Transcripts For FBC Varney Company 20240714

So you only pay for what you need. Thats whats happening. We should also tell you about its a different kind of Wireless Network hong kong, which is also affecting the trade fight. Designed to save you money. Save up to 400 a year on your wireless bill. Saturday, widespread violence, police used a new weapon, blue plus get 250 back when you buy a new samsung note. Dye, to identify protesters click, call or visit a store today. Along with tear gas from the riot police and burning barricades from the demonstrators. Ominously, chinas state media today says the end is coming. We dont know how beijing will end it but that is ominous indeed. Then theres dorian. Devastating the bahamas, hovering, barely moving and its future track uncertain. That makes it very tough for the authorities trying to get a handle on evacuations. Bottom line, dorian will be a threat for much of this week. We are going to show you how and where its now hitting florida. Varney company is about to begin. Stuart let me repeat that hard line tweet from the president which may have sent the market down just a tad more. Were doing very well in our negotiations with china. While im sure they would love to be dealing with a new stuart start with hurricane administration so they can continue their practice of dorian. Now a cat 3 storm. Ripoff usa, 600 billion a year, you can see its track on the lefthand side of your screen, 16 months plus is a long time to or likely track. It is barely moving, i have to be hemorrhaging jobs and tell you that. Companies on a long shot and on the right of the screen, then think what happens to china damage in the bahamas, where the when i win. Deal will get much tougher. In the meantime, chinas supply storm has killed at least five chain will crumble and people. Businesses, jobs and money will ash, we still really dont know where the storms going. Be gone. Ashley well, all the computer the futures now show a loss of, models have it going up the east what, 218 points. Coast. Thats for sure. A small move south. But it is as you say, virtually we have this just breaking, stalled. Can you imagine in the bahamas getting stuck under this storm happening now. The United Auto Workers union for 36 straight hours at 150 has authorized Union Leaders to mile an hour winds . Call a strike if a deal cannot its just devastating. We will get more pictures from be reached with general motors. There but its not good. This storm will, we believe, ashley they have to reach a deal with all the auto workers. Continue to move up the east september 14 is when the current coast. Better news perhaps for florida contract runs out. The union says it will begin than it appears that it is negotiating with gm first, if indeed going to stay offshore. They can get something done this is a storm thats growing there, they will use that in size even if the winds are agreement as a template for of coming down a little bit, four course, the others, ford and to seven foot storm surge along the florida coast, tropical fiat chrysler. L lets not forget uaw president storm winds maybe up to 70 miles, gusting up towards gary jones is under intense jacksonville, in that area, on federal investigation for allegations of corruption. Wednesday, tomorrow, and then we they raided his home last week. Have to look at the carolinas. Lots going on with this. Maybe there could be some sort they will begin trying to get a of landfall right around cape deal with gm. If not, striking. Fear, just beyond the stuart the stock still at 36 a north South Carolina border. But this is a storm thats share. All right. Now, we had an ominous lasted for many days and were warning from state media in not out of the woods yet. Stuart rest of the week we will china. That is the end is coming in be feeling it. Thanks, ash. Hong kong. Lets get back to your money. We have a 200 point drop for the our own susan li was there for several weeks, just got back. Dow coming up. Thats the way it looks at the my question, welcome back, by opening bell this morning. Market watcher Scott Shellady the way, good to see you again, you did a great job, by the way, right in the middle of it all, with us. Is this all about the new you tell me, do all of the tariffs that went into effect sunday and the headlinedriven people of hong kong support these protests . Market . I think 100 thats the case. Susan no. I would say maybe onethird of now we have all the guys back the seven to eight million from holiday on the desk in new residents in hong kong firmly york. We also had a bit of a premium support these ongoing protests because when you see the built in going home over the weekend of maybe something good million, million and a half on coming out of this weekend, the streets, very impressive meaning something stalled or because its from all walks of delayed with the tariffs and life that i saw young, old, when that didnt happen, this market reacted right away pretty professionals and even the daily workers and students as well. Swiftly. I watched all weekend. Now we are on the lows. I would say onethird support this is 100 the tariffs. These protests because look, i know you are going to talk its taken a toll on the hong more about hong kong because you kong economy, contracting in the have a personal interest there, second quarter, expected to but thats another rock and a hard place, that is absolutely basically lose steam and if you not going to help the situation step out in hong kong, its at all. Empty. Stuart weve got worries that no ones going out. The consumer will be affected by the restaurants are not full. These tariffs, as in paying dim sum is easy to get more, worries that the Global Economy will slow down a bit more because the tariff the placements at. That greats fwas great for me. Nobody wants this to be how hong trade wars keeping going and kong is characterized. Worries we see no end in sight. They dont want the violence or thats the problem here with the tear gas, and this is not tariffs, right . Yeah, youre exactly right. The average hong kong resident. I would say probably twothirds i have said this before. I dont want to be an alarmist dont support these protests but but you have to Start Building they do want some sort of resolution. They understand the fight for in a 10 to 20 chance we dont democracy but its a bigger issue than just voting for the really get any real good clarity with the tariff war and maybe we chief executive or the essential are like this for a couple, mayor of the city, rich versus three years. Poor, its an identity crisis who knows how long it could go on. Slowly but surely, the supply because the protesters say we lines will start to move and the are not chinese even though negative news will continue to be drip, drip, drip. Under the british agreements, we are probably not going to get we do sometimes get a positive tweet or positive phone call, but thats just not good hong kong does go back to china. Enough to keep this market going. Stuart i heard one protester we are already starting to say im more british than suffer from deal delirium, which i call it, because we are not chinese. Referring to culture, i guess. Getting any movement and the political culture. Markets really reacting negatively to anything that comes out or doesnt come out susan being under beijings that gives us an idea that we need to get out of our totalitarian rule as well, what positions. People are getting out of their happens to their rights and positions. Thats what this is. Freedoms, due process, for the algos are helping them do instance, justice, et cetera. It. Stuart got it. Just goes on. Especially with young people scott, thank you very much that are coming out of college, indeed. China says it will sue the they dont even see a future for themselves when its such an United States over this latest round of tariffs and they will expensive city. You have to understand, 100 sue through the world trade square feet, thats ten meters organization. Asia watcher Michael Pillsbury or so, theyre trying to get with us now. Does this whole thing just get this through everybody, that worse from here, in your costs over 1 million. Opinion . A million u. S. Dollars for just well, china has a chance to that small parcel of land. Resolve it. Thats why everything hangs on how am i to afford my future in whetomise to send its delegatio hong kong if thats the case, right . There are no jobs. In september. The date is not agreed to even they are being taken by mainlanders and the chinese if they will come, its not coming in. Agreed to, but this is the big i can understand the struggle. Moment, two or three weeks from now, in the month of september, stuart deal with this one, will the chinese take us back to please. More tension between the u. S. Where we were may 1st. And china. 90 of the agreement done, very huawei accuses the u. S. Of detailed, 150 pages, then they cyberattacks and threats to its removed the part that makes it employees . Susan huawei says in a press legally binding. If they go back to that, then we release that fbi agents have have a deal in september. Been visiting the homes of huawei employees and trying to stuart so is september the pressure them into spying for crunch time . The u. S. Government. Also cyberattacks. Roughly two or three weeks they claim the u. S. Is trying to from now, yes. Infiltrate huaweis internet. As i say, the date is not set and the chinese have been saying they have searched, detained and if the delegation is sent here arrested huawei employees, they at all. So thats where the uncertainty say, and also Business Partners as well. Is right now. Will they agree to come. Meantime, as you know, we have stuart lets bring in hong kong the u. S. Congressional report into this. Because the chinese authorities, alleging that huawei is a beijing says the end is coming. Conduit for chinese spying. They have been stealing technology as well. And that it has the power to the latest being from a declare an emergency to stop the protests. First of all, how do you read Telecommunications Company which that and whats this got to do apparently have been stealing really with the trade talks . Smartphone camera tech from its very closely related to them. This has been lobbed from the trade talks, both in what tmobile, cisco and the like. President trump said on friday i think its a tit for tat. That the trade talks he thinks i dont think huaweis business are keeping the temperature down is suffering given they have in hong kong. Seen an increase in smartphone this is the level of sales. Stuart heres what weve got on demonstrations now is nothing our plate with 20 seconds to go like a fullscale revolution, before the opening of the market on tuesday morning. First trading session of shall we say. September. The link is that china promised if i use the cliche tensions are first to the british, as you know very well, stuart, in 84 rising in the trade dispute and then in their own basic law between the United States and for hong kong in 1990, china china, it is accurate. It is a cliche but yes, it is promised there will be direct election of the leader of hong accurate. The tough tweet this morning from the president on this kong. They have been backing away from that. Issue. Three seconds and we open the they have not been enforcing it. Market on a tuesday morning. Thats where you get the two Million People on the street in we are going to be down maybe hong kong. This was an International Treaty 200 points. There you go. Right from the getgo, off 216 points. That china signed that there will be direct election of the thats how we have opened. Leader of hong kong. Most of the dow 30 are open and this is not some wild idea most are down. Somebody just came up with, we i have 26 down at the moment, need to have independence in hong kong or autonomy. Now its 29 down, and the dow is this is something china promised in writing, signed by the chinese president at the time. Off 230 points. Theres only one winner. I cant read it. Its apparently being violated. Its up in the top lefthand stuart can we go through and corner. Pfizer. Get a deal in september if that, the only winner so far. The rest are losing issues. Lefthand side of your screen, the dow is down. 8 . Is still going on in hong kong . Well, probably not. Okay. The s p down, but less. The escalation in hong kong parallels the possibility of down. 66 . Escalation by President Trump. And the nasdaq down. 75 . He has not touched a lot of so the biggest loss at this areas where he could escalate. Point is the 30 on the dow. The yield curve, are we inver d the chinese stocks on wall street, its 1. 1 trillion according to a u. S. Inverted . Yes, we are. Congressional commission that funds chinese companies. 1. 50, 1. 49. So if the s. E. C. Says okay, we supposed to be the other way around but its not. Want full audits of all those thats an inversion. Whether thats a big impact, companies, no more waiver for dont know. Them, then chinas going to be gold is way up there, 17, 16 hurt really badly in terms of higher, 1546 per ounce. Foreign direct investment. Okay. Stuart in other words escalation is possible by President Trump. Tuesday morning, get things rolling. D. R. Barton is here, joel hes not gone very far, stuart. Shulman, susan li back from hong stuart okay. Kong and Ashley Webster with me he can still escalate from here. All right. As usual. September, historically, i Michael Pillsbury, thanks very believe the worst month for much indeed. Good information. We appreciate it. Stocks of the entire year. Lets check the fox since 1937, the s p and Dow Corporation Parent Company of this network. Average a 1 loss in september. Just announced they are getting into Sports Betting. Joel, what should investors do going to launch the fox bet heading into a historically bad Sports Betting platform today. Month . Do you care about history . No impact on the stock. Lets have a look at that well, you are absolutely yield curve. Right. Traditionally, september is the its tuesday morning, off and running on a new month and here worst month, less than 1 , we are. The twoyear yields more than the tenyear. About. 91 negative. When you think back to the last therefore, we have an inverted time we had something similar to yield curve. This september, we were up 1. 512 , the twoyear. Already 8. 5 year to date, was 1. 503 on the tenyear. That is inversion, ladies and 1967. Gentlemen. Maybe thats another factor on in 1967 we had a similar unemployment rate, 3. 7 , 3. 8 , the market. Price of gold up 14, 1543 is we have a jobs report coming out this week. Your price. The price of oil going straight when you think about 1967, same down, off 1. 80 now at 53. 30. Return year to date, they were up 3. 