Transcripts For FBC Varney Company 20170907

Tilt. Divided Republican Party could not deliver the votes to get things done. The president turned to democrats who could, now what . The president is cleared decks crowd of legislative calendar no longer quite so crowded and democrats involved limited tax cutting legislation looks likely to pass the republicans in disarray leadership stunned by the president s tilt conservatives furious democrats got what they wanted they are happy looking forward to december 15 when funding of government will be an issue all over again, sum it up this is a shock to the political system, it is a political realignment, in a moment we show you the markets reaction to all of this irma looks like eastern see board takes the ive got to start with irma, it is still a monster remains category five storm. It looks like it to hit the east coast of florida. Right hand side of your screen storms track on the left, youre looking at long gas lines in florida. As people are try to get out of the way. Mandatory evacuations are in place in parts of florida. Irma killed at least ten people in the caribbean. One of the hardest hit places is the island of st. Martin damage there widespread. And this small island barrmuda a report 95 of buildings on island suffered damage about half of the residents are now homeless. Jeff flock come in live in miami youre at a gas station still seeing long lines, jeff . Reporter thats the headline stewart you see with boards on it but i have to take you over here and maybe hustle to do it this is route 1 you see out here the main route out of the keys. Heres the problem today, and i think it is beginning to continue to be a problem. Gasline if you cant get gas, you cant get out, and look at this line. This is where it starts, and if bob is off to the left there you see route one as far as you can see. I cant see the end of the line. And thats just one gas station, and bob if you spin back here maybe you see it. This is the gas station that police at each gas station trying manage the large number of people that have been coming in here. If you toangt get gas, you cant get out. Can you imagine the situation if we get the storm coming in people strand along road trying to get out . That would be bad. The governor says hes trying to get gas deliveries if in here but theres the officer right there trying to tell people whats going on. Its a tough situation people wanting to get out whether theyll be able to or not, i dont know. Stew. Jeff flock right in the middle of it again. Thank you jeff well get back to you shortly. Lets get to politics. Im calling it a political realignment President Trump turning to democrats to get a deal on debt and pungdzing the government. Listen to this. Prior to leaving the white house, i had a great bipartisan meeting with did democrat and Republican Leaders in in congress and im committed to working with both parties to deliver for our wonderful, wonderful citizens its about time. It was a really good moment of some bipartisanship, and getting things done no one standing i dont think republicans feel the same way joining us now a member of the donald j. Trumple a president Advisory Board a political relinement of major proportions only just begun. What say you . Sll. This is the president and donald j. Trump ive been waiting for. Hes reside and willing to call out republicans that have been obstructionists to his agenda. They had eight months where he outsourced aged agenda to excute on the hill because he said i dont know washington as well as hes guys do and they failed the president. And they failed the American People and they failed their constituents that sent them to washington to repeal and replace obamacare to coming up with real comprehensive solutions to immigration problems. They failed us. And so the president has put them on notice yesterday. And he said if you do not deliver fors, not only o are we going to start is primarying some of you, were going to starts working with democrats because with republicans like these, with who these democrats, its so desperate of a situation and president is not going to be a lame duck president for next three years hes going to get something done by hell or high water or bipartisanship. Heres what im hearing a possible deal. The you get daca get that presented to o congress an theyll pass it in return for build the wall. Look, im hearing this. I dont know whether it is real or not but im hearing. Well wrote a piece on the hill recently where i projected this would happen. That president could score a win by getting the wall in some form of comprehensive meaningful Immigration Reform for instance, increasing number of i. C. E. Agent as other things and dmnt not oppose to in exchange for dreamers so mow is time for democrats to put up or shut up do you care about dream percent if you do make a deal. Are you in the camp that says something, with anything is better than nothing. Youre in that camp . You are. Ash can i ask u you for an opinion . Neil cavuto save giving up too early willing to take the crumbs as opposed to the full price and this stage ill take something rather than nothing. I think thats lets be clear if you bring democrats into tax reform you dont get many tax cuts. You dont get a big tax cuts now do you . He needs to peel off democrats here and will in order to make real meaningful reform and he can do it by bundling prongtses here. Democrats are very interested in Infrastructure Spending this is were not talking about but propose has reinvest in American Economy and infrastructure and proposalled same thing off the bat we should start addressing that if it is possible to have comprehensive reform lets take advantage of it. You know former Bernie Sanders supporter you have come a long way let me tell you. Congratulations. Well thank you. Thanks for being with us. Stuart good stuff we have to check that market. Where are we going to open . Not a big rilely despite deal with democrats im going to ask our market watchers why no rally when the market opens it is goapg to be up what, 10, 12 points thats it. The price of oil wheres that this morning . Become to 48 a barrel. I want to show you the price of gas. It is moved up again not much. 2. 67 is National Average increase is slowly slowing 2. 67 this morning. Draw your attention it a particular stock thats going straight up. That would be restoration hardware. Up scale Furniture Store reporting big mks in profits and it sees a rosy future thats open nearly 40 higher. We thought we would bring that to your attention and then amazon theyre searching for a location for a Second Headquarters had in north america. Theyre looking dont know where theyre going to choose but ash, tell me how many people are going to employ. 50,000 people. Theyre going to call it hq2 main campus in yaghts but they want a metropolitan area of a Million People within 45 minutes of international airport. Yes theres going to employ up to 50,000 many of the software paying over 100,000 a year. The cost will be five billion to amazon to build but fight is on among state and local governments to hand out incentives to get it build here. Speculate where theyre going shortly. Now two hurricanes harvey, irma, price gouging is in the news. We saw reports of airlines charging as much as 3,000 for one way ticket out of florida. And amazon they have some complaints. Customers in florida say bottled water prices were jacked up and prices in the northeast were much lower. Judge napolitano is here and i can feel an argument coming. You say [laughter] you say price gouging is okay. Okay ill give you 30 seconds to make your case. You have skewed argument by calling it gouging. [laughter] price increases. How can supply and demand is the way things are supposed to work so you have circumstances. You have a shortage of water and gasoline in southern florida, and in houston. Let the suppliers sell whatever they can get for it. And more of it will pour in. If ixd buy a truckload of water for 1,000 and sell it for 25,000 i would get all of the truck loads of water i can down there. Bottom line, supply and demand works when government stays out of the picture, and then the price comes down. You get all of the water, gasoline you need. Supply and demand works in a genuine free market the hurricane is not you hold a commodity which is vital to your customers and you propose to double, tripled price you think youre going to get away with it you dwell in the land of principle we live in the real world. Your problem is you trust government to redistribute wealth. Just told that to your colleague on the other side there. Youre rejoicing that trump is dealing with democrat who would prefer to pim peach him than make him a good president. No. Were going to have it right now. You lower principle thats why the Republican Party has done absolutely nothing your Freedom Caucus and i know you love them expand on principle constantly thats why weve got nothing. I also love the blue in that neck stop it. If you want more gasoline available let them charge more, and the suppliers will rush it in. Because they know theyll make a profit. Thats right. Russian government, with right now, and a traffic jam. Government that cant deliver the mail wants to tell people what to charge for items as basic as water and gasoline. Let the buyer and the seller decide what the price should be, and theyll be all you need. Stuart im going to give you my daughters phone number trying to get out of palestinian an cant get any gas tell her. Be prepared to spend 30 or 40 a gallon but judge says it is okay. If the gas stations could charge 30 or 40 a gallon the trucks would be lining up to fill up their tanks. They cant because traffic jams. Find a way to make a profit. Supply and demand doesnt work you need sometimes. When government gets out of the way mr. Blue tie. Were done. Were done we have to have a commercial break shortly not yet but youll be back. [laughter] gliewt this is a new development out of syria israel says it has bombed a Syrian Government facility linked to assad Chemical Weapons Program and were on that story. No where else will you see it. More on the big political story of the donald trump reaching aisle making a ceiling with democrats to sign tax reform plan and conservatives in congress not too happy were talking to a member of the free caucus after this. Ossible. Rethink the experience. Rethink your allergy pills. Flonase sensimist allergy relief uses unique Mistpro Technology and helps block 6 key inflammatory substances with a gentle mist. Most allergy pills only block one. And 6 is greater than one. Rethink your allergy relief. Flonase sensimist. Im living that yacht life, life, life top speed fifty knots life on the caribbean seas its a champagne and models potpourri on my yacht made of cuban mahogany, gany, gany, gany watch this dont get mad bell mnemonic get e trade and get invested now it was just moments ago that speaker paul rienl weighed in on the president turning to democrats for help with the debt deal. Roll tape. What the president didnt want to do is have some partisan fight in middle of response to this. He wanted to make sure in a moment of National Crisis getting hit by two horrible hurricanes, he wanted to have a bipartisan response and not a food fight on the timing of the debt limit attached to this bill. But how, though, that basically thats what i think thats what i believe is motivation was. Stuart now joining us congressman brian republican from texas. Congressman, i approve of what the president did. Im glad he went through the democrats to get something done. Because in my mind, the gop is not a party of government at this point. Your response please. Well, lets let me tell you this i serve in the house of representatives. If youre looking say we dont do things quite frankly we Pass Health Care in may. We have passed meaningful v. A. Legislation which has been signed into law. Congressman sorry to be rutted but youre a republican. And the Republican Party has failed to do anything in congress thus far. [laughter] lets put it like this curet, im a conservative. I think that the president probably has an ace his sleeve many a negotiation with nancy pelosi and Chuck Schumer of i dont know what that ace is. Im not in the leadership or in negotiation at the negotiation table, when it comes to the dealings of the debt ceil aring and what were going to do i was caught offguard in the Republican Party like many of us this seemingly puts us at a state disadvantage and sets us up at at a christmas time at the end 6 year for another big cr thats going to be shoved down our throats. I dont to vote for more spending and things like this. However, i come from a district stuart that is just been hammered, hammered by Hurricane Harvey i have nine counties, and all nine counties every square inch of my district and east texas from houston to louisiana has received from 36 to 51 inches of rain. And so thats what weve been dealing with. I havent been at the negotiation table. But if you stand on principle, and conservatives have stood king king stood on principle you dont have the votes to get your way in congress. You dont have them. By the end of the day you fail you dont get something done. Will you continue to stand on principle no matter what . Absolutely. Thats why im up here. You know i ran many in 2014 to get rid of obamacare to balance the budgets. Where does that leave us congressman . Where does that leave us . A lot of people voted republican to get something done. So get rid are of obamacare. And i know that the house passed the repeal of obamacare i got it but Republican Party could not come through. You havent done anything. Well, all i can say stuart, youre talking collectively. There are some of us who are conservatives who will stand on principle who will try to get a balanced budgets one of these days sooner than later that will vote for less government. We have rolled back some regulations and obama weve done 14cras, v. A. Legislation, health care, weve, we have done a few things but let me just tell you this i was elected by a large in my district to get things done, and im very, very disappointed that we can not. But let me say this real quickly because we have a situation in the senate where were totally dependent upon eight Democrats Joining with the republicans that basically gives humor and pelosi a veto on legislation that we pass in the house down to the sthat. There are over 225 bills that we pass in the house that are in the senate right now and certainly hoping that some maybe some of those folks will see fit to get rid of the filibuster rule so we can get this agenda passed. Stuart got it congressman babin thank you for being with us our thoughts are with you. May your time and trouble near houston, texas thank you again for being here. Thank you, sir. Thank you. Stuart please check this out. Video released from noaa that tracks hurricanes this is from a team of pilots and scientists straight into Hurricane Irma. Measuring wind speed and air pressure many the heart of the storm. This is how we get the day to make accurate path and prediction about path of the hurricanes well give you latest forecast on irma, and watch this after this. Listen up, heart disease. you too, unnecessary er visits. And hey, unmanaged depression, dont get too comfortable. Were talking to you, cost inefficiencies and data without