Transcripts For FBC Varney Company 20240712

Terrific rally. But your 401 k has taken a hit. I think election chaos is largely to blame, and well bring you that debate throughout the show today. Look at this, as of right now, well, we had a huge selloff yesterday, and heres where we stand this morning, were way down again. A hot more selling. More a lot more selling. More worries about a second wave in europe, and there has been an uptick in virus causes here. Look at this, the dow down maybe 160 points. Youre back to 26,500, s p down 25, and look at that nasdaq, 10,600, down 150 as of right now. Premarket. Were on it. And heres what youre looking at right now, a uhaul truck in louisville, last night. It had been prepositioned, loaded with protest signs. The Kentucky Attorney general will not prosecute two of the three officers involved in the death of Breonna Taylor are. After the decision came down, the uhaul was unloaded, and violent protests began. Who paid for the signs . Who organized this protest . Two Police Officers shot in louisville last night. Disturbances in several cities. Urban violence is going to be an election issue. Were going to cover it all. Lou dobbs on Hunter Bidens influence peddling and joe biden doing nothing about it. Larry kudlow will join us. The administration help the airlines and the hotels . Good questions. Varney company is about to begin. Will you commit to making sure that there is a peaceful transferal of power after the election . Were going to have to see what happens, you know that. Ive been complaining very strongly about the ballots, and the ballots are a disaster. Get rid of the ballots, and well have a very peaceful there wont be a transfer, frankly. Therell be a continuation. The ballots are out of control. You know it, and you know who knows it better than anybody else . The democrats. Stuart there you have it, the president acknowledges election chaos. Investors do not like it. Look at this. Again, were showing you the premarket, the futures action down, red ink all aacross the board. Susan li we me as usual. Give me your take. We have multiple factors at play. Election, stimulus uncertainty, also rising covid cases across the way in europe and also right here in the u. S. Weve seen cases go up since mid september, and you stretch tech valuations as well. The good news is were six months on from the march 23rd bottom that we saw, and the s p is up 45 since then. Thats the longest rally West Virginia seen since 2009 rally weve seen since 2009 but were 10 points away from correction territory. Traditionally a weak month for stocks, september, it has been way back to 1950, election cycles usually get a stall through the end of the year, but i should point out that the betting markets and rbc markets has quoted them this morning, the betting markets are favoring a Democratic Victory in the white house, the house of representatives and the senate. So odds for democratic control of the senate still remain the most volatile. Stuart good lord. Theres more election risk as far as investors are concerning. Yes. Stuart maybe a win for the senate democrats. Did you see this morning, 870,000 jobless claims last week . Continuing claims was a bright spot because you had less people on longterm unemployment, so theres been a pickup in people being rehired. Stuart ive got a feeling the election overshadows the whole thing. Lets bring in market watcher gary kaltbaum. Ive spelled it out, i think the election is causing this selling what do you say . Well, im in florida, so two words, hanging chads, come to mind. No doubt. Look, uncertainty has always been a problem for markets, and when were dealing with an election where you have two people that are just so opposite of each other, especially on tax policy which really drives the economy, youre seeing what youre seeing. But susan li is right also thank you. On the fact weve had a really good run in the market. The nasdaq went crazy to the upside, and you do need corrections. Theyre a normal course of business. And ill give you some good news. Seven times since 1987 bear markets or 10 plus correction have bottomed in october, and im not predicting it, but thats what im going to be looking for as we continue lower right now, especially in the leading nasdaq area. Stuart i just want to continue on this election chaos theme. Its not just a delayed and contested election. Susan just raised the issue of the betting markets which are predicting a biden win. Maybe a democrat win in the senate and for sure a democrat continued win in the house of representatives. Thats election risk of a different kind. Its the risk that the socialists get in and enact a socialist program. Well, ive been talking about this, and i dont think people have been loud enough about the tax policy. Joe bidens tax policy makes obama look like reagan. And i really do mean that. Were talking a selfemployed person in new york city or california makes over 400 grand, hes going to be paying in the mid 60s in taxes, in florida in the low 50s. So they call it the Social Security tax, they just might as well raise marginal tax rates up bigtime here. And thats going to affect the economy, its going to affect investing, and im not even talking about the fact that big corporations that are used to 21 tax rate now have to change to 28 . So thats less hiring, thats less investing, thats less profit, and i think theres a component with that also in the market. Stuart all right, gary, thanks very much, indeed. Weve got a say of red ink across the board this morning, dow, nasdaq, s p all down. Listen to this. Theres a new poll, and it says about twothirds of voters do not think the election will be decided on november the 3rd. In other words, delayed. Pete hegseth with us, fox Friends Weekend cohost. Youre talking to the people in minnesota. Trumps headed there tomorrow. What are people there saying about the delayed and contested election and the Supreme Court . Well, stuart, thanks for having me. Were here at the countryside restaurant in bemidji, minnesota, this is a big swing state. I think almost everyone here this morning has acknowledged that election day probably wont provide a call for either side, and the big fear, the worry, the anxiety youve been talking about, the uncertainty is how long are the ballots counted, how much is it disputed, how long are the lawyers involved. And thats why ive asked diner after diner this morning, they felt it was imperative that the president nominate someone as soon as possible, get el them confirmed before get them confirmed before the election so you dont have a 44 court that could possibly continue the uncertainty beyond the disputed election outcome. At least seat someone so youve got a 54 decision one way or the other, especially with the little bit of the flakiness of Justice Roberts lately. You dont want to have that 44 split if anxiety continues with a contested election. Its almost baked in, stuart. Theres a recognition Election Night wont be the same. Stuart there were more protests last night, two officers shot in louisville following the grand jurys findings in the Breonna Taylor case. Violent demonstrations in minneapolis, more last night, i believe. What now, youre in minnesota. What effect on the election from these violent, ongoing protests . Well, the big question is how much will democrats, including outstate democrats in places like minnesota, embrace the radicalism of inner city democrats who are talking about defunding the police. Those conversations are sometimes echoed by democrats as far north in places like this, does that really resonate with voters . Do people really want to hear the idea that you would defund the police . Those kind of radical ideas are what are turning people away from them. Remember, in minnesota its the democrat arm labor party, turning them away from the dfl and turning them to President Trump and are republicans who are simply saying law and order, supporting our police is important. When you see riots like that increasing violation, and it translates into the democrats not supporting police, that has a political consequence for them especially outside of urban cores. Stuart all right, pete, thanks for joining us this morning. Well see you again later. Thank you, stuart. Stuart take a look at tesla. Down big yesterday, down premarket this morning, down another 20. Cut the price target to 377, its at 360 now. Look at nikola, down bigtime premarket, web bush has downgraded them to underperform. They cut the price target from 45 to 15 per share. You know, susan, electric vehicle makers in very bad shape right now. Well, given that we have that california bill signed yesterday looking to end gaspowered vehicles by the year 2035, you would think that would be a boost to their stock price, but i think nikola and tesla are go go are two different cases. Stuart i just dont think that electric vehicle makers will have that big an impact on the vehicle market. I think think theyre going to get 10 of the market overall by 2030. Well, again, if you have legislation and regulation thats pushing states and customers towards electric, that might change. Stuart okay. But im not buying tesla or nikola right now, thats a fact. Thanks, susan. Check futures again, please. Were down, down, down, all across the board. Were talking election chaos, but were also watching a second wave of the virus in europe and what that may mean for us. Dr. Fauci, he says we could get a vaccine for every american but not til next april. And look at this, this video emerging now, protesters in louisville grabbing what might be called demonstration supplies from the back of a uhaul truck. Sure looks like the riots and protests are paid for and organized. Then theres hunter biden receiving 3. 5 million from the wife of the former mayor of moscow. Oh, it was a Wire Transfer. What did he do to get that money . Looks like influence peddling, and joe biden did nothing about it. Big show ahead for you, lou dobbs, larry kudlow. More varney coming up. Smooth driving pays off with allstate the safer you drive the more you save youve never been in better hands allstate click or call for a quote today groans hmph. food grunting menacingly when the food you love doesnt love you back, stay smooth and fight heartburn fast with tums smoothies. Tum tumtum tum tums with tums smoothies. Lookentertainmentour experience xfinity x1. Its the easiest way to watch live tv and all your favorite streaming apps. Plus, x1 also includes peacock premium at no extra cost. This baby is the total package. It streams exclusive originals, the full peacock movie library, complete collections of iconic tv shows, and more. Yup, the best really did get better. Magnificent. Xfinity x1 just got even better, with peacock premium included at no additional cost. No strings attached. In november youll probably see, you know, 50 million doses available. By december maybe another 100 plus million. And then when you get into january and february, by the time you get to april, therell be a total of about 700 million. But were not going to have all of the doses available, for example, by the end of december. They will be rolling in as the months go by, and by the time you get to maybe the third or fourth month of the 2021, then youll have doses for everyone. Stuart dr. Fauci there says we could have enough doses of the vaccine for every american by april. All right, thats what dr. Fauci says. Susan, what have you got on the vaccines . Look, we have nearly 150 coronavirus vaccines