Lower because inflation Interest Rates are heading higher, there is a surprise in the numbers today. Retail sales actually fell in january no explanation, but a surprise. So this is where we stand after three days of gains, stocks down this wednesday morning. Throughout the show we will ask now what . We also have good news, more good news from olympics american team, the old half pipe star has returned, Varney Company about to the guys been around a long time. The latest medal count, germany has the most gold so far. The netherlands leads overall. The u. S. Is days. On a personal note, this medals count for countries. I prefer to celebrate extraordinary individual performance. Everyone should win one. Youre putting the metal cow. Stuart i admire your attempt at humor here. Ashley its about winners. Im for america winning the most gold. Believe me. Future is down because inflation is that. Down 200 though. Catastrophic for the dow. Lees peek columnist and creature router to the hail. Are you worried . I am not worried. This is another confirmation the economy is accelerating in its growth and expect it to see some uptick in inflation. This is not by any means alarming. People are watching carefully to see whether Wage Inflation tops out because the numbersign employment suggested there is a real shortage of available labor as the economy continues to grow that will perhaps become more acute. Right now there is nothing to be particularly alarmed about because earnings continue to grow very quickly. Stuart could we turn this around and say weve got higher inflation because weve got a very Strong Economy and thats good news. Eight years this drug sluggish growth and they turn on their head. They are resulting in volatility, that these are all positive investors. Retail sales fractionally down there were hurricanes that wiped out all the supplies and now they went down in comparison. Home centers dont do well in the winter months. Stuart . Stocks down from stocks down, inflation up in retail sales a big surprise. It appears both sides in the senate are willing to make a deal. Is it a deal the president is willing to sign. Nick johnson, editor in chief coming year record they will not produce a deal the president will sign. The president digging in his heels. Is that a hard way to go to . Is it too hard a line thats the scoop last night the president has said hell only take Legal Immigration and deals at the dreamers about 20 seconds ago i was sitting in the chair confirming just that. That is the bill through senator grassley that democrats say they will not support. What we hear a lot about what makes me less optimistic as the ryder as the rhetoric from republicans in democrats already shifting to the midterm. Republicans say if there is no deals can the democrats will be blamed for Border Security. Bear brunt of the political pressure for not acting on dreamers. Train to the hardline statements. They want to satisfy their base and needs to be reassured Border Security. They need to be assured that you will get the dreamer tuesday. Theyve got to have hardline statements set for a period they will not go shooting details down the road. Mitch mcconnell has thrown open the base pairs we havent seen in many years and they will be considered the first time has been partisan shot and we havent had any real but yeah. Im getting worried about getting to a real deal. Stuart if this is the barebones of the deal, do you think its acceptable . On the republican side, you get money for Border Security and at the same wall get money for Border Security. Limited reform of chain of moderate. On the other side cannot win for me, maybe 2 million dreamers tuesday. That is a deal is a broad dreamer. I think so, but how much money in sussex, the immigration deal falls apart. Have you changed family migration . Is the 25 billion, 15 billion, 10 billion when you start putting numbers on paper, thats where the Coalition Falls apart. Stuart i will end the discrimination by saying we get. Ive concoct you about bill gates. He says america could lose its role as a leader under President Trump p. M. Would you make of that . Theres no secret bill gates isnt a huge fan of the president under the America First policy on climate change. A common criticism of people like bill gates is the America First policy might hold america off the world stage. Who fills it . Russia, china . That is a criticism a lot of people make. We need to focus on american side of the world. Stuart thanks for joining us because it got to update the futures market. Weve got a change. Five minutes ago we went on the air, seven minutes ago down 200. Now we are down 100 night team. We are going down because inflation is up in Interest Rates are up, but not done as much as we thought we were. Chipotle, theyve got a new ceo. His name is brian nichols. He used to run taco bell. You will take over next month. A big job ahead of them, but investors like to move. Twentyseven dollars higher, on 11 . Ill take it. If i was an investor right now. Netflix has a bigtime producer, ryan murphy. This is all about original content. The guy behind such it does glee and American Horror story in premarket netflix is that 262 a share. Apple stocks, tim cook downplayed a special dividend to shareholders yesterday. This is what they will do it all back cash. Sure in liz investors they doubled the dividend to 26 a quarter quarter teacher you should dividend. May see its getting a little hard. He got uncomfortable and said we usually announced thursday that they are from annually come historic way between 80 of the team . Stuart i saw yesterdays close up about premarket today. Liz the dividend of 63 cents. Stuart amazon, what would our show be without an amazon story appeared theyve moved the market with the big one to sell medical supplies for hospitals. Lees peek, heres the question. Do you think amazon is over ahead of it beats going too far, too fast in the Winter Olympics . May be. Lets face it if they are getting involved in one sector of the economy that we should have all but, if health care. Im for a good that we will go to walmart, go to amazon. Ask these incredible cost cutters how we can slim down the expense of health care. Remember, amazon is involved in another rougher with Berkshire Hathaway and jpmorgan trying to figure out what to do about Health Care Costs because this is a recurring issue that is not going to weigh its not just obamacare, the cost of drugs and health care in general which is way too high. Stuart im surprised the Amazon Effect didnt affect the inflation of this. Msn brings prices are bigtime. It could bring drug prices as well. Liz weiss. Liz why isnt there more inflation in 21 trillion central brink throughout the crisis. Because its only begun to translate. Stuart a daily dose of our trades. A high school in california has been the National Anthem. It will no longer be found. Why . The students they are National Anthem is racist. Was that unicenter stereo . Big development overseas. Recommending Prime Minister benjamin that yahoo be charged with corruption. Has this got anything to do with this relationship with President Trump . Bernie sanders back in Campaign Mode heading to iowa next week holding a rally with former aide running for congress, far left democrats making a big push ahead of the midterms. More varney after this. And add potential income. Bring amlp into the game. Before investing, consider the Funds Investment objectives, risks, charges, and expenses. Read the prospectus carefully at alpsfunds. Com amlp stuart when we first got the inflation number, given what good are the market was down 200, 300 points at one stage. Now we are looking to a minus 170 at the opening bell. Greater Police Looking to bring corrupting charges against benjamin and then yahoo . What is he accused of . They accused him of corruption, specifically receiving gifts from businesses including a hollywood producer and an australian billionaire, james packer, also trying to negotiate favorable coverage in a newspaper in return for limiting the influence of another news paper within israel. Netanyahu denies all this and sets up a but its not to the attorney general to decide whether he will go ahead with his indictment. Polls say indictment. Paul saith that have been 60 of those people say they he will step down. Theres rather than charges for a man of his stature. Ashley 1997 yet similar charges. True to it one of the left is going not him in israel. Are they going after him because hes a friend of Donald Trumps . Ashley is a tenuous political situation because if they pull away from his party it could collapse in half irgun elections. Trade to Bernie Sanders going to iowa next friday. Brigand reporter charles hurt. I dont think its necessarily running for the president pay. Hes going to drive his party to the left. These people are always running for president. If there is a politician anywhere in washington, and they all think they will be the next president , but what he wants to do more than anything else is to try to move the party more in line with his politics. That way it makes it easier for him to run for president because he will be the next president of the United States. Trade to do you think it is a winning strategy. You start offering free college for everybody, free money for everybody. It sounds pretty good, very good. You could witness a platform like that. Margaret thatcher said its really great until you run out of other peoples money, which is what always happens. I do think it is kind of their shortterm strategy. You have a couple smart people like Chuck Schumer and the party who realize there might be a limit to that. The Democratic Party has become the party of free stuff, Racial Division and class warfare. Again, it feels good for them to hit all of those buttons. They still have to go through that. The reason republicans are where they are is because republicans allowed donald trump. Donald trump one and took over. When Bernie Sanders crashed the gates of the Democratic Party come the Democratic Party coalesced around Hillary Clinton and they rebuffed Bernie Sanders and they basically the election to give it to Hillary Clinton because they didnt want to deal with it. They still have to face up to that. Trade to have a sneaking suspicion that Bernie Sanders, had he been the democratic candidate could have beaten donald trump. I think in the end, donald trump would have won. I think Bernie Sanders wouldve run a much Better Campaign in a much better chance that he could have one than hillary. Come on, Hillary Clinton has been around for 25 years. Who do they try out for the response to the state of the Union Address come a fresh new face named kennedy. Take peoples last names and jumble them up. Come up with some sort of new last name. Stuart i hear that Hillary Clinton may be campaigning for the midterms. Dont laugh. I hear this is whats going on. Its true. My pipe dream is that she runs for president again because that would be a lot of fun in 2020. Stuart you should be ashamed of yourself. You really should. But its good having you on the show. Thank you, sir. Appreciated, stuart. Stuart apple chief tim cook defending and told shareholders he never wouldve supported the plan if he didnt think it was good for america. More varney after this. You know what they say about the early bird. He gets the best deal on the Perfect Hotel by using tripadvisor thats because tripadvisor lets you start your trip on the right foot. By comparing prices from over 200 booking sites to find the right hotel for you at the lowest price. Saving you up to 30 youll be bathing in savings tripadvisor. Check the latest reviews and lowest prices. 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 ] hmm. 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. Call and ask about saving 1000 on your walkin bath, or visit kohlerwalkinbath. Com for more info. Retail. Under pressure like never before. And its connected technology thats moving companies forward fast. Ecommerce. Real time inventory. Virtual changing rooms. Thats why retailers rely on comcast business to deliver consistent Network Speed across multiple locations. Every corporate office, warehouse and store near or far covered. Leaving every competitor, threat and challenge outmaneuvered. Comcast business outmaneuver. Stuart tim cook, ceo of apple talking about Corporate Tax cuts. He would have supported something apple thought was bad for america. Actually kind of a back way of saying forcing to say i didnt like it. Apple accused of getting huge windfall from the tax bill that went through because of the change in the way money held overseas as repatriated. American companies in general had 2 trillion overseas, but apple was the Number One Company that did and if it from a change in how the repatriated money is taxed. In fact, they paid 38 billion on the repatriated money or thats a nice little hit for Treasury Department. And yes, they didnt pay as much as they wouldve paid under the old system, but they never wouldve brought the money back. They dont have to bring it back to pay the tax. 38 billion. Thank you very much indeed. Republican congressman todd rokita announces a crumbs bill to make tax bonus is taxfree. This is a direct response to Nancy Pelosis criticism about taxcut bonuses. Liz enlistee conniver wondering how long it took them to come up with this. Creating we just hope the comment of nancy pelosi is powerful stuff. Stuart the front page of the New York Times two days ago. That comment did not sit well with a lot of democrats in a report that maybe shes losing a little bit of her grant. Liz is supposed to be democrats as they been staked trump one. Symmetry democrats broke away from nancy pelosi voted for the spending bill. Weve got a fight for this come and stay online. I think it was horror deplorable small man. I agree. That did it for me. Moving on. Five minutes from now we are going to be about 200 points. We have Inflation Numbers at 8 30 eastern time. Its going to be down 300. Then we came back minus 100 now we are at a minus 200. Four minutes before the bell rings for the open of trading. We will take you there in just four minutes. Proven to both significantly reduce the chance of dying from a cardiovascular event in adults who have type 2 diabetes and heart disease. And lower your a1c. Wow. 