28 for that month, the National Average for a gallon of regular gasoline over the long holiday weekend, 2. 57. September 1967, ended the year 23 up. There is a little good news in i think thats 20 odd cents less terms of looking back. That is probably the best than labor day last year. Benchmark i could find the last 50, 60 years. I was driving a lot. Stuart do you care about we will still be down 200 history . I do. I care about seasonality as points for the dow industrials. Tariffs, thats the word of the well. Joels numbers, giving us those day. Thats whats taking this market 50yearold, 67 numbers are down. Look at facebook. Interesting. Heres another one for us to this is important for facebook users. Especially youngsters. Think about. August is traditionally historically the lowest it may stop showing the number volatility, the quietest month of likes that your posts and that we see in the year. We turned that on its head in photos receive. It says it wants to help users august. Stop comparing themselves to so we could be doing the same thing with returns in september. Others and feeling inadequate by stuart okay. One of the reasons that the dow getting just a few likes. Is down is because of boeing the stock is down 1. 40 in which is a dow stock. Advance of the opening bell. Then we have londons mayor tensions between that company renewing his feud with the and foreign regulators pose new president , criticizing mr. Trump delays for the max jet coming for canceling a trip to poland back onstream. To monitor hurricane dorian, then going golfing. He doesnt like that. It is down 12 bucks a share. Thats a sizeable loss for thats the mayor of london. More on dorian. Boeing. 3. 5 . Not sure how many points that authorities have a real problem because the storm is hovering takes out of the dow but quite a few. Without a clear direction at the dow is down 286. This point. What have you got on boeing . We dont really know where its going. The former head of fema joins us i believe this is a pretty next on that. Big deal because we have gotten a lot of news on and off again about boeing. Now the delay they are having, saying they might not have the max jets ready for Christmas Season is a pretty big deal. Thats going to hurt the bottom line. Thats what were seeing. Stuart boeing has not recovered from the max jet problems. It started eight, nine months ago. Ashley they had to resubmit all the technical changes they made to the software thats the beginning of these problems. You think they would have gotten that right the first time. This is going to add more weeks and weeks of delays before they can even think about getting these planes back up in the air. Stuart that 12 loss for boeing accounts for 85 down points for the Dow Jones Industrial average. Without boeing, we would be off 200. Right now we are down 287. Facebook. Im interested in this. I dont use facebook but the company is considering dropping the counter that tells you how many people liked your post. Thats really important. Susan it is really important. Stuart people want that. Susan especially when there is research that says social media actually increases your chances of depression. Maybe thats not a good idea. If you get rid of the likes, this was discovered by the data miner jay huong, saying facebook is testing this on the android app on monday, if you remove the likes, you remove chances of envy and selfcensorship by deleting posts that dont get a lot of likes. Instagram has been doing this and testing this since april of this year, starting at the end of the month. They have been doing it in seven countries so this might be the future, especially if facebook is going private, right . [ speaking simultaneously ] the company will not be going private. Stuart 184 on facebook as we speak. The dow industrials are down 250 points now. Thats not exactly coming back. We are down 1 for the dow industrials. Google will pay up to 200 million to settle an ftc investigation into youtube violating child privacy laws. Its down onethird of 1 in an otherwise down market. We always check these stocks during a hurricane. Home depot, lowes and generac is on there somewhere. They are all down, i dont know why they ran up bigtime last week. Maybe they are coming back down a little bit in response to the hovering hurricane. Okay. Lets move on. Still down 273. Look at some of the big property insurers ahead of dorian making landfall, if it does, by the way. They are mostly down, only chubb is up, a tiny fraction. As for the retailers, now that we have new tariffs that were imposed on sunday, all the retailers are down with some significant losses there, especially im looking at macys, back to 14 a share. Bitcoin, 10,000 or 9,000 . 10,700 per coin as we speak. The price of oil, thats really falling fast. Down 1. 91, 3. 5 , 53 a share. Stuart bottom line, dorian okay. Stalled out over the bahamas and more tweets from the president. Could take days to reach the United States at this rate. The rate that its going. For all of the geniuses out Bruce Jenkins is with us. There, many who have been in hes in jenson, florida. Other administrations and taken i think you are seeing the to the cleaners by china that effects already, correct . Want me to get together with the go. Reporter thats right. Eu and others to go after china weve got the outer bands, were trade practices, remember the eu 116 miles from the center of and all treat us very unfairly dorian, its just continuing to bash the bahamas and this is on trade. Just the outer band but you can also will change. Another hard line trump tweet, see the storm surge of the waves first thing in the morning on trade, and its not helping the of the indian river. Across from us are the Barrier Islands, the hutchison island, market which is still down 266. Some Big Companies like they blocked off access. Walmart featuring a new employee there was a mandatory evac but perk, payroll advances and this seawall, this is the storm surge that officials worry that loans. Payday lending is what it people wake up, they think amounts to. Ashley its out of your own dorian is not likely going to paycheck. Stuart thats true. Joel, do you care . Make landfall, and they think yes. Its okay for them to come out and go back to their lives, but no, i really dont. Its not. I think its a modest perk. Its not going to move the this is about two hours, three market. Walmart came off very strong hours away still at high tide, a earnings a week or two ago and i think thats what people will period of king tide, which is focus on. Whether they lend money to the highest tide of the year. Employees or not, i dont think so the potential for flooding is very very significant. Will really be a game changer. If these outer bands you are stuart whats lighting your feeling right now are likely to fire this morning, joel . Well, i think theres a lot endure throughout all day long to talk about the inversion of Interest Rates and of course, we into tomorrow as dorian works have been going back and forth on this for a long time. Its way wherever its going to go, one thing is for sure, if im more concerned about the negative Interest Rates that are now plaguing europe. Weve got germany which is you just consider for a moment almost negative 1 for the these gusts are about 55 to 60 twoyear, threeyear, fiveyear. Miles an hour, sustained at switzerland is more than negative 1. 2 . About 40. Weve got japan, weve got imagine what a dorian wind, a negative Interest Rates in many cat 5 wind of 200, 220 miles an countries throughout europe and of course, japan. Im concerned more than the hour, would do sustained for inversion of the yield curve, almost 24 hours. This is nothing compared to what im concerned about negative theyve got but it is providing Interest Rates and whats going to happen to our Pension Funds some serious storm surge if negative Interest Rates creep on over to the u. S. Thats really kind of a big problems for officials all along concern. The southeastern coast of the fact that the markets, we florida. Have inversion in the interest thats why Officials Say do not rate is largely demand push come out until they want you to based on hedging, not really based on economic reasons, its because they do not want to have to come get you if there is a based on hedging for certain periods of time. The negative Interest Rates and serious storm surge and flooding what havoc they will create for incident like we saw three years our Pension Funds and the way we ago with Hurricane Matthew as it look at longterm liabilities is works its way up the east coast. A big problem. If that comes over, we are stuart i think griff should really i think in much bigger trouble. Thats i think the bigger issue compared to inversion. Take that advice and get out of the spray. Stuart fair point. Hes about 50 miles north of whats lighting your fire, d. R. . West palm beach. Well, i will say real thats the impact on his quickly, i think the walmart location. Get out of the way there, thing is a little bit of a big please. Come on. Deal because its going to help now we have saddique khan, them with Employee Retention in this tight employment market. The mayor of london, slamming i think the numbers are President Trump for not attending a world war ii event reflecting that. Walmart is doing pretty well in a down market defensively. In poland. Wait a second. Whats lighting my fire are hes the mayor of london. Hes criticizing the president being able to find good values for not going to commemorate holding up well in the world war ii in poland and criticizing him for covering utilities stuart that what youre looking for . Dorian on a golf course. I am. Every littl pullback. Ashley yeah. I think we are in a long term stuart is that what hes saying . Ashley thats exactly what hes saying. Kind of mocking him, if you kind of sideways. Susan jpmorgan says now is the like, on twitter. Time to buy stocks. Of course, the trump they say because they are Administration Says a member of expecting a second Interest Rate cut from the Federal Reserve fema flew with the president to the golf course, where he went because if you judge it by the for a couple of hours, and updated him constantly on where consumer, when they start not the storm was. Spending, thats already too late for Federal Reserve policy. Whats interesting about khan is quantitative easing, europe, that knife crime in london has also more federal rate cuts, reached unprecedented levels. Federal reserve rate cuts 90 murders already this year. Stuart i am told the market last year was the bloodiest in a expects, you can tell from market plays, that the market decade in the capital. He should spend more time expects a full 100 basis point figuring out why london is becoming such a murder capital cut in shortterm Interest Rates in many ways with knife crime instead of tweeting about the by the fed by april of next president and golf and year. Susan i believe that. Hurricanes. Stuart i do find it extraordinary that the mayor of stuart joel, i dont know london should be criticizing the whether or not you care about that. President of the United States well, i do care. About a florida sorry, a again, we are looking at the hurricane thats taking place longterm bond less than 2 . Here and in the bahamas. You cut 1 off of that longterm i want to bring in Michael Brown on this, the former fema administrator. Bond, we are now very close to negative Interest Rates. Just right from the start, thats the thing im really michael, whats your reaction to the mayor of londons comments . Focused on. Stuart got it. Ashley for the markets, its well, i cant say them on good. Not particularly great for the national television. Economy. But i would just say the mayor look at the tenyear yield, ought to shut up, deal with the already under 2 . Crime in london, take care of stuart 9 40 eastern time. That. And i would ask this question. Im sorry, d. R. , joel, you got a what does he want the president lookin at least. To do . Does he want the president to go very sorry to say goodbye to you on a big day. There you have it. Down and get the briefing on the check the big board. Low of the day, down 280 points, coastline of florida in the wind and the rain . The president is doing what hes just over 1 . The democrats seem to have a supposed to do. He canceled his trip, hes staying here, he will be able to respond when he needs to new economic idea. Only the government can create respond. Stuart okay. Now lets get into this. What should the authorities do money so just create what you here . Because its a real dilemma for need. In other words, print it. Is that the new democrat policy . Them. The storm is hovering, its moving very very slowly. We are going to be printing and spending just like europe . We dont really know exactly are we really going to do that . Where this thing is going. I think we are. I will discuss that in my that presents a huge problem for editorial at the 11 00 hour this the authorities who dont know when to evacuate, where to morning. Then we have seinfeld evacuate or if to evacuate, right . Actor john ohurley, friend of the program, going after will this is a classic example of they are damned if they do and damned if they dont. Grace Actress Debra Messing for i kind of wish, and i know saying actors who attend Trump Television is not geared to fundraisers need to be outed. This, but i wish somebody would get on air, it might take five uber and lyft spending or six minutes, if they can millions of dollars to fight a explain why dorian is stuck. Theres a High Pressure system in the north atlantic, theres a bill in california that would force them to classify drivers High Pressure system here in as employees and therefore, denver where im sitting and offer them benefits. Thats whats keeping dorian next, we have an early investor stuck where it is and it churns in uber. I want to know, would that and gets bigger and bigger. Proposal kill the ride sharing whats going to happen is these High Pressures are going to business . Begin to break down and depending which one breaks down i think it would. Well be right back. At fidelity, we believe your money first, whether it moves westward or begins to move north. The problem is regardless of which direction it goes, its going to be a horrendous storm either direction. Nobody is talking everybody talks about storm surge, everybody talks about wind and i believe that is an appropriate thing to talk about, but theres a third thing that everybody is missing out, and that is this. If dorian begins to move up the east coast, that means that all of this rains going to hit georgia, North Carolina, South Carolina and youre going to have terrific flash flooding which can be as dangerous, if not more dangerous, than the hurricane itself. So