insights. And fragmented care stop getting in the way of patient recovery and pay attention. Every single one of you is on our list. For those who wont rest until the world is healthier, neither will we. Optum. How well gets done. con artists. theyll try anything to get your Medicare Card number. So they can steal your identity, commit medicare fraud. What can you do . Guard your card . Guard your card . Just like your credit card. Nobody gets my number, unless i know they should have it. To protect your identity, new Medicare Cards without Social Security numbers will be mailed next year. Visit medicare. Gov fraud stay sharp people so new touch screens. And biometrics. In 574 branches. All done by. Yesterday. Banks arent just undergoing a face lift. Theyre undergoing a transformation. A data fueled, security driven shift in applications and customer experience. Which is why comcast business delivers Consistent Network Performance and speed across all your locations. Hello, mr. Deets. Every Branch Running like headquarters. Thats how you outmaneuver. Hurricane irma after destruction on only siled in the caribbean irma is still heading towards florida. Monster category five storm still, janice dean come on in. You have to tell us where this thing is going. Bahamas, caicos and, of course, south florida and keys need to be alert still a category five as you mentioned i can believe it has maintained this strength for listening and will continue according to the latest projected path really for next 12 to 24 hours and may weaken a little bit but talking about 160, 165 Miles Per Hour winds, as we get closer to south florida, and then theres the potential for this to either ride up the whole state of florida, come east of the state of florida. Or maybe push to the west. Up a path difference of 20 or 30 miles could mean difference from a very large hurricane effecting you to maybe nothing at all so thats why we have to watch the serge latest models here they are right now. Good imreement up until saturday, thats directly impacting the keys and south l florida. And sunday gss sorts of moves a little bit more eastward where euro is a little bit to the west an play koas attention to southeast coast, georgia, and a carolinas could also be dealing with an impact from a hurricane had next week. All right jan misas we consider ourselves warned and see you again later on this program. Now the market nopes in a few mies time high or not much. Im surprised at that. I thought that the president going to tilting towards the democrat would help tax cuts apparently thats not a big shot so in the arm for the market dollar is down to a two and a half year low. Back in a moment with the opening bell. Copd makes it hard to breathe. So to breathe better, i go with anoro. Go your own way copd tries to say, go this way. I say, ill go my own way with anoro. Go your own way oncedaily anoro contains two medicines called bronchodilators, that Work Together to significantly improve lung function all day and all night. Anoro is not for asthma. It contains a type of medicine that increases risk of death in people with asthma. The risk is unknown in copd. Anoro wont replace rescue inhalers for sudden symptoms and should not be used more than once a day. Tell your doctor if you have a heart condition, high blood pressure, glaucoma, prostate, bladder, or urinary problems. These may worsen with anoro. Call your doctor if you have worsened breathing, chest pain, mouth or tongue swelling, problems urinating, vision changes, or eye pain while taking anoro. Ask your doctor about anoro. Go your own way get your first prescription free at anoro. Com. We will open the market in 20 seconds. It is thursday morning. When i got up this morning as in a solid route because president toward the democrats so he gets more votes for tax cuts. I thought i would invigorate the market. Apparently not. We will open up in three seconds time. We will open with again. A small gain. I saw 50 points. Okay. Up 12. That is not a major rally. Green on the lefthand side but but it aint no big deal on the upside. It is at. 08 . How about the s p 500 and do we have a rally there . Yes, but not that much. The nasdaq of. 15. Bottom line is no big rally as we open up this morning. The price of oil around 48 a barrel at the leave no change there. We do have amazon announcing they are going to build a Second Headquarters in the United States or north america i should say. Thats interesting. Stuart searching for a location as we speak. 50,000 people appeared the stock is up this morning. How about this spirit upscale furniture retailer restoration hardware. Strong profits come in nice outlook for the rest of the year up 44 . Who is expecting that . Not me. Who is joining us . Ashley webster, headset. Bryan brandenburg, scott martin. Scott, why is the market not rallying today . Tell me. This is more of the same from the administration sadly. The market is figuring out that yes while we are getting a little closer to a deal with democrats on tax reform, havent we been here before and gotten things Like Health Care to the fiveyard line . It is now in this waitandsee mode where yes its good news this morning, but weve got to see several progress here. Lets listen things to the floor before we decided any further. Stuart bryan brandenburg, you. Tax reform is finished in late december when its a new debt ceiling negotiation. Its going to blow everything up at the market say this is the worst possible time for this to get delayed. Trigger that sets the scene if we do get tax reform that its going to be watered down. Throwing cold water all over my argument this morning. We are up only 14 points and primitive losers on the dow. This, goldman sachs, their chief chair, lloyd boing find disease worried about the market during a conference call. Things have been going up for too long when yields on Corporate Bonds are low in dividends on stocks. Not a nursemaid. Your reaction to that. I dont know why hes unnerved about that. Theres probably other things like ken Global Economy really drive the economy . Train to what you say, scott markin . Its interesting. We hear these quote, unquote experts and say the market is overvalued. We are bringing down our book. The reality is that only goes up another 10, 25 . I like these comments because pat to me believes the market doesnt have believer in it and thats exactly what pushes prices forward. So far ever backtrack as then recovered with people to buy in on the debt. I think it is treading water right now as to what scott was singing. Waiting to see what is done in washington. The valuations are high but fair. You are dead right. Weve plateaued around 218. I thought that the tilt by the president , democrats on tax cuts might give us a shot in the arm. Not so. We are up 28 points. I want to get back to amazon. This is big news. Amazon searching for a location to build a Second Headquarters in north america. I want to ask everybody around the block, what you think they will choose . Where will amazon build his hq . Im thinking texas, stuart. The recovery going on in houston, the better tax situation in texas. That the funny thing here, guys. Maybe this is a little shot at seattle in the sense of what is going on locally with taxation and representatives they are talking about. That is the backdoor way that even though im super liberal, im going to put my company and a better tax situation, therefore texas, you are in the radar. Stuart scott martin, that was really good. South or southeast. Amazon has gotten a billion dollars out of state and local government to locate their warehouses. They are looking for a big kitty here in the winner will be amazon. The locale will be in good shape. This is going to be a lot of money on the line. Of antennas could tax from a state income tax. I think texas because theyre also looking for Software Developers and is a great area for Software Developers. They got all the land and they can throw incentives at amazon to set up shop. Trade to california, new york, massachusetts, connecticut, new jersey. Illinois. Tree into minneapolis is the place they are going to do it. Kaman, scott. Tree into weve got irma really affecting a whole slew of industries. Start with the airlines. They have taken a hit. A tiny bit of a rebound today. How about cruise lines, they took a hit. Where are they today rebounding ever so slightly. Look at the insurers. The one that specialized in florida. They took huge his earlier this week. As irma approaches further, they have not made a comeback. Hci is down some more. The other two basically unchanged after big hit in the last couple days. Still coming up, and the increase was just about 1 cent overnight. Your National Average is now 267. A week ago it was about 230 or Something Like that. Check the big board. We do not have a significant rallying despite the agreement with the democrats. We are up 20 points. The retailer coming to gap promising a new Growth Strategy will focus on its old navy and athletic brands. It will close about 200 underperforming gap and Banana Republic locations. The stock instead flat. Go pro, the action camera guys looking to the future say they expect Strong Demand in the months to come. The stock is up 50 . Ill take that. Jetblue and American Airlines cut ticket prices for people trying to leave florida because of irma. Prices as low as 99. Upper fraction, jet blue down 25 cents. Other airlines including delta have been accused of price gouging and amazon also accused of jacking up the price of bottled water. Brian, what do you say . Because they will say supply and demand. If youve got limited supply and big demand, the price goes up. Nothing wrong with price gouging. Demonstrates one of two things happening. Im what the judge on this, but ill modify it this way. Big companies with established rents have to store their brand. They are at it for the longterm, not the shortterm. Anything that looks like price gouging which is why they have to moderate that impulse. Ashley im sorry, the conditions are not normal. Tree into it is not a free market. In other circumstances, supply and demand equals price. Scott martin, elaborate on your point, please. It is unnatural. This is not a freemarket war they can leave in comments they exist or they have to go out because the fact the environmental conditions are set. Its unfair to take advantage of that because its not a free market. Its a red blood because of whats going on in the environment. Train to hold on. I want to talk about something else. I want to talk about the Federal Reserve and i you rico. A new report claims that geary cohn likely will not be paid to lead the Federal Reserve because he criticized president tribes guidance to charlottesville. It occurs to me, scott, Scott Cummins at President Trump is now in a position to reinvent the Federal Reserve. Not reinvent it, the restock. The number two guy is leaving. The number one person, janet yellen is going. He can reshape the fed, cant he . Keycode. If you look at how the market is responding to janet yellen, who seems like a very nice lady, very calm in coming elaborate on what she does, which i think is important. To some degree screens because of the fact that shes brought such stability. If trump is going to totally reinvent the side as he talked about, that could be disastrous for markets because they love to low Interest Rates and if that goes away, i dont know if i like the s p. Drastic moves do not work well in Monetary Policy including those who call the shots. If he tries to reinvent the fed in a radical way, it would problematic as the stock market has been writing on stability. Stuart i should miss that reinvent. Thats an overstatement on my part. He is in a position to restock the Federal Reserve. E. Stocks in way surprising to markets. Therell be a problem for him in markets. He should be aiming for stability. Stuart we talked about the Federal Reserve for 90 seconds and no buzzer. Brian and scott, thank you for joining us. Much obliged to you. 16 points on the dow industrials no big rally. Ambassador john bolton says diplomacy with pyongyang not working in a preemptive strike may be the only way to stop north koreas nuke program. Ambassador bolton is next. Its not just a car, its your daily treat. Go ahead, spoil yourself. The es and es hybrid. Experience amazing. Stuart breaking news this thursday morning. Former white house chief strategist Steve Bennett sat down with charlie rose for his 60 minutes interview. The rift between gary cohn and the president after charlottesville. No exceptions. Maybe you can do at a better way, but if you are going to break and resigned, the stuff that was leaked out that week by certain members of the white house is unacceptable. He would find it unacceptable. Im talking about gary cohn and some other people. If you dont like what hes doing and dont agree with it, you have an obligation to resign. Let me repeat that. Gary cohn should resign. Steve bennett says absolutely. You are out is interesting. Gannon is out, if any . Im not surprised by this. We show him looking very awkward as the president was giving that speech at trump tower. No love lost between bannon and cohn. Stuart if cohn had walked. Ashley that they appeared stuart . Thats going to happen. We are 14 minutes and then the dow up 27 points. I want to alert you to john deere. They are spending 300 million bucks to buy blue river technology. Nicole, and this is a company that makes robots. Reporter that is absolutely right. This is for the farmers and agriculture so they can stop spending and stop wasting. Know exactly where the weeds are so you can spray the herbicide sprayed tear. Fertilizer, anything for weeds and pesticide that are just so costly for the farmers. Without commenting our making the deal for blue river and its robotic ear that attaches to the tractors. They are already using it for the lettuce field. This is the wave of the future to really maximize their job and not as and maximize the cost and not wasted. Stuart we got back. Thank you indeed. Another factor is played big on the market and that is north korea. Military action is not the first choice in a range of options. John bolton, u. S. Ambassador to the united nations. Mr. Ambassador, do you think we should strike first . Well, the use of military force is obviously not the first option and there are diplomatic plays yet to be undertaken. Not with north korea itself, but with china. Ultimately, weve got to look very carefully at the use of a first strike because north korea is determined to keep this capability of deliverable Nuclear Weapons and its unimaginable as chairman of the joint chiefs of staff, general dunford said a few weeks ago, unimaginable to leave north korea with the capability. Stuart that means diplomacy will not work. In the end it has to be the military. Basically thats your position . Now, my position is that diplomacy doesnt work and has a few options left, then when you judge your outcome to be the safety of the United States, then i think the preemptive strike is necessary. This is not a radical doctrine. I had an oped where he quoted Franklin Roosevelt in a fireside chat he gave on september 11, 1941, 2 months before pearl harbor, 60 years to the day before the 9 11 attacks on roosevelt said when you see a rattlesnake poised to strike, you do not wait until he has struck before you crush him. Stuart point