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And get to the heart of what matters. Searching for answers may feel overwhelming. So start your search with our teams of specialists at Cancer Treatment centers of america. The evolution of cancer care is here. Learn more at cancercenter. Com experts all right were going to start trading in 45 seconds and here is the back drop to whats happening today. We have had three days of gains. Then today. Thats Consumer Prices gaining 2. 1 over the past year thats a strong rate of inflation. The result was to put Interest Rates up i think were about 288, 289 on the tenure treasury thats not going down well when we opened it in a few seconds time well be down approximately 150 points here we go. Starting trading this wednesday morning with that is the back drop and we are going to open down. Here we go up 104 points 106 point. 110 point. Okay this is for the benefit of our Radio Audience here down about 124 points in the first 15 seconds of business. Were all over the place frankly. I can see 26 dow stocks down ge is up. Now 27 down. Two are up, and one is unchanged one sale is open. Down 100 points. Thats after 30 seconds worth of business. That is onethird of one percent down for the Dow Jones Industrial average lets see what we have on the the s p. Do we have a similar decline . Yes we do. [laughter] thank you ash. 4 . Now thats 11 points down on the s p. How about the nasdaq wheres that going in the very, very early going same story but thats down about a half percentage point that tells me that the big techs, Technology Companies generally are down more than other companies this morning. Now, the yield on the tenure treasure are you treasury thats not bads after Inflation Report like that. Thats not bsh but by the way were at 2. 0 last week so weve been higher last week now at 287 joining us we have ashley, of course, and emac, obviously, and capital wave vat gist shaw, and money chief strategist Keith Fitzgerald shaw to you first. Should we now be worried about inflation and Interest Rates . Shaw. Im not worried i didnt expect the harkt to react this way. Stuart it has been surprising to me certainly not worried about inflation. Im worried about the long bond moving up. Ting that 287 were close to 290 it takes that out from last week to scare invest thoors got me worried and market is worried today. Okay Keith Fitzgerald are you worried about inflation and higher Interest Rates . Well, i share shaws opinion im not choired for the them, however, im very concerned about this speed at which this is taking place that is unsettled because blond have a lot more than that does. And that proposed shift is underway. Last time you were on was in the middle of the tip or correction whatever you want to call it for the first time in a year youre saying im not buying. Im not buying boo this dip. Have you changed your mind as of this morning . Im i dont own a single share of stock and looking to get back this. I have a long laundry list of stocks to get into. I thought i would start nibbling but ill hold off and im toxing on long bonds and stle down. I dont think it will do that much too son and gets it about 3 ill start looking to short positions. Very interesting. So shaw first tile in the a year that i can remember hes out and he aint getting back in just yet. Same questions if you keith are you in or out today . Im in very selectively im looking at Companies Like alibaba like microsoft like amazon what im doing is feeling arranged edge i think those stock will run for a long time to come and if theyre on sale im interested. Big board back up for Radio Audience now were down 60 points not bad. Bearing in mind that futures suggest we were down 100 weve owned down 80 as we speak down 82 , 24,556. So a little volatility at the opening here but nothing too serious yet. Apples chief tim cook hes down playing think idea of a special dividend he mad this statement yesterday shareholder meeting. Tell me exactly. Investor at the meeting said hey tim cook do you double and now 63 cent bringing all of that cash back. What about a special and he said wow my seat is hot here and didnt answer it. He said watch prim when we usually do something with a diffed end and historically it goes up from 8 to 15 that dividend. I think a lot of people were hoping for some kind of big stock buyback deal or extra dividend and hes saying nothing. Wait until april so stock this morning is pretty flat actually down about 60 cents. All right, now we have the dow industrials down 80 dare i say settling just a little. Say it anyway. Couple of stocks really in the news here. Look at chip polings mexican grill. They have a new ceo, hes the former taco bell chief brian nickell, keith the the market just loves this. That stock is up what, 33 a share do you think he can turn things arrangedsome . If anybody can thats the guy who cant National Foot precinct whrots of experience. He understands men u ewes and values. So to me thats all things that chipotle has been missing it has terrible growing pain so it is a great shot in the arm for them. How many headlines did he get with nacho taco he revolutionizes the menu hes a cool guy when it comes to fast food wars. Clearly market e believes hes right man for the job but good luck it is going to be a tough go. Okay. Chipotle used to be way up close to 400 a share. Thanks. Back in the day as they say. All right then we have netflix they signed a multimillion dollar deal with a big time tv producer ryan murphy this is all part of their push for original content. Erchghts well times reporting this deal is worth 300 million over five years get this guy who is considered very or, very topnotch creator. That guy is 300 million and 300 million to produce films to net thrix. He did glee american who are or roar story and crime story and netflix is hoarding talent and content. Hey, shaw, does this, this wet your appetite for dabbling in netflix . Guess not. Not exactly. I like what theyve done here. I think hes going to be a terrific ad they also added it shawn last year. Shoos a unbelievably productive producef hits. Also they sign a deal with Cohen Brothers and feras nick if Film Division so theyre beefing up their content to bode well for them but a Million Dollars for ryan thats a steve price. A steve price yes, sir that is a very steve is price. That balance under pressure. Good luck all right. Now dare i say setting down i shouldnt. But im gong to because were 6, 7 minutes in and were down 90 points thats the way weve been much of the last 6 minutes look at individual stocks here we go. Start with boeing theyve had a terrific run. Theyre down a mere 50 cent this is morning 342 on boeing. General motors, they made a run went into the mid40s. Theyre now at 41 down 26 cents this morning. The chip maker in video you want to talk about having a terrific run. That stock has had a terrific run they make chips for the bit the block chain. Right and also for video games. And theyre up today. Right general electric, still there. Still exists 14 dollars and 76 cents share. Stop laughing terrible. And still there . [laughter] still there. Cores Brewing Company they made a lot of money. And the stock sup nearly 2 at 77. Hilton, strong earnings on International Growth and they believe it was up this morning. Next case, at t theyre going to challenge the legitimacy of the governments antitrust suit against them quickly what is that . They want to buy time warner for 858 billion and is this politically motivated e he hates it and gave it fake news awards pl it was shown and punching cnn logo hes said on the campaign trail he doesnt want these two companies to emergency because theyll basically raise rices and it will be harmful to consumers. But what theyre going to do watch this this is going to be epic historic fight to call in antitrust chief at d. O. J. To testify why . In october of 2016, he said it was a sea of problem with this deal at all there was no antitrust issues at all. Sorry. J my eyes glaze they really do. I shouldnt have said it look at the big board i should have not said it. Did i say settling . I did look at it now down 132 point okay next case. Something we should really Pay Attention to not to Market Reaction here but look the production of shale oil is absolutely booming. Oil prices down this pumping out shale producers in the United States are pumping out oil thoughts made back in the boom days with when it went for there are 100 between 2011 and 20132018 we surpassed that which, of course, brings on the fear of the market that is already potentially over supply just to become more so because of the shale production in the United States and by the way well get latest inventory at 10 30 this morning. We can now knock off russia as World Biggest producer. Russia is by 2019. By next year so like sanctions on steroids if you want to go to russia or any other country you know go to oil prices down 58 a barrel. I would expect gas prices to come down a little bit. And that would affect inflation rate wouldnt it . Refinery issue. Reflags is problem this morning. Unless im owner of Oil Company Stocks im happy with this. Cheap oil is good as far as im concerned. I should have never said it down im very sorry. Only a half percent. Lets get that in context. Thank you. Back to january levels. Back to january levels you want to do this . No forgive me. Fill it in. We have to go. I have to say thank you very much to shaw and keith both of you gentleman thank you so much for joining us were at 25,500 give or take down 139 points as we speak. Now this one for you. Watch out chickfila mcdonalds says one of its Top Priorities is to become, quote, a credible chicken player. Well have the story believe me well is have that one for you. National debt could hit 25 trillion by the end of President Trumps first term. What will form a reagan Economic Advisory what had they say about that. Hes next. [ phone rings ] hi, tom. Hey, hows the College Visit . You remembered. Its good. Does it make the short list . You remembered that too. Yeah, im afraid so. Knowing whats important to you. Its okay. This is what weve been planning for. Thanks, bye. Thats whats important to us. Its why 7 million investors work with edward jones. All right were seelingsing settling a little down 959 as we speak at 24,532 and now mcdonalds is going after chickfila. Give me the full story please nicole. They have some Top Priorities one includes, quote, seeing a credible chicken slay or they want to take on chickfila in everybody else who serves chicken theyve already moved to antibiotic free, hormone free chicken and theyre oven copying chickfila with crispy butter breading but they have a code name or for the project called better chicken. And they want to have more chicken available theyve introduced it this, everybody has been healthier not eating red meat. They people eat about 75 pblght more chicken than they do red meat so better chicken plan may even include having a crispy coating interior a technique that chickfila uses so this is the code better chicken and they want it be a credible chicken player so when you think chicken youll think mcdonalds whnch i think chick and i think mcdonalds. Nice try. All right nicole good report thank you very much indeed. [laughter] i want to get into the valentines day spirit this is first time weve mentioned it on the show today you get engaged at a panera bread restaurant today and may cater your wedding i think for tree. Rk you win this contest if you have until midnight to do it thats right so not just anybody. You have to get engaged there instead of going a fancy restaurant you know usually get engaged now saying come to us if you win 2,000 of free food for your wedding so people are joking broccoli and cheddar soup bowl and bread bowls what is the food . One winner theres a number of we dont know how many there are. They said maybe one. But you have to post your engagement photo to this proposal sweep social yeetd. Its not bad. Nothing wrong with this. Funny. Until midnight. I thought anybody in gets engaged today boom theyll cater your wedding for free and 2,000 worth of bread. Cater your wedding. All right a smiling face with this reagan economist, of course. All right art you saw inflation number this is morning 2. 