border. joining me now is strategic analyst general good to see you this morning thanks so much for joining us status check on where this -- where this is right now, do you expect more troops to go to the border and what would that do? >> twoing things will happen for sure. one, one that troops we have there -- that was supposed to go home by mid-december is very likely that they're going to be extended. and then i think this really -- rest on the secretary of homeland security, you know whether she and concert with the people in charge of border and customs are going to need reenforcements she asked for more she's going to get troops she needs there's no doubt about it. >> what should president do at this point they're not turning around and going home. >> well i think -- i think they're doing right
thing. i suspect secretary pompeo is in a full court press with new government in mexico. and much of what is taking place here, in terms of trying to gain control over this -- resides with influence of mexico so -- the most recent plan is that the mexicans will hold the people sick seeking asylum begin processing of them in mexico and they'll stay there until that processing is complete. and as you know because you reported on it somewhere with between eight and 90% of the poem applying for asylum systemically from the countries over last number of years do not i say do not qualify for that asylum. so that will be crucial if that deal can be worked out. as opposed to bring them all into the united states where it is already exceeding our capacity to do that, and when it
does, we have to release them. and some of that is actually taking place right now of viewers may not recognize that because focus is is clearly on this caravan. and that one port of entry, but there are others that are sneaking across the border and have done that routinely in arizona and texas and -- are not being able to be held by hundreds released into generalling population in america. >> what happens when they're released into the general population in america most don't think about the impact of -- of an additional thousands and thousands of people coming in and being illegal for who knows how long. can you set this stage for us and explain what the cost is -- what the impact is to america. when these people get here, and get here in an illegal way rather than structure that is in place legally? >> you know i've gone through a major education myself, and in terms of the immigration problem
when i first heard president trump say it, in his first speech when he came down that escalator we all watched i said i was really concerned by -- alarm he was creating but then i did research on it and i found much to my surprise in communities that i knew a lot about in the south where i had been stationed a number of times and other places across the united states, about i contacted people i said you don't understand what's happening in our communities and these are small communities and they were crime free. they said we have routinely here because of illegal aliens not only that we have wave suppression, as a result of -- of the number of people that are here. and during the work force. >> exactly. there's a cost to getting all of these benefits or whatever it is that -- that they're asking for food stamps, et cetera work, there's a cost that's why -- years ago this is what barack obama said. president obama when he was president said we simply cannot allow poem to pour into the u.s.
undocumented unchecked and line of people who are waiting patiently lawfully to become immigrants in this country. this i tweeted out yesterday because it was so -- a are and president obama said t outrage this morning general after congresswoman elect xangd ya cortez compared migrant caravan to jews escaping during holocaust senator lindsey graham slammed her on twitter he said this, i reeled she take a tour of the holocaust museum washington. might help herbert understand the differences between the holocaust and the caravan in tijuana. your reaction, general? >> yeah. that's pretty outrageous i mean, politicians who live from one provocative state to another -- no matter what the incident is they see their own destruction but there's nothing based in fact that they're dealing with. and to compare something like
that, the systemic imprisonment and extermination of jews in excess of five to 6 million across europe is absolutely staggering to the immigration problem that we're having here at our border. it's nonsensical, and you know, politicians they can say what they want. the great thing about is american people can hold them account public. >> before you go real quick on upcoming spending bill that needs to be done, before december 7th your thoughts on the military spending and where we are with there. i think much of this as already been taken care of, yes. >> the first two installments from president trump fy18 and 19 exactly what we needed now director has told defense department that they're reduced by 5% that is absolutely the wrong way to go. i was on a commission of -- of the national defense strategy that sounded alarm bell, that we are in the most dangerous period we've been in decades in terms of security of the united states
and last thing we need to do is reduce the defense budget. >> general we'll be watch withing that i know it is an important topic for all of us we'll have you back soon to talk about it. great to see you sir. now coming up next more or for bitcoin cryptocurrency tumbling below 4,000 dollars. next. arket when it might be time to buy or sell? with fidelity's real-time analytics, you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today. fidelity. ...and i found out that i'ma from the big toe lian. of that sexy italian boot! so this holiday season it's ancestrydna per tutti! order your kit now at ancestry.com
working for robert mueller say that president trump former campaign aid has breached a plea bargain agreement by repeatedly lying to fbi. they say thatman manafort is no longer credible witness relieving them of promises they made to him and convict of financial fraud and plea deal many return for cooperating with mueller russia probe but manafort could face a harsher sentence or have charges against him refiled. well the price of bitcoin continued to drop now about 3600 dollars that price, though, about 80% lower from peak in december last year. so experts say hieb surrounding digital currency is i had paing and worries about regulation also hitting the digital currency market. and then there's this from texas christmas coming early after a malfunctioning bank of america atm accidentally with 100 dollar bills instead of 10,000.
people rush to bank and they spread there were even fights reported around atm and good news for all of those lucky customer whether they deserve it or not they get to keep extra cash in time for holidays. good for bank of america our bad you keep yourself a hundred dollars. >> what a story. i know. imagine that. hundreds instead of ten. good day for somebody. >> i want to be there. financial awareness for kids is next how green light debit card can can teach your kids spending habits how amazon wants in on that action. that's it. stay with us. over 100 years ago,
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welcome back debit card for kids receiving green light card manage their children about thes from their phones while teaching salve ji spend and smart savings joining us row ceo tim rather good to see you this morning thanks for joining us. >> thanks for having me maria. we love what you've done one of the new features that parents can allow access to specific atm meeshts when child is out of cash tell what you say you're providing how this is -- resonating. >> green light is trying to help they are so busy so trying to help parents raise financially smart kids we want to teach our kids you know how to spend wisely, the importance of saving, but perhaps to give back. to learn how to invest in order to build wealth over the long-term. and so green light is is all about trying to help parent give parents tools to do that. >> you say you've helped
children save more than 2 million dollars, i want you to take us through how it work but john how do you deal with it and teach your children to be smart in terms of money? >> oh, with god i don't know. i don't know you talk to them about how it works. [laughter] but -- i don't know if i'm the model for teaching financially savvy kids i would like to hear -- >> green light debit card, with john. [laughter] >> i would like to hear sol advice what should i do with my teenagers. >> sure, sure, sure -- yeah. with green light they can one of the nice things with the savings account is because you know with the normal bank savings account the interest rates can be, you know, quite low these days although they're rising. but one nice feature that we've added is a parent paid interest rate, and so what it does is allowed you to exaggerate the point to make the point. so you can set the interest rate at, you know, 100%, 12%. you know whenever you want.
and so that's what's really kind of motivated the kids to save, and as we all know if you can get them to kind of associate you know a positive feeling about saving then they're going to continue the to do so as a habit going forward. >> what are fees associated with your product and -- you know, how they connect to banks things leak that. >> yeah. we basically tried to -- massively simplify whole fee structure because green light is really like three accounts all in one. so it's a mobile app that is kind of paired with a debit card. and on the debit card is a spending account, a savings account, a giving account, and soon an investing account so it will be four accounts in one. but the idea is that, you can use this simple method of pull up mobile app tap, tap you've instantly sent money to your kids no nowhere they are these
days kids are independent at a much earlier age you know in middle school. definitely in high school, but it tends to be around time they get their first phone they start to spend more time away from their parents with their friends doing different things like that. and so you'll have these needs to be able to give them money to do certain things. whether it is allowance that you pay weekly or monthly, or you're just giving them money to you know for school event or anything like that. traveling for sports team, but then you also want to teach them smart things like made tradeoff decisions to save or suspend learn how to invest so you can build wealth over the long-term. >> so tim do you do this in coordination with visa or master kaferred or american express? nches amazon.com backs you one of your partners. >> that's right. that's right. yeah. mastercard so green light that green light debit card is a mastercard. and so -- back to your question on fees we tried to mass ofly simplify it
so simply 99 cents per family, per month, and so that includes all a of the parents and up to five kids included in that plan. >> i love it i like the fact you can threaten to raise interest rates on your kids tim thank you. we'll be watching stay with us. gender reveal gone wrong that's next. ♪ this is not a bed.