taken, mr. Ambassador. They took out a military facility earlier today. The facility we are told has been used to make chemical weapons. What is your reaction to this, mr. Ambassador. Since we had reports of Iranian Missile production factories in northern lebanon and syria, that they are likely targets for israel, too. Bar we are on the subject of history, yesterday was the 10th anniversary of the Israeli Air Forces destruction of a Nuclear Reactor being built being built by north koreans. You think they are inferior because of their long historical association. Someone was paying the north koreans, quite likely iran. Escalating military action in various parts of the world. The threat level, the danger level clearly going up. Welcome in the threat level going up his Nuclear Weapons like north korea, like iran. This is not anything the United States wanted. After 25 years in both the case of iran and north korea, 25 years of failed effort to give up their nuclear object is. The Trump Administration is up to some unappealing choices. Continue the policies of the past 25 years. You look at the same result. The threat will grow, not diminish. Stuart the north korean situation is the danger zone for the United States in the world today. In media terms, the longerterm strategic threat of china and russia remain very much in need of addressing. Certainly right now, we are looking at north korea for saturday, the founders day as they it in north korea. Perhaps demonstrating again an increase in range. That is why the military option is something we have to look out. Not because its desirable, but the president first object it has to be innocent civilians from this kind of nuclear terrorism. Stuart will we shoot it down . Mr. Ambassador, thank you for joining us as always. We are 19 minutes into the session. We are up about 30 points as we speak. We have a political slant on investing coming up for you. A new etf launching this morning. There is a twist to it. Only invest in republican friendly countries. Its taker, mag aa. Make America Great again. In a moment. Approaching medicare eligibility . You may think you can put off checking out your Medicare Options until youre sixtyfive, but now is a good time to get the ball rolling. Keep in mind, medicare only covers about eighty percent of part b medical costs. The rest is up to you. Thats where aarp Medicare Supplement insurance plans insured by Unitedhealthcare Insurance Company come in. Like all standardized Medicare Supplement insurance plans, they could help pay some of what medicare doesnt, saving you in outofpocket medical costs. Youve learned that taking informed steps along the way really makes a difference later. Thats what it means to go long™. Call now and request this free decision guide. Its full of information on medicare and the range of aarp Medicare Supplement plans to choose from based on your needs and budget. All plans like these let you choose any doctor or hospital that accepts medicare patients, and there are no network restrictions. Unitedhealthcare Insurance Company has over thirty Years Experience and the commitment to roll along with you, keeping you on course. So call now and discover how an aarp Medicare Supplement plan could go long™ for you. These are the only Medicare Supplement insurance plans endorsed by aarp, an Organization Serving the needs of people 50 and over for generations. Plus, nine out of ten plan members surveyed say they would recommend their plan to a friend. Remember, medicare doesnt cover everything. The rest is up to you. Call now, request your free decision guide and start gathering the information you need to help you keep rolling with confidence. Go long™. Stuart our next guest is opening a make America Great again basket of stocks that it holds only companies friendly to republicans. Joining us now is Karel Lambert, ceo at point bridge capital. Welcome to the program. Youve got 150 stocks within this basket of stocks. They are all sympathetic. These companies are sympathetic to republican cause. Im not hearing anything. [laughter] stuart that is the problem with television. When you are asked on a remote location cannot hear the question youre asking, youve got a problem. And tap dancing vigorously. Its impressive. Ashley from here to the nasdaq. Ill show you the dow industrial chalets. By the way, ive got a headline. The European Central bank, dont bug me. Please dont does me. Stepping away from stimulus because they see a rise of inflation. And now we have what is Karel Lambert with the maga etf. Are you there . Iem. I had an audio. Stuart i understand you got about 150 companies within your basket of stocks, all of which are sympathetic to the republican causes. What what does that mean . Inks for having me on. The s p 500 and we screened it for the top 150 Companies Supporting republicans from a political contribution standpoint. Stuart they are donating to the Republican Party. They are supporting us financially. Correct. Stuart why do you think that . Is it a political investing . You know, its important. Money matters in politics than they are getting millions and millions of dollars influencing elections. They are now speaking out for the number and so its important for investors to have the opportunity to have a difference im not impact their investment based on Companies Supporting political views that they want. Stuart can i ask which companies he would not never has in your maga etf . You can imagine the top democratic donor companies. Time warner, disney, amazon, all big contributors to the democratic arty. Train to amazon and the other big tech have done rather well. How are the republican oriented god . With god a lot of Aerospace Defense companies. People may not realize the lawmakers for you today. The republicans in the Republican Partys berkshire hathaway. Stuart that is news. Not bad. Im sorry it was cut short by the audio problem which youve made your point. Maga is the Ticker Symbol for your etf. You launched today youve been been on our program. Thats pretty good. You can go to invest politically. Com. Stuart thank you for joining us. President trump reaching across party lines to get things done. By the Republican Party has shown itself incapable of governing. Ive got an editorial on not three minutes away. Bstances with a gentle mist. Most allergy pills only block one. And 6 is greater than one. Flonase sensimist. Thats it. Im calling kohler about their walkin bath. Nah. Not gonna happen. My name is ken. How may i help you . Hi, im calling about kohlers walkin bath. Excellent happy to help. Huh . Hold one moment please. [ finger snaps ] mmm. The kohler walkin bath features an extrawide opening and a low stepin at three inches, which is 25 to 60 lower than some leading competitors. The bath fills and drains quickly, while the heated seat soothes your back, neck and shoulders. Kohler is an expert in bathing, so you can count on a deep soaking experience. Are you seeing this . The kohler walkin bath comes with fully adjustable hydrotherapy jets and our exclusive bubblemassage. Everything is installed in as little as a day by a kohlercertified installer. And its made by kohler americas leading plumbing brand. We need this bath. Yes. Yes you do. A kohler walkin bath provides independence with peace of mind. For a 50 gift card with consultation, or visit kohlerwalkinbath. Com for more info. Stuart in the political world the earth just moved. President trump turned to the democrats to get things done. His tilt will continue. He wants tax reform and it is democrats who may by him the votes to get that done too. With republicans running the house and the senate, why does the president have to go outside of his own party . Thats a good question. There is an easy answer. The Republican Party has shown itself incapable of governing and a bug chunk of that blame goes to the Freedom Caucus. 36 conservative members of the house who always stand on principle. Good principles, small government, low tax, free market, cut spending all good, no question. But when it comes to votes they just have them. Theyre left with obstructionist role, dividing the party and we end up with nothing. Remember obamacare . It is still with us. President had enough of this, like the rest of us he is tired of endless wrangling. He is a business guy. He was elected to get things done, politicians even in his own party couldnt get anything done. So he shakes up the political world and realigns his administration. Result . I think were likely to get tax reform. Therefore, we are much more likely to get Economic Growth that our country needs so badly. Time for all sections of the Republican Party to understand the nature of politics. It is about being satisfied with 80 of what you want. It is about governing. So far the gop has failed. That is why we have this dramatic realignment of politics. The president went with the democrats because to get anything done he had to. The second hour of varney apand company is about to begin. Stuart the president s push to attract democrats make as tax cut deal more likely. When it comes to taxes president can count on unified yes vote and he can count on getting two or three democrats as well. The odds, in my opinion, are shifting in the president s favor. That was me 24 hours ago. I think i was right. More on that in a second. First we have the latest mortgage rates. Hope theyre down . Ashley they are indeed. Can they go lower . Down to 3. 78 . Down from 3. 82 just last week. You know, look, this time last year though, i was looking up that number, 3. 44 . Up from a year ago, but still remarkably low. 3. 78 on a 30year fixed loan. Good luck getting that somewhere else in the world. Stuart good point. Lefthand side of your screen, we are now down 25, 26 points. That is a 50point swing. Off 25. Remember we have the u. S. Dollar at a 2 1 2year low. Im not sure what the yield on the 10year treasury is. But im sure its way down. Ashley the dollar getting a shellacking today. Firsttime claims up after Hurricane Harvey last week. Because the European Central bank saying hey, we may start tightening our policies, our Monetary Policy, that will strengthen the euro against the dollar. Very weak dollar. Stuart no rally. Were down nearly 30 points. How about the big tech five companies there, no big gains, no big losses. Restoration hardware. That is a very big winner. Blowout profits, it upped the forecast for the future. Look at it go that is the best gains in 16 years, up 45 this morning. Oil, we get a read how much we have in storage at 11 00. Were holding 48 a barrel. Back to politics. The story in my opinion is the realignment in washington as the president makes a deal democrats. The gop is not happy about that. Buy in republican jim renace on the tax writing committee. You heard what i said at top of the hour, the Republican Party is not capable of governing, that is why the president went with the democrats. That is when you dont noll regular order, you dont get input from members, members turn on you when you get information at the last minute. You need to build consensus through regular order, hearings, all the things we havent done. That is the fear i have. That is what we really do need to change. But in the end i understand the president moving to try to get some democrats. I think, the concern i do have though, for somebody like me who supported the president since fire to the primary all the way to today, there are some issues i wont be able to support him on. Shortterm crs and shortterm debt ceils are not what we need in this country. Stuart but he did it. We need longterm solutions but not short term. Stuart another subject, the way the president tilted toward the democrats i think it clears the way to some degree for a taxcutting measure. What say you . Well look, one thing i learned in washington i have a Bipartisan Group i work with, the democrats will stick together. The president is trying. He has to try. He has to work with some democrats but in the end he has to bring republicans with him too. That is the challenge of any president. I think this president is trying to do that. Stuart he could never, he could never bring the Freedom Caucus with him, could he . They will always move the goalposts at the very last moment, saying they were excluded from discussion, standing on principle, not good enough. He could never get the freedom caulk with us with him. What i saw in the health care bill, Freedom Caucus, tuesday group, rsc, that is the problem with all these factions, you dont have the ability to bring everybody together. Once one faction gets a little bit of power the other faction wants it. We have do many together as republicans but we have to come together for congress. To do what is right for americans. That is what they sent us here for. Stuart will the Republican Party come together, with the president turning to the democrats for heavens sake, will this bring the gop together . Stuart, somebody who has been with the president prior to the primary in ohio all the way through today, i think it is going to hurt in some ways. Somebody like me can not support this shortterm position. Again, im tired of shortterm positions. Crs, debt ceils, short terms, this isnt the way america is supposed to run. Stuart congressman in that meeting in the white house yesterday, speaker ryan wanted an 18month extension of the funding of the government. He wanted 18 months because he couldnt get it because he doesnt have the votes in his own party to get it. I think what we really need to do is get back to regular order. Well get votes. When everybody feels they have input in the situation theyre willing to come along with it. I said this all along. If leadership would just give us all one little pebble of sand to take to the beach we would feel were part of the beach. That is the key. We have to make sure were working together to move this forward. Stuart okay. Congressman jim renacci look, thank you very much for joining us on what must be a difficult day for republicans, we appreciate you being here. Thank you, stuart. Stuart this now, i want to play to the moment where President Trump appealed to democrats in his speech during north dakota, particularly senator Heidi Heitkamp. Watch this. Senator heitkamp, come on up. Everyone is saying what is she doing up here . Tell you what, good woman. I think well have your support. I hope we will have your support. Thank you very much, senator, thank you for coming up. Stuart all hands on deck. Get to democrats with us, doug schoen with us, former clinton pollster, fox news contributor, still a democrat. What do you say . To ahead. I say youre 100 right. Stuart oh, lord, im in trouble. Welcome to bipartisanship. I guess i ask you the question you asked me, still a republican . Stuart yes. I still hold those same principles. Right. Stuart small government, low tax, im with it all the way, but if my side of the argument doesnt have the votings to get it through, you compromise. Exactly . We got debt ceiling extended. Hurricane harvey aid. Stuart you had not to compromise. You did no compromise whatsoever. You got what you want. Senator schumer got three months. Im really pleased. Im pleased with Heidi Heitkamp. This is exactly what we need. I agree on tax reform. If we get flexibility there, a revenue neutral plan cuts rates, eliminates deductions well all be better off. Stuart but we wont get much stimulus for the