Transcripts For FBC Varney Company 20240714

Heres another headline from asia. North korea says u. S. Authorities will hold talks on their Nuclear Program on saturday. We dont know who represents america. The state department confirms, however, that the talks will take place. Politics. Real trouble for joe biden. Hes becoming a casualty of Speaker Pelosis impeachment drive. Fox has obtained this picture showing the former Vice President with his son hunter and on the far left, devin archer, who was also a director of the Ukrainian Gas Company. Biden has said he never discussed his Sons International business with him, but they went on this golf outing in the hamptons in 2014 when mr. Biden was president obamas point man on ukraine. As for the market, well, it looks like a rally on wall street to start the new month. Yes, its october 1st. Varney company is about to begin. Stuart take a look at this. Im going to say it again. Despite it all, weve got the market opening higher this morning. The Fourth Quarter begins as of today. September, we saw a modest gain for stock prices. Worth remembering that september is historically the worst month for stocks but actually, we went up. Ill have more on the market in a moment. Look at boeing, please. Its a big part of the dows gain this morning. Its won a 2. 6 billion air force contract. The stock is up 1. 83. Its having some impact on the dow but apparently not that much. Boeing at 382 this morning. While china marks the 70th anniversary of the communist takeover, violence erupts on the streets of hong kong. Again, it is the 17th week of unrest. Joining us, the wall street journal james freeman. Can we get a trade deal with blood on the streets in hong kong . I think we can. I think it adds certainly pressure to the chinese regime and the big question, this is part of that pressure, is how much pain can that regime tolerate before it decides to do a deal and what do they think theyre going to get if trump isnt reelected. Stuart before we go further, i want to warn our viewers we are about to show you a screen shot of the moment before the protester was shot. Put it up on the screen. We have warned everybody. Its a little violent. There it is. Thats a shot pointblank range and that happened today in hong kong. Blood on the streets. Its hard to get a trade deal through, its hard to go forward with trade talks with china when that is on the screens. Yeah, its really an appropriate image to mark the 70th anniversary of this regime. Millions and millions of People Killed over the years. Fortunately, it is less repressive than it was in the era of mao, but this ongoing series of clashes in hong kong is the continuing struggle for people to get out from under that regime or specifically the hong kong case, to get the regime to honor the promises it made in 1997 that hong kong would be different from the rest of china and keep its democratic tradition. Stuart we will follow the action, so to speak, throughout the program today and we will also follow its impact on the markets. Does it have impact or otherwise. As of now, i dont think theres any impact because the market is going up 60, 70 points for the dow, 25 for the nasdaq, nice gain. Jack hough from barrons is with us now. Jack, the market is going up despite the violence in hong kong. The action just not a factor for the market today . We had this wheelbarrow full of ugly political news, then saw this awful image on the screen, why would the stock market be moving higher. Investors must do something with their money. We live in the best performing economy in the developed world and stocks are the most attractive asset class relative to whatever else is out there, namely bonds. We are reaching a point in the year where investors will begin looking forward to next year. We will have difficult comparisons next year, early estimate for 10 growth in earnings. I dont think you will get it but you might get 5 . Thats good enough to keep the market moving higher. Stuart jack, stay there, please. Ive got to do this. Yet another data breach to tell you about. This one is a big one. Its on the screen. Words with friends . Yeah, a very popular mobile game that millions and millions of people play. This hacker believed to be based in pakistan, somewhat infamous around the world, got into this particular game, 218 million users. Stuart what . 218 Million People, they breached their information . Ashley correct. But the company that owns words with friends, they say they do not believe any Financial Information was involved. Do not believe, its not like there wasnt. But the hacker got names, email addresses, logins, passwords, phone numbers, facebook ids, so on and so forth. This hacker is based in pakistan, they believe again, says he will very soon have a billion users data that he will put up for sale. A billion people. Including not just games, under armour, my heritage, all of these things hes managed to hack into. Again, its like the hack du jour we have. Its impossible to stop these people. Stuart ashley, thank you. Now, a fox news exclusive. A photograph obtained by Tucker Carlson tonight shows joe biden and his son hunter golfing with devin archer. Hes on the far left of the shot. He served on the board of the Ukrainian Natural Gas Company with hunter biden. James freeman, back to you. I think the democrats will rue the day they went forward with impeachment because joe biden could be the First Casualty. Yeah. Hunter bidens business relationships are going to have to be explained and its hard to see what the explanation could be, because they appear to be the selling of influence. You look at the ukrainian deal, theres no background there on natural gas, he has no background on ukraine, he presented himself as a Corporate Governance expert. Of course, he was best known as a washington lobbyist. So this is the problem. And now weve got the original biden story is i never talked to my family members about their business dealings. Okay. I dont think thats a good answer, regardless, but it increasingly is difficult to sustain. You have this picture, you have hunter biden telling the new yorker that his father said i hope you know what youre doing. Well, i think they both knew what they were doing and it smells pretty bad. Stuart joe biden is already fading in the polls. Hes now behind Elizabeth Warren, i think in iowa and new hampshire. Key states. Ive not seen a poll since this ukraine scandal broke. I can only conclude that it doesnt look good for him. Well, i think even if you believe his story which is now contradicted by the new Yorker Interview with his son and this photo, its a horrible answer. Theres no company in america where you could say our conflict of interest policy is dont tell us what happened which is essentially what he has presented as his case for what is really, cannot be defended. These deals where it seems like hunter biden is selling his name. Stuart it surfaced again. James, thank you very much indeed. Let me move on to wework. Why not. First, wework has shelved its ipo at least for now. Who knows when its going to happen. But it desperately needs to save cash. Whats it doing to save cash, susan . Susan right now, they are at a cash burn of 700 million per quarter. They are not saving cash. They need to raise cash and thats why they needed this ipo desperately. Right now, they have 2. 5 billion in cash on hand at the end of june. There was supposed to be a 3 billion offering. They were going to get maybe 1 billion of that from softbank. Softbank of course, one of the largest investors in wework so they have now committed 1. 5 billion, 1 billion more on top of that. This is a company thats in dire straits, as you know. Stuart are they cutting staff . Susan yes, thousands of staff. Stuart are they reneging on some of their leases over the long term . Susan they are kind of locked into those leases. The largest manhattan leaser, seven million square feet, these are 15year leases. So in order to i guess save cash right now, they are going to cut thousands of jobs. One of the really dominant themes in the stock market behind the scenes past couple of months, investors have totally lost patience with your story about your path to profitability and how the date keeps slipping when youre going to start to turn positive free cash flow. Theres no patience out there for that. Susan they are selling that 60 million jet adam neumann owned. Stuart thanks very much. Futures show a pretty good gain at the opening bell. Dow, 75 points higher, 28 up for the nasdaq. Amazon, facebook, google. Now facing yet another house investigation. This time its over their impact on Small Businesses. California will let College Athletes hire agents and make money from endorsement deals. Some call this a disaster for the ncaa and for College Sports generally. What does barstool Founder David portnoy think of it . Hes on the show. The los angeles homeless crisis so bad, some city leaders want a state of emergency declared. It would allow money to be diverted from natural gas sorry, natural disasters, i should say. Secretary ben carson next on that. Varney company, october 1st, rolling along. Hi, my name is sam davis and im going to tell you about exciting plans available to anyone with medicare. Many plans provide broad coverage and still may save you money on monthly premiums and Prescription Drugs. 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We are going to relate the action there to whatever might be happening on our stock market throughout the show. Okay. Officials in los angeles want a state of emergency declared for the homeless crisis. Joining us now, housing secretary ben carson. Mr. Secretary, they would in los angeles take money from Disaster Relief to use for the homeless crisis. Would you let them do that . Do you approve of that . Well, i certainly approve of recognizing this as an emergency and as a crisis and im encouraged by the fact that they at least recognize that now. That means that we will be able to work with them a little better, i think, in terms of ameliorating it. Where the money comes from, thats a whole other discussion. Stuart what would you do, sir, about the homeless crisis there in california . Well, you know, i have been there, i have looked those people in the face or on the street, its a total disaster and we are creating an environment where an epidemic of disease may ensue. So i would first of all try to work with the state and local authorities but if they are lacking, then i think we have to move people out of that environment to a safer environment, to a cleaner environment. Stuart then youve got a legal challenge. Yeah, both acutely and in the long run. Well stuart the aclu will come right after you and say you cant do that. Well, they can come after us and they may well do that, but the fact of the matter is these are human beings. These are our fellow citizens. We cant just leave them living in skwqualor. They already die several years sooner than everybody else. This is just inhumane. Stuart you are coming to us today from mississippi. Can you give me an update on the enterprise zones you are visiting there, please . Well, its actually the opportunity zone. Stuart yes, im sorry. Thats all right. We are having a regional summit. Many speakers who already experience great things and sharing of ideas that are going on and just a little teaser, today at about 2 00 on my government twitter page, we will be making a major announcement about some new initiatives going on in opportunity zones. Stuart can you give us a hint, mr. Secretary . Give us a hint. We cant wait until 2 00. See, im being like you guys on tv now. But we did just recently announce some major incentives for health care for major hospitals, for clinics coming into opportunity zones and getting some major advantages. And that serves two purposes. It provides health care for the 35 Million People who live in the opportunity zones, and it provides a source of goodpaying jobs. So killing two birds with one stone. Thats what its really all about. I recently visited some opportunity zones where some young men were just so proud of the fact that through our Section Three program, they had gained skills about putting in windows and doors. One of them was starting a new company. This is what were trying to do, you know. You start with an idea and it just blossoms. Stuart maybe you can get the president to go right into the middle of it and make his point. Okay. I know i asked you this before. Before we close, sir, as you may know, we celebrate success on this program and you, sir, are a success. I have known you for 25 years. I know that you came from Humble Beginnings to become probably one of the greatest neurosurgeons in the world. Im not exaggerating. Im not flattering you. I just hope you can give us in 30 seconds your Success Story. Go, sir. My Success Story stems from the fact that i had a mother who absolutely refused to be a victim, took all kinds of criticisms but she raised a son who is a brain surgeon and another who is a rocket scientist. Obviously she was doing something right. Stuart as i remember, forgive me for jumping in, your mother, i dont think she could read, but she insisted that you bring home a book report every night and she would hold it and look like she could read it, but she couldnt, and convinced you that she could read. Is that true . Well, she would make us do two book reports a week from books we read at the detroit public library. She knew that that would open up our horizons and that we wouldnt just be confined to detroit and we would start thinking about the whole world as our oyster and it worked. Stuart its a wonderful thing. Ben carson, what a privilege to have you on the show. We appreciate it. Thank you very much. Back to the market. Back to your money. We are going up a lot, actually. 84 points up now for the dow, and 30 for the nasdaq. Next one. Here we go. Remember all those studies telling us to cut back on red meat because its a health risk . Researchers have now reversed that advice because its not supported by the evidence. 