the officials are doing the best they can. I know people are getting impatient, frustrated, but until we know which direction it should always be working harder. Takes, all you can do is wait and hope for the best. Thats why, your cash automatically goes into stuart you could come back and say look, youve had a lot of a Money Market Fund when you open a new account. Practice at this. The folks in the authorities just another reminder of the value in florida, georgia, the whole youll find at fidelity. Open an account today. Carolinas and new jersey, delaware, they have a lot of practice preparing for these storms. They should get it right, although of course, it is difficult when this thing just sits still. Ill tell you this, too, stuart. They should get it right and i think that they will get it right, but even if you get everything right, this is whats called a natural disaster. So there are going to be horrific stories, people may die, homes and businesses will be destroyed, flash flooding will occur, people may drown, so even though the officials do everything they are supposed to do, by the very nature of this beast being a disaster, bad things are going to happen. Stuart thanks for being with us. We appreciate it. Now, i believe weve got some tweets coming in from the president on this. Let me get this in, please. Okay. Put it up. There we go. We are doing very well in our negotiations with china. While im sure they would love to be dealing with a real administration so they could continue their practice of ripoff usa, 16 months plus is a long time to be hemorrhaging jobs and companies on a long shot. It is now 9 20. We will take you to the new york exchange, the nasdaq, where we observe a moment of silence. Stuart well, the first day of trading in september, historically a rotten month for investors, starting out badly. We are down 1 on the dow, off 263. Please look at apple. You may be able soon to track your sleep on your apple watch. I dont particularly care about this. But i wanted to susan i care about this. Because it will track your sleep. You have an apple watch, right . You dont . You should, because it also tracks your ekg to make sure your heart is in good rhythm. This is coming as a watch fix set to be released next week when we launch three new iphones, ipads, you name it. I will be attending. I will tell you what exactly the new gadgets look like. This is important because this is supposed to come in 2020. Its coming a year early because apparently, code name burrito, they have been testing this with their employees and look, if this is another feature that gets you to buy wearables which have been increasing in sales by 50 each quarter, thats a revenue driver for apple. Especially for the stock. Stuart i dont have it but there you go. Im going to move on. No matter what you say. Susan its important. Stuart california has a new proposal to turn uber and lyft gig drivers into employees. Watch out. That means the companies would have to give them benefits. Bradley tusk is with us, an early uber investor. Bradley, welcome back. Thanks for having me. Stuart would that kind of measure, if it goes through, i think it would really kill the business. Yeah. Its really hard for a company stuart you agree with it . I think its bad, for sure. Do you have concerns about mild memory loss related to aging . The Unit Economics right now are not great. Uber lost 5. 2 billion last prevagen is the number one pharmacistrecommended quarter. They are still not profitable on each ride. Memory support brand. If the cost of providing each you can find it in the vitamin aisle in stores everywhere. Ride goes up because the cost of taking care of every driver goes prevagen. Healthier brain. Better life. Up, things are going to happen. Prices will have to increase, that will mean less demand, it will mean consumers have to pay more money, and ultimately it will mean a much faster shift to autonomous so you might have a shortterm benefit for drivers where they are covered as employees but ultimately its really going to push both uber, lyft and everyone else in the industry trying to get rid of drivers as quickly as possible. Stuart i just think its very sad because when uber and lyft came along, here was an opportuni opportunity, if you had three or four hours to spare in a day and a car and want to earn extra money on the side kind of thing. Theres a real distinction if politics were rational, would be made. If you were an uber driver in manhattan or San Francisco and working 70 hours a week, did that seem like you are a fulltime employee, yes. Did that make sense, things like benefits should be applied, absolutely. If you are a College Student and trying to make a couple extra bucks a week and you have a car and are using it five or ten hours a week, of course you are not a fulltime employee. If we were able to look past the politics of which obviously we dont want to do stuart unionproof. Absolutely. If they are employ eemployees, become members. Just like susan was talking, apple looking for revenue through wearables because they are not getting it through their phones, uber looks for new members because they arent getting it through traditional industry. Stuart do you fault the company for not seeing this company and taking some kind of action . Absolutely. Other Tech Companies saw this and said you know what, why dont we offer portable benefits to the people on our platform, dont require us to treat them as fulltime employees, dont classify them as employees, but we want to be able to attract the best people to the platform and keep them here and they were creative and smart about it and worked with states, and i did a lot of the work with them so i know this, texas, florida, others, they were able to come up with rules to say heres how professionals are treated, heres what we can and cant do and it works really well for that company. Handy is a tiny company compared to uber but uber put its head in the sand and didnt deal with this for years and years when it was obviously coming. Now at a time where the company is under great strife, where the ceo and management is very much under question and people start to question whether there should be a new ceo, you have another major headache and uber is talking about running a ballot referendum in california to reverse this. Im not sure what uber has done the last couple years would give you confidence they can achieve anything. Stuart i do know uber at 32, record low for the stock. Lyft at 48. Record low for the stock. You know both those because sadly, im all too aware. Stuart im sure you are. Thanks for coming by with your perspective. Another tweet from President Trump. Here we go. Germany and so many other countries have negative Interest Rates, they get paid for loaning money and our Federal Reserve fails to act. Remember, these are also our weak currency competitors. The hard line trump tweet first thing this morning. First it was trade, now its getting at the fed, lower those rates. No impact on the market immediately. The dow industrials still down 260 points. Thats still about a 1 loss. Hurricane dorian moving, creeping closer to the east coast. Its still not clear where the storm is actually headed. Janice dean updates the whole thing for us after this. Liberty mutual customizes your car insurance, so you only pay for what you need. I wish i could shake your hand. Granted. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. You wouldnt accept from any one else. Why accept it from your allergy pills . Flonase relieves your worst symptoms including nasal congestion, which most pills dont. Flonase helps block 6 key inflammatory substances. Most pills only block one. Flonase. Here, hello starts with hi mple. How can i help . A data plan for everyone. Everyone . Everyone. Lets send to everyone [ camera clicking ] wifi up there . Ahhh. Sure, why not . Howd he get out . a camera might figure it out. That was easy glad i could help. At xfinity, were here to make life simple. Easy. Awesome. So come ask, shop, discover at your xfinity store today. Stuart coming back a bit but not much. Were down 220 points now, that is. 8 . Lets get back to dorian, bring in fox news meteorologist janice dean. Janice, look, its stalled or seems to be very slowmoving. Dont quite know where its going. Thats a real problem, isnt it . And it makes it a very unusual storm. Well, the fact that its moving so slow, yes, very unusual. But we have a very good idea of whats going to happen in the next 24 hours and that is the core of the strongest winds are going to remain offshore of florida, but as we get into georgia and the carolinas, thats where we have some question marks and people need to be, you know, on alert for possible evacuations because we could have a landfalling hurricane. Right now, the southern eyewall still scraping the northwestern bahamas. The takeaway from this storm, the legacy will be the absolute catastrophic damage that has been inflicted on the northwestern bahamas. We have not yet seen any of the scope of incredible danger that they have been under for the last 36 hours. Its just unimaginable. And thats going to be the legacy of this storm. For the east coast of florida, certainly Tropical Storm force winds, but we think the brunt of the storm, the core of those really strong Hurricane Force winds are going to remain offshore. Thats not to say were not going to have heavy rainfall, storm surge, five to seven feet along portions of the east coast of florida, as well as battering waves, beach erosion and even the threat for weak tornadoes. This is as we go out in time, this is wednesday around 10 00 p. M. As we get closer to the carolinas, there is, you know, theres some agreement that we could have a direct impact on north and South Carolina. So areas that were hit by matthew a couple of years ago, if you had damage from matthew, theres a good chance you are going to see the same kind of impacts as we get through the next couple of days. But slowmoving, right . We are still talking about a major hurricane thursday and then maybe a weaker hurricane coming very close as a brush or impact on to north or South Carolina, then finally, it exits the building. We are going to be dealing with this unfortunately until next weekend. Even the northeast needs to watch this. But heres where im concerned with these model forecasts that we come very close, if not a landfall, over either south or North Carolina and people need to know what to do if youre going to evacuate, you need to do so, you need to look to your local officials. Stuart thank you very much indeed. I want to turn to the airlines. What are they doing during this hurricane . Lauren we will know in about five minutes if Fort Lauderdale will reopen. They will make the decision soon. They aim to reopen at noon today. Miami international is open. If you are trying to get out or in for whatever reason, Pay Attention to how much you are paying per ticket. Many of the airlines are capping a oneway fare, for instance. 500 at american. Something to be looking at. Stuart the point is some are reopening. Thats interesting. What about the theme parks . Lauren okay. They are open today. Until 2 00 or 3 00 p. M. For the disney properties. Whether thats magic kingdom, epcot, hollywood studios. They will close at 2 00 or 3 00. Universal is open today until further notice. Stuart okay. Lauren one other quick note. Speaking of the airlines, as janice just told us, this storm could really impact the carolinas. You have hubs in charlotte and in atlanta, georgia. So as we have a thousand flights domestically delayed so far today, 1600 canceled so far today, Pay Attention if you are going through those hubs. It could affect you. Stuart lauren, thank you very much. The maker of hush puppies, the shoe company, one of 200 companies that signed a letter to President Trump asking him not to increase tariffs. Well, the companys president is going to join us in our next hour. We have those tariffs imposed as of sunday. Is he going to raise prices . We will ask him. New york times questioning why joe bidens running. Seems like his only answer is that he just wants to beat trump. Wheres the grand vision, you may ask . Where would he take america . My take on that is next. With time, comes change thats for sure. And when those changes might help more people, especially those in retirement, i think its worth talking about so, aag is introducing a new jumbo reverse Mortgage Loan so you can now access as much as 4 Million Dollars in cash, tax free, from your homes equity. Aags new jumbo reverse Mortgage Loan can give you more taxfree cash than ever before find out more in your free aag jumbo guide. 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If youre looking for extra cash now, accessing your homes equity could be the right Financial Solution for you. The new aag advantage jumbo is changing the way people use reverse mortgages, and another way aag is working to make your retirement. Better. Call stuart were down 234 points after 39 minutes worth of business. Were waiting for some interesting news on manufacturing and construction spending. Well get that at precisely 10 00 which happens to be 10 seconds away. As we go into these numbers especially on manufacturing which is very important we are down. 9 . The dow is down 236 points as we speak. Its is now 10 00. Were waiting for the computers to kick in. Ashley as always. Stuart give me that number. Ashley looks like 49. 1 is what it looks like which is disappointing. Stuart that is an indicator of manufacturing activity. Ashley we were expecting 51. Anything above 50 is expansion. Below is contraction. July was the weakest pace of contraction in three years. This is another indication of things slowing down. Stuart for manufacturing in the last month, was this in august . Ashley in august. Stuart we tipped below 50. Signal maybe were contracting. The market responded with a further loss. Were down 300 points. Now weve got construction spending. What do we got . Positive, plus. 1 in month of july. Less than economist calls looking for greg of. 3 . That is way better than what happened in june, seeing contraction down 1. 3 which was the largest drop in seven months. The fact that youre getting, gaining, growing once again sequentially. That is a positive sign there might be a turn around. Wee have seen weakness in home building. Stuart i think market is reacting primarily to the manufacturing news which was specifically the indicator moved below a 50 reading which indicates contraction. There was Immediate Response on the market. Now were down 326 points. That is 1. 