Transcripts For FBC Varney Company 20240714

Your thanksgiving table. Which is only a few weeks away. Great way to start the show. I will definitely say there is a toxic atmosphere developing for ipos. News this morning that endeavor is delaying going public. Thats an entertainment and Sports Company and this is the second time its delayed. Weworks ipo also clearly in trouble. More on that in a moment. Pelotons debut yesterday was not good. The offering price, 29. It closed the day at 25. There are a lot of new companies that people might like to buy into. But it seems that the valuation of many is just too high. May i use the toxic word again . Try this. A toxic environment for vaping. The cdc reports that 52 jump in vaping related lung illnesses. This is now a hot button issue with a Legal Industry under sharp attack. Vaping came in as an aid to quitting smoking. Its not looked at in the same way now. Lets change the subject. Wait until we see wait until we tell you how much Jerry Seinfeld is getting from netflix. Wait until we tell you about the exploding market for hard seltzer and the food channel wants your money from a Subscription Service and Home Delivery of food. Doesnt it feel like a friday . It is. This is the friday edition of Varney Company and its about to begin. Susan Brittany Spears toxic. Stuart of course. Its a strange way to begin the show, isnt it. I thought that word toxic was apropo today. The markets, however, anything but toxic. We are going to be up when the opening bell rings in about 30 minutes, 50 for the dow, 17 for the nasdaq, maybe 8 for the s p. On the upside, though, nothing toxic about that. However, look at peloton. Weak out of the gate yesterday and it closed below its ipo price of 29 and this morning, thats premarket, right now its only up 14 cents, 25. 90. In response to the peloton performance, endeavor, hollywoods biggest Talent Agency owner, it has delayed for a second time its ipo. Market watcher Jonathan Hoenig joins us now. Is this a danger signal for the future for the whole market here, the ipo mess . Yeah. Its more than any Economic Indicator weve gotten as of late. This is a canary in the coal mine. The ipo market is a leading indicator of investors willingness to take on risk, aggressive companies, and i tell you, to give you a bit of historical precedent, it was only in the Fourth Quarter of 1999 and the First Quarter of 2000 you started to see exactly this, those ipos start to flop. Like pets. Com, et cetera, those started to flop and as you said, whether it be uber or lyft now trading below their ipo prices or endeavor or weworks not even able to come public, this is just a sign those valuations are starting to come in. That doesnt bode well for the market writ large, in my opinion. Stuart for our viewers, we were showing pictures of endeavors clients. They are a hollywood Talent Agency. We put them on the screen. But again, their ipo, michael moore, their ipo delayed for the second time. Toxic environment for ipos, canary in the coal mine, according to jonathan. Stay there, jonathan. I will get back to you in a second. I have to talk to you about door dash. Another big data breach. Millions affected. All right, susan. I know youve got all the details. But i dont see the significance of this. Everybodys been hacked. Everybodys personal information is out there already. Isnt it . Susan i wouldnt say everybody, but when you have 4. 9 million part of this data breach, that number keeps growing, right . We are talking about workers, customers and merchants involved in this. What was stolen were addresses, order history, phone numbers and even hashed passwords as well. They also got the last four digits of the credit card but the Credit Card Companies say they cant make an order off the last four digits, you need the Security Code and the full number in order to do that. But 100,000 delivery workers also had their data breached as well. This adds to it that your data, whatever you put on the internet and wherever you order from, its just not safe. You have to accept that. Stuart absolutely right. You are not safe. You put that data out there, anywhere you like susan anywhere. Stuart its gone. Ashley i just dont think theres any expectation of privacy. If you have expectation of privacy, good luck. Lauren i do. Very little on the internet. Stuart deliberately . Lauren umhum. Stuart you want to order food, your information is going to go to that app and its out there. Ill tell you something. These type of data breaches, listen, since the old days when you used to swipe a credit card by hand, these types of data breaches have been going on. To me the only risk here seems now that hackers know your affinity for thai food or mexican delivery or Something Like that. Theres something peculiar about this data here but this type of breach has been going on since the early days of the internet and will always be with us. Security is the only answer. Stuart i agree. Hold on. This question is for you, ashley. Weve got two new items on vaping. A second vaping death reported in oregon and officials there say stop vaping immediately. Then the cdc reports that vapingrelated lung illnesses have risen 52 since last week. Jonathan, come back in. Put your libertarian hat on. Here we have a perfectly i never take it off. Stuart a perfectly Legal Industry thats under very sharp attack. What do you think . Well, its all about regulation now. It is up to the regulators, in their hands. Vaping is a healthier by all stretches, a healthier alternative to tobacco. Thats why altria and all these companies have bought into vaping, to try to popularize it. Its healthier than tobacco. Ultimately, in my opinion, its up to each individual adult to make his or her own choice. Officials have made a lot about sales to minors. I think that is a legitimate issue. But this is a healthier alternative that has helped millions and millions of adults wean themselves from tobacco. Its all about the government right now and i tell you, the stocks were punished long before this news came out which is why we always say watch the market, not the news. The stocks have been killed for months before this terrible news and the news isnt over just yet. The bad news. Stuart i agree but what i want to know is this. If i vape anything, i dont care what it is, if i use that vaping device and put vape in my lungs, what risk do i face . At the moment, we dont know. We simply dont know. We dont know but i think even the libertarians, hopefully the americans among us would say you know, smoking, you could make arguments its bad for you, Drinking Alcohol in excess is bad for you. Each adult makes his or her own decision about what to put in his or her own body, vaping included, in my opinion. But that mentality is out the window. Thats why these tobacco stocks are under fire. Stuart we are all americans here, jonathan. Dont you dare forget it. Okay . Breaking news on iran. Reuters reports that irans president says the u. S. Has offered to remove all sanctions in exchange for talks. What . Ashley thats the claim from the iranian president rouhani who is back in tehran now. He said that during the u. N. Sessions earlier this week, britain, france and germany all were trying to insist that the u. S. And iran get together. Rouhani says guess what, the u. S. Said look, we will lift all sanctions if we can get together and talk. He turned it down, he said, because the atmosphere, there was toxic maximum pressure atmosphere, decided not to go forward with those talks. Come on. This is the rouhani claiming this was the offer. Im waiting to see as this news is out there what we get from the administration in response. It will be interesting. Stuart the response is important. I will say that the oil market shows a 1 per barrel drop. Which will be in line with what rouhani is saying, i guess. Okay. Wells fargo, that bank has named Charles Scharf as its new president and ceo. He had been the chief there at Bank New York mellon. Any way you slice it, the new guy at wells fargo will be under sharp attack from any and all politicians. Got that . Not so rosy forecast from micron. They make chips. They blame uncertainty over trade. Listen to this. Revenue fell 42 from a year earlier and the stock premarket, down 5 . Content is king. Two items for you on that. Apple plans to bring feature length movies to theaters. Lauren simonetti, making her second appearance on the show this morning. Why are they doing that . Lauren because they want the best content for their streaming service, which debuts in november. They have a very limited library now so they are doing what netflix is not doing. They are playing nice with hollywood. Lets team up with the best producers, get the best content, tell them well put it in the theater first, maybe get an award in the process, then in a few months, we will put it on our streaming device. Stuart you cant get an oscar if you stream it. You can get an oscar if its in the theaters. So put it in the theaters, get an oscar, and get your streaming rates up. Susan you want the big stars to work with you and they wont unless they get some credit, some oscar or some award season credit for their work. Lauren apple also has hired some hollywood executive types to help them do this. Susan carrot, not a stick. Stuart heres a story i really like. This is for you. Netflix brings seinfeld to its streaming service. How much are they paying . Lauren so in 2021, all 180 seinfeld episodes go to netflix exclusively for, well the report is 500 million but as part of that, Jerry Seinfeld and larry david, the creator, get at least 100 million each, making jerry a billionaire. Stuart he will not be voting for mr. Sanders. Susan this show is 20 years old, folks. He hasnt had to come up with new content to make 100 million. Ashley show about nothing. Lauren builtin following. They lost the office and friends so they will get seinfeld and people kind of flock to the staples that were classics. Ashley love it. Worth every penny. Stuart anybody who can make a billion dollars, gets it. Keep it, for heavens sakes. Wework cleaning house after the resignation of ceo adam neumann. The company is trying to remove high level employees and sell neumanns private jet. Hard seltzer, the biggest trend in the alcohol business now. The Company Behind the nations first craft beer is cashing in on it. That story is coming up. Speaker pelosi says President Trump has betrayed his oath of office and violated the constitution. So why isnt she putting impeachment up for a vote in the house. We will deal with that next as varney gets rolling. What do you look for when you trade . I want free access to research. Yep, Td Ameritrades got that. Free access to every platform. Yeah, that too. I dont want any trade minimums. Yeah, i totally agree, they dont have any of those. I want to know what im paying upfront. Yes, absolutely. Do you just say yes to everything . Hm. Well i say no to kale. Mm. Yeah, they say if you blanch it its better, but that seems like a lot of work. No hidden fees. No platform fees. No trade minimums. And yes, its all at one low price. Td ameritrade. Iits not acceptable or nothing. And its definitely not close enough or nothing. Mercedesbenz suvs were engineered with only one mission in mind. To be the best. In the category, in the industry. In the world. Lease the gla 250 suv for just 329 a month at your local mercedesbenz dealer. Mercedesbenz. The best or nothing. Aewith Medicare Advantage plans designed for the whole you body, mind and spirit. That means aetna is helping you get ready to be the best grandmother the world has ever known. We simplify medicare by connecting you to the right coverage, resources and care. So you can be ready for what matters most. Aetna Medicare Solutions. Stuart senators sanders and warren target the wealthy. We know that. Now listen to this. Joe biden considers a new wall street tax. Ashley according to his aides and the wall street journal yes indeed, mr. Biden, lets not forget he has not come out, as has senators warren and sanders, with a wealth tax on the millionaires and billionaires, so what is joe biden considering . His aides say yes, a wall street transaction or tax of Financial Transactions such as the sale of stocks and bonds, they say that that could generate, according to some estimates, about 800 billion over ten years. What we dont know, by the way, hes already called for the Corporation Tax rate to be lifted from 21 to 28 . You remember the republicans brought it from 35 down to 21 . He wants to do that. He would like to raise Capital Gains taxes. But what does joe biden think about the ultrawealthy . What does he say . We dont know that yet. We know hes being pushed further and further and further left, or this way on the screen, but does that mean a wealth tax like sanders and warren . Well have to see. Hes not there yet. He says he will release these details soon. Stuart i cant wait. Thank you, ashley. A majority of house members are calling for some sort of impeachment action. Speaker pelosi has not put it to a vote and has not scheduled a vote either. Jason chaffetz with us now. Sir, if the president is so bad, betrayed the country, why cant democrats stand up and go on record, yes, he betrayed the country, impeach him. Why not vote . Well, nancy pelosi thinks its so bad and such a problem that they are going on a twoweek recess. I mean, theres no urgency. She is trying to appease the radical left side of the party, the socialist wing, the aocs of the world. I dont believe she has the votes. Three times previously this came up for a vote in the house and was tabled, in essence defeated. The other thing youve got to remember is they dont want to have a vote because then the trump team actually gets subpoena power. You get the ability to defend yourself so she may go in front of the camera and say theres a formal impeachment inquiry, thats not true. That is absolutely not true. But it appeases the left. If there was a formal impeachment inquiry with a vote, then trump gets the subpoena power. Stuart he would go after joe biden and what hunter biden was doing in ukraine and the ukrainian connection and the chinese connection. Thats why no vote, no do you think a vote will ever be scheduled . Perhaps. Look, nancy pelosi, my experience with her, she doesnt do anything until she goes out and does some polling on it. So they are going to spend this two weeks, go back to their districts, poll on it, see if they have something, but when adam schiff had that hearing yesterday and couldnt read verbatim the printout of the trump transcription, you know, when he has to actually embellish it and do a parody, they dont have the goods to impeach the president. Theres nothing there there. Stuart can you say that if it ever got to the senate, the senate is rocksolid against giving a twothirds majority to vote yes on impeachment . Can you say that for sure . Yeah. To get to the twothirds threshold is an incredibly high bar. There would have to be a lot of people on both sides of the aisle. But there is actually no evidence of this yet. You are not going to have these republican senators, the majority of the republican senators actually go out and do this. One other thing that is happening. You hear nancy pelosi and her rhetoric trying to disparage attorney general barr and the department of justice. I think they are trying to inoculate themselves because you still have the horowitz report and you still have mr. Durham and that is on the horizon. She knows it and that really is going to be damning to what happened in 2016. Stuart you left