tv Varney Company FOX Business November 27, 2018 9:00am-12:00pm EST
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 tariffs will be placed on
consumer electronics come here from china and that includes iphones. look at it go down two bucks lower 171. the president also said that a trade agreement with china and g20 meeting this week is, quote, unlike sorry -- is highly unlikely, that's another reason for markets decline this morning. the news on gas oh that's pretty good. 48 straight days of price declines at the pump and national average is now 254 a felon. on show today, a forecast that will be at 250 even by friday. delaware, the cheapest state average there is just 2.16 per gallon. no recovery for oil mft it is dun a bit more today. 51 dollars per barrel. here's the reason america oil production america's production keeps going up. we now pump more than anybody else russia and saudi arabia included. stay there please trump show is rolls on, he's beating up on gm, china, and britain's brexit deal
and we have the very strong cybermonday sales numbers for you. and please don't forget this is -- giving tuesday. "varney & company" is about to begin. ♪ >> oh going to start with with real estate this morning and all important detail home prices what do you got? >> seen that acceleration of home price appreciation and helicopters these are numbers for september. year over year, up 5.1%. yesterday 5.3% is also slowest annual growth in home prices in two years. we know there's been a lack of homes on market pushes house prices higher. that is slowing down. of course, always usual suspects las vegas, home prices up 13.5% year over year. san francisco close to it 10% gain. but generally across the country
we're seeing home prices in appreciation of them slowing down. >>case shiller it is just percentage terms 5% higher from a year ago. good for equity -- all right. let's get to cybermonday and the the sales they're on. suzanne lee has latest numbers i know they're good how good? >> you know i like the job we're looking for we saw a record basically sell close to 8 billion 7.9 billion that's an increase of 19% from last year. that's pretty good. i mean, last year we saw 6 billion in sales so you're making 3 billion more and first time ever half of the sales over half of the sales came from your mobile devices. that's your mobile phone also your tablets some discount i know you like discounting and saw best deals for television and computer and toys being prices slowly back to normal levels. 17, 30% down and discounted
respect arively. >> am i right in saying that $2 billion at the cybermonday sales were in smart phones? >> yep. two billion just on sale. >> that's right on phones i'm sorry. >> so a mobile world that won't surprise anybody. >> however that one day sales number pails in front of the singles day sales in china. >> 30 billion in one single day. >> let's not forget that. >> a demand there. yeah i guess there is. suzanne thanks so much. more from you in a moment president trump say he's considering raising tariffs on a number of chinese made goods that could include iphones, joining us now fox news contradict tore james freeman wall street journal kind of guy. >> yes, sir. that is a very hardline right before the g20 meeting, 25% tariffs here they comp watch out xi jinping wow. >> it is a hard line from 10 to 25% and then threatening to put tariffs again on all of chinese exports to the united states.
the signal from the white house, obviously, is not that the deal is eminent we're getting samal from chinese government they don't seem in a particular hurry to cut deal. i think investors hoping that the equity pressure on both sides leads to an agreement. >> that it is window dressing on both sides take that hardline. given inch before you -- they're going to be private meetings. who knows what's going to be said in private meetings. >> that's right hope is that china agrees to change their practices on intellectual property are they finally ready to do that? there's not a lot of signals coming into this that they are. >> you might get some kind of public statement yes, china will import extra hundred billion dollars worth of american planes or whatever. that might be a ray of hope with more discussion to cool in the future. >> yeah, i think apartment of this is question of -- does the president -- does leaders on both sides want a final agreement or will they -- will they allow for framework that word has been creeping into
discussions in recent weeks will they agree to keep talking with a general idea of where they want discussions to end up. but -- >> that would be a plus. absolutely. >> i think the expectation, the president and leadership of china has set expectations very low here so i think market is looking for any reason to think we might have trade peace very is soon. >> what do you make of president trump and i'm not going to say beating up on general motors 14,000 jobs going five plants closed president doesn't like it. what does a wall street journal guy think about the president jawboning private are enterprise? >> talk for gm because part of the issue here is and in part thanks to president policies we have a thriving economy cheap gas prices you were just reporting on. people want to buy big american winning machines, trucks, suv crossovers they don't want to buy sedans that's what they make. in ohio, the plant that looks like it may close or be scaled back --
>> president wanted to make small cars make them in ohio and gm says we can't make any money like that. >> that comes into trade issue a well gm sells more carses in china than they do in the united states. they want to build where they sell. they cannot profitably make a lot of cars in the united states for export to china especially with that -- chinese tariff of 40% in response to the trump tariffs. so gm is in a tough spot. >> the fight with china, color everything -- >> right. right front and center? every single issue. >> and it can be theoretical at this point for people because it is not hitting as many consumer items but i think this -- autospat kind of tells you what the cost is in terms of if you want manufacturing back in the u.s. >> all right gamings thank you very much indeed sir, next case president trump he was campaigning in mississippi last night ahead of the special senate election which will will held today. roll tape. >> all american --
you vote on tuesday we'll decide whether we build on extraordinary achievement or whether we empower radical democrats to obstruct or progress reverse our gain and return to the failures of the past. this election is about jobs and judges, border, and protecting the blessings of freedom and prosperity for our children that's what it is about. >> okay. joining now go fact chair david ovela so seems to me president is putting his reputation as an influential guy on the line two speecheses ins mississippi right before the election. he's got a lot at stake he personally has a lot at stake. >> we want and need 53 republicans in the u.s. senate to bring balance to what will be a democratic congress come next van. the good news is that 10,000 people showed up at the rally we just a saw there were 10,000 people at the rally earlier in
the day in mississippi. it's why senator smith is going to get reelected tonight and we're going to have 53 republican senators. >> if she is not reelected today -- >> she is going to be reelected there will be hell to pay because the president will be seen to have failed it will be a reputuation of president trump. there is a lot on the line. >> pundits can pontificate the better one to see what actual result of a few week ago you take both democrats on the ballot they got 40 about 45% of the vote so that's about about where sp will end up hide smith will -- >> that's what election results told us week ago. >> now you're a go pack chair you're a player in politics of the day. one is telling you about mississippi race. >> polls say it is -- about single digit, so i say nine to 10%.
>> you mean a single digit win. but as a reare minder her getting 51% makes her u.s. senator. [laughter] whether she gets a 1% win or 10 or 25% win she's going to win. in fact, i just heard right before coming on, someone went and voted in mississippi on saturday. and he had stood in line for an hour and 45 minutes. now, there's a lot of enthusiasm right now down in mississippi. on both sides, but the fact that the policy, the president talked about in his speech, job, immigration, the fight with china, mississippi voters line up with the president is why he did so well in mississippi. last election 2016, and why he will do well in 2020 and why she'll be reelected tonight. >> okay you're on videotape you know we can check the tape first thing tomorrow morning and we probably will. [laughter] thanks for joining us appreciate it sir. thank you. i have to check individual stocks that are making news
first of all the dow component united technologies -- they're going to split into three separate companies not that keen on that down 2.5%. as for overall market showers hue we open down 100 points up over 300 yesterday a pullback this morning. president trump slamming the brexit deal that theresa may worked out. he says that this will threaten our, that's the u.s., britain, trade relationship. not keen on it. nigel is on the show today. he's going tell us what he thinks of the brexit deal and what happens if it is not accepted. [laughter] that's ab interesting question indeed. kaing the salt deduction hurt the gop in several high tax states orange county, california, for example, is now all blue area. new jersey only has one republican member of congress in the bhoal state. we have the rnc going to respond to that. and we told you about gm cutting
15% of salary workers closing five plants the chevy volt wants gm car of the future is gone. what happened to that? more varney after this. read earnings reports, looked at chart patterns. i've even built my own historic trading model. and you're still not sure if you want to make the trade? exactly. sounds like a case of analysis paralysis. is there a cure? td ameritrade's trade desk. they can help gut check your strategies and answer all your toughest questions. sounds perfect. see, your stress level was here and i got you down to here, i've done my job. call for a strategy gut check with td ameritrade. ♪ i'm ray and i quit smoking with chantix. i tried to quit smoking for years on my own.
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to afghanistan, and a deadly road side bombing there, ash what do you got? >> three american soldiers killed in this attack as you say road side bombing in central afghanistan deadliest attack in last 17 months in afghanistan talibaning responsibility three other servicemen -- members soldiers injured in this as well as a civilian considerate a u.s. soldier killed in the afghanistan so make no mistake it is still a very dangerous place. >> very clearly thanks ash. take a look at the stock prices general motors now this is premarket. so this is today's action. it was up yesterday -- when they announced that they're going to cut 15% of salary
workers they're closing plants in michigan, ontario, canada, closing lot on your screen you can see them. joining nows gary autoeditor for foxnews.com. now, gary, part of this announcement was the volt. the chevy volt the electric car is gone. what happened? why is it going away? >> part of the reason is it is still at the same plant as other cars going away and they don't sell enough to keep lights on by itself but car never really caught fire. it has been a solid niche product for company. 20,000 a year since it launched. but unlike corvette which make aifts money at volume volt couldn't keep it up and general many tores has a coop with same technology that was a sales disaster and really they're looking at a electrics in the future but funny something volt this has been out selling which is electric consider and general motors says making in next couple of years. >> tell me what went wrong
basically here because they get rid of 14,000 workers. they're closing 5 plants. they're really hurting the heartland which is president trump's very strong area. why are they doing this? >> well one case take a look at the chevrolet cruz only reason it makes it in ohio because it was for the bailout back in 2009. they wanted to make a -- a fuel efficient small car in the united states, and they did. sales were okay. but they've collapsed in last couple of years as even moved towards suvs. now here's an interesting thing too with a chevrolet blazer which is huge seller essentially replace soment of the larger cars that it is getting rid of and building that in mexico because it can make more money making it down there. >> could it be that cheap gas killed the volt? >>s that was exactly it when volt first kill out everybody wanted this sort of thing when it actually went on sale that was right when people moving into suvs. fuel economy was getting better
across the board, and gas prices were going down look i'm california right now 4 a gallon out here and people doapght care because you know it is only couple of hundred more a year even on larger vehicles that get better fuel economy than they did ten years ago. there's just no excitement for plug-in hybrids right now electrics are the future general motors says it has 20 coming in next five years. but one thing we heard from that announcement yesterday is when are they coming one of the vice president and charge of global strategy couple of weeks ago said one thing that won't have for some time is electric pupght, this is where it has a strength. and that's a sort of thing you would expect a company like gem to start making. a pickup truck. >> general many tores is brace for a downturn i guess that would be a downturn in car seas and downturn in economies around the world is that accurate? >> we're seeing things slow down this china, of course, in u.s. they've gotten flat if nothing
else as far as car sales are concerned, obviously, they want to trim models like cadillac and s, chevy impala they have to get rid of these. chevrolet blazer will replace next year and they have other vehicles on the way into three row crossover instead of some of the sedans what we're not seeing, though, is growth. they're moving in new model to replace models that are getting rid of and build some of them at the plants that they're idolling at least for now is yet to be seen. >> gary up early in the morning out there in california. thanks for being with us today. appreciate it. thank you. check the market here's how we're going to open it is tuesday morning we're going to be down about 80 points maybe. because we're up 250 yesterday. gas prices love this story. down 48 straight days. and next guest says it could be a national average of exactly 2.50 by friday of this week he'll make his case after this.
