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tv   Varney Company  FOX Business  March 7, 2019 9:00am-12:00pm EST

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eastern, as we identify where the jobs are expecting 180,000 jobs in month of february, when we get that report tomorrow unemployment rate lower 3.9%, see you tomorrow seize the stuart: good morning, america. total disarray among democrats and again agree on how to condemn anti-semitism. there was a vote to vote today but it has been postponed. they can't agree on the wording and speaker pelosi reportedly walked out of the meeting. she's lost control of the radical left. my opinion, if you can't forcibly condemn the scourge of anti-semitism you should not be in congress. furthermore, there is a crisis on the border and the chaos within the democratic party stands in the way of dealing with it. we all get hurt from this. moving on, it's been a tough week for stocks and the rally of
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2019 is installed and when we opened today the dow may move lower but back to around 25,600 and that's a long way from the record high which i foolishly predicted we would hit last week. big jobs report comes out tomorrow and that will be a factor throughout the day today. alex québec, long-term host of jeopardy, has been diagnosed with stage iv pancreatic cancer. grim diagnosis but he will fight it and he says keep the faith and we will win. with you sir, all the way. party company is about to begin. >> jim, you got to start doing it over here. you really put a big investment in our country and we appreciate it. [laughter] stuart: the president flooded
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tim cook's name at the white house can you imagine a social media had a total feel dale with that. >> and they did. stuart: let go from apple to facebook. mark zuckerberg, layout plans to make the social network more focused on privacy. tell me more. >> about time, right? let me start with this quote, he wrote a 3,000 word blog on how he envisioned a new world of privacy. he says this - bottom line is he's on the defensive and a move to create a more private messages that don't last long, encryption and so on. he's trying to answer his critics. >> people are worried of privacy
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because of facebook. he strict mind our data for the number of years that this is a way to get more money in e-commerce. stuart: this is a financial program and we want to look at stock price will bring out marketwatch rebecca who is in new york. will this help the stock or hurt this document. >> we covered a lot from last year with cambridge analytics and i think people are looking at facebook insane is becoming a lot more common i don't want this public information and i know the blog he said i don't want this information for permanency and he talks about permanency over and over like data will hunt them down the road so i don't know but we have to wait and see but i think they are trying. stuart: you are right. he's trying to reverse the negative public image which facebook has acquired but what he's got to avoid is any change in his business model which
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would hurt his profits. >> they are selling your data so they can sell to advertisers. that's how they make money. >> seems like an add-on. stuart: is not a new social network he's proposing, is it? , one. [inaudible conversations] >> bottom line, he's already facing regulation all around the world that could hurt business model. stuart: rebecca, you are a marketwatch or. [laughter] looks like the rally of 2019 is stalled. why? and when will it stop stalling? >> fourth day in a row. i think were looking at people and investors taking profits the best in rehab every week that's in 1991 so they're saying it's time to look at it. we have no or lull in the us china trade negotiations so we just see people are saying
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what's really happening here in use today the ecb might give us a new program so people are . stuart: holder, ecb, european central bank. they thought it would stimulate it then walked it back and much lower growth in europe coming up. that's not helped us. >> no, so all of it . stuart: when we get out of the rut? >> we need that us china deal to go forward and then trump wants it. he thinks it will be a market boom. i think that will be huge. i hope you get this china deal. stuart: our viewers who are invested in the stock market should not selling right now or - >> stuart, putting me on the spot back long-term, this is a bumpy ride. i love the underline that were looking at a bumpy ride. 10 years on saturday, march 9, 10 years on saturday for ten years to the low of the great
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recession. are we do for something? it will be bumpy. stuart: you are rather negative. [laughter] we got it out of you thank you, rebecca. individual stocks with movement here. barnes & noble fell flat, stocks down 11%. if you go down 67 cents on a 5-dollar stock at 11%. it sounds dramatic. kroger's profits falling short look what happened to them. much bigger company, free market is down 12.5%. big move indeed. of get to politics. the president is facing headwinds right now, problem huge trade deficit and there is the problem of north korea gone back to rebuild a rocket station and we also have the border wa wall, looks like the president is in trouble with that one. do you know what we need to do? we need to bring in the director
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of strategic medications for the trump 2020 campaign, a very important man. >> thank you, stuart. stuart: how do you fight this? he is struggling in those areas. >> each has a different possibility. north korea will take care of itself. as a bath a bolden said this morning on fox and friends, we have a lot of information not just what's commercially available. we know what's going on in screens know we know what's going on and it's in their long-term interest to make a deal and the president and the chairman will continue working through this. when it comes to trade it's not just the trade issues we are dealing with an tariffs and retaliatory efforts but we've got to get something done on ip and something on the technology side. stuart: wait a second, they had an editorial in "the wall street journal" this morning. the whopping big trade deficit. no need to panic your. they say it's a function of trump's growth. >> absolutely.
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we do have a very strong economy. what we see is beginning around the globe and contributing to it. the president will get this deal done in china needs it in the us needs it from a worker standpoint and from a company standpoint to put us on a fair playing field. when it comes to the other issues. stuart: the wall, state of emergency. >> congress will do what it will do but will not override a veto. it will be upheld in court and as i talk to other people and it dimension is not a national emergency and wasn't a national emergency when bill clinton used a national emergency to stop the import of blood diamonds from sierra leone? it's the right policy but wasn't a threat to our national security? what you saw secretary doesn't say yesterday when it comes to the fact that every girl over the age of ten that comes across our border from central mega is to have a pregnancy test and when you talk about the fact we have so many legal immigrants flooding across the border and they are using them to distract
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our agents so they can ship ship drugs and at another point is a crisis. if the definition of what. stuart: one more, this is got to be big time. more delays in the houseboat on anti-semitism? i can't believe that the democrats and house can't get together to make a condemnation of the scourge, go at it. >> it is shameful. stand up, vote to contempt inside semitism. i want to point out is that it's not just about one congresswoman from minnesota. this is a problem that has plagued the democratic party for a long time. going back years to louis farrakhan, barack obama was idly incorrectly called the most anti- israel president in american history. gave $150 billion to israel's mortal enemy in iran that pledges their destruction. what we are seeing play out right now is not something new
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but been festering in the democrat party for a long time. they have not dealt with it and now it's coming full circle. stuart: nothing will come out of the house - nothing will come out of this congress when you have this mess and chaos going on. what legislation? all you get his investigations, split democratic party and an inability to recognize there is a crisis on the border. i'm fit to be tied. i am. >> i'll tell you the sad thing is it's just beyond the important language of anti- semitism but this is not politics. this is bad for america. we are the greatest ally to israel and will continue to be that with president trump. if you can't stand up and support that you need to look for another line of work. stuart: mark, you are all right. >> thank you, stuart we want to look at futures. stuart: minuscule loss for the nasdaq. amazon closing at 87 of its pop-up stores and those are that many stores were putting in
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whole food stores, cold locations, mold as well and they give customers a chance to do my demo products. it does not affect their four-star stores but pop-ups are gone. while waste during the us government and they say the u.s. congress acted as judge jury and executioner and this one is all about the 5g superiority we got the story for you. homeland security kristin isn't testifies on the hill and says nearly a million people will try to enter our country illegally this year and she says make the mistake this crisis under border is an emergency. more varney after this. as the one who is always trapped beneath the duvet
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stuart: listen to what homeland security secretary kiersten nielsen said about the border and the crisis yesterday. roll tape. >> the rational person would design an immigration system we have today. it's dangerous for americans and for migrants and although we may disagree on solutions i hope they can be a consensus that the current system is not working is not a manufactured crisis but truly an emergency. stuart: joining us now, rick scott, a republican from florida. welcome to the program. >> in morning. i went down to the border three weeks ago and she is right.
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what we are doing doesn't work. stuart: why is any republican in the united states that it going to vote against the president emergency declaration. >> first off, i hope people don't but some people are worried about process and don't believe this is the right process which i think the president would agree that the democrats if they would do their job and fund border security we would not be doing this but the president's response ability to secure our border we do have a crisis. i've been down there. anymore people technology and barriers that they can control what people are coming in. it's frustrating for everybody. it's frustrating the government doesn't work up here right now. stuart: what got to meet a lot of people was the news that every girl age ten and above who comes across the border has to be given a pregnancy test because of sexual abuse possibilities on the way to the border. sir, that is absolutely appalling.
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>> i have daughters and you worry to death about them so disgusting. he created the wrong incentives. we have to have border security and fix programs in this country. we ought to fix daca in tps and do all these things and do it together but right now this place is dysfunctional and the democrats don't seem to want to solve problems. you know what? my focus is we will get things done i will work hard. i'm a business guy and i'm going to work hard at it. stuart: you must be frustrated but you are from the business world. before you are governor of florida you are in the world of business. you know how to get things done and how to execute. build a plan and do it. you must be really frustrated that now in the big leagues of politics of the senate and can't get anything done? >> in business what you enjoy is when your competitor was dysfunctional. right now this place is
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dysfunctional. i'm optimistic. if you take the time and work hard on the right programs and build relationships you can get things done but i've been appear two months and right now it's difficult to get anything done. stuart: what would you want to do? if there was one thing you really want to do what your first priority? >> i think we had to deal with border crisis. think we need to have an immigration policy that works in a secure border take care of the dreamers and fix the tps system, temporary protection system for people that have come after or been here during a disaster. then drug prices are too high and we need to make sure whether the affordable healthcare act constitutional or not in there's a lot of things we have to get done. stuart: mr. senator, you won't get any of it on. it's not your fault and i'm not suggesting it's your fault but the system. it's broken. >> look, i will fight every day.