economy. The president , he doesnt want to cut rates perhaps as much as you and i do. Stuart how about this for a deal im hearing about. Sure. Stuart given this new cooperation. Sure. Stuart you get daca in return for building the wall, how about that . I certainly would be open to that. Stuart you would . Yeah. Stuart you think it is likely . I dont know, because the wall for a lot of democrats is a bridge too far to make a bad pun. I would say that is reasonable path to a solution. Im open to it. Sure. Stuart as i understand it there are 10 Senate Democrats from states that voted for President Trump up for reelection next year. Right. Stuart how many of those 10 do you think the president can attract over to his side of the aisle for a tax cut deal . Potentially half or more, stuart. Stuart whoa. That gives you votes you need. Exactly. This is a doable deal. I completely agree with the commentary. You have it exactly right. I would say, really among your finest moments to stand for your principles but also make it clear that there are bigger causes than just partisanship. Stuart do you think i still got a job after this. I think you have a very good job and one you have done extremely well. Stuart yeah, yeah. I think thats true. Stuart but if you get five or six Senate Democrats crossing the aisle and going with the president right. Stuart maybe you have got 60 votes you can do all kind of things . Exactly. Im hoping we get new kind of flexibility. Even stuart, as you were hinting, maybe relook at obamacare and health care, to do something that can be achieved on bipartisan basis. Stuart i understand that you are staying with us briefly, albeit having ruined my life and my profession. By saying that you have done the right thing . Im proud to say it. I will say it again. Stuart dont. Stay there. I guess im typhoid mary. Stuart the other huge story of course is irma, were covering it throughout the program. Take a look at this. The view of the storm from the International Space station. Shows you how massive this thing is. There is the eye right there. The irma is the second deadly storm to hit the atlantic in less than two weeks. Im sorry, to hit america in less than two weeks. Many on the left are crying Climate Change. Up next the man debunking al gore. His book is outselling al gores book. We have pro football back tonight. New England Patriots face the kansas city chiefs. I cant wait. I will talk football with Jason Whitlock later this hour. That is something you dont want to miss. American football. Stuart american football. And it is good. Youre watching the second hour of Varney Company. What started as a passion to make something original. Has grown into an enterprise. Thats why i switched to the spark cash card from capital one. Now, im earning unlimited 2 cash back on every purchase i make. Everything. Which adds up to thousands of dollars back every year. And helps keep my passion growing. In every direction. Whats in your wallet . Ah, my poor mouth breather. Allergies . Stuffy nose . Cant sleep . Enough. Take that. A breathe right nasal strip of course. Imagine just put one on and pow it instantly opens your nose up to 38 more than allergy medicine alone. So you can breathe, and sleep. Better than a catnap. Shut your mouth and say goodnight, mouthbreathers. Breathe right. Stuart were down 33 points. The dollar extremely weak, to 2 1 2year low. That hurts the stock market. How about the price of gold, still going up, 10 higher, 1349 per ounce. Price of oil holding 48 a barrel. New numbers on the supply of oil, about 11 00 eastern this morning. That price may change. Average price of gas still going up, not by much. Up over a penny. National average, 2. 67. Hurricane irma, brevard county, florida, just issued mandatory evacuation order. Brevard county is halfway up the eastern seaboard of florida, which is expected to take a hit. Check in with jeff flock, in miami. I think at a store with a line around the block. Is that where you are, jeff . Reporter stuart, this is incredible scene, home depot parking lot. Take a look. Starts over here the line. Bob, show him the whole thing. People in line, some with umbrellas to shield themselves against the sun. It is beating down. More than 90 degrees, in line to get plywood to shield homes against the store. I dont know theyre going to get it. Theyre waiting on a big delivery here in home depot. Some here since five this morning. People sleeping in the parking lot. The sun is beating down. This is a smart one. That is a young lady there. She is what are you doing under there . Im in the shade, so i dont get burned. Reporter smart girl. Yeah. Innovator. Reporter you need plywood, i guess . Yes, definitely. Reporter good luck with that. Thank you. Reporter thats a first. I always have a first for you in some fashion. Stuart you know what, jeff, we get the innovators on Varney Company. You found a new one. That is pretty good, son. Reporter im a magnet. Stuart dreadful line. No fun to be in the line. That is a fact. Our next guest written a book. The book is called inconvenient deception. It debunks al gore, this book, inconvenient deception is outselling gores book on amazon. The man himself is roy spencer. He is climatologist. He joins us now. If youre debunking al gore, you say that al gore has falsehoods. Tell me a falsehood. Tell me what falsehood number one . Most of the stuff al gore shows in his movie and book, stuff that happens naturally, whether it is melting on the Greenland Ice cap in the summertime. Happens every summer. Hurricanes, weve had major hurricanes off and on for as long as we have records. Some years are quiet. Some years are active. The rising sea level, and miami beach area, thats entirely almost, entirely natural. There is sinking. Stuart super storm sandy, i think al gore said the damage was partly the result of rising sea levels. Are you going to debunk that . Yes, actually. In his first movie, an inconvenient truth, he predicted southern manhattan would flood. In the latest movie, he said his prediction came through because the 9 11 memorial flooded what he said could happen in the future. Well that memorial flooding wasnt because of sea level rise. It was because of storm surge from sandy. That kind of thing can happen with or without sea level rise. Stuart okay. There is a lot of commentary this extreme weather, whether it is harvey or irma, is the result of Climate Change. What is your response to that . Well we have a lot of data about storm strength for the last however many decades and there is no good evidence that storms have been getting stronger. That may not sound right to you if you happen to be hit by harvey or irma, that is probably going to hit miami, but you know, remember, we went 12 years without a major hurricane strike in the u. S. Some years we get multiple hurricane strikes. This has been going on for as long as we know. Biggest hurricane strike ever in the u. S. Was way back in 1935. Stuart do you believe, that the temperature of the earth, that there is warming because of the activity of humans . Yes, i do. We are warmer than weve been probably in a few centuries, and i think some of that warmth is due to the co2 were producing, but the warming is not nearly as fast as what has been predicted. I think about half of it is natural, and from a policy standpoint there is nothing we can do about the humancaused portion of it anyway. Stuart is all the money were spending on dropping our co2 levels, is it a waste of money. I believe its a waste of money. It is very expensive. All of the subsidies have to be provided by the federal government, state governments, to prop up solar and wind. Some day i hope those technologies will be cost competitive but for the timebeing, i think it is money being thrown away that could be better used on things Like Health Care or whatever else because poverty kills. Stuart are you being attacked because of the position youre taking . Youre a climatologist. Are you being attacked within your discipline. To some extent. Scientists are pretty pleasant to each other but, yeah, the people like me and my discipline who were in the minority, we have a very hard time either getting funding from the federal government to do our research or, to get our papers published because were not part of the narrative. You know, that keep this is whole thing going because, in order to get money out of congress to do Global Warming research, there has to be a problem. Problem, that means funding could be cut. Stuart mr. Spencer, thank you for being with us this morning. We appreciate you being here. I will read the book. Thank you, stuart. Stuart yes, sir. President trump making a deal yesterday with democrats, angering republicans. He just listened to democrats again this morning, yes he did. Well explain it all in a moment. My business was going nowhere. So i built this kickin new website with godaddy. Building a website in under an hour is easy 68 of people. Who have built their website using gocentral, did it in. Under an hour, and you can too. Type in your business or idea. Pick your favourite design. Personalize it with beautiful images. And. Youre done and now business is booming. Harriet, its a double stitch not a cross stitch build a better website in under an hour. Free to try. No credit card required. Gocentral from godaddy. Stuart President Trump tweeting about daca moments ago. Here it is. For all of those daca that are concerned about your status during the sixmonth period, you have nothing to worry about. No action. Ashley, im told that nancy pelosi asked the president to say this . Ashley thats true. Democratic aide telling fox business, look, she told a meeting this morning of her colleagues that she spoke to the president this morning, by phone and asked hill to put out that tweet. And in some respects, talking to doug here, i think it is kind of responsible, i think dreamers are getting misinformed. They believe they could get quicked out tomorrow. At suggestion of nancy pelosi. Is that bipartisan cooperation to the extreme . As you said, we dont have the votes on republican side. You have to be flexibility. It could get Us Health Care reform, tax reform. Potentially Immigration Reform this year that would transform the presidency and get you the growth we all want. David i think youre right, doug. Thank you, stuart. Stuart it grieves me that youre right. It grieves me. Wait until you see the facebook response to this. Amazon under fire for allegedly jacking up the price of water ahead of Hurricane Irma. Amazon responded to accusation. Well tell you what theyre saying next. The stock is up. Rethink whats possible. Rethink your allergy pills. Flonase sensimist allergy relief helps block 6 key inflammatory substances with a gentle mist. Most allergy pills only block one. And 6 is greater than one. Flonase sensimist. Stuart i dont know why were singing along so happily. That is happy together. Were playing it to honor the deal that President Trump made with Charles Schumer as you saw in the picture. Check the market. Down nearly 40 points. 20 21700 is where were back to. Remember irma approaches. Lots of damage to homes. Fix it at home depot. Lets bring in former Trump Campaign manager corey lewandoski. Great to have you with us. Welcome aboard. Thanks for having me. Stuart the president is the dealmakerinchief. He tilted to the democrats. It is an ongoing process. It is bipartisan and gets more and more as we go down the road. Are you happy with this . Im happy were getting something done, after the republicans in congress for the last eight months, they havent been able to deliver on the promise to repeal and replace obamacare. They havent delivered on promise for tax reform yet. They havent delivered on promise to increase spending for transportation infrastructure projects. Time to start moving forward. What that means now, everybody solely focused for the next three months at minimum getting a tax reform package done to give relief to the middle class. Stuart how about the base . Do you think mr. Trumps base will be happy with him flirting with democrats . What the base wants is very simple. They want a tax package in front of them. They want fulfillment of promises he made on the campaign trail. If that means for next three months because we dont have a debt ceiling conversation taking place in congress we focus efforts getting the tax package done, three simple parts. Repatriate money overseas so we can get the money. Somewhere between 2 to 8 trillion. We dont know what is overseas. Double deductions for working family. Taking care of everybody. Cutting Corporate Tax rate from 35 to 15 . That includes all the subs chapter corporations. You do that, the economy is going to explode. David a big chunk of the Republican Party, not a big chunk, but a sector of the Republican Party is not happy with this. Yeah, but thats okay. Listen, you know what they will be happy with, when we start growing not at 1 . Weve seen in this Third Quarter were growing 3 1 2, 4 in the economy. That is what the American People are happy about. That is what the American Public wants. You have to remember, we have 20 trillion in debt. Congress had a chance to do something about this for a long time. They have kicked the can down the road. Time to get tax reform to pay off the debt. Stuart there were reports that treasury secretary Steve Mnuchin Steven Mnuchin was not happy with the president s deal with the democrats about the debt but he didnt express those feelings later on in an interview later this morning. Let me wrap it up with you, cory, i see a political realignment here, do you . I see a president wants to get things done irrespective of party. The person didnt run as party establishment, so fed up with a broken washington, if he can work with democrats or republicans in a bipartisan fashion to get the right thing done for the country, he is willing to do that. Stuart i wonder how our viewers feel about this were waiting eagerly for their response. Corey lewandoski, im not sure what to expect, i got to tell you. Thanks for joining us. Appreciate it. Good stuff. I want to what treasury secretary Steve Mnuchin was saying. He was not happy with the president s deal with the democrats. However in an interview this morning with maria bartiromo, he did not express the same feelings. Role the tape. The president wanted to have a deal. He thought it was very important to put interests of the American Public above politics. That is why he wanted to cut a deal to clear out next 90 days to focus on funding for harvey. We no longer worry about funding government at end of this month. That is major accomplishment. First time we had a bipartisan agreement walking out of there. That is a big step in the right direction. Stuart he got something done. The tony sayegh, with us, assistant secretary of Public Affairs at the Treasury Department. Okay, tony, im calling this a political realignment of major proportions. How do you feel about it, the guy at the treasury . Stuart, first of all, very good to be with you and your viewers. Thanks for having me. Look, you have a president and secretary of the treasury and a whole bunch of people working in the administration who consistently put people before politics. That is the new order here in washington, d. C. Certainly above partisan politics. Something important happened yesterday, we did not play politics with important relief