1 inflation over past year. Are you worried about inflation . Im a little bit. But not very much. But let me just do on the economy if i can, stuart. You know, economics is like surgery. Youve got to get it all right we have the tax bill and thats beautiful. Weve got deregulation thats wonderful. If you look at if you look at free trade the third pillar of supply and economics its doing a lot better and then spending restraighten but that is a correctable situation the last one which is really, really important right now is king dollar. You cannot have a Strong Economy without a strong currency. It just doesnt happen. And weakness of the dollar is why you see Inflation Numbers up and it is also why youre seeing those Interest Rate numbers popping up a little bit. We need to reverse the policy on dollar an get a king dollar back again. And i think this economy has nothing but upside. What do you think about a trillion dollar deficit in 2019 where were running 3 growth rate economy . That aingt right is it . Its not. But ill tell you a little bit of growth rate 3 or o 4 growth an you go back to con tbretion gnat Budget Office number and put in the 3 growth opposeed to 1. 1 growth they estimate that will change the whole picture over the next 20 years. Dead is share of gdp will start coming down to see the economy look a lot better so growth is the answer here. Period so as long as question get the growth were okay. Weve had what 9 years of expansion. Okay wasnt great on the first eight year but now pretty good. Mightnine years of expansion you think another ten years of expansion at a three or 4 rate to get the deficit under the control. I dont see that. I do. If these potses are put into place you could have a huge long expansion just like we did under reagan to through clinton. From 1983 on through 2,000 to 1999, we had this a phenomenal expansion. Kennedy had growth rates over 5 over his whole term if you look at reagan since the 83 when had it took effect it was over 5 so it is a modest forecast and im expecting even better than that. So when we talk about the debt bomb exploding some point in the future, that doesnt worry art . It does worry art laugher of course it does but not enough as if we get that growth up thats the answer to the debt bomb stuart. You cannot balance the budget. You cannot bring debt down without Economic Growth if we get that it will take care of itself and a long time and i would love to see or more spending restraighten but those are all curable problem whats not curable in short run is weeks dollar we have to reverse that policy to get Interest Rates down and the inflation rates down. Does art laugher still think that the stock market is going to have another leg up . Of course. Of course it will. I remember going up to l. A. From my home in san diego in 1987 in october with a 500 point drop that day and stock market which doesnt sound like a lot today but back then it was 23 false stuart. And we bounce back nicely. If we do the policies correctly, this market will bounce back beautifully and we will have a very good market as far as the eye can see, and economy. If we dont though it will go the other way. Thanks for joining us out of time got to run. Thank you, sir. Check that market now where are we down 87 i said it was settling down a bit. Okay. Settling down a bit down 88 point. A second federal judge ruling against President Trump on his decision to end daca. Our own judge napolitano next on that one. This is your new name. This is your new house. And a perfectly inconspicuous suv. You must become invisible. [hero] ill take my chances. Well you know went on a limb and i said we were settling down at the moment im rights. Were down only 55 point. 24,5 85 now this is a second federal judge blocks administration from ending daca program next month. Napolitano is here. On what grounds i know this is probably legally intricate but sound like an activist judge is saying no you have to have the daca program in place is that what hes saying . I wouldnt call activist but like a conservative republican and very, very, very highly regarded but to give you a little bit of cover. Is counterpart a federal judge in San Francisco is on the other side of the political spectrum they both kale to the same conclusion. After examining it this same document so when youre deciding whether or not to prevent the government from doing something, you have to predict how the case is beginning to end up. Look to the government legal argument and said government legal argument is wrong. Daca is not unconstitutional dak ka is up to a congress at were waiting for congress to decide what theyre going to do. Two daca here one for the people that are already in it. They are protected from being deported. Then theres a people who have got here who want to apply to it. This federal judge said i cant force the president to accept those applications. But i can prevent the president from deporting those that are already in the program until congress rules which had in my view is the right thing to do. You dont want to deport people tomorrow. If congress is going to change the law next week. Thats a fair point but keeping everything in place for another theres or four weeks gives congress to decide whrowt disrupting peoples lives without triggering needless litigation and legal expensions that will appeal to you. So [laughter] really. So it goes back into congresss court and we want to see pan immigration deal that debaters started in the senate we want to see a deal. And it should include the daca people. Agree but did the debate start in the senate dpght they sped yesterday debating whether or not therm going to debate . Procedural stuff. Even to me it is procedural nonsense ski live on this stuff. [laughter] you live on nonsense. It is extraordinary thing say. Just said same thing in ear you live on nonsense. I want to ask you what is your position on those people who are here illegally . Should we let them stay is . Or should we deport them . Our constitutional basis what should we do . Talking about daca or overstayed their visa . All of them brought here as a child or just jumped across fence last week. I dont care. All of them what should we do . If theyre not criminals or a burden to society, if i had the power to do so i would allow them to stay. But ippedz the the counterfeeling arguments because they can be a burden on society. They can they can take advantage of the social safety net. If you let them stay you would presumably say secure that border. Yes . I dont like the idea of a wall stuart it keeps people out but it can keep people in. Borders guy it shall it open borders guy . I dont to use that phrase because i dont want emails to start. Theyll start open borders napolitano. Get the hook. Theyre saying in my ear. Time is up. Okay. In the 11 00 am i back . [laughter] i dont know. Listen to this. Theres a reasonable shot that senate does reach an immigration deal look past the political posturing you will see that the framework of a deal is there. At least thats any opinion. And thats my take top of the hour still to come. Well be back. 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 the president has an immigration deal. A group of Senate Republicans has a deal. Democrat leader Charles Schumer says if we can get a deal that gets 60 vote, let it rip, lets go. President trump tweeted this. Wouldnt it be great if we could finally after so many years solve the daca puzzle . Yes, sir, it would but are we close . Well, if you ignore the public posturing and focus on politics i think theres a pretty good shot. The right has hung its hat on Border Security and the complete reform of the immigration system. The left is going allout to keep as many illegals here as possible. Seems like they are miles apart. But both sides have a big political incentive to make a deal happen. Political incentive that is very important. President trump campaigned on this when he rode down the golden escalator his first policy announcement was build the wall. He would claim a wig win if there is a deal. That is good for him. The Republican Party want to be hispanic friendly. Key states have a big hispanic vote. It is gops interest to accommodate the dreamers to make a deal. The democrat shut down the government for the dreamers. Nancy pelosi staged eighthour speech. They are invested in deal. As the debate starts in the senate, both sides are hardening positions they have to. The base must be accommodated at least in public but behind the scenes the horsetrading has begun this is where any deal will be thrashed out. How many dreamers get to stay . How much money allocated to build the wall . What changes to chain migration . There is some movement. A personal note if i may, yes, i am an immigrant and i am a citizen. Here is my opinion. First, secure the bored. Then offer security to those people who were brought here illegally as youngsters by all means, change the system to restrict chain migration and the lottery. Those two issues are subject to negotiation. But the deal should be fix the border and in return, fix the dreamer mess. That is the deal. I think that will be a deal. Both sides can claim a political win. Second hour of Varney Company is about to begin. Stuart wednesday morning happening this hour, Republican Leaders hold the weekly news conference. Its a headline you will get it first. Check the big board i said settling down. I think that is pretty accurate. 32 minutes into the day and were down just 92 points. Weve been around that level all morning. Check those big tech names. We have amazon, facebook and alphabet up. Microsoft and apple fractionally down. Ge, its a gainer today, one of the very few but not much. It is up six cents at 14. 73. Oil, shale production is absolutely booming. That is pushing the price of crude down to 58 bucks a barrel. We have latest read how much they have in storage at 10 30 this morning that could affect the 58 price. Immigration push, i say there is reasonable shot at is a deal. Listen to Charles Schumer. Roll tape. If we can come up with a bipartisan compromise, looks like it is in the ballpark of 60, let it rip. Lets go. Stuart let it rip. Mark short White House Legislative Affairs director. Marc, the president seems to be absolutely determined on one thing, that is the wall. Is that a nonnegotiating position . Well, stuart thanks for having me. I think the president is sincere not just about the wall but fixing this program once and for all. Were trying to avoid a shortterm solution which congress does kicking the can down the road and having and bade approach. As you were seeing in the intro, Border Security and prioritizing the Nuclear Family and keeping allowances to spouses and children as far as those brought in. Not extended family as youre commenting on. Not the diversity lottery program. Stuart is that a position that wont change. It is, stuart. We dont want to be back in the same place couple years now. If congress does a bandaid approach we will have the same conversation in couple of years. These are solutions we need to fix the problem for the longer term. There is a lot of things we need to address, everify, ag workers we are anxious to do. We feel like that begins to pull apart the coalitions. Well deal with that at a later point. Stuart i dont think there is 60 votes in the senate to build the wall, end chain migration, 1. 8 million dreamers can stay. I dont think there is six tip votes for that. I think, stuart, well find out that soon enough. The president yielded significantly to the democrats on size. We started at 690,000 daca permitholders. We expanded where democrats want in exchange for solution were asking for. American people support the solution by 70 , each of those four pillars. We certainly hope democrats come on board. Stuart do you think we are closer to a deal . You know, stuart, i find it interesting that democrats for months said they would shut down the government until daca was solved, when we tried to move to the bill, Senate Democrats objected because they werent ready to. We do find irony willing to stop payment to troops, stop funding a lot of Government Services over debate on when they werent ready to actually move to it. So were anxious to begin havingments on the floor this week. We think there will be a fastmoving process. The next 72 hours should have lot of debate on these issues. Stuart marc, can you explain how the infrastructure plan works to me. The states in particular. Some states which dont have any money but they are supposed to pony up money to match some federal money that goes in. New jersey, new york, they dont have any spare cash. How will they partake in the program. Stuart, a couple things, one that is getting you know reported were looking to streamline the permitting process because in many cases these projects are delayed and far more expensive. Stuart forgive me for interrupting, i do apologize about that that is one of the most important parts about speeding up the program. That doesnt answer the question about the money. Suppose you have a billion dollar project in new jersey, for example. The feds chuck in 100 million. You have got 900 million you still have to find. Is the state going to come up with that . Is private enterprise going to come up with that . Under what circumstances . The answer to your question, stuart is both. We are not forcing states to pony up dollars. Well offer you federal dollars that will entice private investment to come alongside to match it. Yes, we are asking state and local governments to say if we put forth federal dollars you should have skin in the game, that will spur additional investment. Stuart