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i'm going to work hard for the american public and work hard for - they say the same thing aboard. they said you can't get 700,000 jobs in seven years and that was my campaign promise in 2010. i got 1.7 million jobs. they said he can't pay down debt. i pay most most of third of the state that. we cut taxes almost a hundred times and they said we couldn't cut taxes. if you focus on what you want to get done you can build relationships to get things done. that is what i will do. stuart: mr. senator, thank you for being with us. we appreciate your time. >> 's work, have a good day. think it. stuart: for signs joe biden is getting ready to jump into the race. the family is on board and talking to donors and interviewing staffers. 600 days until america votes in the 20 tracked the election and is underway. rather early i say. more varney after this. you.
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xfinity, the future of awesome. stuart: all the signs are pointed to joe biden running in 2020. >> i'm hearing me announced in april listen, his new list of advisers have been talking to campaign or offering campaign positions to other democratic strategists looking at headquarters according to the
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new york times delaware, family is on board especially his wife, jill. privately reaching out to influential democrats, party donors, members of congress, you name it. all the pieces are falling into place for a joe biden run. i think the fact that michael bloomberg pulled out shows a biden run is a clear alternative for those hardcharging young liberals spotting socialism. does he have wide support? some say he's got a third of the support of the democratic party were shifting to the left but we shall see. next month we find out. stuart: if not before. i think we will have a fight. massachusetts conquers woman wants to lower the voting age from 19 to 60. >> that is terrible. >> why. stuart: are you asking why?
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>> at 16 to no experience of the world or of life. you're not a parent or own a home or never worked. >> you could say the same thing of 19 euros. some 16 -year-old pay taxes and have a car. >> here is the thing, let's say 17 -year-old vote and also 24 states to the same rule for democrat presidential primaries. stuart: is deployed by the democrats to get youthful idealists - were you not idealistic? >> that's the same thing as saying was set in 1971 when they dropped the voting age to 18. stuart: what about the drinking age? should it be 21? if you can vote at 16. >> drinking is different. it impairs you. it is interesting certain state law 17 -year-olds to vote. stuart: we discuss this further. [laughter]
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check the markets, down at the opening bell. it's been a tough week, looks like a rally of 2019 has stalled. work down 50 with this market over the spring. back with that in a moment. ♪ ♪ the new capital one savor card. earn 4% cash back on dining and 4% on entertainment. now when you go out, you cash in. what's in your wallet?
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stuart: we open market in 18
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seconds. we will be down again and it is not been a great week for the market. 25,600 and us get running will probably go down another 50 points. the bell is ringing, here we go. 9:30 eastern on a thursday morning. down 308, down 40, 50 points right there right from the start. that's a fracture of 1%. where is that - down .21%, not too bad. nasdaq composite showed it down one fourth of 1%. looks like selling in technology. twitting us michelle mckinnon is back. joel is back. always here. michelle, this rally has paused. what gets?
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>> it is anything. it's a good thing. the market continues to go higher, higher and it builds that we have a euphoria i would say calm down is about the fact that everything is negative i think that's a good thing. markets can move forward. stuart: joe, what you say? >> we had one of nine straight weeks in 80, 90 years and i agree with michelle but i don't think it's a bad thing. international markets are strong. today the markets pretty much flat everyone is waiting on the deal with china. stuart: the pause and when we get the china news. >> it will end in a big way though deal we go down. stuart: any deal we go up. >> i think we got a 10% swing either way. stuart: ten - not immediately but within a week or two.
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>> we thought before we saw the markets move that much before. this is big news. stuart: i know you have it your sticking your neck right out there. >> five, 10% within a week or two. >> you live in official. let's look at facebook. mark zuckerberg wants the company to be more focused on privacy and the going big into encryption. is that the damage control the company needs? >> is an interesting move. i don't see it affecting the spot in a big way but it's a credo to the revenue strength so why not? it improves the revenue streng strength. >> will they go to charge to go to a private chat? >> is another advertisement venue. >> star, great point, e-commerce and fine paper thing but i think that's what .
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stuart: isn't it a parallel thing to - >> yeah, parallel but you can send money encrypted. it's a new line. stuart: i guess. maybe even i will go on facebo facebook. [laughter] >> don't believe that. stuart: amazon closing the pop-up stars all 87 of them. they focus on opening bookstores, really? >> i know, right? who knew? this is a story but at the end of the day amazon is not getting the revenue from here but from the cloud. this is another story that they're attempting to make this retail more profitable because at the end of the date the retail is not that profitable. stuart: there spreading themselves around. >> they put out trial balloons and taking on a small and in the ability and test it out, learn things that they think it has potential they stick with it, if not they pull out. it's an entrepreneurial company. >> for 800 billion company if -
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this is an experiment. why not? stuart: is astonishing for the company that side will be called entrepreneurial. that is something else. let's see, four-minute into the training session, down 60-point, at 25,600, how about kroger? profit fell short and they are taking to the cleaners. down 11%. kroger, for the company. burlington failed miss the mark, down goes 9%. flat sales at barnes & noble i think they are down sharply of course there down 29 cents, 13%. checking microsoft. might want and all digital xbox. no more discs. you download everything you want into the internets. michelle, bad news for game stores.
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>> sound like bad news for game stop. it's a cool story. the fact that i read that it was the company is one of those companies that are now allowing people to come in and trade their desks for the electronic version which i thought was cool. honestly, gaming revolution is here. i think people do not talk about it as much as they should is that is a huge market in the forefront. the one game stop is a place where the people trade second and third hand games for cheaper than the art to buy new. can you do that in the download world? >> i don't think so. >> then they still have a niche. stuart: subscribers cut the cord, got rid of their cable prescriptions. a million cut the cord last year. we always say streaming is absolutely key. >> no, this is a trend we've seen for a long time. it's a very clear pattern we
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will see going forward. >> people don't say that much money by cutting the court. i did the math which is wild and you think you're cutting the cord of the money but internet is expensive. the cable companies know what they're doing. stuart: my cable provider provide me with my internet service as well. >> it really does. [laughter] >> but 10 million cut the cord since 2,012. stuart: that is a lot of people. [laughter] the producer is right. people hate their cable companies. for whatever reason, they do. how about twitter? jack dorsey admits the company was too aggressive in banning conservatives. no surprise there. >> glad he's coming out and saying something. facebook often has not come up and said that so it's positive. at the end of the day i read an article that twitter viewership plan to use twitter more than
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last so i'm still a fan of twitter. stuart: twitter is an entrepreneurial company. what happened to their stock? >> 's had a lot of losses. the way jack dorsey has run it is different than square so in our case we own one of the companies, lyons square but not twitter. stuart: castrate the news with a record huge trade deficit. it swelled with china as well. market went down on that. should we - michelle, should be be worried? >> no, not at all. these companies put so much stimulus in the economy and people are making more money and therefore the demand is up so i would say that fact that we have a widening of the trade deficit is not a bad thing but sharing we have a healthy consumer. >> strong consumer buying more imports while our exporters are having time selling illegal global market spirit to this
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point, $621 billion deficit we have, 417 to china, last year we had 329 to china so this is where the trade deal we can keep going like this. $100 billion more to china. it has to stop. this is an issue that needs to be addressed. stuart: right now the dow industrials down 114 points. as we speak. the pause continues in the 2019 rally. do you think it ends with china trade? >> i think within a month will see a very interesting march. i just want to - five, 10%. stuart: trade deal we go up on the market 10% five or 10% within a couple weeks. >> yeah, i'm sticking to that. >> i like that. >> i would say for sure. i don't want to put a number on it but i would stick my head out and say this could be huge for the market.
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>> but what michelle said earlier was right. we are treading water right now. you come along way since january with the trade deal and big jobs number on friday and while it treads water it takes - it's been a great year so far. stuart: you are creating ripples. [laughter] rippling the entire financial world. congratulations. [laughter] we have to seek a by two michelle and joe. take you for being with us. check the big boards. low of the day, down 122 points. 25,500. couple of reasons in the background we will get to them momentarily. an alarming report from the cyber security firm, fire i, they say cyber attacks to become more than just an inconvenience. hackers might be able to kill people. what a story. huawei suing the us government saying they been banned from selling their common to federal agencies. bigger story here. fight for 5g dominance.