efforts underway in the gulf coast for Hurricane Harvey. Potential efforts underway for Hurricane Irma, picking up steam. We made the decision collectively as republicans and democrats, that is very significant development. The secretary feels positive and supportive of this as well. I think now you have us focus on next three months on the top priority of the president , secretary, members of Capitol Hills congressional leadership and others which is tax reform. That is what well be doing. Stuart as the president tilts towards the democrats, especially 10 Senate Democrats in trump states up for reelection next year, as he tilts toward them, he brought on Heidi Heitkamp on to the stage yesterday for his speech in north dakota, do you think this makes tax reform more likely . We feel great about the position were in, stuart, on tax reform, largely because with the president s leadership and the work with secretary mnuchin and director cohn from the administration we have been since january focused on getting tax reform done with the congressional leadership and others. Were at a point, committees of jurisdiction in the house, ways and means and senate finance, will be able to move forward a framework we feel very good about and having senator heitkamp yesterday shows there are opportunities for bipartisanship. We sincerely want that to happen on behalf of the administration. There are things in this tax reform the president is pushing democrats should agree with. Eliminate loopholes and deductions, tax cuts to middle income families. Stuart there is one thing i dont think democrats will agree with, reducing Corporate Tax rate to 15 . You need to get it to 15 to make it attractive corporations to bring back millions from over trillions from overseas. The democrats will not go along with it. They want to tax them more. That is a problem, isnt it . The corporate rate is 35, 60 higher than average of other industrial nations. We need to make sure that gets lowered. The president puts out number of 15 . We believe that is the the most progrowth. Were working with democrats on the hill to achieve. Democrats gone on Public Record 2015 making businesses competitive reducing Corporate Tax rate. Well try to reach out across the aisle to achieve. Everybody understands we have the most selfdestructive, counterintuitive Corporate Tax system we incentivize profits and jobs offshore. We need to recalibrate, get more jobs created and more Business Investment into the American Companies in the United States. That is not happening under the current system. Stuart tony, tell me the real story here. When you heard that President Trump made a spontaneous deal with Chuck Schumer and nancy pelosi, what was your reaction . I bet you were shocked . Look, the president is somebody who understands stuart you were shocked. You were. He understands how to get things done. The president understands how to get things done. The reality we need the next three months dedicated and tax reform. Stuart was there a certain degree of scrambling at the Treasury Department . No, look the treasury secretary is consistently working with the president and colleagues in the administration to make stuart he didnt like it yesterday. He likes it this morning. Let me tell you this, stuart, the secretary made very clear in the interview with maria this mornings as treasury secretary he made the point a longer term deal for the debt ceiling is something should be considered. In fact it was. There was on the table an option yesterday to extend both the cr and debt ceiling for a full year. The president wanted to make sure we didnt undermine military spending at this point with north korea and other theaters around the world escalating is more important than ever. We did not want to bind ourselves into that oneyear deal when we wanted to revisit military spending. These are very logical conversations to have. The secretary is very happy to support what the president has done. Stuart i bet you got a real shock but you cant admit it. I bet you did. Tony sayegh. Youre out of time. Youre off the hook. Great to be with you, stuart. Stuart appreciate it. Do i have a lot of news about amazon today, including reports of pricegouging related to Hurricane Irma. Gerri willis is with us with the full story. Does amazon have a problem with pricegouging . Im looking at this, i think no and let me explain why. So think of amazon as the mall operator. Yes, they have a store in the mall but lots of other Small Businesses, not other Small Businesses, but Small Businesses have stores in the mall. They are all offering some of the same goods. When you search on amazon you gets lots of prices not just amazons price but scores of other prices. So today, let me tell you what amazon is saying because they gave as you Statement Last night. We do not engage in surge pricing. Prices have not widely fluctuated in last month. Lower prices offer are selling out. Leaving higher priced offers from third party sellers. Stuart that is the problem, third party guys. Thats right. Theyre saying, rest of statement says this, if you are having problems, call customer service. Well make it right. I heard your interview with the judge earlier today. I have to disagree. This isnt just about profits at this point. You got to think, air fares being cut. Jetblue is doing this. Why . Your companys reputation. Reputation. Appeal to consumers, brand name is at stake here. If youre withholding, giving higher prices on things people must have to survive, water, air fare . Ashley basics of life. And youre going to take advantage of people, it is wrong. Stuart price gouging if that is what youre accused of hurts your brand. Ashley of course it does. Stuart you have to fix it. Ashley yes. Stuart dont indulge in price and demand. Ashley get the judge back here. David the judge is back in the next hour. Well hammer him on it. Ashley yes. Stuart gerri, thanks for the explanation. Youre welcome. Stuart if you waking up, we got a lost about irma. Well take you to parts of florida as partings of that state evacuate. Next, nfl, football starts to night. When it returns to fox on sunday, they will make football better to watch. How about this . Six second commercials. Ashley yes. Stuart how does that work. I am going to talk football with Jason Whitlock in a moment. Better stay tuned. Ashley american football. American football, it is the best football. Ashley President Trump had to turn democrats to get something done in washington, as critics will tell you, republicans can seem to govern. Last hour we spoke with congressman brian babin of texas. Here is what he had to say. Roll tape. Im a conservative. I think the president probably has an ace up his sleeve in this negotiation he has done with pelosi and Chuck Schumer. However i dont know what thats a is. Im not in leadership. Im not in egg shun, not at the negotiation table when it comes to dealings of the debt ceiling and what were going to do. I was caught offguard like many of us in the Republican Party. This seemingly puts us at a distinct disadvantage, and sets us up at christmastime at the end of the year for another big cr, that is going to be shoved down our throats. How long do you think well keep oooooohhh you stopped youre gonna leave me back here at year 9 . How did this happen . It turned out, a lot of people fell short, of even the average length of retirement. We have to think about not when we expect to live to, but when we could live to. Lets plan for income that lasts all our years in retirement. Prudential. Bring your challenges. You can do endless move 201online research. T, or, you can take advantage of our best offer ever on an xt5. Dont wait. Our 2017 models will be moving fast. You can drive a car. Or you can drive a cadillac. Come in now before the end of our made to move 2017 clearance event and leave with the perfect cadillac xt5 for your next adventure. Choose a low mileage lease on this xt5 for around 339 per month. Stuart was my mic open . You didnt have to tell me that was frankly valley. That was frankie valle. That was my generation. Teamed up with dexcom, a company that make is blood sugar monitors for diabeticses. They will be able to look at levels just looking at the fitbit on their wrist. Fitbit is not up that much. Of course it is. That it is 10 higher. That is strong rally for dexcom. Ashley 59 cents. Stuart you want it or not. Ashley thats great. Stuart nfl kicks off tonight patriots and the chiefs. Sicksecond ads coming to nfl games on fox this season. Jason whitlock is here. Host of speak for yourself on fox sports 1. Great friend of the program. Jason i love this. Let me speak. One of the problems for me watching football, the endless commercial breaks. If you go to a game, it is even worse. What do you say . I love it too. The commercial break after the kickoff or you score a touchdown. You go to commercial break. Then they have the cookoff. They go to commercial break. Adding six seconds commercials inside of the game, the commercial breaks in other places will be shorter and viewing experience will be better. This is right in line. I will toot our own horn. Fox has been know vator broadcasting Sports Television graphically, and i think this will be a bold innovation everyone else will soon follow in terms how we handle commercial breaks. Stuart not to blow our horn too much, when i started watching soccer in fox, they introduced ads around the side of the screen. Theyre electronically put on to the screen, you dont interrupt the play but you do see the add. That is really innovation. I think it is really good for football especially. I know youre with me on this, because you work for fox. Varney, listen, the one thing unique about our network at fox sports. It was completely created to cover the National Football league. Its a football network. So we should be the leader in innovation and coverage of football and we continue to be. Stuart here is really good pr for football. J. J. Watt. He is now raised, nearly 27 million for harvey relief. The big supermarket texas chain in texas, heb, they donated 5 million. This is precisely the kind of pr football needs at this moment. I know you will not disagree with this, jason. Can not disagree. I think j. J. Is a great role model for athletes in terms, were in in era where athletes want to be socially active. What i love here about j. J. , you can be part of the solution, or you can be someone that complains about problems. I think it is far more effective for athletes in particular to be part of the solution. They have access to great wealth. They are generators of great wealth. People with wealth, idolize them, and well follow their lead on how to invest and use their wealth. I think that is a far better lane for athletes rather than trying to be the intellectual leaders of a movement. Everybody has got a role to play. I think what j. J. Is doing here is tremendous. I hope it is something that catches on with other athletes. I know a the who have athletes are doing positive things in their community, but, again i just think the generation of wealth and pushing that generation of wealth in the right directions to create solutions, thats a great deal, and it is something that is a good look for the nfl and good look for nfl players. Stuart isnt great to talk about football without mentioning protests and the flag and rest of it. I love it. Jason, thanks for joining us. See you again soon. Thank you, varney. Stuart it is stuart by the way. No big deal. Florida bracing for irma. Of course it is. Our reporters are on the ground and well head there next. Hi, its anne from edward jones. Im glad i caught you. Well im just leaving the office so for once ive got plenty of time. Whats going on . So those financial regulations being talked about . They could affect your accounts, so lets get together and talk, and make sure everythings clear. Thanks. Yeah. That would be great. Weve grown to over 900 billion in assets under care. By being proactive, not reactive. Its how edward jones makes sense of investing. So we need tablets installed. With the menu app ready to roll. In 12 weeks. Yeah. The world of fast food is being changed by faster networks. Data, applications, customer experience. Which is why comcast business delivers Consistent Network Performance and speed across all your locations. Fast connections everywhere. Thats how you outmaneuver. Your insurance on time. Tap one little bumper, and up go your rates. What good is having insurance if you get punished for using it . News flash nobodys perfect. For drivers with accident forgiveness, Liberty Mutual wont raise your rates due to your first accident. Switch and you could save 782 on home and auto insurance. Call for a free quote today. Liberty stands with you™ Liberty Mutual insurance. Ashley Hurricane Irma killing at least 10 people already in the caribbean as it continues to move toward florida. It will be close to south florida by saturday night. Time is running out. About 25,000 people have already been evacuated from the florida keys. Phil keating, live in north miami beach. Phil, getting out, not always that easy. Not at all. Traffic has been reportedly backed up on i95 north. It is expected to be very slowgoing. This is one of the most valuable commodities here in miami beach today, sand. Ironically a place known for tourist sand. But as of 7 00 a. M. This morning miami beach under a mandatory evacuation. Truckload after truckload of stand is coming in here. This is one of two locations where residents make their own sandbags, take them to their own houses put them around the front door and hope the storm surge is not worse than the sandbags can hold. Joining me is paul. Good morning. Reporter what is your last name again . Dr. P. Reporter you live on north bay road on the bay. I do. Reporter youre here getting sandbags. How worried are you . It hit me in this morning, im in panic, freakout mode. This is my birthday, and how im spending my birthday morning. Reporter not ideal. Are your friend starting to panic more today . Yeah. I think people are really starting to try to get out. Theyre realizing it will be difficult to get out because the roads are backed up. There are no flights. So i think people are really starting to freak a little bit. Reporter thank you very much. Broward county, coastal areas, mandatory evacuation on noon. Ashley reality setting in, people grabbing sandbags. The storm is two days away thereabouts, it is coming. Phil keating in south miami. President trump making a deal with chalk schumer and nancy pelosi. What. Republicans are not happy. Bret baier joins us next hour on the potential political fallout. Stuart well, for two weeks now we have brought you scenes of devastation and stories of great human endeavor. And its not over. The most powerful atlantic storm ever is bearing down on florida. Irma follows harvey, the second weather disaster back to back. This is unprecedented. Questions is Climate Change to blame . Well, that is a fair question. These have been extreme storms, but climate historians tell us there has been no change in the frequency or intensity of hurricanes since 1900, and no change in the frequency or intensity of floods since 1950. Next question, how do the authorities perform . Texas Governor Greg Abbott and President Trump both get high marks for their response. Now, the left has sniped at the president , but theyve only been nipping at his heels. In florida, Governor Scott has been on top of the situation at least so far. If these storms were a test of Republican Leaders, they passed. What effect on the economy . Very good question. Unknown, actually. But it is troubling. Who will provide the hundreds of billions of dollars needed for recovery . Who pays for the hundreds of thousands of homeowners without insurance . Who will offer insurance against wind and flood in the future . We dont know the bottom line yet because irma is still two days away and, frankly, weve run out of superlatives. Yes, houstons flood was biblical. Yes, irma is the biggest storm ever in the atlantic. None of this is hype. Its not hyperbole, it is reality. And its unfolding on live television. We often say we are all about politics and money. Well, we are now all about politics, money, Natural Disaster and that remarkable american spirit. The third hour of Varney Company is about to begin. Stuart a very modest gain, 15 points up for the dow industrials, but theres still about an even split winners and losers for the dow 230. Now, look dow 30. Look at the path of irma. It is headed towards the east coast of florida. More evacuations are now underway. Janice dean joins us later this hour. But right now ive got the latest read on oil supplies. Okay, whats the number . We are up 4. 