associateses guy, you say it is 2.50 even down another 4 cents by friday make your case. >> well the reason i say that is i look at how much the futures price of gasoline has fallen since early october. and try to look at that relative to where the retail price is, and when i see that, i see gasoline prices not only falling to the end of the month but 2.50 but that trend will continue through the first part of december. >> wow, wow that's what we want to hear andy okay so 2.50 by friday where are we by say the end of the year? ivelg i'll tell you that say by december 10th i'm expecting us to be around 2.40 and by end of the year everything is is going to hinge on what opec and nonopec producers decide at the meeting. 2.40 by december the 10th you're specific on your forecast that's all good stuff. take it reason for decline in
oil and gas is american frackers -- i'm told that we're going to be producing 12.1 million barrels of oil per day next year. i think that's an all time high. >> well that would be all time high, in fact, today e we're at 11:.7 million bares day, in fact, for consumer of gasoline it is good news because refiners are actually running more crude in order to produce diesel fuel which is about 50 cents gallon higher than gasoline and gasoline is coming out as a by-product so around the world we just see very healthy stocks ofs gasoline. >> all right andy thank you very much indeed a specific forecast. 2.40 gasoline national average december of the 10th thank you andy see you again soon. now this -- starting today -- and every day, i'm on fox nation that would be sharp opinion on politics and anything else that gets me fired up. today i'm going off on -- free speech what happened to it? you can't say anything anymore can you?
you might offend somebody. charlie has my take 1:30 p.m. eastern fox nation debuts today. dow industrials going to go down about 0 points stay there please because we'll take you right there, after this. at fidelity, our online u.s. equity trades are just $4.95. so no matter what you trade, or where you trade, you'll only pay $4.95. fidelity. open an account today.
>> 20 seconds to go to opening bell and trading sharp at 9:30. looks like we're going to be down at the open. but, of course, in this day and age we have actually no idea where this market is going to close. volatility is still with us. okay we've got three seconds to go then we open it up. it is tuesday morning, this is is a giving day. giving tuesday don't forget that please. [laughter] what are you giving me? all right, we've opened on downside a loss of nearly okay right there. down 107 points that's getting close to half percentage point down how about the s&p 500. how did that open this morning is that lore yes it is by by a lesser amount .39% that's ten point down here's nasdaq important indicator these days. because this is where the technology stocks hang out. it is down a half percentage point down bit more in percentage terms than the the dow. so there's some selling in tech this morning.
mike murphy is here dr barton is here and suzanne lee and ashley webster got to start with apple. it has had a rough are time recently and it is down again today because of i think, tariff concerns, all right wait a second mike murphy would you buy is at 171? >> i did buy is higher than that and more in 17 is 7, 178 range i think if you've been waiting for a pullback this is 100% driven by tariffs to be clear stuart tariffs will or may have an impact on apple bottom line if they're putting a -- tax on phones coming over from china that will hurt apple. but i think you have to look past that and you're i buying a solid growth company and a very inexpensive price. >> you're talking about buying for longer material not a trading guy. >> not a trading guy but if you can get apple at 170 if you said would you buy apple at 170 absolutely i would have, so you can't -- block out some of the
headlineses and when you get good prices you want to buy it. >> okay. the president say maybe they'll be a tax on a tariff i should say on consumer electronics coming from china. that includes iphones, the price is down to 171 as we speak would you buy it? >> i have price target of 160 that i think we're going to get to. there's an important technical part on the chart that's going to provide a lot of support there. i am a trading guy, and i think we can get down to that level as these tariffs back and forth goes on between now and the end of the week. >> next week you buy at 160. i love that 160 stone is going to be where we're going to load up actually on that. >> did you want get to 150. let's buy it at 180. right. so -- because right here -- in the green. right here that's not that big of a raise. right here is no mans land it is coif a technically not a great place. i think we're going to get down there i think it is then going
to be a great start long-term, long-term hold. >> okay. okay good debate on apple right from the get-go two and a half minutes on apple we don't do that. microsoft briefly -- microsoft topped apple in terms of overall market value not seeing that in many, many years yes i do own a sliver of microsoft right -- [laughter] floor manager laughing away rooght there microsoft 106 -- oh, if it briefly tops apple in market value you're buying it? >> a great company but you toangt buy it because it is at a high but on pullback that's what you're getting with apple i love microsoft and apple more but one has had a major pullback one hasn't you give me microsoft around 75 i'm going to buy it. >> wait a second -- what do you got? >> revenue up some 79%, and i feel like the microsoft versus apple analogy is like hair versus tortoise balk like in
eight years microsoft topped out on apple in terms of market cap. >> microsoft didn't have much of a pullback. >> no. high is 116 drop to 300 compare that to the loss it is in apple, and google, and -- amazon. right didn't pull back. >> add my piece on to a l debate. i feel like apple is more of a cash machine than anything else with 100 billion dollars and buyback also the increase in diff end by 16% this year. so it is not trade are on iphones sales or gadget sales i feel about cash return to shareholders. >> which is great i had clients buy it at 103 last week microsoft your very own microsoft stuart and i believed in this, in this bouncy market that we're going to see between now and end of the year the fact that it hasn't pulled back shows it is a lower volatility way to play big tech and i think that's the place to be right now. >> we've spent four and a half minutes on apple an microsoft this is unheard of. real quick on microsoft
nonpullback a lot of people dumpled -- people and mtf dropped so that was high growth no saying so microsoft wasn't in there that was sold. that's one of the reason they tell that better than the other. >> i knew i liked you. vehicle sales reportedly down -- 70% last month in china that is. down 70% in china stock this morning is down nearly over 1% 342 on tesla. is this all about trade war? >>leapt and they talked them don closer to 15% value. but in july, it went back up, and only 11 tesla cars were sold and cut price on model s, xs. >> 211 that's it in if one month. >> you'll remember a response to tesla had a price increase in july. cutting back down on models directly in response to people not buying the cars in china. >> elon musk would love to see
some kind of trade deal with china. he would love it. >> may but i think there's more than meets the eye stuart in tesla because stock has shown very strong relative strength to the overall market it is moved higher and held it there so i think there's more there than what we're seeing in papers. >> we are now six minutes into trading session and dow industrials have dropped 95 point in six minutes. the dow component, united technologies going to split into three separate companies. market does not like this not sure why down 3.6% that's $4 down for united tech. check bitcoin i think this is another low actually it is recovered a little bit. ♪ now 3,700 per coin. okay. and right now it is up 59 cents quite something. check big tech names here we go. it's on it there we go -- they're all down. all we've got is amazon up $8 that's it. cybermonday. so do you think that amazon is
going to come back to where you bought it about 1700 was it? >> i do for sure a little over 17, 1734, 1735 down a couple of hundred bucks on your stock. talk percentages, though, these things happen in real world they don't always go up. but all of these names especially look at the numberses amazon is putting up. i think it is going to have a great holiday season i think they're going to have a great quarter and when the selling gets flushed out of the market high growth that i ams to be in. >> take a look at general motors president trump is not happen with gm job cuts 14,000 and closure of five car production plants. dr, do you think the president of the united states any president should be jawboning a private enterprise company like gm the way president trump is? let me give you two answers first is emphatic no, and the second is that he has an agenda that he's been pushing about u.s. jobs so he has the right to
defend his agenda. but to get on and influence and try to put his agenda on individual private companies -- i think that's handle the wrong thing. like it or not a big part of his campaign getting jobs back in this country and fact that gm is going to be building chevy blazer in mexico is also going to get under president, and expect more -- doesn't gm still owe the american payer from bail wrowt? >> wasn't a public company until it finally ipo d because took money from the tarp program bailed out by u.s. government and went bankrupt so that's what trump is saying we've helped yo so much. >> i can make a good case but president should be jawboning general motors. >> it is bigger than that stuart because you can't cherry pick gm versus pieser versus microsoft and apple if he's talking about public companies, then -- there has to be some sort of rules for what he's doing because -- the lead ever of the free world
can have extreme effect on companies he likes and doesn't like so there has to be some sort of rules for what the president is doing. >> i don't see why he shouldn't have an opinion and express it publicly. >> because if he kill out with an opinion say on a -- volatile company like tesla, and said this company is no good. gm is much better. i don't like this technology, what would he or could he do to the price of the ?ok >> but he didn't do that general motors simply said we don't like that. what the devil you think you're doing making all of this money and still owe us from bailout what what are you doing here? smg getting involved in a private company. so -- i'm not saying is necessarily disagree because to add to his point he's said he was going to do this and he has done it and he has been doing it across board. but i think it could end up if we have a system a country where presidents are getting involved and picking what stockses are god and what companies should do -- like obama. [laughter]
limited time here and i do want to get those numbers on cybermonday trading suzanne what we got? >> record number 7.9 billion in sales half of that coming from mobile for the very first time and increase of 19% from last year with and boy that helped jeff bezos yesterday his had wealth went up 6 billion dollars, amazon says it was a record day, record single day in sales cybermonday black friday, they don't give us dollar turn but express in percentage increases. >> but that's nothing compared to alibaba's 30 billion dollars in one day on single day. full disclosure own a little bit of alibaba. >> thank you, president trump. [laughter] >> outraged i look that you bought it on pullback. [laughter] >> alibaba -- you are with me on liking that down 2 today i'm in the money. we're still okay. 9:40 eastern time you know what that means good-bye dr mike
murphy gentlemen thank you very much please check the big board moving down again. now we're with off three quarters of one percent that's 190 point. we're up 350 yesterday. down almost 200 in first it been minutes todays. how about that? well we're going to get latest read are on some consumer confidence coming up at the top of the hour you combine that with a record sales we've seen so far on this holiday season and you have to ask the question is the economy surely it is humming isn't it in so why are with hearing talk of a recession by end of next year? art laugher will be on this show and i'll ask him about that. president trump rallying in mississippi ahead of today special senate election, i say the president is on a ballot -- well he's kind of on ballot again put himself on ballot big test for him we're all over it and alzheimer's vaccine in the works. may see human trials soon, is this a break through? doc siegel will answer the
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banks manage interest rate changes and airlines hedge fuel costs. all so they can manage their risks and move forward. it's simply a matter of following the signs. they all lead here. cme group - how the world advances. i'll be in australia. >> australia -- christmas in new zealand, nice. we're on the air. ladies and gentlemen, we are on the air. and i didn't know it i'm very sorry. >> talking about christmas. christmas travel plans. let me expand on that i'll be in new zealand in australia for christmas and new years we got that. all right market is down 200 points. at 24,400 after a very solid rally yesterday. check out facebook please. it is down it has been beat down over past few months. down a buck 20 right now.