the best stuff until last. Jason chaffetz, thank you very much for joining us. See you again real soon, promise. Futures, nice gain. Not that huge but a 50point runup for the dow industrials. We will be just shy of 27,000. Now then, back to toxicity. If you think your workplace is difficult and toxic now, wait. H. R. People warn that talk of impeachment will make political discussion at work even more dangerous. Just wait until thanksgiving. Thats what ive got to say. We will deal with it next, promise. As a principal i can tell you this. When one student gets left behind, we all get left behind. This is a problem that affects each and every one of us. Together with ibm, we created a whole new kind of School Called ptech. Within six years, students can graduate with a high school diploma, a college degree, and a pathway to a competitive job. You know whats going up today . My poster. Today, there are more than a hundred thousand ptech students around the world. Its a game changer. Have you lost weight . Ptech students around the world. Of course i have ever since i started renting from national. Because national lets me lose the wait at the counter. And choose any car in the aisle. And i dont wait when i return, thanks to drop go. At national, i can lose the wait. And keep it off. Looking good, patrick. I know. vo go national. Go like a pro. alexa added ukulele to band shopping list. nationwide jingle perfect. Peyton, what are you doing . Nationwides teamed up with amazon to bring you the allnew echo auto. Youre gonna love this. Alexa, add xylophone to band shopping list. alexa okay. We dont need a band shopping list. Alexa and i disagree. Alexa, add positive attitude to band shopping list. alexa added positive attitude to band shopping list. Thats for you. You need it. Join nationwide now and get a free amazon echo auto. That could allow hackers devices into your home. Ys 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 lets get back to the workplace, because most of us have to go to the workplace at some point. H. R. Folks are warning that impeachment talk and the election are a real toxic brew for the workplace. So let me address my colleagues here. Ashley and susan. What do we do about this . Do we all restrain ourselves . Okay, wait a minute. Lets talk thanksgiving. Are we going to restrain ourselves from discussing politics and expressing our opinions around the turkey table . Ashley no. Susan no. As i said to you, people are expressing their free opinion. Thats fine. But dont get upset about it and try to make your opinion my opinion. Im allowed to have certain thoughts. You are allowed to have certain thoughts as well. We shouldnt get into a heated argument over it because its not the same. Stuart yes, but people feel this stuff really strongly. Ashley they do. You should be able to you shouldnt ban it because thats ridiculous. Its what a lot of people are talking about today. Just respect the other persons point of view. If you can all agree to that before the discussion begins, that is fine. But lets face it, long before this impeachment thing, this has been a dividing issue in this country. People have lost friends, you know, neighbors that were friendly, not friendly anymore. Thats just the way the politics are right now. Very divisive. Susan h. R. Is having a big nightmare over this, because turnover is up 24 over the past three years compared to 20082012. You know that its divisive. Stuart it surely is. Thats for sure. Hold on. Here we go. President trump tweeting on iran. We were waiting for the response. Here it is. Iran wanted me to lift the sanctions imposed on them in order to meet. I said of course no. Okay. Ashley theres the response we have been waiting for. Stuart little context here. Earlier this morning we heard from mr. Rouhani of iran. He said that he offered to or that america had offered to lift all of the sanctions. Thats what rouhani said. The president now says not so. Not so. Susan that makes more sense. Stuart it does. Check futures, please. Friday morning, where are we going . Were going up. Not much but a nice little gain, 50 up for the dow, 17 for the nasdaq. Well be back with the opening on wall street after this. 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Giving you the power to actually lower your cost. Unfortunately, it cant do anything about that. Now that you know the truth. Are you in good hands . Stuart 30 seconds to go and well open this market on a friday morning. I confidently predict a gain of at least 30 or 40 points for the Dow Jones Industrial average. Remember please, launched impeachment was launched 5 00 eastern time on tuesday afternoon. Theyre just about to take a twoweek vacation by any other name. They are walking away from it. They are going back to their constituents to see how they all feel about impeachment. Real news follows two weeks from now. The market has opened on the upside very nicely, thank you. An 80point gain for the dow. 26,968. We are up about onethird of 1 . Onequarter of 1 , roughly. S p up a quarter of 1 . The nasdaq composite is up a fraction. 19 . So the big gains here, s p and the dow. Now, this is peloton, day two. 29 29 the offering price, 25 the closing price. We are up a fraction in the early going on friday morning, day two. David dietze is with us, susan li, ashley webster, of course. I will stay with peloton. That weak debut, what does that mean for other ipos . Its certainly not a positive. We have seen a change here in the public market, where they actually believe it or not are demanding profits, profitability, because ashley outrageous. Uber, lyft, others dropped drastically from their ipo price because theres no profitability. Here, there is also confusion, is it an exercise company, a gym company, or a tech company. You have Financial Statements which actually people are calling into question. Theres some accounting statements and internal controls that are not right there and on top of that, people are realizing you dont need to go to peloton to buy an elliptical. You can just tie up your smartphone to what youre using. Of course, some of the top tvs and some of the stars on peloton are opening their own channels so you dont have to use peloton to cycle. Susan i still think its a case by case for the ipo market. Look at what happened with crowdstrike. Youre up 70 . Beyond meat up 450 . Beyond meat is still not making money either, but you have to prove to the market that you have control over a certain market and that you have basically barriers to entry. Ashley this was supposed to be a banner year for ipos. A lot have come to market. We were all very excited but if you dont show profits, its not great. If its priced too high, as the old saying goes trngs n, its nd investment. Compared to what their they are losing money. I agree, totally. The problem with peloton is people understood exactly what it was. Remember, do not forget the ghost of nautilus. That stock is now 1. 82. Stuart the market is doing its job. Investors are looking hard, making their judgments and doing the right thing, according to their sense of value. Peloton this morning, no big recovery. I do want to talk about wework. That was another proposed ipo that doesnt appear to be going anywhere. The latest news there is wework is cleaning house. What are they doing . Susan approaching nearly 20 friends and family members of the ousted ceo, adam neumann, including his wife and brotherinlaw who had a position within the company. Also, they are selling off assets because there is intense cash burn. They might run out of cash in 13 months time since they had to halt this ipo at least for now. So that includes selling off that 60 million g650 gulfstream that was being flown around the country by adam neumann. Stuart adam neumann had sold 700 million worth of wework stock this year. Susan and borrowed 600 million against his shares as well. There were Corporate Governance issues and what he was doing with company funds, right . That was one of the big headaches and risks. Stuart investors did their job. Now, airbnb. Theres an ipo thats supposed to be coming maybe next year, i dont know the timing of this. I certainly dont know the valuation on this thing. But i like the company. I want an opportunity to get into these new industries. I hope the climate is not so toxic that i cant buy this thing. Full disclosure, im a big airbnb user. I think they are opening up brand new markets for people who would not otherwise have access to potential customers to rent their homes, now have access. Having said that, of course, as we have seen from some of these other ipos like uber, pricing is everything. Of course, they dont have a patent in doing what theyre doing. There is competition, vrbo and others and of course, regulations are coming. State and local governments want some taxes on that and of course, other neighborhoods want them out of there entirely. Susan barriers to entry, they dont have it in this specific market, right . Airbnb is kind of like uber. Regulatory hurdles to get over, the government trying to clamp down on their business and other competitors like hotel chains getting into the same business. Stuart im fascinated by these new industries. Uber in particular. I now hear, i think you know more about this than i do, are they going to looking at bikes or scooters . Susan they bought into jump bike in april 2018 for a few hundred million dollars. They didnt actually give the exact amount. But look, if you are having a clampdown when it comes to drivers and also your car business, they are looking at bikes and scooters to pick up the slack for growth. You need to prove to the market, given we are still below the ipo price of 45, they are saying they are looking at double digit growth for their bikes and scooters each and every month. Thats what theyre leaning towards. Stuart okay. Im just breaking in for a second, do excuse me. President trump just tweeting about congressman adam schiff. Im going to read it to you straight off here. Representative adam schiff totally made up my conversation with ukraine president and read it to congress and millions. He must resign and be investigated. Hes been doing this for two years. He is a sick man. Another tweet. The democrats are now to be known as the do nothing party. Okay. We have infused these two tweets right in the middle of the opening of the market coverage. They are germane to the market. The president talking there about impeachment and also talking about what Congress Might do. Namely, the usmca. Its germane to trading. Dow industrials up 63 points, 26,954. You better take a look at micron. Yes, it is a chip maker. Not so rosy forecast. It blames uncertainty over trade. Micron is down 6 . Change at the top at wells fargo. The stock is up. Charles scharf taking over as the new ceo. I guarantee the mans attacked by the politicians. Beyond meat teaming up with mcdonalds. We brought you this yesterday but its worth repeating. Theyve got plans for a plantbased burger. Mcdonalds moving up to 212 this morning. Beyond meat down three bucks. Still at 151. Bitcoin barely holding to 8,000 a coin. The price of gold right around 1500 an ounce. I do declare, yes, oh, dropped below 1500, down 20 bucks at 1495. Whats the yield on the tenyear treasury . I will tell you, it is 1. 70 . The price of oil, President Trump says iran asked for sanctions to be lifted in order to meet, he says, he told them no. So rouhani said the United States asked him to ashley we lift all sanctions, can we negotiate on the nuclear deal. Stuart President Trump tweeted this morning didnt do it. Ashley didnt happen. Stuart thank you. The price of gasoline, National Average is 2. 65 per gallon for a gallon of regular. Unchanged, actually, from yesterday. The parent of sam adams, i should say, samuel adams, making money with hard seltzer. They are a beer maker going into the hard seltzer market. Is this what millenials are drinking these days . I can attest from my children, the spiked seltzer market is skyrocketing. People want their alcohol but less calories. More taste, less filling, that kind of stuff. Although the Market Leader is the white claw privately held boston beer has pioneered this truly brand that has 30 market share and the stock price is moving up. Stuart susan . Susan hard seltzer has 200 sales growth over the past five years because of reduced calories. You get the alcohol content of 5 to 7 and its making up for the falling beer sales at boston beer. And other places like samuel adams as well. This is the new trend. Ashley for women only . Susan for men as well. Males and females. Stuart ashley and i are kind of laughing because we remember something called scrumpy. Ashley very, very potent cider. Used to have a twopint limit. Stuart two pints . Ashley yeah. Stuart you are a wall street guy. Are you worried about Elizabeth Warren . I mean, you know, well, shes only going to tax all of our money, shes going to turn Health Care Industry upside down, shes going to completely tie up the banks. Whats there to worry about . Stuart a lot. But lets get serious. We understand today that joe biden is considering and looking at a wall street tax. Pay a tax if you buy a stock or bond, you pay a tax if you sell a stock or bond. Ashley financial transaction. Stuart financial transaction. What in your opinion, because its a tiny fraction, whats the impact . Well, any time you tax something, you have less of it. Certainly the health and strength and success of the u. S. Economy has been in large part due to the ability to raise money in the public markets. If youre going to squelch that its not going to be good. Susan you are hurting the average person. The largest traders on the markets are your Retirement Funds like fidelitys of the world and institutionals like Pension Funds of Police Forces and firemen across the country. You are hurting the average person if you are going to tax every transaction. Stuart joe biden is trying to catch up with warren and sanders just in taxing the rich. Ashley but how far does he go. Thats the question. Stuart we dont know about the wealth tax from him yet. Susan he has proposed raising the Capital Gains tax, right . But if you dont do anything else with taxes, how effective is that . Stuart he wants to raise the Corporate Tax as well. What was it . Ashley from 21 back to 28 . Stuart tax, tax, tax. Thats all we ever hear. Nobody ever thinks about what effect would that have on the economy. You tax heavily, you slow down the economy. Dont you . Isnt that classic . Absolutely. A real leader would show us where we can cut spending because if we can cut spending we can cut that deficit, this economy will take off. Ashley dream on, baby. Stuart thats the third rail of american politics. Cut spending . You kidding . 