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With monthly plan premiums starting at 0. Aetna Medicare Advantage plans call today to learn more and well send you a 10 visa reward card with no obligation to enroll. Or visit us online at aetnamedicare. Com tv stuart maybe its time the food police stop telling us what to eat. Advice on diet is so often reversed. Case in point, red meat. For years, the authorities have told us to eat less of it because it may be a health risk. However, 14 researchers in seven countries have studied the issue and their conclusion is quote, the evidence is too weak to justify telling individuals to eat less beef and pork. Quite a revelation, huh . So its now okay to eat a burger just like its now okay to have salt . It wasnt a few years ago. Its now okay to eat eggs. It wasnt a few years ago. Whats with this reversal . Susan fat as well. That was not good in the 1980s. Then they found out carbs are worse for you on a weight loss basis. I went home yesterday and had some bacon. I really enjoyed that. But we do have the American Health association, they are trying to say dont publish this type of material because it gets people on to red meat which they still think is unhealthy for you. Ashley they also said it will harm the credibility of Nutrition Science and erode public trust in scientific research. They also called this study fatally flawed. The American Heart Association and all these folks, not happy at all. But to susans point, bacon not so good for you. A few years from now they will say eat lots of bacon, its good for you. Stuart thats entirely it. Its not whether its healthy or not. Its this reversal of advice. What are you supposed to eat . Ashley right. Right. Susan just listen to your body. Stuart really. Okay. Lets move on and get back to your money. Going up at the opening bell. Remind us, please, this is october 1st, its the start of the Fourth Quarter of the year. The Third Quarter, september, not so bad. We are starting out on the upside, october 1st. Back in a moment. As a struggling actor, i need all the breaks that i can get. At liberty butchemel. Cut. Liberty mu. Line . Cut. Liberty mutual customizes your Car Insurance so you only pay for what you need. Cut. Liberty m. Am i allowed to riff . What if i come out of the water . Liberty biberty. Cut. Well dub it. Liberty mutual customizes your Car Insurance so you only pay for what you need. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Stuart the wall street journal says the big drug makers have a novel approach to settling opioid lawsuits. What are they doing . Ashley they may kind of join the purdue pharmaceutical companys bankruptcy process. What they would do is if you remember, purdue went into bankruptcy, has created a trust, the Sackler Family kick inniing about 3 billion in cash. One of the ideas being kicked around is there are five other Major Companies facing 2500 lawsuits. They may all kick in a ton of money into that trust in exchange for no more liability. No dollar amounts being discussed. But that is one option being explored. Stuart that is one way out. Got it. Thank you, ash. As you can see on the screens, ladies and gentlemen, the bell is ringing. They are all applauding and trading begins in literally three seconds. It is tuesday, october 1st. We are off and running. Here we go, sports fans. Right from the getgo were on the upside, not a huge gain. 47 points up as we speak. Bottom righthand corner of the screen, that little gizmo will be up throughout the show. On the lefthand side, plenty of green for the dow 30. Way more than half are up this morning. The s p 500, that is up, a bit better than the dow, almo almost. 33 . As for the nasdaq, wheres that in the very early going . Ill tell you, it is up better than. 33 . All across the board, we have opened higher. Mike murphy is with us and of course, susan li, Ashley Webster on board, too. September historically the worst month for stocks, but this september, it finished with a modest gain. Now we begin october. Murph, where we going in october . I think we will have more volatility in the Fourth Quarter but i think with the fed being as accommodative as they have told us they will be, i think that bodes well for the market. The market tells me there are buyers out there. Any pullback is still being bought so barring any unforeseen geopolitical events, the market will be higher in q4. Stuart hold on. This is another day where we say despite it all, despite hong kong, despite impeachment, despite whatever it is, the dow is up, look at it go, 31 on the upside in the early going. Sorry. Susan thats three quarters in 20 years, you are up double digits so far for the stock market. Pretty good positioning heading into the final three months of this year. You are still going to get a rate cut, at least thats whats anticipated by more than half of the market. Stuart what have you got . Ashley we always ask ourselves this question. Where else you going to put your money . Because the Global Economy continues to slow down. I feel like this is the place to be to put your money. We see that with the capital inflow. Washington is a big part of that. They are trying to make it probusiness. They are trying to make it proinvestor. So as much as we can get something done there, its good for people to be putting their money in the market even at this level. Not trying to pull back. Stuart despite it all. Three big tech names which we check all the time. Amazon, facebook, google. Those three Companies Face yet another probe from congress. Whats the issue this time . Susan all right. So its the House Committee for Small Business. What they are contending stuart Small Business. Susan Small Business. They are contending these large competitors, its not a level playing field. Do they get stamped out by the amazons of the world or google or facebook, and are they silenced on these platforms in the case of amazon, do they prefer bigger players to smaller ones. Stuart i think this takes years and years and years to work out before you get any action. Youve got an army of lawyers that will try to keep them out of trouble, keep their money in their own pockets. Susan big tech is a popular target right now. The house antitrust subcommittee, these federal trade commission and Judiciary Committee, this goes on and on. Remember, before there was amazon there was walmart. People wanted to break up walmart because it was bad for business. Now its amazon. Eventually there will be someone out there to disrupt them. Ashley so true. Stuart but not you. Check the big board. Look at this. Three minutes in, october 1st, we are already back to 27,000 on the dow industrials. Next case. The Southwest Airlines pilots union says the 737 max jet could be back in the air by february or march. Now, that is much later than southwest or boeing projected. Southwest is up, boeing is up nearly two bucks. Order a big mac on door dash this week, entr a code, you could get your big mac for a penny. Mcdonalds giving a million of them away for one penny. Ashley they are good for you, apparently. Stuart red meat. Mcdonalds down sharply, down about 6 . Susan jpmorgan actually cut their price target on mcdonalds. Thats interesting given that the stock hit a record high recently. Stuart it has been going really straight up but not today. Bitcoin is at 8,300 a coin. The price of gold is 1470 per ounce. Boy. Thats down sharply. Oil is at 54 a barrel. Thats been going down, too. As for the tenyear treasury yield, its up today, up to 1. 75 . Lots going on with that. Lets concentrate on netflix for a minute. Its making headlines. At least a teaser trailer for the Fourth Season of Stranger Things. Its released it months ahead of schedule. Netflix, this is all a reaction to the competition from apple and disney, isnt it . It has to be. If you step back a little, we have talked about netflix for so long losing money and spending so much money, yet the stock kept climbing. Climbed all the way to almost 400 a share earlier this year. Now netflix is fighting apple, they are fighting amazon, they are fighting hulu, they are fighting disney. These are fighting on four different fronts where i think the company will have to do something as far as their price goes, because the competition is coming in cheaper. The problem for the company, been a problem for netflix. Stuart there is surely room for three, maybe four streaming companies, all of which could make a profit. Im thinking netflix, apple, disney, amazon prime. Absolutely, theres room for them but is there room for them to be trading at 80 times earnings. Susan right. And is there room for a company like netflix which does 15 billion in content each year, they are outspending, i think apple is only spending 3 billion or so. If you are going to spend that much, you better get the eyeballs to justify the levels. Stuart absolutely. Look, we are up 75 points on the dow industrials. Lets look at apple for a moment. Not too far from an alltime high. As you know, it got a boost yesterday from jpmorgan but also, they are talking about very healthy iphone sales. Are they is this all whats that all about . Are they going to lower the price for the iphone 11 . Susan no, no, no. Theyre not going to. So the base model is 50 cheaper than it was last year, and because there has been so much pentup demand because last years refresh cycle was not that enticing. You didnt get that much with the new iphone last year. This year around with the smartphone and the camera system they say is fantastic, a lot of people with 200 million of these iphone 6 and older, i dont know what model you have i have a x. Susan there you go. So you have the facebooks, amazons, googles, fighting the government. You have apple sitting back, it used to be the fangs but now money feels safer going into apple because they are not fighting the government the same way the other members of the fangs are. Thats why more money coming in, still trading at a conservative multiple so i think apple wants to take out its old high. Stuart look at the big techs. Apple at 226. Google at 1230. Thats been doing pretty well, despite all the antitrust attacks, all the bad p. R. Susan doesnt have teeth. Stuart its not at 2,000 a share where it was. Facebook slipping below 180. Microsoft has reached 140 per share. Sure has. Stuart big smile. All right. One of the top executives at Credit Suisse has resigned over a spying scandal. Susan its very complicated. When the head of the Wealth Management business resigned and left for the bigger competitor ubs, they apparently, according to Credit Suisse and this case, they hired investigators to see if he was stealing talent along with him. Thats illegal. It took a really dark turn when one of the security investigators they hired committed suicide in the past week. The c. O. O. Has now fallen on his sword, hes taking the blame for this. The ceo is still in place. He didnt know about it, apparently. But its interesting that now its taking i guess a spying scandal stuart that does not apply to spying for the russians or for china. No. Its spying on another susan its very unusual, by the way, especially in these banking cases. Why would you spy on a wealth manager that is moving to your competitor and trying to figure out if they stole any data or any personnel with him . Stuart to seek advantage, i guess. Absolutely. Susan what about ethics . That doesnt seem very ethical. I dont think so. Stuart if you think hes taking stuff with him, taking clients with him, dont you check him out . Susan there are noncompetes for that. You would have to trust the individual. Stuart supposing you thought he was doing it anyway despite the noncompete . Cant you have a look at him . Susan i dont know. At the top of the heap, most of these people know each other, they have worked in the same circles for years. Trying to get an advantage over someone isnt out of line. I think technology where it is today, i think this may go on more than people actually know about. Stuart as of now, the dow industrials have a triple digit gain. We are up 103, to be precise. Bottom right hand of the corner. We are up 106 as we speak. Well above 27,000. Im going to say it again. Despite impeachment, despite whats going on in hong kong, despite it all, we are pretty close, where are we, about 350 points away. Ashley nothing to see. Move along. Stuart alltime record high. Have we got oh, we have to go. Goodbye. Okay. Theres a cue for you. Thank you, mike murphy. Good luck in the marathon which is coming up and you are participating in new york city. I dont think i will win. Stuart my meys on you, son. Good stuff. Thank you, everyone. As we leave you, the dow is up 107 points this october 1st. Back in a moment. Look, this isnt my first rodeo. And let me tell you something, i wouldnt be here if i thought reverse mortgages took advantage of any american senior, or worse, that it was some way to take your home. Its just a loan designed for older homeowners, and, its helped over a million americans. A reverse Mortgage Loan isnt some kind of trick to take your home. Its a loan, like any other. Big difference is how you pay it back. Find out how reverse mortgages really work with aags free, noobligation reverse mortgage guide. Eliminate monthly mortgage payments, pay bills, medical costs, and more. 