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gender reveal gone wrong, the shocking video of an explosion that sparked a massive wildfire. that video released. shoppers spent nearly $8 billion yesterday on cyber monday. taking a look at the state of retail this morning. all those stories coming up this tuesday morning. joining me to break it down, dagen mcdowell, john hilsenrath. and lindsey bell. grade show so far. >> great to be here. maria: great to see you. >> it's a big week coming up. you've got g-20, powell speaking tomorrow, a look at the second quarter gdp. maria: jp morgan in its research said this is the last most important week for markets in 2018. >> i actually disagree with that. i think december is a really big month for the fed.
the fed's under so much pressure. maria: we have a two-day fed meeting the following week. >> that's december 18th and 19th. there will be a lot of focus on what the fed does, under increasing pressure to stop raising interest rates. jay powell is having a press conference after that meeting. i think there will be a lot of focus on what they do there. dagen: would they have to be looking, maybe listening at what presidenpresident trump is sayit interest rates but looking at asset classes. it's unnerving what's going on in terms of the downward spiral that we've seen just in recent weeks, stocks, global bonds, copper, oil, you mentioned burlap yesterday. but then also you have germany's economy contracted in the most recent quarter, japan's, correct. >> china is slowing down too.
dagen: china is slowing down, global weakness, reduction in the easy monetary policy seen around the globe. it's starting to get unnerving. >> the fed's stuck between a rock and a hard place. inflation is at 2% or below. you've got unemployment at a 50 year low. they really, from that perspective, they have no reason not to raise rates. you are seeing negative -- massive negative downfall in the interest rate sensitive sectors like housing and auto. yeah, they need to figure out how to balance all this. >> the other indicator we need to be watching this week is there's a personal income report coming out i believe on thursday, a day after the gdp numbers, which has the fed's favored i' inflation measure in. the numbers have been soft lately. if we see more softness in the inflation numbers on thursday, they're going to raise interest rates, unless there's something dramatic that happens between now and the end of december. they're going to raise interest
rates but they might do it in a doveish way, say listen, next year, 2019, everything's on the table. we could hold off, we might keep going. i think if we get soft inflation numbers, we could start to see doveish signals coming out of the fed, not about december but about 2019. maria: marty feldstein's approach in the wall street journal, what did you think of that? he writes raise rates today to fight a recession tomorrow. raising rates today, would that fight a recession or would that bring pressure, bring it on? >> i haven't read the column yet. there's this idea that some people have that the fed needs to have rates higher so that the next time we have a recession they could tua recut them-- the. that doesn't make sense to me. you don't want to drive the economy into a recession so you have the ammunition to pull it out. they need to create the interest
rates that's appropriate for the economy right now. dagen: i think the federal reserve demonstrated to the world that they have a lot more policy levers to pull in times of crisis and not just lowering short-term interest rates. >> the question is whether they'll be allowed to use them the next time we have -- dagen: yikes. maria: jay powell speaking tomorrow in new york and then we'll get the fed minutes on thursday of this week. so we do have some catalysts this week we'll be watching in terms of rates and what we hear from the fed. coming up this morning i'll speak to betsy devos. also joining the conversation this morning, ronna romney mcdaniel is here, along with newt gingrich. we've got a big two hours coming up. we kick it off with this story right now, that is general motors. it has ad plans to close plants in ohio, michigan and maryland. it will lead to thousands of layoffs. president trump spoke out about the news with tough talk for gm's ceo, mary barra.
>> i spoke with her when i heard they were closing and i said you know, this country's double a lot for general motors. you better get back in there soon. they say the chevy cruz is not selling well. i say well, then get a car that is selling well and put it back in. so i think you're going to see something else happen there. but i'm not happy about it. maria: joining us right now is kelly blue book executive analyst, rebecca lindlen. give us the impact from your standpoint on these layoffs and plant closings at gm. >> well, thanks for having me on. it's really unfortunate and my heart goes out to those people that are losing their jobs and that are being laid off especially at this difficult time. i think that it's important to remember, though, from an investment standpoint that what general motors is really doing is shifting expertise. they are moving people to plants that are producing very well selling vehicles. they have the new chevy blaze rer coming ou -- blazer coming .
they're filling in the portfolio to reflect consumer demand. they're also hiring a lot of technology people. so it's people with different levels of expertise and different skill sets, as mary gets prepared to evolve this company. you know, she's been with gm for 30 something years and she has been through the really bad times this company went through and she's determined to not make miss a takes from the past and to set the company up for success. >> rebecca, talk about the transition you're seeing. you're seeing a lot of automakers respond to competition from google, tesla, you know, google's waymo division about electric cars and self-driving cars. talk about how that's evolving in the industry, how quickly it's moving and if that's the right direction to go. we were discussing earlier on the panel how electric cars really fell flat earlier in the decade. >> well, we've seen tremendous changes in electric vehicles,
even from general motors. i was disappointed the volt was part of the cancellation because i do love that combination of engine plus battery. but the reality is that the new vehicles, like the chevy bolt, that is a tremendous vehicle that has over 230 miles of range. so you don't really need the gas engine of the volt. so i think that when we think about where battery technology is going, it makes sense that you don't need the hybridization. in terms autonomous or self-driving cars, i think we're a little ahead of the game in terms of demand but that's only because we need five to seven years to really bring out the technology that we need for true self-driving or level five vehicles that can just drive themselves, vehicles that google is working on. so we will start to see increasing demand for electric vehicles, for electrifi
department vehicles because of consumer demand. those people that expect their vehicles to be environmentally friendly aren't in the marketplace yet. they will be very soon and general motors has to be prepared. so they've done things like spend $1 billion acquiring cruise automation and we've seen similar investments from companies like ford motor. so it's just an evolving -- it's an evolving mobility as a service and that's what mary's really trying to set the company up in order to lead in that space. >> rebecca, dagen and lindsey were talking earlier about interest sensitive sectors. we've seen a slowdown in the housing sector. autos are an interest sensitive sector. how do you size up consumer demand for cars right now? are rising interest rates having any impact on demand and does that play any role in what you're seeing and what you saw gm do yesterday? >> you know, john, i don't think that we're really seeing a
pullback in consumer demand. the automotive forecast is for over 17 million units in 2018 which is really at the top range of what we had estimated. so we're still seeing consumer demand. what we're seeing is a lengthening of loan terms which has me a little bit concerned as consumers move towards a 65, 72 month loan term. they're going to owe more on their vehicle than it's worth for a longer period of time. but what we're really seeing and what's really driving mary's decisions about specific plants is that we are now at 70% car and truck split. so when we talk about trucks, we're talking about suvs, crossovers, pickup trucks, minivan, all of that is 70% of the market whereas just a few years ago in 2013 that was 50% of the market. so we're just seeing consumers
saying i want a utility vehicle, i want something that meets a variety of needs and they're getting that in their suvs and crossovers and they're not finding that in cars. dagen: some of the crossovers are like cars, quite frankly. they're smaller in size. i think if it's a difference between an impala and like a smaller suv, then that's really not a big leap. i want to ask you, do you think -- did the tariffs on steel and aluminum play into this cost-cutting move by general motors? will we see similar cost-cutting moves from other automakers like ford? >> yes, i do think -- dagen, i do think the tariffs have played into this. the automotive industry is not flexible. we don't have the ability to simply change plants or to move a plant. these are decisions that have been made years in ad vans --
advance and billions of dollars have been invested. it's not easy to say we won't make this in mexico, canada or korea anymore where gm recently closed a plan. thesthese decisions have been me years ago and to suddenly have significant tariffs on really does impact your balance sheet. and it impacts the profitability of these vehicles and mary's very sensitive to that. she's very sensitive to whether these vehicles make a profit or not. maria: what's your take, rebecca, on this nissan carlos goen story. the ceo is saying the chairman had too much power, a week after he was arrested on charges from anonymous source that's he understated his pay over five years. speaking of supply chain, he was about to change the supply chain by merging renault and sunn nis.