9 40 eastern time. Thank you, sir. Appreciate you being with us. Check that market, please. Its friday morning, ten minutes in and we are up 70 points on the dow industrials. Facebook considering major changes to its site. It may start hiding the number of likes from users to cut down on envy and hurt feelings. Ashley aww. Stuart arent likes why a lot of people post in the first place . I dont know this. Ashley desperate. Stuart lara trump in the studio this morning. I want to know if she takes the lefts push to impeach the president personally. We will ask her. Speaking of impeachment, as all of this drama in d. C. , does it give china leverage in the ongoing trade talks . China watcher Michael Pillsbury up next on that very question. Orlando isnt just the theme park capital of the world, it also has the highest growth in manufacturing jobs in the us. Its a competition for the talent. Employees need more than just a paycheck. You definitely want to take advantage of all the benefits you can get. 2 3 of employees said that the workplace is an important source for personal savings and protection solutions. The workplace should be a source of financial security. Keeping your people happy is what keeps your people. Thats Financial Wellness. Put your employees on a path to Financial Wellness with prudential. [upbeat action music] pilot were going to be on the tarmac for another 45 minutes or so. When i lost my sight, my biggest fear was losing my independence. Mmm. Good. So ive spent my life developing technology to help the visually impaired. We are so good. We built a guide that uses ibm watson. To help the blind. It is already working in cities like tokyo. My dream is to help millions more people like me. Mom youve got torking [ get yourself a new car. G ] i wish i could save faster. Youre making good choices. Youll get there. Were you going to tell me about this . I know i cant afford to go. I still have this car so you can afford to go. I am so proud of you. Thanks. Principal. We can help you plan for that. Start today at principal. Com. Stuart i like this. The dow is up 91 points now, onethird of 1 . You are getting awfully close to 27,000 again. Better take a look at boeing. Its ceo will testify before congress in october and of course, thats going to be about the 737 max jet but look at that level. Boeings back to 389. Not bad. I want to talk china trade. I want to talk china trade with Michael Pillsbury because he knows a lot about this. He knows whats going on. Heres my question. Welcome to the show, by the way. Thank you very much. Stuart first off, the president , our president , is under obviously a great deal of political pressure with this impeachment talk. Does that give china leverage in these talks, and does it make President Trump more likely to accept some kind of limited deal soon . I dont think so. I think the chinese are a little puzzled why President Trump doesnt just arrest and execute. Stuart they understand our democracy. They know theyve got leverage because of our democracy. I think if you read the art of the deal which i have two or three times, he stresses timing and the details of an agreement. I think from his comments at the u. N. , i think President Trump is focusing on the timing of a deal. He wants a really big one. He doesnt want the Stuart Varney plan of the partial deal. He said that several times now. But he does want the whole deal and the timing now is beginning to become more favorable, after october 1st. As susan li has reported, this could be this huge anniversary in beijing, october 1st. Its a really big deal for them. They are talking about their independence, their autonomy, they are not humiliated by the foreigners anymore. But the day after all thats done, thats the day they begin to assess the damage that President Trump has been talking about. Three million lost jobs, the decoupling that will be hard to reverse. I think hes focusing on this is the time when the delegation comes here for what insiders call the 13th round. Thats the time when were looking for a major shift on the chinese side. Stuart do you think it will come . I ask that because were asking them to stop the theft of intellectual property, change their which they deny they ever did. Stuart change their laws. Thats easy for them to say yes, we will stop the theft we never engaged in. Thats easy. Its enforcement. Stuart extremely difficult for them to comply with these demands from our side. In the real world, yes. Stuart handicap it for us. What do you think are the chances of a major deal, a real big deal with china . At any time . Ever . Stuart well, before 100 . Stuart before the election. 50 . Stuart yeah . Yeah. Stuart thats a comprehensive deal . You want to make a side bet right now on the terms . Stuart no. But go ahead. Everyone knows the main issue is enforcement. The chinese could give us tomorrow an inprinciple agreement on all points, but wink, wink, no enforcement. If enforcement is built in, and punishment has to be accepted, if the judgment is against you, thats much harder for the chinese to take. I think thats the Sticking Point. Stuart you think they can get over that . Theres a 50 50 chance they get over that Sticking Point . Yes. Im an optimist. I think the president has grounds for optimism. China wants a deal more than he does, actually. Hes even said he likes to count the money coming in from the tariffs as much as 60 billion. Its hard to get an exact number. He feels hes in a very good position for the long term. Its the chinese who are feeling the pain. Thats what gives me optimism. Stuart thank you very much for joining us. We appreciate it. Stop saying the Stuart Varney plan. Youre killing me. Youre killing me. Thank you, michael. See you later. Another tweet from the president. Here it is. Sounding more and more like the socalled whistleblower isnt a whistleblower at all. In addition, all secondhand information that proved to be so inaccurate that there may not have been somebody else, a leaker or spy, feeding it to him or her. A partisan operative, question mark. Okay. The tweets are coming thick and fast this morning. You are getting them firsthand. Check the dow 30. We are up 81 for the dow. Lefthand side of your screen, lot of green. Lot of stocks in the dow 30 on the upside. The food network with a new streaming service, 7 a month. Not only can you get live cooking lessons, you can also get the food shown on the service delivered to your door. Next, we have the guys who help launch that service. Thank you. Its an honor to tell you that Liberty Mutual customizes your Car Insurance so you only pay for what you need. I love you only pay for what you need. Liberty. Liberty. Liberty. Liberty. Im not really a, i thought wall street guy. Ns. Whats the hesitation . Eh, it just feels too complicated, you know . Well sure, at first, but jj can help you with that. Jj, will you break it down for this gentleman . Hey, ian. You know, at Td Ameritrade, we can walk you through your options trades step by step until youre comfortable. I could be up for that. Thats taking options trading from wall st. To main st. Hey guys, wanna play some pool . Eh, im not really a pool guy. Whats the hesitation . Its just complicated. Stepbystep options trading support from Td Ameritrade beyond the routine checkups. Beyond the notsoroutine cases. Comcast business is helping doctors provide care in whole new ways. All working with a new generation of technologies powered by our gigspeed network. Because 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 discoverys food network launching a streaming service and with it, you get not only access to the shows, but you also get live cooking classes on demand classes and wait for it, grocery and economic delivery to boot. Here is peter faircy, hes the guy actually putting this whole system into place. Thats right. Thank you for having me. Stuart youre welcome, son. Youre welcome. I will give you a commercial. Heres how it works. You are going to get an income stream from at least two different sources, the streaming, 7 a month, and the delivery of food and equipment. Two income streams you got. Thats true. Yeah. Actually, were thinking about even a third, which is the very front of the product will be a prelayer where you get access to over 80,000 recipes and these recipes are recipes that people trust, they are from our Food Network Chefs so you know that they are going to deliver great meals when you follow them, so people can use that part of the product for free. If they subscribe, they get access to what youre describing which is all these live classes with our most famous chefs. They also get these ondemand classes and one of the reasons people love the ondemand classes is you can filter them. You can do easy, medium, difficult. You can choose your chef. You can choose your cuisine. You can choose your meal. Stuart is it interactive . Can i be sitting there in my little apartment cooking away and have a chef comment on how im cooking away here . Yeah. Now, they cant see what youre cooking in your house, but the cool part of the live classes is we have this live question feature so lets pretend you are cooking along with bobby flay and you want to know how much salt do i need in this meal, you can submit a question. Our goal is to get as many of those questions answered live as possible. Stuart he would say stuart, youre using far too much salt. He can do that . He could do that, yeah. Cooking is different than, you know, taking a cycling class. I was inspired by peloton for this product, when you think about the live and ondemand classes. But cycling class, you are trying to focus on your exercise. Cooking is more social. Its meant to bring joy to the kitchen. One of the things consumers tell us is, you know, and im representative of this, we all lack a little bit of confidence in the kitchen, you know . Were not Martha Stewart or bobby flay. One of the things we try to do with these classes is make you more confident in the kitchen and we think for the consumer feedback we have gotten so far, we think people are going to love this. Stuart have you signed up all of those very wellknown chefs on the food channel . Yeah, we have. All of those wellknown chefs, ina, reed drummond, bobby flay, martha stuart, they are all on this service from the getgo. You know, we kick off in october and one of the reasons were really excited is the super bowl of cooking is halloween, thanksgiving, the holidays, the beginning of the year, and were offering a threemonth free trial so its kind of a nobrainer. Its like jump in, try this thing out, use the classes. Stuart what on earth is halloween cooking . What does one cook on halloween . Come on, stuart. I saw halloween over in london this summer when i was there. You make treats. You make cupcakes. Ashley yum. Its fantastic. You would love it. Stuart is this your idea . No. Its not my idea. Stuart this whole interchange thing. You came up with this . I think we are all trying to pivot from customer feedback. They have always loved our tv shows. But the one thing they have told us over the years is i actually want to be able to make these meals. I want to bring these meals into my own house. So you can watch our tv network and get inspired and come back that evening in your own kitchen and make this. We cant wait to launch this. People will be excited. The ingredient delivery you mentioned before, its kind of a game changer because every recipe on the site in every class, we map out all the ingredients, we map them out to people like amazon fresh and instacart and you tell us which ingredients you need and we get them to your house before the class starts. Its a big deal. This is meant to be really fun, really convenient and very joyful for the holiday season. Stuart times up. I have just given you a three and a half minute commercial. Susan oh, my. Stuart every Single Person watching this program signs up, youre dead. Thank you very much. Thank you guys very much. Stuart thank you. The owner of a michigan vape shop fighting the states ban on flavored ecigarettes. Hes going to court and hes going to join us on the show in the 11 00 hour this morning. A College Professor getting called out after saying tom brady is a symbol of white male omnipotence. We will tackle that in our next hour. Nancy pelosi says President Trump violated the constitution, betrayed the oath of office. If she really feels that strongly about it, she should put impeachment up for a vote in the house. Surely. My take on that, next. I get it all the time. And i dont wait when i return, thanks to drop go. At national, i can lose the wait. And keep it off. Looking good, patrick. I know. vo go national. Go like a pro. During the fall, everyone who has medicare may be eligible to choose a new Medicare Health plan. 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Historically still pretty high. Stuart another indicator we got at 8 30 this morning is durable goods orders. Heavy, big ticket items. Orders were up unexpectedly. A couple of pieces of Economic News probably good for the economy, a good indicate are tore. Joel schulman joins us now. Youre more inchina to go with Entrepreneurial Companies. Right. Stuart give me the big picture here. On the 93 . Stuart is the economy back up a bit . Is consistent what weve seen throughout the year. The markets are very strong in terms of Interest Rates and Consumer Discretionary is good in the us. The number is right in there, 92, 93. It has been as high as 98, 99. There are a few big drivers. I think this is modest news. Stuart the big driver to you is consumer spending. Consumer spend is big. It is driven by market and Interest Rates and dominated by news on ipos. That is what is driving the market. The market is sensitive to various things. Stuart at this moment there is no reason to get out there and start selling and selling . Not based on that news. Stuart look at the big board. Were up 34 Points Holding up to a very modest gain. All right, everyone, now this, the impeachment effort has been launched and launched in very strong terms. Speaker pelosi says the president has betrayed his oath of office, betrayed National Security and betrayed the integrity of elections. He has, she says, seriously violated the constitution. If the speaker thinks President Trump is so bad why no vote among House Democrats . When will the speaker schedule a vote . Answer . Do not hold your breath. The last thing Many Democrats want is to go on record. Of course in the far left precincts of new york and california theyre very eager to bang the impeachment drum in public but the moderates, not so much. For them accountability may mean liability. Vote for impeachment now, and they could lose in 2020. The speaker also has the senate in mind. The constitution requires a 2 3 majority to convict and remove the senate from office. With 53 republicans in the senate, impeachment is extremely unlikely. Knowing that, democrats dont want to go on record supporting something they know will lose. That is another reason why there is not likely to be a house vote anytime soon. Now look back at the impeachment challenges to president s nixon and clinton. In both cases it was a bipartisan effort. Some republicans voted against republican richard nixon. Some democrats voted against Democrat Bill clinton. It is not like that now. The impeachment of donald trump is almost entirely partisan and that does not look good. If you really think he betrayed america you surely have to have both sides of the american aisle on board to get him out. Well america has seen the transcript of the ukraine call. Weve seen the whistleblower allegations and the testimony of joe maguire. The evidence is out there. So lets see a vote in the house. But again, dont hold your breath. One last point if i may, if the speaker wont schedule an impeachment vote, surely the speaker could do us all a great favor and let the house vote on usmca or Prescription Drug prices or infrastructure. Isnt that what congress is supposed to be doing . You know, making all americans better off . Lets get straight into it, shall we. Alan dershowitz with us, harvard law professor emeritus, the author of this book, defending israel. Welcome to the program. Thank you. Im sure you heard what i had to say. What do you make of it . I generally agree with everything you said. The framers of our constitution had two choices when it