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stuart: new tweet from president trump. here it is. stuart: his twitter account firing up again. low of the morning. down 127 points, back story is this. european central banks said earlier today they will stimulate a bit more on the market went up but then they
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turned around and said drastically cutting the growth rate. from 1.7% growth to 1.1% growth. when they said that the market went down. low of the day right now. minus 151-point on the dow industrial. women's clothing retailer shot up, charlotte russe, will close other stores liquidate their assets. >> this is a tough story. they filed for bankruptcy protection and will now liquidate a fire sale and they had 500 stores in 49 states this is the retail i.c.e. age again. the back story here is interesting. the stores that were successful despite the retail i.c.e. age, cold and target and those - they were supposed to have failed because the government shutdown but they are picking up when stores are liquidating they take hold of other stores look is coming out ahead. it is interesting. stuart: survivors look good. >> interesting mix in the retail. stuart: contradictions are way
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up. a summer president trump said the federal agencies from doing business with huawei, giant chinese technology company. now huawei has answered with a lawsuit. joining us is the author of the coming collapse of china. his name is gordon chang. gordon, cut away from the weeds. this is all about dominance, global dominance in 5g technology. is that right? >> that's right. this is the fate of the first part of the 21st century. 5g is the internet and will connect everything. pacemaker, car, doorbell, whatever. if beijing can backdoor all that information using huawei equipment back into china and china can feed it into its artificial intelligence systems beijing will have an enormous advantage. this is not a theoretical concern. from 2,012, 2017 the chinese were taking information surreptitiously from
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headquarters of the african union which beijing donated using huawei equipment. clearly the chinese can do this and it their ambitions and they want to dominate technology and we've got to stop them. >> do they have 5g technology of their own? >> huawei. they are there 5g competitor but other chinese predators but it is that employee owned huawei. we have one competitor called qualcomm. ftc is trying to cripple qualcomm at the same time qualcomm is trying to compete against huawei. stuart, on the first day of the ftc trial against qualcomm in january of this year guess who was the star witness for the ftc against qualcomm? huawei. stuart: really? that's quite a back story going here. what a complex mass. >> yeah, antitrust, anti- competitive law is complex but what the ftc is trying to do
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adopt novel theories. maybe those novel theories are correct in the long-term are not over in the middle of a fight for the survival of american technologies. huawei has been stealing it from cisco onwards. still stealing it today from all we can tell. stuart: are you in a position to say who's got the best 5g technology? is there a difference in 5g technology? >> yeah, probably we've got better technology because qualcomm is a better company but nonetheless that does not necessarily matter because if you have the chinese government diplomat supporting supporting huawei that makes a big difference. chinese government supports. the united states what is happening? are 5g competitor is being attacked by the federal government. this makes no sense whatsoever. stuart: do you think the huawei 5g fight and the huawei executive fight and all the sites about huawei in 5g will that be wrapped into the china trade deal? >> i hope not. this is a law-enforcement
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matter. i think huawei is a criminal enterprise. when you look at some of the stuff. they been taking technology and there's all sorts of validations that this has continued to the present day. fbi is investigating huawei. we should let that play out. we know that huawei was involved in busting iran sanctions from all the information available. this extradition proceeding against - chief financial officer we want her out of canada. we should not be bargaining that away. this is our future. stuart: people have compared that and lady that huawei executive daughter, i think, with ivanka trump. >> that is ridiculous. end of story. no comparison. people may not like ivanka trump but she is not . stuart: good stuff. thank you for supplying it to us. thank you. >> i appreciate being here be one will be back. check the dow, low of the day.
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there you go. down 170 points now, right at 25,500, vast majority of the dow stocks are in the red. down day thus far. we got bad news last night. alex to back longtime host of jeopardy, real american icon, diagnosed with stage iv pancreatic cancer. he's facing an uphill battle but he says he's ready to fight. you hear his emotional stateme statement. want more from your entertainment experience?
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the one why is the market down to a point? one answer is because the europeans have drastically cut their growth forecasts in their economy this year. 1.7% growth down to 1.1% growth. that is a dramatic cut. our market doesn't like it and down to 15 to 25,000400. down we go. send news from longtime jeopardy host alec trebek. stage iv pancreatic cancer. roll tape. >> i will fight this. truth told, i have to. under the terms of my contract i have to host jeopardy for three more years. so help me. keep the faith, we will win. stuart: joining us now, doctor
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mark siegel. i don't want to be pessimistic here but diagnosis of pink granite counter is always thought of as a test sentence. >> especially stage iv which means spread to another order. you might ask how he can stand there looks well it's asymptomatic no symptoms too late in the disease and then you start having weight loss and eyes turn yellow and get paint. you can go a long time without knowing you have this wake up with this diagnosis one day. stuart: no cure? >> no cure and lifespan even with treatment kinds of chemotherapy is maybe one, 1.5 years. five-year survival rate is under 5%. only thing i can say positive about this is there's a new organization starting precision promise, network of medical centers around the country getting people into clinical trials and target immunotherapy, genetics, personalized medicine.
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looking for your genetic signature to see if you might respond to accommodation of medications, drugs. that will improve things but pancreatic cancer is very resistant to treatment. we are a long way from solving this. stuart: here is what i want to know. how do you detect it early you get a handle on it? >> great question. answer is not yet but we are working on a field where we can find proteins in the blood that tell us early. if you have a family history or a smoker or mail or more elderly or drinker or have diabetes those are risk factors that make me want to think about it and if i know someone in the family has it i might go ahead and do scans but i can pick up on the cat scan but can't do cat scans on everybody. stuart: have to get this in as well. fda has approved this unusual treatment for depression. johnson & johnson has a ketamine nasal spray, big deal, i think. >> it's a big deal because there's 7 million people out there with recalcitrant depression that is not
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responding to medications. this is the first time fda has approved something in decades. what i like about it is what it is good for someone with severe depression that might be suicidal and that you can't break it matter what medicines you use. this gives you a feeling of euphoria outside the body experience like you are floating in might break the cycle is leading you to suicide. it is very promising. stuart: but you have to restrict access to it because it used to be known as special k, party drug. >> still is. it absolutely is a street drug, used for data rate, it's a real problem. it's got to be carefully monitored and controlled by physicians. other problem is it's expensive. thousands of dollars. adding yet another one of his new medications that how we have to figure out how to cover it. but promising for the treatment of depression. stuart: doctor, thank you. >> to seal.
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stuart: house democrats hopelessly divided and can't even agree on how to condemn it i semitism. i called him a dysfunctional party and i think speaker pelosi has lost control of her party. my take on that, strong stuff, next. ♪ . .
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stuart: coming up on 10:00 in new york, 7:00 in california. let's get right to your money.
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we have a loss, big loss on the dow industrials as we speak. we're down 200 points. that is the best part of 1%. market watcher, gary kaltbaum, kaltbaum capital management guy, he is with us right now. gary, we're told the europeans scaled back the projection of economic growth year and that is were the market is down. are you buying that? >> we can always look for reasons. that is part of it. we dropped 5,000 points. we rallied up 4,000. on monday something i saw, i sent you my note, leading group in the market, the strongest group, the software stocks topped out. that is what told me the market was starting to correct. we're in corrective work. by the way it is overdue. if we're going higher it is necessary. people have gotten too bullish. i'm seeing marijuana stocks going crazy to the upside, ridiculous valuations.
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i don't think it is the end of the world but it has to be watched closely. stuart: if we get a china trade deal, suppose we get one, would that lift us out all the doldrums and lift us back to moving higher? >> potentially. look, i don't think there is anything bad about interest having a trade deal. my only worry, this has been going on two years. we're being told how great it is. that may take away some of positiveness once a deal getting done. it can't hurt, probably helps some but i don't know how much. think we're in five, 7% correction right here. probably 1300 points from the high then we'll reevaluate. that is way overdue. i have to add earnings have not been that great. they were decelerating. remember january 4th, i changed my stance with jay powell and easy monty reality
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again. i think we're in a bit of a croak tiff stage. i don't think it is at the end of the world. stuart: if i'm in the market, five to 7% down at this correction, 1300 points down, if that is the market we're in, i would go to pure defense with a high dividend-paying stock. that's where i would go. how about you? >> i would just stay, what i called right now, low beta. these are the companies that don't move crazy to the upside or downside. i'm talking food, drugs, beverages financials seem to hold up in a market like this. would i get away from the high growth names. those are the ones that can get hit harder. if this is only five to 7%er it is a okay, and as long as our economy remains strong, earnings start to decelerate, think we'll be okay toward the end of the year. on monday i went on the defensive. i'm staying there to the second.
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stuart: you're very good holding hands for investors. that is very good, kaltbaum. >> we try. stuart: you're all right. thank you, gary. what have we got. thursday, 10:00, that means mortgage rates. what have we got. liz: 4.41. it is slight up. we're trending flat with mortgage rates as housing market hit a soft patch. homebuilding two or three-year low. six month decline in sales. this could change. why? the home prices were an issue for housing market. there was tight inventory, right? when you have tight inventory you can pop the prices higher. the inventory is building, biggest in a decade. higher join r inventory could drive prices down. could put gas to fuel to the
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buying. stuart: that would be nice to see. liz: possibly. stuart: 4.43, 30 year fixed. ashley: fabulous. stuart: i was 12% in my first mortgage in the 1970s. you were 16%. ashley: 16%. 1982. liz: should have waited. stuart: couldn't wait a generation. dow industrials are down 243 points at 25,400. now this. going nowhere, doing nothing, hopelessly divided and now, chasing down the rabbit hole of socialism. that is the democrat party today. america needs some damage control surely. look at this. house democrats were supposed to vote today on a measure condemning anti-semitism. they can't agree on the wording. what? if you can't figure out how to condemn anti-semetism you shouldn't be in congress. speaker pelosi has lost control. wednesday, the homeland security chief alerted congress to the
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crisis on the border. a million illegals will arrive this year. that, she says, quote, will overwhelm the system entirely. but the democrats refuse to do anything. no wall, no immigration enforcement either. they will do nothing. get this. there are republicans in the senate who will vote against the president's emergency declaration. talk about fiddling while rome burns? we should call this the nero congress. what do you think congressman jerrold nadler, i'm sorry, nadler what do you think he will be doing for the next two years? desperately requiring to undermine the president with round after round of investigation, hearings, probes and subpoenas. not into russia's role into the election. oh, no, into the president's businesses and his family. the objective is clear. find some dirt and undermine the that's it. on top of this the looming 2020 election.