135 lauren give me more from new york stocks exchange. >> 200 billion dollars in market cap just wiped out just like that so many issues facing facebook not sure where to begin but i'll leave you with this. users want to know when they're on the site if the post that they are seeing are real. are they legitimate and own data is secure. amidst all of this you have mark zuckerberg founder and ceo and chairl of the board of there are calls to separate his roles because he has too much power. and he can't influence any big change at facebook because -- he's in control. we're seeing stock down about 1% today but if you look from july high it is down almost 40% and a lot of folks say it is going to go down some more stuart. i'll be in new jersey for christmas -- [laughter] wheel world caught my christmas travel plans thanks very much indeed. better take a look at pg&e california utility -- it is facing wrongful death lawsuits over those wildfire.
>> there's a team of lawyers under umbrella term northern california fire lawyers, there's some 30 attorneys latest lawsuit on behalf of the family of two sisters who died in paradise that town that was essentially wiped out by camp fire. they were living together, and sadly could not get out of the home and lawsuit claims that pg&e is extremely negligent in maintaining its powerlines and infrastructure of the system saying that, in part the pg&e that says corporate profits are higher priority than lives of its customers. expect more lawsuits to follow. >> i think you're right. thank you ashley now this -- an a alzheimer's vaccine in the works -- could soon see human trial, this is big news. joining us dr. marc siegel now i'm told that this could potentially could cut dementia in half. is that accurate? >> yes. let me give you a little biology listen, all right so alzheimer's has two bad proteins in the the
brain that build up. and these proteins clog the brain and they give a lot of symptoms of alzheimer's what does vaccine do is put generic material an causes those proteins to be made and guess what, the body sees them on skin, and makes antibodies to them. antibodies prevent bad proteins from developing in the brain. that's the basic biology. now this vaccine is in the works at the university of texas for years. you know what the new thing is, break through here is not causing the the fladges inflammation and side effects it wasn't tolerated before now it is. so now go on to human trial very exciting. >> when will we get human trials? >> over next year for sure. >> how long do they last? there's at year. >> depends on results because if they're exciting might be cutting it shorted to a fast ploofl so two, three, five years you're going to see something on market. >> something possible to help me. okay thanks. >> you don't need it.
you're fast. tainted romaine lettuce tied to just california. the feds, however, took all romaine lettuce off the entire market everywhere and you have to chuck it away. did fda overreact? >> it has almost unpress dengtd that will they would do that. now you're asking a fear guy they overreacted yes because i think what the point they were trying to make is until we know -- we don't want one risky case of kidney failure which is what you can get so rarely they overreacted in the fact that they made everybody afraid where the risk was almost zero and saying relax if you ate a little romaine you're probably going to be okay. let me tell you how fda is compensating for that error of overreacting going forward they have manufactures and people that produce romaine and saw other food stuffs like this, say, when was it produced? when was it grown?
where did it come from? did it come from the valley it came from california. was it grown indoors or grown out of doors that's going to be coming up in months to come to help us enormously so we don't overreact. >> thanks very much indeed good stuff indeed. check that market. now we're down 173 point. coming back just a little. interesting stuff here. bookkeeping accounting, using artificial intelligence, how does that work? we'll get into it, next. welcome to the place where people go to learn about
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and their rates, call or go online today to request your free decision guide. oh, and happy birthday... or retirement... in advance. >> we're down almost 00 points, 22 minutes into the session, and we're exactly down 200. all right that's where we are right now. [laughter] let's talk tech for a second. bot keep or now that's a company which users artificial intelligence to help with book keep and accounting. evenrico ceo of bot keeper he joins us. can you tell me how artificial intelligence you put it to work, in accounting business how's it work? >> thank you for having me what bot keeper have been able to do is build exciting technology that mimics accountant reign how you interpret or infer the
transactions that come off of bank and credit card or e-mails. understand what that data is, and then how to apply or what -- accounting policy or procedure and action should be taken on that data. the way a human has to do it now is -- look at the data, try to recall or understand what that data is, recall what -- accounting policy or procedure to apply, and hopefully use their best memory with software able to recall a perfect memory instantaneously and action that did you want involve task associated with human doing it. >> if i'm starting a -- starting company could i hand my accounting business to you and your robotic and artificial intelligence you take care of it for me? >> if you start a small business or even a mid-size large company we do this for fortune 5,000 companies you could hand over your bot keep or plug it in, and essentially rather than hire a bookkeeper ore bookkeeping team it would be processing for you.
classify your tractions, pay your bill, and voice your clients and give you perfect reporting and dash bill. >> trying to get to understand this. so on basis of my previous accounting -- moves, you can predict using artificial intelligence what i should be doing with the latest transaction? i'm not expressing very well but is that how it works? >> yeah, it looks at your history and understands how you have treated transactions in the the past buts looks at the collective history of our thousand clients to in turn -- interpret our understand how transactions you've never intrcted before should be handled. >> sounds like it is going to kill jobs in accounting business. >> no actually more than anything, we're enhancing the workloads that perform by accountant so right now bookkeepers account they don't like doing a data entry component and they get to do
analytical and consulting with their client so many accounting firms use us to do the basic bookkeeping and blocking and tackling. allowing accountants to do more advisory and consulting. >> just don't get hacked please. thanks. bot cooper i'll remember that name thanks for joining us sir. >> thank you, thank you for having me. new on google self employees coming out against buildings a search engine for china that's news. >> and keyword you left out censored search engine for china it is google caused it project dragonfly claims this is not close to being launched, however, amnesty international and now google employees say it should not move forward. they say clearly, according to an open letter that was published today they say this company will not put value over profits don't like it and expect nor employees to jump in if they don't want project dragon fly to move for forward.
stuart: all right. 10:00 here in new york city. 7:00 in california. in the morning. the market right now show as loss of 165 points. we just got breaking news on consumer sentiment. i think we've digested it. ash. ashley: very quickly, get your suggestion. it is 135.7. what does that mean? wealth estimate was 135.9. it hit an 18-year high in october, last month. so it ratcheted down a little bit from last month. have to tell you, these numbers are still very strong. stuart: exactly. >> nothing here from the market to worry about confidence among consumers, i don't think. stuart: scott shellady, tjm
europe managing director. strong consumer confidence. strong sales over the cyber monday, black friday, et cetera, et cetera. looks like this economy is doing pretty well. where am i going wrong? >> our not going wrong and it is doing well. sales over yesterday and over the weekend we have better indicator of consumer confidence. that is here and now, not a lagging number. people are confident and comfortable. those numbers reflecting it. a lot of retailers are happy to get off on right foot they have done already. stuart: we shouldn't worry about recession in the immediate future? >> no. i don't think so. as long as corporate profits come in okay. they might go down a little bit. maybe the stock market wants to tread water when that happens. at the end of the day where else would you rather be, stuart? where else would you rather be? our economy is city at top of the hill where everybody else around the world wants to be us. stuart: well-said indeed, scott. thank you very much. check the big board in light of the consumer confidence number.