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So you can. Retire better. Stuart high of the day, were up 105 points now, well above 27,000 for the dow industrials. Now then. The trade war with china poised to hit football fans in the wallets. Really . Ashley when you read this, you go we do get a lot of stuff from china, lets be honest. We are talking about team jersey, jackets, that kind of stuff, go up 30 after the october 15th, as the new round of tariffs goes into effect. Then you have things like tvs still going up, tailgating, grills, coolers, foldable chairs, all of these things, you could technically associate with going to the game, tailgating outside. You wear the jersey. All of this. Anywhere from 15 to 30 maybe. If they go into effect. Stuart those products have not gone up 15 to 30 already. Ashley some have already gone up. This is another tariff on the ones already in place is what were saying. October 15th is the next round. If they go into effect. Stuart okay. I know you dont like to tailgate. Stuart i just dont think it really makes that much if you dont like the price, dont buy it. Susan 5 doesnt matter that much to you. Stuart it is not an elitist thing. This is it dont really matter that much thing. No . Ashley were just staring back at you. Stuart i get no response from the crew here today. Used to be called the company. Now its the crew. Lets bring in market watcher bob doll. Hes with nuveen. Bob, you say a trade deal is not going to get done. Am i right that you are saying that . Well, a big trade deal, the one we expected. Might we get a Little Something so we can check the box, i think thats possible. Look, stuart, this is the most important trade relationship in the world. We need each other but neither side getting hurt enough to come to the other side on hands and knees and say can we please talk. So we have these dances. Lets hope we can come to an agreement, agree to disagree on some things, agree to agree on other things and move on. Stuart okay, but no bigtime major deal settling intellectual property, the theft of technology, thats not going to happen, you think. Okay. I dont think so. Stuart could be a negative for the market. The two sides are still pretty far apart. Stuart i keep saying it. Despite it all, that would be despite impeachment, despite whats going in hong kong right now, it looks like the market just wants to go up and it is up on this october 1st. Can i say that, bob . The market just wants to go up at this point . I agree, stuart. Its been resilient no matter what we throw at it. It just seems to hang in there. Its not going up a lot. 100 points is great today but we have kind of been stuck now for a few months around this level. Lets hope Third Quarter earnings are Strong Enough that we have a shot at pushing through that and getting rid of this long trading range. Stuart whats your forecast for Third Quarter earnings . How much are they going to be up compared to last year . Up a scoche. The consensus is minus 2 . Then you put the normal beat factor on top of that and i think we will get mildly positive. As important will be the outlook for the balance of the year and even more important, whats going to happen in 2010 2020. Will the 10 increase, the consensus expects, have a chance . Im hopeful but fearful. Stuart at this point, i dont feel like selling any of the stocks that i own. I get the same impression from many of our viewers. Is that where you are right now . Generally speaking. We can still find stocks that we like that have good cash flow, decent earnings, selling at reasonable valuation. There are parts of the market that are expensive but other parts where fundamentals are good. Were still playing the game. Stuart we are up 118 on the dow. Bob doll, as always, thanks very much for joining us. Happy Fourth Quarter. Stuart yes, sir. Appreciate you being here. Thank you. Weve got news on Charles Schwab. Look at the stock. They are going to drop commissions on u. S. Stocks, etf and options trades. Susan zero. Zero. Stuart trade for free . Susan thats right. Trade for free basically. They used to charge 4. 95 to zero commission actually for u. S. Stock trade, etfs and options, but starting on october 7th, they are going to go to zero. We knew this was happening given that you had silicon startup robin hood offering free trading since 2013, jpmorgan, their online brokerage is also offering free trades as well. A lot of people have been saying with etfs you dont really do that much trading in and out. You are just mimicking the index. Why should i pay you a Commission Fee . So if you look at Charles Schwab, we are down 9 or so. Td ameritrade is down 20 . Dont forget, schwab is also fighting for market share because last time they dropped fees in 2017 they actually doubled the assets under management. Now they are overseeing about 3. 72 trillion in client funds. This is in the etf, in the managed world, this is where its going to, 0 commission. Ashley on u. S. Listed products. Susan they will also apply for canadian exchanges as well. Stuart free trading. Here it is. Susan here it is. Because they want to give access to people, everyone should have access to the stock market. If you dont have to Pay Commission fees its easier to do. Stuart i have been covering the american stock market since the early 1970s. In those days, commissions were fixed and they were huge. Ashley really. Susan how much . Stuart i cant remember but it was double digits. Susan wow stuart it was. You would pay through the nose to buy a stock or bond. I may be wrong about the double digits but you would pay. You would pay bigtime. Then along came Charles Schwab in san francisco, opened it up, you know, you paid a fee but a very very small fee. Susan vanguard. Fidelity. Anything over 20 basis points is expensive. Stuart take a look at this, please, a tweet from Elizabeth Warren. Im going to quote it now. What would really suck is if we dont fix a corrupt system that lets giant Companies Like facebook engage in illegal anticompetitive practices, stomp on Consumer Privacy rights and repeatedly fumble their responsibility to protect our democracy. Elizabeth warren tweet. I also want to alert our audience we have brand new leaked audio of facebook chief Mark Zuckerberg showing just how worried Big Tech Companies are about an Elizabeth Warren presidency. We have the tape and youll hear it very soon. Look at that. Market is up 123 points. That is where we are right now. October 1st. We are going up. A dire warning, though, about brick and mortar retail. Moodys says quote, there will be blood on the streets if we have a recession. Gerald storch is back. Is another big round of Major Store Closures on the horizon . Weve got it for you. Stuart ah, yes, the retail ice age. Listen to this. Moodys warns that there could be quote, blood on the streets for bricks and mortar retailers if we have a recession. Come on in, Gerald Storch, the man who is at the expert on retailing. Do you think that a major chain, bricks and mortar major chain, another one, beyond forever 21, do you think another chains going to go out of business soon . Look, first of all, i dont know why were talking about a recession in terms of the consumer. The consumer has been very strong and remains strong, above 4 year over year so its kind of a red herring question. Its almost like somebody wants there to be a recession. But lets talk about it. You know, it doesnt change the fact that sales are shifting from bricks and mortar to ecommerce. And this is a longterm trend. Nothing to do with recession. Its just whats happening. The u. S. Probably has two to three times, even four times as much retail Square Footage in terms of bricks and mortar as we need. So a lot of that is going to go away. Meanwhile, there will be many winners in bricks and mortar, walmart, target, costco, dollar general, tj maxx, the list goes on. People offer value every day and are good on the internettles. You have to be careful what youre talking about. Some bricks and mortar will go away, some wont. Certainly some other businesses are going to go under all together and give that share to the winners. There are many people in the retail world in general who have not changed their Business Models to adapt to todays reality of the new retail era. Its not because the consumer is weak. The consumer is strong. Its because they are trying to take yesterdays strategy and use them in todays world. Stuart it just seems, gerald, like we are shaping up this holiday period is shaping up to be the huge winner for online selling. Its going to be huge. Isnt it . Well, i think it will be up at least 20 but thats been the pattern forever. Thats not even news. Its just that it keeps compounding, that high double digit growth rate year after year after year and now its off an even bigger base so that growth is more astronomical. Most of the growth in retailing is taking place on the internet. It doesnt mean again that all bricks and mortar players cant survive. It just doesnt mean that. Department stores, theyre bad. Stuart we hear that mall owners want to put money into forever 21 to keep them in the mall and keep their mall in business. Does that sound like a good idea for arresting the demise of the mall . They have done that before. They did it with aeropostale. Once the vacancy rates fall too low, other anchors can try to pull out or renegotiate the rent and before long you have an economic wasteland in some of these malls. I would say these Developers Need to be careful because before long, they are going to own the problem literally. They are going to own all the stores on top of the real estate so their problem will simply be multiplied. They will have losses on top of losses if theyre not careful. Forever 21 is a great brand, a Great American story. You know these two people came over from korea in the early 1980s and worked in gas stations and as janitors and started that company . They built a Brilliant Company but they are still following the strategy from the 1980s and its not the 1980s anymore. Stuart the dynamic Gerald Storch always with us, frequently, great guest. We appreciate you being here today. Come again soon. Thank you, sir. My pleasure. Stuart will the democrats impeachment push come back to bite them . I will tell you why those on the left may regret their investigation into that ukraine call by the president. We will deal with that in an editorial, next. Your daily dashboard from fidelity. A visual snapshot of your investments. Key portfolio events. All in one place. 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Call unitedhealthcare today or go online to enroll, and take advantage of our choice of plans, like aarp Medicare Advantage. [sfx mnemonic] brian just turn the 10 00 here on the east coast. Brian getting economic breakin. Ashley manufacturing number, 47 point 8. We were contracting in august also, first contraction in three years. This is not a good sign for the economy when you see that kind of number. 47. 8. Estimate for 50. 1. Were expecting minor expansion. Stuart up side could be Federal Reserve looks at this, maybe we need to lower rates a little bit more. Next case, new numbers on construction spending. The news please . Susan less than expected. Up. 1 in august a. Economists looking to something closer than. 4 . July was unchanged. 3 below what it was a year ago. Stuart could be that the dow sold off a little bit. We were up about 110 at 10 00 this morning. We got the news on what looked like a contraction in manufacturing. The dow dropped. We made the point that maybe the fed will lower Interest Rates on that bad news. Ashley bad news is good news. Stuart so the dow went up to plus 60. Were down two i should say. A plus 53. There you have it. Now this. The fallout from the ukraine call has snagged joe biden. Moderate democrats have ever reason to rue the day that Speaker Pelosi launched the impeachment drive because moderate joe bidens president ial campaign is in serious trouble. Look at this picture, on the right, hunter biden, his father at that time was the Vice President. Far left, devon archer, director of the Ukrainian Gas Company burisma. The photo was taken august 2014 four months after hunter and archer joined burisma. Problem number one, biden told fox news that he had never discussed his business with him. Hard to believe when you see a golf outing in the hamptons. He has been tripped up by his own words. Problem number two, in 2014 Vice President biden was the point man for president obamas handling of ukraine. Why didnt somebody warn joe of the obvious conflict of interest . Why didnt joe warn his son . All of this would have been forgotten had it not been for the famous phone call when President Trump asked what was going on with the bidens in ukraine but now scandal is back front and center. Two polls taken before this all broke showed joe fading in key states, iowa and new hampshire. Elizabeth warren is beating him there. So as of this moment, when the impact of the ukraine scandal has yet to appear in the polls the democrats are likely to go into the 2020 election with a socialist leading the party. On this program we celebrate and support economic growth, prosperity and full employment. Most of all we celebrate individual freedom. Socialism is a freedom killer. Socialism means stagnation. I repeat, democrats will rue the day when their hatred of President Trump pushed them to impeach. Biden and the moderates are the first casualties. Lets get straight at it. You heard the editorial there. Bring in bill mcgurn, wall street Journal Editorial Board guy. Where am i going wrong if anywhere . Not going wrong anywhere. The democrats are learning they cant get to trump without running over joe biden. Some of them probably like this. They think its a twofer. They get rid of trump, they get rid of biden. They have mrs. Warren. Stuart that is Conspiracy Theory . Not a conspiracy that they didnt orchestrate it this way. Were assuming the outcome is not one that democrats like. There is a part of the Democratic Party that would like this outcome. Stuart is it a large and growing part of the Democratic Party that want a socialist out there . You put rightly joe biden in quotes. The moderate, he seems to be throwing it over board every day. He is better described as a liberal lib opportunist throughout his career. I think that joe biden would not be strong in a debate against donald trump especially on this issue. I dont think he has been strong in the debates against the other candidates. The next debate is going to be really interesting because it is going to be about impeachment. Hard to see, you talk about what you were saying, hard to see how a moderator doesnt bring up hunter biden or one of the other democratic candidates. Stuart it has to come up. Whether he did anything wrong or not it was a conflict of interest. My guess there is some white house memo or email about that. It was a conflict of interest. They tell you how to behave. Also hunter didnt have to do anything. He may have not done anything wrong. Like the scene in the godfather, remember the guy from the mob is about to testify before congress and then