we dont have it. You mentioned the case where they are in federal budgets. The federal government is 20 trillion in debt. It is not fair for taxpayers to swallow entire bill. Stuart that could be a killer, couldnt it . Where infrastructure programs are most required, new jersey, new york, i know this well, they dont have the money. They might not get the infrastructure built . I think many cases they will get private investment to come alongside the projects. Stuart if im a private guy, and im ponying up money for Infrastructure Project, how will i get my money back . Many cases you see some projects across the midwest there is revenue from say toll roads and other projects that come in. We think there is significant opportunity. That private investment will come alongside. Stuart mark short, thanks for joining us. Stuart, thanks for having me on. Stuart gotcha. To the market please. I did say were settling down. Were down 75 points. Jack hough with us, barrons senior editor. All right, you in the past have always been, if i say bullish, that is the wrong word to use but youve always said stocks will edge on higher. Do you still think that. I have been bullish, im still bullish but i think you have to rein in your expectations. We had inflation reading came in not quite hot but a little warmer than expected. Normally you would think here come higher bond yields, that will compete for affection of stock investors, stocks will tank. Keep in mind, the starting point matters. Bonds are such a worse deal than stocks right now, that it will be a long time before bond yields come up to effectively compete with stocks. That is why you can see some inflation get going. You can see rising 10year treasury. That doesnt necessarily tank stocks. Stuart dont worry too much about it . You have to watch though the stock market peaked on january 26. We had a correction after that. The Morgan Stanley pointed out earlier december 18th. That is significant. Bitcoin by the way it peaked. Day before the tax cut was passed. We all want Corporate Tax cut. But it is borrowing investors are starting to look at. We will be running trillion dollar deficits as far as the eye can see. That gets people thinking about higher bond yields. Dont necessarily get stocks that tank. Investors will say, i will not run up stocks prices as quickly as earnings. If you get 18 Earnings Growth this year i think you get half that in stocks gains. Stuart you think stocks will end higher. Singledigit gain. Relative to anything else out there. Stuart we hear you. Thank you very much, jack hough. Wait a minute. He is staying. Dont take the microphone off. Im right here. Stuart you get everything on Varney Company. Look at this. The 142nd westminster dog club, doug show i should say, bichon frise i should say. It is flynn. That is his name, the dogs name. Won best in show. Flynn has a packed schedule today. After visiting the morning shows. He will have steak lunch at sardis. Trip to the Empire State Building and a walkon part in broadways kinkykinkykinky shale production high. Thanks to frackers. Susan rices email sent to President Trump on inauguration day. Fox news Martha Maccallum has been following that story very closely. She will break it down for us. Look at that, the dow has turned positive. Interesting. Youre watching the second hour of Varney Company. Mercedesbenz glc with its hightech cameras and radar, contemporary cockpit, 360 Degree Network of driverassist technologies, and sporty performance, whats most impressive about the glc . All depends on your point of view. Lease the glc300 for just 449 a month at your local mercedesbenz dealer. Mercedesbenz. The best or nothing. Stuart well, well, we were down almost 200 points at the open. Now were up 13. 24,600 where we are. Look at moulson coors, the brewers, up nearly three bucks. They had a very nice earnings report. Strong International Growth at hilton, the hotel people. Theyre up 1 1 2 . Nice gain. Shale oil out put growing at record pace. We produce more oil annually than saudi arabia. Not bad i would say. Wyoming senator John Barrasso joins us now. Senator, youre big on fracking. I know you are. Lets cut straight to it. How do you produce, how do you get the likes of california and new york state to get out there and frack . Because both those states are sitting on an ocean of oil . It cost them a lot of money, a lot of revenue, a lot of jobs. When President Trump, stuart, talks about energy dominance, this is what were talking about, using resources we have in the United States. I now have legislation to allow states to make a lot of these decisions rather than work through washingtons slow process to get permits to explore for energy on federal lands. Stuart but new york and california, not going to do it. Well, you see this with, you know, Governor Cuomo stopping it in california and, im sorry in new york and going right across the border in pennsylvania where there has been significant finds, and prices are cheaper. People are working. There is a different level of prosperity in terms of jobs and the economy. Would you expect a governor to have to pay a political price for decisions that are hurting the very people who live in his or her state. Stuart youre saying california, new york, better come to their financial senses . Good luck. You would hope that they would but certainly the United States has come to its senses look at difference between donald trump and barack obama, using the Energy Resources that we have in this country in a way to provide us the jobs that we need to power the economy, to power the military. To be used truly as geopolitical weapon against Vladmir Putin because people want to buy what we have to sell. We have plenty of natural gas and oil as well. Stuart yes, sir, i love to get my oil from a country which doesnt hate me. I really like that. I think that would be a good idea. Next case, i know youre going to the infrastructure meeting at the white house later this morning. Can you explain how this plan might work. For example, i live in new jersey, if there is billion dollar Infrastructure Project in new jersey, the feds kick in say, 100 million, where does the other 900 million come from because new jersey is broke . There is ways to leverage it in terms of borrowing, a revenue stream, other people will make that Investment Decision to do it. Im very appreciative of what President Trump is doing with this infrastructure plan. We need to repair our bridges and our roads and there are different places, Different Solutions for different parts of the country. What works in new york or new jersey is very different than works in wyoming with our, small towns and one very long main street as we like to say. Stuart but i dont know where the money comes from . Private enterprise puts in the money they want to get their money back. Does that mean toll roads . How do you put a toll on a new airport, for example . How do you do that . It will mean that some places, these private partnerships with the public but also in other places, look at what the president has proposed in his budget, it is for rural communities, direct access to federal money, with a federal responsibility to do that. So much, what im focused on is permitting, simplifying, streamlining it, making it easiers to speed up projects. We had a project, 14 years to get all permits lined up. We go to the next and next. We spent 10,000 hours of state employee time to get it done. The whole project to get it built. How much more expensive is it when it thats kind of a delay. Stuart i dont want to be skeptical because im a huge supporter of speeding up the approval process. If you speed it up, greeneys take you to court, you are hurting the planet. That is what they have done when they high knacked the nepa legislation. The environmental policy act. They continue to throw roadblocks before this came into place. It took about two years to go through all the permitting for a highway project. It now averaged six years. All because of the delay over these environmental impacts when, as most people would look at it is no environmental impact. So youre absolutely right. There are obstructionists out there. We need to cut through the clutter. President trump is the person to do it. He talked about this. A one person making one decision overseeing the whole thing rather than one after another after another permit they call it the pancaking effect. You have to make one pancake before you get to the next and stack them all up. Stuart i like the money unless you really speed things up and do it now. Senator barrasso, good luck in the meeting. Appreciate you being on the show. Thank you for having me. Stuart all right. Sean white, making olympic history. He won gold in the snowboard halfpipe event. This is 100th medal first to appear in three different olympic games. He didnt appear on the podium sochi. He has been around a long time. Pairs figure skating and ice hockey coming up tonight. After this. Nah. Not gonna happen. Thats it. Im calling kohler about their walkin bath. 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 ] hmm. 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. Call and ask about saving 1000 on your walkin bath, or visit kohlerwalkinbath. Com for more info. Retail. Under pressure like never before. And its connected technology thats moving companies forward fast. Ecommerce. Real time inventory. Virtual changing rooms. Thats why retailers rely on comcast business to deliver consistent Network Speed across multiple locations. Every corporate office, warehouse and store near or far covered. Leaving every competitor, threat and challenge outmaneuvered. Comcast business outmaneuver. Well, well, i should say we stablized more often, shouldnt i . Were up 75 points and rising. 24,700 is where we are. This one, problems at whole foods. Some of their suppliers are saying it is more expensive to do business with whole foods since amazon took over. Ashley big food fight to suppliers with whole foods. Whole foods is charging a whole slew of new fees. Increasing price for putting your product at the prime shelf area, those areas eye level. Stop paying shipping fees for some of the products. They dropped their minimum order requirements. In some cases suppliers say it is more expensive to ship than cost of their goods. Theyre charging more for things like instore product demonstrations. Bottom line the suppliers say, this is getting to the point where it is not worth it for them economically to do business with whole foods. Stuart amazon squeezing them out. If they dont like higher fees, where does amazon squeezes them on price. This is margindestroying machine. Their margin and your profits. Stuart stuart what walmart did the main street. Liz culture of whole foods where we find new items, right . Ashley launching pad for new products. Stuart i was never a whole foods guy. Anyway, move on. Chipotle has a new ceo, brian nicole. He previously ran taco bell. Markets love it. Bidding it up 39 a share. Will it work . I want to know two things food safety issues chipotle had, structural problem, instore ingredient, hands on preparation with food, what can be done to change that . I forgot my second point. Never tell people ahead of time you have two points you might forget the second one. Second one, why are they still opening some stores yet to improve operations at existing stores. They are opening too many stores. I almost pulled a rick perry. Ashley what is aleppo . Stuart youre all right. In about an hour, 60 minutes, the president holds a meeting on infrastructure. Bipartisan. Both sides of aisle will be there. I have to wonder how we will pay for all of this stuff . I dont know. Back in a moment. Hi im joan lunden. Todays Senior Living communities have never been better, with amazing amenities like movie theaters, exercise rooms and swimming pools, public cafes, bars and bistros even pet care services. And theres never been an easier way to get great advice. A place for mom is a free service that pairs you with a local advisor to help you sort through your options and find a perfect place. A place for mom. You know your family we know Senior Living. Together well make the right choice. Stuart now that is a good choice of music for the beatles at 10 30. It is valentines day. I thought we might have cant buy me love. Liz going to work eight days a week for your valentine. That is what this is about. Get to work. Get to work. Stuart were up 21 points, 24,669. Despite up tick in inflation, despite higher Interest Rates, were higher 30 points. 24,671. Now the price of oil had dropped to 58 a barrel. Right now were getting latest numbers on how much oil we have in storage. This may affect the price. Go. Ashley up 1. 84 million barrels, not as much as expected but it does mark the Third Straight week we built on the inventories. The price of oil is down 9 this month because of that we are up on the inventories. Interesting to see whether that stuart these frackers. They are churning out the oil. Going into storage. That is extra supply. 59 a barrel. Check that big board again. Going up some more. 50 points higher, 57 points higher. 26,694 as we speak. How about big techs. Where are they this morning. No, i tell a lie. Theyre all up. Liz you didnt mean it. Stuart facebook is up 3 bucks. Amazon is up 21. Microsoft is up 47 cents. 