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i know it is still 21 months away. did you know democrats begin in june this year? 14 candidates already declared, more to come. imagine the circus when they're all on the stage? do you think anything will get done in congress while they're jockeying for position. notice i haven't mentioned socialism which is also splitting the party. a dysfunctional party in a dysfunctional congress and america has to pay the price. it is a mess. and it is the democrats fault. the second hour of "varney & company" will continue after this. oh, sorry. it will continue now. thought we would roll with the nice animation. no, here is the guy who usually bring as smile. note sure about today, charles hurt, "washington times" opinion editor and fox news contributor. i'm coming down hard on the democrats. i'm frankly disgusted. am i going too far? >> no, if anything you're not coming down hard enough.
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this is not a partisan issue. this is constitutional issue, this matter of illegal immigration coming across the border but it is also a human hewlett-packard crisis, not just for people living down there, not just for the country but humanitarian crisis for the people who are drawn to the border because they know they can walk right across. think about this, for a minute, human smugglers in mexico are going to make $2.5 billion in one year off of human smuggling. if that is not a emergency, if that is not a crisis, then i don't know what is. again, it is not a partisan issue. this is constitutional matter this is something congress is supposed to do something about. we're supposed to have borders but you have democrats, it is combination of being basically a party of sanctuary cities and no borders, but you combine that with hatred of donald trump, they are refusing to do the most basic job. they're becoming the party of
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live birth abortion, sanctuary cities, socialism and now human smuggling. stuart: i got to get this in because it was disgusting. any girl 10 years or older who gets to the border, comes into america, all of them have to are a pregnancy test because they're likely to have been abused on the way up to the border. the democrats will do nothing about this at all. >> children are being sent to the border because word has gotten out that people can get across the border with they have children with them. which creates a problem. are the people, are the children, that people are arriving with, do they belong to people that are actually coming or have they been brought by smugglers? it's a real question. which creates all of these problems in terms of the how to handle -- you have to separate the children from potential abusers and smugglers in order to look out for the children. it's a catastrophic problem and
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the only thing that fixes it is to stop the flow at the border. and when you have stories like, what you just mentioned and the fact that you have parents giving young girls birth control pills before their journey because know what is going to happen, this is, this is so horrifying. you have democrats in congress sitting there watching this and refusing to do anything, history will look back at this moment and pass pretty severe moral judgement on us for failure to fix the problem. stuart: can you deal with this real fast? joe biden looks like he might jump into the 2020 race. hooks like he might. do you think he will bring some sanity to the democrat party? >> at this point i don't see how he gets the nomination. obviously in the past democrats turned, have flirted with crazy, nutjobs then at the end will wind up going with somebody like joe biden but they have altered their system so they don't have
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the superdelegates, don't have as much power this time. i don't think that moderating influence will have an effect. i think they will wind up with some crazy nut socialist who believes in open borders and doesn't apparently care about human smuggling at border. stuart: we'll leave it there before i get carried away. charles hurt, great to have you with us, sir. >> thank you. stuart: fast-food chains, mcdonald's, wendy's, they added salads and other healthy items to their menus in recent years, but, there is a new study, it shows fast-food is worse for you than it has ever been. more calories, more salt, bigger portions. guess who will comment on that? jon taffer, later this hour, "bar rescue" guy. trump administration making a new push for school choice. the feds want to offer billions of dollars in tax credits to make that happen. remember though please, every democrat candidate for the presidency is opposed to school
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choice. we'll tell you all about it. next, we'll talk to one of the newest lawmakers on capitol hill. he hasn't even been in office for three months but already calling for term limits. he is going to make his case in a moment. ♪
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stuart: check the big board.
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low of the day. we're down 261 points. now we also have news on trade here. a big sticking point between, in talks between america and the europeans on the issue of trade. edward lawrence has an update. what have we got, edward? reporter: stuart, very telling moment with the trade negotiations with the european union. u.s. trade representative robert lighthizer met with the eu trade commissioner. the u.s. wants one agreement to cover with all the trade sectors. she doesn't want to stop and talk but watch what happened when i wanted to talk about one specific trade sector. >> is agriculture on the table? >> no. reporter: she simply turned and said no. agriculture includes wine imports to the european union. the u.s. trade representative says this is the sticking point in the negotiations with the eu. the eu, as far as the eu, europeans are concerned, the president should honor his agreement that he made last summer and not impose up to 25%
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tariffs on autos and auto parts coming into the united states as long as talks are just continuing. senior administration officials very frustrated with the european union over this very thing. this morning i talked with one trade source who points to this exchange as one of the reasons the european union is dragging their feet, not really trying to negotiate. just avoid the auto tariffs. stuart? stuart: edward, thank you very much indeed. i believe it is trouble with the europeans and their economy which put the market down 250 points. mr. lawrence, thank you, sir, appreciate it. the house democrats, they're split on the wording of a resolution condemning anti-semitism. can't get the wording right. the resolution is stalled with house speaker nancy pelosi reportedly walking out after meeting in frustration. congressman denver rigell man with us, a republican from the state of virginia. congressman, what do you make of this? i mean i'm frankly appalled. i mean i just fit to be tied on this.
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if you can't organize just the wording of a resolution condemning anti-stem is tim i don't think you should be in congress. what do you say? >> you say the same thing. i think the wording would be very simple. anti-semitism is bad. she said anti-semitic things. remove her from the committees. pattern of behavior. i was intelligence officer in the air force, stuart. i look at pattern of behavior. not just a one-tweet. it was pattern of behavior. started in 2012. i will read this to you, israel hint advertised world. that is pretty anti-semitic. i think at some point cabal of anti-israel socialists have to stop running the democratic party that is what seems like is going on. stuart: fox news is reporting that a resolution could be introduced in the next hour or two. that is news that is just coming at us. what would you like that resolution to say? what would you say? put this in? >> condemn omar's remarks, remove her from the committees
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and that any form of anti-semitism is wrong, it will be condemned. i don't think it's a very hard resolution to write. you have seen us do that in our own conference when people say stupid things, do stupid things. i don't think this is hard resolution to write. stuart: congressman, you have been in congress less than three months, if i'm not mistaken, ryou're already calling for term limits. you're laughing. three terms for a congress member, two seems in the senate. what are you up to? >> thank you, sir that is a great question. entirety, entirety of my career is three months. for four years i was ceo of a dod company. i started a manufacturing company, a distiller of whiskey. when i was fighting by myself not being in politics i had somebody tell me this, mr. varney i think you will appreciate this. listen we don't give to the executives, but we give the legislatures because the legislature is forever. he also said, denver, if you're not at the dinner table you're
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on menu. before i was ever in politics, sir, i'm a military guy, military intelligence business owner. i don't have the political lineage. we have to start a dialogue, term limits get passed? i'm pretty blunt, probably not. we have to start a dialogue with people who haven't been in politics getting involved and business, military life background getting involved. that is what i hope happen. stuart: good. we need more business people in congress, more executives that know what they're doing. denver rigellman, republican. thank you very much. >> pleasure. watching a long time. stuart: i would have given you a ten minutes. >> i'm ready to go. you tell me what to do, i'm ready to go. stuart: we have a hard break. foggy can do. thank you for being with us. >> thank you, sir. stuart: now the senate drilling top executives at equifax and marriott this morning. they want answers about the two huge data breaches biggest in history. hundred of millions of people were affected by those hacks. we have the story for you.