al pacino brings in the guys brother from sicily. Doesnt speak english. Doesnt quite know. The message was received. That is what theyre saying. Put him on the board. They probably told him you dont have to do anything. You dont have to ask your dad, youre there, sit there. Stuart okay. By the way everyone, the dow turned negative. We were up about 110 points. Then we got news of weakness in manufacturing. Now the dow is down 50 odd points. You have seen a swing here of about 150 points in just a couple minutes because of that manufacturing report. Another one for bill, is House Speaker nancy pelosi setting a dangerous precedent with this impeachment push . Absolutely. Because what she did is bypass the normal procedures to have the house vote for an impeachment inquiry as they did for president nixon. It was a 4104 vote. A lot of bipartisan support. With clinton, it was closer but there were still democrats who voted for it. By bypassing it she might do what she wants because the house can make its own rules but there is, it certainly becomes more partisan. Committees get a lot more power when theyre in impeachment mode because it is considered a judicial proceeding. In other words theyre entitled to more documents that in a normal oversight hearing they couldnt get from a president , right . If it just to say, now well put on my impeachment hat, were in official impeachment mode, were in oversight, is that all it takes . Then the possibility, in other words, for some future speaker, just to set up Judiciary Committee from day one saying youre in impeachment mode you can get all this stuff. We have permanent impeachment. Stuart permanent impeachment. Which is a, casual way to, it is just a complete lack of accountability. You know the house is supposed to be the peoples house to be governed by democracy. This has been launched by personal fiat of mrs. Pelosi a formal impeachment inquiry, not by the fall backing of the American Peoples elected representatives. Stuart bill mcgurn, thank you, sir. Youre welcome. Stuart we have another guest for you. He was just appointed chair of the freedom carb discuss. The gentleman on the gentleman on your screen, andy biggs. Congratulations on your appointment or win there. What will the Freedom Caucus did about impeachment. One of the things that the Freedom Caucus, gave birth to the Freedom Caucus there are forgotten men and women in this country who are not being represented by the elite in washington, d. C. That was the i impetus about ths five years ago and i think the impeachment effort to overturn the will of the voter, the American Voter fits right in that wonderful niche that i just mentioned. This pelosi fiat of impeachment, this is not a formal impeachment. Theyre trying to basically abuse the rules of the house by ignoring the rules of the house. You know, this really give us a chance to come out say some things. Stuart my premise of my editorial at the top of the hour that the First Casualty of this impeachment push is joe biden because it resurrects the ukraine scandal if i can call it that. Are you with me on this . Youre exactly right. I dont know if he is the First Casualty but he is certainly is a casualty. Im not sure, you know, maybe unintended by some but others are probably cheering that actually as weve seen the democrats, my friends on the other side, they have really lurched left, towards socialism. So, youre right. Stuart hold on a second, andy. This is my personal point of view here. I just cant see america electing a socialist president. Now maybe im outspoken on this, but, are you with me here . Well, america is still a centerright country. It is not a leftist country. It is not a socialist country. Its a centerright country. When you talk to people, you talk about Less Government intervention, fewer taxes, more freedom, you know, deregulation, those types of things, the American People want that. When youre out there talking about socialism, youre going to get the 25 to 35 who really think that socialism is the way. They think america is not great and we cant trust corporations. We cant trust Business People to make good decisions. We cant trust individuals to take accountability for themselves. That is where we are. I agree with you, that america is not going to basically elect a socialist. I cant see it. Stuart andy biggs, new chair of the Freedom Caucus. Thanks for being with us, andy. Thank you, stuart. Stuart i will move quickly to this. Audience alert if i can say that, live shots coming to us from hong kong. Things are heating up. Susan li has been in more direct contact with what is going on there. Tell me more, please. Susan the worst night of violence and chaos in 18 weeks of protests. Stuart the worst . Susan worst evening confrontations between police and protesters. That includes a tragic turn of events with one of the protesters being shot basically at pointblank range in the chest. He is undergoing surgery in Critical Condition this is nasty turn. You knee this was coming on october the 1st the 70th anniversary of founding of modern china, communist party coming to power. Giving hong kong basically freedom of rights and their freedoms are being quickly dissipated under chinese rule. This was obviously going to be a night of intense confrontations. Youre seeing that as well. This is the rural district probably near monkok. Stuart yes. I wonder with the dow industrials down 75 points now i wonder if the action in hong kong, forgive me for using that word, the disturbance in hong kong i wonder if that is hurting our market . Ashley manufacturing the lowest in more than 10 years. Stuart ouch. Thats it. Thats it. Straighten us out, ashley, thank you very much. Contraction looks like in manufacturing. That is what is hurting the big board as we speak. I also want to show you this. This is a tweet the dow down 65. The tweet from Elizabeth Warren. I will read it for you. What would really suck if we dont fix a corrupt system that lets giant Companies Like facebook engage in illegal anticompetitive practices, stomp on Consumer Privacy rights, completely fumble their responsibility to protect our democracy. This tweet was in response to Mark Zuckerbergs leaked audio. Showing just how worried Big Tech Companies are about and warren presidency. We have the tape. You are going to hear it real soon. When youre looking for answers, its good to have help. Because the right information, at the right time, may make all the difference. At humana, we know thats especially true when youre looking for a Medicare Supplement insurance plan. Thats why were offering seven things every Medicare Supplement should have. 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The reason what looks like a contraction in manufacturing. It was reported right there at 10 00 eastern. The selloff began at that point and right now were back to 26,800. Want to get back to the protests in hong kong. Truly violent overnight. This is october the 1st. Beijing is celebrating the 70th anniversary, the founding of the chinese peoples republic. The communist dictatorship. I will warn you here and now what were about to show you is disturbing. Were going to show you a picture a shot of a protester who is being shot, lefthand side of your screen at pointblank range. Okay . The person who was shot is now in the hospital. He is in Critical Condition. Brigadier general robert spaulding, former pentagon china strategist, author of that book, stealth war, joins us now. Do you think china is preparing for a bloody crackdown in hong kong . I think if the protesters dont stop what theyre doing that is going to happen. Stuart vanely meaning soon . Only xi xinping can tell you that. I dont think theyre happy this is occurring during the anniversary of the peoples republic of china. Stuart if there is bloody crackdown, weve seen people shot pointblank range, how does this affect the military arena. A special relationship with hong kong which allows is it to be a conduit for dollars going into the main land. It will be damaging for the economic relationship between u. S. And china. Stuart i dont see how xi xinping can back off on this . He cant but they have invested so much in hong kong personally, personal wealth of the leadership of the Chinese Communist party, they are very concerned about losing that wealth. Stuart i also want to bring up this subject. Working level talks, im not quite sure what that means, working level talks between the u. S. And north korea, theyre going to start up again on october the 5th. I believe that is this saturday. Any idea what this is all about . I asked the question because john bolton, former National Security advisor, just goes out there, just a couple days ago and says, there is something not right about our approach to north korea . I think it is part of the formal diplomatic process with the u. S. And north korea. More importantly though, it means that the chinese have to react to what were doing. What happened before, weve always had to react what the chinese are doing with north korea. Now theyre reacting to us which i think is a good thing. Stuart you think that is a good thing. For us, visavis the chinese absolutely. It puts them on the back feet. Stuart how do you like civilian life . I love it. I do. Stuart you dont miss the military at all. Not at all. Stuart why not . I get to talk about what is going on to the American People. What the Chinese Communist party is doing to our country and destroying our Manufacturing Base and destroying the jobs that we have. The fact that we havent done industrial policy or infrastructure in this country since the end of the cold war. How much damage that is doing to the American People. I needed to get out of uniform to so that i could speak that. Stuart youre out of uniform. You said it right here. We appreciate that, general. Good to be here. Stuart thank you. How about this one . Pie are say, arr. On the rise in the gulf of mexico for heavens sake. Theyre targeting the oil industry, stealing oil, a lot of it, equipment, cash from oil rigs. We have that story coming up. You wont believe it. Back after this. Stuart 10 00 eastern time, that would be 22 minutes ago, the dow was up 110 points. Now were down 157. What happened . Well we got a report on manufacturing it looks like it is contracting, a manufacturing recession. Now were down 160. Give you the modern day pirate story. They are targeting Oil Platforms in the gulf of mexico. At risk . Oil workers, tourists and money. Wait a minute, ash, you told me theyre actually stealing a lot of oil. Ashley oil. Stuart how much . Ashley you wouldnt believe it, 1. 18 Million Barrels a day. Stuart a day. Ashley a day. Stuart how does that happen . Ashley because they managed to get into the pipelines. What they will do, they will take out a giant oil tanker and attack a oil tanker in mexican waters and transfer the oil off of that boat into their tanker. This is a huge problem. The government of mexico said were clamping down. It was up, piracy up 340 in 2018. They cant get a handle on it. Where does the money go . It all goes to the cartel who sell the oil and make massive amounts of money. Because of that theres a violence ensued. Cartels fighting each other. Tourists get caught in the crossfire. Stuart a Million Barrels a day is extraordinary. Ashley they target state oil company pemex, their oil rigs apparently. Stuart my goodness. Hard to believe. Stuart what a story. Consumers are paying a lot more in interest. Jackie deangelis on top of the story. So, okay, if were paying a lot more providing unnecessary interest . New Study Suggests consumers could save 100 billion in unnecessary business payments. Because if you have Credit Card Debt, as you may know, the percentages could be 20 , even greater than that. So Blockchain Technology is now making it more efficient to get home equity lines of credit. There are some companies out there doing that. They are saying consolidate, and bring those Interest Payments down. Stuart okay, so, get yourself a heloc, home equity loan, take the money. Pay off your Credit Card Debt which is high interest. And save the Interest Payment there . Let me give you numbers here. Stuart but youre paying a lot less on your home equity loan. You would be. If you have 15 equity in your house, you have 15,000 in debt, you can refinance almost 90 of that and save 6,000 over the course of five years. Remember it is not a onesizefitsall model. If you are late on the payments or cant make the payments now your house will be attached to it. So that is dangerous territory. People need to think about these. Im highlighting as an option of a way, as a way of chipping down debt. Stuart so get the home equity loan, pay off the high interest credit card. Dont get into more debt. Stuart dont get into more debt. Left with a low interest home equity loan. I can handle that. Something to think about. Stuart surely is, if you want to save unnecessary interest, that is the way to go. Jackie, good stuff. Sure thing. Stuart here is a radical plan, radical idea for the brits. Get out of the European Union and get into the trade partnership with north america that will be join the new nafta. Peter morici is the man with that plan and he will make his case next. By the way californias governor signing a new law that would allow College Athletes to get paid. Controversy here. 