came to the impeachment provision. One would have made our government much like the british government, giving congress the power to get rid of the chief executive based on a partisan no confidence vote the way prime ministers are ended their 10 your in england and israel and other places. We rejected that we said we want a strong president that serves for four years. That is why the framers rejected the criteria maladministration or malfeasance in office as criteria for impeachment and removal. That would have turned us into the british system we were revolting against. We prefer a system of certainty, predictability, which means the president serves four years unless he has committed a high crime, misdemeanor, treason sore bribery. That case has not been made with regard to President Trump. So when Speaker Pelosi says no one is above the law, shes right but congress is not above the law. They shouldnt be allowed to impeach or try to impeach a president in a lawless way. That is precisely i believe what theyre doing right now. Stuart professor, at the end of the day do you think this whole impeachment effort is going anywhere, or is it a political effort designed to slime our president in advance of the next election . Unless dramatic evidence of impeachable offenses turns up, and i dont believe that is going to happen this is going to where. The framers also required that the impeachment be bipartisan. You can impeach on a partisan basis but you cant remove unless you get 2 3 generally requires people from both parties as you pointed out in your commentary. Richard nixon is the only president who was properly subject to impeachment. He committed high crimes and misdemeanors. There would have been a 2 3 majority to get rid of him because many republicans joined the campaign but i do not believe that Andrew Johnson or bill clinton was properly impeached. Bill clinton may have committed crimes but they were not high crimes. They were low crimes. A high crime is a crime that affects the administration of the office. Great example of that is when Alexander Hamilton committed a crime of adultery, paid extortion money but was accused paying extortion money from treasury funds. He wrote an essay disproving the treasury funds. He knew adultery was a crime, low crime, paying a extortion money was a high crime. He proved he did not do that. He was not impeach. We have to follow the constitution that is absolutely clear. Many democrats are not following constitution, weaponizing the constitution for partisan purposes. Stuart professor dershowitz, a pleasure to have you on the program again. We appreciate it. Thank you. Stuart better take a look at the big board because it is not quite such a clean cut gain. The dow is up 25 points but we also have a downside move for the s p and a downside move for the nasdaq, okay . A little bit of backwards and forwards here. We dont have quite such a clearcut gain as we had at the opening bell. You better take a look at micron. That is a chipmaker of course. It is down big time today. That looks like a 9 drop. They gave a not so rosy forecast. Theyre concerned about uncertainty over trade. Their revenue in the last year down 42 the stocks down, there you have it, 9 as we speak. We have real trouble on the ipo front. Peloton dropped in the debut day. Wework, doesnt look like well get that ipo this year or maybe next year. Endeavor, that is another company, that is kind of a Talent Agency sort of, that is a company which now delayed its ipo twice. Back to joel shulman. You invest in Entrepreneurial Companies. Right. Stuart this is a really pretty bad ipo climate and entrepreneur climate. Youre absolutely right. We invest in publiclytraded Entrepreneurial Companies. When you look at Companies Like uber and lyft and wework and peloton, these are Entrepreneurial Companies. So is pinterest and so is beyond meat. There are a lot of Entrepreneurial Companies that came out maybe as ipos. What we look at, we have overlays to our models. We dont get into ipos for variety of reasons. Secondarily we like to look at Entrepreneurial Companies that exhibit good behave are i dont remember. Now the last few weeks weve seen a lot of examples of companies where there has been, you know, behavior, particularly in wework, that may have appeared to be selfdealing. When you look at situations when youve got an entrepreneur who also has control, right . They have high ownership, high control, they have a very tight team, we need to make sure is this entrepreneur good . When the entrepreneur is good. There is Nothing Better for the shareholders. Jeff bezos, exhibit a. Bill gates, exhibit b. When you look at sam walton. These are good entrepreneurs. They lead the organization. They have got integrity. Weve seen last few months rush to ipo, Interest Rates are low, a lot of people think the game is about to end. In the case of peloton, one of the things interesting not discussed they went from 427 million to over 900 million in revenue. Big revenue growth. Everybody knows a lot of new subscribers. What is interesting theyre doing 100 financing of machines. These are 2 or 3,000dollar machines. 100 financed. No bad debts. No accounts receivable. Theyre booking revenues immediately. Harkens back, i hate to do this in some respects there is already enough analogies to the dotcom bubble but a harkens back to the days of lucent technologies. In 2000, lucent was booking revenue before they recognized them. They were recognizing them before they realized them. What the sec fined them. Lucent for some who may not remember was the research and Development Arm of at t and they were 200 billiondollar company, fourth Biggest Company on the New York Stock Exchange and they plummeted to nothing. Im worried about this behavior booking revenue with no bad debts no receivables. We dont know who the stuart i have to break in with this news. Ambassador lighthizer is meeting right now with democrats in an effort to refine the usmca. If we get any news out of that meeting well bring it to you pronto. This is the new nafta. It has been negotiated. Some small changes are required. The democrats would like some small changes. Theyre discussing that right now. We would like to see that usmca up for a vote in congress. Well see if that transpires. The big board shows 23 points up for the dow industrials. 26,900 is where we are. Democrat congressman adam schiff taking criticism for admittedly parodying a conversation between President Trump and his ukrainian counterpart. This happened at a congressional hearing. President trump says schiff lied to the American People and should resign. Well dewith that one. A College Professor taking heat for for comments he made about patriots Quarterback Tom Brady. He is accused brady buttressing american White Supremacy. Well have the story. This happened to you. You get on a long flight, find your seat, only realizing youre sitting next to a crying baby for a long time. One airline has an answer. Well tell you what theyre doing. More varney after this. Not gonna be around. Im worried about my parents retirement. Oh, dont worry. Voya helps them to and through retirement. Dealing with todays expenses. Like college. While helping plan, invest and protect for the future. So theyll be okay. Without me . Um. And when we knock out this wall imagine the closet space . Yes oh hey, son. Yeah, i think theyll be fine. Voya. Helping you to and through retirement. Im working to treat every car like i treat mine. Adp helps airtech automotive streamline payroll and hr, so welby torres can achieve what hes working for. Peyton, what are you doing . alexa added to band shopping list. Nationwides teamed up with amazon to bring you the allnew echo auto. Alexa, add xylophone to band shopping list. alexa okay. We dont need a band shopping list. Join nationwide now and get a free amazon echo auto. Stuart House Intelligence Committee chair adam schiff parodied the famous call between President Trump and ukraines president. Listen to this. Roll tape, please. This is the essence of what the president communicates. Weve been very good to your country, very good. No other country has done as much as we have but you know what . I dont see much reciprocity here. I hear what you want. I have a favor i want from you, though. Im going to say this only seventimes so you better listen good. I want you to make up dirt on my political opponent. My summary of the president s call was meant to be in part of parody. My point that is the message the president of ukraine was receiving not so many words. Stuart the point is that is not what the president said but this is what the president is saying in a tweet. Adam schiff made up conversation between the my conversation between the ukraine president and read it to millions. He must resign and be investigated. He has been this for two years. He is a sick man. That was a strong response from the president schiff did and what do you say. He was lying into the congressional record. It is microcosm what is going on since the president ran for office, things mate up out of whole cloth to further their preferred narrative. What they want reality to be versus what it really is. The fact he does it in a committee meeting. This is a serious action. This is the house of the United States. And for this, its a reality show. It is completely scripted. It is completely false. And so we talk about the legitimacy of government, how can the American People trust what the house of representatives is doing when they watch them fabricate things on television . Stuart those words from adam schiff now go into the congressional record. That is correct. That is correct. Stuart people who read that record dont necessarily know that those are not the president s words . Well, correct. Then youve got snippets that show up on the internet. You have it out of context. You dont hear the apology. There was a lot of pushback. This was meant to provide elements for television and for print, with statements and then, people hear also very often what they want to hear anyway. This clearly is part of a framework of pushing something that is false from the beginning. Very similar, i have to say to the russia dossier hoax where you have got completely false frameworks moved by elements of society, political and Cultural Society in an effort to frame the president for something that did not occur. Stuart the consequences of the 2018 election are still with us i do declare. They are indeed. Stuart tammy, thank you very much indeed. Thank you for being with us. Thank you. Stuart weve still got a very minor gain for the dow industrials. Youre 17 points up, what youre looking at is, the moon. Nasa is allin with a plan to send humans back to the moon but what about this . Congressional gridlock because of impeachment, could that tie up funding and keep astronauts grounded . It could. Well ask the top guy at nasa all about it. He is in our next hour. New warning on vaping from the cdc. They say that vapingrelated illnesses are rapidly rising. They are urging people to stop using ecigarettes. Dr. Marc siegel joins us. He says vape something a good way of getting off smoking tobacco, as is cigarettes. Are the latest safety concerns changing his mind . Well ask him next. Ive been a caregiver for 20 years. No two patients are the same. Predicting the next step for them can be challenging. Today were using the ibm cloud to run new analytics tools that help us better predict and plan a patients recovery. Ultimately, its helping thousands of patients return home. It also has the highest growth in manufacturing jobs in the us. Its a competition for the talent. Employees need more than just a paycheck. You definitely want to take advantage of all the benefits you can get. 2 3 of employees said that the workplace is an important source for personal savings and protection solutions. The workplace should be a source of financial security. Keeping your people happy is what keeps your people. Thats Financial Wellness. Put your employees on a path to Financial Wellness with prudential. Stuart the death toll from vaping illnesses has risen to 14. Dr. Marc siegel is with us, fox news medical correspondent. I know youre an advocate of vaping getting off smoking tobacco but can you tell me that vaping in off itself is safe . No. It is never been really fully studied but here is what i can tell you, the 805 injuries that the cdc is reporting most of them are associated with vaping oil products. Oil, when would you use that . Tbd, thc, marijuana type products cannabis. None of this is regulated at all that. Is illicit. It is called lipioid injury to the lungs, vast majority of cases. Juul, the cigarettes you get are water based but the flavors have chemicals in it toxic to the lungs that havent been studied what is my message here . We need to figure out whats in all ecigarettes. We need to stop people from vaping cbd oil or thc. Stuart not easy to do that . We have to try. We have to police them more and more. That is where most the injuries are coming from. In terms of flavored ecigs, most my snokers, they say i got off smoking from flavored ecigs. I dont want to lose that option. I dont want to lose that but i dont like what is happening here either. In other words i want to have that tool. Here is the bottom line juul deliberately in my opinion targeted youth with flavored ecigarettes. Most older smokers using ecigs to quit, dont use cotton candy flavor. They dont use maining go. They use tobacco flavor or menthol. We to the into this problem because we created an epidemic of vaping among teens. Vapeing because of nicotine but then vaping because of thc as well. Stuart the solution here, or partial solution, not a full solution but partial solution would be no more flavored stuff, thats it, no more flavors . Definitely not to teens. Stuart to anybody . Well if we have i wish we could allow im not, by the way im closer to being your side of Free Enterprise you think. I like the market. I would like adults have access to flavored ecigs with more understanding what they are scientifically. I want more science. The fda demanded that. By may 2020 the fda has to have evidence how harmful these are. It is illegal in all 50 states, for anyone to vape under 18. That should be enforced. Stuart i am a former tobacco smoker. I got off smoking the stuff going to a vaping device. Now the vaping device is taken away from me. What do i do . I go back to smoking. I hate that idea. Stuart that is what is happening. I hate that idea. I as a physician continue to have option using ecigs. A study came out that says ecigs help smokers quit. I need that as an option. I need to get it away from teens. I need the cannabis oil away from teens but i want recalcitrant smokers to have ecigs. Stuart michigan banned all vaping products. They are concerned about. We talk to a michigan vape shop owner fighting back with a lawsuit against the state. He will tell us his story. Stay tuned. A lot more good stuff coming up for you. At fidelity, we believe your money should always be working harder. Thats why your cash automatically goes into a Money Market Fund when you open a new account. Just another reminder of the value youll find at fidelity. Open an account today. Of the value youll find at fidelity. The ncome on. Y glc. [ cars honking ] its so late. Yay. It fights traffic. No parking. I told you. Oh, a spot hold on. It fights tension. Seriously, did you take my phone . Passenger light on. It even fights. Fighting. Innovation that keeps people together. The 2020 glc. 