6 Million Barrels, thats a build of 4. 6 million. We were expecting a build, but thats about half a million more than expected which would be putting downward pressure on oil, was we have more of it. Because we have more of it. Stuart no impact on the price, 48 a barrel, thats where we are. Joining us now, andy lipow. I want to know, youve gone back to houston. You joined us in new york briefly, now youre back in houston. Give me a status report on the refinery situation down there. Well, stuart, thanks again for having me. Right now as it stands about 6. 5 of the u. S. Refining Capacity Remains completely shut down. Thats over a Million Barrels a day. Meanwhile, we have another 8 or so that is in the midst of starting up whether its in the houston area, the beaumont port arthur area, and its still going to take them several weeks to regain full capacity. Stuart but this is not a huge bite taken out of our gasoline supply. Well, it still is because the extended down time that were experiencing is going to take supplies off the market. The good news is that we went into Hurricane Harvey with 230 Million Barrels of gasoline. Weve got about 50 Million Barrels in the system that we can draw on to make it through. Stuart what do you think will be the impact on gas prices of Hurricane Irma . I know it hasnt hit yet. Its not gone up the east coast yet. But what would you project the impact on the price of gas that we will all pay . Well, i think impact is actually going to be very minor because Hurricane Irma is hitting on the east side of florida. We dont have any refineries in its trajectory. Meanwhile, as far as oil and gas production, we have to look south of alabama and over to louisiana. So as it stands right now, irma is not impacting the oil industry. Stuart okay, fair point. Now, i do have to ask you about your house. You marooned up here for a few days. I know you went back to houston. What kind of shape is your home in . Well, fortunately, my house is in very good shape. I didnt get any water. My car was okay. But had i parked my car in my street, it was likely flooded. Stuart the freeways back up and running . Well, most of the freeways are running, but if you were to look at some of the major freeways going north and south on the west side of town are still underwater. Its created a huge amount of gridlock in houston as people try to get around. On monday some of the commutes were up to three hours. Stuart ill tell you one thing, andy, we will not soon forget the spirit of the people of texas and how they responded to an extraordinary catastrophe. Well done, everyone. Andy lipow, everyone, thanks, andy. Good stuff. Thank you. Stuart i want to get straight to politics, our bread and butter, of course. President trump reaching a deal with democrats. No reaction from the market, thus far at least. Steve forbes, forbes media editorinchief, is with us now. Steve, i thought when i came into work this morning that we would have a nice rally because President Trump looks like hes going to get some democrat support for a tax package. The rally didnt to occur. Why not . It didnt occur because this is just simply kicking the can down the road. And you could make a scenario that december, even january youre going to have a legislative train wreck. Democrats now know they have the whip hand. The republicans are not in charge of the agenda. So it cuts both ways. And the fact that he pulled the rug out from the gop without any forewarning means who knows whats going to happen on the tax side. Stuart i can tell steve forbes does not approve of this deal that the president has done with the democrats and any deal in the future on taxes. You dont approve, do you . Democrats on taxes, they know the game as well as we do, and theyre going to do the minimum necessary, one, to get the political mileage, but also make sure the republicans arent going to be in the position in 2020 to say, see . Weve got a reagan economy going for us. Stuart the votes werent there. The republicans could not drum up the votes that they need to pass the kind of free market policies that both you and i agree on. The votes werent there. The votes are there if you put something on the table. Stuart no, theyre not. They havent put it on the table. Stuart wait a minute. They put Obamacare Repeal and reform on the table, and it went down in defeat. Thats health care. Taxes is a very different animal. Republicans have been in this game for 35 years starting with ronald reagan. You cut tax rates. Dont get caught up in what the Congressional Budget Office does. You cut Corporate Tax rates. Stuart paul ryan wanted to extend the debt ceiling, extend the c. R. , whatever its called sure. Stuart for 18 months. He couldnt get that because he doesnt have the votes to get that. The republicans stuart the Freedom Caucus would have come right all in and stopped it all. Youd have a long, drawnout process gets in the way of the legislative agenda, you get nothing. This is where leadership comes in, and this is where the Treasury Department should be weighing in. Forget about major stuart wait a minute. Where is it . Well [laughter] stuart i mean, when push comes to shove, its not there. The leadership is not there. Hey [laughter] kevin brady, head of the house ways and means committee, now gets it. Youve got to go for a rate cut, you go for that 15 Corporate Tax rate and you double the exemptions as has been discussed earlier. Thats a good tax bill. The democrats are going to really gag on getting rid of, say, the death tax, getting rid of the alternative minimum tax, the Capital Gains tax, the kinds of things that will really boost the economy. Theyre going to want to throw in monkey wrenches on the corporate side. Be blunt about it, cynically, they dont want a booming 4 , 5 economy because that mean theyre out of business because they have nothing to stand on. Stuart so the difference between us is we both like what the president what the Republican Party wants to do with taxes. We both like that. And you say youd get the votes if you just put it on the table and advertised it. And the president does, the president does what he has done in the last couple of days, go out on the trail and then make a nationwide address in october or november, as reagan did. If you take the dynamics of capitol hill today, nothing gets done. Thats why reagan would go around capitol hill at the critical time. President trump has to do the same thing, change Public Opinion stuart hes done it. He started. Hes done two rallies, so its just, the process has just begun to change the dynamics of capitol hill. Stuart okay. I approve of this political realignment. Maybe you dont, but were going to discuss it for the next 52 minutes. You okay with that . You get a good tax bill, i dont care what alignment you have. [laughter] stuart just get something done. Not something, a good thing. Stuart no, no, no, something is better than nothing. I dont want a schumerpelosi thing. Stuart well, youre not going to get entire schumerpelosi, youre going to get a lower corporate rate, youre going to get all kinds of deductions which are no longer allowed, youre going to get a simplified deal. Come on. Something is better than nothing. Maybe i know too much about taxes. I want to see the details. Stuart okay. Well, you do know a lot about tax, ill give you that. [laughter] what have we got for you coming up in this hour . Hurricane irma slammed the caribbean overnight leaving complete destruction in its path. Now florida is in its sights. Were going to tell you or try to tell you exactly where this thing is headed. In the political world, i say the earth just moved. President trump playing dealmaker in chief turning to the democrats to get things done. Bret baier on that next. First though, check those markets. We have the dow now down a point, im going to call this a dead flat market. Youre watching the third hour of Varney Company. Were just getting started. con artists. theyll try anything to get your Medicare Card number. So they can steal your identity, commit medicare fraud. What can you do . Guard your card . Guard your card . Just like your credit card. Nobody gets my number, unless i know they should have it. To protect your identity, new Medicare Cards without Social Security numbers will be mailed next year. Visit medicare. Gov fraud stay sharp people stuart politics. I see a political realignment taking place in d. C. President trump turning to the democrats to reach a deal on the debt limit. Hell carry carry it forward inx reform. Bret baier, im out on a limb here, im saying this is a political realignment. What says bret baier . Well, i think it was a realignment. More hill republicans for hill republicans, leadership and others, the problem is not that the president negotiated with democrats. The problem is that he blindsided them, made them look foolish and out this deal and cut this deal right after the House Speaker had just said this is politics that democrats are playing in order to get leverage in december. The bottom line on this is you can say its a good thing, it clears the deck, gets ready for tax reform, but what he has given democrats is a chip in not only the tax reform negotiation, but whatever else, whatever else is being debated in december because there will be a steep fiscal cliff come december 8th or december 15th, whatever the endup date is, where debt ceiling raising again, c. R. , continuing resolution, and whatevers on the table at the time before they leave. Stuart bret, i want to play you the moment where President Trump appealed directly to democrats during his speech in north dakota yesterday, particularly democrat senator Heidi Heitkamp. Watch this, please. Senator heitkamp, senator, come on up. [applause] everyones saying, whats she doing up here . [laughter] but ill tell you what, good woman. And i think well have your support, i hope well have your support, and thank you very much, senator. Thank you for coming up. Stuart well, bret [laughter] that was an allout outreach to democrats, and its not over. Its going to continue. What do you saysome. It definitely will. And, you know, she flew on air force one to go to north dakota. He will continue to reach out and, clearly, its a soft touch to try to get those votes. But those votes, if the pitch is made correctly, can be protax reform and democrats up for reelection in red states that donald trump won overwhelmingly. And the question is, you know, when democrats are negotiating, you know, when it comes to december, how much leverage do they have now that they didnt have yesterday. What did the president get out of the deal orrin being liked other than being liked right now by democrats. Stuart the outline of the tax deal that weve been hearing is that you lower the Corporate Tax rate, you lower the individual tax rates a little, but you claw back some of the goodies that are offered to upper income people. That sounds like a broad outline of a deal that moderate democrats could jump on. Definitely. His problem will be on the right because they will want commensurate cuts somewhere to pay for that, essentially. And that they will want deeper cuts across the board. But youre right, there is workability. In fact, if you just did Corporate Taxes, you could get democrats and republicansed the to agree on corporate republicans today to agree on Corporate Tax. The problem is they want to roll it into a big tax package. One person up on the hill said, you know what . Lets bring simpsonbowles back and try to get the massive deal. No sense thats happening yet, but you never know. [laughter] stuart weve never seen anything like this before, who knows . One last one. Does President Trump keep his base onboard with him . I think so. I mean, he makes the case that republicans couldnt get health care repealed, you know, he hammers the Republican Party. The problem is, just political experts looking at this, suggest if he continues to hammer republicans, works with democrats, thats fine. But 2018 could mean that republicans because of inaction lose the house and lose the senate, and suddenly a republican president with democrats at the gavel of all those committees, its not as nice. Stuart why is it that every time we do an interview, bret, we end up smiling and shake ising our heads, oh, ive never seen anything like this before . [laughter] we do it every time. Thats right. Its how it is. Stuart bret, thank you very much for being with us. Thanks. Stuart check mastercard. Now, that is a dow stock, and it has just hit an alltime, record high. By the way, theyve raised their guidance for profitability in the future. The stocks up 3 , thats helping the dow a little bit. Up 4 on mastercard. I want to update the wildfires in montana, oregon and other western states. More than a million acres of land have burned throughout montana, i believe, right there. Thats an area larger than rhode island, by the way. Fighting the fires in total could cost over 300 million this year, making in the most expensive fire season on record. Next, an update on irma. It is official, a hurricane watch just issued for south florida. Janice dean moments away from telling us exactly where this thing is going to go. Check that big board, now were down 21 points. The dows at 21,787. So new touch screens. And biometrics. In 574 branches. All done by. Yesterday. Banks arent just undergoing a face lift. Theyre undergoing a transformation. A data fueled, security driven shift in applications and customer experience. Which is why comcast business delivers Consistent Network Performance and speed across all your locations. Hello, mr. Deets. Every Branch Running like headquarters. Thats how you outmaneuver. Stuart it is official, a hurricane wath has been issued for south florida. Come on in, janice dean. Please tell us which part of florida takes the hit. Reporter well, we have watches up for south florida, the keys, lake oak choke, so within 48 hours were going to start to feel hurricaneforce winds and the effects. Hurricane warnings for the bahamas, the turks and caicos as well as the northern