25 . All right . Now this. Every candidate for the presidency will at some point be asked why he or she is running. Joe biden was asked the question but there was a twist in the question. He was asked how badly do you want to be president . In other words what is really driving you to go through all of this . His answer was telling. He said, i think it is really, really important that donald trump not be reelected. Thats it . Thats it, just beat trump . Where is the grand vision . Where would he take america . He had a lot of time to come up with a sharpedged statement where he wants to take us. Just dumb trump, compared to candidate trumps make America Great again. Backtrack, biden would he be running to dump a president mitt romney or president jeb bush. Another telling response, im not sure. To be quite honest with you i hadnt planned on running again. That is what he said. He doubled down, dumping trump is his primary motivation. I dont think that works. I think it adds to the problems his campaign is already facing. His modest crowds have not been that enthusiastic. His gaffs seem endless, his stumbles, mildly embarrassing. He is not doing himself any favors with his focus on getting rid of the president. The New York Times used this headline to discuss bidens vision, or lack of it. Does joe biden want to be doing this . If he has lost the times, his nomination is in serious trouble. The second hour of Varney Company just getting started. I think it is really, really, really important that donald trump not be reelected. Could i die happily not having hail the chief played for me . I could. That is not why im running. Longer i have been around less that appeals to me. Not that i can hardly wait to move into the white house, i tell you what, i want to make the decisions. Stuart he did not sound the positive about prospect of becoming president of the United States. Rachel is with us now. If beating trump is his main reason for running that is it, primarily the motivation here, does that work for electors, for voters . Were about to find out what it looks like for a mainstream candidate to launch a campaign on a negative. Literally i am not donald trump. You should vote for me. Put another way, hey, it could be worse. Pick me. So that is the ma the joe of his campaign that weve seen so far. The lack of enthusiasm is obvious from everywhere fewer appearances on the campaign trail, just a subpar performance in the debate that weve seen. He cut himself off. The only candidate i have ever seen do this in a national debate. Im out of time. I better stop. Tough wonder, does he really want to be here . Does he have the stamina to compete with much younger field of candidates and much more Progressive Field of candidates . Stuart answer the question, rachel, do you think he will be the nominee for the democrats . I dont. To be honest this party has swung so far to the left, i dont think joe biden has a chance. If you look at his voting record, he has been conservative to moderate democrat his entire career, 36 years in the senate and eight years as vice president. I think this will come back to haunt him in a field that wants nothing to do with that part of its history. Stuart rachel, if it is not joe biden who is it . Well youre seeing Elizabeth Warren creep up. Youre seeing a lot of these Progressive Left candidates come out of the woodwork. Bernie sanders is polling high. So is kamala harris. Stuart forgive me for interrupting you there but look, Elizabeth Warren and Bernie Sanders are way out there own the left. Is it your judgment that democrats are so far to the left they would put a socialist as a nominee for their party to the president ial election . I think enthusiasm for them is so strong right now, it is lacking with joe biden, that i think it is very possible. If you look at the ground game these candidates have, it is strong. They are hustling. They are hustling where joe biden is not. I think there is a lot of time and a lot of ground they can make up in the meantime. I do think the Democrat Party in many areas is this far to the left. Weve seen every candidate on the debate stage raise their hands, they want to decriminalize the border. Multiple candidates want to take away private health insurance. Many support abortion on demand. This is not your grandfathers Democrat Party. This is a progressive party. Stuart rachel, thanks for joining us. My pleasure. Stuart we have to get back to the market. We are at a low there. Look at it, were down 358 on the dow. 1. 3 . Smaller loss on the s p. Still down, nasdaq also down 1 . Its a down day. Keith fitzgerald, Money Map Press chief investment guy with us right now. You say this is headline risk, a headline on trade, down goes the market but most of our viewers are ordinary, average investors. What are we supposed to do with a headline risk market . It is funny you should ask that, stuart, this is where individual investors actually have the advantage. Big institutional traders have to move their money. Individual investors can pick and choose their battles and their stocks. And dont forget the professional investors want you scared, they want you uncertain, that is how they separate you from your money. If you want to succeed in the market, first thing, dont do anything rash, dont fall for it. Second thing, continue buying into quality stocks. Even more selling ahead, even if doing so feels contrary. Studies show since time began, that is how you make money, buy low, sell high. If you can afford to stay in, do it. They will not have the opportunity to play you. Stuart stay there for a second, keith. As we speak the dow is very close to a new low for this day. Were down 382 points right now. Let me bring in beijing. Because they say they have the power to declare an emergency in hong kong. Susan li back from a couple weeks there reporting for us. Do you think beijing, it is the state media that said it. Do you think that is a prelude to real intervention on their part . Susan the china office in hong kong said they do have the power for this emergency declaration, which in essence is kind of like marshal law they can step in if they wanted to. The rules are very strict, which witness which rules are under before the pla comes in. Stuart then we have state media, the newspaper, theyre saying the end is coming. Thats ominous. That suggests intervention. Susan yes. Dont forget the state media like global times they are prone to using more exaggerated, inflammatory language. If you take it from chief executive carrie lam recorded off the record with Business People at a roundtable last week this, was leaked to the media. In this discussion, 30 minute discussion, she said there is no october 1st deadline. The pla does not want to step in here. The first thing up to here she would resign. She backtracked on comments after they were leaked to media, saying she had no intentions tendering my resignation. Most people think if it was up to her she would want to tender her resignation. Nobody wants the job. It is tough to be under two plasters, in hong kong. Peoples republic of china and beijing. Stuart cant serve two masters. Is there connection between of the hong kong tariffs and tariffs we imposed on china sunday, september the 1st . Not directly, stuart. Those things have been in play for a long time. Weve known they were coming but i think the protesters will try to make the connection. Whether or not Global Traders do has yet to be seen. Stuart okay. Keith, thank you very much indeed. An important day, an important input. I want to alert everybody we are now at the low of the day. Were almost down 400 points. That is about 1 1 2 . There you have it. Were back down right there at 26,000. Now as we were saying there, new tariffs on chinese goods did go into effect on sunday, september the 1st. Will the new tariffs be passed along to the consumers here . I will ask the president of hush puppies, the shoemaker, in a moment. Hurricane dorian is closer to florida after lashing the bahamas. It is a cat3 storm with winds of 115 miles an hour. We have an update on the ground coming up next. Huawei accusing the u. S. Of threatening their employees and launching cyberattacks against them. Well tell you what is going on there, after this. What a time to be alive. The world is customized to you. Built for you. So why isnt it all about you, when it comes to your money . So. Whats on your mind . We are edward jones, a 97yearold firm built for right now. With one Financial Advisor per office, were all about knowing whats important to you the one who matters. Edward jones. 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The biggest challenge, stuart, good morning, thank you for letting us be on the show today. The biggest challenge in the footwear industry, were an industry is taxed with tariffs on the industry for the last century. We paid in the last 20 years 30 billion in tariffs that go back smoothawley days, back to herbert hoover. The fact of the matter, President Trump wants to add another 15 on top of that you had over 200 Footwear Companies in the United States not it push this into effect w very a tax that taxes poorest of the poor in the United States. Stuart greg i want it, but my question was, will you pass along these new tariffs in the form of higher prices to your customers in america . Hush puppies is an interesting business. 90 of our business is done outside of the United States. In the United States we already mitigated our sourcing model where we taken our sourcing and, i have less than 30 of my total business in china. So we do a significant amount of our production in india, vietnam, cambodia, other places around the world that will not be affected by this tax. So we have already taken the steps necessary to combat additional tariffs to china would take in place. Stuart so the answer is no . Im not, if i buy a pair of hush puppies two months down the road i will not be paying more than i am now, your answer is no, youre not passing this along to your customers . For hush puppies that is the case. Unfortunately most shoe companies, a significant amount, you have to realize, out of the 2. 5 billion pairs of shoes worn in the United States, 1. 5 billion of them are made in china. So for many and most of the brands that are purchased in the United States, they will have to take on that additional burden. Stuart now the sal you of the chinese currency hit a new low this morning. That would mitigate price increases in the United States. Manufacturers in china are urgently cutting costs so they can absorb some of the possible price increases in america. Seems like everybody is bending over backward to make sure American Consumers do not pay a higher price . I think when you start to look at those things, first and foremost you have to realize the supply chain is working six to 12 months in advance. Even though currency devaluations take in place, those help us, a lot of those purchases, that manufacturing were already put into place beforehand. So those do have to be absorbed. As you start to go through the supply chain, you look at the current tax rates of 8 to 12 , plus this additional 15 , long term that is not sustainable. So long Term Companies will have to look at solutions around the world to mitigate the new tax that President Trump put into place. Stuart look, greg, thank you very much indeed for being on the show today. We do appreciate your input. We wanted to settle that firmly. Greg tunney, hush puppy guy. Thanks for joining us, we appreciate it. Thank you, stuart. Stuart sure thing. The wall street journal reports that Chinas Huawei is accusing america of Cyber Attacks and threats to its employees. That is escalation. Susan they said fbi agents visited the homes of some of their employees and pressuring them to spy on behalf of the u. S. They say that they have suffered cyberattacks stemming from u. S. To try to infiltrate huaweis intranet. They arrested huawei employees and Business Partners. Meantime we have the u. S. Accusing huawei, it is on the trade blacklist because the congressional report say that huawei is conduit for chinese spying. They have also been stealing trade secrets as well. They have been engaged in a dispute with tmobile, cisco and camera maker, Smartphone Camera maker from portugal says they have also stolen some of their proprietary technology as well. We know that huawei says they will take a 30 billiondollar hit being on the trade blacklist, not having a access to u. S. Services and parts. However the Commerce Department says we will give certain waivers for companies if you apply. On the flipside, huawei phones have been up 30 on this nationalist fervor that they have been bullied by the u. S. In the second quarter. Stuart you bring in huawei. You make the dispute with china as much about security as it is about trade. Lots susan leverage. Stuart precisely. Were tracking dorian. The latest from the National Hurricane center, dorian is about 105 miles eastnortheast of west palm beach, florida. We have a live report from florida coming up for you. The mayor of london taking a shot at President Trump over the storm. He is mocking mr. Trump for canceling a trip to poland to deal with the hurricane dorian. Then playing golf. Well tell you more about what he had to say. Devices are like doorways that could allow hackers into your home. And like all doors, theyre safer when locked. Thats why you need xfinity xfi. With the xfi gateway, devices connected to your homes wifi are protected. Which helps keep people outside from accessing your passwords, credit cards and cameras. And people inside from accidentally visiting sites that arent secure. And if someone trys well let you know. Xfi advanced security. If its connected, its protected. Call, click, or visit a store today. Stuart the president s been firing up his twitter account and heres the latest. The inept mayor of london sadiq kahn was bothered i played a very fast round of golf yesterday. Many pols. Ashley exercise for hours. Many politicians. Stuart exercise for hours or travel for weeks. Through me i one through one of my courses very inexpensive. President obama would fly to hawaii. Kahn should focus on, anything else . Night crime which is totally out of control in london. People are afraid to even walk the streets. He is a terrible mayor who should stay out of our business. Ashley take that. Stuart take that. No impact on our market from the president ial tweet about the mayor of london. Down 370 points as we speak. That is almost 1 1 2 . Lets get to dorian. Stalled over the bahamas. Forecast northnorthwest. You can see that tracking on screen. Ray joins us from cocoa beach, the central coastline of florida. What is the situation like there now . What effects are you feeling . Stuart, good morning to you, we have had on and off rain this morning. We feel the power of the wind increasing as the storm gets closer. One thing were watching closely is the ocean because the tide is going to hit high at 11 45. As it gets higher, were seeing waves come up higher and higher and higher. Theyre getting up and above in some cases the dunes here. Dunes are in place to protect Barrier Islands like this one. So if the waves get up and over the dunes, the next thing behind them is a line of hotels, restaurants and homes and that could start to do some serious damage. So well be watching the storm surge, which the National Hurricane center says could be anywhere between four and seven feet above the ground in this area. As you know, the storm has been absolutely crawling. As it works its way up the florida coast it could be a good bit of the way offshore. Remember Tropical Storm force winds are 160 miles out from the storm center. Well still feel the effects. Stuart you will. Ray, thanks for joining us in the middle of it. Appreciate, sir. I will look at what we call hurricane related stocks. Well start with the, lets start, with home depot, lowes, Jenner Generac they do well in a situation. The stock backing off a little this morning. Big property insurers, a trillion bucks worth of insured property in florida and insurers are mostly lower but there is not that big of a movement on any of them. How about the airlines . Have a look at that. Because weve got some of them reopening for business now in florida, although the Orlando Airport is still closed. Ashley closed at 2 00 a. M. This morning because of anticipated strong winds. Stuart the airlines at this moment are down some more. When President Trump met with Britains Boris Johnson last month he hinted at a very big trade deal with britain after brexit. What would that look like . Were going to ask the question. Check the big board. Stocks selling off after the Trump Administration slapped more tariffs on chinese goods. Is this a oneday blip or start of something bigger . Market watcher anthony chan later on in the program. Were down 400 points. Managingaudreys on it. S . Eating right and staying active . 