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Stuart that was cruel but justified. Very true. Abbey road, 50 years old as of today. Good stuff. The hr people, they say that impeachment talk and the election next year will create an even more toxic work place, a toxic political environment in the work place. Lawrence jones, this is right up your street, lawrence, i know it is. Fox news contributor and by the way, campus reform executive editor. Youve been promoted lawrence. That is pretty good. Welldon young man. Welldone. I will fast forward to thanksgiving because i can see a very toxic political environment around the turkey table this year. I dont see any way around it. What will you do at your thanksgiving dinner . My mom has this rule, once i come home and the family gets together that we kind of like leave the politics at the door. They dont want all the bickering. Frankly, stuart i do this for a living. I dont want to do this stuff at home but what i can tell you, having the majority of my family are liberals, majority of my friend i grew up with are liberals weve been in this feud via textmessaging back and forth yesterday. What has become very clear, we do this for a living, the facts about impeachment what is going on capitol hill is totally different what is happening in reality. This is an inquiry, right . Nobody has taken a vote because they dont have the votes. Nancy pelosi can spin this all she wants, she is winning from one perspective this is pr battle. She want to appear to the base she is doing something but they really arent doing anything because they simply dont have the vote. Stuart i agree but look in the work place this is a real problem. You know, if you Say Something which is a little harsh maybe, you clash with a coworker, you could be taken to hr and you could have a report filed on you, and you could go and lose your job. It could come to that. I suspect it will come to that in many cases because, this is, this is a really contentious environment were in now. Well, especially when we are in a Political Climate like no other. It is not a difference of ideology. Were being told that, right now, stuart, that one side is racist and hateful group of people, right . So if you wear a hat, a red hat, then youre a racist. If you decide to support this president , then youre a racist. This is not the typical political protection that one may got under free speech. If you get to call your colleague a racist, the employer is likely to fire you or suspend you. I think we should take this seriously. We should caution both political sides, when you start suppressing free speech and political speech you go down a slippery slope. One side has protections but the other doesnt. Stuart that is very true. Where is free speech in all of this . Youre too young to remember, lawrence, in 1963 in berkeley, california there was a Free Speech Movement which really galvanized American Society and spread throughout the 1960s. What was his name ashley mario savio, mario savio, the late mario savio led the Free Speech Movement. We need a movement again. We need a Free Speech Movement. I had a little more, i was living when they decided to burn berkeley almost down because they didnt like the conservative speakers point of view coming on college campuses. That happened about five years ago. To see where this country is going right now, i dont think were going positive way, democratic socialism, they want to change, if i dont like what the person is saying it is considered hate speech and it should be suppressed. We know only violence speech, inciting violence is not backed by the constitution. Liberals redefined the way we look at speech. If we dont stand up to them, were going to lose our society here. Stuart i like that. Youre fired up this morning, lawrence. Yes, sir. Stuart welcome sign. Come see us in new york, soon. Thank you, lawrence. See you soon. Thanks, brother. Stuart check out the big board. It is not a huge rally. Were 40 points up. Were down 27,000 on the dow. The Trump Administration Just Announced it has, let me get this right, they proposed a refugee ceiling for 2020. The citizenship and Immigration Service acting director Ken Cuccinelli joins us now. Welcome to the program. Thanks for being here. What is the cap on refugees and why are you putting a cap on . Congress put in statute the president has to set a ceiling every year. It is that time of year. We begun our conversations with congress, proposed cap of 18,000 refugees to be resettled here in the United States. That is down from 30,000 this year. This is part of a much bigger humanitarian picture, stuart and we are putting enormous apartments of effort into the southern border but also into asylum which is very similar to the refugees. Youre looking for people who are persecuted. Protecting them from that. So in the entire humanitarian umbrella, you have asylum, refugee, crime victims, other things, trafficking victims. All together america is providing more support in settling more people in the humanitarian arena than any other country in the world. On a longterm basis. Stuart are you placing these limits because you feel that the refugee system or the asylum system is being gamed . Well not the refugee system. The asylum system is certainly in part being gamed but it is also, stuart, a huge backlog that my agency is responsible for resolving. Over 335,000 cases still outstanding. We dont have a backlog on the refugee side. We have a backlog on the asylum side of humanitarian responsibilities. The same people attack both of those cases or can be used to attack both those work loads. That is what were going to do, were hiring up in the asylum space so we can do more and more resolving of these asylum cases been backlogged really too long. Stuart let me get this straight. The president can do this without going to congress to ask if he can do this . Congress assigned the task to the president on an annual basis. So yesterday we transmitted to congress the draft report thats indicated 18,000 person cap for refugees. Were going to have some Congressional Communications here in the next number of days and weeks im sure, before thats finalized. But that is the target we have right now. Of course the asylum side is much bigger, much bigger numbers. Were getting tens and tens of thousands of cases filed and processed. Well get a lot more of them done this year and next year because were finally getting controlled on border. The same people who work a refugees and and and a aisle east will have a lot more capacity to get asylum cases done. Stuart it was important we explain this and you did. Ken, see you soon. Thank you. Lets get to the College Admissions scandal, a businessman in los angeles was sentenced to pay a lot of money to get his son into georgetown. Lauren semiconductor lauren simonetti. What is the sentence. One got four months, another got four months. Felicity huffman who is probably most innocent here. Paid 15,000. She was remorseful. She got 14 days but she got something. Stuart everyone is asking what about Lori Loughlin . She is this trouble. She pleaded not guilty. Paid 500,000 for getting her daughters into usc as crew recruits. The judge is coming down hard saying you cannot be part of a scheme that your kid getting into a school they dont deserve to be in because you have a lot of money and a lot of connections . A lot of parents who did plead not guilty might be switching their pleas to guilty. I think Lori Loughlin and her husband are in trouble here. Stuart so far there is prison time. Three so far. Stuart people found guilty in the admissions scandal. Three so far and maybe more to come . Lori loughlin faces up to 40 years in prison. Will she get that . No. Stuart no. But she will get something. Stuart lauren, thank you very much indeed. Got a question for you. Could the democrats call for impeachment actually help President Trump . Next were going to be talking to the republican chair of new york state. He says there are four democrat controlled districts that could flip republican because of the impeachment push. He is on the show shortly. Next hour lara trump, the president s daughterinlaw, what does she make of the calls for impeachment . Is she taking it personally . Well ask here. She will be on the show about 11 15 eastern this morning. 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. [upbeat action music] pilot were going to be on the tarmac for another 45 minutes or so. Have you lost weight . Of course i have ever since i started renting from national. Because national lets me lose the wait at the counter. And choose any car in the aisle. And i dont wait when i return, thanks to drop go. At national, i can lose the wait. And keep it off. Looking good, patrick. I know. vo go national. Go like a pro. They feel like they have to drink a lot of water. Patients that i see that complain about dry mouth, medications seem to be the number one cause for dry mouth. Dry mouth can cause increased cavities, bad breath, oral irritation. I like to recommend biotene. Biotene has a full array of products that replenishes the moisture in your mouth. Biotene definitely works. It makes patients so much happier. Peyton, what are you doing . alexa added to band shopping list. Nationwides teamed up with amazon to bring you the allnew echo auto. Alexa, add xylophone to band shopping list. alexa okay. We dont need a band shopping list. Join nationwide now and get a free amazon echo auto. Stuart now were up about 60. That is quarter of 1 . Lets talk boeing. Show me the stock for a start. Boeings stock is up just a little today but it is at 388. Susan come into this, as i understand it the government wants going to do certain things about wants going to do certain thing. They think there have been erroneous assumptions in terms of the development of jet, they want changes in how the jets arer ised in the future certified in the future. Stuart would i term that as a positive. What does the government want . The government wants this of boeing. If boeing does it presumably they comply with the government. Susan the mcas system and the Software System still needs to be certified as well. How do you prove to the government that its safe . You can use average pilots. Yes, you can talk about, i guess the changes in how it is certified but in the end does that still make it safe for people to fly in . Stuart im not asking that. Im saying when the government tells you what you got to do, then you got to do that, that gives you something to go at, right . Susan i dont think anyone will get on one of the jets in the future. If youre seeing a 737 max would you feel safe . Stuart i would. In a heartbeat. I never worry about that kind of thing. I would jump on board. Im sorry but i would. Ashley in the first clays. Susan a lot of people dont feel the same way. Stuart i would. Ashley he would be carried into first class. Stuart i would go on in a thunderstorm if i have to. I want to get there. Im not a prisoner of my fears. Call me crazy. Ashley youre crazy. Stuart now this, there are four new york congressional seats currently held by democrats which President Trump and the republicans won back in 2016. Our next guest thinks impeachment and the inquiry about impeachment would flip the seats back to republican districts. Nick langworthy, the new york state gop chair. Gentleman, thanks for coming back to us. Thanks so much for having me back. Stuart are all these seats in upstate new york . No. One is right here in new york city. Staten island, a seat our party lost in the 2016 midterm elections. Mack rose is the incumbent. We have a strong candidate challenging max rose at this point. He wont make it clear where he stands on impeachment. His constituents are not really informed. He is trying to have it both ways. This is a district donald trump won by 11 points in the 2016 election. Max rose deserves an answer where does he stand on impeachment. Stuart tell me why you think that the impeachment drive will bring out the republicans and bring out the trump base. Why . Every single one of these districts are districts that President Trump won in the 2016 elections. Three of the four in upstate new york. We have a lot of enthusiasm that were seeing online. The president obviously has raised a ton of money in the last 48 hours. New York Republican Party we seen uptick of people wanting to get involved, donating money online, looking to stop members of congress fighting to derail our economy and stop the president s progress. Stuart these four seats youre talking about are four of many across the country would be democrat in the house right now who got their seats in previously republican districts that went for President Trump. I know that you have got four in new york state. How many numbers are we talking about . 50 . 50 seats in the country n dark blue new york we have four. We feel strongly we can take the seats back. We have vibrant candidates out there running, building resources to get their message out. They have the a number one issue voters will be deciding this election on. Stuart have you got any polls, have you seen any polls since the impeachment drive was launched at 5 00 on tuesday afternoon, any polls to say yes, theyre swarming back to republicans is. I have nothing on the local level yet in these congressional districts but you definitely see an uptick in enthusiasm, registrations on our side in these seats. We know the candidates we have out there, their democratic opponents are in congress now, they have now kowtowed to the squad and the radical left running the house of representatives. There is a reason nancy pelosi didnt push for impeachment despite all the calls for it for the last two years but it is that radical left, the squad that is now taken captive of that house and so many, you know, formerly mainstream democrats are prisoners to that squad. Stuart okay. Well see how it all turns out. Nick langworthy, thanks for joining us. Appreciate it. Thank you. The patriots tom brady, i think most people would say he is truly great athlete and a pretty good guy too. One College Professor accuses brady of white male omnipotence. Well have the story after this. Of a different kind. Adp helps canyon ranch place the right people in the right jobs, so employees like dave can achieve what theyre working for. 