164 on apple. Big tech up again today lets talk immigration. Mick adams is with us. He is author of a book i understand. He is a green card guy. He is from australia. He is a tough nut this guy, because he believes in tough love, dont you . You believe that the dreamers should not be allowed to stay. They should come through the immigration process just like the rest of us. Youre a tough guy, adams, arent you . Happy valentines day, stuart. Is this what weve come to. No love, no nothing . Look, stuart, quite seriously this is an important matter and i think that i am able to solve it for you. Stuart go. I think there can be a compromise here. I think the nonnegotiable part of this is that the dreamers do need to go. I think that is an indispensable symbolism, that ilLegal Immigration will not be tolerated, but as you and i know both know, many of these dreamers have wonderful contributions to the United States. So i think that they can be let back under a very expedited process. Maybe just a matter of weeks. But i do think that in the first instance, just for the symbolism, just to make sure everyone knows that there is never going to be a reward for bad behavior, they do have to go back but for a very short time. Stuart okay. Let me make a couple of points because it is an interesting idea, and im listening to you. Two points here. Number one, youre not going to deport, youre not going to force out a couple of million people. It is not going to happen because as soon as you try to deport somebody in child in tow, the tv cameras are there and there will be weeping and whaling. Number two, you do not have the votes. You do not have the votes in congress for deporting millions of people, even if you build a 1000foot wall you dont have the votes. Way we sweeten the deal, stuart, letting them come back in expedited process. I think it is counterproductive, if were really going to achieve immigration reform, were really making it counterproductive from the very beginning if there is no tough enforcement here for dreamers. If we say well build this wall and were going to end chain migration, well do all of these things, but the dreamers, they can completely say, i think that sends the wrong message from the very beginning. If we get all of those things but the dreamers have to, because of their indispensable symbolism, go back for just a matter of weeks, even, maybe even days, depending how quick which we would do this then something could happen. Stuart it wouldnt work . How about legal challenges . Everybody and his brother get a lawyer, go straight to the courthouse you cant do this to me. Judge will say, no, you cant do that to you. This is america, nick. I have more experience about the legal system in america than you do. You cant beat american lawyers. Theyre all over you. Listen, that may be right. This is fight worth having. This is principle worth standing up for. Stuart not if you lose. You are guaranteed to lose. Well, look, i tell you what the real lose is going to be stuart, if we continue to let our borders to be penetrated, if we award bad behavior, we continue to say this is okay, we will have a lot of trouble. Stuart i dont sigh anything wrong with a deal, first you build the wall, you secure the border. Then, you let the dreamers stay. I dont see anything wrong with that deal at all. That is practicable. There is vote for it in congress, it could happen, you will fix the problem but you have to secure the border. Im with all the way. You got to secure it. I like your deal, stuart, i like mine a little better. Stuart that is interesting. It is valentines day, we got together on this im sorry were out of time. I like your side of the argument here. At love people are very much on your side. I just think it is impractical at this time. Come see us again, okay . This is the debate of the week. We want you back, okay, nick. Look forward to it. Stuart all right, mate. Ashley you had to do it. Stuart thanks, nick. Back to the markets. Steven wood, Russell Investments chief market strategist. All right, steven. Consumer price index shows a gain, 2 increase over past year. Does that worry you . I think Inflation Numbers are stablizing at the 2 range, that rates will go from alltime lows to a more normalized range. I think the change in the Interest Rate environment changes what is investors willing to pay for equities. That is concentrated in the u. S. Rates will not go up similarly in europe and japan. Stuart you would not put fresh cash into the american stock market . Where we have been positioned in russell coming into 2017 and certainly 2018 is underweight the u. S. Because valuations were beginning to worry us. Stuart youre staying you know weight . You think weve gone too high, too fast . The fundamentals look okay. The economy looks good. There is stimulus coming from the physical side. There could be infrastructure. I think that will make the fed a little more confident normalizing rates. That is not a panic environment or necessarily a bear market environment but those valuations in the u. S. Provided the Global Investor the opportunity to rebalance equities in this inflation environment. Stuart i think we hid the low in the early part of february, dow industrials, 23 and change. I cant where where it was. Were at 24,600. Youre a wizard to make the market go up. Stuart do my best. Now you see what you did . It is dead flat. I hate these technical expressions, retesting the low. Do you think well go back down to 23,000 . I think that is a reasonable range. If you look at volatility were getting into the last six weeks, that is more normal. What was abnormal yearandahalf, pushing two years of almost microscopic invisible volatility. Maybe there was a sense of lull, complacency. Where we are with the swings plus or minus half a percent, maybe 1 is very normal, if you look at 2017, there were a handful of days, days more than 1 . That is almost northern nonexistent volatility. Look what the fed is going to do. The European Central Bank Valuations are still attractive in europe. Global rebalancing, be very, very strategic. Stuart advice for me. As most of our viewers know, i hold a piece of microsoft, very, very well. I made a lot of money. A big profit at least. Should i sell some of it like half of it, lock in the profit, and put that money that im liberating into a treasury bond that pays me nearly 3 , and i sleep at night. Do you think that is decent strategy . Check with your financial advisor. A young man like you with quarter century ahead of you, a single stock strategy is not what you want to do. Liberate your profit, whatever stock it is being take your profit off the table go for safety in treasury bond. Is that a viable thing for guy of my age, late 60s . I think 2. 8, 2. 9 on treasury a little more attractiveness than there was at 2. 3. At your age you maybe not necessarily look out of equities into fixed income, look at global equities, look at global infrastructure, look at global credit. There are opportunities for a man wise as you are, to play some of crosscurrents and crosshatches. Valuation ultimately wins. Stuart these foreigners worry me. Steve, thank you very much indeed. Say hi to your mom for me. I know she is from england. Liz hi, margaret. Stuart i want to get back to the debt bomb. The budget include extra 320 billion worth of spending in a couple years. I think the gop lost its whole concept of financial restraint. Matt schlapp with us, American Conservative Union chair. All right, matt, where am i going wrong here . Because i have got to say im disappointed with the gop for all this spending. I agree with you, stuart. I think it was an unwise budget deal that they negotiated. In all candor the republicans had to negotiate with the democrats because they dont have those 60 votes in the senate it takes to run the table but i do think the Republican Party needs to realize they have to win these spending fights. We just had this shutdown showdown. It was trump versus schumer. The republican won. It turned around, seemed like we caved too many things to get a deal. Too many republicans dont want to make the spending fight. Stuart i think what the gop did was to juice the economy any which way it could, on the ground that come november, prosperity will win them the election. So they sacrificed fiscal restraint for a whole bunch of spending which they think will win the election. Is that a decent calculation . I think its a decent calculation. Look, this cotton canned i did, this sugar in the economy as you know, it is a shortterm high. It doesnt help us long term. What helps us long term what is happening on taxes and regulations. If we add spending restraint with that, we hit 3 growth or higher. That will have a good effect on the debt. They need to keep their eye on the ball. Stuart i want your commentary on the other side of the fence. I love that. Stuart i know that. Bernie sanders is going to iowa next week to make a speech in favor of one of the candidates there. I dont think he is running for the presidency but i think he is dragging the Democrat Party way over to the left. So my question to you is, is that a thing, a policy, a strategy which will work this november . Look the democrats are all about resistance as we know, stuart. Bernie sanders and feeling the bern, he is posterchild for this idea that the Democratic Party should be a vowedly socialist and european and go for it. I think that is big mistake obviously is it . Is it . He will offer free college for everybody, free medical care for everybody. Thats right. Stuart there are going to be a few takers for that. Thats right. Obama did the same thing, right . But here is what we know about america. Were not a radical country. Americans will vote for democrats when they think those democrats are careful and moderate. They do not like crazy leftwing democrats. So what obama did over eight years he demonstrated to the American People that he had radical policies and they actually saw them hurt them in their personal lives and economic lives and the poverty statistics went through the roof. It actually hurt poor people. Stuart true. Radicalism and socialism hurts people, it doesnt help people. When the American People see it they reject it. Stuart im a missionary in the United States as refugee from socialism. Sorry about that. Stuart im very happy camper, let me tell you. Matt schlapp thanks for joining us. Were happy youre here. Stuart glad to hear that too. Thank you, matt. Congressman Steve Scalise is coming up. He is the guy who has to whip the votes. He will tell us what kind of immigration deal could pass the house and the senate too. Well be back. Achoo snap achoo snap achoo achoo snap snap achoo achoo feel a cold coming on . Zicam cold remedy nasal swabs shorten colds with a snap, and reduce symptom severity by 45 . Shorten your cold with a snap, with zicam. 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 ] hmm. 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. Call and ask about saving 1000 on your walkin bath, or visit kohlerwalkinbath. Com for more info. Ashley in the last hour economist art laffer told us these wild market swings can be blamed in part on a weak u. S. Dollar. Take a listen. Economics is like surgery, youve got to get it all right. We have the tax bill in. Thats beautiful. We have got deregulation. Thats wonderful. If you look at free trade, the third pillar of supplyside econmics its, he is doing a lot better than a lot of people thought he would. I think he will do fine there. Then you have spending restraint which im worried about but that is correctable situation. The last one which is really, really important right now, is king dollar. You can not have a Strong Economy without a strong currency. It just doesnt happen. And weakness of the dollar is why you see Inflation Numbers up and it is also why youre seeing those Interest Rate numbers popping up a little bit. Whoooo. When it comes to travel, i sweat the details. Late checkout. Downalternative pillows. And of course, price. Tripadvisor helps you book a. Hotel without breaking a sweat. Because we now instantly. Search over 200 booking sites. To find you the lowest price. On the hotel you want. Dont sweat your booking. Tripadvisor. The latest reviews. The lowest prices. Stuart were quoting ge, it is the top gainer of all the dow 30 stocks. It just hit 15 a share again. Ashley brings good things to life, how about that . Including its own life. Stuart you dont have to sing it. That is 34 cents higher. Gain of 2. 