he took on an incredible amount of expense with the alliance. what's your reaction to what happened here? >> like everybody, i was absolutely shocked. i mean, but what was interesting in that initial press conference that they had last monday, the ceo just -- he very much focused on the power that mr. goen had. that was a theme throughout and in his mind obviously they wanted to do something different and they found a way to do this. so i think it's shocking. i do hope the alliance continues because as you said, there's significant cost-cutting opportunities here that could be realized if they continue the alliance. maria: any thoughts on tesla, real quick, before you go, burning all that cash. do you think tesla will thrive at some point financially or not? >> i think that tesla will.
maria: welcome back. futures are lower this morning, this is now worsening here, dow industrials at the lows of the morning, certainly during our program, down 60 points on the dow industrials, s&p is down a third of a percent and the nasdaq is 40 points lower, two-thirds of 1% lower this morning after a big rally yesterday. we're expecting a lower opening this morning. breaking news, a deadly roadside bomb hits a group of u.s. troops in afghanistan. cheryl has headlines. cheryl: we're just learning about this. the u.s. military says a roadside bomb killed three american service members and wounded three others. this happened in afghanistan. likely the deadliest attack this year for american forces in that
country. one american contractor was also wounded in the attack. we'll bring more details as we get them. the food and drug administration says it is okay to eat romaine lettuce, only if it's not from california's central coast region. this comes a week after the agency warned people to not eat any romaine due to an e. coli outbreak which sickened more 40 people in 12 states. no word on the exact source of the contamination. they found the area where it came from. we're getting a firsthand look at what caused arizona's saw mill fire last year. it started at a gender reveal party. that's the video. the host fired a gunshot at a target labeled boy and girl which was over the grass which you can he see there. a backlash of blue powder appears. then an explosion takes over that lit the saw mill fire. the resulting fire burned almost 47,000 acres near tucson.
it caused more than $8 million worth of damage. he immediately called in the fire and admitted he did it but still the fire was devastating at the time. and then no fake news here. the 2018 word of the year, misinformation. according to dictionary.com, misinformation is defined as, quote, false information that is spread regardless of whether there is intent to mislead. president trump, social media sites and conspiracy theories were directly mentioned in the a announcement from dictionary.com. other contenders, representation, maria, backlash and then self-made. i don't know. i like the self-made one. there you go. maria: misinformation, a lot of that going on. coming up, washington and your wallet, we break do you dow dowe republicans' giant tax package could impact your pocketbook. and details on nasa's successful
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maria: welcome back. so cyber monday sales broke online records topping $7.9 billion yesterday, just in the day, making it the largest shopping day in u.s. history. joining us right now is moody's lead retail analyst, carlie o'shea. characterize the retail environment for us right now. >> i think it's favorable. we just went positive with our sector outlook, the first time we've been positive since 2015. one of the factors driving that was we put out a forecast for holiday sales and i contrast that with our focus on operating income, so the top line is important but it doesn't matter as much as what you put in the
bank. we think 5% to 6% in sales growth for the holiday season and again, it depends on where it goes and how much money the retailers make but it looks like a pretty good season. maria: what does 5% to 6% mean versus prior years? >> we've never really focused on top line during the holiday but i think you're looking at in the past 2% to 3%, 4% was considered pretty good. maria: so much better. >> we're feeling pretty good about the consumer right now. >> how are promotions so far? i've read some analyst notes, seems like they're about on par with last year is what i've heard. so what are margins going to look like in the fourth quarter? >> well, on the pricing side i think you're right, i think promotions have been not as extreme as we thought they might be. today's a big day. if you go into a mall today and you see a retailer that was 50% off over the weekend and is now 60% off, something went wrong. maria: oh,. >> if you go into the mall today or even on websites and somebody that was half off over the weekend is now 30% off, they hit
it pretty good. so as we go through the holiday, you've got a lot of expenses now that we're not used to seeing, free shipping is a form of promotion, how much is that going to cost. amazon's probably going to spend $15 billion this year on shipping related expenses and that's absorbed cost. that's not the total. so it's going to be interesting to see what happens with margins. we've had wages going up. there's a lot of factors involved here. but again, we're operating income focused so that's where we're -- that's what we're going to care about. >> how do you size up how tax cuts played into this. households got tax cuts the beginning of the year. are they spending the money? are they saving the money? how much financial strength does it give them? >> i think the consumer is spending that money. in the past, when we've seen for instance fuel prices dropping, we haven't seen the surge in spending. this has been a really good year for retail. and i think you're going to see it continue. the question for us is did the
consumer outspend themselves during the first part of the year, the first 10 months of the year. do they have anything left for the holiday? we think do. we think there's been -- there's some pent-up demand going into the holiday this year that we haven't seen in the past. dagen: why the down-draft in the retail stocks? good day for them yesterday but major, major selloff, like double digit selloff in big names in the month of november. is that concern about the over-promotion, about the margins or are investors looking into next year and really worrying about the tax custodies appearing and -- tax cutsdisappearing and the tail wind that consumer have had going away? >> i think what you've had is many stocks priced for perfection. amazon has dropped a little bit. amazon's got a shareholder base that doesn't seem to care that much about profits. they're more concerned about top line growth and what aws does. maria: it's worked for them so far. >> absolutely. absolutely. every other retailer does not
have that largees i would call it. so when a retailer comes out and says our margins are going to drop a little bit because we have to make investments, look what happened to walmart in march of 2015. they said we're going to spend x dollars over the three years and this will be the margin impact. the world erupted. the stock got hammered. the investments paid off. in order to build an online business you're not going to beat amazon but you've got to get more competitive. it cost a lot of money and it takes a lot of time and that's something that the equity markets didn't understand. >.dagen: they've literally had two decades to figure it out. they've not done a great job. it's better but it's still not there. >> every brick and mortar retailer that has the ability to spend money and to make the investments is doing it and i think for the most part they will succeed. a lot of them got off to slow
starts. we put a piece out in 2012 that talked about where the cap expenex spend had been, for in. it had been at stores. we're talking about a five or six year run for brick and mortar online. some are lagging. those that are lagging are the ones that don't have the flexibility, don't have the balance sheet, don't have the cash position, don't have the liquid at this. maria: which retailer is in the best position in your view 1234. >> walmart. maria: which is in the worst position. >> anybody in cwa range, sears, obviously, j. crew is down and kneniemann's. maria: interesting you say walmart is number one. >> from a competitive position, amazon. the share price and the shareholders give amazon some benefits no one else has. maria: this holiday, tech and gaming items, are those the top sellers? anything you can tell us about the upcoming holiday season, smartphones expected to hit an all-time high. >> it's always electronics during the holidays.