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 ever so gradually picking up steam here. Were up 90. A third of 1 , do you like that ash . Ashley climbing slowly but surely, towards 27,000. Well take it. Ashley has a good story here drafting as its exclusive Fantasy Sports partner. Tell me the details. Ashley i would love to but we dont know unfortunately. Big deal for draftkings that have exclusive partnership with the nfl. Fantasy sports with the nfl is huge. Last number we saw 60 Million People involved in this the last number we have in 2017. We know it has broken from there. The nfl has been very leery to partnership with gaming and gambling because of fears of questions of integrity of the game. They have another deal with caesars and australian bookmaker called tab. Theyre loosening their grip and draftkings is taking advantage. Stuart one of these days i will understand it. Vaguely on the football theme, a university of rhode island professor slammed new England Patriots Quarterback Tom Brady that brady owes his success to White Supremacy and white rage. Cabot phillips, campus reform editorinchief. Give me the whole story. Please go. I want to acknowledge and thank you for talking about the real football and not your version. It is encouraging to see you embracing american culture. Stuart yeah, yeah. This was, this claim was made in a book as part of a larger book. It was a chapter how White Supremacy is playing a role in america. They lift donald trump as the main example but they also say tom brady is an example of white male omnipotence in america. He directly benefited because of white rage in america that happened once president obama was elected. They list some ridiculous examples. One is mattress commercial where camera is looking up on him, because brady looking down on the camera, that he looks down on rest of america. I think he is looking down because he has six super bowl rings. Other examples his lifestyle contributes to White Supremacy because he takes trips with guys and he likes golfing and. You might be on the professors hit list because i imagine that is what your weekends look like. Stuart that is not. I spend my weekend on a farm chopping down trees. That is extraordinary story on a man who is the best quarterback in american history. Isnt that the outstanding point . The man is really good. That is exactly the point. At a time where there are so few good male role models, we should teach students to emulate tom brady, his hard work, his success, his meritocracy he rose what he put into the system. Not because of the fact he was white and a male. This is a larger trend. Goes beyond tom brady. This idea of identity politics in academia. That is the inevitable result. When you reduce people to race and gender. We have seen universities remove distinguished alumni from the wall because there are too many white men. English authors and books were removed from reading list because they were white men. This is the result when you reduce everything to identity politics. Stuart it does. We appreciate you being with us as as you. That is extraordinary story. Thank you, stuart. Stuart a sideeffect of the democrat dem impeachment push, im calling it a negative. Joe biden the moderate could get caught up in the mess. That could give Elizabeth Warren a leg up that is bad news for wall street. I have my take on that coming up for you. The dallas fed president says if we need to keep our economy growing we need more immigrants. I want to know, can that be done responsibly . Were on it. For farmers here, this is our lifes work. But when a recall happens, perfectly good food goes to waste. 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At fidelity, we believe your money should always be working harder. Thats why your cash automatically goes into a Money Market Fund when you open a new account. Just another reminder of the value youll find at fidelity. Open an account today. Stuart we are now in day three of impeachment and so far, the firestorm in d. C. Has failed to hurt wall street. Investors have shrugged. Stocks still very close to record highs. Okay. Lets think this through for a minute. First of all, a couple of good things for investors. President trumps political difficulties give china leverage in the trade talks. The door may be opening to a small scale trade deal. Investors would like that. Another one. Impeachment rallies mr. Trumps base like nothing else. He raised 5 million in the first 24 hours after the impeachment launched. Investors want growth and more tax cuts and a second trump term would give them just that. Now, heres the big negative. Moderate joe biden is swept up in this mess. Hes already fading and an investigation of his sons activities in ukraine and china will not help. That leaves Elizabeth Warren as the likely democrat candidate in 2020. Now, senator warren really scares wall street and rightly so. A massive wealth tax, higher income taxes, big corporations have to get permission to do business, profits distributed to the community, the fantasy land green new deal, all of that from warren. Heres the story. If there is the slightest chance that senator warren sits in the oval office, your 401 k is going to take a hit. She will confiscate your money. It is time to worry. Let me throw this in, too. The Washington Post says joe biden is considering a wall street tax. Buy or sell a stock or a bond and pay up. Hes clearly being dragged to the left as senator warren rises in the polls by bashing the rich. Think of it this way. As the impeachment drive gets rolling, its early days and investors shrug looks legit but down the road, impeachment may allow the far left to mount a credible challenge for the presidency. I dont think a socialist can win but if it even looks remotely possible, investors will be right to start worrying. Big time. The third hour of Varney Company is about to begin. Stuart well, look at that. All of a sudden literally the past few minutes, i guess, weve got the dow industrials shooting ahead. Now were up 120 points. Thats close, closing in on a half percentage point gain. The dow is well above 27,000 again. By the way, i think thats about 340 points away from the record alltime closing high for the dow industrials. With impeachment in the background. How about that. Lets get right back to my editorial. Joining us is daniel garza, president of the libre initiative. What does a warren candidacy mean to the hispanic vote . Well, at this point, if we believe what shes saying, she is talking about more imposition of government centralizing more and more power, more control and more capital in washington, d. C. And in the hands of politicians which is the worst thing you can do actually to unleash the private sector. What you actually need to do is actually diminish the role of government, lessen the burden on the backs of americans who need their capital, who need their assets to leverage them and of course, create wealth and opportunity for themselves and others. Stuart well, daniel, is the Hispanic Community firmly on the side of capitalism, free markets and individual liberty and freedom and starting businesses . Is that where the hispanic vote lies, or is it on the other side of the fence, wanting help from the government . Well, mr. Varney, i can tell you, i will lay out some of the facts and the fact is that right now, the Latino Community itself actually has contributed to the gdp to the tune of 2. 3 trillion, up from 1. 7 in the last few years. The gdp that we are actually creating is outpacing the rest of the gdp of the rest of america so Labor Participation is up, wages are up, unemployment is at a record low, house ownership is up for latinos so we are doing quite well in this economy. Stuart the dallas fed president says America Needs more immigrants to grow the economy. How do we get more immigrants in in a responsible fashion . How do we get more immigrants in that we want to fill jobs that we have available . Mr. Varney, you would think that if you listen to the media and some voices that there is so much disagreement on immigration, but theres actually consensus. There is Common Ground between americans on this. 85 of americans believe that we should advance a Legalization Program for the folks that are here currently undocumented. In fact, 65 of them believe that citizenship should be part of the solution. Only 24 of americans believe that we should actually consider reducing Legal Immigration and this is because our economy actually requires in certain sectors of the economy to be sustained by a flow of immigrants that meets market demand. Low skilled and high skilled. So we need to have that realtime adaptability to meet market demand. Stuart look, i know where youre coming from and i agree with you. I think america does want and need immigrants. But i think you put job one is stopping the flow of illegals. You cant sort of open up and make everybody citizens unless you have stopped the flow of illegals. You agree with that . There is consensus among americans on security for our borders. I have said in the past we are the most generous, most compassionate country in the world but we also like order. We get to decide who comes into the country and under what conditions. Security is an elemental component of our immigration plan. But if we cant agree on that, if we cant come to an agreement, we cant bring both parties on that, we cant address the other components of immigration demand and our dynamic economy requires it as the dallas fed has said so. Stuart you got it. Thank you, sir. See you again. Okay. Weve still got a dow rally, up 117, well above 27,000. But look at that, no bounceback for peloton. In fact, it had a rough debut yesterday, down another buck today. We have with us deirdre bolton. Whats this about users cheating the system . Deirdre they are cheating the system in two ways. You see from that image there where there is actually a tablet attached to the bike. Thats supposed to be your instructor yelling at you, pushing you to do better, maybe showing you a little bit of a trail. Some people are actually just putting in netflix or some other apps which peloton is aware and just says okay, well, thats not covered in our 12month warranty. If you do that and you complain to us the tablets broken, thats a little bit on you. More to the point, other people, this is the part i really dont understand, they are actually hacking into the system to put themselves at the top of the leaderboard. One of the fun things about this is you can be racing with someone who is in australia in realtime with the instructor kind of guiding you both. But some people have twice as fast times than the Tour De France so peloton began to realize a little statistic anomaly. Whats the point, honestly . If youre going to compete, compete with your own score. Stuart that may be contributing to another 4 loss for peloton. Look at it go down. Deirdre i think its to the point the ceo says we wont be profitable until 2023 and for an investor, thats not fabulous. Stuart 24. 75, down a buck. Thats nearly 4 . The senate will now take up legislation to help the marijuana industry. Hows that . Ashley yes, this is a banking story, because the house has approved a bill that basically does not penalize banks on the federal level of being in trouble if they take the proceeds from marijuana sales. Which as it stands, would be a federal problem. Its gotten through the house. The question is, can it get through the senate. The republicans in the senate are a little split and those that are in favor of getting this through are saying this is ridiculous, 33 states have now approved marijuana in some shape or form. Theyve got to be able to put the proceeds somewhere. The Banking System needs to be updated. Its going to be interesting to see whether they can get through the senate. But minds are changing on this. Maybe it can. Stuart they are. Yet ashley its a big deal for the cannabis industry. This is one of the major holdbacks. Stuart its got to get through the senate. Then only time will tell if it gets through. Check the big board. Still a healthy rally. By the way, that means this rally, up 112, that means the dow is now positive for the week. Positive for the week in which impeachment began at 5 00 on tuesday afternoon. How about that. 26,999. The trump family obviously used to the president getting attacked by the left and the media as well. Does the latest impeachment push hit them especially hard . The president s daughterinlaw lara trump joins us in just a moment. A meeting on the hill right now between ambassador lighthizer and democrats. They are working on usmca, the new nafta. Our farmers need it. Are we going to get it . Later, a vape shop owner who is suing the state of michigan over its ban on ecigarettes. Hes got his story for us. The third hour of varney just getting started. 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This means the president can no longer go over congresss head to get his funding for the wall. However, the president can still veto the measure. This initial move looks like a blow to the administration. All right. Change of subject. Heres lara trump, Senior Adviser to the trump 2020 campaign. Lara, welcome to the program. Always good to see you back. Thank you. Stuart now, this is a really toxic political environment and to say the least. Stuart as far as coming at you personally, how do you take it . Have you got a thick enough skin to take whats coming at you . Well, i think we have all over certainly the past three years or so developed a much thicker skin but ill tell you as an american, just in general, forget my last name, forget my association with the president , to see what has been done, what theyre trying to do to this president , who was elected by the people of this country, who is doing an incredible job, its very very frightening to me and its really sad. I think its a really sad moment for our country when you see how desperate the democrats are and they know that thats their only chance, by the way, of getting any one of their lackluster candidates in the white house is to try and impeach this president but unfortunately, i dont think its going to work out. Stuart can you brush it off . Some of it comes at me. Nothing like comes at mr. Trump and your family. Nothing like that at all. But some of it comes at me and i can brush it off. Doesnt really bother me. Can you . I think you have to. I think for all of us, we are laser focused on making sure the president gets reelected. I always say i dont think hell have a problem but that doesnt mean any of us will rest until november 4th, 2020 when hes officially elected for his second term in office. Stuart very confident. Were very confident. Look at the other side. Come on. They are doing everything they can to impeach him because they know none of these candidates will be able to beat donald trump but i think that for all of us in this family, we look to the future. We look at how this presidency will be reflected back on. I think for all of us its about that and its about doing whats right for the country. Stuart speaking of attacks on the president , hold on for a second. Let me go through this. Congresswoman Rashida Tlaib, headlines again and its related to this clip of her talking about the president. This is from some time ago. Roll that tape, please. When your son looks at you and says bullies dont win, i say baby, they dont. Because were going to go on there and [ bleep ]. Stuart that was infamous profanity. Now, Rashida Tlaib is selling teeshirts with that profane phrase on it asking supporters to lean in with me to hold this lawless president accountable. All right. What do you make of that . First of all, i think its disgusting, the language, what shes suggesting there. Could you imagine if the Trump Campaign had done something similar to this, the kind of attacks that we would be getting from all of the mainstream media, yet actually this is the first time i have heard of this on your show here so thank you for bringing light to it. Stuart sorry. I do apologize. But i mean, its disgusting but i think this is what we have come to expect. There is no low that is too low for the democrats out there and they are so crazed and wild with their hatred for this president that they are willing to sell a teeshirt like this. Thats crazy. I cant think of something thats ridiculous. Stuart im going to bring up another element in this toxic political environment. Wait for it. Theres more. Stuart whats it like around the thanksgiving table in the trump household . I would imagine you dont get that much political contention going on. No. Stuart elsewhere in the country you do. It might be a lot easier at our thanksgiving table because were all on the same page. I know thats not the case for all families. Its actually nice, its one of the few times we all get to come together again as a family. We