still very strong. but we're down 190 points on the dow jones industrial average. now this. to control a rush on the border, to control rock-throwing crowds, our border patrol fired tear gas. gee. you would think they fired bullets. the democrats expressed their horror. the border patrol had overreacted they said. how could it come to this? tear gas used on migrants that want to get to the safety of america, what gross hypocrisy. nobody in the media mentioned that tear gas had been used five years ago when president obama ran the show. no outrage then. but hey, president obama could do no wrong. what are our guys supposed to do anyway? four border patrol agents injured by migrants. of course they used tear gas. women and children were deliberately placed to resolve maximum publicity from a very sympathetic media.
where was criticism of migrant leaders of putting them in danger? those vulnerable people were used. why are democrats getting none of the blame for caravans and illegals? it is the left encouraged them with sanctuary cities and army of lawyers, eager to help them avoid immigration law. the left created this problem. and now wants to use it for their own political advantage. can we please remember europe? three years ago, a million strong march of migrants made its way out of the middle east. germany's angela merkel opened the door and let them in. that was a disaster. europe has not recovered. in fact, the migrant surge may well turn out to be the end of the european union as we know it. what's needed is a wall. and a deal on the illegals already here. it? that what president trump campaigned on? isn't that what the great american middle really wants? of course it is.
the second hour of "varney & company" is about to begin. ♪ stuart: let's get reaction to the editorial. come on in katie pavlich, fox news contributor, "town hall" editor. >> good morning. stuart: am i over the line here? >> no. stuart: hypocrisy, drives me up the wall. what say you? >> it is hypocrisy, looking at a situation people frankly in new york or washington, d.c., have nothing, have no idea what is actually going on. the border patrol uses steer gas to avoid much more serious situation. a border patrol agent was acquitted twice, using unlethal force, a young migrant, illegal alien throwing rocks at people. this is not a public space. this is not a public park. these are two countryies with international border between
them. the united states border patrol has the right to handle it. stuart: i think the great american middle wants a wall and deal on illegals already here. that is the middle road. that is the solution to this problem long term. again, where am i going wrong? >> first solution to this problem long term, stop the magnet. in terms of stopping illegal immigration from mexico, we actually have done that. immigration laws in this country allow us to arrest illegal aliens from mexico and immediately deport them. unlike central americans, our laws require that central americans who come here illegally are arrested, processed and then let go into the united states because we're not allowed to hold them long term. they start living their lives in america. there are two different standards for how we handle this. illegal immigration from mexico is at a standstill because the magnet is cut off from central america. there is a flow of people as we see on images on the screen because we have not cut the magnet off. before you get to amnesty for
22 million people already here illegally. you have to stop the flow. we've done it with mexico. we can do it with central america. it has to go through congress. it can't go through the president. stuart: there is a special election in mississippi today, president gave two rallies at tupelo and biloxi, i think he is putting himself on the line. it is a test on influence on the reelectorate. the republican had better win. if he doesn't, if she doesn't i should say, the president take as big hit. >> not only does the president take as big hit but the republican party takes a huge hit, a red republican seat in mississippi where president won by double digits goes to democrats. rnc, white house, learned their lesson about taking seats for granted. that seat went blue first time in decades, complacency thinking always would be republican. that is the situation here being. but i do think it is interesting to see the president did not
one, but two rallies yesterday on behalf of the senator there. however we have to keep in mind, 2020 has already started. democrats are lining up to challenge president trump on other side of the political aisle. these rallies are not just simply about the candidates he is endorsing in hopes getting them into office to push through the agenda. this is about president trump getting out on the campaign trail, 2020, taking message directly to voters as he did in 2016. stuart: he did indeed. katy, thank you very much. see you soon. >> thank you. stuart: scott shellady still with us. i want to talk to you about "brexit." britain's parliament votes on theresa may's deal sometime next month. i'm told it is not going to pass. if it doesn't pass i think we're looking at real chaos, right? >> yeah, i think so. you know, there has been a lot of rhetoric. i think it is december 11th when they try to vote on it in parliament. you know what? nothing will be perfect. she is put in a position which is very difficult. she voted to stay in the union
herself. a perfect deal. as much as i like nigel farage, see him in the green room on your program, stuart. i don't think we can possibly get something that is perfect. look at it from different point of view. there are a lot of costs to leaving. what are the costs of staying? what are costs of having funded european army? what are costs bailing out some of these european countries. what are costs of bailing out banking sector? what about the fish and agricultural stuff? there are a ton of things next 40 years you are constantly paying for. it will not get cheaper. only it accidents more expensive. would i take from different point of view. maybe it helps get through parliament. it will be a real heated battle. you're right. odds say it will not happen. stuart: that is good scott. that is original thinking. i have not heard that side of the coin voiced before. what is the cost of staying? as veryslow mom call. ashley: to scott's point, uk treasury tomorrow and bank of england will lay it out, the
costs of staying, the cost of going. scott is right on it, scott ahead of the curve one more time. you're all right, son. see you soon. >> thank you. stuart: check the big board. we come back a bit. we were down 200 at top. hour. now we're down 130. look at dow component, united technologies. it will split into three separate and i believe independent companies. that is a big drag on the dow because investors don't like it. that is a dow stock, a big one. it is down 6%. wonder why they don't like splitting into three. must be some reason. don't get it. big tech names. it's a mixed bunch. microsoft briefly topped apple in market value. right now they're running neck and nick. just over $800 billion the both at that value. amazon is up dead flat, actually. 67 cents higher. price of oil, where are we now? i believe we're at $51. we eked out a small gain.
$52 a barrel. worth remembering at this low because america now produces more oil than anybody else. russia, saudi arabia included. the news on gas. here we go, 48 straight days of declines. the national average is now 254 per gallon. president trump keeping hard-line on china. he says maybe tariffs will be placed on iphones. that's ahead of the meeting he has with china's xi xinping later this week at g20. our next guest says the more pain china is in. more likely it is they will make a dial. he will make his case in a moment. the president going after general motors too. gm cutting jobs. closing factories. i wonder what the judge will think about him going after specific private enterprise companies. i'm sure he doesn't like it. republicans got their tax cut passed. it came at a cost. five, high-taxed states losing republican seats in the midterms because, president trump's
change in taxes capped the salt deduction. i will put it into kayleigh mcenany, rnc spokesperson. you're watching the second hour of "varney & company." ♪ (indistinguishable muttering) that was awful. why are you so good at this? had a coach in high school. really helped me up my game. i had a coach. math. ooh. so, why don't traders have coaches? who says they don't? coach mcadoo! you know, at td ameritrade, we offer free access to coaches and a full education curriculum- just to help you improve your skills. boom! mad skills. education to take your trading to the next level. only with td ameritrade.
>> look at this. this is indeed a comeback. we might be down 60. yes we are. just a few minutes ago we were down 200. i will call that a comeback. look at online retailers. according to adobe, we spent 7.9 billion on cyber monday, up 19% from last year. most of the online sellers are doing okay. president trump keeping a very hard-line on china. he says, a deal this week, when he meets president xi at the g20, quote, highly unlikely.
come in fred fleitz, former national security council chief of staff. ceo of center of security policy. fred, is this just posturing, pre-meeting negotiating tactics, take a strong line, that it? is that what is going on? >> stuart, something unprecedented is going on. usually before meetings, diplomats work together to work out a final document because heads of states like to leave the meetings, tell everybody what a great job what a successful meeting. the president want as meaningful agreement with president xi. he recognizes we're aways away from such an agreement. the chinese have a habit taking a very long view of international ad. there will be severe economic pain. it is time to start negotiating in earnest. stuart: doesn't sound like you expect almost anything to come out of this g20 summit meeting?
>> i think there will be some movement. i think the president will be able to communicate to president xi we're serious about a deal. but the deal has to address predatory trade practices by chinese, theft of international property. and fair trade. if which can't get those things, we won't agree to something because we say we have an agreement. stuart: i will quote you something from a leading analyst, i read it this morning. this is about the china trade dispute. it slowed down global trade. it is po'd, a family show, i will use the, po'd a multitude of trading partners, disrupted global supply chains, raised cost of doing business and frozen capital spending plans. that, both side are taking heat. both sides are suffering here. the world is suffering here? >> but you know, china's cheating on trade and exploitation of its trading
relation with the united states is so severe and gone on so long, basically would have to be painful steps to set things into equalibrium. no president has seriously confronted the chinese on problems. no one said to president xi, we'll take pain too, so please start negotiating. stuart: does the rest of the world back us? >> i think the rest of the world is happy president trump is taking a leadership role in confronting the chinese. most nations are afraid too. it is such a large market. chinese will retaliate if people place tariffs against them. president trump is standing up to them. he said in the long run this is in america's interests. stuart: do you know anything about the format talks take place in argentina? is it just a brief handshake, smile, take a few pictures. closed-door meetings with higher level officials where something really could get done? >> there will be closed-door
meetings between trump and putin, trump and xi, and trump and european leaders especially about the situation in ukraine. i hope something is done and i hope the president says directly to putin stop the aggression against ukraine. stuart: fred fleitz, you know what you're talking about, appreciate that. thanks for being with us. >> good to be here. stuart: yes, sir. now this, we got a report that says alibaba's founder, jack ma has been outed as a communist. what's that all about? >> there was a list of the 100 businessmen that are confirmed as communist party members. that does include jack ma. a whole list of all other billionaires in china as well. in order to operate and to own one of the most successful companies in the country. you do have to be affiliated with the chinese government. and chinese communist party. stuart: what i think the communist, the state owns every enterprise. that is not true of chinese communism. it is just authoritarian party
that is in power. >> there is twofold in china. there is affiliation not necessarily control of the chinese government. that marks 40 years opening up reforms. in order to celebrate that, they publish list of 100 most influential party members. that includes the jack ma, the richest man in china. stuart: i did buy alibaba stock the other day not knowing jack ma is communist. name only. >> very common in china. stuart: i agree. check the big board. the market is open about an hour. we're down 90 points as we speak. more "varney" after this.