2 . Want to get back to the susan rice memo. This is very important stuff, because it brought president obamas name into the fbi probe. Martha mack, host of the story with Martha Maccallum on the Fox News Channel joins us now. Youve been following this story better than anyone else. Bring us up to speed, president obamas name is dragged into it. Where does he stand on this . We spoke with senator Lindsey Graham and senator grassley pushing a lot of this information they uncovered. The latest wrinkle is the susan rice memo which she wrote on january 20th, on inauguration day, shortly after President Trump was inaugurated. She was emmorallizing a meeting that was had on january 5th, with herself, president obama, Vice President biden, then acting attorney general sally yates. They were all in the room. And james comey, excuse me. The fbi director there as well. In essence, theyre discussing whether or not they can be free in sharinging information about the russia investigation as theyre also merging administrations during the course of the transition. President obama says to be sure as we engage with the incoming team, we are mindful to ascertain if there is any reason we can not share information fully as it relates to russia. This is essentially about mike flynn,. Stuart okay. Michael flynn, incoming nsa director, National Security advisor to the new president is the person that susan rice unmasked, right . Stuart i got it, right. Susan rice is the narrative builder. We saw this during benghazi as well. How much information can we share with these guys . Do we have to tell them everything we know . After all she sunday investigation. She is the person who unmasked michael flynn. That is the person at the heart of this. President obama wants to be on the record, telling intel agencies she wants everything done by the book. Stuart she previously said, i think he told chris wallace, he said i have nothing to do with any fbi investigation. I dont ask about it. I dont instigate anything. Im not part of it. That we know it is not completely true. We know it from the strzok text message, lisa page said to peter strzok directly involved in the investigation, the president wants to know everything were doing. That was, we believe in the context of the russia investigation. During the irs investigation and during the Hillary Clinton investigation, both of those instances president obama said, that he believed that, there was no wrongdoing. While the investigation was going on as president of the United States he put that message out there. So being separate from these investigations is something that is difficult for them to argue. Stuart youre the point person on this the next development is when susan rice responds to the letter from senators grassily and Lindsey Graham. Her attorney has responded. They say absolutelying nothing unusual about memorializing this moment and getting it on the record. They say that it would be unusual if she had not done so. And that theyre merely making it clear they are doing everything by the book when it comes to the russia investigation and their transition. Stuart thank you very much indeed for being with us. Youre a busy person. You take time out to be with us. I love being here. Stuart flattery is the mothers milk of television. Thank you very much, martha. There will be, i promise, more varney after this. Today were out here with some big news. Jardiance is the only type 2 diabetes pill proven to both significantly reduce the chance of dying from a cardiovascular event in adults who have type 2 diabetes and heart disease. And lower your a1c. Wow. Jardiance can cause serious side effects including dehydration. This may cause you to feel dizzy, faint, or lightheaded, or weak upon standing. Ketoacidosis is a serious side effect that may be fatal. Symptoms include nausea, vomiting, stomach pain, tiredness, and trouble breathing. Stop taking jardiance and call your doctor right away if you have symptoms of ketoacidosis or an allergic reaction. Symptoms of an allergic reaction include rash, swelling, and difficulty breathing or swallowing. Do not take jardiance if you are on dialysis or have severe kidney problems. Other side effects are sudden kidney problems, genital yeast infections, increased bad cholesterol, and urinary tract infections, which may be serious. Taking jardiance with a sulfonylurea or insulin may cause low blood sugar. Tell your doctor about all the medicines you take and if you have any medical conditions. What do you think . I think its time to think about jardiance. Ask your doctor about jardiance. And get to the heart of what matters. Hi, im the internet you knoarmless bowling. Lt . Ahhhhhhhh you know whats easy . Building your website with godaddy. Get your domain today and get a free trial of gocentral. Build a better website in under an hour. Retail. Under pressure like never before. And its connected technology thats moving companies forward fast. Ecommerce. Real time inventory. Virtual changing rooms. Thats why retailers rely on comcast business to deliver consistent Network Speed across multiple locations. Every corporate office, warehouse and store near or far covered. Leaving every competitor, threat and challenge outmaneuvered. Comcast business outmaneuver. A New California Immigration Law that puts them in the crosshairs between the state and the feds. Henry is here to break it down. What you have hillary. Ice is ramping up workforce place and they verify that employees on the payroll are verified to work there. They say the state is going to find businesses to the handover information without seeing a want or subpoena first and thousands of dollars are at stake. Employers may pay up to 10000 in fines if they give ice agents too much information or if they invite them to a private area of the business. If agents showed up at a restaurant to request a list of employees on payroll and supporting documents like i9 and Business Owners invite them into the kitchen in the back, that means they would have to pay a fine. All this puts businesses in a lot of hot water because they have to worry about making the state happy and also the federal government. Caught in the middle, the employer cant win. There will be more money after this. That more varney after this bacterial lung disease that in severe cases can lead to hospitalization. It may hit quickly, without warning, causing you to miss out on the things you enjoy most. Prevnar 13® is not a treatment for pneumococcal pneumonia. Its a vaccine you can get to help protect against it. Prevnar 13® is approved for adults to help prevent infections from 13 strains of the bacteria that cause pneumococcal pneumonia. You should not receive prevnar 13® if you have had a severe allergic reaction to the vaccine or its ingredients. If you have a weakened immune system, you may have a lower response to the vaccine. The most common side effects were pain, redness and swelling at the injection site, limited arm movement, fatigue, headache, muscle pain, joint pain, less appetite, vomiting, fever, chills, and rash. Help protect yourself against pneumococcal pneumonia. Ask your doctor or pharmacist about prevnar 13®. All. Hard to believe, but to me it looks like full speed ahead for the president s growth agenda. The news is dominated by investigations and scan scandal. If you are from another planet you would think we were obsessed with russia and stormy daniels. We have tax cuts, deregulation and the liquidation of the isis caliphate. All of those things were on the trump list of priorities when he iran for presidency hes done all of them despite the most intense opposition any new president has faced. Now we are starting the immigration debate. For the first time in a generation we have a shot at getting something done. Yes its a long shot but both sides have a lot to gain politically from any deal. Local game is all important. Theres an infant structured plan on the table and a lot of posturing from both sides but both sides have a lot to gain from getting something done. Remember the opposition to tax reform, armageddon said nancy pelosi. A giveaway to big corporations said senator schumer, but it got done. We are in the same place now with immigration and the structure. Remember, donald trump is not an ideologue. Hes not a politician, he is a business guy and he just wants to get things done, make things happen. He will bend to get deal. Here we are, heading into the second year of his presidency and he stands on the brink of one, maybe two more significant wins. Scandal and investigation have not heard the growth agenda. The third hour of varney and company is about to begin. Happening this hour, President Trump meets lawmakers from both sides of the aisle. They are discussing infrastructure. If there are any headlines, you will get it first. As i said at the top of the hour it appears full steam ahead for the growth agenda. Does that mean were just chucking a lot more money at the academy . Yes we are. We have moodys managing director with a spread we are chucking money at the economy. Left, right and center we are reducing it all the way down. Is that good for the stock market. Yes it is because that provides that we dont have Interest Rates overreact or go through the roof as perhaps you have done recently. We got 2. 1 inflation for the past year end always got on the ten year treasury is 2. 87 . Historically, not on the high side but remember, that runup was responsible for the recent correction in the equity market. Theres no escaping that. Suppose that the ten year treasury breaks above 3 , goes to three and a half, then youre talking a 5 30 year mortgage yield and that could slow the economy down. And of course interestearning assets become more attractive. Will come even on this program many times when you said we are reducing the economy big time and we will get strong growth in 2018. Three and half percent. Yes, three or three and half percent. Look what happened in january. We had prices runup by half a percent. Retail sales sank by three tenths of a percent. If you put that together, its a most impossible for real Consumer Spending to have grown during the month of january. You want to see that. Maybe some Companies Got carried away with pricing and consumers responded in kind. What is your prediction on Interest Rates. Will he go to three and half on a ten year treasury. No, not this year. A quarter . We may go ahead and go to the high of 3 and then Interest Rates will decline because interest sensitive spending will respond. Well, theres the news. We are burying the headline for you think you will hit 3 and i come down again. That would be a joy in rapture for the stock market. Exactly because you will have earnings continue to grow by 15 20 for 2018 and perhaps 2019. Companies will find out they have limiting pricing power. America can be made great again but its not going to happen overnight. We have a low personal savings rate thats telling me it coul consumers have a limited ability to afford higher prices. The equity market see this runup in january as a temporary blip. January of last year was the highest reading of all of 2017. You are out on a limb here. I predicted the rate but not the date. Very good. By the way, we have a bit of a turnaround on the stock market. We are down but were talking down four points. Thats it. Pretty much an even split winners and losers among the dow 30. Christie mccune is with us, ceo of amplify ets. I think the market is kind of shrugged off the inflation news and were just about dead flat right now. Do you take that as a buy signal . I dont yet. Im still cautious. I think theres a weird position where good news for the economy is bad news for the stock market. It could push us down to retest the lows. I dont think we are out of the was that so thats a technical expression, retest below. That means we go back to the 23000 and change on the dow. We definitely could be last week we talked on the phone i thought we could see another decline almost 2000point it unfortunately we did. And we still could be in for another decline of eight or 900 points from here. There is an angst out there that these rates will rise to quickly buy too much and hand down the attractiveness of stocks. Think of the market is very skittish. I do take your point but the yield has only gone up to 2. 87 . Historically that is still very low. I agree with you, i am a longterm bullish but i just think the next month or so there is some data that needs to be worked through and some guidance from the fed so we are still owners of equity and believe that over the longterm, investors will be rewarded but in the short term there could be a chance to get Better Bargains than today. I want to talk about oil. I think the news has been terrific. The price is down to 59 a barrel. I say thats cheap oil for my question is as cheap oil here to stay. Cheaper oil is here to stay. I think this is the area they dont get a lot of credit for. They reduce some of the Regulatory Burden and so the u. S. Is producing more than ever. More than saudi arabia. Imagine that. The trend toward electric vehicles and never other energyefficient technology. There are always weird price spikes because of tensions in the middle east. I like cheap oil because i like cheap gas. I think its a good thing. All hail the american cracker. Thank you for joining us. Another record level of household debt, 13. 1 trillion, level it reached last year. The fifth Straight Year that the number has gone up. Its at a record level at 13 trillion. The federal government still collective record taxes in january. The treasury brought in more than 361 billion. Iran a surplus of 49 billion. January was the first month where the new tax reform law in effect but it wasnt reflected in paychecks until february. Now you know. Couple stocks in the news, apple ceo tim cook downplaying the special dividend for company shareholders. Their stock is at 165. Nice game. Chipolte named a new ceo, the former taco bell chief, investors really like it. The stock is up 37, thats nearly 15 . Netflix signs a multimillion dollar deal for five years. Its all part of netflix push for more original content. Their stock is up nearly ten dollars. Republican congressman announced a crumbs bill. That will make tax bonuses taxfree. It comes in response to Nancy Pelosis talk about crumbs, the bonuses are crumbs. We will be without just a second. 