are all so busy, we dont live in the same place anymore. The president obviously and ivanka and jared are in d. C. , the rest of us are here in new york. We always look forward to that. We have no actually, i dont even think we talk that much about politics when we all get together. Stuart no . We hear enough about it. Stuart before he was the president , did politics come up . Did contentious stuff come up . Not really. No. You know what, what i generally looked forward to with every dinner that we have, whether its thanksgiving or just a family meal, is to hear the president and his jokes and stories because hes one of the funniest people i have ever met. Many people dont know that about him but its such a treat to get to hear stories from the old days and really to make it feel like old times again. Its the best. Stuart lost any friends from way back who now your name is trump and you have lost them . If they are no longer around they were never really friends. Stuart there you go. We will go with that. Stuart thank you very much for being on the show. As always, great to have you. Thank you. Stuart check that big board. We have not lost the rally by any means but we have come back a bit. We were up 110, now were up 90. Well take it. Check vail resorts. They own ski resorts around the country. Their stock up big today. They posted better revenues and just struck a deal to buy up 17 more ski resorts. The stock is up about 4 . Have you ever had your flight ruined by a crying baby . Not ruined but made more difficult . I have, because ive got six kids. Japan Airlines Says it has a solution for that. We will tell you all about it momentarily. And much more on Speaker Pelosis impeachment push. Steve hilton says the real coverup involves one of the democrats. Hes going to join us very shortly. Our because of smoking. Ital. But we still had to have a cigarette. Had to. But then, we were like. What are we doing . The nicodermcq patch helps prevent your urge to smoke all day. Nicodermcq. You know why, we know how. Thats why we take a totalaking approach to health and wellness, so you can age actively. And we simplify medicare by connecting you to the right coverage, resources and care. So you can keep pursuing the life you love. Aetna Medicare Solutions. Stuart we are showing you the Airline Stocks but were really talking now about japan airlines, as theyve got a new feature for anyone troubled by a crying baby next to you. What is it . Ashley it may help you beat the odds of being close to the crying baby. When you book on japan airlines, you can then go on and book your seat and you will have a little child icon on seats that have been booked by parents for their child. You can look at the plane, say okay, we have a child here, we have one here, go ahead. Stuart is it babies or children . Ashley it says children although i think the focus has been on babies. It doesnt say the actual age of the child. But you know, other Asian Airlines offer like what they call silent zones, you know, which is a veiled way of saying no one under the age of 10 or 12. But would this fly in america . Someone on trip adviser, someone who writes for trip adviser says you are probably never going to see Something Like this in the u. S. For fear of backlash. Stuart it would be age discrimination. Ashley yes. Yes. Stuart you will be able to discriminate against Young Children so you cant do that. Ashley when this article came out there were all sorts of tweets coming in, the poor guy said i had three screaming babies next to me in my jfk to dohar in the middle east. Absolute hell. We have all been there. Stuart we have. We have. I have been the parent sometimes. Deirdre i was going to say, in both worlds ive been there. Stuart lets get to boeing. Look at the stock, please. Its going up recently. Its close to 400 bucks a share again. Theyve got some new safety recommendations. Hold on. What is the government telling boeing to do about safety on the max jet . Deirdre when you test with your planes, please use average pilots, not your most amazing experienced weathertested pilots. Please use a range, range of experience, range of training, because they say part of what happened with those 737 max crashes is the pilots may have been too green, they werent battletested for real Life Experiences and apparently the software is so advanced, it just was putting out all of these warnings, simultaneous warnings about various contradicting messages so you can understand, its almost like having seven people screaming at you to do something at once when you are already in a crisis situation. I think those poor pilots did actually freeze. Theyre not saying that in the report but thats heavily the implication. They are saying could you please just use normal average pilots, some of whom are extremely green, then see if the testing goes better. Stuart fair enough. By the way, boeings chief is going to testify before congress about the max jets. No doubt about safety, too. That comes up next month, october, for boeing before congress. Now, there are some more negative headlines on vaping. First off, a second death in oregon. Secondly, the cdc reports a 52 spike in vaping related illnesses. And related to all of that, we are going to be talking to a vape shop owner in michigan. He is suing the state to stop its ban on ecigarettes. I will ask him about the impact thats having on his business. And speak to an early juul investor about that allout assault on the industry, next. At fidelity, we believe your money should always be working harder. Thats why your cash automatically goes into a Money Market Fund when you open a new account. Just another reminder of the value youll find at fidelity. Open an account today. Of the value youll find at fidelity. Why accept it frompt an incompyour allergy pills . E else. Flonase sensimist. Nothing stronger. Nothing gentler. Nothing lasts longer. 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And, in some areas, no plan premium. With humana, youll get more than original medicare alone and have the peace of mind of knowing youre covered for doctor visits and hospital stays. Plus, routine physicals and preventive screenings. And when it comes to prescriptions, in 2017, humanas Medicare Advantage Prescription Drug plan members saved an estimated 6900 on average on their prescription costs. So call a licensed humana sales agent today at the number on your screen, to see if youre eligible to enroll today. And say yes to getting the right Health Care Coverage without having to wait for it. Stuart we made it back. We are back above 27,000, back to a triple digit gain as of now. Weve got, lets see, 25 of the dow 30 in the green. They are up. Pretty broadbased rally at this moment. Now, a vape shop in michigan is suing to stop that states ban on flavored ecigarettes. Joining us now is the owner. Just a moment ago we saw you vaping, sir. Welcome to the show. Good to see you. Now, why are you suing . Thank you for having me, sir. Stuart sure thing. Look, why are you suing to stop the states ban on flavored cigarettes . Because that was designed to keep flavored cigarettes, ecigarettes, out of the hands of juniors. Why are you suing to stop the ban . First and foremost, for the lives of my customers that are on the line that are using Electronic Cigarettes to quit smoking. Thats the first thing. The second thing is the lives of all the people around the state and the other states that have followed suit with this. Their lives are on the line. Stuart okay. How has this affected your business . And of course, my business as well. Stuart how has it affected it so far, your business . Theres been a lot of press. Its driven the sales of my business down. Its driven the sales of all of our businesses down. And as of next week, well be forced out of business and most of us into bankruptcy, myself included. Stuart its that bad . You are forced into bankruptcy . Its only a ban on flavored cigarettes, isnt it, not a ban on all vaping devices . Yeah, exactly. Flavored eliquids are about 90 of our business. Flavors are the key to quitting smoking. Without the flavors, theres no hope for any of us to stay in business. Stuart okay. Look, weve got a response from michigans attorney general and im going to quote it for you. We received a complaint Late Wednesday and as with all litigation, we will review with our clients before we determine our response. Thats the state of Michigan Attorney general, his response or her response, not sure, the response of the attorney general in michigan to your lawsuit. Sir, thanks very much for joining us. Im going to turn to bring in an early juul investor who has been on the program many times. His name is gregg smith. He did indeed put money into juul way back when. Heres my concern. We dont know whether vaping itself is safe. We dont know the risks involved in vaping. We dont know that. You dont know that and our audience does not know that. We know theres some risk but we dont know how much. In my opinion, the big risk here is that someone whos gotten off smoking tobacco, literally smoking it in cigarettes, is now facing a ban on vaping devices which they have turned to. If you ban them, you go back to smoking tobacco, dont you . Thats correct. I think a lot of these recent decisions and first off, you know i hate smoking. I hate cigarette smoking. A lot of the decisions that are being made by some of these states are actually going to do the opposite. They are going to push smokers back into the black market, or they are going to push them to combustible cigarettes, both of which are not going to be good. We see these spate of recent illnesses which we really now believe are coming from black market thc cartridges, so pushing people on to the black market is exactly what we dont want to do. But as you look at the ecigarette category, its really a balancing act of public health. The fda has to weigh the impact on this category of looking at two things. One, creating a bona fide offramp for combustible cigarette smokers, giving them an offramp to get off cigarettes to a product that i believe science and time will show is much safer for the users and has a much higher quit rate than any other pharmaceutical or nonpharmaceutical solution on the market today. And two, they have to weigh against not creating an onramp for kids that are not users of nicotine to come on to the product. Stuart why is it that the fda and or juul, did not do the testing beforehand to see whether vaping of any substance, whether its nicotine or cannabis or thc or whatever, was safe, or what risks were involved . Why wasnt testing done before . Well, under the fda guidelines, what happened in august of 2016 with what was called the deeming regulation, the products had been on the market at that point in time were grandfathered in to stay on the market and they had until a certain date to prepare their studies and file for fda approval. That pmta date is coming up in may of 2020, at which time all the ecigarette companies will file their data and they need to demonstrate to the fda that their products are better for you or less harmful than combustible cigarettes. The fda has one year to review those. I think a lot of people triangulate or key off of the uk market. As you know, we talked about the uk before. Its a very well adopted practice in the uk, lots of people vape there, the government pushes their citizens that smoke to get on to vaping, and they have been a forefront in the leader of this technology and actually tell people that its 95 better for you or less harmful than combustible cigarettes. Stuart your biggest worry, it would be a one or twoyear ban on vaping once they figure out the risks. That would be a disaster. Look, i think some of the things that have happened. Look what walmart did. If walmart wanted to be a responsible actor they could have temporarily suspended the sales of ecigarettes until we had clarity from the cdc and fda. I think its clearly coming out now, it would be like them saying people are getting sick from hypodermic needles and banning needles when we knew it was from heroin. Walmart should have taken combustible cigarettes off the shelves which we know kill people. States are making bad decisions and pushing people back into cigarettes. Stuart i have to break in for a second because i have breaking news. This is coming to us from capitol hill. Fox news is told that democrats offered some new proposals to u. S. Trade representative Robert Lighthizer this morning and this is all about usmca, that is the new nafta. Sources tell fox that things are moving in a positive direction and the staff will continue to meet over the recess. Fox is told progress was made in all four key areas, labor standards, environment, pharmaceuticals and enforcement. Maybe thats why the dow is now up over 100 points. Maybe thats the case. But joining us is the Lieutenant Governor of ohio. Sir, this sounds like good news. This sounds like Real Progress on usmca, which is very important in your state. Are you with me on this . Absolutely. Its great news to hear. 51 of ohios exports go to canada and mexico. Farmers, manufacturers, workers, its important to all of them that this get passed. Stuart im surprised because i did not think that the democrats in the house would want to give any kind of win to President Trump, and this passage of usmca if it gets through, would be something of a win for the president. Im a little surprised the democrats are prepared to put out some positive news on this. Well, i have to say that i welcome it. I share your surprise but i can tell you i think democrats in ohio are feeling the pressure from businesses who are saying look, this is holding up progress. We have instability in europe over brexit, we have instability with china u. S. Trade issues, even japan and south korea have instability. We have an opportunity in north america to create stability with our trade agreement that will mean jobs and new investment and i think that the pressure is beginning to mount on them and Speaker Pelosi to get to act. Stuart mr. Lieutenant governor, im going to interrupt for a second because there is just an Extraordinary Development on the market literally in the last few seconds. When we introduced you, the dow was up 110, about 90 seconds ago. Now we are down 20 points. I dont know what happened. I was assuming that the triple digit gain was the result of pretty Good Progress here for the nasdaq for the usmca. I was assuming that any kind of good news on trade and that was good news, would push the dow up. Thats why we went up 120 points. I do not know at this point why all of a sudden, we have got 150 point swing. Okay. Hold on. Bloomberg is reporting that the administration is considering limits on portfolio flows, that would be money, capital flows, into china. I will repeat it. Bloomberg has reported that the administration is looking at limiting the flow of our money, our capital, or anybodys capital, i guess, from america into china. That is a clear negative for china america relationships. Thats why youve got this sudden 150point turnaround. More than that now. Its almost a 200point turnaround for the dow industrials. Literally, one moment we had something positive on trade, on usmca, and literally within seconds, im sure this is the algorithms reading headlines, this headline coming from bloomberg, we are going to limit or thinking about limiting capital flows into china. Thats a fairly aggressive move on americas part, if that is the case, and thats why weve got now a 46point loss for the dow industrials. You are on your