in development around the world including in china, russia and the u. K. , elsewhere as well, 38 already in human trials, 9 are in advanced phase three trials. So Johnson Johnson johnson, sg their singledose trials this week, but you also have other pharmaceutical players in the raise including race including pfizer, moderna, and while final stage testing might stretch on for month or even years and the efficacy and durability of protection, i think President Trump is right, you could have interim results from phase three, and that might be good enough for a vaccine to get Regulatory Approval if you get the status at the end of october or november and before the winter months. Stuart got it. Lets move on to the testing news. Our guest this morning has created the first athome rapid virus antigen test. Hes the founder and ceo of gors, im not sure the pronunciation,gauss. Ive got a series of questions for you. First of all, has your test been approved . So the test is currently going through clinical trials. It has not been approved yet, but were very confident it will be approved, authorized through the emergency use authorization pathway later this fall. Stuart okay. How effective is it . Can you say that . Can you answer that question at this point. Yeah. So heres where were at right now, so were going through the clinical trials. Were feeling very confident about the data were seeing. We have some independent validation that ours is more accurate than ones that are already on the market, so were feeling very confident about the accuracy. Stuart okay. Its an antigen test, and i figure that tells you whether youve had it or not. Why dont you tell us how your test works. Yeah. So, actually, just to clarify, an antigen test actually tells you if you have a current infection or not. Thats very different from Antibody Testing which is a bloodbased test that tells you if youve previously been exposed. The way our test works, its actually quite simple, and we really optimize this for people like you and me to do this at home. The way the test works is you take a nasal swab, a simple nasal swab in both nostrils, you dip the swab in a little vial of solution, and a few minutes later you drip that solution onto a rapid test. It looks sort of like a pregnancy test, so you can do this in your own home setting. In about 15 minutes, we have a mobile app that uses Artificial Intelligence and Computer Vision elements to allow you to take a scan of that test and to accurately interpret that with the same accuracy and precision of a laboratory the technician or a clinician. Stuart okay. Whats the total time here . Because what we really want is a very, very rapid, are almost instant test. It doesnt sound like youve quite got there yet. Yeah. So i think as quickly as possible is, obviously, a great goal. This takes about a 15 minutes from start to finish to perform. And we think that is actually at the lower end of obviously going to a lab and doing a pcr can take at least 24 hours if not days to see the results. To we think this is going to be a paradigm shift. Stuart im sorry to limit the time here. Thats very interesting, is and im glad youre on the show. Finish si, the darth, we appreciate it, sir, thank you very much. Take care. Stuart now this. Europe facing a new surge in virus cases. Several countries announcing new restrictions, and theyve got a pause on reopenings. Because of this, susan, is europe facing a doubledip recession . If we dont get e the right stimulus, people say we might see a double dip, the good news is that the death rate has dropped. Europe is trying to avoid a second round of lockdowns, you have current restrictions on 13 million u. K. Residents travel across the atlantic might be hindered especially with 14day mandatory quarantines, and that could hurt the airlines, hoe i tell names hotel names. Were going to hear from from fed chair powell and steve mnuchin, the treasury secretary, later on today, and theyre also arguing for fiscal stimulus. Thats the way also in case also in europe. How do you stimulate an economy thats been decimated by a pandemic, right . More people are expected to lose their jobs, so the European Central bank says lets stimulate more, helping those furlough ared workers because you could be, youve got a high probability of being laid off permanently. Stuart and how far do you lock things down all over again . Thats an unanswered question. I think europeans are unwilling to do a total lockdown the way that they did in march and april. They dont want that. I think the markets are not anticipating that, at least until next year, 2021, so if we get some agreement, that may be a positive for the stock market. Stuart take a look at big tech. Why not . Youve got to these days. The Justice Department is now pushing congress to end Legal Protections for some internet companies. Susans got details. You know, this is one of the reasons why google, apple, facebook, twitter, thats why theyre down so much, the threat of legislation and restrictions. Meanwhile, the overall markets are going to be down again, off 150 on the dow, 130 on the nasdaq. The opening bell moments away. Well be back. keeping your oysters growing while keeping your business growing has you swamped. you need to hire i need indeed indeed you do. The moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base so you can start hiring right away. Claim your seventyfivedollar credit when you post your first job at indeed. Com promo when i came to the u. S. , my family was really poor. D. Now, ive got fifty employees. When the pandemic hit, i was really scared about losing my business. But osmar, my Financial Advisor from northwestern mutual, he told me, brother we got your back. His Financial Planning helped to save my business. If i could talk to my younger self, i would say, youre going to be proud of yourself. Stuart three minutes before we start trading this thursday morning. Look at that. A ton of red ink. Going to be down almost across the board. And and theres this, the Justice Department is pushing congress to end Legal Protections for some big internet companies. Susan, surely thats another reason for the selloff. Youre looking at the declines, yeah, another drag on the big tech names, google, facebook, twitter and more, social media, i would say. Were talking about a section of the 1996 Communications Decency act that shields internet companies. Weve heard this before, attorney general bill barr has mentioned this, also the executive order from President Trump, and most experts think a repeal of this type is unlikely to take place this year. In fact, some fcc commissioners say itll take two years in order to repeal section 230. But if democrats win, they have also said that they will review this part of the 1996 communications act. Its not a done deal if the republican lose the senate or the white house, and democrats on capitol hill say they have plans to discuss this. Big tech is also in the eye of democrats as well. Stuart here we go again with the threat of legislation and restrictions on big tech somewhere down the road which affects their price now. Right. Stuart because any Big Tech Company any company hit with an investigation from congress is in trouble. But youve also had a runup in big tech, theyve led the 45 comeback from the bottom, the depths on march 23rd, so amazons come off a bit, record highs closer to 3300 and facebook finished above 300 in one session in recent months. Stuart i was just going to say that. Microsoft was at 230, as i recall. Yeah. Stuart apple with us as 130, was it . 140 . Big tech makes up about 25 of the s p 500, and thats the highest influence that weve seen in 25, 30 years. Stuart its understandable. These are the companies of the future. But if theres another lockdown, can you imagine, though, that there is more money rotating back into these workfromhome lockdown names like peloton, companies that have shown growth during the depths of covid in march and april. Stuart if america was hit by a second wave and there are more restrictions on our economic activity, i dont think that will be bad for big tech. Think about europe, we talked about rising cases once again on the european continent, around the rest of the world. I think this would be a positive benefit stuart yeah. I think it would be a positive for big tech. I hate to say that, but until be. All right. Weve got, lets see, 19 seconds to go, and weve got 10 seconds to go as i keep on saying, they will ring that bell. Here we go, 3, 2, 1, ring that bell, thank you. A little late on that one [laughter] got it. Stuart were almost there. , you know, why im smiling because were going to go down. 9 30 thursday morning, the market has officially opened to the downside. At some point well figure out there you go. Almost all of the dow 30 are in the red, most of it, vast majority. But at this moment were only down 77 points. S p 500, i think, susan, that puts it into correction territory . Very close. Stuart down 12 . 10 down. Stuart okay. All right. Were about to be joined by the fox news channel. Stu, good morning to you, thanks, always good to have you here. You look at these numbers, and what because it tell you . Stuart which number are you talking about, the jobless claims . Yes. Stuart thats irrelevant to today thes market. Thats my personal opinion, okay . 870,000 new unemployment claims filed. Thats not whats motivating this market at this point. Sandra, im going to tell you straight, whats motivating the market, whats motivating sellers, and theyre out in force again today, is the threat of election chaos. That would mean a delayed and highly contested election, probably decided by the Supreme Court. Investors really dont like that. But thats the way it looks to be going at this point. There is some concern about a second stimulus or a new Stimulus Program. Were probably not going to get it. I mean, congress is wrapped up in a debate about the next nominee to the Supreme Court. That is toxic, indeed. Hard to get a Stimulus Program out in that kind of environment. And theres also some regular profit taking. These big tech companies, for example, have gone straight up. They dominate the overall market. It was almost certain that they would come down at least a little, and theyre certainly down right now. Thats whats happening. Its a selloff again, sandra. Really interesting analysis there, stuart. You cant rule out, to your point, the fact that theres a lot of uncertainty that is guilding in this Market Building in this market. Obviously, with the stimulus package, an uptick in covid cases in some lawyers of the country and abroad, by the way, and the potential for more shutdowns. Now you have the Supreme Court vacancy. And as you and i have talked about for years and years, markets do not like uncertainty. When it comes to those jobless claims though, stuart, you do have the number that psychologically big million mark. But still at 870,000 americans filing for firsttime jobless benefits. What does that tell you about where we are overall in this economic recovery as we try to claw back from this shutdown . Stuart thats a fair question. I dont want to discount these jobless numbers entirely. What the latest numbers tell us is that the recovery, the pace of the recovery is not as rapid and dynamic as we would like. Weve heard forecasts that in the Third Quarter and were in the Third Quarter right now well have a growth rate of well over 20 compared to the Second Quarter. Now, thats astronomical growth rate. When you look