tvs are big movers. you can get a 32-inch amazon smart tv for $130 over the weekend. dagen: i bought a tv, a 50-inch. maria: cyber monday or black friday? dagen: over the weekend. >> how do you break down low end and consumers and high end consumers. unemployment is very low. that should help lower income households. are you seeing that where the money is going in retail right now? >> when you look at where the consumers spend, they spend at dollar stores, spend offprice and discount stores. those are three of the best categories we've been covering. dollar stores have had a tremendous run. seems like they can keep building stores without any issues, similar to walmart maybe 10 years ago. >> dollar general in particular? >> d.g., yeah, anybody in that category is doing really well now and it's not only the paycheck cycle. we used to see on the 13th day you'd see a surge at the dollar stores because consumers were trying to stretch that paycheck
an extra day or so. now you don't see it as pronounced. there's more predictable spending going on at dollar stores right now. maria: charlie, great site. >> thank you. maria: thanks so much. coming up, battle over the gavel former house speaker newt gingrich is up next. nancy pelosi is on the spot. we'll talk about whether or not she will get the gavel back. and we'll have the highlights from the big game with the houston texans, just a ahead. ♪ don't speak, i know just what you're saying, so please stop explaining. ♪ don't tell me because it hurts. ♪
maria: welcome back. good tuesday morning, everybody. thanks so much for joining us. i'm maria bartiromo. it is tuesday, november 27th. your top stories right now. another round of tax reform. house republicans releasing a new tax bill yesterday. we're taking a look at whether it has any chance of getting
passed in a lame duck session. trade tensions are rising, investors are watching the potential next round of china tariffs to come as president trump plans to meet with china's president this week in argentina. markets are lower this morning, near the lows of the morning, dow industrials down 60 points, s&p 500 is down a third of a percent and the nasdaq with a 40 point move lover. this after a big day yesterday, dow industrials picking up 354 points at the close yesterday. the s&p was also up 1.5% and the nasdaq with a 142 point rally up better than 2% at the close yesterday. in europe this morning, markets are mixed. fq100 down 15, cac down 19, dax index in germany down 42. asian market march were mixed overnight. we had gains in japan and korea. good news from the final frontier.
>> 20 meters, 17 meters, standing by for touchdown. touchdown confirmed. [ cheering and applause ] maria: scientists cheering as the mars insight lander sticks its landing, more of the stunning images coming up from mars. battle on the gridiron, the houston texans pulling out a victory last night over the tennessee titans, taking the time to honor their late owner. house minority leader nancy pelosi facing a critical test tomorrow when democrats are scheduled to nominate their speaker and party leaders. pelosi facing fresh opposition in her bid to be the next speaker with newly elected congressman gil sesnaro saying he will not support pelosi's candidacy. joining us now is newt gingrich. thank you for joining us. >> good to be with you what are your expectations for tomorrow.
there was a letter by 16 democrats that say we do not want nancy pelosi back as speaker even though some of them actually retracted that in the days following. >> look, i think nancy pelosi will win the party vote tomorrow. she'll have a handful of people saying they won't vote for her on the floor because their goal is never to beat her in the caucus. it's impossible. she has many, many too many votes. their goal is to say that they would withhold their vote on the floor and block her from getting a majority to be speaker when the new congress meets. i think that's an impossible strategy. her party just won a big election. i think they may have picked up 40 seats. she did a great deal, more than any other person, to raise the money to campaign for the candidates. she has a nationwide network.
she's methodically as you pointed out picking off people who are never pelosi and then they become well maybe pelosi and then they become i really like pelosi. you see that going on from now until the vote on the floor. i would be truly shocked if she was not the speaker. and i can't imagine any democrat who is going to vote to make kevin mccarthy the speaker because he's a republican. so i don't see -- this is an interesting test of public relations but the people who are saying they're not going to be for her in the end are going to go home and say well, i really didn't have any choice and so while i'm not happy, i voted for her. so if i were betting, she absolutely will be the next speaker. >speaker. dagen: the wall street journal yesterday wrote an editorial about nancy pelosi. she was handed out committee
assignments already to get people on-board. but they argue that a lot of these more moderate democrats that won in the midwest in trump areas, they ran on, again, more middle of the road policies but they will be put in the back of the train in the ca caboose in terms of the policy agenda nancy will be pushing. do you agree with that? what does that do to those middle of the road democrats two years from now? >> look, there are a whole bunch of democrats, i don't know the exact number but it may be 40 or 50 who promised they would vote against pelosi. they're going to go to washington. their very first step is going to be to break their word to the people back home. then they're going to find themselves faced with a democratic caucus which has gone further and further to the left and they're going to be told basically you better vote with us or we'll punish you. the democratic party is a
machine and it's very good at punishing people. that's why you see even in the senate a tremendous consistent pressure to stay together even if it doesn't make any sense. that's why for example on justice kavanaugh, you had people voting in essence to destroy their career because they couldn't imagine walking back in that caucus, having voted yes for donald trump's nominee. i think these people will be in trouble but they're only going to be in trouble if the republican party sorts out how it's going to unify the suburban vote that it lost this time with the blue collar vote which elected donald trump president and until the republicans are able to field candidates who can appeal to those suburban districts, it won't matter much what the democrat does. >> speaker gingrich, i want to drill down on your point about the suburban vote. we've been writing a lot at the wall street journal about the growing urban, rural divide in the country, not just economic,
it's also social an and politicl with urban areas becoming more left and rural areas becoming more right and suburbs becoming the battle ground. how does that change the way the houseworks? >> i don't know yet. a good question was just raised. if the democrats are serious about staying a majority, then they've got to get up every morning and worry about the marginal see seats they're going -- marginal seats they're going to lose come the next election. there's almost enough democrats in districts trump carried, in a presidential year you can imagine them getting beaten and they would lose the majority on that ground without having to dig any deeper. but frankly, for president trump to get reelected, he's going to have to think through a suburban strategy and suburban appeal which is effective and which is believable and he's not there right now. it's a fair distance from where we are right now. if he does that, then the
democrats in the house have a huge problem. if he can't do that, he won't get reelected and the republicans won't have a reasonable chance in the near future. >> what would that suburban appeal look like? >> i look at california -- huh? >> what would the suburban appeal look like? >> i think it has to involve solving problems, has to involve a better health system, not just attacking obamacare. it has to involve better education outcomes. it's going to ultimately involve an infrastructure program as you watch the country decaying. people have to have a sense that their lives will be better. but i think republican versus to look at california as a very serious warning. here's a state which is in many ways disaster. it's in many ways getting impossible to afford. it can't even -- it can't manage its forests. it's having a range of terrible problems. and yet the republicans are not competitive. so i think that's a warning about what could happen if they
don't get r their act together. maria: is it also a tone issue, newt? does he have to change his tone in some way to appeal to those suburban women? >> yeah, i think part of it is a tone issue. i think part of it is that the very rough and tumble blue collar appeal that is at the heart of a trump rally i think turns off a lot of suburban women. i just got a note from a very good friend who said -- in orange county, california, a close friend of hers who had always been republican voted straight democrat and she said she did it because frankly she just found the president's tone unacceptable. i think it's hard to say this to the president. he doesn't want to hear it. but the truth is, if he's going to get reelected, he's going to have to think through how he becomes acceptable to millions of american women who are uncomfortable with the kind of
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maria. good morning. amazon's app revenue expected to double this year, to nearly $6 billion, the number three spot in the u.s. digital ad market, behind google and facebook. experts say ad sales could hit $28 billion over the next five years, a big portion of the business coming from the website where companies pay to be listed as a sponsored product high up in the search results. shares of amazon are lower in the premarket. this is pretty exciting, nasa's mars insight lander wasted no time to get the first clear picture of the red planet and sending it back to earth. it touched down just before 3:0e yesterday, causing nasa scientists t erupt into celebration. the last part of the journey the most harrowing, with the agency calling it seven minutes of terror due to the inability to control the landing of the spacecraft. it cost $828 million. luckily it made it safely to
mars. well, an em mention nai emotionl day football game for the texans. this is the first dam game since founder died at the age of 81. they held a moment of silence before the game, honoring him. lamar miller helped the team with this incredible 97-yard touchdown run. the texans won, 34-17, they won it for mcnair. texas fans are celebrating the team's eight straight win with memes. here's a couple. this caption is when you're trying to figure out if you'll ever lose another game. walking into work tuesday morning, like -- anyway, a lot of excitement down there. of course, them honoring the legendary bob mcnair who brought football back to houston. maria: coming up, hugh hefner memorabilia hitting the auction block, we'll check out some of the items here in studio.