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Stuart all morning long weve been showing you live pictures from hong kong. Its a violent protest developing all over again. As we told you, a shot has been fired pointblank at a demonstrator. That demonstrator is now in Critical Condition in the hospital. I want to bring in a special guest on this now, commerce secretary wilbur ross joins us. Mr. Secretary, can we get a china trade deal done with this kind of blood on the streets in hong kong . Well i think it is a very serious issue in several regards. One it is an economic issue for china. Third, second it is a very, very important humanitarian issue for the whole world. So our hope has been throughout this comes to a peaceful resolution as soon as possible. Stuart let me press the issue, mr. Secretary, will there be any impact from what were seeing now on the streets of hong kong on the trade talks next week . Any impact at all . Well, it probably will have some impact on the chinese side, even just despite whatever it has on ours because this is a sign of domestic dissent within their community and hong kong is quite important to the ininternational trading activities of china. Stuart does the administration offer any support for the protesters . I dont know that support is the right word. We certainly dont like the use of violence against peaceful citizens. We really hope that this whole crisis can be resolved and resolved in an amicable way that honors the original treaty that china made with Great Britain quite some years ago. Stuart will you comment on the possibility of what some call a medium, shortterm minor deal as opposed to a huge comprehensive deal . Is that smalltime deal possible in the near future . Well the president is indicated he wants a complete deal. If all he wanted was to sell just a few more products to them we could have had that deal 2 1 2 years ago. President wants that but he most importantly wants to resolve this structural issue, the issues of forced property, intellectual property transfers, the issue of subsidy of soes, disrespect for intellectual property. The whole panoply of equal Market Access complaints that weve had over the years. Without those, it isnt really a very satisfactory arrangement. Now we are happy that theyre buying a bit more in the way of agricultural products. Whether thats because they need them, especially the pork. As you know Something Like half of all the hogs in china have had to be exterminated because of this swine infection and so we dont know if thats why, or if it just, that theyre loosening up trade. But whatever the reason were happy for it. Were also happy that we signed a new comprehensive agreement with japan at the u. N. That 7 billion of agriculture offsets about 40 of the losses we have had in sales to china. So it is a very important thing, a very important interim help for our farmers. Stuart mr. Secretary, wilbur ross, commerce secretary, thank you very much for appearing with us this morning, sir. We always appreciate it. Thank you. Thank you, stuart. Stuart meter peter morici is with us. He has been listening to secretary ross had to say. I can paraphrase what he said. He is hoping for a peaceful outcome in hong kong. He is holding out, the administration appears to be holding out for a comprehensive deal with china, not a shortterm intermediate deal. Your response please . I think the situation in hong kong indicates just how rigid and insular president xi is or how powerful the forces to the right are on him, more conservative forces in china because if you go, if you go back four or five weeks into these demonstrations it was probably possible, to say you know something . Maybe you have some gripes. Lets sit down and talk about a peaceful resolution that really reflects the sympathies of the people in hong kong, the fact there is one china. Now that escaped him. He is at the point where that probably is not possible. Also with regard to the United States president xi had good reason to bargain with us because the development everybody is blaming the tariffs for chinas troubles. That is really not true. A lot of chinas developmental problems were beginning and coming to a head before mr. Trump came along and they need these reforms but yet president xi is very rigid about it. He clings to the notion of staterun enterprises. He is buying up positions in private companies because theyre going to fail and so forth. He is dyedinthewool communist when it comes to the economy and when it comes to human rights. So my feeling is it is indyk give he would like small deal with mr. Trump to get to the next administration but he will not really compromise with us. Stuart peter, i want to talk about your idea the brits should leave European Union, accomplish brexit and then join the u. S. Mexico new nafta. Give me 30 seconds why they should do this . Briefly right now the uk needs to keep manufacturing going. It needs to offer the continent some free trade deal if no deal is made, defacto this is what we offer but longer term britains economy is built on finance and increasingly hightech. They have their own Silicon Valley so to speak and in that regard europe is a disaster. Whereas there are ties to north america are going to grow and continue to grow especially with california on our west coast. It makes sense for them in an era when transportation costs are not meaningful, to integrate their economy with ours. This idea was in play in the 60s and it now makes sense. So my feeling is is that they can have access to a very large market, develop their tech sectors with us and honestly, they dont need to have passporting to compete on the continent in finance because after all the american banks are doing very well on the continent without it, because lets face it, the european banks, you are about as competitive as peugeot was when they left the american market. Stuart that is nasty. Really nasty. Maybe it is true but it is really nasty but not bad. Peter, out of time. Thatthat is a very interesting a actually. I wonder if President Trump would think about that. Interesting stuff, peter. See you soon. Get back to your money. Weve had quite a turnaround, 10 00, were up 110. 10 37 now were down 112. I want to bring in dr barton, Money Map Press guy. Is this all about the contraction in manufacturing reported at 10 00 this morning . That reverse youre talking about, stuart, is 100 about the ism number. Stuart it is . It came in much lower. As you said we were us abouting along just fine. We got that number that came in about 1. 3 below where it was last quarter. So the september number was worse than the august number, showing contraction in manufacturing. Stuart hold on a second. This is a president ial tweet just come in, is that correct . I think it is. I will read it for you. This is germain. This is from the president , as i predicted jay powell and the Federal Reserve allowed the dollar to get so strong especially relative to all other occur currencies that our manufacturers are being negatively affected. Fed rate too high. Theyre our own worst enemies. They dont have a clue. Pathetic. Im inclined not necessarily echo the president but suggest that. When you see problems in manufacturing, then it is highly likely the Federal Reserve will lower Interest Rates aggressively, isnt it . If they get any hint of a broader contraction leading to recession that certainly is on the table that they will ease Monetary Policy some way, more, more rate drops, but you got to understand that it is not just the u. S. That is seeing these problems. First this week germany had lower manufacturing. Then yesterday the eu came out with their broader number. It was lower than expected. I think manufacturing in general, trade around the globe in general is taking a downturn. Stuart one more check of the big board. The market shows a loss of 116 points. Thank you very much dr. Ups has full approval from the faa for a drone airline. It is called flight forward. It will expand its Drone Delivery Service to support hospitals around the country. Ups stock down 2 . A man from iowa held up a sign at a College Football game asking for beer money. He ended up pulling in much more than the cost of a case of beer and pledged to donate the extra money to a childrens hospital. Then some old, questionable tweets emerged and that man became a victim of the can sell culture. It goes on from there. We have the full story from you after this. Great riches will find you when Liberty Mutual customizes your Car Insurance, so you only pay for what you need. Wow. Thanks, zoltar. How can i ever repay you . Maybe you could free zoltar . Thanks, lady. Taxi only pay for what you need. Liberty. Liberty. Liberty. Liberty. Stuart selloff. The were down 140 points. That is quite a turnaround in the last 45 minutes. Quickly check Charles Schwab. The drop in commission on stock, etf an options trades. Gerri willis come in please. What is this, free trading . Reporter thats right, stuart. They are removing what they say is the last barrier to trading. Traders down here they hope it means there will be more volume in the marketplace generally. Of course we dont do retail trades down here but good news for individual investors. Schwab becoming the latest one of on line brokers to do this. Last week it was interactive brokers. All the stocks trading much, much lower today. The worst of them ameritrade down, effectively 21 . Why . Because traders are talking about this. Commissions as a percent of revenue, ameritrade has the highest amount, 25 , a quarter of revenue comes from commissions. Pressure on all these players now to go to zero. Want to read you cfo Peter Crawford saying this morning it is the right thing to do for clients, removing one of the last remaining barriers making investing accessible to everyone. Continuing our tradition challenging the status quo on behalf of individual investors. Back to you. Stuart all right for customers. Not so good for the stock prices. Gerri, thank you very much indeed. Remember iowa resident carson king . He is the victim of of the cans cell culture. Can cell culture. Des Moines Register found controversial tweets carson made. Anheuserbusch who teamed up with him severed ties. This is the not end of the story. Charlie kirk, turning point usa founder and president. Most ironic twist, the des Moines Register went after him in a way they shouldnt have. They dug up old facebook posts when he was 16 years old of him quoting a Comedy Central show, to be. O a person should not be making, but latenight television. He felt bad about posting. He moved on from it. He was immature. The des Moines Register reports on this out of nowhere there is huge internet mob that goes against carson king. Interestingly enough, two things happened. Someone found bad tweets about the reporter that wrote that story against carson king, racist tweets because he was trying to expose, he ended up losing his position. The second thing ended up happening, Anheuser Busch retracts away from carson king. Carson could have easily kept the money about he decided to donate the money to do something good, something al true is i can. Yet he gets, were punishing benevolence in the public square. Are we getting to a place now, where if you dare want to help somebody, i have to look at your full history of anything you ever done i will be able to accept your help . Stuart how many of us, had we had access to twitter when we were 16, 17, 18 years old would have put something in there which today would be just not good and you would be out of a job for the rest of your life . This is ridiculous. Let me reiterate. He is 16. He is a private citizen. Until he goes viral he had no interest being popular. Had no interest in public life. He was a decent person. He does something charitable. He gets his entire life put on public display. Remember that old adage, i was young . Boy have i moved past that. The story of a Mature Society is one that is able to look at the progress of the individual. Stuart yes. Maturation is being able to grow over time. Now we dont have that. Stuart oh, my goodness me. Charlie, thank you very much. No problem. Stuart big day. That was good. Thankthank you, sir. Years ago, scientists and doctors said dont eat red meat. That might be bad for you. Now theyre changing their tune. Saying the Health Benefits are so minor from not eating red meat it is not worth changing your diet. Brian kilmeade coming up next. He hasnt eaten red maid in years. Does he regret it . 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. To the wait did frowe just winners. Prouders everyone uses their phone differently. Thats why Xfinity Mobile lets you design your own data. Now you can share it between lines. Mix with unlimited, and switch it up at anytime so you only pay for what you need. 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Dont wait. [announcer] norton 360 with lifelock. Use promo code get25 to save 25 off your first year and get a free shredder with annual membership. Call now to start your membership or visit lifelock. Com tv stuart Brian Kilmeade joining us right now. Brian i know you have not eaten red maid for a long time. Now the Health Authorities say it was not worth think. There is no Health Benefit from the eating red meat. Were you wasting your time. You asked me about generalities making country better but you never come at me for my dietary habits. Give me a second to get over emotionally. In 1988 i had a situation personally. My grandfather ate meat his entire life from ireland. He had such problems with arthritis. You have to stop eating red meat. You have to have to ate chicken. Meat, takes five to seven days to metabolize. I was eating with my diet, i was eating a lot of meat. You should really stop. Why dont you curb it . I did since 1988. Stuart look at you now. However show my abs next week, im making a joke about this, in all seriousness you get all this advice coming at you from the authorities. Then a couple years later it is reversed. It is now okay to put salt on your food. It is now okay to eat eggs. It is okay to eat red meat. Few years ago you couldnt eat any of the above. What is going on here . Stuart this, is a conversation we should have in the hallway. Doesnt seem like something for international television. Just, this is the small talk by the locker. But everyone is pushing now plantbased things too on top of that. Even when you have salad, saying dont have russian dressing number one because russias are becoming, number two, have vinaigrette dressing. Im having that, and salad. Telling me if you cut back on the chicken you can get your protein in other directions. I need to be rooted in something else. Stuart this explains it all, brian. Let me move on. Show that picture, please. This is the biden golf outing in the hamptons 2014. Why is this picture bringing big trouble for joe biden . Couple things. We know two weeks ago he told peter doocy i dont know anything about, my son never talked to me about my