20 minutes from now, president meets lawmakers on both sides of the aisle to talk about infrastructure. We will tell you. If there is a headline, we will bring it to you first. Of course, you are watching the third hour of varney and company. What are you doing here . Ive missed you guys. I havent seen you guys in so long whats happening . We flew her out. Its a family car, we had to put your family in it yeah, it gets 7 thumbs up authorities in mexico stopped 500 Illegal Immigrants crossing the border into america. Its the result of six different sting operations. Many were found in unventilated trucks or crammed into safe houses. Nine people arrested and they were charged with human trafficking. Serious stuff. It is this bending boom in washington. Some say all this bending could cost the gop in the midterms. I do believe they have abandoned any concept of financial restraint. Joining us is rnc spokeswoman kaylee. Right from the getgo, i dont believe it will cost the gop in the midterms. I think if you juice the economy and create prosperity, i think the gop wins. You are no longer the party of financial restraint, are you. I think we are still that party. This has 3 trillion in savings over a ten year time period. Its worth mentioning, speaker ryan said we have a lot of National Priorities we had to spend on. Hurricane relief, opioid crisis, these are things that american tragedy that have to be addressed so is important to do that. Let me put it squarely to you. President trump is a big spender. He is not a big spender. He is someone who empowers the American People, gives the more their money and this is the start. Now they are the party of power in washington and they dont want to hear about spending restraint. We do want to hear about it. You reported we had record tax revenue, a surplus in january, thats good news and by the way, when we talk about reducing the debt, thats mandatory spending that has to be addressed. That 62 of our spending each year in the start that cutting away for medicare, not the benefits but the abuse. I think youre doing a great job defending the rnc. I really do. Let me move on to this. Indiana congressman is firing back at nancy closely. He introduced a bill that is called the bill a crumbs act. We would make any bonus of up to 2500 taxfree. All right kaylee, i think thats a wonderful piece of politic. I know you will agree with me on this one. I absolutely agree. This is giving the American People more of the money. This is great. By naming it the crumbs act, you are reminding voters nancy pelosi and her peers in the senate, not a single democrat voted for tax cuts, they didnt want you to have those crumbs that thousand dollars in your paycheck this year alone, reminding democrats of that reminding voters is really important. You are starting at campaigns that make nancy pelosi the centerpiece, the target of the gop in november, arent you. Absolutely. Nancy pelosi is the face of the 2018 election. She has a low approval rating. Im talking in the 20s. She makes horrible decisions like grandstanding on the house floor. Nancy pelosi, you are the face of 2018. We welcome you to go out and speak more and grandstand again. We love your comment. You know Varney Sanders is going to iowa next week campaigning for someone else but dragging the party to the left. You like that too. Absolutely. Democratic socialism does not win general elections. Be careful, i can see votes for free college for everybody, free medicare for everybody. There are votes in that. There may be votes in that but we think thats the far left fringe of this country and its a very small minority that both that way. Most people recognize socialism doesnt work. It doesnt have a good track record in history. Okay. We leave it at that. We do want to tell our audience that the congressman joins us tomorrow. He will talk about his crumbs bill. This will be his first interview on that issue. After a rough january, sams club is making changes. They now will offer two membership options. They also offer Free Shipping on nearly all their online inventory. Sams sams club shut down 6300 workers and closed stores last month. Look at jcpenney. 670 workers are out of a job. A Wisconsin Distribution Center shut down. Their stock is still around 3. 50. Share. 358 to be precise. Xerox facing a lawsuit by a big prominent shareholder, he wants to block the proposed. [inaudible] the stock is virtually unchanged. It is up ten cents. Dont worry. I have shaun white winning gold in the snowboard half pipe. Its the 100th gold metal for america in winter games history. By the way, sean white is the First American male to win gold in three different winter games. He wasnt on the podium in sochi so clearly this guy has been a around a long time. And a bichon named flynn one best in show at the westminster dog show. They pointed out his beautiful expression, straight back and mentioned that every time she looked at him his tail wags. We should do this last week, the 18 karat gold mcdonalds bling matt ring. Youll get a firsthand look at it because weve got here on the set. They think im going to wear it, but im not. That will have to stay right there. We will be back. Retail. Under pressure like never before. And its connected technology thats moving companies forward fast. Ecommerce. Real time inventory. Virtual changing rooms. Thats why retailers rely on comcast business to deliver consistent Network Speed across multiple locations. Every corporate office, warehouse and store near or far covered. Leaving every competitor, threat and challenge outmaneuvered. Comcast business outmaneuver. Its valentines day, as you know and nothing says i love you like a beautiful ring which is why mcdonalds greeted this, the oneofakind bling. 18 care gold stackable rings to celebrate the three maxine much sizes. Its valued at more than 12000. Champagne diamonds make up the all beef patties. Emerald are the lettuce. Sapphires are the secret sauce and dont forget the diamond sesame seeds. I wont forget that. Dont make me laugh. All this glimmer can be yours. Going to take possession of this. Tried on the way to minute. Its on pieces. If i put it on all never get it back in the box. Okay, ive got a better back to have to move on. Look at that ring. Wow. Lets move on. A Remote Canadian mountain, two archaeologists filming with the documentary crew found out rare competent arrowhead. 11inch arrow mounted on a barbed in. This could be almost 900 years old. To the spacecraft, the pictures are taken about 2100 miles away from the surface of the planet. They give a really intricate detail. [inaudible] lookout, team usa, eight teams competed in south korea. Each one has to be taller than 20 inches and have speeds. [inaudible] who one . Which country . On his way out in november, he said the irs will strictly enforce the obamacare employer mandate. This year. It is not going down well with employers. The judge will pass judgment on that. Moments from now they meet lawmakers about the infrastructure plan, if they present the headline you will see it first. The third hour of varney and company, the extravaganza will, call 1130 on the east coast, President Trump meeting with lawmakers about the infrastructure plan. If there are any headlines you will get them first. Meanwhile, blake berman is right there at the white house. I want to know who is attending this. Weve got 12 different lawmakers both from the house and from the senate side but the important part is that this is the group that the committee members, those are closest tied to this infrastructure package on what may or may not come out of the hill. Thats his meeting with the president right now. Seven republicans, five democrats. This has to be bipartisan to eventually make its way to the president s desk for the president thanks he can get a bipartisan measure but there are a host of issues to work through. On one hand this 200 billion figure, democrats want that hard number money to be higher that is you are asking mark short earlier, the administration wants to take that 200 billion and leverage that seven and half times the amount. When he asked why will private funds come into this, in what way, he said potentially tolls. Maybe they will get their money back. Democrats are already shivering at that possibility. So youve got this key group of lawmakers here at the white house and by the way we expect the president to be on camera sometime soon. Okay, we will get it right here first. Thank you indeed. Excellent report. We dont know how this thing will work. Lets get an explanation from michael bellman, the associated builders and contractors president and ceo. Let me pose this. I live in new jersey. We are desperately in need of infrastructure upgrade projects. Lets suppose that the billiondollar project in new jersey. The feds checkin 100 million. That leaves you with 900 million still defined. New jersey doesnt have the money. Where you going to get it from . I guess thats the billiondollar question. These guidelines address basically three things with regard to the info structure projects. It focuses on affordability of the project, Value Creation of the project. I know, believe me, i dont mean to be short with you, but i know it, ive heard it and i know the big advantage of this plan is you speed up the approval process, but i just dont understand how it works. First, when you want to finance a project, you have to make it affordable so you want to shrink the overall cost. Lets see if we can trick it so its just a 900 million our project instead of a billion. You make it more affordable. Second you create value out of that. Tolls were mentioned, some sort of revenue stream, expanding that and expanding also the ability to take advantage of land value thats created as a result of info structure projects. Utilize and leverage. That will help create more value. When you get that then you start looking at the finance ability. We all know the first ten or 20 of financing project, that equity is the most painful and costly debt so we get a little bit of that from the federal government, we take that, we leverage this value and we take it manage of the finance expansion tools in the guidelines and then weve got a valuable, attractive project that we can go out to the private debt market and finance. Michael, that was the best explanation of how this thing might work. Lets not forget what you are suggesting is a radical turn and how we build and finance in the structure projects for this is not the old way of doing it. This is brandnew. It is, and what this will do is it will reward projects that are actually valueoriented and valuable to the taxpayer and valuable to the communities that the info structure project is being put in place in. Okay. One of the problems that i see down the road is that there is a real shortage of skilled workers in our society at this moment. Do you have enough workers to put through these kind of projects or do we need to open the border . I think we need to do a couple things. There are some great things to be guidelines about expanding pell grants and careers in Technical Education and promoting apprenticeships. If im in one state i can use my credential in another state. Thats all good stuff. But also, internet economic boom, you reported a construction boom in this country, in this type of situation we need to have a meritbased rule of law oriented Foreign Worker system. So, expanding visas and 60000, expand that, expand the threeyear limitation, maybe make that extendable, those are shortterm ideas that will help in the situation that we are in right now with the economic challenges. Very interesting. Thank you for joining us this morning. You have help me understand whats going on here little bit better. I appreciate it. Check out this board. Where are we now . We are about two hours into the trading session and we are now up 13 points. We opened lower on some very difficult inflation news and now we are slightly higher. Come in john. You saw those Inflation Numbers, 2. 1 Inflation Numbers. Consumer prices up over the past year. Are you buying as is market rallies . I am not buying but im not selling either. I think you can get stocks cheaper. I think volatility will continue and people have put too much weight on this inflation number because its the only real data point that came out after a volatile week. Weve had inflation for some time. Well prices are up 50 over this last year. Copper is up 30 . The stock ill just reported earnings in said commodities heard their profitability. I think weve had inflation for some time. I dont think this is anything new. The market uses this as an excuse to sell off. I read your stuff and i know youve got three stocks you like, that you would buy now. Number one, flow tech. What is it and why do you like it . I grew up in west texas where all the shell oil is being developed. These are some of the most ingenious businessmen in the world. They found a way to make money at 50 oil and thats a huge shift from just a few years ago. I think its terrible for saudi arabia in their ipo thats coming out, its great for west texas and great for these companies that have a very environmentally friendly fracking fluid thats used. Do you own it already . I do. Its a 52 week low. I think its a good stock. Lithium ets. As i have something to do with battery. It does. Has to do with electric cars. Only 3 of car sales are electric cars. That will go to about 50 by 2040. You have india, france, great britain, all talking about going one 100 electric cars in the next 20 25 years and i think the way to play it is through this lithium ets. You like google. Thats a huge conglomerate here. Why you like it . Its getting bigger. They are laying three undersea cables right now the one between japan and the United States will be 10 million times as fast as a typical modem in your house. You can run 80 million hd Conference Calls between the u. S. And japan simultaneously. They are doing this to expand the cloud business. They have 50 of the top ai scientists in the world work for them. I think google will own the cloud and only internet effectively. Wow. You got me with that went. The undersea cable from japan to the United States 10 million what . 