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maria: welcome back. well, this weekend fans of hugh hefner will have their eyes focused on los angeles and julianne's will hold a blockbuster auction of items owned by the late playboy founder. we have martin he kno nolan. thank you for being here. okay, first a lot of popularity around hugh had hefner. do you expect a big response? >> we do. we have over 800 items on the auction block this friday and saturday. he's a pop culture icon.
he's world famous. people love to own something from the hef. maria: this is the most iconic that you're going to get when it comes to hugh hefner. how much buzz is there about this iconic robe that we always saw him wearing. >> when you think of hef, you think of the robe, the smoking jacket, the silk a pajamas. this is beautiful, silk, in that sort of very hef color, if you like, he always wore these type of colors. great items, 3 to 5,000 is the estimate. maria: 3 to $5,000 is the estimate. then we have the slippers to go with rob the robe with his inits on them. >> they're gold embroidery, made in london in the u.k. very hef, very much sought after. maria: i love the fact his carved pipe is also available. >> the briar pipe, he's known
for having the pipe and smoking the pipe with the playboy logo on the pipe. you have to have that. made in france. it's something that very identifiable with hef. that's what people want to own. maria: another of his iconic looks, one of his captain's hats, that's up for auction. what will that go for? >> a very conservative price, $100 to $200, something very iconic to hef. it's a great conversation piece in years to come, people always remember the hef and the legacy he left. maria: most people buy these items and keep them and save them and they are collectors. but would someone actually wear something like that? these items seem like you could take them and use them. >> i would certainly wear that. [ laughter ] maria: we've got hefner'sen grave'sengraved money clip. what makes this so interesting? >> his initials are on the money clip, 14-carat gold. it's a beautiful piece.
it's something very identifiable. maria: these are pretty affordable, i guess relative who we normally see from the auctions. we've got hefner's cuff link as well. >> with the playboy logo. these are sterling, in sterling, really great piece, not too expensively priced, 400 to $600 for the cuff links. all of the proceeds go to benefit the hugh hefner foundation which he established in 1964. it's going to a really good cause. he does great work for civil rights and all that. maria: i know he was close friends with the late l.a. lakers' owner, tell me about the jacket. >> this jacket -- maria: he gave him a championship ring as well as the jacket. >> this jack et was made, limited edition jacket, motorcycle jacket made for hef's 77th birthday. maria: it's a nice leather, by
the way. tell me about the ring. >> 1980 championship ring, really cool, gifted to the hef from dr. bus. it's great provenance which is grate when you come to an auction like this. maria: thank you so much. still ahead, troubles and general motors why the automakers plant closings are bringing new concerns over the economy, that's right here. this is stonington, maine, a town where almost half the population is self-employed. lobster fisherman is the lifeblood of this town. by 2030, half of america may take after stonington, self-employed and without employer benefits. we haven't had any sort of benefit plans and we're trying to figure that out now. if i had had a little advice back then, i'd be in a different boat today, for sure. plan your financial life with prudential. bring your challenges. each day our planet awakens but with opportunity comes risk.
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. well back attitudes tuesday morning. thanks for joining us. i'm maria bartiromo tuesday, november 27 your top stories right now 8:00 a.m. on the button on the east coast, a new trade threat for china to tell you about, president trump is expected to move forward, with although round of tariffs on items that could include the iphone stock under pressure as a result, down 2% all this days before the president meeting with chinese president xi jinping at g20 in argentina this week, the meeting will happen friday. news has markets on edge this morning we are at lows of the day, as you can see futures
showing a decline 106 points on dow 1/2 of 1% s&p 500 down 12 a half percent legislator nasdaq now down 47 points three quarters of a percent lower after a big rally that started the week yesterday markets led higher yesterday by retail after strong start to holiday shopping season cyber monday yesterday as well dow industrials up 354 at close yesterday 1 1/2% s&p up 1 1/2%, 41 points higher nasdaq up better than % on session global markets not so strong today, in fact, in europe we are looking at declines across the board, ft 100 down a third of a percent cac quarante also down a third of a percent dax index weaker a third of a percent in germany in asia overnight markets mixed as you can see fractional movers across the board, general motors driving a new direction closing plants and lake off thousands of workers, announcement hydraulic fire from president trump, highlighted that it is not all about tariffs.
>> they say the shipping crews not selling well i say get a car that is selling well put it back in i have no doubt, that in a not too distant future they will put something else they better put something else in. >> yeah could be a warning of health of the economy going to check out this morning, another industrial giant, break being itself up united technologies will split intellecttory companies details on future of the dow component stock up ahead of the open a surprising revolutionary about alibaba founder details on report signaling his support to the communist government, stories coming up tuesday morning joining me to break it down fox business network dagen mcdowell "the wall street journal" global economics editor jon hilsenrath, cfr investment strategy lindsey bell. >> i am going walk out a half hour from now, the federal reserve vice chairman is giving a you took that markets
will have interest in talking about inflation outlook growth i think given how much attention the fed is getting these days for raising interest rates, something we ought to have an eye on half hour from now. >> do you have a a sense of what he will say about inflation at this point jon? vice chairman of the fed going to watch that closely. >> you know, i think it is -- it is hard to say inflation is a problem right now, it is -- gotten to the fed 2% target softened last few months so i think you know, it is hard to say. >> maybe -- >> we will see what he says, we know that we've also got, a lot of fed speak this weaker a couple speakers going to be out in different cities speaking then the chairman tomorrow speaking at the club fu. omc minutes out thursday. >> right, and we've got the president watching every move they make. >> -- the "the wall street journal" pointed out over the weekend the president does watch the stock market, as much as he watches his poll numbers so journal reported
that, so if the stock market is cratering as it has been in the last couple you know, several weeks couple months, who is to blame? is it -- is it jay powell's fault jay powell was picked by this administration, so it becomes this circular problem. >> needling his treasury the president has been needling treasury secretary for talking him into jay powell? guess what john taylor kevin would have been worst problem. >> are we surprised, the federal reserve is raising interest rates after having a decade of you know, flat rate zero even negative from time to time? >> the if wants to go back to having real rates, you know, based on real economic backdrop rather than all stimulus. >> inflation has risen from well below target to its target so it made acceptance for them to have done what they did. the question is how much farther do they go, that is why we got to watch people,
powell tomorrow. >> quickly one thing i want to point out is that people's talk about oh well we need to get back to what 30-year fixed-rate mortgages 5% right now we need to get back to where about we have been over the last 50 years this is 8%, it is a different world. and i think that they -- that i think every economist is struggling to figure out what is a normal range of interest rates, in this -- developed global world. >> the problem when you do go from interest rates at one point one five mid 2016, to offer 3%, on the 10 year, in a matter of two years, that is a huge move very quickly, even if 3% is low by historical standards. dagen: in all conversation that we had every day, about what needs to be done, infrastructure, health care, you know, rates, jobs, i hear nothing about education. isn't it incredible that we've heard nothing about education