at these jobless numbers and the number of people who are longterm unemployed, millions and millions and millions of people, that implies that we wont have quite that 20, 25 growth rate in the Third Quarter. Its a bit of a negative but not a terrible negative. And as you can see, the dow at the moment is down, what, close to 100 points, nasdaq down about 56. Any way you slice it, sandra, weve got a selloff in progress. And ill repeat, i think its largely because of whats likely to happen, whats certain to happen with election delay and confusion. So theres a lot of anticipation for that. Meanwhile, when it comes to this stimulus package and the hope for one, as you know, there are many struggling Americans Still out there, stuart. So leading up to last friday, the passing of Ruth Bader Ginsburg, the debate was heated, and we all saw it going somewhere eventually. One side or another was going to give, something was going to get done. Usa today writes the battle in congress to replace rbg is dashing hopes for a covid19 stimulus package. So are we losing hope that somethings going to get done as far as help for the American People before election day, stuart . Stuart well, i have larry kudlow, hes on the show, my show, this show, in a couple of hours, and i will ask him that. I just wonder if there is some way that the president can stimulate the economy, get some more spending, some new measures out there to get things going without necessarily going through congress. It looks doubtful that congress can separate out the toxic discussion of a replacement for Ruth Bader Ginsburg on the Supreme Court and a stimulus package. The two are intertwined because of this terrible relationship between the two parties in congress. So im going to ask larry kudlow do you think the president could get something done without congress, because he wants something done. I believe that larry kudlow wants some kind of targeted help for the economy, and i think most americans would like some targeted help as well. So can they do it, can they pull it off without congress. Good question and i will ask him. Final thought, stuart, i know youve got to get back to your show, well get back to ours, but Small Businesses. You know this is the heart of our economy, this drives the american economy, and they have struggled through this pandemic. What are you seeing and hearing about those small buzzes being able to come businesses being able to come back . You look here in new york city, we had more violence in the streets last night, you have restaurants that are barely hanging on if they havent already had to shut their doors permanently. What are you seeing and hearing on that front as so many are struggling to survive, stuart . Stuart if you limit it to bars, restaurants, travelrelated businesses, i think the outlook is grim. Yeah. Stuart in the extreme. Now, they may get some more government help. I dont know about that, they may get some more government help. But even if they do get some more help, i think our society has changed significantly because of the virus lockdown. And i dont think were going to go back to anything like normal when it comes to eating out, having a drink at a bar, getting on a plane, getting on a cruise ship. I think sometimes have change times have changed, and those industries, those Small Businesses in those industries are going to take a hit, and its a very sad thing. Add to that so many still working from home. Stuart varney, great to have you. Thank you. Stuart sure thing, sandra. Okay. Stuart all right. Let me check that market because were still down across the board, and the price of oil is back to 39 a barrel this morning. Let me tell you about gas prices too. Youre still looking at very cheap gas, quite frankly, 2. 19 is the National Average for a gallon of regular. If you want the cheapest gas in the nation, mississippi. The average price there is just 1. 84 a gallon. And while were on the subject, look at california. What do you think the average price there is . Ill tell you, its 3. 22. 2. 19 nationally, 3. 22 in california. And ive got news on gasoline in california. The governor there, gavin newsom, hes now looking to ban the sale of new gaspowered cars by 2035. Ive got more on that coming up for you in just a moment. First, though, President Trump doubling down on election uncertainty, refusing to answer a question about the peaceful transition of power when the results come in. That surely is a factor on why the markets are down again today. And then we have mark [inaudible] hes worried about volatility in the markets, and i say its inevitable given whats going to happen in november. Mark grant, what are you going to tell our viewers . Hell tell us what hes going to tell you next. Hi, this is margaret your Dell Technologies advisor to listen, is to hear more than whats being said. And offer the answers that make someone feel truly heard. I understand, lets get started call a Dell Technologies advisor today. Im a delivery Operations Manager in san diego, california. Weve had a ton of obstacles in finding ways to be more sustainable for a big company. We were one of the first stations to pilot a fleet of zero emissions electric vehicles. The amazon vans have a decal that says, shipment zero. Were striving to deliver a package with zero emissions in to the air. I feel really proud of the impact that has on the environment. But were always striving to be better. I love being outdoors, running in nature. We have two daughters. I want to do everything i can to protect the environment to make sure they see the same beauty ive seen in nature. My goal is to lead projects that affect the world. I know that to be great requires hard work. Here . My goal is to lead projects that affect the world. Nah. Here . Nope. Here. When the middle of nowhere. Is somewhere. The allnew chevy trailblazer. Stuart gold sold off bigtime yesterday, and its down another 11 now, 1856 an ounce for gold. Bitcoin, wheres that . Its at 10,335, up 50 today, but 10 grand is your range. And as for the yield on the 10year treasury,. 66 . Not much change there. I want to bring in mark grant, a man with vast decades of experience, and here he is. Hes worried about volatility. [laughter] all right, mark, whats the biggest factor in this volatility . I say its the election. What say you . Well, there are three major ones, the election certainly is one that could cause not only volatility, but some significant swings to the downside. And then, of course, theres can china and the pandemic, which if they ever did discover the vaccine, could cause a swing to the upside. But i agree with you, stuart, i think the election is the key factor at this point in terms of driving the markets. Stuart i know you dont normally do this, but would you give our viewers some advice, especially viewers who are in their 70s, shall we put it like that. Would you tell them to sell . I would tell them to have some additional cash. I think there are two good strategies. One is appreciation, whats talked about on your show and in the media 90 of the time, and i also think theres a cash flow strategy. So i think there are two strategies in here, but i think cash, some out of the money puts, some protection is advisable at this point as i warned about in my commentary today out of the box. Stuart can you just tell me, youve mentioned this before, a closedend fund. Theres a pretty good yield on these things at the moment. Can you just tell me, how do they work . So closedend funds are similar but not the same as etfs. Theyre a very overlooked part of the market, and you can find some doubledigit yields, and you can find some monthly payer payers, and they range in a variety of sectors from bonds, convertible bonds, real estate, equityies, the Energy Sector which i would avoid right now stuart would you just buy into them like you buy into a stock . Right. They trade on the exchangeses just like a stock or an e tf. Liquid, theyre all listed on your exchanges, or the ones i use are stuart and if you find one thats yielding, i dont know what it is, 5, 6 , Something Like that, is that 5 or 6 yield in any way guaranteed . Is it safe . Sure. You can find doubledigit yields, and there is no guarantee, no. Its like anything else with a dividend, the board of directors can raise em, lower em, cut em. So youve got to do a lot of homework. Theyre complicated. Stuart last one. Youve been around for a long time. [laughter] yes, i have. Stuart so have you ever seen anything like this before . Ive certainly never seen anything like this in terms of the pandemic while ive been around on wall street 46 years, i wasnt around for the last one, thank you. [laughter] and the, this election, you know, generally in my lifetime, you know, the democrats are a little bit to the left, the republicans are a little bit to the right, ive never seen anything like this. And frankly, im concerned in terms of what this is going to the country, in terms of the violence in the streets and then in terms of it could be weeks before we know what the actual results were of the election, and i suspect whoever looks like the losing party is going to challenge it in court, and i think its going to be a big mess going toward the end of the year. Stuart i agree with you. Thats what i mark, i agree with you entirely, and i think thats whats really spooking this market. Mark grant, see you again soon. Thank you, stuart. Stuart sure thing. I want to check up on a company, a stock, goodrx. Opened for trading on the nasdaq. Now, that was yesterday. They went straight up yeah, straight up, up 50 on day one in a selloff after selling shares at just around 33. I think thats pretty impressive, and theyre holding on to their gains today, most of it. And this is a drug coupon company, and its valued at close to 20 billion now. It was only worth 3 billion two years ago, but this is an example of companies and growth that investors are willing to paw for. Is so remember we also to pay for. Remember we also saw snowflake as well, day one debut, a poster child for ipo mania since we more than doubled on day one. However, were paring back, it sold shares at 120, finished day one closer to 300, and some people, including summit, said its the most overvalued name in technology. Then you also had the unity software, 3d gaming software, up 44 , jfrog up similar levels, did pretty well, and people are calling this robin hood feedback loop which means day a traders on this new trading app, a because retail investors, you dont get a lot of access to ipo stock supply, and the only way you do is when it becomes public for everyone to trade. So when theres so much demand, limited supply, thats why you have these huge day one surges. Stuart these are the industries and companies of the future. Software. Stuart investors want to get in over the long term. Even you understand cloud now. Stuart i do, indeed. Alexandria ocasiocortez calling on new york governor cuomo, hey, raise taxes in new york state and new york city. Coming up, im going to talk about the demise of the cities and the heft arists that are killing them leftists that are killing them. Listen to this, california Governor Newsom, the sale of new gaspowered cars stops in 2035, how on earth does that work . Were into it. And is that good for elon musk . Right now teslas valued at more than the entire japanese car industry. Good lord. Well talk to the man that says musk is plan being on industry domination. Well be back. So youre a Small Business, or a big one. You were thriving, but then. Oh. Ah. Okay. Plan, pivot. How do you bounce back . You dont, you bounce forward, with serious and reliable internet. Powered by the largest gig Speed Network in america. But is it secure . Sure its secure. And even if the power goes down, your connection doesnt. So how do i do this . You dont do this. We do this, together. Bounce forward, with comcast business. Stuart all right. Let me get back to california Governor Newsom signing this executive order banning the sale of gaspowered cars by 2035. Lauren, hows it going to work . Stuart, it might not work because its an executive order which means its unilateral. It will be harder for Governor Newsom to defend against a legal challenge in court, but he did call on californias environmental agencies to create these rules to insure that all new cars sold in the state be electric to tackle climate change. 