hispaniola area. A hurricane warning as the storm is moving knot, and then is moving mort. And then the bahamas, turks and caicos could take a direct hit from a category five hurricane. We have a pretty good indication of whats going to happen, beyond that there is some issues with the forecasting. But i will tell you south florida and the keys right now, as of right now, potentially taking a direct hit from a very strong category four storm. Thats what we know right now. I mean, wobble to the east or west is certainly possible, but right now we have to prepare for the potential of a devastating hurricane hitting keys and south florida in the next couple of days. Saturday night into sunday, right there. And if this storm moves due north, this area, south florida, will get the worst storm surge, the worst of the winds and the worst of the heaviest rainfall. Northeast quadrant is where we see the worst of the storm. And this model has it moving on land, perhaps losing a little bit of steam as it moves up towards the north. Then georgia and the carolinas needs to be on alert for the potential of an impact from maybe a hurricane or a tropical storm. So dealing with this storm system well into tuesday and wednesday, stuart. South florida, the keys, you need to be completing your preparations and evacuating if you have to. Stuart we hear you. Janice dean, thanks for joining us. Appreciate it. Thank you. Yesterday we told you about the billionaire, richard branson. He was riding out Hurricane Irma on his private island in the caribbean. Branson keeps dozens of exotic animals there inlewding lemurs, giant tortoises. Tmz reports some animals have been lost in the storm. People are searching through the rubble to find them. The good news, branson and his family are safe. Got it. Coming up, any moment now House Speaker paul ryan will hold his weekly news conference. Well take you there when it happens. Check that big board meanwhile, were down 15. More varney after this. Im val. The orange money retirement squirrel from voya. I represent the money you save for the future. Whos he . Hes the green money you can spend now. Whats up . Gonna pay some bills, maybe buy a new tennis racket. Hes got a killer backhand. When its time to get organized for retirement, its time to get voya. Its a highly contagious disease that can be really serious. Especially for my precious new grandchild. Its whooping cough. Every family member, including those around new babies, should talk to their doctor or pharmacist about getting vaccinated. Approaching medicare eligibility . You may think you can put off checking out your Medicare Options until youre sixtyfive, but now is a good time to get the ball rolling. Keep in mind, medicare only covers about eighty percent of part b medical costs. The rest is up to you. Thats where aarp Medicare Supplement insurance plans insured by Unitedhealthcare Insurance Company come in. Like all standardized Medicare Supplement insurance plans, they could help pay some of what medicare doesnt, saving you in outofpocket medical costs. Youve learned that taking informed steps along the way really makes a difference later. Thats what it means to go long™. Call now and request this free decision guide. Its full of information on medicare and the range of aarp Medicare Supplement plans to choose from based on your needs and budget. All plans like these let you choose any doctor or hospital that accepts medicare patients, and there are no network restrictions. Unitedhealthcare Insurance Company has over thirty Years Experience and the commitment to roll along with you, keeping you on course. So call now and discover how an aarp Medicare Supplement plan could go long™ for you. These are the only Medicare Supplement insurance plans endorsed by aarp, an Organization Serving the needs of people 50 and over for generations. Plus, nine out of ten plan members surveyed say they would recommend their plan to a friend. Remember, medicare doesnt cover everything. The rest is up to you. Call now, request your free decision guide and start gathering the information you need to help you keep rolling with confidence. Go long™. Stuart now, at that podium any moment w speaker ryans going to take to it for his weekly news conference. President trumps debt ceiling deal could come up. Were obviously going to monitor it. But first, this check the big board. Were down 30 points. Thats not a huge selloff today. The dow is at 21,7. Lefthand side of your screen, the path of irma still a category five, still looking to go close to florida on the atlantic coast. We will get a closer look at that storm a little later this hour. All right, take a look at the wall street journal editorial titled the pelosischumertrump congress. The republican gang that cant even shoot at each other straight. Oh, strong stuff. And look who is here, not the man who wrote it, but the man who writes some editorials on the wall street journal thats the man, dan henning questioner. So pretty strong stuff. Look, i personally am in fave of President Trump going towards the democrats to get something done. How about you . Well, getting manager done at what price something done at what price, stuart . I mean, the three month extension means it will come up again in december, and itll be a bigger fiscal cliff, and youre now forcing the republicans to take two difficult votes in the middle of tax reform. They should have attached this to a mustpass bill right now and get it behind them, but they were unable to do that. Some of the conservatives in the house wanted to attach it to something to reduce spending, and here we are. The prosecutor turns around and the president turns around and does a deal with democrats. Stuart isnt it the Freedom Caucus . They wont allow the Republican Party to govern. They wont do anything. They keep insisting on, you know, doing making these demands that dont allow the House Republicans to pass a majority vote. So paul ryan has to go hat in hand, as a result of that, to nancy pelosi to get the job done. And, you know, pelosi and schumer have just been sitting there patiently waiting for this moment to come, when a republicandivided party could not longer no longer pass a piece of legislation and had to ask them for a deal. And now this deal that the president did yesterday has legitimized, elevated pelosi and schumer, and theyre now players in the game. And you are not going to see a key and republican agenda a conservative and republican agenda Going Forward now. It is going to be diluted by deals theyve got to do with these democrats. Stuart they destroyed themselves. The Freedom Caucus stood on principle. They refused to get things done. Thats my position. You disagree with me completely . No, i dont at all because they are losing. They are not winning. They did not have enough votes on health care, and the question is whether theyre going to have enough votes on tax reform, or are they just going to stand there like dogs in the manger, not being able to pass things themselves but not allowing the republicans themselves stuart precisely. Thats the situation. Hold on a second. Aye got a Freedom Caucus supporter on the set, his name is judge Andrew Napolitano [laughter] here we go. Im responsible for everything stawrt start wait, let me frame the question. Youre wrong. [laughter] stuart when are you going to climb off your high horse of principle and get something done by being practical and pragmatic . I am staring at three of the most principled gentlemen i know, and theyre all looking at you stuart theyre over there. Like you have two heads. First of all, the freedom a caucus is in the house of representatives, and they did pass the Obamacare Repeal. Stuart and the Republican Party did not. Because of whatever happened in the Senate Thanks to senator mccain, who is hardly in the Freedom Caucus. [inaudible conversations] it has nothing to do with the Freedom Caucus. Your animus is with me. [laughter] stuart no, no, wait. The Freedom Caucus insisted on all kinds of changes in the Obamacare Repeal bill. And it passed overwhelmingly. Stuart so far to the right that when it got into the senate, it was unpassable that was not true. The one that lost in the senate by two votes didnt bear the closest resemblance to that which passed the house. You are mixing apples and orange toes. As for rejecting principle, the people of the United States elect those to go to washington was judgment they trust. When they change that judgment and reject the principle on which hay ran, they are of which they ranker they are no value to the voters. Stuart when the people elect a republican president and Republican Senate and house, the people expect them to do it. Who elected the queen . [laughter] stuart cheap shot. Cheap shot. You know ive renounced her. [laughter] no such thing as price gouging. These people should be able to charge whatever they want and be plenty of supplies. And the wall street journal agrees. [laughter] stuart look [laughter] whether you three guys, when are you going to climb down from the principled stand which you insist on taking and allow something to get done . Ive asked you that already, steve forbes. Get something done, how about leadership in the house . You blame the Freedom Caucus . It was paul ryan who insisted on crazy 20 border tax hear, hear. Six months later he dropped it, thank you very much. It was paul ryan and mcconnell who insisted on doing Health Care First instead of passing a big tax cut that would have created the political environment to get these other reforms done. Theyre the ones who botched it, not the Freedom Caucus. The leadership botched it. Stuart let me explain something. The plan for tax cutting from the Republican Party is as follows, you lower the Corporate Tax rate, you lower the individual tax rates, and at the same time you claw back some of the deductions used by upper income people. That is a middle class tax cut. With help from the democrats, it will pass. I dont see anything wrong youre going to pay more taxes stuart i am, indeed. This is not the Stuart Varney and i know and love. It promotes prosperity, and im for it. Youre for higher taxes for yourself . Stuart no. If we can get the corporate rate down below 25 , preferably 20 or 15, the question is how are you going to get it down that low. You cant just legislatively steve will hate me for saying this, but somehow the members of the house are going to demand that you pay for it somehow, that it not create, blow the deficit out at the end i know the argument, steve, but they are not going to vote for that. Well, then they deserve to go, become uber drivers after next november. [laughter] they wont vote for it stuart dan is right but the fact of the matter is in terms of these cbo projections, everyone knows theyre nonsense. If youd had 3. 5 growth in the last ten years, we wouldnt have a budget deficitted today. Say deficit today. Theyre in charge of the rulemaking. Stuart that is not the argument. The plan as i outlined it plan is fine. Stuart has a good chance of passing if it gets democrat support in the senate, and the president is going all out to get that democrat support. Therefore, it is a good thing. Would you rather the tax bills were written by the Freedom Caucus or pelosi and schumer . Stuart id rather have the tax laws written by a party that can get them passed. But youd also like it in such a way that we all pay less taxes than we pay now, isnt that true . Stuart yes thats not whats going to come out of schumer and pelosi. Stuart you cannot get the votes for the kind of plan so is it better that you pay what you pay now or pay more . Stuart its better to be pragmatic. Bring your friends onboard wherever you find them, get on with it something is better than nothing, yes, it is. [inaudible conversations] 20 a gallon or no gas . It depends on the something and, two, the democrats are going to exact a very high price yes. To have donald trump have a victory on taxings. Stuart wait and the question is stuart maybe this will shake up the republicans so much that theyll come around to getting unified and get a vote together. That could happen. Maybe what happened yesterday is a kick in the you know what to get them to finally realize stuart yes, yes, a good thing. A very good thing. But dont expect a good tax bill from the democrats. Youll never get it. [laughter] stuart so, Dan Henninger [laughter] go on, make your claim. You have just this pileup of legislation coming in the next 50 days, 50 legislative days to do the budget. We dont have a budget incidentally, anybody. We need to pass that budget to do reconciliation, to be able to pass tax bill with 52 votes. And all of this is going to pile up in november and december. And the idea that the congress we have been looking at for the past three months getting so many important pieces of legislation done, i think, is hard to credit. Im very i just do not believe that this congress is capable of executing. Stuart ive got a minute left. How about this for a deal which i hear talked about. In return for the support from the democrats, the president puts daca on the table, to vote on that yep. Stuart and in return for that, we build wall. The president has already said he will sign daca into law should this congress which refused to enact it when barack obama was president enact it. Stuart okay. Are we at a stalemate here . Youre actually suggesting something thats realistic tax cut, ill take that any day for a wall. [laughter] stuart oh, we thought paul ryan was about to appear. We will go to him hes listening to us. Til were finished, hes not going to the podium. Hes checking his notes hes trying to find his voice. He just called me on his cell phone, stuart. Stuart no, he didnt. Saying he doesnt want to hear from me again. Stuart are we taking a commercial break . Yes, we are. Okay. Well take the commercial break, back in a second. Still love you. Stuart right, right. Stuart speaker ryan has just started. Listen in, please. And i express our commitment to quickly provide resources to the region. In addition, i spoke with our delegates from puerto rico and the Virgin Islands about the devastation that is occurring right now with Hurricane Irma. And this morning i spoke with President Trump about the urgency of our relief efforts. Its a good thing, but with new technology fema is moving money faster than ever before, and so that is why theres a sense of urgency to get this relief package done. Right now were just thinking about everybody inner in irmas path. 185 Miles Per Hour, so our thoughts and prayers are with the people who are in the path of this current hurricane. This morning we had another productive meeting, thats why i was a little late, another productive meeting between the house, the senate and the white house on tax reform. Our taxwriting committees are in the midst of working on the details. This is our number one priority this fall. As you may have heard me say earlier, we want americans to begin the new year with a new tax system. It is high time. We havent done this since 1986, and the rest of the world has passed our country on, and its time we get back in the game of being competitive, and we will get faster Economic Growth when we do this. Its about growth. Its about fairness. Its about finally giving American Families a tax break. Lastly, i want to take a moment to highlight a new report from the commission on evidencebased