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stuart: down about 300 points on the dow industrials. europe downgraded the economic outlook from a 1.7% growth rate to 1.1. that is drastic realignment. we're told that is the main reason for our market selloff right now. we're looking for other reasons too. look at amazon closing all of the 87 pop-up stores. they were mini stores putting into whole foods, kohl's and
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some more. it is not affecting a overall down market. now we have this. ceos of two companies which suffered major data breaches right now are testifying on capitol hill. susan li has been watching. it is marriott and equifax. i'm sure they have apologized. >> yes they have. stuart: have they told us how they will stop it in the future. >> they said they trended their systems. reminder to our viewers your data is not safe, marriott, one largest data breaches in history. 500 million people had their data exposed including 5 million passport numbers part of that data breach. now you know, we had ernie sore return son is apologizing for that. this is the second largest data hack in corporate history behind only 3 billion at yahoo! a few years ago. also equifax. they called it the a lot of the deck cradle m equifax's case,
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number was small, 140 million americans or so, data they stole, credit rating agencies. stole social security numbers. when you have access to social security numbers, what type of info you can access, right? they stole drivers licenses numbers, info from credit card disputes. i think at the end of the day, you have to understand they still don't know who is behind the hack. there are theories it was a nation-state you know there is, there are porous borders when it comes to your information online. when they can't get to the bottom of it, i think that is more scary to be honest. stuart: to me the bottom line is exactly what you said. nobody is safe. your data is not safe, period, absolutely. ashley: there is no privacy. liz: susan makes a great point. why are they doing it? some say medicare fraud or medicaid fraud. they build fake profiles to steal money. there is $250 billion in medicare fraud. ashley: we can't stop it. that is the problem. >> the dark web, you know this
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nefarious, shall we say, what do you want to call it, alternate universe. ashley: black market. >> they haven't been able to find it. some people they want to actually recruit people with the equifax hit. stuart: frustrating would i say. great report, susan, thank you very much indeed. now a dire warning about cyberattacks. a top researcher says these attacks are not just bad for your finance and privacy. they could actually kill people one day. we have much more on that in our next hour. let's get back to the crisis at our southern border, the feds say a million illegals will arrive this year, overwhelming the system entirely but democrats will do nothing about it. brian kilmeade joins me on that. oh, what a mess. we'll be back. ♪
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♪ stuart: we held each other, yes, we did. those are the days. i love to be taken back like that. however, i'm afraid, folks we have to get to grim reality. the grim reality on the stock market we have got quite a selloff here. we're down 269, 270 points, a little bit more than 1%. we're struggling to find a reason for this. what have we come up with? what is this about the s&p? liz both s&p dropped below the 200 day moving average -- stuart: when you move below the 200-day moving average, that is trigger for algorithmic trades
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to ten in and sell. that is what is happening or part of what is happening? >> five stocks are half the dow do, boeing, 3m, caterpillar. ashley: ecb started it. stuart: european central bank said europe will not grow at 1.7% this year. no, it will grow at 1.1%. ashley: correct. stuart: that is a dramatic reversal. that started the selloff. then when the s&p and nasdaq dropped below the 200-day moving average. algos kicked in. ashley: picked up momentum to the downside. stuart: i think that is where we are. down 261 at the moment. that almost is exactly 1%. i want to talk about fast-food. let's get away from the market for a second. there is a new study. portions at restaurants are getting bigger. fast-food stuff has more salt and more calories. who better to address this than jon taffer, "bar rescue" host
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guy. there he is. i thought that they were trying to make fast-food more healthy. what gives? >> you know, stuart, people seeking a healthy meal typically don't go to a fast-food restaurant. stuart: right. >> they do have salads and such but typically very small percentage of sales. listen to this. today 40% of the population between age 20 and 74 is considered obese. in the 1960s, that number was 13%. stuart: whoa. >> this is a big deal. this is really impacting people. and increase in sodium and salt is a great way to make it taste good but think of impact it is having on the blood pressure and overall health. stuart: the way, sunlight is the best disinfectant. the salt content and calorie content and fat content, that is all known before you go into a fast-food joint. so essentially we're being warned that we're not taking the
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warning, is that accurate? >> that is pretty accurate, stuart. it is convenience dining. stuart: yeah. >> sometimes when we break rules about anything, you know, one of the biggest rule breakers of all is convenience, right? there we go. stuart: do you do fast-food because i do? >> sure. stuart: i go into mcdonald's, i know exactly what i want, i know the menu, walk out in 30 seconds flat. are you the same? >> it is completely predictable. you can get the exact same thing. stuart: it means a lot to me. >> me too. stuart, anheuser-busch launched 12 new beers with either no or low alcohol. what is going on, jon? >> you know the beer sector as a whole is down. we talked about that before. a lot of millenials and younger people are moving towards wine. so what the beer companies are doing, they're responding to the marketplace with low-calorie and no calorie beers. right now low-calorie and
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no-calorie beers are about 8% of their overall brand portfolio. within the next five years they expect that number to go up to 20% of all their products will be low and no alcohol. stuart: do you think marijuana, recreational marijuana is making a difference in the beer market? >> i do, stuart. i think marijuana, cannabis is a couch drug. you know, it is sendly i think has impact on the bar business but sure, i think it erodes all of those spirits, beer and wine sectors to some degree. stuart: can you ever see the day coming, should be fairly soon i would have thought, you have modern-day speakeasies, instead of prohibited alcohol, you sit around and smoke weed. can you see that coming? >> i can see that coming. the issue whether they allow a alcohol license and cannabis license to reside in the same place. i think it will happen. my guess, right where i'm sitting in las vegas is the first place that will make it happen is my guess. stuart: right on the strip.
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i can see it coming in a mile. jon, you're always good news. thank you for being with us today. we always appreciate it. "bar rescue" guy. he is good. the box office, it is struggling this year, yes it is, but disney's "captain marvel" may bring relief? >> yeah. maybe 100 million, 185 million in the box office weekend this comparable to "black panther" last year. there is big chill on the box office. movie -- box office sales are down 26%. "black panther" came out last year. stuart: revenue down 26% or number of tickets sold? >> revenue is down 26. so sales are off. ashley: big hit. stuart: paying more for a ticket. ashley: right. liz: there is not a lot of competitors to "captain marvel" right now. that is the big release happening right now. stuart: i still like going to the movies. ashley: there are some movies need to be seen on a big screen,
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right? >> yes. nowadays, theater you have cup holder, reclining. ashley: la-z-boy. liz: take a nap. neil: they will bring food to the seat if you want it. >> recreating your living room. stuart: all you have to do is pay for it. let's move on. the crisis on the border. the dow was down 300. now it is down 235. i really want to talk about the crisis at the border because it is a crisis. president trump says border patrol is on track to apprehend, what, million people trying to get her illegally this year. come in brian kilmeade, the host of the brian kilmeade radio show. i'm appalled, brian, absolutely appalled. we have another caravan just arrived. it eights train. 400 migrants on it. we have got young girls being tested for pregnancy when they get to the border because they may have been abused on way up there. democrats are doing absolutely nothing. i'm appalled, brian. >> couple things. when "new york times" writes
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it's a humanitarian crisis we're halfway there. the president could do a better job leading with that talk about the security aspectses of it. look at numbers, you are a numbers guy, you're into stats. 733-pounds of heroin, up 20%. four million unreported currency and 159 firearms. you also have a situation where you have 4,000-pounds marijuana, 7,000-pounds of cocaine, 7500-pounds of meth. all this stuff coming across the port of entry and other places we don't know. then you have democrats who just want to get personal with kirstjen nielsen secretary, i always thought we were in me-too movement, time to treat women with respect? if you don't appreciate her, don't like what she saying, she came to you with numbers, fact the stats, at least debate the issue, don't attack her personally. i don't know why they're getting away with that. it will be interesting with the vote in the senate, stuart. stuart: yeah, why would any republican vote against the
quote
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president's declaration of a national emergency on the border? why would republicans desert the president and the border when you really need them? i can't make sense of that? >> i think you have to separate the two. precedent, can a president get rejected on piece of legislation in congress and do it anyway. they're worried about that. rand paul says the president will go through with it. what is interesting is marco rubio joined us on "fox & friends" earlier, that other network you like and star on as well, he came on and said listen if we could do this without an emergency, he will have everybody because there is enough money to get up to five billion, new fiscal year another 4 billion. he will not have spent it all by the time he gets more money. the only controversy 3.6 going to defense previously allocated. i'm wondering if he grabs this from other places which is drug interdiction, it will get i am up to five billion without any legislation. maybe they could stop it here. i sense the president will go
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through with it anyway. makes people wonder about the next democratic president, with constitutional conservatives like rubio. i was against the emergency action, when congress making this personal and political, i see these numbers, i knew the president would do something severe and he is doing it. stuart: we have time for this, brian, we're told to expect wording of a resolution condemning anti-semitism within the next hour or two. i just have to say i'm appalled it takes this long to get the democrats in the house to have something to say on anti-semitism. your last word? >> it is like being against bank robbery. of course we're anti-semitic of course we want to condemn it, you want to go out of your way to condemn it. the fact they can't get everyone on same page, they want to broaden it out other things, other issues, other nationalities to me problematic if you're a democrat. they wanted the house.
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they have the house. they can't control the house. stuart: exactly right, brian. what a shame we're out of time. i think we're on a roll. it is all good stuff. brian kilmeade. thanks very much, brian. >> stuart varney joining us on television. stuart: he is back on the radio. that is what happened right there. the retail ice age strikes again. charlotte russe, the women's clothing store closing all 500 of its stores after its bankruptcy declaration. they expect the stores to be out of business by end of april. that means 10,000 people will lose their jobs. the feds is warning that some asbestos found in makeup in claire's, maul retailer. three things tested positive for asbestos. president wants to increase school choice. lieutenant governor of arkansas is all for school choice. he says the current system is failing our children.
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♪ ashley: china watcher gordon chang says criminal cases and lawsuits involving huawei should be kept separate from u.s. china trade talks and here's why. roll tape. >> i think huawei is criminal enterprise when you start to look at some of this stuff. they have been taking technology. there is all sorts of allegations this has continued to the present day. the fbi is investigating huawei. we should let that play out. we also know that huawei was involved in busting iran sanctions from all the information that is available. you know this extradition proceeding of meng wanzhou, chief investment officer, we want her out of canada, we should not be bargaining that away because this is our future. ♪
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stuart: down almost 300 points. there is problems with europe's growth rate, far more important is this, a technical thing. 200-day moving average is certain level for the s&p and nasdaq. when it goes below that level, when it drops below it, a lot of algorithms kick in and sell. we believe that is what has happened this morning. we dropped below the 200-day moving average on two important indicators, sell programs kicked in, we're down 271. how about kroger? they're way down today.