International Business connections. That means that during their foursome in the hamptons when they played governor together. That is hunter in the shot with two burisma executives, Ukrainian Energy firm. Hunter, how do you know these guys again . I guess it is your shot. Did show up in the hamptons needed two more to complete their foursome . I really believe that this shows that joe biden knows exactly what hunter is doing. New yorker magazine revealed that. It shows too there is legs to that storyline. At very least, stuart, you know a lot of people that have sons or daughters or aunts or uncles that get jobs at prestigious locations because they have a legacy there, i get it. Were watching a college scandal. Why was he at harvard. I dont know what his s. A. T. S were. My sense they would not be harvard worthy, judging what he has done in his adult life. It is fact. Goes to ivy league school. Right into the military. Out of the military with a cocaine problem, into an International Energy firm with no experience. That should get anybody talking. Worthy of any panel on any news network. Only worthy on our news network and your channel. Doesnt make any sense. Stuart it doesnt. It should outrage people somebody should make that much knowing a lot to the china story too. That is in a book out now called stealth war. Stuart we talked to the guy on the war. The general wrote it on the show. We beat you to it, brian. No way he is worthy after billion dollar deal from china. What experience does he have . You have to look at that. Stuart wellsaid. Real fast, we are just hearing this, president ial hopeful Kamala Harris calls for President Trumps twitter page to be suspended. Have you seen this . What do you make of it. Yeah. I just had a chance to see this. She is dying for attention. She is going in reverse in the polls. The president has been extremely aggressive. Way too many retweets on sunday and monday. He is aggressive wanting to know the identity of the whistleblower. That gives his enemy as reason to attack. She wants to Say Something more sensational than beto orourke who evidently came off a few counters early after saying the most outlandish things possible for the last month. Kamala harris goes front and center. Twitter is good suspending accounts. They know the president is too valuable to suspend nor worthy to suspend. He is allowed to wonder who is accusing him of corruption, isnt he . Stuart yes he is. We covered a lot. Your dietary habits, golf in the hamptons, and twitter. Extraordinary stuff, brian. How do you do it . Times up. See you soon. See you at the christmas party. Stuart all show weve been following developments in hong kong. Forget financial implications for a moment. This is a sorry about brave demonstrators going for individual freedom and liberty. That is what we talk about with my editorial at the top of the hour. Adam schiff one of the Top Democrats, for impeachment push being challenged for congress. Well talk to the guy running against him. Well show you how big tech is worried about Elizabeth Warrens possible presidency. You will hear it. Third hour of varney coming up. With time, comes change thats for sure. And when those changes might help more people, especially those in retirement, i think its worth talking about so, aag is introducing a new jumbo reverse Mortgage Loan so you can now access as much as 4 Million Dollars in cash, tax free, from your homes equity. Aags new jumbo reverse Mortgage Loan can give you more taxfree cash than ever before find out more in your free aag jumbo guide. Call the new aag advantage jumbo gives you another way to effectively manage your Retirement Income sources. 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The new aag advantage jumbo is changing the way people use reverse mortgages, and another way aag is working to make your retirement. Better. Call stuart throughout the program, we have shown you whats happening in hong kong on this, the day when communist china celebrates its 70 years in power. Were a Financial Program so we want to know what impact if any these events will have on the china trade talks and on the future of hong kong as a financial center, but we are also dealing with individual freedom. Thats what those brave demonstrators want. Thats what these protests are all about. We should not forget that. The british left in 1997 and they left in place an agreement that hong kong would keep its liberties. China has reneged on that agreement. Xi jinping is trying to impose his brand of communist dictatorship. Today, theres blood on the streets. A demonstrator has been shot. Forget trade and finance for a moment. Think instead about the struggle thats taking place as we speak. Its a confrontation between the forces of repression and the millions of ordinary people who want a free vote and an independent judiciary. Its not just hong kong. There were Peaceful Demonstrations in taiwan over the weekend as well. So as you see this unfolding, remember whats at stake here. Freedom and liberty. And really, isnt it great to see those youngsters flying the American Flag . Stuart lets get right at it. Lisa booth, fox news contributor, joins me now. Lisa, blood spilled on the streets of hong kong. Do you think perhaps President Trump should be more in support of the demonstrators . I do. Stuart in public . He has an opportunity, you know, as china and the United States try to hammer out a trade deal here. I will say actually interesting story, i started my career on capitol hill working for frank wolf, the cochair of the human rights caucus, china was a huge issue for him, particularly fighting for the uighur population as well. When i first started working for him, his computers were hacked by china, trying to get information about political dissidents and some of the work he had been doing in that position. Stuart really. But do you think the president should come out in public a bit more strongly for the protesters, or is that something he should back away from . What do you think . I think it depends on whats happening behind closed doors with these conversations but i think the behavior of china demonstrates why we have such concerns in trying to hammer out a trade deal, right. Theyre not giving hong kong the autonomy they are supposed to. They reneged on that commitment just like they have when we tried to hammer out details of the chinese trade agreement, right. Back in may, they reneged on promises that they had committed to changing their laws and so i think this demonstrates and underscores why we need to ensure that that accountability is in place. Stuart i want to show, i will give a warning here, we are about to show you a screen shot which might be disturbing to some people. We are showing you the picture of the moment before the protester was shot. Thats just the moment before. He was shot at pointblank range in the chest. Hes in hospital in Critical Condition. Now, lisa, thats blood on the streets. I mean, dont we feel, we seem kind of close the a real crackdown by the chinese in hong kong. I mean, this is what fighting for freedom looks like. I think this demonstrates how important freedom is, and you know, this is not this is not what you see people like antifa out fighting in the streets for when they are rioting and hurting people and destroying property in the name of the antifascism when they are the real fascists, right. This is what fighting for freedom looks like. So i hope that americans look at whats going on in hong kong and realize how lucky they are to live in the United States of america, where we do have true freedom. Stuart well said. Thank you very much indeed. Before we go to our next guest, i just want to show you the big board because this is the low of the day. We are still falling. We are now down 208 points, back to 26,700. This is largely because of the slowdown in manufacturing reported at 10 00 eastern time, and maybe its got something to do with hong kong. Im not sure about that. I have not spoken to any analysts about it. The blood on the streets there, maybe thats had some impact on our market. Now, another very important story. The verge has just received leaked audio of facebook chief zuckerberg. Like wall street, hes not so hot on the idea of a warren presidency. Deirdre, what did he say . Deirdre Mark Zuckerberg says if senator warren gets the democratic nomination for president , he as ceo of facebook is expecting a fight. Heres part of what he said. Elizabeth warren [ inaudible ] to break up the companies, she is elected president , i would bet we will have a legal challenge and i would bet we would win the legal challenge. So basically so does that still suck for us, yeah. I dont want to have to have a major lawsuit against our own government. Thats not the position you want to be in when youre, you know, like we care about our country, want to work with our government and do great things but look, at the end of the day, if someones going to try to threaten Something Like that, essentially you go to the mat and you fight. Deirdre in case audio was less clear, viewers can read on the screens. Brass tacks, he says we will have to sue the government, i dont want to, i like my government, i care about my government. Elizabeth warren responding saying she is vowing to break up facebook. She has been very very clear and that is not just facebook, she sees it as a monopoly along with other telecom giants. Her position, there it is, is very very clear. She is responding directly. Obviously Mark Zuckerbergs language is a little more colloquial so shes making fun of him there and saying essentially doesnt matter, we are going to break you up because you are a monopoly. Stuart put that quote from facebook back on the screen, please. Deirdre this is a wonderful point. Okay. Its down today but i do want to make the point that year to date of all the fang stocks, it is by far the best performing. Okay. Today you have a little pressure, but if you bought before january 1st this year, you are pretty happy. Stuart its one of those stocks which is beginning to feel the impact of the opposition to big tech. Its been awhile. Deirdre on the flipside, though, i would say for all that its been through, you know, they paid out 5 billion, right, for privacy, they have had to pay in europe. I mean, they have actually done pretty well given how many p. R. Problems theyve had. Stuart they dont want a warren presidency. Deirdre no, they didnt. Ashley apparently not. Stuart back to your money. The dow, we are off over 200 points and the loss here is largely because of the manufacturing slowdown reported at 10 00 eastern time this morning. Might have something to do with hong kong as well. Look at Charles Schwab, please. It is dropping commissions on stock, etf and options trades. I guess, ash, deirdre, that means free trading. You walk into a schwab, open your account, you want to buy stock, they will buy it for you. You dont Pay Commission. Ashley look at the impact thats had on others. Look at ameritrade, down 22 . What the traders were saying according to gerri willis, great, lets hope all the volume picks up as more people say look, its free trade, literally free trade. Deirdre i think they have had to in some ways, some of the bigger houses were put in a corner because for example, robin hood, lot of millenials use that, there are products out there which dont charge commission so the bigger guys had to catch up. Stuart thats technology for you. Deirdre replacing the traders even. Stuart dow industrials now down, bottom righthand corner, down 195 points. Look at apple. It crossed a trillion dollar value again. Jpmorgan raised the stock price, its target, 265 theyre looking for. And theyre also looking at better than expected iphone 11 sales. Apple is up today 1 . Peloton went public last week, 29 a share, sank, sinking some more today. 24. 92 is your price. California will let College Athletes hire agents and make money from endorsement deals. Some call that a disaster for the ncaa and College Sports in general. What does barstool Founder David portnoy think of it . We will ask him. Hes on the show. We are also joined by the man who is challenging congressman adam schiff in california. His name is eric early. Adam schiff won his election with almost 80 of the vote. I think mr. Early has an uphill struggle but hes on the show, too. First, we will deal with the great tax exodus. People flocking from high tax states like new york and new jersey to states like florida and texas, because of lower taxes. The president of douglas elliman, the real estate guys, next. 300 miles an hour, thats where i feel normal. Having an annuity tells me my retirement is protected. Learn more at retire your risk dot org. Do you have the coverage you need . Annual enrollment ends december 7th. Nows the time to get on a path where you can take advantage of all the benefits of an aarp Medicare Advantage plan from unitedhealthcare. 