35. In the next 15 years, we will eliminate in the state of california the sales of internal combustion engines. This is a herculean task. California is the largest car market in the u. S. It puts pressure on the automakers. Not only do they have to produce more electric cars, they have to bring down the price tag. It puts pressure on the infrastructure. You need charging stations. And, of course, the electric grid, they have to handle this upsurge. They already face so many rolling blackouts as it is. Okay. A lot of questions about this story. You can drive any gaspowered car if you bought it prior to the year 2035, and you can drive it until the wheels fall off of it. You can also sell older gas models after the year 2035. Stuart all right. If youre combating climate change, you can do anything you like in california. Thanks very much, lauren. Lets talk tesla. Elon musk promising the world to investors and customers during his battery day presentation. Levi tillemann is with us, hes an expert in this area. All right, musk made some big promises. He says hes going to have longrange batteries for 40 million electric vehicles by the year 2030. Can he do it . Yeah, well, its actually the equivalent of almost 50 million longrange model 3s. I dont think all of those are going to go into electric cars. Some of them are going to go into battery storage, but musk is looking at an Industrial Transformation that is really on the scale of fords Assembly Line and the model t. If musk can accomplish this, its going to be a gamechanger for industries around the world. Stuart well, do you think he can accomplish this . You know, lets wait and see, one of those dangerous places to be is between elon musk and wherever he wants to get to, so i wouldnt bet against him. Stuart okay. Heres what i find incredible, and i dont think itll hold up. Tesla is valued at more than the entire japanese car market. You cant, that cant last, can it . Its totally wild. Tesla is valued at more than every single japanese oem combined, and japan is one of the largest manufacturers of automobiles in the world. I stopped trying to make sense of teslas market cap quite a while ago, but that said, tesla is tackling some big industries. Theyre looking at a automobiles, at autonomy, attar official intelligence, at energy with their solar panel business. If they can awe achieve dominance or even a strong position in all of these industries, then they will be a trillion dollar company. Stuart amazing. Levi, thanks for joining us. Interesting stuff, and well get back to you shortly are. Programming, quick note for you, special guests on the show, lou dobbs, larry kudlow, both of them, i should say, coming up. But first, hunter biden received a Wire Transfer, 3. 5 million, from the wife of the former mayor of moscow. What did joe biden do about that . Ill answer the question, nothing. More on that in my take after this. This is decision tech. Find a stock based on your interests or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. This is how we live every single day. Can we go and play . roaring of engines i needed to try needed to fall i needed your love im burning away i need never get old 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. Call now and get your free info kit. Other mortgages are paid each month, but with a reverse mortgage, you can pay whatever you can, when it works for you, or, you can wait, and pay it off in one lump sum when you leave your home. Discover the option thats best for you. Call today and find out more in aags free, noobligation reverse Mortgage Loan guide. Access taxfree cash and stay in the home you love. Youve probably been investing in your home for years. Making monthly mortgage payments. Doing the right thing. And its become your familys heart and soul. Well, that investment can give you taxfree cash just when you need it. Learn how homeowners are strategically using a reverse Mortgage Loan to cover expenses, pay for healthcare, preserve your portfolio, and so much more. Look, reverse mortgages arent for everyone but i think ive been round long enough to know whats what. Im proud to be part of aag, i trust em, i think you can too. Trust aag for the best reverse mortgage solutions. Call now so you can. Retire better groans hmph. food grunting menacingly when the food you love doesnt love you back, stay smooth and fight heartburn fast with tums smoothies. Tum tumtum tum tums with tums smoothies. Good job, michael does. Ok, lindsey now tell the class what your mommy does. My mom has super powers. Its like she can see the future. What . its like she time travels in a rocket ship. Thats cool and then she comes back saying try this or try that. She helps everyone. She helps them feel less worried. Wow mommy, so what is it that you do . Im a Financial Advisor. She is aig proudly supports all the professionals taking care of our Financial Futures. Stuart the report on hundred hunter biden business dealings in ukraine spells it out. He profited the from his fathers business position as the Vice President of the United States. He got the money because he was joe bidens son. Influence pedaling. Why doesnt joe biden do something about it. Hunter was hired by a Ukrainian Gas Company as a consultant. The gas company was buying influence and the report shows they knew it. Sew did the state department and officials raised the issue with the Vice President s staff. Nothing came of it. Joe biden did nothing. There were other business dealings that wreaked havoc, im sorry, wreaked influence, that wreaked of influence pedaling. He got he opened a bank account with a Chinese National that funded a 100,000dollar shopping spree. So where is the outcry in the media . Where are the editorials condemning influencepeddling in all its form . You dont see much of that, do you . The media is all in with anything joe does. Can you imagine the reaction if a son or daughter of President Trump had taken money from russian oligarchs or Chinese Business interests, that would be something to see, wouldnt it . The media dismisses all of this, because joe biden did nothing wrong, perhaps that is technically, legally true, but when the son of a sitting Vice President takes millions from foreign erstwhile his dad you does business with them, does nothing about it, it is child turning a blind eye to influencepeddling. He can avoid questions but he cant avoid faces donald trump next tuesday. The second hour of Varney Company roll on. Stuart look at this. We turned positive. All across the board. The dow is up, what 44 . Nasdaq is up 58. S p is up nine. That just happened. We should also tell you, yes, we got lou dobbs and we got larry kudlow still ahead on this program. Dont go away, stay tuned for that. Keep watching that market. We also have an eye on capitol hill. Treasury secretary mnuchin testifying on the cares act and with chairman powell. As we get headlines well give them to you. We have mortgage rates. What do you got on mortgage rates, ashley . Ashley give you 2. 90. Good morning, stu. Last week was 2. 87, so a very marginal up tick. Freddy saying there are, there is room for these rates to come down even more even though they have been in this range for a while. They say higher home prices and a low inventory is essentially stifling what could be a booming Housing Market because the high demand continues to be there. Lack of homes and those higher prices are hurting however. Stuart gotcha. Thanks, ashley. Before we get back to the market i want to tell you about the latest read on new home sales. Lauren, what do we have on that . Lauren this is a very good number. 1. 01 million new homes sold in august. So that was stronger than we thought it would be. Also the number for july which was a 14year high, stuart. It was revised higher than first thought. Up almost 5 from july. New home sales in august, once again, 1. 011 million. Stuart i think at an annual rate. Theyre selling at an annual rate at 1. 01 million new homes. I think that is the annual selling rate right there. Before we go to Mitch Rochelle on the Real Estate Market i want to straighten out what is going on in the overall stoke market here. We turned positive a few moments ago. Now we just dipped few points to the downside for the dow. But the nasdaq and s p are still up. What happened . Seems that mitch mcconnell, senate leader, pulls out a tweet, saying there will be a peaceful transition after the election, a peaceful transition of power after the election. Market liked that, good enough to turn it around. Get back to real estate, Mitch Rochelle, a real estate kind of guy. He joins us right now. Home prices, they keep on going up. Will they keep on going up and why . It is simple supply and demand, stuart. The reality is, ash touched on it. There is very, very low supply of new or existing homes, especially if they continue to sell on a pace theyre selling new homes. The demand is strong. I said that last week. The demand for homes is very strong. We have low supply which means prices are going up. Stuart as i understand it the supply of homes, homes for sale on the market is about 1. 