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The bucks got your back. Stuart okay. One of the old ones. I would be so happy if you danced with me. 196263. Im sure that susan li, back from hong kong, never heard of it. Susan i only know five beatles songs. Probability is very high. This is very upbeat. I like it. Very acoustic. Stuart good arm harmony. Welcome back. Britain Prime Minister bore russ johnson threatening to call a snap election, if parliament has a no brexit deal this week. Forget about the britains constitutional crisis. If we get a trade deal, with the United States, i mean, if we, the americans get a trade deal with the brits, whats it going to look like . Whats in it . It will look like nafta. Looks like same issues with regard to the National Health system. Pharmaceutical manufacturers will force britain to pay prices here. That is not on. Will have regulated prices but will not be afraid like the canadians of our financial sector. New york could eat toronto in a week. Hard to say that new york will eat london. Well not have a lot of problems with product standards and thinks like this. There are issues to work through. Tariffs easy. It is all this mutual recognition on product standards and things like that but that is all workable. Stuart we have a constitutional crisis and that is what it is. There are threats that the call a snap election if he doesnt get his way on brexit by october 31st, the pound sunk to a threeyear low. Is all this affecting us, our money here in america, what effect on us . Any at all . To say none is silly. The biggest problem is that, britain represents europes inability to get its act together. The brits correctly assessed that European Union doesnt make sense way it is structured. It is best to get out. They have open immigration. Ca dysfunction of europe and mentality of president macron. Brits will go through a period of difficulty as they extract themselves. It is not unconstitutional what he is doing. Give me proposal parliament has they can sell to the eu. The answer, they dont have one. They have really no choice but to take the hard break. To think you can negotiate with the europeans with without being willing to take a hard break is silly. He is basically playing out the string. This has to happen. Stuart if there is a brexit with no deal, theyre out on october 31st, without any kind of deal at all, how bad is that for the british economy . Depends what he does. I have written that what they should do is declare unilateral free trade with the europeans if they will reciprocate, continue to admit each others citizens the way they are on Identification Cards if they reciprocate. Let the europeans decide whether they want a truly hard break. And, while theyre deciding, he should take a little trip to dublin, put his arm around the plim there, say, do you really want the hard break . You know who will sink into the ocean . Ireland. Ireland is more a part of the uk than it is britain. There is a lot of other northern states in europe for whom this would be a bad thing. So my feeling, it is time for boris to put pressure back on them. Once we get to that point, once we get to october 25th, october 26th, october 27th, he has the opportunity. Guess what . Look at donald trump, look how he is willing to do things, multilateralists, people at the trilateral commission, all these intutions would never do. He has the chutzpah to do it if he sees the light of day, if he see as path. Stuart he certainly does. I think youre right. Chutzpah is what is needed here. Stuart he has got it but President Trump has got it, so does Boris Johnson. That is why the multilateralists like macron are so upset. Guess what, somebody who can sing showed up in vaudeville. Stuart peter, youre all right. Facebook may start hiding number of likes that appear under users photos and posts. Considered removing it all together. One of the things theyre considering. Stuart why . Ashley theyre worried about what this creates for peoples mental wellbeing. People trying to one up each other t can have an effect. I know youre laughing but apparently it is true. Stuart no i understand this. Ashley they have already done, they decided to hide likes on intragram for some markets. Googles youtube shopping, also showing precise subscriber counts on channels. Not doing that anymore. All about popularity. All about, look at me. Im so wonderful. I have got all of these susan selfcensorship, if you dont get likes, people tended to remove the posts. Youre censoring yourself based on what other people think of you, which i think is wrong. It is not good for selfesteem. Envy is not good. Social media increased the probability of depression among the youth. Stuart youre okay with this. Ashley people sometimes feel other people have much better life. Im a loser. Not doing all these wonderful things, taking photographs all over the place sues zoos that is so wrong. Im not posting pictures of me in my pajamas saturday nights watching netflix. The wrong way to judge peoples lives comparing yourself to others. No one posts mediocre mundane posts on facebook or instagram. Ashley what a world we live in. Stuart first ever, got it over the weekend, somebody put this on facebook, Stuart Varney has an ipad. It got a lot of likes. How does that make you feel . Is it important . Ashley he could care less, [laughter] stuart i really couldnt. I got an ipad. Ashley you do know the passwords . Can you get into it . Stuart dont even ask, son, somebody did it for me as you well know. This is very serious and difficult story to tell but were going to tell it. More than two dozen people were killed in a boat fire, the one youre looking at on the screen. It was in california, just after Catalina Island over the weekend. Ash ashley this is a strange story. A couple of issues here. Stuart yes. Ashley 39 people on board. The boat was, middle of the night. People sleeping. The crew gets off. Stuart right. Ashley we, two things to consider. How did the firebreak out . Why did five of the six crew manage to get off the bow, get into a dinghy, go to another boat nearby and started hammering on the hull, saying there is a fire over here. People cant get out. The question, why couldnt they get out . I dont understand, if you smell smoke, trying your best to get off the boat. Stuart the crew is not supposed to leave first. The crew is supposed ashley Santa Barbara sheriff said five of the six crew escaped. According to witnesses they were on a dinghy. There are a lot of questions how this happened. Stuart terrible tragedy. Ashley awful. Stuart those are questions. Check the big board. Were down 400. We are off 360 points as we speak. Protests in hong kong continued over the weekend. Beijing now threatening to declare a state of emergency, a crackdown. Sure sounds like a complication for the trade talks which we will discuss. Well be back. When crabe stronger. Strong, with new nicorette coated ice mint. Layered with flavor. Its the first and only coated nicotine lozenge. For an amazing taste. That outlasts your craving. New nicorette ice mint. 2,000 fence posts. 900 acres. 48 bales. All before lunch, which we caught last saturday. We earn our scars. We wear our work ethic. We work until the works done. And when it is, a few hours of shuteye to rest up for tomorrow, the day well finally get something done. stuart bank of america has done a study about president ial tweets. The finding is this. The more tweets, the more volatility. That certainly what weve been seeing recently. That is why we call it a headline driven market. Right now were down 300 points. Lets get back to the protests in hong kong. China says the end is coming, from chinas state media. Susan got back from hong kong. Tell me what is, that sounds kind of ominous, the end is coming. Susan it does. The state media like the times use inflammatory language. Most people in hong kong says beijing will not roll in tanks. That is low probability. I talked to a lot of lawmakers as well, they make that below 10 , carry carrie lam says there is no october 1st deadline. The pla will not roll into the tanks. That is not the feeling she gets from the chief executive the mayor of the city. I want to remind hong kong is very capitalist society. Maybe 1 3 support the protest. It is contracting. The Hong Kong Government had to unleash a stimulus package over 2 1 2 billion dollars. Its a very rich city as well. You know hong kong has over 100 billion in reserves in cash, sitting in the bank . If you divide that by 8 million residents, from my calculations that is almost over 10 billion per person that is available. Stuart immediately. Susan we were doing this, this is a big, big sum if you think about it. 150 billion, 8 Million People. It is largest richpoor gap in the world. Why is that the case . This is not just about democratic vote, rich versus poor. Identity politics, whether hong kong ceases itself as part of china. Stuart thank you, susan. Lets bring in china watcher robert daily. Welcome to the program. Are the protests affecting trade talks with beijing. Is there a direct relationship between the hong kong protest, crackdown and trade talks. There is no direct relationship as yet. Nor are there ongoing trade talks. President trump said if the Chinese Government were to go in the Peoples Armed police or pla into hong kong it would be hard to conclude a trade deal. He suggest ad link. We dont see a operative link daytoday. Stuart it doesnt look good for the trade dispute as you say. There is no trade talks going on as we speak. There is the possibility of trade talks coming up in midseptember, it is kind of a stalemate, with things looking worse all the time . Stalemate. There is evidence that china is prepared for a long term stalemate. It would like to conclude a deal on its terms, maimly purchases here, promises there. It will not go along with the structural reforms, as the reforms from the Chinese Communist party point of view are tantamount to regime change. They are asking us to change the way they run their country. It will be a protracted stalemate as you suggest. Stuart the way youre phrasing it, the way youre looking at it, you dont think there will be a real deal at all, a profound deal . Not if we as we laid it out. If President Trump see as political cost in the United States leadup to the 2020 election campaign, i suspect he might lower his sites a little bit for political reasons. That wouldnt change the trajectory of the relationship. Security concerns are in demand. Economic relationship is secondary to that. That isnt likely the change. Stuart do you want to get into the argument who suffers the most pain . The president says it is china. Do we suffer any pain . What is the relative pain threshold here . It is hard to say who suffersmost. The question who can absorb more pain. China may suffer more in dollar terms. But it also has a cult cure of suffering. In fact the Chinese National virtue, call it eating bitterness. The willingness to take private vision. Because they see the leadership and soybean sales, it is dug in and probably can absorb more pain even if it has to suffer more than the u. S. Stuart that is the last word on that one. Robert daley, thank you for joining us. Thank you very much. Totally different subject, seinfeld actor, john ohurley, he slammed the will grace actress, Debra Messing that attendees at the trump fundraiser be outed. Well see what Brian Kilmeade makes of that. Priciest real estate, famous lombard street, 9050 square feet. Well tell you how much it is going for. The requested price at the next hour. I dont know whats going on. Ive done all sorts of research, read earnings reports, looked at chart patterns. Ive even built my own historic trading model. And youre still not sure if you want to make the trade . Exactly. Sounds like a case of analysis paralysis. Is there a cure . Td ameritrades trade desk. They can help gut check your strategies and answer all your toughest questions. Sounds perfect. See, your stress level was here and i got you down to here, ive done my job. Call for a strategy gut check with td ameritrade. At comcast, we didnt build the nations largest gigspeed network just to make businesses run faster. We built it to help them go beyond. Because beyond risk. Welcome to the neighborhood, guys. There is reward. Beyond work and life. Who else could he be . There is the moment. Beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. Take your business beyond. Stuart we turned south at the opening bell this morning on some negative news on trade. We turned further south at 10 00 this morning when we got some negative news on the Manufacturing Sector and right now were down 340 points joining us live on the radio, Brian Kilmeade, host of the Brian Kilmeade show. Brian, joe biden was asked how badly he wants to be president. He responded, he really, really, really wants to beat President Trump. I dont think that is good enough. Where is the vision thing . Mark, from the New York Times, he tends to be balanced he asked joe biden, questioned after the interview, does this guy want to run. If you watch him on the stump, judging Human Behavior there is not any passion. He is basically down one event a day. He had to explain himself after the latest gaffe. The last one was blending war stories. 