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stuart: google. , important stuff, actually. several employees of google coming out against building a search engine for china. ashley: open letter from 11 engineers and managers at google, saying project dragonfly, this is censored search engine being developed for china has really, does not sit well with google employees and by the way amnesty international is leading a massive protest, collecting signatures saying you can't be
moving forward with this the google employees are saying, you are placing profits overvalues on this particular project. google said this project is far, far from being launched but it hasn't been abandoned. stuart: good to see google employees, at least some getting on the right side of this issue. ashley: yeah. stuart: wasn't too long ago they were refusing to work with america's military. ashley: they still feel that way as well. but on this issue, they say no, we should not developing products that allow the chinese government to censor what the citizens -- stuart: they're right on this one. mark zuckerberg, facebook guy, he missed an international hearing about data scandals. there was committee of powerful people. they left a chair open for him because he wasn't there. >> he didn't show up. international grand committee convened in the uk on tuesday. instead they sent the facebook vp of policy, richard allen, who faced a lot of, shall we say criticism that mark zuckerberg
didn't show up to answer questions from this tribunal of canadian, brazilian, irish, latvian, nine countries and their lawmakers wanted answer from facebook's chief. this comes off "the new york times" explosive report on hiring opposition research party. also, by the way, facebook admitting they did hire die finers. they did do work on soros and zuckerberg saw emails from the opposition research group. the stock is down 40% from july. stuart: i think mr. zuckerberg and sheryl sandberg are hunkering down. maybe bunker mentality. >> i think their excuse, we already done our testimony in front of congress, both houses of congress, senate and house. stuart: didn't do them much good either. thank you, susan. trump making a lot of headlines. many of them, going after general motors.
ripping plan to shut production at several plants in north america. i have a question here. what will the judge say about that? he is a libertarian kind of guy. does he approve the president jawboning private enterprise. i suspect not. on the show to tell us himself. this got our attention. how american fracking changes the world. about american energy dominance. very important stuff. we're on it.
stuart: oh, okay. love my do is the first single that came out. this is the first beatles song i heard. they were playing it in gymnasium at my high school. a girl called christine smith, said to me, they're playing the beatles. i said, who? she dragged me -- >> against your will. stuart: in those days i was a dancer. enough already. stock alert. see that on the screen? we're back down, up 112. that is almost half a percentage point down. big tech names. where are they? that is a mix. facebook down. amazon up. apple down, alphabet up. microsoft dead flat. tesla vehicle sales in china down 70% last month compared to a year ago. the market taking that, taking tesla's stock down 7 bucks lower at 338. gn cutting jobs, 14,000 of them.
closing factories. five of them. president trump did not like that plan. here is what he had to say. roll tape. >> i was very tough. i spoke with her when i heard they were closing, this country has done a lot for general motors. you better get back in there soon, that is ohio, you better get back in there soon. we have a lot of pressure on them, you have senators, a lot of other people, a lot of pressure. stuart: what would our resident libertarian, our resident constitutional scholar by the name of judge napolitano,. >> we've been emailing over it for two days. the government has no business telling gm how to run its business. stuart: they're not telling them how to run the business. >> he is putting pressure on them. one of the clips you did not run, you're so generous of spirit and big hearted where he said to miss barra, chair of general motors, you're messing
with the wrong person. what kind of a threat is that? what is the government going to do? punish gm? take its assets because it doesn't like its business judgment? stuart: how about demanding repayment of the i think $12 billion they have not yet repaid of bailing them out in 2018? >> i love you. that is unfair allegation to present to me because i condemned that loan at the time sitting right here with you. stuart: why shouldn't the president say, hey, you're making a ton of money. you haven't repaid us for the bailout. now you're cutting workers in ohio of all places which is my heartland. he is entitled to say what he has to say. >> he is entitled to say what he wants to say. he has freedom of speech like you and i do. he is not entitled to use, not entitled to threaten to use the power of the government to stay her hand because these are free market decisions. her duty of loyalty is not to the government. it is to shareholders. surely you agree with that? stuart: i agree her first
responsibility to the shareholders. responsibility of the president, the right to say to the treasury, call up gm and get the money back? >> they should have never given them that loan. stuart: that is not to the point. why shouldn't the president of the united states say to the treasury, get the money back. >> i don't know what the terms of the loan are. stuart: if they knock out 15,000 jobs, we want our money out. >> it is demand note, he can demand whatever he wants. i suggest there is time issue in there where he can't get the money back. i'm not a lawyer, but i did spend last night in a holiday inn express. you know the expression. no i don't. you're resorting to legalism. >> you do believe in the free market. the free market says i hire you to invest my money. the government stays out of it. stuart: there is no reason why the president of the united states could not express his opinion when a major corporation goes against interests, not of
just shareholders but against interests of the american people. >> as long as it is just an opinion. when he says we're putting pressure on them. that is dangerous. that leads to private ownership. private risk and government control. we know what that is called? stuart: what? >> facism. stuart: come on. >> that is the definition of it. that is the definition of it! anybody else from the gallery that wants to complain? [laughter] stuart: get out of here. facism. oh, please. >> that was in the subject line of my email to you yesterday. stuart: i know it was. >> i had to get you to read it. stuart: go write for "the new york times." mr. krugman will be delighted to take your article. >> would you invest your money in a business that was run by politicians? of course not. stuart: no. but i would invest my money in general motors if i thought that their moves were going to enhance my interests as shareholder. i have no objection to that whatsoever. >> that decision should be made by politicians or people who you
give your money. stuart: especially when that company owespolitician. >> they can't deliver the mail. you want them to run general motors. stuart: i'm a taxpayer. i want my money back. you made a ton of money. >> that i'm with you. the money -- stuart: i want my money back. >> they have been running banks for a while, fannie, freddie, government institutions? hello? >> collapsed. stuart: i still think you're all right, judge, no matter what. >> same here, stuart. stuart: it is in the script. >> the only reason you're saying it. stuart: by the way, next hour, i'm going to talk to congresswoman debbie dingell, from michigan. she is a democrat. gm's plans hurt her constituents. this might be only time she agrees with president trump. we'll talk to her in our next hour. now this for you, look at headline, "wall street journal." here it is. how american fracking changes the world. lower energy prices, enhances
u.s. power at expense moves coand tehran. john layfield with us, fox news contributor. john, is that why, wait a minute. price of oil way down, 51, $52 a barrel and you are buying into big oil companies, american oil companies. are you buying into american oil companies because we dominate the world? >> yeah. that is the main reason, but also because you had only 11% of oil recovered last year. you don't have long-term projects. you have to go to big e&p guys. royal dutch shells. i have all those companies. they have 4 to 6% yield for those companies. own them mainly for the yield. you have to start having long term projects. so much has been written about shale for very good reason. shale oil in west texas, you're right in the storyline, west texas is beating saudi arabia. west texas by 2023 will have three million barrels of supply
coming on per day. more than the entire country of kuwait. stuart: "the wall street journal" article should be read by everybody, it spells out what good things happen when we dominate the world oil market. for example, it takes away the sting from iran. they wanted to use oil as a weapon against us. now they can't. venezuela pretty much the same story. i'm cheering on frackers who produced oil and energy dominance. i'm sure you too? >> i grew up with the frackers. they were drillers back in the0's and '90s. they were hurting very badly. these are the ingenius businessmen in the world, west texas frackers. they found what was thought as unrecoverable oil with horizontal fracking. they figured out a way to make the pipelines more efficient. they're getting oil to market. you're hurting saudi arabia. saudi arabia is the swing producer with oil prices because
they had extra capacity. gulf war one, 9/11, added extra million barrels of oil per day. you didn't have a spike of oil prices in turn. they become a defacto leader of oil prices. when they keep the capacity there, west texas fills the void. saudi arabia lost its role in the world of oil prices because of these west texas drillers. so has russia. iran, venezuela. these companies cannot just rely on oil because of what is going on in america. stuart: can you briefly tell us about the permian basin i believe in west texas. is there some gigantic underground lake of oil? >> there is several. eagle shale formation. there is the permian basin. when i grew up in the west texas in the '80s it, was very poor place. cattle prices gone south. oil prices gone south. they thought oil was unrecoverable. they started horizontal drilling
started around dallas, texas, they move i had it to west texas. that why you're seeing so much capacity. you have 3.1 million barrels of pipeline capacity, but 3.6 million barrels of pipeline capacity coming online. when you add three million extra barrels by 2023 next five years, that oil will be able to get to the markets because of what is going on in west texas. truly the new saudi arabia of the world. stuart: whoa, quite a statement, john. glad you mate it on this program. >> proud my boys in west texas doing it. those are good people. stuart: frack until the cows come home. love it, john. see you soon. president trump, is kind of on the ballot today in mississippi. there is a special senate election. the president had two speeches there yesterday. i think he is kind of a stand-in candidate for republicans in mississippi. he is a test for him. rnc will discuss that in a
♪ ashley: break through vaccine for alzheimer's is may be going tore human trials. last hour, dr. siegel told us exactly how it works. take a listen. >> alzheimer's has two bad proteins in the brain that build up. these proteins clog the brain and give a lot of symptoms of alzheimer's. what does the vaccine do? it puts genetic material on the skin, causes proteins to be made. the body sees them on the skin, makes anti-bodies to them. the antibodies prevent them from developing in the brain. that is the basic biology. that has been in the works of university of texas for years. you know what the new thing is? breakthrough? not causing inflammation and side effect west were seeing previously.