3 million. I believe that is the lowest level in many, many, years. There is just not that many homes for sale. Am i right in saying that . Youre 100 right. In fact the longterm average, im looking at my notes for homes is six 1 2 months. Now with the pace that were selling it is about two months supply of new home, new and existing homes on the market. So the fact of the matter is there isnt enough product out there. Some of the stuff for sale isnt really sellable because of the condition that it is in. The fact of a matter there is a complete dearth of supply on the market. Stuart we used to call those fixer uppers. Those are extreme fixer uppers. Those are beyond fixer uppers. Stuart what i dont understand. Prices are rising. There is a very short supply of homes for sale. Why dont more people step out there to put their homes up for sale . There is two reasons. One of the reasons is evaporating slowly and that reason is, people were not putting homes on the market because they didnt want people traipsing through their homes given the pandemic out there. That is starting to evaporate a little bit with time because there is ways to sell a home without people traipsing through it the way you historically would. The second thing is, those sellers dont know where theyre going. If they need to buy a home because of the home theyre selling, theyre buying into very tight market with limited supply. So it is simple case cant find a place to buy. Stuart yeah. If i was a realtor, i would be in paradise right now because prices are rising anyway. I think its a good time for you guys. Make hay while the sun shines, young man. Mitch rochelle. Sure thing. Stuart moments ago, President Trump arrived and the first lady arrived at the Supreme Court to pay their respects to the late justice Ruth Bader Ginsburg. Her casket will be move of the to the Capitol Building tomorrow where she will lie in state until next week. The first woman ever to receive that honor. That is happening now in washington, d. C. Her replacement, lets talk about that. House republicans just sent a letter urging the president to nominate Amy Coney Barrett to the open position saying she will quote, respect and defend the constitution. Senator kevin cramer is with us, north dakota republican. Mr. Senator, straight at you, do you want the vote on the new justice to take place before the legislation . Well, stuart i think thats, that would be the optimal time for the country t would be the optimal time for republicans but i also recognize there are some republicans who may think after the election would be better. I sort of yield to them, if you will. Im, my conviction is to vote this year and to vote based on my, my review of the candidate, the nominee and my vote wont change before the election or after the election but i think before is best. Stuart because we need nine members of the Supreme Court just in case, to avoid a tie if there is a disputed election. I want to move on to senator, im sorry, House Minority leader, that is Kevin Mccarthy. He is threatening to remove Speaker Nancy Pelosi from her position if she tries to impeach the president over the Supreme Court nomination. Hold on, senator. Just watch this. I will make you this one promise, listening to the speaker, on television this weekend, if she tries to move for an impeachment based upon the president following the constitution i think there will be a move on the floor to have her no longer, the question of her being speaker. She may think she has a quiver. We do too. Stuart mr. Senator what do you have to say about that . Sounds like a couple of chess players playing chicken. I think the speaker of course has thrown out this really rather absurd and drastic and unrealistic threat of impeachment and impeachment doesnt work well as i think we can all attest by this point but she hasnt learned that lesson. Too bad for her. I think leader mccarthy make as valuable point. This is not a onesided battle f youre going to do crazy things, were willing to go to the floor to remove her as speaker of the house. They probably didnt have votes to do it. You have to go through the process. It is embarrassing thing for the speaker to go through, she needs to know she doesnt get to act in a vacuum. I applaud Kevin Mccarthy for doing that. Stuart mr. Senator, we appreciate it always. Pleasure is mine always. Stuart were up across the board. That is complete reversal from where we were at 9 30 in the morning. Get back to that in a moment. Alexandria ocasiocortez calling on new york governor cuomo, hey, raise taxes in the state and new york city. As if she wants more people to flee the city. You have my take on that in our next hour. Also, as we keep telling you, big guest on the show, lou dobbs, larry kudlow. That is in the 11 00 hour. Were 40 days from the election. I dont think we get Election Results on Election Night. A new poll says 2 3 of voters agree with that, no result on Election Night. So what are we in for . Im asking art laffer next. This is the second hour of Varney Company. Still your best friend. And now your copilot. Still a father. But now a friend. Still an electric car. Just more electrifying. Still a night out. But everything fits in. Still hard work. Just a little easier. Still a legend. Just more legendary. Chevrolet. Making lifes journey, just better. You can go your own way go your own way your wireless. Your rules. Only Xfinity Mobile lets you choose shared data, unlimited or a mix of each. And switch anytime so you only pay for the data you need. Switch and save up to 400 a year on your wireless bill. With the carrier rated 1 in customer satisfaction. Call, click, or visit your local xfinity store today. Stuart 45 minutes ago when trading started it was red all across the board. 45 minutes later, 10 15 it is green all across the board. Why the turnaround . I got a couple reasons for you. First of all a tweet from leader mcconnell. The winner in of november the 3rd election will be inaugurated on january 20th. There will be an orderly transition just as every four years since 1792, putting to rest fears of a nasty election fight. There is also positive housing news. One million new homes were sold on an an oomphized basis this is in the month of august. That is a very good report on new home sales. That too helped turn the market around. It is a turnaround. The dow is now up 83. Nasdaq up 70. Yes, there are 40 days to the election, thats it, 40 days. A new poll says about 2 3 of vote es do not believe the election will be decided on november the 3rd. It will be delayed. That is what they say. Art laffer is with us. Art, i dont think, there is no way were going to get a result on november the 3rd. I think it will be dragged on on and be contested for many, many weeks, if not a couple months. I think that is it what is hurting the market, at least until today, what do you say . Well i was so disappointed in your earlier comments that you said it was Mitch Mcconnells email that got the market to turn around and do all that. I was sure it was the fact that i was coming on your show that everyone all of sudden saw that, bam, the market took off well, i guess i have delusions of, i dont think there will be a problem on the election day, november 3rd. I think it will be done quite easily. I think panic is all over places this happened a long, long time. It is a very calm period in u. S. History. The election is consequential but it is nothing like the election much 1940 or 1944 or 177, whatever the other ones were. I think it will all turning nicely. Trump is going to win and stuart art laffer, art laffer, what are you up to, good lord. Look, North Carolina, wisconsin still going up. Stuart wait a minute. Wisconsin, michigan, pennsylvania, in all those states, very important swing states, they dont start counting the hundreds of thousands of mailed in ballots until after the, several days after election day. And then you will get challenges from all the army of lawyers about that signature is not valid, this one is. Then you will hear calls, oh, youre suppressing the vote here. You think this is just going to be all fine and dandy and we get youre laughing. Come on, we have chaos coming down i am, a week later on november 10th or november 17th, it will all be over. The decisions will be made. The earth will be back to calmness and i think whatever happens in the election i think it is going to be fine. I think it will come through. We always had the armies of lawyers. We always had developments in the political counting, how the ballots are done. I think this is part of a progression, stuart, that is not a critical Inflection Point on the earth, i really dont. I think things will be very nicely transitional. And i think trump is going to win. I think well have a good economy Going Forward with great tax cuts, progrowth policies and i think youre going to get a Supreme Court justice named and voted and i think things will be very smooth and not chaotic. The streets, i remember as a kid the streets were like they are now in louisville and other places, my first year as a freshman at yale. We had the snowball riots with one person killed and all of this stuff. This is participate of the whole, sort of schtick if you will of history. I think getting too excited about it. It is a mistake. It gets your blood boiling. Then you need heart medicine. I know that. At my age of 80 i dont need to be too excited. Stuart youre 80 . I am. Stuart congratulations. You look wonderful. I made it. Whoohoo. My next goal is 90. I am really enjoying life too. You are too, stuart, i can tell watching all the time, which i do, i can tell youre enjoying life enormously well. This election is a beautiful, you have a real contrast. You know, youve got the best the democrats can put up i think is biden and kamala harris. I think they are the two best they could put up, much better than Bernie Sanders or Elizabeth Warren some of those other weirdoes. Stuart careful there, art . Clash of policies. People will get whatever they choose. Im not worried about the future of the u. S. Or the future of what is going to happen out of this election. I dont think it will be a constitutional crisis. Stuart 80yearold art laffer calmed us down with a big smile. We appreciate all of that. Art, we appreciate it. Thank you stuart, very much for having me on. I love it. Stuart thank you, art. Next, lets deal with facebook. Some kenosha protesters are suing facebook. Tell me about that . Susan this goes back to the violence in the protests. Four people that were affected by the shoot National August are now suing facebook, accusing facebook of enabling the violence not removing post from what they call the kenosha guard. Despite getting hundreds of complaints from users beforehand. Remember the kenosha guard had ties to the 17yearold Kyle Rittenhouse who has been charged with two counts of firstdegree murder. The page was with violent protests, celebrating deaths at the protests. Despite over 400 reports facebook failed to remove the page from its site after several deaths an injuries. Mark zuckerberg said it was a operational mistake not removing the events page beforehand despite getting all the complaints. Stuart theyre suing. Facebook is up a fraction. 250 a share. Next, apple under fire a response siri is giving. Susan has the full story. Susan siri, where are the terrorists, siri is directing people to police stations. Listen. Hey, siri, where are the terrorists . One possibility i see is Police Department on north irwin street. Does that one sound good . Susan so apple has apologized for this error they said and says it has been fixed. Now in their defense they say that siri directs users to the police when they make requests that indicate emergency situations according to the company and their statements. In this case siri misinterpreted as users wanting to report terrorist activity to police. So the issue has been fixed. They apologize. You know, it is technology. Artificial intelligence. Still cant read between the lines. Stuart it was a mistake. They corrected it. I think they will anyway. Understandable. Got it. Lets talk about pinterest. They are doing very well after the iphones latest update. Lauren, what is the connection between an iphone update and pinterest doing well . Lauren i got to try to explain this one to, you start. We like to decorate our online world. So what people are doing, theyre downloading pinterest and the new ios, the operating system from the apple at the same time because theyre using pinterest and what they can do in this new, this new operating system to decorate the wallpaper on the phones, they can customize their apps and their widgets. Because of this pinterest has seen a Record Number of downloads in september. It is driven many people say, by the new operating system from apple. As you know pinterest pandemic winner this year. Shares are up about 111 this year. So they have more than doubled. Stuart i must remember that the next time i want to decorate the wallpaper on my iphones this is key issue here. Key issue. Lauren i am