76 years old he had a lot of personal tragedy, everyone feels badly about that i go to what barack obama said. Reportedly he said to joe, you dont have to do this. Joe widen feels he has to save the world from donald trump. That is my sense. He doesnt believe there is anybody else on the democratic side that can beat trump. Judging by the numbers, is he right . Stuart it is not enough. It is not enough to say im running because i have to stop the reelection of President Trump. No, if you want to be the president of the United States you have to tell the voters what you see, where are you taking the country . What is the vision for the United States . It cant be a negative. I dont think he will make it all the way through. What say you . Im shocked. I didnt think he was leading by midaugust. The one with momentum is Elizabeth Warren. Warren is so ripe to be beat by President Trump. She wants to decriminalize border crossing. Forgive all student loan debt. She wants medicare for all. They are untenable or palatable by the general public. She might get a thumbs up by democratic extremists and nomination. That will not work. That will scare the heck out of people, vilifying everybody on wall street, horrible rich people. How dare people get rich in the country. Elizabeth warren is not a threat. Joe biden i see campaigning, maybe he somewhat after moderate. That would be more of a threat. He cant go a day without something to apologize for. Stuart will grace, actress there, Debra Messing, she wants attendees at a trump fundraiser to be outed. She did this tweet. Please print a list of all attendees december, the public has a right to know. Actor john ohurley sounded off what she was saying. Roll that tape. Im embarrassed for both of them and i will say this, i know them both. I worked with debra before. They are both smart people. They do wonderful work. They are pushing a case that falls apart from the sheer weight of its lunacy as though they, Hollywood Community needs to be purged of this social and intellectual hygiene problem called conservative thinking. Stuart brian, if you contribute to a political campaign, should your name be out there in the in the public . No. Unless you want it to be you can do it. Steve ross, for example, has a harvard yards. It is brand new facility on the, on the west side of new york city. Do you know they took a major fashion show away because he did the horrible thing for having a fundraiser in the hamptons for President Trump as they tried to have the mini boycott of equinox, a health club that he is part owner of . Stuart yeah. Now you have a situation where theyre trying to ban you because you like somebody that is 60 million other americans voted for . Youre insulting people that voted for him. Who are the potential viewers . Youre vilifying peoples name gets out. A shame the president of the United States goes to beverly hills. They find out the audacity to appear. What is going on in this country . Stuart if you publicly say i want Bernie Sanders a socialist to be elected in the United States of america, i am giving money to Bernie Sanders, youre giving money to a socialist, no negative to that. Nothing happens to you. You are a saint for doing that. What a double standard. Sadly what i understand being taught, a lot of Public Schools and colleges. Bernie sanders is the future where he clearly is not. I wouldnt mine if Bernie Sanders had this list of accomplishments like maybe donald trump has. But where is anything that he has ever done except for scream at people and forget to comb his hair . He goes around talking about things but never accomplishing anything. They tried to do some of the things in vermont he talks about. It almost bankrupted the entire state. Stuart thats true. Brian, out of time. We we got the points. Grade radio show. Stuart, see you soon. Stuart big question for democrat candidates, how do you plan on paying for programs like medicare for all or the Green New Deal . I suspect they want to fire up the money printing. They want to fire up the printing presses. That will be subject of my take coming up next. Congress getting back to business next week. You will hear a lot of impeachment talk from the democrats. Sean duffy will comment on that. He is retiring from congress, for personal reasons. Will is exit upset balance of power in the house . Well ask him that. Nfl fans, the league announce Ad Partnership with Media Company that is very popular with youngsters. It is about to be hour three of Varney Company. Were almost there. We trust usaa more than any other company out there. They give us excellent customer service, every time. Our 18 year old was in an accident. Usaa took care of her car rental, and getting her car towed. All i had to take care of was making sure that my daughter was ok. If i met another veteran, and they were with another insurance company, i would tell them, you need to join usaa because they have better rates, and better service. Were the gomez family. Were the rivera family. Were the kirby family, and we are usaa members for life. Get your Auto Insurance quote today. Stuart its the top of the hour, 11 00 eastern time here in new york. Lets have a look at that market because we are down. This is the first trading session of september. We are down 322 points. Couple of items here. Some negative news on trade. Those extra tariffs were imposed on sunday and some negative news on manufacturing came out at 10 00, an hour ago, which showed a reading of below 50. That means a contraction. Thats a weak Manufacturing Sector report. We are down as of now 1. 25 . Now this. What do you mean, we cant afford medicare for all . Or the Green New Deal . Why not just print the trillions of dollars we need . Why not . Welcome to the progressive new way of paying for it all. Just fire up the printing presses. Its the new economics. Only the government can create money so just create what we need. The far left has a problem, how to come up with the tens of trillions of dollars required for free this, free that and saving the planet at the same time. They want to do exactly what the europeans are doing. The European Union cant afford the cradletograve welfare system so they are printing bigtime. About 5. 3 trillion so far. With a lot more to come. Thats what the progressives are hinting at here. Candidate Elizabeth Warren, she says we need to rethink our Financial Accounting in the United States. Yes, she is hinting at printing, if you cant get enough from taxing the rich and taxing wealth. Aoc earlier this year told Business Insider the government shouldnt worry about balancing its books. After all, we printed trillions to bail out the banks in the financial crisis. This is called modern monetary theory and one of its leading proponents is professor stephanie kelton. She has advised Bernie Sanders campaign. She wrote the book, the deficit myth. None of the candidates has spelled out yet in full the printandspend approach. They havent exactly said it. Next week, there will be another democrat debate. If the moderators are doing their job, they will ask how are these grand proposals going to be paid for and if the response is well, well just tax the rich and tax wall street, the moderators should press harder, because tax hikes will not pay for it all. I would like to hear the candidates defend this modern monetary theory because if a progressive wins the presidency, we are going to be printing and spending just like europe. Later this hour, mark grant, the man who is raising the alarm about europes alice in wonderland print and spend policies, hes coming up as the third hour of Varney Company continues. Stuart all right. Heres where the market is now. We stabilized with a loss of about 330 points. Its a big selloff. We were down 400. Okay. We are now down 332. Look whos here. Anthony chan, former chief economist at chase. Hotshot heavy hitter on wall street. You heard what ive got to say about this modern monetary theory. Do you think its coming down the way i think its going to come down and happen in america . I sure hope not. In fact, there are respectable economists, as you know im not political, but respectable economists on the left and right who are vastly opposed to it. The reason for that, people say its not a problem but its a problem when it becomes a big problem. When you look at countries out there, italy, with over 130 debttogdp, lebanon, 150 , even us, were at about 103 and in fact, Academic Studies show that whenever that debttogdp ratio is over 90 , guess what, it slows down economic growth. Stuart they say debt doesnt matter. The deficit myth. Their argument is it doesnt matter as long as the Interest Rate is below the inflation rate. But over time, what happens when that debttogdp ratio just gets out of control over 90 , over 120 , 130 , it becomes a major problem and then you cant do anything about it but just accept reality. Thats why i dont want to see it. Stuart but it might. Its on the peripheral here, isnt it . Lets hope it doesnt. Stuart how does bernie, Elizabeth Warren, how do they pay for all they cant pay for it. The answer is they cannot. But hopefully, cooler heads will prevail. Remember, when you look at the congress, the congress is a lot more balanced than any candidate themselves. Stuart this is true. Let me move on to todays market action. We call it a head linedriven market. The headlines this morning are about slight contraction in the Manufacturing Sector and ugly news on trade. More tariffs. Is that whats hurting this market . Oh, absolutely. When you look at the Manufacturing Sector, that pmi survey is now in contraction territory, but remember, the Manufacturing Sector is less than 20 of the overall economy. By the way, its signaling a potential recession in manufacturing, by the way, its not a surprise. We have seen manufacturing weak for awhile. But its not signaling recession yet. You need to see that pmi number at about 46. We are at 49 and a little higher. So we are still not signaling a recession. We are just simply saying the Manufacturing Sector is weak. Then with regard to trade, yes, trade is a little bit soft but again, you would expect that. Right now, over the weekend, china wanted us to lift the tariffs, we didnt do it, or postpone them, so they are sort of posturinposturing. Now that the tariffs are on, i think china will grow 5. 6 , there is going to be an incentive for them to come to the negotiation table and we are going to slow down also. We have an incentive. Hopefully both parties will deal. Stuart how are ordinary investors, our viewers are investors, not hot shot traders, mostly investors, how are they supposed to handle the month of september which is supposed to be the worst month for investors out of all 12 . How you supposed to handle this . I think youve got to have a longterm view. Remember that on average, the markets double every 12 years. Stuart you dont have any problem with people keeping their money in stocks . I absolutely dont. In fact, people are very worried about what happens, they still remember october 1987. Again, all that stuff makes people very nervous. Stuart what about older people . When i say older people, i mean 65, 70 years of age plus . They cant just take the sanguine view everything will be fine. Thats the reason why you have to have the right Asset Allocation so that it takes care of you during market turbulence and during periods where the market is going up. If you dont have too much risk, you are going to be just fine. Stuart okay. Anthony chan holding our hands, calming us down, thank you very much. Appreciate it. Next case. Look at the auto makers. The stocks, please. They are all, most on the down side. The uaws contract with the auto makers expired i think next week. Deirdre bolton has been following this. They have authorized a strike. Deirdre overwhelmingly so. The workers from gm, ford, fiat chrysler, 96 have given the Union Leaders the right to strike, permission to strike, if you like. Thats sort of the step forward from there. September 14th is the current contract expiration but it can be pushed back weeks and months. Just ongoing, though, these negotiations are probably going to be some of the toughest in about a decade. Gm in particular may close four u. S. Facilities. Thats on the line. At stake, 150,000 workers, benefits, investing, pension, this is a pretty high stakes game. Probably the most intense in at least ten years. Stuart everythings intense these days, isnt it. Thank you. We are watching dorian, of course. Thats intense. Watching its every move. Right now its not moving very much. Its actually hovering. Its future track is still rather uncertain. That makes it real tough for authorities trying to get a handle on evacuations. The bottom line is this, though. Dorian will be a threat from that eastern seaboard to the eastern seaboard for much of this week. Hong kong, violent protests broke out again over the weekend and theres still some protests going on now. This tuesday. Police used a new weapon, blue dye, to identify protesters. Along with tear gas from the riot police and burning barricades from the demonstrators. Chinas state media says the end is coming. Ominous. What does that mean . In washington, the summer recess ends in a week. That means renewed impeachment talk and investigations. Obvious question, will anything get done down there in the swamp . This is the third hour of Varney Company. We are just getting started. Oh, wow. You two are going to have such a great trip. Yeah, have fun thanks to you, we will. Aw, stop. This is why voya helps reach todays goals. All while helping you to and through retirement. Um, you guys are just going for a week, right . Yeah thats right. Can you help with these . Oh. Um, were more of the plan, invest and protect kind of help. Sorry, little paws, so. But have fun send a postcard voya. Helping you to and through retirement. Stuart if you want to find out what is the impact of dorian right now, look no further than our own Griff Jenkins, on the ground in port st. Lucie, Central Florida coastline. I can see what youre feeling right there. Tell us all about it. What are you feeling . Reporter well, we are feeling those outer bands, we are 116 miles here in the port st. Lucie area, from the eye of dorian. Look, this is the real concern here. This is storm surge they are looking for. This is the indian river, the intercoastal, a Barrier Island. The storm surge as you see, the water coming up on the seawall is what they hope they can survive as the king tide, the really really high tide for this entire summer period, are meeting dorians bands that are expected to come for the next 12 to 24 hours. We are already hearing one report that a st. Lucie county deputy was injured in a high water humvee out patrolling. He was hit headon by a drunk driver. Hes okay. Hes at the hospital in stable condition. The drunk driver was taken into custody. But it is why officials are pleading with residents to not go out in these conditions, because even though dorian is not going to come and make landfall here, its effect is going to be felt very very strongly in this surrounding area. The causeway may be under water at high tide in a couple hours time. As you see, this is nothing to go out in the car. Nothing is open, the restaurants are not open. Officials want you to stay inside to avoid storm surge situations. As you can see, the winds picking up but just for context, think about it, i have been in a lot of these hurricanes. This is a storm wind of about 50, maybe gusts barely over 60 miles. Imagine dorian being on grand bahama and the abacos when winds were in excess of 200 miles an hour. Its unbelievable. Where we are here, in this storm, its going to be rough because perhaps in the fashion of matthew, just drifting all the way up to the carolinas. Stuart griff right in the middle of it, as you can see. Thanks very much indeed. Im sure you will be on the air all day long. The point i want to make here is this storm is supposed to move up the coastline there. The coastline of florida, georgia, South Carolina, North Carolina and stay out to sea. Thats one possible track. A likely track. That means that kind of weather that griff was just reporting there, the storm surge, the seas, the rain and the wind, will affect all of that coastal area for the best part of this week. Quickly to the markets. Weve got a new low. We are now down 400 points plus. Thats taken the dow right down to the 26,000 level. Now, tell me about we talked about how the Manufacturing Sector is weakening. We talked about new tariffs on trade. Both of those are negatives. Tell me about Interest Rates. Ashley still inverted. The tenyear, 1. 42 . The twoyear 1. 44 . Thats a very low level. Stuart extremely low. Thats a cause of concern in and of itself. Ashley the 30year, 1. 91 . Stuart 1. 91. Can you see the fiveyear . Thats like 1. 37. Ashley 1. 31 . Stuart youre kidding me. Ashley no. Stuart that is a factor on this market. Ashley they are all coming down. Stuart when you have Interest Rates falling so far, so fast, to near historic lows, thats why the market thats another reason why the stock market is selling off. Deirdre showing you investor fear. When you see that, that is just clearly, there are some investors who are afraid. Stuart you say what on earth is going on here. One explanation is money is pouring in from all over the world. As the money pours into our treasury securities, the price goes up and the yield goes down. Any yield is good. But when you have historic lows like this, i think thats what gets people real nervous. Deirdre i think your point is right. As we have talked about, in germany, you are actually paying for the right to lend. Its so flipped around that we actually look great in comparison. Stuart lender pays the borrower. So come here. Deirdre even if its crumbs its still crumbs. Stuart mark grant, the expert on this, coming up in about 15, 20 minutes on this program. We will see what hes got to say. Hong kong, more protests happening as we speak. Over the weekend, protesters barricaded themselves in the airport there, delaying flights. Now ominously, china says the end is coming and theyve got full power to declare a state of emergency. Christian whiton, former state department man, with us now. This seems like with this threat, its coming to a head. Whats your view . I think certainly the repression is going to accelerate. A big date is coming up, october 1st, the 70th anniversary of the peoples republic of china. We used to have a saying in the state department, commies love pageantry. Big events, very important for big regimes, especially illegitimate regimes like communist regimes. They want this to go away by october 1st. They are not really sure how to do it. Instead of an invasion by the Peoples Liberation army or a big move by police, its probably a gradual plussing up of police in hong kong supported by mainland police, arresting more people and cranking up the repression. It could go in the direction of using a colonialera law in hong kong that essentially establishes martial law but knowing the chinese, they can get a lot of the repression without a big step that would also put an end to u. S. Trade talks. Stuart got to talk about huawei, because they are accusing america of not only cyberattacks against them but also sending federal agents to employees homes to get them to spy on the company for america. Thats bad news for a trade deal because thats the security issue in the u. S. china dispute and thats not being solved. Right. What you have here is probably a case of projection. Huawei is accusing others of what it has done. Of course, it engaged in industrial espionage, it put nortel, for example, the old Canadian Telecommunications monopoly, out of business. It spies on people, coerces people. Who knows if the u. S. Government is also trying to collect information in a creative way like this. Huawei, this is sort of you catch on a good point, its a National Security issue. Its very unlikely even though the chinese want us to give in on that in trade talks, when the entire National Security bureaucracy is telling the president this is a serious threat, the entire congress is doing that, very hard to make a concession. Stuart christian, thanks for joining us, as always. See you again real soon. I want to check on facebook. Because they are considering dropping the likes that a person gets for a post. Because it causes people too much social anxiety. If they dont get as many likes as their friends. No word on when they will be doing this testing of this project, but thats what theyve got in mind. Facebook is down just 1. 40. How about apple . Reportedly going to announce a new sleep tracking addition to the apple watch. Maybe as early as next week. It will supposedly measure the quality of your sleep. Doesnt make any difference. The stock is down four bucks at 204. Check this out. Airbnb listing, not for a home but for a van. New york city. How much would you pay to sleep in that . We will tell you in a moment. On the other end of the spectrum, the most expensive home in San Francisco, take a wild guess what thats going for. Of course we will answer the question after this. A lot. The world is built for you. So why isnt it all about you when it comes to your money . So. Whats on your mind . We are a 97yearold firm built for right now. Edward jones. Its time for investing to feel individual. From the 5am wakers, to the 6am sleepers. Everyone uses their phone differently and in different places. Thats why Xfinity Mobile created a Wireless Network that auto connects you to millions of secure wifi hot spots. And the best lte everywhere else. Xfinity mobile is a different kind of Wireless Network designed to save you money. Save up to 400 a year on your wireless bill. Plus get 250 back when you buy an eligible phone. Click, call or visit a store today. Stuart couple real estate stories for you. First of all, if you ever wanted to live in a van down by the river, heres your chance. An airbnb listing. Whats the price . We will put it on the screen. Ashley the chris farley special. This is van life, situated in new yorks east village. Cost you 119 a night. Stuart what . Thats good. Ashley not bad. But theres no bathroom, no shower. Deirdre come on. Ashley it says you can go to the gym round the block. You can get a free trial pass. Also, theres starbucks where you can go use the bathroom and free wifi. Stuart okay. Lets go from the van to Something Else in San Francisco. Deirdre on the other end of the spectrum, there is the most expensive house in San Francisco, 40. 5 million is what it will cost you. Five bedroom, six and a half bathroom mansion. I dont know what this is but a norwegian style foursided stone pool, whatever that is. Im sure its lovely. But this is on lombard street in San Francisco. Tourists may know it. Stuart 40 million bucks. No homeless outside, right . Guaranteed . Deirdre i dont know about that. Stuart lets get serious. If you missed my editorial at the top of the hour, im saying democrats seem to have, they are hinting at a new policy, new economic policy. How you pay for everything. Only the government can create money so just create what you need. Thats what theyre saying. If a dem wins in 2020 we will be printing and spending like the europeans. Mark grant, the man who started this charge, is with us in a moment. Look, this isnt my first rodeo. 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Mark grants with us. Mark, you have written extensively about this stuff. I say the democrats want to bring this mammoth printing and spending policy to america. Am i on the right track . Yes, stuart, i think you are on the right track. As you know, where do we print money in the United States . We print money at the fed. So this gets even more complicated. What europe has done, the European Union has done, they now have a Balance Sheet of 5. 3 trillion versus the feds Balance Sheet of about 3. 7 trillion. Our Balance Sheet, the fed represents 18 of the gdp of the United States, the ecbs Balance Sheet represents over 40 of the Balance Sheet of the entire European Union. The ecb has no freedom, no independence. They do exactly what the governments of the European Union tell them to do. Stuart and if we elected a progressive to the presidency of the United States, that person whomsoever it is, would lay on heavy pressure to just print and print and print and pay for medicare for all and the Green New Deal. Thats what could happen in america. Answer this for me. If you just print and print and print the way europe is, whats the end game . What happens . Everybody wants to know that. Ill tell you what happens. Eventually, your currency gets demolished and you print money out of nothing but key strokes. Bear in mind that the fed was created by congress in 1913, and the fed has several times changed i mean, congress has several times changed the mandate of the fed and they could change it again to tell them they have to print more money, then to give the money to congress to spend on all these social programs. It would be a disaster for our economy and in my opinion, an even worse disaster for the dollar or american currency. Stuart can you deal with this real fast, because what i see happening this morning in our market is Interest Rates are absolutely tumbling. Ive got the yield on the fiveyear at 1. 31 . The 30year, 1. 91 . That sets the fear of god into a lot of investors. Should they be nervous when youve got it tumbling as fast as that . No, stuart. I dont think they should be nervous. Whats going on is something, if you understand it, theres a great rationale. Over 50 of the bonds in europe right now, including sovereign debt and corporate debt, are yielding less than zero. What we are seeing is the steady flow of money out of europe, buying the only stable place left, practically, with positive yields. Ill tell you when everybody should get nervous, they should get nervous if all of a sudden, we start heading towards negative Interest Rates, because the outcome of that will be a disaster for the country, in my opinion. Stuart its very it causes a lot of anxiety when you see this kind of thing happen, this wild volatility. While we have you, mark, i know you are in Fort Lauderdale. You have been there all weekend. I think you are staying. Can you look out your window and tell us what you see at the moment . What impact dorians having on you . I will tell you, stuart, Fort Lauderdale and miami were incredibly lucky. We skated. All weve had since dorian has gone to the north of us is some wind, a few squalls, a little rain and nothing. I thank god that we were got by this. Stuart did you take your dogs for a walk on the beach . I took my dogs out in the backyard. We werent heading to the beach. Stuart okay. I have three aussie rescues. We were all out there. Stuart youre a good man. I trust you will be back again soon. Absolutely. Any time. Thank you. Stuart we are still down 300 on the dow. Interest rates are still falling. Here we go. Companies like walmart, they are starting to help out people who may be cashstrapped just before their paycheck arrives. If they cant wait until payday, as i understand it, they are going to be walmart will be like a payday lender. Deirdre exactly. They are helping exactly their employees so if you need to borrow money, they will help you. They will advance you the money and the range can be anywhere between 6 which as we know is basically the same as if you borrow against your own 401 k , all the way up to 36 , depending on the borrowers credit score. So obviously, walmart does not want to overexpose itself either to people who have just say disturbing patterns. Stuart they could charge you usurious rates, way up there, if you are a bad credit risk to start with. Deirdre but if you are a good credit risk its the same as borrowing against your 401 k at 6 . Okay, we are talking about loans right now or rates right now that seem high, but then you repay through automatic deduction. So they feel like okay, you are working here, we know where you work at least and we will just take over the next few months, take the loan back. Stuart okay. So they get their money back because they will charge you a little bit of interest. You get the money real fast, you need to fix your car or something. Deirdre emergency purposes. Thats always the catch. Stuart dont sell senator Elizabeth Warren walmart is a payday lender. Thats another story. I will move on. Check disney. Summer box Office Season pretty good for them but bad for the industry as a whole. Disney, good. Ashley we are talking about the period from may to august, 4. 32 billion in ticket sales in north america. Thats overall. Thats down 2 year over year. Disney was the best of that, definitely with the lion king, aladdin, toy story 4. What this means is a lot of studios, sony did okay, too, with once upon a time in hollywood, spiderman, far from home. The later films, star wars and frozen 2 coming to a screen near you, they are hoping that will pick up some of the slack we saw in the summer. Stuart by the way, disney is at 135 today, down 1. 