during midterm coverage presidential election this morning i will speak exclusively with education secretary betsy devos going to tell us where we stand on country in terms of education what is she doing about it also joining the coveraging is rnt chair romney mcdaniel host of "varney & company" stuart varney joining us as always a big hour ahead we kick of right here top story that is u.s.-china trade sensations rising, president trump on campaign trail highlighting why he is taking such a you tough stance against china speps ahead of the meeting this week with xi jinping. >> we racked up 4.5 trillion dollars in trade deficits with china, since they entered the wto that is the world trade organization. which other than nafta is probably the worst trade deal any country has ever entered and we entered it, and that is what built china, into the power that now we are to big power, we are far more powerful, and that is the way
we're going to keep it. maria: in interview with "the wall street journal" president said he expects to levy about additional tariffs on chinese imports could hit apple products as well as others stock sliding on that the coming collapse of china author gordon chang expert on china u.s. he relations thank you so much for joining us the impact of this further 2 of 7 billion dollars in tariffs that the president says yeah, they are probably coming what is the impact? >> well the impact is going to certainly hurt u.s. consumers, because it is these are not going to be as targeted as first 250 billion dollars, the point is chinese are probably not going to cave in on this, because xi jinping the chinese ruling has all incentives in the world to take china off cliff with him so i think we will probably have to go to stiffer measures to protecting i.t. he probably bans on imports of products that have benefited from intellectual property theft. >> so -- do you see tariffs
coming off at any time in the trump presidentialcy do you think there is any room for an agreement, tw en the united states, and china that would put this administration in a position to say we are comfortable with what our offering. >> there is also a possibility of a deal i don't think beijing will honor one we saw with 2015 cyber agreement between xi jinping and president obama in rose garden where they both promised not to hack companies of the other country for commercial purposes china never stopped hacking our companies you know this is so built in to the chinese system he also under xi jinping idea of a state dominated economy you saw former chairman jack ma xhucht party member should not be a surprise to anybody who knows anything about china right now because xi jinping has been trying to console private businesses. >> here is a fixation by president trump, on the trade deficit with china, is that
really his goal is to stop the theft of intellectual property to stop surrender. >> he is fix aides on trade deficit clearly likes using tariffs pushed on by bob lighthizer, peter navro wilbur ross to lesser extent he sees trade deficit as a debt it is not but case that how he clearly sees it. >> i don't know that he sees another way to change china's behavior. >> right now, you have to impose severe costs on china i know costs are more severe than we contemplate right now, because of just the internal dynamics inside of beijing. >> what about the question is that the right answer is it tariffs because that is a goal right? get them to stop selling a our it to stop forcing transfer of technology open markets in china for american business. >> i don't think tariffs are going to do it certainly 25%
level not sufficient, you know what we're going to need to do disen tangle u.s. china economies. >> that is not good for american business. >> the two. >> that is not good for american business. >> every business -- >> it is rr happening, because supply chains are leaving china for a number of reasons, and a number of people who are suppliers to the big box stores have been saying in the last couple days, they are looking to see what xi jinping and president trump do, because if there is a hint of a deem, they will stay in china, but if there is a feeling that there won't be a kee deal a number of companies especially lower end moving out of china into other countries. >> that process already started but it is going to sublet accelerate we will see dishe think tangling two of. >> what is probabilitied of a de-escalation the end of this week or end of year before tariffs go from a 10% to 25% you see the market last night
when trump made his remarks, barely reacted to it, you know i think the market is no i thinking maybe he is just negotiating in the public, and once he gets face-to-face one-on-one with him behind closed doors maybe will change his tone a little bit with china. >> you know, i've heard every about con sooefbl upon two or three dames i don't know what this is trump's mind what is he is fixated on only he will tell you? >> "the wall street journal" yesterday said he is going to you higher tariffs. >> the point though is that each if you have a deal with china, china will not honor it means we are going to get to a broibt there will be mere stalling more delay more stealing of u.s. i.t., and essentially we are going to continue to bleed, so i think that some point, we are going to get to a point going to say no we've got to disen tangle two economies put you the in higher stiffer presidentials. >> dealing with diek at a timo for life the story we covered the end of last unique, about
beijing to judge every resident based on behavior by end of 2020. so they have got this capital plan, social credit system by end 20620 watching everything you do, if you smoke if you do something that they don't like, they you won't be able to get a train ticket you would be the get on plane to go anywhere this is china. >> you won't be able to put your kid into school wouldn't get government benefits as thee say. >> anybody with poor scores will be unable to move a step. >> that is right, that is almost literal what they plan to do not quite but very close, you know, this is a country moving in all the wrong directions, xi jinping believes as state dominated economy state dominated society party controls everything he controls the party china moving in all the wrong directions, and you see it, from this -- the -- crime against humanity with gene editing a breed of super human chinese, this is scary stuff. >> the largest holder of --
has to matter at some point. >> doesn't matt chinese have been selling our debt sold a trillion since middle 2014 their biggest problem is capital play, if they continue support the renminbi it is lights out for beijing. >> we've got to jump is big threat economic or military because i know the china is using economic power to build up its military power, in south china sea all over the world actually. >> regardedh hard to answer the question i think economics is the core of this because they're building military with profits from sale of goods to rest of the world especially u.s. would i focus on economics. >> all right we will leave it there, that is what the president is doing i guess gordon it is good to see you. thank you so much gordon chang joining us there. >> details the industrial giant gears up to split into throw separate companies then musk defending 80-hour week say that can change the world
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tweeting on mueller probe what he just said phoney witch hunt continues mueller and gang angry dems only looking at one side not the other wait till it comes out how horribly viciously they are treating people ruining lives for them refusing to lie fake news media builds bob mueller up as a saint he this is exact opposite doing tremendous damage to our criminal justice system, where he is only looking at one side and not the here heroes will come this have it won't be mueller and terrible gang of angry democrats the president writes look at their past where they come from the now 30 -- 30 ---million-dollar witch hunt continues and they have got nothing but rubied lives where
is the server let people go to clinic foundation justice department the president on fire on robert mueller probe more on that as he continues to react, president trump is also taking aim at general motors comments after company announced it will close factories in michigan, ohio, blake burman at the white house this morning with more on that blake good morning to you. maria: regarda good morning to you as well mary bar no changer to white house the case last couple days gm announced slashing jobs cutting about factories yesterday gmceo met with the president's top economadvisory y kudlow, and spoke on phone with president trump as well in interview yesterday with "the wall street journal"s, the president said he told barra as relates to a factory closing in hae if she didn't reverse course quote she would have a problem, he recounseled some conversation as well to
reporters. >> -- and i am not happy with what -- you know united states -- general motors for her to take that company out of ohio he is is not -- put something back in soon that cars not selling -- >> gm factory in lordstown ohio is one going to be impacted, that is the congressional district of the democrat ryan yesterday he wrote a letter to the head of the house ways and means kevin brady asking for a hearing, to try to determine how gm has used its money, from the new republican packsplan the american people deserve to know if the tax cuts they paid for are being used, to inflait corporate profits, at the expense of their economic security, and the survival of american workers. maria: gentleman blake thank you so much blake burman with the latest there, coming up the cost of college, we are taking a look at the burden of