sorry. Its a thing. A fashion statement. Stuart a fashion statement . Susan people care about backgrounds and cover pages on their iphone. I know i do. Stuart you do . Susan i do. Stuart i came standard with the phone. I never ever changed it. I wouldnt know how to change it. All right, ladies. Good input. Chairman powell wants more stimulus. Will we get it . I will ask larry kudlow, will we get more stimulus . He is on the show at 11 45. Hotels, they want more cash. In my opinion, that industry will shrink whether they get more cash or not. Right after this. Jean, did you know geico is now offering an extra 15 credit on car and motorcycle policies . Thats great thats 15 on top of what geico could already save you. So what are you waiting for . John stamos to knit you a scarf . All finished, jean. Enjoy thank you. I give. The stitch work is impeccable. Its just a double fleck pattern with a reverse garter stitch. No big deal. Is your hair this soft . Softer. Geico. Save an extra 15 when you switch by october 7th. Stuart everything in the green. S p, nasdaq, both of them on the upside just a little. Couple of stories here delta talking to airbus about delaying a order for about 40 of their jets. Of boeing using a new sanitation wand making planes t uses ultraviolet light done while the plane is in production to keep it clean. United airlines this is interesting, making rapid tests available for passengers. This is on limited routes. I dont know when they will do this but lauren, when does it start . Lauren i think it starts october 15th. I think this could be a gamechanger. United airlines is making immediate covid tests right before the San Francisco to hawaii route. You get the results in 15 minutes. That means when you land you dont need to mandatory selfquarantine that is a major issue why people are not flying. Great news for the Airline Industry which is losing a collective 5 billion a month. When the federal aid runs out one week from today, airlines for america, a trade group, is warning of 100,000 immediate layoffs, reduces flying, possibly completely eliminating service to some destinations. One more thing, a lot of people also dont want to fly because they dont feel it is safe. It is more than just having to quarantine when you arrive. So what some of the airlines are talking about doing, putting visual plastic barriers in between the seats to stop the spread of germs, like when someone takes down the mask to eat, for instance. Using more private Business Class seating or narrow body jets with the lie flat seat option and touchless bathroom facilities. Stuart i think you see more of the Rapid Testing right before you get on the plane to avoid quarantine at the far end. Lauren yeah. Stuart that seems like a very good idea to me. What is wrong with that . Lauren people want to go to places. There are some rules and they constantly change. Stuart they want to go to hawaii, lauren. Lauren i i would. Stuart three in four hotels, 75 will lay off workers unless they get a cash stimulus from congress. 76 say they will only be able to stay open six months at current occupancy levels. The write something on the wall. They face a real crunch soon. Chip rogers is with us. He is president and ceo of that association of hotel people. Chip, your your industry wants more money from the administration, i got it, but i put it to you, whether you get financial help or not your industry is going to shrink quite dramatically. Well there is no question the impact is significant. That shrinking has already begun. Thousands of hotels already shut their doors, many permanently. Iconic hotels like right there in midtown manhattan. Were seeing this. This is devastating. The health that congress offered first time through the cares package, ppp, absolutely wonderful, the problem it was only meant to last eight to 10 weeks. This challenge that were facing is now already half a year and so if they recognized that the problem needed to be addressed a few months ago, then they ought to recognize the problem still needs to be addressed. Stuart chip you were at the white house yesterday, talking about this, the hotel situation with the president. Does the president want to offer help to your industry . The president has been great. He certainly understands the industry but the problem is, is that his administration with respect to the main Street Lending act is really not doing much. I dont think it is necessarily the president. Secretary mnuchin has got to recognize this main Street Lending act he talked about the at very beginning back in march of being enormous benefit to keep the economy afloat is a miserable failure. The reason it is a failure, theyre not lending any money. Youre tajing about lending cash, were looking for lifeline, for a loan, were happy to pay it back. If you dont get something between now and next spring, thousands of Business Owners will lose their lifes work, that will not return for many years. Stuart what is the problem, chip . If the money is there, why cant you get at it . They wrote the rules so that if you have essentially real estate debt, you cant access these loans. All they have to do is rewrite the rules. It would be one thing, stuart if they had given the money out to other people, other people were using it to help the economy, thats great. They havent given the money out to anybody. Look, write rules, the standard rules that any bank would use, let us gain access to it. Let us get to next spring. Well happily pay the money back, but if you dont give us some sort of a lifeline, remember our industry is made up of small Business Owners. Survey said, 2 3 are about to go out of business forever. We cant have that. Stuart sure. Can you change the rules, rewrite the rules without congress . Because absolutely. Stuart congress, you can do it without congress . Absolutely. In fact the original rules were written by secretary mnuchin and hits team. So they can certainly change them. We dont understand why not. Stuart chip rogers, well follow this for you. We appreciate you being on the air today. Thank you, sir. Some countries in europe are announcing new virus restrictions. Uhoh, they got a spike in cases in a couple of states over there in europe. Ashley, does that mean that europe is facing a doubledip recession . Ashley well it could. It depends how far the restrictions go, stu. Spain and france seeing daily new cases the virus rise above the 10,000 mark. There are fears europes fragile economy could see a doubledip recession in the fourth quarter. The eurozone economy fell nearly 12 in the Second Quarter of this year but economists had predicted a rebound in the second half, at least they were optimistic for it. But, the latest data on manufacturing and services across the zone shows any hope of recovery has essential le stalled out. Then we talk about the uk is already imposing new restrictions after a warning from Health Advisors who say at the current rate of infections the country could see some 50,000 new cases aday by midoctober. That number he is slowing down. The uk government, stu, they say in the winter, will top up the wages of workers who have hours shortened because of new restrictions. That is a big bill for the government but trying to maintain the wages of those workers affected. Stuart that is a big bill indeed, ash. Thank you very much indeed. Lets get to the election. Do you realize it is 40 days away, thats it . President trump is warning that the result of the election could end up in the Supreme Court. Listen to this, please. President trump this scam that the democrats are pulling, it is a scam. The scam will be before the United States Supreme Court. Stuart i will see what lou dobbs makes of that. He is on the show in our next hour. First though, take a look at this, look at that, thats video, protesters unloading shields and antipolice signs from a uhaul truck right after Breonna Taylor decision came down. Is this proof these violent protests are being organized and paid for . More on that after this. Who is usaa made for . Its made for this guy a veteran who honorably served and its made for her shes serving now we made it for all branches and all ranks whether they served one tour or made a career of it. We also made usaa for military spouses and their kids usaa is easy to work with and can save you money on auto, home and renters insurance. Become a member today. Get an insurance quote at usaa. Com quote usaa. What youre made of were made for get an insurance quote at usaa. Com quote noand if youre troubledan a liby falls and bleeds,ners. Worry follows you everywhere. Over 100,000 people have left blood thinners behind with watchman. Its a onetime, minimally invasive procedure that reduces stroke risk and bleeding worryfor life. Watchman. Its one time. For a lifetime. 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. Call now and get your free info kit. Other mortgages are paid each month, but with a reverse mortgage, you can pay whatever you can, when it works for you, or, you can wait, and pay it off in one lump sum when you leave your home. Discover the option thats best for you. Call today and find out more in aags free, noobligation reverse Mortgage Loan guide. Access taxfree cash and stay in the home you love. Youve probably been investing in your home for years. Making monthly mortgage payments. Doing the right thing. And its become your familys heart and soul. Well, that investment can give you taxfree cash just when you need it. Learn how homeowners are strategically using a reverse Mortgage Loan to cover expenses, pay for healthcare, preserve your portfolio, and so much more. Look, reverse mortgages arent for everyone but i think ive been round long enough to know whats what. Im proud to be part of aag, i trust em, i think you can too. Trust aag for the best reverse mortgage solutions. Call now so you can. Retire better stuart there was a turnaround on the markets. Now were back to the downside. Were off 90 points. It is a real zigzag today so far. 9 30 when the market opened we went straight down. 10 00, 10 05, we went straight up. Positive comments about the election outcome from mitch mcconnell, positive news on housing. That put us up. Were sliding off again, were off 91 points. My opinion is consistent. I think it is election chaos that is hurting this market. Well discuss that for the rest of the show. Protests and violence erupted nationwide following the grand jury decision in the Breonna Taylor case. Judge napolitano is with us now, fox news senior judicial analyst. Judge, one officer indicted, the other two may have been involved in it were not. Break it down for us. So you had, good morning stuart. Always a pleasure to be with you. You have three officers serving a search warrant, an arrest arent on a person who wasnt there who they didnt know. That is standard, because you have teams that get the arrest warrant. You have other teams that serve them. One officer unleashed 16 rounds, that means he had to refill the magazine that he was, in the gun he was carrying. One unleashed six rounds and one unleashed one round. The one that unleashed the 16 and the one that unleashed the six, one of which rounds killed Breonna Taylor were not charged. The officer that released the one round was charged because his round went into another apartment. He was charged with recklessly using a dangerous weapon, his handgun. The grand jurys theory as explained by the attorney general is kentucky law, as is the case in just about every other state, permits the police