it wasn't tolerated well before. now it is. but i'm relentless too. mbc doesn't take a day off, and neither will i. and i treat my mbc with new everyday verzenio- the only one of its kind that can be taken every day. in fact, verzenio is a cdk4 & 6 inhibitor for postmenopausal women with hr+, her2- metastatic breast cancer, approved, with hormonal therapy, as an everyday treatment for a relentless disease. verzenio + an ai is proven to help women have significantly more time without disease progression, and more than half of women saw their tumors shrink vs an ai. diarrhea is common, may be severe, and may cause dehydration or infection. before taking verzenio, tell your doctor if you have fever, chills, or other signs of infection. verzenio may cause low white blood cell counts, which may cause serious infection that can lead to death. serious liver problems can occur. symptoms may include tiredness, loss of appetite, stomach pain,
and bleeding or bruising more easily than normal. blood clots that can lead to death have also occurred. talk to your doctor right away if you notice pain or swelling in your arms or legs, shortness of breath, chest pain or rapid breathing or heart rate. tell your doctor if you are pregnant, breastfeeding, or plan to become pregnant. common side effects include nausea, infections, low red and white blood cells and platelets, decreased appetite, headache, abdominal pain, tiredness, vomiting, and hair thinning or loss. i'm relentless. and my doctor and i choose to treat my metastatic breast cancer with verzenio. be relentless. ask your doctor about everyday verzenio. stuart: all right. now we're down 1 to points. the low of the day was a minus 200. we've come back just a little bit. have a look at bitcoin. something of a recovery this morning. it has been down 40% in the last three weeks and it is at $3600 per coin as of right now.
the price of gold is going up a little bit recently. no, it is down six bucks, 1221. we really haven't seen much movement in gold for months. let's get to mississippi. they're voting there in a special senate election today. kayleigh mcenany, rnc spokesperson with us right now. he made, the president, made two major speeches last night in mississippi, tupelo, biloxi. it's a test for him. he has got to carry the republican candidate for victory in the senate. >> if you want to describe it as test i'm very confident. this president gets straight as when tested. look at indiana, north dakota, texas where ted cruz was down, florida, these were all changed the trajectory of races doing what president trump did going there. he did it twice in mississippi. this is a-plus on the test. we're very confident. stuart: what are the internal polls tell you? are you free to tell me? >> not our internals. they are very good. we think cindy hyde-smith will
pull it out. but as our chairwoman said we can't take anything for special election. they're hard creatures. they're hard to poll. it is not election day. hard to point to turnout. we put in 1.5 million candidates. stuart: if republican candidate wins by 1%, that would be considered a loss for president trump, keep the senate seat you go it. >> a victory is victory no less even if one percentage point. there are individualized factors in all the races. the candidate is not trump. his name is physically not on the ballot. that being said he pushes candidates over the line. this has been a really tough fight, knock out drag-out fight. those debates are intense. i think much bigger win than one point. stuart: on video tape. >> i think we win by double digits. stuart: you're looking quietly at internals? >> we have to look at turnout.
only poll that counts is election day. stuart: i will put a map on the screen. this is a map of five-high-taxed states lost republican seats in the midterms because they got rid of the deduction for state and local taxes. that hurt republicans in the local states. do you agree with that? the tax plan actually hurt republicans? >> what i would say to that, it is important from basic fairness principle to make the argument against the state and local tax deduction. how is it fair somebody in mississippi or idaho subsidizing a high-taxed state like california or new york? it is fundamentally unfair. do we need to make that more persuasively, that the blame lies with your governor, not the federal government. that is the key. stuart: you can't argue with the idea that the republicans lost seats in that states because of the republican tax cut plan?
>> that is heart point to explain to the states in particular. i think health care is and losing graham-cassidy by one point. stuart: 10% of all the households in new jersey will end up paying more on april the 15th, they will pay more than they did last year because of the tax cut plan. >> or because of liberal policies put in deeply blue new jersey who had a chance to elect a republican senator and chose not to. the blame lies with people putting taxes in place. how is it fair me as floridian with no state income tax pays for somebody at new jersey when they can vote at the ballot box to disempower liberals in new jersey. >> stuart: all i know -- >> i don't want to subsidize your taxes because i'm a floridian. stuart: kayleigh. thanks for joining us. >> thank you, stuart. stuart: we'll see what happens with the vote. we'll see if you win by double digits. we shall see. >> we shall. stuart: more on the migrant
stuart: i guess you could say this is a comeback of sorts. now we are down 17. we had been down 200. 24,500. let's get to the situation of the migrants at the border on your screen right now. rushing the border a couple days ago. chat sweet is that us. former chief of staff to the department of homeland security and the chertoff group cofounder and ceo. what about the mexican side of the border? they want a large encampment almost permanent on their side of the border. what are they doing? >> they don't. unfortunately as you saw in
other horrific videos that their southern border was attempted to be overrun and unfortunately unlike our scenario, which was demonstrated last sunday they did not in many law enforcement officers were injured in that process. they have a shared interest here and as you said, stuart, overwhelming their infrastructures, cities and you can ask the mayor of tijuana and you obsolete tell you now. stuart: essentially, they will be on our side as far as they can be in preventing further caravan. is that accurate? >> with an alignment of interest in the past and i was chief of staff and homeland there were times we were at odds. in this case, the new incoming administration will be taking over on december 1st. that's the first moment they can make formal and the agreement that they reach with this administration. the trump administration is trying to use both the carrot and the stick. they're trying to use the stick
through massing troops at the border in what secretary nelson and homeland security is doing to secure the border patrol their and the carrot by striking a deal with the mexican remain in mexico diplomatic solution to keep them on their side of the border so asylum-seekers can be processed there. that's what we call pushing our borders out away from the actual border to intercept for sure. stuart: we have troops there already. some talk will increase the number of those troops. i think the military has been used on the border before, hasn't it? >> there are those claiming this is an appropriate use of troops on the border by the president or that it's unprecedented inappropriate. that is not factually correct. when i was chief of homeland security president bush announced in the oval office which i in a team of others helped to coordinate 6000
national guard, president of bombing 20 tended 1200 troops to the border. he said more than any president historically what makes his deployment different is not using national guard but also doing title x active-duty military as well. some aspects of this are unique but the bottom line is it's not unprecedented nor is it inappropriate. stuart: the bottom line is thus far president trump loc has worked. they've got not -- not gotten into america. the >> what has to be done now is the united states and mexico have a shared interest in sending a clear hold the line deterrent signal. if they don't we look at more waves of these caravans. it's never been more important for the united states and mexico to remain unified in defeating this threat. the good news so far it looks like between that carrot in the
state were going to see what is the successful deterrent signal and hopefully nobody wants anybody to get hurt. stuart: well fed. chad suite, thank you for joining us. now this. the president seems always to dominate the news cycle. this is the way of his presidency. this is how he works. we'll tell you all about the trump show after this.
stuart: for two years it's been the trump show and it's going to be the trump show for the next two years as well. the president dominates. he shapes the news cycle almost everyday. that's the way this president is. he lives on television. in the last 24 hours, president trump has one, threatened general motors. he really doesn't like the closure of car factories. to common totaled the rates he doesn't like to break the plan and is accepted though horribly no trade deal. three, told the media that a
deal with china energy 20 meeting this week is highly unlikely. told "the wall street journal" he would apply tariffs on consumer electronics from china and that includes iphone spirit that's just the start. mississippi last night he weighed in on the border. migrants using women and children as human shields he said in the landing on mars was a significant -- a signal of the technology brilliance. he said we had reawaken asset. whatever the issue, the president has an opinion. he makes a public. he forces the media and the democrats to respond to him. does this make for a successful presidency? tough question to answer it has roaming halfway through the first term. we can definitely say he's been very successful with the economy with energy, deregulation and the reversal of president obama's policies on climate change and iran. that's an impressive list.
some voters don't like his style. when he trashes his opponents feared some turn amount. he may dictate the news cycle so they turn away from the news. interesting and are now turning to any particular democrat leader. the left hasn't figured out how to react to it other than pouring out their contempt and that's not necessarily the key to winning in 2020. is the trump show. energetic and always there. and there's at least two more years to go. the third hour of "varney & company" is about to begin. we will get straight to the economy. a lot of good news out there
appeared consumer confidence reported this morning to record levels. cybermonday broke online sales records and there's talk on this program is a 6% growth in retail sales this holiday season. that's impressive. joining us now, reagan economist art laffer. i think there's a lot of good news here. we've just gone through it. there's still talk about a recession next year. would you make of that? >> always talk of a recession, stuart. every now and then they are right. the truth is the economy looks very good at the policies of the mentioned are right in place. they are the ones you should be fair, the ones that are there and they'll have their effects i believe in so far we've seen it working nicely in the second quarter, third quarter. the fourth quarter tree into what is this downsized move? 3% third-quarter. 2% range for the fourth quarter.
what's with that? that's a down flow. not heading toward the continued expansion. stuart: let me say these are all preliminary numbers in the final numbers come in very, very differently. i remember back in the 80s when we had our huge boom for a long, long period of time in the first numbers coming out or nearly as aggressive and not nearly as positive as the final numbers were. you can see the stuff going both ways in its early numbers they give you an indication that they are the final info numbers. stuart: is that your prediction on the second quarter to third-quarter, fourth-quarter winter next year. are we going to pick up steam again and get back to 3% or 4% growth growth rate? >> i believe very much in its tax bill that i got involved very heavily. of course i believe this is going to stimulate growth nice long period of expansion. it's in the future but that's exactly what happened with
kennedy. that's exactly what happened with reagan. exactly what happened with clinton and all those economy soared and did really well and expect it's going to happen very much at donald trump as well. that's all in the future. when you look at one quarter preliminary number versus another, don't get too excited either way they'll work it out. we need growth for a long period of time and that's what we really do to reestablish our standard of living to build up the base of the economy so tax revenues come in higher than it. all of that needs to be done and it's along. we are looking at them and not just one quarter this way or that. so far we are doing fine. the numbers are coming in a lot better and i think they are looking good. >> we will take it. thanks for joining us. check the big board because you know, we've almost turn positive.
we are down 200. now we are down 13. i call that a turnaround. if not the united technologies by the way, that i would actually be positive. a big drag on the dow. our next guest thinks the markets will go higher in the first half of next year. let's continue the good news. global investment strategist jason trejo. i am told that you're a big hitter on wall street. >> if you say so. given the strength of the u.s. economy is still very strong. we've seen over the past two months the s&p is almost down 10% from its peak in september. in terms of growth, trade, other risks in the stock market price.