10 million times the speed of the typical modem that is in your house. Its all about the cloud business. That some original knowledge you bring to the table. You are all right. Thanks very much indeed. We will see you soon. Always a pleasure. And anonymous whistleblower elected to the sec saying the vicks index that measures market fear opened to manipulation for the whistleblower says this manipulation could cost nearly 2 billion in annual gains and losses. Thats the extent of the manipulation. The sec is investigating. Turn to some other stocks making newsprint ulcer with at t. They want the head of the d. O. J. Antitrust division to testify on his decision to block at ts acquisition of time warner. Both at t and time warner up very slightly. Delta may be putting their spat with boeing aside after calling their new midsize jet development and interesting concept. Boeing is up two dollars, 345. Gms restructuring, causing a plant in seoul to shut down. Gms stock is up 30 cents, 41. Share and the chipmaker continues to pose strong numbers. They have a booming Game Industry and the rise of the crypto currencies both of which they work and produce chips for. Its now at 238. What a stock gone straight up. Of course were monitoring the meeting at the white house, i keep saying this, if there are any headlines, you will get them, i promise. Next case, it was his parting gift, former irs commissioner promised on his way out, he said they will strictly enforce the obamacare employer mandate this year. He is no longer there but they will enforce it this year. The employers are not happy. The judge passes judgment after this. And integration, present trump reportedly wont sign any bill without a guarantee of the wall being built. It also includes a path to citizenship for nearly 2 million socalled dreamers. Stay there. Congressman Steve Scalise is with us. 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. 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They will receive 1. 8 billion in cash, upfront in addition to the fact that bristolmyers will also do eightpoint to million at 102 a share. The company immunotherapy, immuno oncology drug with the others have already seen a combination of the drug really showing some very encouraging early data in the conical trial. This is despite melanoma, kidney and lung cancer. Each day our planet awakens with signs of opportunity. But with opportunity comes risk. And to manage this risk, the world turns to cme group. We help farmers lock in future prices, banks manage Interest Rate changes and airlines hedge fuel costs. All so they can manage their risks and move forward. Its simply a matter of following the signs. They all lead here. Cme group how the world advances. There is a volcano in wyoming and the Scientists Say it is on the great strain which means molten rock 3 miles below the earths surface may be bubbling to the surface. Pressure is building and the volcano could be altered if interrupted. It hasnt corrupted by the way and more than 700,000 years. So maybe eminent corruption is distant. A flurry of earthquakes hit the pacific ring of fire this weekend. Maybe therell be other natural disasters in the area. The quakes were felt in japan, guam, taiwan, 90 of the planets earthquakes occur in that region. The ring of fire. Now this. Indiana congressman introducing a new bill that will make tax bonuses taxfree. All the while taking a swipe at House Minority leader nancy pelosi because she was the one who used the dismissive expression of crumbs. The new bill is called the crumbs act. Good one. Joining us now louisiana congressman Steve Scalise. You just love this, dont you. It really puts nancy pelosi in the process. Its great to be with you. You like it, dont you. Going to vote for it . Its good politics. Its a great bill but it keeps underscoring the fact that we were strongly supporting tax cuts to get people more their money back and you saw nancy pelosi and unfortunately every other democrat voting against the bill because they wanted washington to keep that money and look at what has happened in the economy. Hardworking families are getting the benefits of this, getting bonuses and pay raises and more people are getting hired. And they still oppose what we did. What does that tell you about what they wanted to see for hardworking families. I think the bonuses were a huge political win for the gop. Case closed. Now, the immigration debate, the president is taking what seems to be a fairly hard line , he is offering the deal you build the wall, un chain migration commute and the lottery and in return he is generously offering a pathway to citizenship for 1. 8 million dreamers. Does the house have the votes to pass that kind of bill, that kind of compromise . We will find out shortly. Later today i will be whipping the mccall bill which is our immigration bill that number one make sure we have the money to build the wall, to secure the border, not just Border Security but also internally so we will have a very strong Border Security bill but it also ends chain migration, it ends this ridiculous Visa Lottery Program where they randomly pick people. Lets make it a meritbased system and then we addressed daca, not through amnesty but by saying you can be in the country, but if you want to become a citizen, which not all wood but if they want to become a citizen, they can get my like every else and wait while they are here. We also get rid of the backlog. To have to leave . Now, they would be able to stay here which is a big win for a lot of folks because number one, they really dont have a legal status right now. Barack obama just had come here and we will ignore the law. Thats not the way its supposed to be and yet now you have, according to him homeland security, 690,000 young people who came here under that program we are actually going to address by saying you will have legal status but if you want to become a citizen you have to get my like everyone else at the back of the line. You dont get a special path. We unclog a lot of, when you look at chain migration, that clogs up the legal system so we are also fixing the path for legal citizenship into this country. So youre trying to get the votes in the house, youre trying to whip together the votes for that bill. He tried to do that today. Yes, weve been having member briefings for weeks, getting feedback, there were changes that were made to address that and now we will find out where we really start and what we can do to get the bill passed. To think youve got it. I would like to get the bill passed. This is probably one of the most collocated issues within the republican conference because a lot of people have different views especially as it relates to dock up. We will find out over these next few weeks if we can come together and get a bill to pass. I want to see the mccall bill passed because present trump would sign it and it solved the problem stuart, it actually gets us back to rule of law by securing the border and building the wall and addressing the dac problem. Of gotta say, Steve Scalise, its great to see you back. Well done. Its great to be back. Now this. Concerns in california that another drought is on the way. The National Weather service is predicting below average precipitation and higher temperatures to the rest of this month. It was so dry this past weekend several ski resorts actually had to shut down for they just didnt have enough snow. Some individual stocks in the news, ge up today. It has been beaten down recently but its up just ten cents. Earlier it had cost 15. Share. Dr pepper snapple becoming the official tea and juice drink of Major League Baseball the season. That stock is down 70 cents at 115. The brewers report strong profits, their stock is up, it is still down 8 this calendar year. Hilton hotel people, there up strongly, good profits overseas, the stock is up to half dollars at 85. The irs wants to enforce the obamacare employer mandate. They are about to demand millions of dollars in fines from businesses. Employers fighting back, that is coming up next. Napoleon is duping us all around louisiana. Youre a nincompoop phone ping gentlemen, i have just received word the louisiana purchase, is complete instant purchase notifications from capital one. So you wont miss a purchase large, small, or very large. Technology this helpful. Could make history. Whats in your wallet . Hi, im the internet you knoarmless bowling. Lt . You got this, jimmy you know whats easy . Building your website with godaddy. Pick a domain name. Choose a design. You can build a website in under an hour. Now thats a strike get your domain today and get a free trial of gocentral. Build a better website in under an hour. I love you. Retail. Under pressure like never before. And its connected technology thats moving companies forward fast. Ecommerce. Real time inventory. Virtual changing rooms. Thats why retailers rely on comcast business to deliver consistent Network Speed across multiple locations. Every corporate office, warehouse and store near or far covered. Leaving every competitor, threat and challenge outmaneuvered. Comcast business outmaneuver. Businesses are pushing back to enforce the obamacare employer mandate. They are here to elucidate. The employer mandate says youve got 50 employees in your company, you give them health care and then you get fined. There are two mandates in obamacare. Thou shall have healthcare and if you dont we will buy you plan and added to your tax bill. The tax cut could have removed the irs authority to find. It couldve removed altogether. Those courageous republicans that will shrink government simply drop the ball. They were looking for money. They wanted the fines so the same corporations, in this case usually small corporations, 50 or more but not publicly traded and they will now be calling up all this money that the republicans couldve taken care of. The president can stop this with a phone call. Before this happened, they told the irs, i really believe the mandate will be gone, dont collect the fines. First time in modern American History that the president of the United States has said the irs, dont collect the irs. Thats all it takes. You are the head of the irs, do what i say. He probably had to give a heads up that they cant contest this. The Treasury Department within the executive branch and have to listen to the president. Are you attentive by this program to force the president who may well watch this program to get on the hook and say. I wish i could force the president. Sometimes i get trouble for suggesting things. [laughter] i would love to see some action. I love too. Sit in my ear again. They always do that when you and i are chatting. More varney after this. Today, innovation in the finger lakes is helping build the new new york. Once home to the worlds image center, new york state is now a leader in optics, photonics and imaging. Fueled by strong university partnerships, providing the worlds best talent. And supported with Workforce Development to create even more opportunities. All across new york state, were building the new new york. To grow your business with us in new york state, visit esd. Ny. Gov. Stuart straight to it. President s remark as infrastructure meeting. Most importantly shared with the American People and by the American People. To begin the conversation on the issue i have laid out the principles of the biggest and boldest Infrastructure Initiative in at least half a century. This framework will lead to 1. 5 trillion investment in american infrastructure, a faster permitting process that takes two years instead of 10 years and maybe less. Were looking to bet it down to one year, if possible. Because when the money foes goes out, we want them to spend the money and not wait many, many years to get their permits. 50 billion for Rural Infrastructure including prod band Internet Access. Rural communities have not been treated fairly. So were going to spend 50 billion on Rural Infrastructure and Internet Access which is so important. A Workforce Initiative that invests in our most valuable resource, the american worker. And were doing a lot of that. We had a meeting, i had a phone call this morning with Prime Minister abe of japan and i suggested he invests more and open up more plants. They announced as you know a number of plants are coming into michigan and other states but we want them to bring in more. They will do that he said they will do that. We expect to have some announcements pretty soon. A lot of people are coming in, a lot of people are coming into the United States they were
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