to use deadly force when they are fired upon. The problem is police are not permitted to fire in the dark, that is at a target they cant see and they dont know. That is how Breonna Taylor got killed. She was innocently sitting there. She was not the target of the arrest warrant and she didnt have a weapon. Her boyfriend had a legal weapon and when the police fired through the door, he claims, he thought it was someone trying to harm them and he fired back. That is when the fusillade occurred. Stuart okay. That is a complex, difficult situation to ajudicate obviously but let me go to the big picture for a second. Are we seeing now any use of police force used against minorities results in possibly violent demonstrations . Is that where we are now . Yes. Yes, stuart, we see this time and time again. We see legitimate demonstrators with legitimate exercise of First Amendment freedoms. Sometimes based on a full understanding of the facts, sometimes not based on a full understanding of the facts morph into violence. So human beings are taking advantage of others. The others are using their First Amendment rights as the constitution protects them. People are coming in and morphing that legitimate dissent into violent dissent. We saw it last night in louisville with two Police Officers being shot. There was a substantial demonstration in manhattan last night. No one was hurt as far as i know, there was no violence. I dont know how this ends. The crowd, in the streets cannot dictate to a grand jury whom to indict and the crowd in the streets will never be satisfied until all three cops are charged and convicted murder but the law in kentucky does not permit that. Stuart weve been running video of the uhaul truck being unloaded. Protest signs, shields, you know, some degree weapons. That implies, somebody is paying for that. Somebody is organizing this, because that truck full of demonstrator gear was prepositioned. What is going on here . Well, look, if, again, if the demonstrator gear is lawful, if it is just placards and bullhorns, it doesnt matter if it is organized. What the, i mean that is doesnt matter, that is constitutionally protected and police in louisville know that. The problem comes about when this morphs into violence. That often happens very suddenly. It is a very thin line for the police to follow. They must protect lawful dissent but they have to resist and arrest violent dissent. That is a very difficult decision to make in the streets, as these things are morphing from lawful to unlawful. My hat is off to them. I wouldnt want to be in the streets making that decision, stuart. Stuart wellsaid, sir, wellsaid. Judge, thanks for joining us, see you real soon. First debate five days away, wall street journal Dan Henninger says Supreme Court showdown will affect bidens debate performance. He will make the case next hour. Nancy grace is with us, telling us if Mike Bloomberg bailing out felons in florida so they can vote is considered bribery . More varney after this. Keeping your oysters business growing has you swamped. You need to hire. I need indeed indeed you do. The moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base claim your seventyfivedollar credit when you post your first job at indeed. Com promo groans hmph. food grunting menacingly when the food you love doesnt love you back, stay smooth and fight heartburn fast with tums smoothies. Tum tumtum tum tums its time for aerotrainer, with your weight and health . A more effective total body fitness solution. announcer aerotrainers ergodynamic design and four patented air chambers create maximum muscle activation for better results in less time, all while maintaining safe, correct form. Aerotrainers unique design allows for over 20 exercises for a total body workout. Plus, you can easily transition from one exercise to the next. Want tighter abs and a stronger back to help relieve pain . Do the aerotrainer super crunch. The prestretch works your abs even harder, engaging the entire core. Then its the back extension, super rock, and lower back traction stretch to take the pressure off your spine and stretch muscles. Planks are the ultimate total body exercise. Start with a wall plank and progress with maximum muscle activation with comfort. Work your lower body with the aerosquat or advanced super squat, all while in a safe, ergonomically correct position for maximum results. Build your upper body with pushups. Aerotrainer is perfect for bridges and total glute workout. host need to reduce stress . Just stretch and breathe. announcer plus, its a great platform to enhance yoga and pilates moves, even increase flexibility and reduce back pain for golfers. The aerotrainer is tested to support over 500 pounds. Train hard, because aerotrainer can take it. It inflates and deflates in less than 30 seconds using the electric pump. Aerotrainer works for families, beginners, and athletes. Use it anywhere. Even strengthen your core while watching tv. Head to aerotrainer. Com now. Aerotrainers unique design allows for over 20 exercises for a total body workout, all while maintaining safe, correct form. Now its your turn to lose weight, look great, and be healthy. Get off the floor and get on the aerotrainer. Go to aerotrainer. Com, thats aerotrainer. Com. Stuart where are we now . Were down for the dow, down for the s p. A slight gain for the nasdaq composite. I keep telling you, in my opinion, the major factor in the selloff right now is, worry about the election being delayed and, very contentious. Then we have michael bloomberg. He is spending 16 million bucks to Pay Court Fines of felons in florida. You pay the fine, that allows them to vote in november. The that attorney general is asking the fbi to look into it. Why not . Nancy grace is with us now. Fox nation host, author of, dont be a victim, fight back against americas crime wave. Nancy, welcome to the show. Great to have you with us. Thanks for inviting me. Stuart do you think what bloomberg is doing is a form of voting bribery . Well the statutes including 18 usc, u. S. Code, clearly indicate any form of bribery when it comes to the voting in an election is a crime. Interesting what bloomberg did, he raised over 16 million to pay off the debts, the court costs, the restitution, for crime victims of 31,000 convicted felons. That goes with the stereotypical assumption that once theyre out of jail, once their court case fines are paid off, theyre going to vote democratic. Bloomberg being democrat. I hardly think he would pay off their fines for them to vote republican. That aside, under the law this could be considered bribery, election bribery. Stuart nancy, before we move on, do you think it will work . Do i think it will work . I can tell you this much, i would not trust a convicted felon as far as i could throw him much less behind the curtain when you vote. I dont know how theyre going to round up all the convicted felons. Typically fugitive squad cant find them. But if bloomberg can go find them, get them to vote, you know what . Power to them. I would not look forward to the investigation that is to come. Stuart go straight at it nancy, as you always do. I will rerun the uhaul video from louisville last night. Demonstrators taking demonstration supplies out of the back of the truck. Looks to me like this thing is organized and paid for. What say you . Definitely organized. There is no doubt in my mind and where there is organization like that, like what youre seeing, then there is likely money involved, some sort of a payment, a plan at the very least. In the last hour as we learned that the department of justice has branded three cities, new york, portland, seattle, anarchist. That means the fed could potentially withhold billions of dollars of aid to them under the claim that the local municipal governments are not protecting the citizens. Stopping crime, just like what youre seeing, i dont see the cop. I dont see anything happening. Stuart just seems a bit late, doesnt it . Weve seen the stuff going on for weeks, if not months. This is the First Time Ever heard anything being done about it should be done fast, surely . Youre absolutely correct, but on the other hand you dont know a horse until you look at the track record. There has been an entire summer of violence in some of these cities where citizens, the majority of the people, good citizens, cant walk down the street without fear being attacked or a people bomb or a protester hitting them in the head. Long story short im all for peaceful protests but this has gone way too far. I dont think the doj could have acted any earlier because you have to have a pattern of proof before you yank federal funds. Do i think they ever will be really yanked . No. Too much government red tape to do it. Stuart i agree entirely, nancy. Let me put your book up on the screen, please. Oh, thank you. Stuart dont be a victim, fighting back against americas crime wave by nancy grace. Can i see you on fox nation by the way . Absolutely, stuart. I will be very honored if you joined us at crime stories. I like to reiterate, all my proceeds, all of them, are going to the National Center for missing exploited children. I wrote this book not to scare people but to army them with knowledge after two years of research and writing, arm them with knowledge so they the ones they love are not victims to violent crime. You dont have to feel helpless. You can feel empowered. Stuart nancy grace, here is a compliment. We think youre all right. Thank you very much for being on the show. Come see us soon. I love your accent. Stuart i give lessons a mere 1000 bucks an hour. It is nothing. We dont make that much at fox nation but thanks. Stuart see you later, nancy, thank you very much indeed. Goodbye, friend. Thank you very much indeed. Stuart we have a big lineup. Lou dobbs on the show. Wall street journal Dan Henninger he is on the show. Larry kudlow at 11 45 on the show this morning. But first, alexandria ocasiocortez urging governor cuomo, raise taxes in new york state, raise taxes in new york city. Here is my opinion i think the socialists are killing American Cities all across the country. Now take a look at sixth avenue, midtown manhattan, still not quite deserted but it aint what it used to be now, is it . Good job, michael does. Ok, lindsey now tell the class what your mommy does. My mom has super powers. Its like she can see the future. What . its like she time travels in a rocket ship. Thats cool and then she comes back saying try this or try that. She helps everyone. She helps them feel less worried. Wow mommy, so what is it that you do . Im a Financial Advisor. She is aig proudly supports all the professionals taking care of our Financial Futures. Im a verizon engineer. And im part of the team building. A powerful 5g experience for america. Its 5g ultra wideband, and its already available in parts of select cities. Like los angeles. And in new york city. And its rolling out in cities around the country. With massive capacity. Its like an eightlane highway compared to a twolane dirt road. 25x faster than todays 4g networks. In fact, its the fastest 5g in the world. From the network more people rely on. This is 5g built right. Only on verizon. Uncertainty has always been a problem for markets. Im in florida, is so two words, hanging chads, come to mind. I think its all going to come out very nicely. I think trump is going to win. Ive certainly never seen anything like this in terms of the pandemic while ive been around on wall street 46 years. I wasnt around for the last one, thank you. So were going to clinical trials, were feeling very confident about the early accuracy data were seeing. This test takes about a 15 minutes from start to finish to perform. Tackling some big industries, tesla la is looking at a automobiles, at autonomy, attar official intelligence at Artificial Intelligence. If they had achieved dominance or even a strong position in all of these industries, then they will be a trillion dollar company. Demand for homes is very strong and we have low supply, which means prices are going to go up. Stuart yeah, i like the sentiment expressed in that song, dont stop me now. [laughter] its been a great morning, a huge show thus far, and were only just getting started. Got a big lineup still to come. Lou dobbs, Dan Henninger, larry kudlow. There they go, on the show shortly. Check those markets. We had quite a turn around, several turn arounds, actually. We opened lower, then went higher, moved lower, now were higher for the nasdaq, higher for the s p. All of that in the last 91 minutes. 