>> technical names. news later this week in president trump talking about trade to way that can lead to either positives or negatives. definitely some volatility. >> i'm sorry to interrupt you. this trade issue is of vital importance to investors. what you think would happen if it's all bad news out of the g20 meeting and the president, our president does indeed impose 25% tariff come january 1st. i take it that's bad for the market? >> right now what's in place of the 10% tariff schedule to go into effect 25% january 1st to muster some reversal. that's kind of already known in the market price. people expect that appeared concert would be if they decide to go additional tariffs on 250 billion. people and expect the night and i would have a bigger impact.
if we stay the course of what's been announced and implemented the market is expecting that. that's all we want. if we get something like president trump in later some other countries and regions, positive outcomes would certainly be a positive tail and for the rest of this year. stuart: for the benefit of our viewers, most of whom are investors, can i sum it up like this? stay in stocks because better times are coming early next year. >> of my things really look dire governments or not you should stay invested. time in the market is more important in trying to time the market. stuart: stay there, please. we appreciate you being with us. a record $7.9 billion of sales
up nearly 20% from last year. the retailers this morning, almost all of them on the other side. they are splitting into three independent companies. that costs the dow 50 points. in other words, the dow would be on the upside. you've got to watch apple. president trump says terris may be placed on i found. now it's down just 30 cents at 174. check out microsoft. the first time we've seen that in eight years. microsoft is at 107. worth just over $800 billion that was apple. president trump moves ahead with
tears than $200 billion worth of chinese goods. i want to know what happens to the economy if these new tariffs are indeed impose. we will ask the question. president trump upset with general motors after it announced job cuts and factory closures. later this hour with dr. michigan congresswoman. what is she going to do about it? the national association of home builders says affordability is at the lowest point in the decade. so what are we going to do about that? a jampacked show for you. stay with us. the third hour of "varney & company." ♪
addresses and phone numbers. they said there's no indication that the records were accessed by third parties. the flaw they say has been fixed. my address and phone number are out there for anybody who wants it. housing home prices up. the rate of growth has slowed for six months in a row. come on income and jerry howard, who is the president of the national association of home builders. you say, jerry, affordability is at a 10 year low. explain. >> right now all the houses on the market. only a little over 50%, 55% are affordable by the average american. stuart: how to define the the average american? >> the average salary of $75,000 a year. i didn't know that. if you get $75,000 the year, family of four come you can only afford half of the homes on the
market. >> correct. stuart: why is that? >> lots of construction being driven by labor or materials. we were talking earlier about the terrorists. the tariffs on goods coming in from china. of those products, 500 are used in residential construction. tariff on canadian lumber. we rely on canadian lumber for 30% of our lumber. that is killing us. cost of construction is going on. the labor shortage to get labor involved is a real issue with keeping the labor down. the regulatory burden at the state, local and federal levels, regulatory burden down 25% the cost of construction. it's very difficult to make housing affordable for the average american any more. stuart: not much you can do about that in the short-term. maybe the tariffs will go away. who knows. >> that's correct. we have to start training workers and were trying to do that all over america. looking at medium security
prisons, working on military bases. stuart: a shortage of labor? >> over 300,000 construction jobs out there in the market right now not filled. stuart: off the top of my head, and if i'm an electrician and i'm working on a new house, anywhere in the country, what am i can get paid? >> the average salary for skilled labor and job site is about $59,000, $60,000. stuart: best ever skilled labor? next question about the question about blunt nails. it's my impression millennial at twentysomethings do not buy homes like they used to. is that accurate? >> if they're not buying homesite used to it's because they're not starting families that they used to. when people start a family family talk to consumers all the time, the number one goal is to build a single-family house with a backyard in a good school district. that hasn't changed since world war ii. stuart: but people are getting married later, having children
later. >> and i was also impacted severely by the recession. we haven't seen the recession, the impact of the recession flush through the pipeline yet. it'll be interesting to see how that plays out after a longer-term of economic prosperity. stuart: my generation and i'm a baby boomer essentially, i expected to own in america four or five houses in the course of my lifetime. i take it that is now contracted to make the polling three or four houses in your lifetime. >> logic might indicate that the we haven't been through the process long enough to see. clearly people buy a starter house, whether single-family house or condominium or townhouse they buy a starter house that once they have kids they buy a second house. sometimes one factor that didn't play out so much earlier is aging parent to come to live with the children. maybe you even need a third house and then your retirement
house. you could still see for coming into play. it all depends on the society and the lengths of people's lives. stuart: what a shame. the idea of homeownership is the american dream. >> assures. stuart: it sure is a legacy that. different markets. we have bitcoin $3600. pretty close to a low down about 40% in the last three weeks. the price of gold still right around $12.20. down $9 at 1219. the price of oil moving down. right now it's only a $51 a barrel. that's why the price of gas keeps coming down. $2.54 is your national 48 days in a row. we have this for you. milestone on mars. coming up, we will give you the details on nasa's successful landing there. we also have the first photos and you will see them.
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stuart: announces insight spacecraft on mars. touched down safely yesterday after supersonic lunge to the surface that took six minutes. the spacecraft will dig down to measure the planet internal list of earthquakes, too. it could take months to set up to fine tune in to men. i believe we have the first picture. there it is. the first photo on mars taken from spacecraft. an american spacecraft. new studies from dover and can calculate how much money you need to afford rent in each state. number one on the list, washington d.c. that's cheating because that's not a state. you need to make $108,000 to afford the rent in d.c.
number two with california. that's a big state. just in over $100,000. not a huge amount more incentives is go. hawaii $99,000 or the massachusetts $90,000. new jersey $82,000. >> new jersey were expensive than here? stuart: you're thinking new york city. >> i know. stuart: the veteran of the spec term. west virginia needs just $35,000 to afford the rent in west virginia. here's something you've got to see. christmas came early in texas. a malfunctioning atm dispensed 100-dollar bills instead of 10. it was in houston. people rush to the bank as the word began to spread her there were some fights reported. the good news all those lucky customers get to keep the extra
cash. president trump upset with general motors over the announcement will cut thousands of jobs in north america and close five plants. no more chevy volt. remember when president obama said this. >> i got to get inside a brand-new chevy volt even the secret service would let me drive it. [laughter] but i liked sitting in it. it was nice. i bet it drives real good. [laughter] five years from now when i'm not president anymore, i'll buy one. stuart: too late, mr. president, too late. the market shows a 70-point mark for the dow. dennis kirkman coming up next. here's a question. is he still bearish? i promise not to answer it. he well.
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touching this market. that man right there dennis kirkman, publisher and editor of the carbon letter. basically we've answered the question which we used to tease you. is he still bearish? the answer is yes he is. tell me why are you still bearish? >> the same reason i have been for a long period of time. it is made evident by the fact the adjusted monetary base peaked in 2015 and hot and really nonsense and. the amount of money to be put into equipment and labor in the equities market has been diminished. there are times when in a bear market as they like to say three positions one can have. very bearish, modestly bearish and neutral and i covered my sure positions yesterday. i tried only for my own accounts and i am absolutely dead neutral. i think we look at a rally for a week or two because it is gotten egregiously oversold.
my propensity shall be to sell into it again. later this week when the market gets overbought again i'll be a seller. i'm bearish and i have been for a while and continue to be that way. stuart: i want to summarize this for the benefit of our viewers are looking to the future. you would not put fresh money into the stock market right now. right? that's it. >> no, i wouldn't. i wouldn't put fresh money into the market and on any rally i would take old money out. i don't think i can be any clearer than that at the market will rally for a while and never will have a good time with it. but it's not going to last very long. the adjusted monetary base continues to decline and that i think is detrimental to stock prices generally. stuart: dennis, why don't you answer the phone and tell us who's calling. >> it's very disturbing. i thought they'd shut it off. i'm sure it's somebody trying to sell me life insurance policy or some team. who knows. stuart: or someone tell you this
far out and in the rest for dennis gartman. that's a joke. >> at could be that, too. i'm sure it amid a china call me a bad name. stuart: i want to talk about oil. the price of oil has been down big lately. i understand you're buying some oil stocks. i guess this question because early on the show we had john layfield. he is buying the oil stocks but he is buying them for the yield 4% to 6% dividend payment. am i right that you are buying oil and that you're buying it for the yield? >> i'm not buying oil for the yield could invite and because it's gotten preposterously oversold good the fact that the front spread thin wti has narrowed a. stuart: you're buying oil itself. >> i am buying oil itself. the derivatives in the oil market. that is usually the whale trade. i heard mr. layfield as i was driving over to this judeo and i
have to agree when you get four points i've come to 6% on the major oil producers in the united date, i could not argue into a not at all. i would not argue even slightly. stuart: you invest in oil contracts. that is highly leveraged, isn't it? if you want to control $100 worth of oil gets at the $10 down. is that accurate? can i keep a $10 down the chicken but a lot more down if you wish. you can make a futures market or a derivatives market is leveraged as you wish. some derivatives are relatively on leopard. if you're trading futures you can poke more margin down in order to unlock her elaborate futures contracts. the futures get bad names has been aggressively overleveraged. you cannot monitor them if you wish to do so. stuart, by the way we say labor in england. this is the united states where we say letter. are you okay with that, dennis?