computer . Ashley im looking for the headlines. This apparently comes from bloomberg. Interesting to see what we get. Again, as we said earlier, with the iran talks issue, whether we are going to get a Quick Response from the administration on the validity of this headline. Stuart look at that chart on the lefthand side of the screen. Thats how you can get whipsawed by the headlines. Ashley those algorithms keep selling. Stuart all the algorithm does is read the headlines from news organizations, bloomberg included. When you see any kind of headline, limit, capital inflows to china, boom, you sell. Deirdre any kind of isolation, we have done it on a much more severe case, of course, with iran, but any time we use our dollar muscle and our investment muscle, which is one of the strongest that we have at our disposal, obviously this bodes extremely poorly for any u. S. china trade resolution or any kind of conversation. Its a very aggressive move if its true on our part. Stuart what im waiting for is the response from the administration to say yes, no, we are considering this. Ashley they may come out and say its simply not true. Stuart im sure our d. C. People are working on this, putting in calls already. Lets see what response they get. Because a response, if it was more positive, to say it was just a suggestion and were not ready to, if that was the case, we expect it to go back up again. Here it is. Now were up 17 points. Deirdre in the algorithms, they are reading these and executing very quickly. So we could bounce up again if there is a clarification on that comment. But for the moment, of course, this idea of really putting this huge block between the u. S. And china and obviously that will affect all of asia. Stuart do we have steve hilton with us now . We do. Come into this, because you followed the president s speech before the United Nations earlier this week, i think it was tuesday. You followed that speech and i think we are in tune here that it was a pretty hard line speech against china. Am i right . Yes, exactly. It wasnt just china. What he was doing there was really signaling from a policy point of view and a philosophical point of view, his clear intent to overturn the ideology, the orthodoxy, the consensus, really, youve had for around 50 years now which is in favor of globalization unconstrained in favor of getting closer and closer economically to china. Hes saying thats all gone. We are turning around all of that. So that news you have just been reporting, weve got to get used to this because really, what we are embarking on now is a new phase for the Global Economy where the usa is going to be progressively disengaging economically from china. You are going to see more like this. In the short term, you might see a trade deal in a limited sense before the election but long term, this is a really big change. I dont think the markets have understood that this is not some temporary thing where the president s going to try to do a deal, get the trade better in balance. No, this is a longterm disengagement from china. Its going to have huge effects. Stuart that word is very important. Disengagement. Because you are talking about the worlds two largest economies, america and china. If they disengage, they are no longer mingled as they used to be. There is no longer that give and take on both sides and that is a profound change for the Global Economy. Now, the market always thought, i think always thought there would be some kind of deal. Some kind of rapprochement, getting back together again somehow or other, but that president ial speech may have suggested that thats not going to happen. So what about the idea of a shortterm trade deal because the president s in political trouble with impeachment and the chinese now have leverage over us . What about that argument . Well, look, im going to answer that question politically, stuart. As far as im concerned, in terms of this particular issue, and many others but lets just focus on this one, im 100 with the president on this. In terms of the overall approach to issues like globalization and immigration and so on, and on china. So for me, the most important thing is that we continue with this, in other words, he has a successful Election Campaign and gets reelected next year. Whats the most important thing there . A good strong growing economy, to keep the good trump economy moving forward. A trade deal with china, even a limited one, a shortterm one, will help with that because it will boost business confidence. We might get a bit of an uptick again in investment. That leads to jobs and so on, as we have seen the last couple of years. Im all in favor of a limited shortterm deal, win the election, then come back and really go for it again. Stuart you are such a politician. I know exactly where youre coming from. Hold on for a second. I want to bring in our market guest, keith fitz gerald, frequently joins us on the market, especially on issues related to asia. Keith, welcome back to the show. Heres what weve got. Weve got this tentative report from bloomberg suggesting that the administration might want to consider limiting capital flows, money, from america going to china. And that took the market down about 150, 160 points. Im getting some clicking in my ear but keith, do you hear me, and does it sound like the bloomberg report is valid . You know, i tell you what, its great to be back and thank you for having me. The bloomberg report is probably got some element of truth there. Theres a lot we obviously dont know, but its clearly enough to spook traders today and that is significant. This one is not a good development, if there are seriously going to be limitations. If its just posturing, part of the negotiating process, not a big deal, it will blow over in 24 hours. Stuart our guest, steve hilton, moments ago suggested that what we are seeing really is the longterm disengagement between the two the worlds two largest economies. Would you agree with that . Because disengagement is quite a split. Well, thats a huge term, with very significant ramifications. I think this disengagement is possible, not probable. So i would split hairs on that one because the businesses, the countries need each other, whether we like each other or not is immaterial. Stuart do you think we can ever have a serious market rally for our stock market here in america if we dont get any kind of deal with china . Its going to be very hard to get it started, stuart, but once the discussion and the illumination focuses from fear to hope and optimism which america excels at, the markets will come back as our companies figure out a way around this. Stuart let me get to steve hilton again, please. I want to bring up this idea that the impeachment drive actually gives china leverage. I think it does, because the president really has some political problems here, when you impeached. Thats a political problem. I think that does give china some leverage and that to me is another reason why we might get a limited shortterm deal. I think that backs up your argument. Yeah, i do, because i think two ways thats right. First of all, just in terms of, you know, focus and bandwidth in the white house. They have so much to do and focus on, and actually the idea of just sort of getting something done on china quickly while all this is going on i think is very appealing when you are completely overstretched. The second part is the political one, which is with all this stuart steve, forgive me. I have to break in for a second. Bloomberg is also reporting that the Trump Administration is considering Delisting Chinese Companies from american exchanges. Now, the Chinese Companies are on your screen right now. They are all down bigtime. Alibaba is a big loser, 4. 5 drop. Same with jd. Com. Baidu, china mobile, all of them down. This is a report from bloomberg that the administration might force, suggest at least, that delisting of Chinese Companies. Ashley they are quoting people familiar with internal deliberations. Maybe an element of truth in here. But the capital flow issue would be a much bigger disruption clearly than tariffs. Deirdre just two dates to keep in mind. We were supposed to restart trade talks october 10th and 11th. We have to presume these muscular, aggressive actions are before that. Then also october 1st. We talked about this, the 70th anniversary of the peoples republic of china. This is an event we know that hong kong, they wanted hong kong to be calm ahead of that. They want their markets to be calm, have a win, and here i think the Trump Administration is saying okay, the tariffs havent worked, youre not engaging as we like on trade, okay, we are going to up the ante. Here we go. Stuart let me recap. A few minutes ago, literally 10, 15 minutes ago, the dow was up 120 points. Then it dropped to a minus 45. Why the sudden move . Well, the algorithms have been reading, thats the computers, they have been reading an announcement from bloomberg, a report, which suggested that American Capital flows going to china would be restricted. A further report suggested that the administration would consider Delisting Chinese Companies from american exchanges. Highly negative for the china u. S. Relationship. Weve got to make some money so we are going to take a break, but boy, we will be back after this. Now you can, with shipsticks. Com no more lugging your clubs through the airport or risk having your clubs lost or damaged by the airlines. Sending your own clubs ahead with shipsticks. Com makes it fast easy to get to your golf destination. With just a few clicks or a phone call, well pick up and deliver your clubs ontime, guaranteed, for as low as 39. 99. Shipsticks. Com saves you time and money. Make it simple. Make it ship sticks. Shipsticks. Com saves you time and money. That could allow hackers devices into your home. Ys 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 ladies and gentlemen, if you are just joining us and looking at your screens, you may wonder what on earth is going on. The chart on the screen shows a precipitous drop for the dow industrials in a matter of seconds. Briefly, at the risk of repeating myself, let me recap what just happened. We were up 120, maybe even 130, on some positive news about usmca. Then suddenly, two headlines came at us from bloomberg. Headline number one, america might restrict the capital flows from america to china. By the way, last year, 13 billion just in Venture Capital went from america to china. According to bloomberg, we, our administration, is thinking of restricting that capital flow. Item number two, the administration is supposedly, reportedly thinking of Delisting Chinese Companies from american stock exchanges. That too is a negative for the china u. S. Relationship and down went the market. At one stage we dropped nearly 200 points. Now we have dropped about 116 and the latest state of play is this, we are down eight points. Let me change the subject completely. Nasa ordering up new orion rockets from Lockheed Martin for future moon missions. Nasas administrator is with us. Sorry youre coming on a fastflowing news day but we are intrigued about this moon mission. Take us inside it, will you . Whats these new rockets going to be like and when and where are they going . So the orion crew capsule, thats the vehicle that sits at the top of the rocket, where our astronauts will actually fly to the moon. We are doing things differently this time. Fu go ba if you go back to the 1960s and 1970s, all of our vehicles got thrown away during the course of the mission. I would say the capsules came back but they ended up in museums. We are looking at reusing the crew capsules and reusing elements of the crew capsules, for example, the electronics that are inside, the avionics, the switching panels and the seats. We are taking as much of the crew capsule as possible and we are going to reuse it to drive down costs and increase access to the lunar surface but we have to keep in mind this is not just about the moon. This is about having an ability to get to mars. Ultimately, what we are building is the mission to mars. The moon is the proving ground. Mars is the destination. Stuart okay. You have to have humans doing it. I think thats very important for Public Relations purposes. Jim, forgive me for throwing this at you, but i think you know this. An asteroid traveling at 55,000 miles an hour, as big as one and a half football fields, just missed the earth. I think it was back in july. Yes. Stuart you guys at nasa didnt catch it until 24 hours after this thing had gone by. What went wrong . So thats exactly right. We are really good at characterizing and cataloging and tracking objects that are one kilometer or bigger. Toes are t those are the type of objects that could damage the earth permanently. In fact, its the type of object that made certain dinosaurs arent here today. The difference between us and the dinosaurs is that we have a Space Program and we are tracking these objects and we are investing in capabilities to discover more. The objects youre talking about was much smaller. We are talking about i dont remember exactly what the size was, but we are talking about meters instead of a kilometer or bigger. It could do serious damage. It could, you know, damage a city. You remember back in 2013, we had one of these objects hit russia. It damaged russia, but it hit in a rural area so it didnt nobody died. A lot of broken windows. Stuart jim, just keep a lookout for us, will you . We are. We are making the right investments right now. Stuart thanks always for joining us. We do appreciate it. Quickly, the market has started a modest rebound. We are back up with a 56point gain. Fox business has confirmed what . Okay. Fox business has confirmed that the white house is considering limiting capital flows from america to china. Okay. You got it . More varney after this. At fidelity, we believe your money should always be working harder. Thats why your cash automatically goes into a Money Market Fund when you open a new account. Just another reminder of the value youll find at fidelity. Open an account today. Aetna takes a total approach to your health and wellness with Medicare Advantage plans designed for the whole you body, mind and spirit. That means aetna is helping you get ready to be the best grandmother the world has ever known. We simplify medicare by connecting you to the right coverage, resources and care. So you can be ready for what matters most. Aetna Medicare Solutions. Our because of smoking. Ital. But we still had to have a cigarette. Had to. But then, we were like. What are we doing . The nicodermcq patch helps prevent your urge to smoke all day. Nicodermcq. You know why, we know how. Stuart ladies and gentlemen, weve just witnessed an algorithm event. That is the Computers Read two headlines from bloomberg suggesting a restriction on capitol flows from america to china and a delisting maybe of Chinese Companies on american exchanges. The Computers Read the headlines. Took the market way, way down. Now god bless it, were up 40 points. Neil it is yours. Neil it is confusing. Thank you very much, stuart. Were following up on that they want to make it easier for chinese investors to do the same, we respond indicating in the future were looking to limit investments in China Enterprises or limits on Foreign Investments in their financial markets. Now what whether caused by an algorithm see those words or people in general see those words, it comes ahead with the powwow with leaders from china, led by the vice premier, meeting with the u. S. Delegational