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look at that. they're down 12%. profit fell short. down it goes. h&r block, interesting, they lost less money than expected. that is good enough for a 5% gain. education secretary betsy devos introduced a five billion dollar federal tax credit for school choice. ah, that is music to our next guest's ears. arkansas lieutenant governor tim griffin is with us. i think you're pushing for school choice in arkansas. why the big push? >> well first of all the trump plan, president trump's plan is both common sense and genius because it helps grow school choice but it doesn't impact federal funding which is for education, which is a big criticism of a lot of the opponents of school choice. stuart: can i jump in for a second, sorry to interrupt you, you're talking now about charter schools, that kind of thing? >> well, broader than charter
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schools. charter schools are public schools that are organized differently. i'm for charter schools. i'm for homeschooling. i'm for private schools. whatever is best for a student, not what's best for the bureaucracy. what is best for the student. here is the deal, stuart. what if i told you could only shop in a store in your government-drawn district and you couldn't go on the other side after town? what if i told you could only go in to a college in government-drawn district or on come gift, a district in oncologist, or doctor in your district? americans say that is crazy. why does the government choose that? that is exactly what we do across this country every single day with school districts. we tell people you must go here. stuart: but that is a direct fight with the teachers union because they don't want anything to do with school choice? >> well that is a fight we have got to have. listen, my point is to people,
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the teacher unions are on losing side of history. teachers, parents, students, all ultimately, we all benefit from kids getting the education that fits them today. here's the problem. the teachers unions want us to sacrifice our kids today at mediocre schools in the hopes that decades later they will somehow get it together. no way! my responsibility to my kid is the best education i can get them today, either in a public school, private school, and by the way, i have one child in public school and one child in private school because i, i want for them what is best for them. stuart: okay. >> here is the other thing. wealthy people already have school choice. let's give school choice to everybody. stuart: last time you were on the show, tim, you were pushing for lower taxes in your state. give us an update please.
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did you get lower tax rates? >> well we got, we were able to lower our top income tax rate, yes and, as the chairman of the republican lieutenant governors association i'm going to continue to talk about our obligation not only to lower tax rates, overall tax burden in particular, but we must at the same time make for leaner, smarter, government. you need to do both, because we should give money back to taxpayers but that money should come from giving them a government where there is more value for the money they give us in the first place. you got to do both. all of our governments are bloated, stuart. stuart: yes. amen to that, tim griffin, amen to that. sir, a pleasure having you on the show. hope you come back soon. >> thank you so much. stuart: yes, sir. microsoft might be working on an all-digital xbox.
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that means no more discs. you just download the game you want to play. it is expected to cost less than 200 bucks, this new xbox. that is pretty good deal for a game console, so i am told never having bought one. nintendo has an unusual strategy to attract more gamers. it wants you to spend less money on its mobile games. we'll tell you what that is all about after this break. ♪ termites, feasting on homes 24/7.
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stuart: we pared the loss a little bit. we're down 235 points. there is technical reasons for this and the europeans are slowing down. that sums it up. we're down about 1%. "the wall street journal" is reporting that nintendo wants its players to spend less on it gameses. now why? ashley: they see smartphone games more as an advertisement for their core console business. they don't look at it as a money-making enterprise. it upset the partners who give them, use the platform for smartphones games are upset.
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nintendo you need need to adjust the games so the players don't spend too much. you don't have to appear greedy. stuart: image polishing. works for me. how about samsung is's folding phone? remember that, not even out yet, they're trying to work out some kinks. what happens to it, liz? liz: permanently creases after then thousand looks in folding. ashley: oops. liz: people look at their phones on average 18,000 times a year. at 10,000 there will be a permanent crease in it? samsung says we have to fix it. it is exciting phone, $2,000, foldable phone. we'll work on a new screen to replace it. stuart: we don't want a crease in the screen. ashley: $2000. stuart: $2,000 crease. thriving trump economy indeed is putting people back to work. by the way creating new opportunities for people who previously been shut out of the jobs market.
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that is changing fast. the new look job market coming up next. ♪ on ..
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stuart: this editorial is about jobs brittle star with a quote from "the wall street journal." people who i previously had trouble landing a job are now finding work. people with disabilities, people with criminal records. people without a high school diploma. they are getting jobs in this full employment economy. that's the other side of the job story, the non-statistical side. it's the human side. these are real people. they are the face of prosperity. another side to this story. college, do you need a degree? for generations the mantra has been you need a degree to get a good job. i think that's breaking down. they were too many debt strapped youngsters. guess they've got a degree that it came at a very high cost. the new job market offers plenty of positions that pay well but do not require a degree. the journal story includes a young woman in mississippi making $20 an hour as a welder
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in a shipyard. she is to make $8 at a day care center. in short, the job market has changed dramatically during the still young term presidency. a new crop of people coming to work these days. that's what happens when you grow the economy, cut red tape and bring back manufacturing. prosperity works for everyone. the third hour of "varney & company" is about to begin. we've got to pay close attention to the stock market today because we are down sharply. let me summarize this. there's bad news on economic growth in europe. doesn't the market lower earlier this morning. and then there is this technical movement. let me see if i've got this right. there is a 200 day moving average that puts the s&p and the nasdaq a 200 day moving
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average. when it dropped below the average the algorithms kicked in and fell. is that what happened today? >> feels that way, yes. explanation for the market selloff. more always called upon. >> you're dealing with the psyche of investor market. they literally go on headlines in the algorithms. >> something you and i were watching the early market action. we site go down after the european said we're not going to go very much. and then i took another leg down after result of 200 points. then when they kicked and we are down 300. >> it's a self-fulfilling prophecy busy. liz: trader talk. stuart: we are not traitors. trade for reporters.
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certainly not. down 240 points. that is almost 1% down. pretty much across the board. yesterday was the first meeting that the american work-based policy advisory board. it was at the white house. i want to bring in professor marian wanamaker in the room at the white house yesterday. i want to get your reaction to what i was saying a moment ago. you don't need a college agree in this job market. what is a professor say about that? >> i think that's definitely true. we lost that message in the last few years. i heard a bunch of fortune 100 ceos in that meeting recount how many people they hired bustier and what percentage should not have a college degree and is pretty astounding. stuart: why are they reaching down into the talent pool and not necessarily going with college agree people? >> is just the type of jobs they have. apple, home depot appeared all those companies have good paying jobs that don't require college
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degree. as you mentioned earlier and a really hot job market with unemployment as low as it currently is, they're going to have to pull people into new jobs from the sideline and disproportionally people who aren't in the labor market currently, but could be don't have a college degree. stuart: janel come your kind of hurting your own job. you are a college professor. you take students and get them a degree. you're kind of going against your own book, aren't you? >> sort of good public policy sometimes is helpful to be from rural areas and i'm from the rural part of tennessee and i can tell you that those places like that are made up to people with college degrees and without college degrees in a really heterogeneous set of jobs and not location and i will always be true. stuart: i've been in america for close to 45 years. throughout that time there was indeed a mantra. you've got a college. if you want a decent job you've got to go to college. i do think that is breaking down
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and am very glad to see it. would you say? >> i agree. unfortunately heard on the hill yesterday. i heard testimony suggesting again every american should go to college. we should believe in our people. i think wish believe in people and give them the opportunity, but i also think there will always be people in america who prefer to work with their hands, prefer to work outdoors, do things that don't require a college degree. stuart: what was your big take away? you are in a very big meeting in the white house. what was your take away from that? >> might take away is addressing these issues will require both the government to do things come the federal government to do things in private employers to do things. it's going to be a partnership geared stuart: what does the federal government need to do? >> a couple things. one is being heavily subsidize students to go to college. we have massive student loan programs government grant programs that send signals that the government supports you to
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go to college if you do something in the vocational-technical area we don't support you. i think we're going to see that change. the other thing is data. they can tell you what does it mean to go to college? what is the return to some of these better options? stuart: what is the return to art history degree. i would love to know. if you're going to go and get an art history degree, you better know what you're going to do with it when you come out of their because you got a load around her neck. professor, we appreciate you being with us. back to stocks. look at apple. they are bringing 1200 new jobs to san diego over the next three years. someone speculating they are adding jobs to manufacture their own modems to use in their products with the intel chip they use now. apple is down. 1721 apple. amazon announced that they're shattering all 87 of those pop-up stores.
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the very small stories that pop up in locations like whole foods, malls, places like that. it's the kind of place you can go to check on amazon products like the echo for example. amazon says it's going to focus out bricks and mortar bookstores. and these four-star locations. those are stores which sell products with a four-star review or higher on amazon's website. here is a scary number. 44% of millennial say they would prefer to live under socialist system. this is the burning effect. we're going to tell you all about it. homeland security testified on the hill. a million people would try to enter our country illegally this year. so why are four republican senators trying to reverse the president national emergency declaration? we will ask senator bill cassidy
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that question next. / ♪
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stuart: now were holding with the loss of about 1%. that translates to roughly 250 points down. a couple reasons for this a lot today. i picked on repetitive forgive me please.