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Deirdre i just want to highlight it is not, quoting directly from the source, not entirely clear how the directive will sort out against legitimate calls to i. C. E. Or how it will determine the intent of the persons comments because frankly, this is a legal term. Illegal alien as far as administrative purposes is actually a category of person. What you cant say is say you go to a shop and somebody is speaking thai to another person, you cant say stop speaking thai, speak english, or go back to your country. If the owner of the shop calls you in and you go to court you would owe 250,000 but you will probably have to hire a lawyer. Stuart incredible. Deirdre its incredible. And measuring what is derogatory and what is not, i think some cases are clearcut but not all will be. Ashley you know what, the term alien, they use resident alien when you have a green card. Deirdre they are often bankers, engineers, lawyers. Stuart i had a green card for years. It said resident alien right there. Right there. Im a citizen now. I came here for free speech and liberty and freedom. Now they are telling me oh, you are fined a quarter Million Dollars if you say the wrong words. Deirdre in new york city you are. That is part of the new York City Commission on human rights. Stuart before my head explodes, im going to move on. Okay. This is one american citizen who aint happy. Lets move on to real estate, shall we . Some people are not happy there, either. The great tax exodus, we are hot on that story. People moving from high tax states, new york, new jersey, to low tax states, florida and texas. There is a catch. You have to establish residency in those low tax states and believe me trn, its not easy. Scott durkin is here, the president of douglas elliman. How difficult is it, i know the answer to this question, i know you do, so tell the viewers, how difficult is it to establish residency, say in florida . Its quite a process. I have recently looked into it because i have a place in florida. You have a being cheig checklis things to do. You have to declare it as your domicile, get your drivers license changed, your passport, cell phone numbers, doctors. Stuart credit card bills. Everything. And you have to really lawfully do it. Stuart you have to prove to the tax authorities of new york or new jersey, prove to them that you live there. Yes. Stuart and that you spend 180 nights per year there, not here. Exactly. Stuart and that you have sold your real estate in new york and new jersey and you aint going back. If you have a mortgage and another property in new york state and they have seen that youve moved, for instance, to texas or florida, you just have to be very careful. You really do have to move. Its not something you can just do and do the paperwork and think you can get away with it. It needs to be done as if you are moving, and you are moving. Stuart am i right in saying the tax authorities can in fact go into your residence in florida, open the refrigerator and say you dont live here, because you dont have any milk in the fridge, you dont have this, you dont have they can do that, cant they . I have heard stories like that. Stuart dont you find that incredible . I have just returned from dubai, so no, i dont. Stuart whats dubai got to do with it . There is a camera every 20 feet there. Its a nocrime country. Getting back to florida, i have heard stories where they do monitor that. They also monitor your cell phone. If you are breaking the law, you are breaking the law and thats not a good thing. But if you can really make it work where we have seen people take their families and businesses and their second home in florida is now their first home and their new york apartment is now their piedeterre, thats okay. Stuart that works. But you still may not spend more than 180 nights, you got to spend 180 nights in your residence in florida. Correct. Stuart otherwise you are a dead duck and they will tax you. They will keep if they can find you have not been there, it can be big trouble. Stuart like what . A fine . A fine and you would have the penalties are worse than the savings, i would imagine. Stuart is it legal . Is it legit legally . Well, we make the assumption that they are obeying the law. So yes, its legal. Stuart what about being in prison . The big surprise now its actually the tax benefits in texas are better than in florida. We recently opened in houston. Stuart so you are doing a business helping people. Our locations are in cities where our buyers and sellers have first, second and third and sometimes fourth homes. So it was great for us to be in houston. The tax benefits there are even greater. Stuart fascinating. Everyone is mobile. I think thats the big point of this right now, is that people are moving around. You dont know where everyone is anymore anyone is anymore. Stuart they will check your cell phone records. They certainly will. Stuart absolutely fascinating. Thanks very much for coming on the show. Hope youre back as soon as possible. We like this story. Thank you. Stuart i dont like it but there you are. Check, lets see, the stock check. There you go. The las vegas sands, i dont know why we are checking that. Some good news, whats this . Casino stocks, okay. Their revenue is up, not in las vegas but in macao. Thats why wynn resorts, i have been to their casino, i have been there, a few years ago. Ashley didnt you say it was very silent . Stuart yes. Know in vegas, ding, ding, ding, ding, slot machines . Not in macao. Very different. Very different. Next one. Another big tech probe from congress. This time its from the house Small Business committee. They want the make sure big tech is doing its part in giving Small Businesses a chance to compete. With bigger corporations. What a story. Okay. Netflix making headlines after it released a teaser trailer for Stranger Things. They released it months ahead of schedule. Netflix getting worried about the streaming challenge to come from apple and disney. Were on it, promise. The world is built for you. So why isnt it all about you when it comes to your money . So. Whats on your mind . We are a 97yearold firm built for right now. Edward jones. Its time for investing to feel individual. Imagine a world where nothing gets in the way of doing great work. Where an American Icon uses the latest hr tools to stay true to the family recipe. Where a music studio spends less time on hr and payroll, and more time crafting that perfect sound. Where the nations Biggest Party store can staff up quickly as soon as its time for fun. This is the world of adp. Hr, talent, time, benefits and payroll. 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This third season of the series was just this summer so they are hurrying up and putting the Fourth Season out or at least teasing us about it pretty closely, especially if you consider they took an entire year off between two other seasons. Close to 41 million streamers watched part of season three. That is exceptionally strong. But for the producers, multiyear deal and we have to assume the ceiling could be 900 million. A lot of money. Sorry, nine figure. Nine figure deal. Multiyear deal for drethe creas and producers. Stuart ill move on. Deirdre start writing a screenplay. Stuart adam schiff is one of the Top Democrats who leads the impeachment push. Well, adam schiff is being challenged for his seat in congress. We are going to talk to the guy whos running against him on this program this hour. As for the market, we have come back a bit. We were down 200. Now we are down 170. Up next, mark grant, the Interest Rate guy. 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Licensed humana sales agents are standing by, so call now. Look around. See what our kids see. Before they get to the safety of home. Futures vanish. dog barking there is a cure, if you will help. Boys and girls clubs of america dont just shape lives, they do whatever it takes to save lives. Sensitive young lives with nowhere else to go, find a safe haven. Consistency, stability, food, mentors, technology, athletics, laughter. The cost to our kids stays tiny, because you help. Even just a few dollars each month can save lives. Boys and girls clubs of america. The clubs helped save us. Please, go to givebgca. Org now if you can, or call us at 855 4451955 save a life. Stuart the dow industrials now down 164. Believe it or not, we are coming back a little. A few minutes ago we were down 200. Lets stay on your money and i want to talk Interest Rates. Very key to the stock market. Mark grant is with us. Mark, welcome back. Thank you, stuart. Stuart we went on the air this morning, at 9 00, the yield on the tenyear treasury is 1. 75 . Right now, its 1. 62 . Is this part of the rapid decline in Interest Rates which you have been predicting for america for some time . First let me tell you, stuart, i want to make an admission on your show. My name is mark grant. I eat red meat and im not an illegal alien. Let me just say that. Stuart good way to start, mark. What happened this morning, stuart, is we had a kneejerk reaction overnight with japan, the bank of japan, their central bank, and also their major government pension fund. They said they were going to be stepping away from just japanese investments and buying foreign investments. Of course, the japanese tenyear at the time i looked right before i left to come to the studio, was minus 0. 63 so now theyre trying to get some yield. As ive said a number of times on your show, were in borrowers paradise that for fixed income investors, seniors, pension funds, retirees, its a very difficult time if not a disaster. Then we had the ism numbers out, the manufacturing numbers out, and the whole situation reversed because it showed a significant slowdown partially, in my opinion, having to do with our game of thrones war with china. Stuart okay, look, we are at 1. 62 on the tenyear treasury right now. Sharply lower than we were couple of hours ago. Are we on the way to even lower Interest Rates . Look at the tenyear treasury in particular. Are we on the way to a much lower treasury yield on the tenyear here in america . I think the fed is going to cut rates again at their next meeting. I think they realize we have to compete. The issue is going to be where we are versus europe, the eu, switzerland and japan, our Interest Rates are so much higher and its having a big effect on the dollar as well, then the Interest Rates in these major places and the rest of the world, the fed, who is americas central bank, not the worlds central bank, has got to compete and i think they are going to be lowering our Interest Rates as a matter of necessity. Stuart will that help the stock market . Normally, you lower Interest Rates and the stock market looks good. Will that happen this time . In the first blush, stuart, i think its already happening now. Thats not like future. I think the lower Interest Rates are helping the stock market but theres going to be a second blush where retirees, pension funds, others, take undue risks and theyre trying to make money off the appreciation instead of income or interest, and then i think it could be a very major problem. As a matter of fact, stuart, in december im going to be in new york, im speaking at the Cornell Investment Committee meeting, and what theyre discussing is asset allocation, and i think its very timely for them to be doing exactly that. Stuart come and visit us and tell us what youre going to tell the cornell people, because we would be delighted to hear. Mark grant, thank you. I will be happy to come. Stuart and eat some red meat, why dont you. Good to see you, mark. See you again real soon. We have a guest, a republican, hes in california, and he is challenging adam schiff. Congressman schiff, the democrat, who is leading and spearheading the impeachment push. Eric early is with us. Mr. Early, welcome to the program. Its good to see you. You know, ive got to point this out. Adam schiff won his election in 2018, he got 80 of the vote. Youve got a real uphill struggle coming here and i suspect you are doing this because you want to have a go at adam schiff. Am i right . Well, youre right on both counts. We have a tough uphill struggle and i definitely want to go after this guy schiff. I want to touch him up a bit, as Shaquille Oneal likes to say about certain ball players. Its time for schiff to be touched up and you know, schiffs behavior the last few years, people, even the moderate democrats in my district are starting to get the joke about this guy. He hasnt done anything for the district in 20 plus years. Hes virtually completely ignored our district, and he spent his time lying to try and destroy a duly elected president for three years now. So you know, people are getting ticked off here just like theyre getting ticked off around the country. Let us vote for who we want to be president and let us vote for who we dont want to be president but dont try to destroy a president based on pretext, innuendo, lies and delusions. These are all the things schiff brings to the table. So we are going to fight a good race out here and another thing thats helping us tremendously is that we are getting small donations from around the country, from people who just despise this guy schiff and as many of your viewers know, it takes money to beat this guy. This guy has been saving up millions for years and you know, its beautiful, these people are going to ericearly. Com and sending me donations. We will take the battle to him and im speaking all over the state and we are getting tremendous reaction. Stuart all right. Mr. Early, thanks very much for being on the show. I will conclude by saying youve got an uphill struggle but its a struggle worth doing. Eric, thank you, sir. Appreciate it. I have to tell our audience, full disclosure, we did indeed reach out to adam schiff to come on the show. He has not responded to us. Now this. Here we go. Brand new data breach to tell you about. Looks like words with friends. How many data breaches . Ashley 218 million users. That tells you how popular this game is. You can play its mobile app, you can play on the ios platform and android. You are looking at me like dont care, dont know. But pakistan hacker, hacker in pakistan, is behind this. He got into all of the users information but not the Financial Information, according to zinga who owns words with friends. This guy, this pakistan guy, hacker, has been very busy. They believe hes got close to a billion dollars a billion users data. The data of a billion people. Its not just this. They say they have under armour, my heritage, all these things people signed up for, this person has gotten into it. So its a big problem. Stuart but if you know the person ashley they dont. They just know the origin because he or she likes to boast and calls himself or herself nostic players and makes boasts and sends things to technical websites saying guess what, i have 200 million of this. Deirdre tons of people play that. Remember when alec baldwin got kicked off the plane because he wouldnt shut the game off . Its a cultural phenomenon. Stuart another data breach. Ashley another example. Stuart nothing happens. They have all the information on just about ashley male, female. Passwords. All of that. Stuart theres no way to keep it safe. Is there . Ashley we do one of these stories almost every day. Stuart all right. Lets move on. Cashierless stores from amazon. No cash from amazon. In airports. Deirdre airports, movie theaters. I think it will give amazon a way to differentiate, to diversify away from online shopping. Thats reason one. Perhaps even form relationships with potential competitors, selling books at these shops in the airport, they sell books and food. Also, grow their Cloud Business and then i think most importantly, to annoy apple. Why not . You have all this apple pay, the apple card, so even though amazon has destroyed a lot of other Retail Businesses or its technology has, even they know they need to keep, you know, reinventing themselves. The cloud and payments is a way to do it. Stuart its more with flash the phone, pay by phone. Deirdre plus they know what youre buying. They see your data. Stuart okay. New law, signed on the books in california, it will let College Athletes earn money. Theres lots of controversy on this one. Mark cuban owns the mavericks. He says College Sports would implode if athletes start getting paid. We are going to get Dave Portnoys take on this. Hes coming up. Speaking of california, dont get stuck in traffic there. Gas prices spiking there. We will tell you how much it costs californians to fill up. Whats a gallon of gas cost out west . Alaskas Arctic National wildlife reserve, home to billions of barrels of untapped oil, opened up to drilling by President Trump. We are going to talk to alaskas governor. Have they started drilling yet . Were on it. Stuart the price of oil down to 53 a barrel. How about that. And the price of gasoline holding pretty steady right now at 2. 