policy making. This is something that i consider very, very important. This has been a personal project of mine. Senator pathly murray and i patty murray and i came together to start this panel. The mission here is to completely reexamine the way government solves problems. You look at Something Like the war on poverty. You look at Something Like the fact that weve been at this for decades, but the needle has barely moved. Washington is just stuck in this endless feedback loop where we measure success based on effort, based on input, how much money are we spending, how many programs have we created, how many people are on those programs. We cling to that when we ought to be focusing on outcomes. Are these programs working . Are, in this case, we getting people out of poverty . So this report, the promise of evidencebased policy making, this report lays out a blueprint for doing that. Im excited about the potential for more bipartisan progress here. What we should be doing as policymakers is focus on outcomes and results not just based on input and effort. Patty and i are going to be talking about this later in the capitol today, but this is something i think is high time in coming. With big data, with analytics, with the tools we have in technology, we ought to be able to get our policy focus on actually achieving the results that we intend, not just hoping, but actually doing. Thats what this is all about. Questions. So does that mean youre going to be taking a bipartisan [inaudible] i hope the Democrats Join us on tax reform. I think thats fantastic if they do. Were going to go the path weve been planning on tax reform. Actually, ive heard from quite a few democrats lately that they like what were talking about. Yeah. Speaker ryan [inaudible] do you believe that you have a [inaudible] i do, i do. Look, i know theres a lot of interpretations in all of this stuff about the meeting yesterday. Isnt it a good thing that congressional leaders talk . I mean, thats probably a pretty good thing, number one. Number two, the president made it really clear in what he was aiming for in that meeting yesterday, a bipartisan moment while the country is facing two horrible hurricanes. And so what we made clear to us is he didnt want to have look, personally i think the debt limit and the credit markets, the longer the better for the stability of the credit markets. Thats my strong opinion. But he was interested in making sure the that this is a bipartisan moment while we respond to these hurricanes, and he made that clear, and i think thats what his motivation was. [inaudible] no, i didnt want describe it i didnt describe it that way. I think youre putting words in my mouth. Look, im worried about the credit markets and doing this on a shortterm basis, shortterm basis, shortterm basis. We cant keep doing it that way. But i think what the president basically expressed is at this moment when we just had a massive hurricane hit texas and louisiana, we got one thats just hit the Virgin Islands, puerto rico and now florida, and this thing, if you look at the cone of this hurricane, it could be anywhere from georgia to south carolina. So that is a tough moment for our country, and we need to make sure that the government responds to people. And so the president wanted to make sure that we are going together as republicans and democrats to respond to this. I was making an economic point which is with respect to the credit markets, i think stability and longevity are key. A lot of one. At yesterdays meeting [inaudible] no, i think i i wont get into a private conversation that we had, but i think theres a legitimate role for power of the purse in article i, and thats something we defend here in congress. [inaudible] i wont get into what they have or arent doing with their legislative session. I spoke with Governor Abbott last night. What we know is the Disaster Reserve fund which, by the way, this isnt just for harvey, this is for all disasters. And weve got more than just one disaster occurring in this country, especially today, than whats going on in texas. Whats happening is unlike katrina where i dont think iphones even existed then, people on their smartphones are quickly applieding for their applying for their fema relief, and those applications are being approved and that moneys going out the door at such a faster pace than weve experienced before to the point where o to mb is telling us fema could run out of money as early as tomorrow and no later than tuesday. A that is basically the projections were getting from homeland and omb, and we have a treasury secretary whos worried about the Borrowing Limit to cash flow these payments to fema particularly now that theres a new hurricane hitting this country today. And so those are the concerns that trump everything else, no pun intended. Those are the concerns that prevail over everything else. And that is why we have this issue right in front of us. Shouldnt that [inaudible] look, i think im sure theyre going to. Chad. Thank you [inaudible] the president admitted [inaudible] yeah, its a good question. Yeah. What could be done, and do you think the administration [inaudible] has the authority to do i do. But now that they have i think its in our interests to have a new one, i just want to make sure we have bun that works for our we have one that works for our war fighters, for the men and women were asking to go into harms way and we do it in a way that doesnt put them in jeopardy. [inaudible] i think the administration should take a lead many what an aumf looks like. I didnt want the like the dead i didnt like the deadline because i think that puts our military in duress. What matters n my opinion, is that we have one that respects the fight that we have in front of us which is multicontent. I mean, weve got, weve got isis in libya, weve got isis in the arabian peninsula, weve got, weve got central asia, weve got a lot of nights on our hands fights on our hands that we have to engage in order to keep the American People safe. I think the president recognizes this threat. I think the president , through a long analysis, recognizes the need to go at a better, different way in afghanistan. I think in afghanistan i think the best description of the last 16 years in afghanistan is weve had 16 oneyear strategies in afghanistan. We need to have a real strategy in afghanistan that shows what victory looks like on how we keep ourselves safe and deny terrorists safe havens. And an aumf should reflect that and shouldnt tie our war fighters. Carrie. [inaudible] well, im not going to get into our meeting yesterday. That was a private conversation. Im sure theres going to be rival interpretations. But what we as republicans and i feel safe saying the administration agrees remember, daca is a symptom of a problem we dont have control of our borders. And so while we doe do with this issue, which the president just Gave Congress time to deal with, i think its only reasonable that we deal with the root cause of the problem, open borders, uncontrolled borders. We need to control our borders while we deal with this problem so that we dont have the same problem ten years from now. Thats just perfectly reasonable. And it wasnt too long ago that i think a lot of democrats agreed we should have operational control of our borders. [inaudible] well, obviously, funding the border is part of controlling the border. Last question. Yeah. [inaudible] well, we havent done the whip on this, so i dont know the answer to your question about the vote, about the vote count. We all thought we had more time, obviously, to deal with the debt limit issue, and thats before the hurricanes hit. When these hurricanes hit and we saw the new numbers coming in from fema, that changed the entire calculation. And so the president made a game call yesterday that he thought it was in our countrys interest to have a bipartisan support in a bipartisan package to deal with these ongoing hurricane disasters. And so that is where we are right now. And, look are, hurricanes dont discriminate between republicans and democrats. Hurricanes just hit people. They hit americans. And we have an obligation to respond to this. So thank you very much, everybody. Appreciate it. Stuart bottom line from speaker ryans news conference, such as it was, is this he went right up there and addressed the meeting yesterday in in the oval office where the president tilted to the democrats. Speaker ryan just said he hopes that the Democrats Join in on the issue of tax cutting. Steve forbes. That was said, thankfully, they didnt have a pinocchio there in the sense that he knows what the democrats are going to propose, its the opposite of what the republicans want in terms of big tax rate cuts, cutting Capital Gains and the like. He knowsts its he knows its going to be a hard sell with the Republican Party. Stuart the speaker was in a very difficult position, ash, because the president cut him off at the knees. Oh, absolutely. Stuart pulled the rug out from underneath him. Yes, i think so. But, you know, this has been coming. No matter what you say, this has been coming because something had to get done, and the president was it the Nuclear Option . Maybe. But to get in bed with nancy pelosi and Chuck Schumer [laughter] you may have hit something earlier, stuart. Maybe this will wake the republicans up, get your act together. Stuart well, one can but hope, because the reaction to this will be profound within the Republican Party. Theyve got to take stock. Theyve got to become the governing party. Yes. Stuart right now theyre not. I want to updater ma briefly. Florida father and light said itll take two Nuclear Power plants offline before the storm hits. Those plants are in the path of the storm, and so is our own jeff flock back in miami. What have you got for us now, jeff . Reporter controlled chaos, is what ive got for you, stuart. Controlled because the lines are long, but at least theyre moving. Security there work at this gas station, a lot of gas stations have lost power. At the same time, weve got a line that stretches all the way down the street here. Bob, you able to see this . All the way down the street there, weve got a line over here to the right trying to get into the home depot to get stuff, supplies and plywood. Its chaos but, as i said, right now its controlled, stuart. I hope it stays that way. Stuart jeff flock, right in the middle of it. We appreciate it, always. Thank you, jeff. Now, as hurricane i or ma approaches florida, texas still reeling from harveys impact. Come on in john hofmeister, citizens for Affordable Energy ceo, and a former president of shell oil. John, give me an update, please, on the status of refining business in houston. I think the big houston machine is gearing back up, and were glad to see it. I think only four refineries are currently not in a startup mode or at some progressive level of along that way. So the big machine that feeds this nation is coming back, coming back quickly, and i think thats a all to the good. Stuart all right. Can you explain why it is that gas prices go up very quickly but then when the crisis is resolved, they come down very slowly . You used always. Stuart to run shell oil. You explain it, will you, john . Well, what happens is traders are the people who move molecules from the refinery to the distribution points, and they will be very sensitive to price opportunities. They make their money when prices go up or prices go down. So when theres a chance of a shortage, theyre going to arbitrage and move prices up as rapidly as they can, and then they only drift down. We have an expression in the industry, up like a rocket, down like a feather. And thats been going on for donkeys years. Its always going to be that way. Stuart what about the gas station other than whos got all of his gas tanks full on his station, theyre all full, suddenly theres a shortage someplace, and he puts his prices up because he, hes bought that gas that hes got at a low price. Hes going to make a very significant profit, is he not . Yes. And i dont think anyone that i know is against the idea of making profit. But if you gouge people, then youre doing something that really, it offends the moral conscience. So somewhere between moral conscience and profit making, because he was wise enough to have volume available which he carried at an inventory cost on his books, you know, so hes making a little money off the inventory. But its when they gouge, when prices go up skyrocket, thats when its morally wrong and offensive to the general public. Stuart i wonder if our viewers will buy that technical explanation for the slow drift down of prices as opposed to the sharp rally up. But, you know, john, you answered the question, and we appreciate that. Thank you very much, indeed. Lets get back to florida. Phil keating is with us, hes live in miami beach. Now what, phil . Reporter no, the best stand in miami beach right now is right here in the parking lot, stuart, because this is one of two locations where residents can sandbag to take back to their house weighted sandbags to, hopefully, protect all of the storm surge from hurricane i or ma from going underneath their front and back doors and getting inside the house, causing the kind of flooding damage theyve been watching on television from from texas over the past 10, 12 days. So this has been a very hard working labor site, multiple truckloads have come in all morning. There have been a constant flow of people here since six a. M. , and traffic the line of cars of people waiting in line to get their turn goes all the way around the block. Again, mandatory evacuation underway for miami beach as of this morning. Stuart phil keating, thank you very much, indeed. Disneys chief, bob iger, he says star wars and marvel movies will be exclusively for disneys new streaming services which will launch in 2019. He just said that at a conference in l. A. More varney after this. Stuart in my opinion the big story of the day outside of whats going on with irma and where its going to land, the big story is the political realignment we saw late yesterday at that meeting in the oval office where the president tilted to the democrats. Am i right, steve . For the moment yes. But for republicans it is a wakeup call. They get their act together, there wont be that realignment. They get something done on taxes. Stuart what do you say . Ashley kick in the plants for republicans basically said no. Realignment is a good word but minor tremor perhaps . Stuart i think this might make tax cuts more likely. I thought we might see a nice rally on the market. I was totally wrong about that. Here comes neil cavuto who will no doubt me im wrong about a lot of other things. Neil . Neil i dont know. I dont know. I understand the logic of your thinking. Always very logical. When you alienate your friend to embrace your socalled enemies, i dont know. Just going to leave it at that. Stuart keep your enemies close. Neil that is why i always like talking to you. Kidding. Kidding. I just dont have a good gut feeling on this, buddy, but well see. Meantime were on top of the weather storm. Well get to that in a second. Also on top of a grossing political storm here. A lot of republicans still incensed over what they say was a complete switcheroo on the part of the president of the United States to team up with democrats to get the threemonth extension before they have to