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these are the two reasons that god. number one, europe has drastically cut its growth rate forecast. that isn't going to go down well here. number two companies to keep levels, the s&p 500 and the nasdaq composite. when they move below their 200 day moving average, what happens? the algorithms, computer trade cake and then sell. so we got an initial leg down and we got the news from europe and then when we drop it a certain levels the algorithms kicked in and we drop down somewhere. one stage today we were down more than 300 points. we've come back a little bit. we are down to 45 and that is not much of a comeback at this point. we'll keep you up-to-date on this one. general motors closed down their assembly plant in ohio today thursday. the lash of the crews rolled off the assembly line yesterday. the closure was expected as part of gm's controversial restructuring. two more plants, maryland,
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michigan are set to shut by the end of the year. gm's stock 30 bucks a share. four republican senators have said they will go against the president and vote to reverse his national emergency declaration. it's not homeland security secretary kirstjen nielsen said about the border yesterday. >> a rational person which is not an immigration system like we have today. it's dangerous for americans. it's dangerous for migrants. though we may disagree and solutions i hope there will be a consensus that the current system isn't working. it's not a manufactured crisis. this is truly an emergency. >> we are going to have senator bill cassidy for us. only fair. mr. senator, i do apologize. i didn't know you were there n. mike stat. my apologies, sir. perhaps you can tell me why i think it's four republican senators are going to vote against a national emergency
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when we clearly have a chronic crisis on the border. >> yeah, think everybody is about building on the wall. you mention it's a chronic crisis. there's other ways to respond to if i'm going to channel them into this conversation without the clear international emergency kind of brings up for some people the constitutional issue. if congress says this is your money but the executive goes around and do something different, what precedent does not establish? what will president bernie sanders do with the same powers and is there an alternative way to find it without going there? i think for example the fact that they're using nasa forfeiture fund is my idea is an example of other ways it can be done. so those are some of the questions floating back and forth. stuart: i know you're smiling, mr. senator, but when i say it's a chronic crisis, i remember what was said yesterday. young girls tenures enough when they arrive at the border, they have to be given a pregnancy
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test because of the likely sexual abuse on the way. sir, that is a crisis. you've got to do something about it. >> absolutely. "the new york times" is now writing about this your point which has been a critic of the president. no one denies that we have a crisis. all others think we need to build a wall. and it does seem to be money with which you can build a wall. senator bomar alexander pointed out that there's already a pile of money under the president's control which could be used for such. now i don't know how bomar is voting. but that is just part of the debate. the money is already there. do we need to establish a precedent that a president bernie sanders could use to do something that conservatives would find up orange? >> okay, i better move on because you know how i feel about that. i will move on. i've got a treat from your colleague, senator charles
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schumer. i've been looking all over for it, but i still can't find the republican plan to tackle climate change. when will they, that's republicans, tell us what they are for. if i'm not mistaken, senator, you've got a climate change plan, right russian mark >> where the climate change plan which works and doesn't put americans out of jobs, the rather increases employment opportunity. actually a roundtable with reporters they published a and it acknowledges that the united states has lowered our greenhouse gas emissions since 1994 dramatically and other countries are flatlined are rising in the case of china and india, we are going down. how? i increasing renewables. natural gas which has replaced less clean burning fuels. the wind and solar that we've installed. all of that is actually lowered
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our greenhouse gas emissions and create american jobs. we built upon not and that has been shown to work opposed to the great new dio which even the people military same kind of silly. stuart: am i right in saying senator here from louisiana. i think you're building port facilities which would allow the export of liquefied natural gas. i think that's your sentiment, isn't it? >> absolutely. china's susan of liquefied natural gas to fuel their power plants instead of their core. it would dramatically decrease global greenhouse gas emissions. by the way it also creates american jobs in north louisiana or anywhere in the nation where they produced a natural gas. the pipeline that will be built to transport it and then those that built the export facility in my state and other states. all american jobs mining, manufacturing and helps her balance the trade. it's actually something that works as opposed to the great new deal.
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stuart: mr. senator, thank you for being with us. we do appreciate it. some headlines for you. chinese tech giant wall way has filed a lawsuit against the u.s. government. they say when congress banned government agencies from using huwei devices that violated the constitution. brexit second vote on prime minister mays deal will take place on tuesday. this is a crucial vote or to parliament votes to deal down which is likely, the next build would be to leave the european union without a deal at all. and if that gets voted down we look at the delay. stuart: i guess so. elon musk might be coming to las vegas. the conventional authority in vegas is at the forefront of autonomous vehicle testing. so vegas would be an ideal spot for a boeing co. tunnel. we'll see how that shakes out. please remember this. it is much easier to build things in las vegas.
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in california it's virtually impossible. mitsubishi working on a way for you to power your house with their electric vehicle. we'll give you details on that one coming out. check out the photos. but good god. but up the sky. meteorologists recorded more than 2000 lightning strikes in a five-hour span and the local file department caught on camera. look at that. that is an electric storm and a half. we'll be back.
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has been a really smart decision for our business. - [narrator] custom ink has hundreds of products and free shipping. upload your logo or start your design today at customink.com. stuart: holding with the lots about 1%. right now the dow is up 270 points. technical factors in play europe downsizes its growth expectations. at the geneva motor show this week and then we have mitsubishi. they've announced a product that lets you use your electric car to power your home and vice versa. it is called the dando dr. house. they use their bidirectional charger with solar panels on your house.
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you can charge your car when the sun's out in the car can power your ac at night. you got that? more from geneva. it never ends. kia have june 21 smartphone sized screens together to make an lcd dashboard display. it's on their new imagined concept car. looks like a wave. i guess it does actually. the car will not hit the road anytime soon and that ladies and gentlemen you'll be pleased to know is the last we'll get. stuart: i don't believe you. stuart: if you're up legal drinking age you got enough of that song frozen, disneyland will be opening its first-ever bar and it's a "star wars" themed bar. both alcohol and nonalcohol "star wars" films like the job but not. ashley: whatever you say. stuart: that is a passion fruit
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rum punch. you're first in line. it will be in the park's new "star wars" attraction galaxy are set to open in the summer. check this out. 210000000-year-old dinosaur footprints, trace fossils found in valley forge state park pennsylvania. the largest print around nine inches long. the parks keeping locations under wraps. they be protection from damage. speaking of keeping people out. residents who live on paris' famous group a rather nice street on your screen. they want to keep instant grammars and tourists out. they want the city to put it gave so the pesky and loud social media type -- they're trying to keep them out. they're giving the city until the summer to find a solution.
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ashley: no riffraff here. stuart: a push for privacy of facebook good zuckerberg shifting focus to encryption and private communication. is it too late? people are losing their faith in big tech and we're on it. we'll be back.
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stuart: we've got a lot of little bit. and now work out we were down 300 now we are down 200 or va. 28 of the dow 30 are in the red with pretty much across the board. a lot of selling today. facebook mark zuckerberg have announced the company's wishing to become more privacy focus. encrypting messages that send to one another very private. blake harris, the author of the anti-facebook book. you know what facebook is doing here, this privacy push? >> i mean, the image i got when i read marx manifesto was going
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door-to-door sanely further symptom robberies in your neighborhood. for now going to be security focus that you created this problem and now you're going to solve it. stuart: it is not legit? encryption, is not a step forward? >> yeah, but girardi taken at 20 steps back and i are taking it a step forward. stuart: hold on a second. i want to bring in john mayer. he's a partner transpire ventures, and founder of homebound. what is your thought on zuckerberg's privacy move? >> my thought on the move by zuckerberg as it doesn't solve any of the core problems with data protection, ownership of data as average citizens and control data that consumers such as myself used then everyone watching this is demanding. the reality is we still do not have control for the data face facebook as or the option to pay facebook $10 a month so that
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they don't come you know, so my data or let other companies use it to target me and thus that increases the chance that the misuse of my data. stuart: both of our guests have kind of just zuckerberg and the stock has dropped a low 170 down $2.78 at 169. we've got a new harris poll, reveals that people are losing faith in big tech companies. i think they just don't like them. am i right, blake? >> yeah, he said i'm an anti-facebook guy. i think of myself as pro-american, pro-democracy. what facebook has done in the story that i cover in my book is just really unnerving and not what i was taught as a kid we should be doing here. stuart: that the subject of your book. >> farmer like he was the founder of oculus. he founded it when he was 19 years old. he was essentially fired for
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being a trump supporter. when it came out palmer was a trump supporter had donated $10,000.3 per trump organization, and it was deemed so objectionable for him to publicly state he was a trump supported that mark zuckerberg wrote his public statement and had palmer say he was voting for gary johnson. i'm a pro-american pro-democracy guy. that's really unacceptable. stuart: come in, john mayer. what you say about this? the stock doesn't seem to get hurt. >> sure. the reality is the reason the stock is not getting hurt is that the shareholders and facebook are the ones who are in many ways causing facebook to really not be making any serious moves that actually affect the consumer in significant ways. again, the core problems with average consumers with facebook
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is we don't have control over what facebook does with our data. in reality if you take it a step above that the tech companies in the u.s. right now that are making the majority of revenue on services and products that don't involve selling your data, they are the ones -- these are the companies now facing the privacy criticism. so you look at facebook. they're the only company where 99% of revenue is coming from advertising, which comes from access to data. ultimately what i think again could really improve a lot of these situations is not supposed by zuckerberg put out last night and make in our messages more cryptic, it's traversing diversified sources of this but doesn't feel pressure by their shareholders to take every little bit of data and implement data and ultimately that is what
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has been. that's why we have cambridge and political controversy. that's why a few weeks ago i was on here talking about how facebook duped a bunch of teenagers to installing coda mer found. these are the things that happen because of misaligned incentives. stuart: we don't particularly care for facebook today in the segment and all move on. paris, blake rather, you wrote the book on videogame console. that's the name of one of your books. now microsoft saying they will switch to a digital console. no more voting in the little desk. when you think of that? >> i think it's a good move. then again, you come to my house now. i don't have any cds. it's all itunes or online. a great move by microsoft. we don't need physical disks anymore. it's about time. i'm glad to see microsoft doing this. stuart: a step forward john,
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what say you? >> son has been in this for years now. most of the people i know who are avid gamers already prefer to download thinking digitally and not by desk and so this is definitely the way to go for entry-level consumers and hopefully adding microsoft's amore sales now that you don't have to -- they don't have to put in a whole disk drive and the device itself. they lower the price of the hardware. stuart: that's true. i was a good discussion. john from your regular. i'm sure he'll be back. blake, you may well become a regular on this program. we kind of like your performance. gentleman, thank you very much indeed. looks like people are popping the corn faster than ever before. cable providers lost almost 3 million subscribers last year. that is way up from the 1.9 million cord cutters the year before.