>> okay, what you've are. stuart: you're sharp and fast. mr. gartman, what a treat. we will see you again soon. >> i'm coming to new york next week. president trump meets with xi jinping this week and he says he may increase tariffs on $200 billion worth of chinese goods. 25% tariffs may be in store from january 1st. a gentleman under screen is john cochran, economist at the hoover institution. but suppose the worst. let's suppose 25% tariffs are imposed on january 1st. what impact on the economy? >> how bad is it for the economy? the good ideas that they blossom all come together the most get
back to business. within both sides. not that envious terrorist. they damaged the u.s. no question about it. they're like a cartoon superhero. this will hurt me or than it hurts you to get the other side to do something. they really need to both back down. stuart: i'm going to quote from one of the analysts who i respect and here's what he rained this morning referring to the china trade fight. he says his load down global trade. it's p. a period of the family shows all use po to a multitude of trading partners. disrupted global supply chains, raise the cost of doing business in this prison capital spending plans. that is tariffs.
not good news. that peeled away president trump could get any leverage over china. that's what the case here, isn't it? >> well, that is the case. i don't think it's true. doing something manifestly bad for the u.s. economy, world economy, alliances, that politically in order to force something out of china. there's other ways to get china to go along with things good for china as well is good for the u.s. stuart: you don't expect that to happen? you think are in for a long-term trade fight with china it's going to get nastier still it hurts everybody. is that your outlook? >> no. just because i hope not. it would be a terrible thing for the u.s. to do. the economy is perilous right now. your previous guest, the market trending down, auto sales seem to be peaking. this is not the moment to throw sand in the gears in order to
fight the battle with china. stuart: john, we have been warned. thank you indeed for joining us. we'll see you soon. president trump upset with general motors over the announcement is going to drop 14,000 jobs in north america and close five plants as well. joining us now, michigan congresswoman debbie dingell. i'm sure you don't like what general motors is doing could represent constituents in detroit. can he do anything about it? >> first of all the canadian plant is closing. the others have no product in them and are subject union negotiations next year. i suspect there is going to be some tough negotiations on part of the autos that their intent is to keep at least one of those plants still open with new product. though we do need to do some things about it. the fact of the matter is that we've got to make sure we have good strong set of policies
supporting this, transitioning at the forefront of innovation and technology. the way the president is doing trade policy is chaotic. we do need a level playing field in the global world. stuart: you do agree with the president who has criticized general motors and almost threaten them. you're a democrat. this must be one of the very strange circumstances where you are in agreement with president trump. >> first of all, he came to michigan and i weren't people for straight year he could win enough as he talked about trade and democrats didn't talk about trade two years ago. we still have plans sitting empty from a decade ago shattered because of the policy. i wish the president would work with us in a more consistent fashion. i was listening to your previous to cast talking about his chaotic policy and part of the problem is you don't know what he says this morning if it the same thing this afternoon. i understand general motors may
be moving some production to mexico when i'm not going to support nafta if that is the case for looking at production moving to mexico. we do have some tough discussions. we still need to see the details of what is in nafta and i've a feeling the president and i can work together to make sure production is not going to mexico. stuart: the bottom line is he's got some leverage here. >> lets he was going to happen. i want to protect the working men and women of my district. i want all the auto companies to be strong. by the way, i am a car girl. it's in my blood and i worked there for three decades. i know this industry. it's a cyclical industry. this is how the longest successful run it's ever had in its history. we used to think 14 or 15 million sales was a good number and were still at 17 million. but this is a cyclical industry. you will see it in the industry and the also changing as we go
to electric vehicles, low gas prices. stuart: thank you for joining us today. we really appreciated. thank you very much. >> thank you is good to be with you. the british parliament will vote on teresa mays brexit deal. i believe the vote takes place on december 11th. a couple weeks away. how is this going to end? nigel for farage will join us. jack mann has reportedly member of the communist party. i don't know when he became a member, but he is a member. richest man in china. what gives? we'll be right act. -- back. ♪
immigrant secretary of education betsy devos joinery verminous morning. here's a shed to say. >> at this incident taken on a lot more that. it took 42 years for the student lounge balance to grow to $500 billion. it took 11 years for it to grow another trillion beyond that. the implications for our economy
stuart: newspaper in china since alibaba's founder jack ma is a member of the communist party. the richest man in china, fortune of $36 here it is going to step down as alibaba's chair next year. membership of the communist party in china is virtually obligatory. to brexit, britain's prime minister to resubmit trying to build support for her brexit plan. a vote in parliament next month. come on in, nigel farage. you're between a rock and hard place pretty good guess at the right until you hit it. if you don't know there'll be a general election and to get something much worse. >> that is not certain at all. here's my guess. parliament is going to say now. the 14th of december there is
a prescheduled european summit of all the leaders. here's my prediction. she loses the vote. she goes to brussels and says give us more concessions. they decide, okay, given all the concessions, particularly up to 60 billion there prepared to give us, let's make a confessional be seen and back comes the prime minister were theatrical flourish and says, look, now a much better deal. around the 18th of december. that's how i see this playing out. the really hard choice, what is the point. what is the point of having a brexit that does not guarantee control of our borders commend the ability to make trade deals and still cost us a complete fortune in where we're trapped so that we can't leave without the use confession.
no, we've got to keep quiet. >> resident trump said that deal that prime minister mae has worked out is a rotten deal and as you go through with it, there will be no trade do with the united states. i think that's what he said, right? >> it's what he said and he is dead right. the single most optimistic tradition would be on the current project to read. we might in 2023 bill to stop talking about a trade deal between the u.k. and the u.s.a. we voted out in 2016. stuart: under the current deal to reason that has worked out, you can't have a trade deal with america. >> not for many years to come. out of the treaties on march 29th next year the locks us into a three-year period of transition.
but three years is the minimum. it could be much longer than that and during the next 3.5 years from now, there is no chance of a trade deal with the u.s.a. stuart: what happens if your wrong entries to make does not get new concessions from the europeans after the vote goes down defeat in the house. >> let's assume this gets completely defeated by an overwhelming majority. here's where we are. we have a piece of legislation that says we leave the european union on march 29th of next year regardless whether there is a deal or we revert to world trade organization rules. i've got no problem with that as far as i'm concerned no deal, no problem, we get on with life. the risk of doing that is what happens is parliament opens up legislation and forces us into a second referendum. that is not what i wanted all.
it would be outrageous to have a put upon the british people. i would rather take that risk to then accept a deal that keeps people trapped in european union rules indefinitely. that is the extent to which mrs. mae has portrayed brexit voters. stuart: rock and a hard place is inaccurate description. >> at difficult. stuart: like the movie, it's complicated. you're right. see you again soon. appreciate it. check google, please. interesting development here. several employees coming out against google building a censored search engine for china. some employees say don't do it. very pleased to hear that. new jersey once the closer to legalizing recreational marijuana. a final vote expected soon. next we are joined by a company which builds itself, calls itself the largest marketplace for wholesale cannabis. they're very excited about new
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stuart: new jersey to be the next day to legalize recreational marijuana. final vote expected very soon. zach silverman is with us, cofounder of lethal income which builds assault the largest cannabis wholesale platform. welcome to the program. >> thank you for having me. stuart: you don't touch the -- itself. >> that's right. we work with over 2500 retailers. over 800 brands. last month we had our best month ever. stuart: 60 million? >> $60 million through a marketplace that represents 10% of wholesale activity. stuart: way, way, way. 60 million of your business last year and that's only 10% of the wholesale market place. >> $60 million to our marketplace last month. stuart: you want to see
recreational marijuana in new jersey because? >> newmarket which is really exciting. from the standpoint of the industry is really great to see a lot of the established rules and policies make their way east and start to bring some space online. stuart: hold on a minute. you want pot shops in new jersey so new yorkers can scuttle across on the terrain, load up with weed and wherever and go back again. it's an enormous market for you. >> there is definitely going to be some leakage from new york into new jersey. i think what will happen more than anything as you'll see new jersey catalyze new york to ask themselves what program do we really want here. right now we are missing out on opportunities like tax revenue collection and employment for the supply chain. having a neighbor like new jersey is in the proximity to really be the real driver to
figure out what we want to do. stuart: right next to the biggest metropolitan market in the country. would you agree with me that the march towards legalization is going nationwide and it will be legalized nationwide within a few years? >> i absolutely agree with that. close to 10 states with programs. that's a hard thing to go back on. hundred 50,000 people employed as a whole and not substantial. put money and allocate money to fight against these things. stuart: 150,000 people. still a private company? >> there's definitely a lot of commotion in canada regarding public companies. absolutely will. stuart: not a time. thanks for joining us. appreciate it, sir.
stuart: starting today, every day, see more of me on "fox nation." i will have sharp opinion and politics, anything else that gets me fired up. today i'm talking about free speech. i say it has been severely curtailed in this country. it is called, my take. you can see it at 1:30 eastern time on "fox nation." which debuts today. >> more stu. we need more stu. stuart: dictionary.com out with the word of the year. it is, misinformation.
the website says social media made it easier than ever to share rumors, false stories and hate speech as straight reporting. the definition of misinformation, false information that is spread regardless whether there is intent to mislead. got that? >> good choice. i like that one. stuart: we're done. time's up. neil it is yours. neil: stuart, thank you. good luck today. we're focusing on the record $7.9 billion spent online on cyber monday. no thank you cards from my wife who single-handedly made that possible. it's a joke. we looking for some sort of resolution between the president and xi xinping of china and their meeting. president says i will get tough before we make progress, citing we could see 10% tariffs on laptops, you name it. blake burman at white house on all of that. hey, blake.