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>> welcome back, education in america, in a 2016 ranking of the top 10 school systems in the world, united states is not even breaking the top 10 u.s. beat out by countries like finland belgium estonia barbados qatar ireland, japan, why is that joining us right now fox business exclusive is the united states education
secretary betsy devos, miss secretary good to have you on the program thanks so much for joining us. >> thanks so much, maria great to join you -- >> the comment that i made earlier, secretary devos is that in all of the campaigning that we've seen whether midterms or general election, i hear nothing about education. but when you look at these statistics, the fact that united states is so low, compared to so many other countries u.s. is behind in average performance, in math science, tied with china in reading. give us your sense of why that is. >> well maria we've been doing essentially the same thing for over a hundred years in education investing more and more money trying to improve things and expecting a different result. and the reality is things have not fundamentally changes for too many children we are leaving too many of them behind leaving them unprepared for a fulfilling adult life we need to fundamentally rethink
everything about education how we do it focus on individual students' needs how they learn, and how we're going to get them to fulfill their greatest potential tell us how you do that what are the most important things or levers to pull in terms of getting the united states up the rankings when it comes to education, and now i am talking about grammar school you younger, younger students, we can do higher education in a moment but let's talk younger students what needs to be done practically speaking. >> sure, sure one of the most fundamental things focusing on individual children knowing that all students are different they learn differently, i have four children all very different, very different learn rz he we have to allow for more kinds of schools, more kinds of educational experiences, and to do that we need to empower more families to make those decisions on behalf of their students, some states are beginning to do this, and meaningful ways but we need to see it on a broader scale
across the country. >> in terms of practical speaking are you saying better -- more informed or criteria to study the curriculum needs to change more days in school? because i know that students in china are having longer days in school, and longer calendar years in school so practically speaking what are you saying needs to be done. >> practically speaking we need many more kinds of educational experiences for students to pursue to get the best out of each and every student. for some students it might mean longer school days or more days in school for others it might mean, a different kind of environment where they are hands-on learning and doing project based learning but we have to make sure, that all of them have the opportunity to develop the skills that are going to take them forward into out hooded critical thinking communicate skills fostering creativity
able to to work together with others much has been lost focused so much on assessments of math reading and even in doing so we've seen those scores just sort of taper off, and continue to we the mil of the pack as compared to the rest of the world, we are trying to do a top-down approach that is imposed on almost everyone, and it doesn't work for way too many students. >> when leads to the next obvious question why around the we doing it what is stopping u.s. from moving forward making the changes required? >> well we have a lot of a lot of forces that are protecting what is and what is known a lot of focuses protecting the status quo we need to combat those break them and, again, empower allow parents to make decision on behalf of their individual children, because they know they know their children brest they know what is going to be the right environment for them, and we
need to ensure commensurate with thats ensure parents have information about array of options but empowering parents to make those decisions, and trusting parents to make decisions on behalf of their students, that is where we start. >> why wouldn't we trust parents? that is it teachers union? what outside forces are stopping us from making the changes required? >> the teachers union has a stranglehold on many of the politicians in this country federal level and state level they are very resistant to the kind of changes that need to happen very provoabout protecti what they know of adult jobs not focused on what is right for individual students. >> has a anything changed in that front i mean i remember stories where there was -- sexual abuse, and teaches were not fired they were going into rubber room waiting their time out, because of their tenure has anything loosened in that
regard in terms of a better foothold on students and what students need whether it be from the parent or anyone else? . >> well, in some states we've made significant progress. but there is a lot more progress to be made, and if he traditional level i think there needs to be honest conversation until the policy making rooms around what is right, long term, for the health, of our students, of our children, which is the future of our country. >> of course, secretary let me ask you about higher education let's move over there, in u.s. we have some of the best universities in the world we know that. but financing college is very tough for millions of americans, you is a i there is a crisis going on, in terms of paying for college, tell us what is happening. >> sure. well i am sheer at federal student aid conference it is about to begin, and i am going to be talking today, about the fact that we have a crisis around student aid, around
student debt and it really is impacting not only students but it is going to ultimately impact our economy and if we aren't honest about that, and if those who are policy makers and those who can impact from starting from congress, but schools and universities have to take a look at their role and what needs to change to allow students to procure their futures but doing so in a responsible way, students have to have more information, about the debt they are assuming understand implications, 70% growth in student alone dent portfolio has been students taking on more and more debt over the last eight years it is not mores students accessing the system it is more students are existing students taking on a lot more debt. it took 42 years, for the student alone balance to grow to 500 billion dollars it took
11 years for it to grow another trillion i don't know that the implications for our economy are staggering, more than 10,000 dollars of someonels's student debt for every single american taxpayer 145 million of them, we have to look carefully and have honest conversations about the policies we set, and how we implement them and the processes we -- we put in place to help students pursue their futures in a way that they are informed, that they have control of information. maria: right. >> and one of the things that we are doing at federal student aid is helping to give students more information we introduced the my student aid the app, for students playing for now they can go to the app on their phone and fill out complete the fact to form stoon we will have infrequents add there had they will be able to find program he will have level data for each of
the schools they are considering attending so they can find out whether five years after graduation they would be have the potential to earn what they hoped to earn in the program and major they are hoping to pursue having more information -- >> please finish your thoughts. >> no, students having more information, at their fingertips will give them greater control over their futures, will make them more informed about the decision that they make in taking on the debt initially. >> secretary quick we have been talking about china, has there been any conversation in terms of academia what academia can do in terms of china, and chinese students coming here going to our universities, then taking the best of the best back to china? >> well, i think that is an issue that we have to have a lot further conversation about, it is good to have international exchanges i think that is important for our students from america, and for students from around the
world, but i think we need to also do it with our eyes wide-open about the potential for abuses in that regard. maria: secretary i know a lot more to talk about we hope you come back soon thanks very much for scratching the surface with us this morning betsy devos joining us this morning shg, thank you so much we'll be right back.