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this is great news for streaming companies like netflix and who loot. both stocks are down of course today. overall downside move for the market. also, bare-bones cable bundles like sling tv on the directv now, both boasted six-figure subscriber gains in 2018. cord cutting is a winner. a warning about cyberattacks. the top researcher says these attacks are just bad for your finance and privacy. they can even kill people. how about that? we've got the story coming out. a new "forbes" poll with how millennial scale about socialism. 44% would prefer to live under a socialist system. i don't believe it, but i'll deal with it. will be back. ♪
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>> coming back a bit, not much. we were down 300 now we are down 197. double take it. breaking news about disney's galaxy edge at the "star wars" park. they're going to up in may 30 in california at disneyland. august 29th in orlando at disney world.
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stuart: i don't want to go to the bar -- liz: they're going to have a bar there. stuart: we just reported that. a "star wars" themed bar in the exhibit park area india know it is a drink. ashley: from the movie? stuart: is that a drink? liz: is like a months rent. stuart: you'll drown your sorrows into how much it costs. will be back.
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stuart: ceos from two companies which suffered major data breaches are tested on capitol hill today. the ceo of equifax and marriott are both apologize. neither has said exactly how they're going to stop the attacks in the future. let's get back to the theme of the hour. the country needs cybersecurity job listings filled. why? our next guest argues that cyberattack could prove deadly in the near future. but assaulting his best as an assault and interactive group. oz, great to have you back with us again. i think the pats is dangerous for your privacy and your bank account may be. you are saying that a hack could be used to kill people. >> that's correct. we have these crypto brands in the tax year that means there's now way or that you click on sending in all the senate takes
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takes over your computer and if you don't pay half a bitcoin, were going to break your computer. apple help for examples connecting to notch his heart monitoring devices, but other devices inside your personal area network like everything around you and secondarily all of these old health care systems that are a challenge. two systems in texas knocked out completely and so now you have versatile information in two previous presidents have gotten into the dark web. the second challenge you have is they can break mri machines. stuart: break? >> it's called working. it is basically where you institute a piece of code in the box the whole thing down. so this becomes like a brick. stuart: so you could actually kill someone. you could hack into their pacemaker. >> this is the next 24 to 36
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months. and rsa security conference where they started discussing this. think about this. if there is an internet connect did pacemaker regarding to this adage with technology today where people are putting out completely unsecured or partly secured products. we had a dns attack of network routers in people's homes and almost took the bat owned down a year ago and now the challenge becomes there is no standards body that says if you're going to put a wirelessly connected pacemaker, wirelessly connected insulin pump, and if i have some sort of stand that is internet addressable inside of my arm, if you think about the hack ability of these, it is very high. the second challenge comes to if it's very high in no one's doing about this, you could have crypto ransomed and extensively we could run into a situation in the next two to three years where someone does.
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stuart: this conference -- big security conference. this was discussed. this possibility was discussed. >> a thing as we were talking about the petty attacks and the want to cry tax two years before they happen because the ransom happening overseas in eastern european countries. the national health service in britain was hit last year. no one could get health care for a week and a half. texas was hit and it was impacted and people were very quiet about these things is most attacks are happening on smaller companies and most cost somewhere around $5 million at least. stuart: i don't know what you can do about this because the number of devices which are hooked up to your personal body function so to speak in the medical devices, they are very habitable. >> we are going to need a paradigm shift. i work a block chain technology.
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it allows you to put a bit of security behind things but the amenable database company and are certainly send him in certain out. the future if some of the stuff the trump administration has led to right now talking about block chain strategy for opportunity zones. if you think about the future of health care and health med and where these things are going, there's a national block chain for health care, on the single company producing health care products, if there is an authorization protocol by which you can actually get to these devices, which got layers of security that becomes built-in. when those things start to roll out and i think they will because listen, you can live third equifax hack a 130 million people's personal information which are not necessarily a ceo going to live with the fact you had two people that had connected inside a van that was completely not secured and they died. stuart: no, you'll not get over
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that. you will. very interesting. i'm glad you brought it to our attention. i've got to tell you that's a little frightening. stuart: this is the future we have to prepare for. stuart: thank you very much. you better come back. we kind of like you. take a look at twitter. chief jack dorsey admits the company was too aggressive in banning conservatives earlier this year. the stock around $30. good english word. we are going to deal with the millennial and their love of socialism. a refugee from west european socialism and i can't believe it's gained popularity here. next, how are we going to change the socialist narrative? ♪
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stuart: the program is staunchly anti-socialists. i'm personally shocked by the movement popularity among millennial spirit 44% of people, this is a "forbes" poll.
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44% would prefer to live under a socialist system. utterly astonishing. areas may become executive of the victims of communism memorial foundation. welcome to the program. obvious question right from the get-go. why to 44% of millennial think socialism is a fine place to be? >> one thing is millennial so grown up in a world where the iron curtain authority collapsed. another reason is they have attended a high school. i'm a millennial. i'm fortunate that i had a wonderful homeschooled and private education. you do see that in high schools, howards end, a marxist historian is the most -- karl marx is the most assigned economists. they are taught a withering critique. stuart: you look at high school curricula. the history curriculum, professor zan is the most reference? >> yes. that is the book of two high
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school students in history forces sent across the board in terms of the curriculum you have a marxist interpretation of the united states. so you are taught to hit iran's society, imperfect though it may be. and many of us arrive at college and the only time we hear marxism or communism, and that they've just never been enacted correctly. we've seen 40 countries experienced communist rule. more than 100 million people killed in those societies that a matter of policy in every single experiment ended up either collapsed economy or totalitarian police state. as 100% track record of failure. stuart: i'm not prepared to throw in western european socialism. i think it is basically watered-down socialism. i'm not repaired to equate back for the communism of the ussr. it is a huge difference.
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>> absolutely. bernie sanders a few years ago referred to democratic socialism. he tried to point to denmark. he then said were not a socialist society. where free-market economy. i think you can have societies like in europe talking about a high tax welfare's date and that is one thing. you're absolutely right to socialism and communism, marxist interpretations of the individual and its relationship to the state are very much interrelated. marx and engels did make in a great distinction between the two except to say that communism is the ultimate utopian end goal of socialism is headed to. i bet to say christians go to heaven and socialists go to communism. stuart: not bad, not bad. you've got to be working on venezuela because they appear to have gone from democratic socialism straight toward soviet communism. >> which you had 20 years ago
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was hugo chavez running as a democratic socialist. the united states was the bogeyman. you know, capitalism was responsible for the ills in society at that time. however venezuela was one of the most prosperous countries in the western hemisphere. chavez was supported by their human communist and then succeeded by nicholas maduro who has furthered since he was elected they undermining of the petitions and a venezuelan society, judiciary, like did parliamentary assembly and has a knack did a coup and that is what the venezuelan people are trying to present right now. we are at a crisis point in his maduro is not related to this position because he's an illegal thug trying to exercise power right now. he's not the legitimate leader. but if he is not removed by the venezuelan people, we will see the western hemisphere's second-largest readership solidified who supported the
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cubans. stuart: we don't want back. thank you very much for joining us. i'm sure he'll be back. all right, everyone. there will be more "varney" after this.
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.. stuart: we are down 200 points on the dow industrials are to
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blog five hours into the trading session. we've got a weakness in europe and some technical factors which seem to be pushing the market down. and then there is this. massachusetts congresswoman diana presley wants to lower the voting age from 18 to 16. i think that is an absolutely dreadful idea, but elizabeth mcdonald amazingly thinks that there's some merit to it. >> i was playing devil's advocate. stuart: what have you got, ash? ashley: you say a 16-year-old in 1972, very different from a 16-year-old today because young kids today with their entire life and social media. where should they social media land? far to the left. how are they going to vote? >> ms. presley, democrat wants to vote for ideas. they will vote on the left. yes it is what i think. >> you think they should raise
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the voting age to 2010 -- >> i think he drank a 21 voted 18, that's ridiculous. voting at 16 is equally ridiculous. connell mcshane in for neil. >> look at the time. i thought! was afraid to fight back for a second. liz: i'm just laughing. >> welcome everybody to "cavuto: coast to coast." i'm connell mcshane today is really meant for neil. all the global growth concerned today with the company were talking about are certainly weigh in on talks today. european central bank to take action to prop up its economy which has been weakening and that is kind of entered the conversation here with the slowdown concerns we are ready had in the u.s. we are down 219 points first up today, where the economy is headed.

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