40. Thats in an overall waydown market. Disney weathering this storm fairly well, i would say. How about the fox corporation, the parent of this network. Announcing its getting into Sports Betting. Its launching the fox bet Sports Betting platform today. More on sports. The nfl partnering with ticktock. Tell me about this. Deirdre shortform mobile video, lots of people share different kinds of content. The nfl officially partnering, you get highlights, sideline moments, behind the scenes footage. The idea is as a fan, you can connect, they have a hash tag stuart real fast video shots. Deirdre exactly. Stuart the quarterback throws the ball, the wide receiver deirdre ten seconds is the average length. Stuart ten seconds . Deirdre ten to 30. Stuart thats about my attention span. Ashley and everyone elses. Stuart lets update dorian. If you are just joining us, thats what a lot of people want to know. Where is it. Answer, its stalled just off floridas coast. No telling which way this thing is going. Janice dean updates the storms track in just a moment. By the way, we are going to show you a live shot of whats happening in port st. Lucie. Griff jenkins is there. We rejoin him in a moment. In washington, august recess ends in a week and that means renewed impeachment talk and all those investigations. I repeat the question. Will anything get done in the swamp . Their medicare options. Ere people go to learn about before theyre on medicare. Come on in. Youre turning 65 soon . Yep. And youre retiring at 67 . Thats the plan well, youve come to the right place. Its also a great time to learn about an aarp Medicare Supplement insurance plan, insured by Unitedhealthcare Insurance Company. Heres why. Medicare part b doesnt pay for everything. 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Thumbs up to that remember, the time to prepare is before you go on medicare dont wait. Get started today. Call unitedhealthcare and ask for your free decision guide. Learn more about aarp Medicare Supplement plan options and rates to fit your needs oh, and happy birthday. Or retirement. In advance. Stuart i want to know the status of dorian and maybe where its going, so lets bring in janice dean, fox news meteorologist. Tell us more, janice, please. We got the latest advisory as of 11 00 a. M. And the storm is weakening, but just one mile shy of a cat 3. Still a category 2 storm and still not moving quickly. So the worst of the core of the winds are still scraping the northwestern bahamas. Grand bahama island is taking the brunt of this storm still, because its moving so slowly. We are getting the outer bands across the east coast of florida so wind gusts in excess of 35, 37 Miles Per Hour along the coast. So we can certainly see the potential for Tropical Storm force winds, heavy rainfall, storm surge five to seven feet along the coast of florida. We still have a hurricane warning in effect for parts of central and north florida, and then we go further out in time. We will still see the potential for Hurricane Force winds, perhaps, along the coast of georgia, especially for South Carolina and North Carolina, where we could have the closest brush or a landfalling hurricane as we head into thursday and friday. So thats friday at 9 00 a. M. , the center of the storm coming very close to cape hatteras. Warnings up and down the florida coastline in anticipation of Hurricane Force winds and the potential for storm surge. Then we also have hurricane warnings up for parts of South Carolina, hurricane watches now for parts of South Carolina into North Carolina. Which gives us a good indication that there is the higher probability as we go up towards the carolinas and parts of coastal georgia that we could see the impacts of Hurricane Force wind gusts and or storm surge and or landfall as we get towards the carolinas. So storm surge graphics here, four to seven feet of storm surge and again, that could be, you know, that could be a big deal for some of these lowlying areas. You got to know what your geography is. If you are prone to flooding and storm surge, you need to listen to your local officials and local weather forecasters and evacuate if you are told to do so. Back to you. Stuart janice dean, thanks for all your help with this. We appreciate it. Back to Griff Jenkins in port st. Lucie. We visited with you, what, 20 minutes ago. Has it gotten worse since then . Reporter well, it certainly hasnt let up, stuart. You see the storm surge again, as she was talking, it is that wall. We showed it to you before. Its rising. This tide is expected to crest around 2 00 p. M. Thats going to be the moment when they find out how bad their flooding may begin to be. They got to get past that. Theres another problem, a second problem. The hutchison island, the Barrier Island out there, i have been in contact with some of the contacts i spent time with over there. Flooding all over the place but on the beach on the atlantic side, we heard a lot about beach erosion. That is an issue. They are getting absolutely pounded over there in the beach. Its taking water over the dunes. We are taking water over the seawall. The dunes over there, the beach is getting pounded. Its going to be an erosion issue. Its certainly one that will go on for quite a long time. You look at this seawall, you are looking at the potential flooding from this storm surge and thats a problem. But on the other side, the other problem which is beach erosion. So its going to be a very very long day here. That is exactly what janice was talking about. Officials who say if you dont have to go out, dont go out, because Law Enforcement does not want to have to come get you and in some cases, if you are flooded, they may not be able to get to you. Stuart thanks very much. Thats what dorian looks like. Got it. Back to the markets. Your money, not doing real well today. Stocks are down but bitcoin is up 240. 10,635 is the price there. But look at gold. Nice move up, still. Yep. 28 higher. Gold is up nearly 2 . Very big gain. 1,557 per ounce. Oil i believe still way, way down. Yes, it is. 3 loss, down 1. 67 at 53. 43. I want to check the price of gas. Throughout this holiday weekend, it was 2. 57 per gallon. Thats the National Average. Thats roughly 20, 25 cents less than it was last labor day last year. Now, i want to check Interest Rates as well because i find this fascinating. Ash, can you give me the yield on the fiveyear and the tenyear . No, fiveyear and 30year . Ashley fiveyear is 1. 32 now. The 30year is 1. 93 . Ticked up just a little bit but still historically low. Stuart that brings anxiety to most investors when fiveyear treasury yields 1. 31 . Extraordinary move. Deirdre i think this just shows the instability. U. S. And china still cant even come up with a date to meet. We know beijing is supposed to send a delegation to the u. S. At some point. We dont know that. We also know beijing filing a complaint officially with the wto to complain about the tariffs that went into effect on september 1st, the 15 tariffs. Stuart ash and i have a lot of fun on thursdays at 10 00 eastern time when we get the latest mortgage rates. Ashley what i live for. Stuart we have kept on saying is it going to tumble, and they didnt. This week, this is the week deirdre go buy another house. Stuart way down. Ashley cant disappoint stu. Wish they would come down faster than they are. Stuart we used to tell viewers you paid 16 on a mortgage. I paid 12. 5 on a mortgage. 30 years ago. Deirdre, you dont know what were talking about. I thought i got a steal at 12. 5 . Ashley now look at it. Deirdre you need another house. Stuart to serious stuff now other than my mortgage rate. Congress getting back to business next week. I think you are going to hear a lot of impeachment talk and investigations talk. We have congressman sean duffy coming up. He is retiring later this month. Thats for personal reasons. What i want to know is, will his exit upset the balance of power in the house . We will ask him in a moment. Stuart congress back in session next week and there will be renewed impeachment talk and all those investigations. Will that clog up legislation . I think so. Congressman sean duffys with us, wisconsin republican. Congressman, i just feel if you are talking impeachment and theres an impeachment probe, investigations into his taxes, the president s taxes and all the rest of it, i dont see how you can get real legislation through, because that sucks all the oxygen out of congress, doesnt it . It does. Youve got to think all these members of congress, especially democrats, have been home for the last six weeks and they have been seeing their constituents, doing parades, going to fairs. On the left, make no mistake, the Progressive Left is pushing even moderate democrats to impeach the president , to investigate the president. So i think they are going to come back to congress with a renewed effort to actually accomplish that goal of taking out donald trump. Youre right, that does absorb a lot of the oxygen in the room. But one thing that has to happen is in september, we have to pass the usmca and democrats have been a little wiggly and wobbly on that, but if that doesnt get done, i think thats a real political achilles heel for democrats if they dont actually give us a better deal with mexico and canada. Stuart its on the table. Its a better deal for everybody. If they reject it on pure political grounds, well, i think they pay the political price. I do want to get back to your leaving. Your retiring, at the end of the month. I know why. Some of our viewers know why. I think you are doing exactly the right thing. But please, tell our viewers again. Why are you retiring . So my wife rachel is a fox news contributor, we are having a little baby in a little over a month and we have a heart condition with some holes in the heart so about two to six months after shes born, we have to do open heart surgery on our little baby. I cant retire, stuart, i cant, you know, ride off into the sunset. Ill have to do something. But the congressional calendar is so intense, i just need a little more time to be at home with my family and make sure we get this little baby healthy. Im going to step aside and we are going to have a race here in wisconsin and we will see what my future holds. We always say family first. I am putting my family and my baby first over politics. Stuart my reaction was youre a good man. I know you privately. I know you offcamera. I know rachel offcamera as well. I think you are doing exactly the right thing. Tell me, what was the reaction of say republicans in your district or anybody else that wanted to comment . Reaction . Listen, i kind of felt like i went to my funeral. People were hugging and crying and saying goodbye. Im like listen, im still here, youre just going to see a little more of me but in a different way. I will tell you what, some democrats were mean, but most democrats in my district, even the ones that had the sharpest criticism for me, were actually pretty generous and pretty nice, which shows hope for american politics. If you can take the politics that divide us aside and look at what unites us, our families and community, most democrats did that here, too. Im proud of my whole district and how they treated me through this process. Stuart forgive me for asking, but would you consider coming back when you resolve the problems with your child . Listen, i dont know what my future holds. But im only 48. I got some gray hair but im going to do something and i love politics, but again, if you dont have a strong family, you dont have a strong little baby, you cant do it. If we get that little baby healthy, i will see what my future holds. I dont know what that will be yet but whats key now is we have to keep my seat in republican hands. Its going to be a unique fight right now because trump and i win this seat by 60 , democrats have a lot of money, they will pour some cash in here, but i think they will be hardpressed to defend the Green New Deal where they want to take out our cows. If you know wisconsin, we love our dairy cows. They want to kill them. I think they are hardpressed. Stuart let me end it like this. Sean duffy, you are a good man and you can pass for 39 any day of the week. Sean duffy, everybody. Hes not going to be a stranger to us. Thats a fact. Thank you very much, sir. More varney after this. Stuart constitutional crisis in britain which is getting worse. No effect on us here in america. Certainly not on our markets, or our culture or our politics but this is fascinating. Boris johnson, the Prime Minister, is saying look, if parliament messes around with our exit europe october 31st, i will call a snap election. General election called at very short notice. By the way Boris Johnsons conservatives would probably lose that general election. Stuart he just lost his majority. Rebel tory members have left gone elsewhere. This is not a good sign. Mps are doing everything they can to prevent a Nodeal Brexit on october 31st. If they pay legislation to do that, that is Boris Johnson will call an election. Were back to even more chaos. Stuart conservative party would lose. He is laying down the law. He says we are out on october 31st, no matter what. If you dont like it, im out. Our government is out. Ashley no way we have an irish backstop agreement. Eu says no way will we not have an backstop for ireland. Impasse. He could run out the clock. They could end up leaving with no deal. Stuart we close our program with another look at the weather map. Were looking at this with dorian. Were expecting the likely path, not certain path, likely path is up the eastern seaboard, possibly having an impact as high as new jersey, delaware, up there, by the end of the week. Quite an impact if it actually arrives t could take a turn. We dont know what will happen. Tough for the authorities trying to cope with evacuations. Time up for me. Neil, it is yours. Neil it is a slow moving storm to put it mildly. We are keeping track of couple different storms. One of Mother Nature variety. Dorian moving one mileanhour. Most people walk faster than that, even me. It is such a slow storm. Tough go back to 1965 to see anything quite like it. Of course the concern seems to be, that that lingers, hugs coast, does a lot of damage, flooding, surging the whole works. A big reason why were down so much at the corner of wall and broad, what is going on with china, they are upping the ante, going to the World Trade Organization to protest our trade moves. The irony of that, china has