65 per gallon. Now, that is the national average. Its way different in california. Deirdre, how much . Deirdre in california, the average is 4. 07 per gallon. So for Southern Californians, probably not happy at all to see these two numbers side by side. Certainly painful. The auto club of Southern California says there were unplanned maintenance issues at chevron and marathon thats really affecting l. A. County. Actually, in l. A. , the highest that we logged was 4. 12 a gallon. Stuart the highest rate in america. California charges 4. 07 for gasoline. Tough on those people. Staying on oil. Alaska has a ton of it, as we know. Until 2017, an oilrich wildlife refuge, the national wildlife, offlimits to frackers. There are ten billion barrels of untapped oil in it and thanks to President Trump, it can now be fracked. You can get it. The governor of alaska joins us now. Question one, have you started getting that oil yet and number two, how much of it are you going to get and will it make up for the shortfall in north slope oil . Thanks, stuart. It could be a tremendous boost in the arm for alaska and the country. Theres predictions that at maximum production, we could have an additional 800,000 barrels of oil in the pipeline as a result. So theres two lease sales scheduled over the next several years and we are hoping to get a lease sale going here in december. We are anticipating some robust bidding and its going to be a good thing for the state and for the country. Stuart okay. Thats all good news. I want to move on to one other area which your state, alaska, now allows state employees, they have to opt into a union. As i understand it, make sure ive got this right, if im a newly hired government worker in alaska, i have to opt into the union as opposed to saying i dont want any part of it. So why are you doing this . Well, its in response to the Supreme Court ruling in 2018, june of 2018, and basically what it does is assures we help with assuring that the employee wants to be part of a union. So there has to be an affirmative optin where in the past, it was an optout. We are working we will be working with the unions to put together procedures to make sure that this happens. But it really is in response to that decision and the First Amendment rights of individuals to free speech but also association. So this is the reason for doing it. Stuart where this has happened before, unions have lost a very large number of members because people dont opt in. Thats a real problem for the unions, isnt it . It could be. I mean, there are some indications that theres a loss and in other cases, that theres not theres not much or as much of a loss. In some cases, theres increased membership at least in the front end. But again, the long and short of it is americans, alaskans have the right to freely associate. The Supreme Court ruled on this in june of 2018 so we are going to implement the decision to make sure that employees are affirmatively opting in and that there is evidence that they know what theyre doing, they freely choose to do that and thats the process were putting together and will be talking with the unions about the details of that process. Stuart Alaska Governor Michael Dunleavy from alaska, thanks for joining us on varney. We appreciate it. Thank you very much. Now this. Sports history up at auction on your screen, the cover of sports illustrated. Lebron james wearing his High School Jersey and guess what . The jerseys in our studio getting a close look at it in a moment and how much you would pay foirt at auctir it at aucti california will let College Athletes hire agents so they can get money from endorsement deals. We are asking barstool founder dave portnoy what he thinks of that. Hes next. Nah. Not gonna happen. Thats it. Im calling kohler about their walkin bath. My name is ken. How may i help you . Hi, im calling about kohlers walkin bath. Excellent happy to help. Huh . Hold one moment please. [ finger snaps ] hmm. The kohler walkin bath features an extrawide opening and a low stepin at three inches, which is 25 to 60 lowr than some leading competitors. The bath fills and drains quickly, while the heated seat soothes your back, neck and shoulders. Kohler is an expert in bathing, so you can count on a deep soaking experience. Are you seeing this . The kohler walkin bath comes with fully adjustable hydrotherapy jets and our exclusive bubblemassag. Everything is installed in as little as a day by a kohlercertified installe. And its made by kohler americas leading plumbing brand. We need this bath. Yes. Yes you do. A kohler walkin bath provides independence with peace of mind. Call. And ask about saving 1000 on a walkin bath, or visit kohlerwalkinbath. Com for more info. Stuart our guest with us today has brought some legendary items from the world of sports. You know this guy. His name is ken golden. Hes the founder of golden auctions. All right. Where are we starting . What have you got for me today . I want to start with stuart the jersey . There it is. So that is the actual jersey that lebron james wore when he was introduced to the world in 2002 in high school. So this is the chosen one. This is his gameused and i didnt call him that. Stuart okay. All right. Hes wearing that jersey in 2002. 2002, in high school. Thats his gameused High School Jersey, the only known photo matched and authenticated High School Game used lebron james jersey. It will be the single most gameused lebron james item ever. Stuart how much . We expect it to go well in excess of 150,000. Stuart over 150,000 for his High School Jersey. Im going to move on. You have a lou gehrig contract. Yes. This is 1934, paying him a whopping total of 23,000 for that year. It was his best year ever as a player. Babe ruth was fading but lou gehrig won the triple crown, led the league in home runs, batting average and rbis. We expect this to approach 200,000. Stuart 200 grand. Is it signed . I didnt want to handle the paper. Its perfect. Its graded mint 9. Henry louis gehrig, full signature. Stuart a Mickey Mantle rookie card. Here it is. This is 1952 tops, Mickey Mantle. It is psa7, a near mint condition rookie card of Mickey Mantle. The bidding on this is already approaching 100,000. We expect this to go in the range of 125,000. Stuart is it absolutely unique because of its condition . Exactly. There are thousands of cards that were made but very few grade 7, 8, 9 or 10. If you had a 10 it would be 15 million. Stuart ive got to tell you, im surprised at the strength of the market for baseball memoribilia. Basketball, too. Sports memoribilia constantly, there are records broken every single day. The market is constantly increasing in price. Stuart i noticed you put this next to me. I told you you can wear it. Stuart olympic gold medal for soccer. Whats so special . We have Michelle Akers soccer player, fifa player of the year 20th century. Started when womens soccer came into prominence. The first time that soccer was an olympic sport, 1996, that is her actual gold medal. That and dozens of other of her items throughout her career are at goldenauctions. Com right now. Stuart how much . We expect that to go for about 75,000 or more. Stuart 75,000. Goodness me. Okay. We are out of time. The auction starts now. Its ongoing . Goldin, goldinauctions. Com. It is live through october 19th at the website. Goldinauctions. Com. Stuart got it. Thank you, ken. Good stuff. Next one. Lets do College Sports. Got the ideal guest for this. Dallas mavericks owner mark cuban, he was on cavuto yesterday. He sounded off on paying ncaa players. Roll that tape, please. Couple things. One, i think the ncaas a mess. They are a big source of the problems. I mean, they are very bureaucratic, they dont really their interests arent really aligned with all their schools, they are certainly not aligned with players interests, but set that aside, when it comes to paying players as employees, then you have to ask yourself what happens if they get fired . What happens if you wanted to fire them . Do we want to start firing student athletes . Stuart good question. Look whos here. Dave portnoy, founder of barstool sports and regular guest on this program, and a star in his own right. Should we pay stop laughing College Athletes . Yeah, i think you probably do have to pay them. You know, i love College Football, i love college basketball. Each school, give them a set amount of money, fight for players, pay the players. Thats the easiest way i see to do it. Stuart i come at this from a complete outsider. I wasnt born and raised in america so i dont have that feel for College Sports, not getting paid, the amateurs, really putting that effort into the game. Im away from all of that. Would it actually destroy the way we feel about College Sports if you paid them . Well, most people care about bigtime College Sports. We are not talking d3. If you have a brain, you already know thats t its a business. They are going and getting paid under the table, doing this, doing that. To me it doesnt change it. Its already professional sports. Its already a big business. You might as well bring it to the forefront. Nobody likes the ncaa. The ncaa is corrupt. Everybody hates them. Doesnt matter what side of the aisle, who youre for. Stuart i didnt know that. Yeah. Theyre despised. Stuart why so unpopular . Because they act like they have the students interests in mind, the schools, and they dont. Its decision after decision after decision where they are just about making money which is fine, but then you have to pay the athletes. You have to pay the people making you the money. Stuart i think this refers, it says in california, this allows College Athletes to get an agent so they can charge money for endorsements and charge money for using their own image. Right. Stuart in a game, video game. I cant see whats wrong with that. Well, whats wrong with it will be if californias the only state that does it, everyone will want to play football in california. Then all of a sudden, guess what, the s. E. C. Stinks, the pac10 stinks. If you go state by state its going to be a mess. Maybe the end of college athletics. Stuart what it means is california is dictating the terms to the rest of the country and the ncaa doesnt get a word in. Yeah. The ncaa is like, you know, the schools could go do their own thing. I will be honest, i dont care about the issue. I care about this. I want to be able to watch College Football on a saturday. I want to be able to bet on College Football. I want to be able to do what i do. This is putting the whole thing, it starts 2023. They got to come up with a universal law or else the whole thing will fall apart. Stuart fascinating. Even though im a complete outsider to it. Dave portnoy, thank you for being here as usual. Always good stuff. You are a good guest. More varney after this, promise. Lets take a look at some numbers 4 out of 5 people who have a stroke, their first symptom. Is a stroke. 80 percent of all strokes and Heart Disease . Preventable. And 149 dollars is all it takes to get screened and help take control of your health. Were life line screening. And if youre over 50. Call this number, to schedule an appointment. For five painless screenings that go beyond regular checkups. We use Ultrasound Technology to literally look inside your arteries. For plaque which builds up as you age and increases your risk for stroke and cardiovascular disease. And by getting them through this package, youre saving over 50 . So call today and consider these numbers for just 149 youll receive five screenings that could reveal what your body isnt telling you. Im gonna tell you that was the best 150 i ever spent in my life. Life line screening. The power of prevention. Call now to learn more. Stuart this is close to the low of the day. The dow is down 210 points. That is 3 4 of 1 . A similar loss on the s p, down about she 3 4 of 1 . This selloff began precisely at 10 00 eastern time. We received an update on the Manufacturing Sector. It is contracting to. That is according to this report. That did not go down well on wall street. Even though a contracting Manufacturing Sector may suggest that the fed will lower Interest Rates at a more rapid pace. That is on the sidelines. Right now the market is reacting to slower manufacturing. Neil, it is yours. Neil thank you, stuart. That sort of undid what it did what looked like a pretty good rally. It is october. Were playing the organ. We were thinking about doing everything in orange. This slowdown fears historically scary month for investors. Some of our more noteworthy tumbles have been this month, 1929, 1987, 191989 and