>> good tuesday morning. thanks for joining us i am maria bartiromo, tuesday, november 27 top stories right now 8:36 a.m. on the east coast president trump says he could add more tariffs to chinese goods including 10% tariff on your iphone the president gears up for a meeting request dhooipz president xi jinping at g20 summit this week, markets are down this morning, to look at futures indicated a decline 100 points out of the gate half a percent lower s&p down 1 nasdaq down 340 points two-thirds of a percent vice chairman of federal reserve is speaking right now saying that u.s. economic he fundamentals are doing well, we will see if monitoring that speech to see
if it is impacting markets, european indices down across the board, ft 00 down two-thirds of a percent cac quarante and dax down a half percent aappeases yirn markets mixed best former japan, korea up three-quarters of a% apooegs, united technologies in three details on decision to separate into three units hack down almost % bitcoin lower cryptocurrency down 80% from high reached december sitting at 3672 versus the dollar, forget 40 why tesla ceo elon musk says you should work 80 to 100 hours a week what? getting into that coming up first stop story this half an hour, mississippi runoff voters headed to polls to decide finalet. >> race between cindy height smith and democrat mike espy president president wrote this pols ooep in mississippi need
cindy hyde-smith in washington vote, thanks joining me to discuss rnc chairman woman ronna romney mcdaniel thanks very much for joining us this morning, your reaction to the fact we still don't know winner in mississippi, we've got senate race happening as we speak, what is the issue in terms of why this has gone on as long as it has? well it is because of the retirement of thad cochran mishad two senate races november 6 election a jungle primary for this seat this is the general election for that a vacated seat of senator cochran cindy hyde smith mike espy candidates espy the corrupt indicted 39 times too corrupt for even clintons she was deciding vote for justice kavanaugh we're not leaving anything for chance why the president was there to make sure she won take her across the finish line, to victory today. >> i want to ask you about general motors in a moment let me ask you about an issue that we have been talking about,
this morning, pretty -- pretty significant issue that is the impact on suburban women, and what has happened in these last two years. it seems that suburban women not voting for republicans not voting for president trump, has become an issue do you see it as an issue? >> well we do need to do more outreach with women i am a suburban woman, college-educated woman, i support president trump wholeheartedly i recognize that our economy is doing better, that there are more jobs out there, i look at my kids who are going to college i want them to come out of college with a job in thriving economy we've got to figure out why voters have left where i them back into the fold, obviously he was ntd on the ballot a lot of candidates across the country we certainly don't want to lose that vote, we will be doing work to make it up with them in 2020 a lot of that is coming out of this white house with prison reform talking about child tax credit put into the tax cuts we've got to
educate those voters as to what this administration is doing as welcome. >> that is true it is educated people to what you are doing, we just had newt gingrich on, he basically said look we need to see coming out of the white house, addressing health care, addressing education, perhaps even shifting or changing the president's tone a bit to speak to those women. is that in the plan? >> you know the president has led in a level we haven't i think about opioid crisis i know i care about as a mom, we have a vaping issue with my -- mil schoolchildren not my son but a lot of kids are vaping, opioid cries facing our country the president is taking the lead on so many things getting economy humming taking on health care recognizing three images it is educating voters the pilot making you are in lives better i think we are going to do that going into 2020 obviously great gains in the senate midterms i think that was a
lot of because of the president we are going to continue that trend into reelection. >> we know the president and party the republican party has done a lot in terms of creating jobs with the economic policies coming out of this administration, and congress, but there is new fallout this morning over gm, after company on aniannouncing cut thousands of jobs close faikts in michigan and ohio states president won in 016 does this hurt chances in 2020, and should the president be telling mary barra how to run her business, at this point? >> i think the president was very clear yesterday this is unacceptable gm one of the companies benefited from the tax payer bailout now bailing on michigan and ohio it is not right, they are leaving workers behind this isn't because not making gains in company they are making big profits, and walking away. and i think the president is right to call it out. on top of that they have gained from the corporate tax cuts that benefited companies across this country many of
whom gave bonuses walmart at&t comcast to invest back into workers, so gm, i think is doing the wrong thing, are issue leaving behind people of michigan and ohio i think the president is going to fight for every job like he has done since day one. maria: well we will see if any changes come out of that, but i guess there has been skepticism about what the president can do about it, this is a public company you are right they did get bailed out maybe downside of bailing out, a company, in the free market. but that is another conversation ronna your thoughts on tomorrow's big vote for nancy pelosi or not. house minority leader nancy pelosi facing critical test fresh off position, democrats scheduled to nominate their speaker as republicans rolled out lame-duck tax bill renewings expired provisions improving savings retirement first your thoughts on speaker pelosi is that who you want to see as speaker given what we know at this point? >> i think this is a critical test for all democrats, that ran in around the country
saying they would not support speaker pelosi stevens from michigan, con oer lamb adamant won't support pelosi now caving first vote in congress is going to be one that betrays what they said to voters, to get elected so that is going to be fascinating, should no opposition nobody running against her closed-door caucus i imagine will come out nancy pelosi knows how to get what she wants freshman congresspeople have to answer to voters for the lie they told to get elected they would not support nancy pelosi for speaker. >> let's say hypotheticalthetically speaking she gets it the gavel back new speaker of the house what does agenda look like under nancy pelosi. >> i think nancy pelosi is going to double down on the obstruct and resist do everything at all comforts to stop this president, costs to stop this president by extension american people from being sufficiently they called tax cuts armageddon called thousand dollar bonuses crumbs
enough but i am working today maria, at new york stock exchange united technologies one of the blast large industrial giants that is being brokenen into three different smaller focused companies, otis elevator business carrier climate control big part collins would be the aerospace sector stock is down, 2.2% on this news. also take a look at tesla yesterday we told you elon musk worked 22 hours a day seven days a week guess what in order to change the world, as he tweeted, his workers at all four companies have to work between 80 to 100 hours a week 40 doesn't cut it stock down 1 1/2%. maria: that is crazy lauren we will check back as markets open we are expecting a lower opening for the broader averages, bitcoin another tumble down below 4,000 dollars, as you can see, 3692,
joining us now host of "varney & company" stuart varney to weigh in on that zbooj to you. >> good morning, maria. i wonder if this is endgame for this particular crypto bitcoin, some things running against this number one, the "the wall street journal" reported in august that there were 175 fraudulent schemes on 121 different coins to date in 2018 if i am going to buy a crypto i am going to be discouraged by report of fraud number two journal says dozens of trading groups are manipulating the price of cryptics, manipulation again if i am going to apply i am worded about idea of manipulation, number three i don't think bitcoin at this point can be used as a medium of exchange it doesn't replace the dollar, it can't go apply whatever it is want you to apply with a bit county you can't do that at this point, number four i don't see any future for it at all. i wouldn't touch these things with a ten-foot pole, however
would i look very carefully what are you laughing that. >> tell me how you really feel seriously. >> i would look very seriously at blockchain technology, i think that does have a future. we had on top guy from what is it overstock.com the other day dropping his retail business going entirely into blockchain technology, he is placing his bet on the technology, not on cryptos them i find that fascinating debate when cryptocurrency will run out block china confidence in that. >> top of the hour -- blockchain -- >> first business of diamonds more women are buying sought after gem stones for themselves back in a minute. ♪ ♪ diamonds forever, hold one up
>> welcome back, diamonds darling diamonds gerri will i guess with the latest trend for one of the most sought after gem stones. >> you really sold that that was awesome. >> we are familiar with diamonds a girl's best friend right, this time around women and married and single are applying their own diamonds, a third of all diamonds bought for welcome bought by women we took a trip in new york city to find out here take a listen. >> ♪ ♪ and diamond, like diamonds. >> i think dliejtsdz. >> mix me feel pretty i love buying things for myself.
♪ ♪ . >> i am here with a diamond expert par excellence going to us there what diemsamonds women buy. >> make up more than 50% workforce that loovrz things open. >> making more money. >> you are making a lot more money so they can afford what think want to afford they don't have to wait for men to buy something for them. >> one i bought for myself i bought after out of chemical therapy for breast cancer i think a lot of women do. >> buying for milestones buying for occasions buying because they can most people think that you know they have to spend tens of thousands of dollars there is cross points in low hundreds. ♪ ♪ begin to build your wardrobe a few things that are necessities for the woman. >> necessities. >> yeah.
[laughter] so i like to say, everybody needs a tennis tracelet great thing about a tennis bracelet something that you can keep not only your whole life but you can pass down. >> women buy rings on their own. >> absolutely, as a matter of fact, 37% of all purchases are rings. ♪ . >> women's unemployment at 65-year low, and women earning more than ever before, no surprise diamonds are a girl's best friend. >> lots of fun we brought diamonds to the set so you can play highest price 189,000 dollars for big beautiful necklace. >> 189. >> tennis bracelet in front of you 15,000 dollars. >> do diamonds hold value. >> a great question i know some people on this very table believe that diamonds are not a good deal. >> you will never have to know
and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group - how the world advances. ♪ >> great panel everybody thanks very much. "varney & company" begins right now. stuart take it away. >> good morning maria, good morning everyone many this nail-biting time first thing we look at is how market will open especially today. after a solid rally monday. all right, look at this. retreat, not huge. but a drop forked dow at the open of about 100 points look at the nasdaq that, of course, telling the technology story. that's going to be down -- a sharp half percent that's a real pullback from yesterday. this is what is leading way down. a physical -- president trump says maybe