870,000 people filed for unemployment claims last week. Thats something of a negative on the market but not a terrible, huge negative. It tells us that the pace of the recovery is not, perhaps, as rapid as we would like. And now this. Aoc strikes again. Not once, but twice. New york takes the hit. Watch out, chicago, los angeles and any other city where the far left rules. This is not just about new york though. The socialists are killing americas cities, and they are really hurting the people they say they want to help. Industry city, that is a blighted area on the new york, brooklyn waterfront. A plan to develop it and bring in 15, maybe 20,000 jobs has been killed. Aoc didnt approve. It would have created, quote, luxury malls, gentrification, oh, the horror of it. Its just like the amazon development, also killed by aoc. Socialists just hate private development and the cities suffer. But wait, theres more. Aoc has renewed her demand for big tax increases for wealthy new york city residents. This at a time when the city desperately needs those people to come back. Hundreds of thousands of high income people have already left. Why should they come back when the streets are not safe, the culture of the city has been decimated, and they are told to pay even more . Its worth noting that the socialist bloc in the Democrat Party has a strong say in joe bidens campaign. Aoc, members of the far left squad and Bernie Sanders, they sit on the policy guiding committees that dictate bidens platform. Strange that the big cities are democrat strongholds even though democrat policies are driving them to ruin. Im getting out of breath here. I want to bring in brian brenberg, professor of business and economics at the Kings College in the manhattan, new york city. All right, professor, i want to ask my question again. Why would anyone return to these democratrun cities when the streets arent safe, the cultures going down the tubes and taxes are going up . I mean, its a dead loss for the cities. It is, stuart. And, look, aoc wants to make it about the rich, stuart . I want to make this about the middle class, because the truth is when you get this kind of rhetoric, its not just the wealthy who leave, its the citys middle class who says im trying to raise kids, im trying to educate them, im paying high taxes already, i demand some good service in return for that, and i want opportunity. And what these high taxes and these calls for high taxes do, they know this, they know it drives wealth away, it drives job opportunity away, it kills the city services, and it makes the city unlivable. Stuart, i am one of the people who came back to new york city this fall because i think the citys best days can still be ahead of it, but never, never with the kind of leadership were getting right now from de blasio and from the kind of rhetoric were getting from aoc right now. Stuart do you think that im just going to take new york for a second. Do you think new york city will get back to where it was in january and february of this year in the next two years . No. Thats the problem, stuart. We are stuck with mayor de blasio [laughter] until 2022. I dont see any meaningful change at the city level in policy which means people who have choices and, look, americans have choices. We are more mobile than ever, and people in cities like new york or like chicago are saying there are other places i can go. There are other pluses i can work and raise places i can work and raise a family. Theres more growth, theyre more friendly to entrepreneurship, im outta here. New york city has competitors. Its mayor acts like it doesnt, it does. And if they dont get that, its going to be the downfall of a lot of these cities. Stuart i see a new report, and it shows colleges are seeing a 2. A 5 drop in enrollment this fall 2. 5 . Thats about 400,000 students. They dont want to take online classes. What do you say to that, professor . Its big, stuart, because parents and students are asking tough questions about value. If theyre paying for higher education, i they want to know, what am i going to get . Is it a glorified youtube experience, or is it Something Else . I think colleges that can deliver, that show a little backbone can step up in this moment and provide a good education are going to see more of those students migrate their way. Schools that are taking the easy way out, who are not stepping up, who are trying to do everything online, i think parents and students look at that and say i dont want to pay for that. Thats not worth it for me. Give me something thats worth the money. Im happy to teach at a college right now, the Kings College, thats open, stuart. Were doing it on campus even in new york city, and its been fantastic. Students love it, professors love it. That kind of experience is whats going to attract students in the future, not the other way around. Stuart well, i think youre absolutely right. I love to hear that good news about new york city. When you can find some good news about this city, you broadcast it loud and clear. Brian brenberg, professor, see you later. Good to see you. Stuart all right. Tesla really took it on the chin yesterday, and its down just a little bit today. Weve got an organization that says theyre got a target price theyve got a target price at 377. Looks like that target price was just hit. Teslas at 378. Far cry from where it was a couple weeks ago though. How about nikola . Web bush downgraded them to underperform, and theyve cut the price target from 45 to 15. Okay . Not good news for the electric vehicle makers. Definitely not. Red light. Stuart okay. A look at the markets overall, i think election news is driving the sentiment. The markets turned around an hour ago. What happened . Well, on election sentiment. And mitch mcconnell, Senate Majority leader, promising a peaceful transition of power. The turn around that we saw in the first hour of trade, the winner of the november 3rd election will be inaugurated on january 20th, there will be an orderly transition just as there has been every four years since 1792. Now, there were some concerns after President Trump last night, you know, he his anticipated in promising a peaceful transition hesitates in promising a peaceful transition of power. People are telling their clients to brace for a contested vote on november the 3rd, a baseline for jpmorgan. Remember Election Night to al gores concession . Goldman saks in what they say as a contested vote, also cutting their forecast for the economy in half, so they only see 3 growth in the final three months of this year, and rbc noting the betting markets as well. Stuart the betting markets. Yeah, because everyones predicting a Democratic Victory in the white house, the senate, the house, the most volatile, but when we see betting markets at 32 probability, thats not high stuart but thats where people are putting their money. Theyre saying biden wins, democrats keep control of the house, and by a very slim margin they say maybe the democrats take the senate. What does that mean for policy . A lot of spending, high taxes, not good for the stock market and Corporate America. Stuart i think you got that right. Thanks, susan. Lets check the workfromhome stocks. Why not . New report highlights the need the get some people back into the office. Whats this new report say, lauren . [laughter] this was interesting. It comes from the martech group, and it finds a third of employees are suffering because theyre working from home. They say theyre more stressed out, they cant focus, and as a result, they are less productive. That is not what companies and bosses want to hear right now. But i think the point is this, as companies try to figure out the Health Situation and who can and cannot go into the office, they should maybe do it not on blanket decisions this department stays home, this one doesnt but on individual personalities as well as individual needs, because working from home does not suit everybody. Stuart okay. I want to ask you that question, i want to ask you and ashley as well. Whats it like . How are you going, lauren, first of all, how are you going working from home . Ooh, i dont know if i should answer that. [laughter] its very difficult. Theres a lot going on. I lock myself in the room that im in, and i get constant knocks in the door. I dont know if you can hear screaming from my children. The morning routine is a mess because i used to have someone get them ready for school, but now they know im here, so even if someone helps me, i kind of have to do it as well. Its coordinated chaos, stuart. But im more productive as a result. [laughter] stuart i like that addon, there you go. How about you, ashley . Yeah, certainly not as stressful as poor if lauren. I have a couple of furry dogs who try to get into the room once in a while and start howling, but other than that, i think the biggest problem with working from home is you just miss the human interaction. You miss the feeling of camaraderie, you miss talking to your colleagues about, you know, news but just life in general. I think it can be very isolating. You do get into a rhythm. I dont miss three hours of commuting on metro knot. [laughter] but that said, you know, that is back to normal life, and i think theres a lot to be said to getting back to normal. Stuart how about you, susan . You are actually in the studio with me. Yeah. Stuart would you like to well, would ash lu like to trade . Maybe i could come to florida, you could sit 6 feet away from stu in the future . [laughter] its fine. [laughter] stuart oh, boy. This may well crop up in our feedback friday segment [laughter] the last quarter hour on friday afternoon. Friday morning, i should say. Youre okay now, relax. The fed is calling for more stimulus, says its crucial to sustain the recovery. Will Congress Actually strike a compromise and put the money out there . Larry kudlow will be asked that question later this hour. President trump says he expects the Election Results to end up in the Supreme Court. Oh, watch this. This scam that the democrats are pulling, its a scam, this scam will be before the United States Supreme Court. Stuart i i think the president s prediction there is dead right. What will lou dobbs say . I will certainly ask him, because hes on the show next. Here . Nah. Here . Nope. Here. When the middle of nowhere. Is somewhere. The allnew chevy trailblazer. Keeping your oysters growing while keeping your business growing has you swamped. you need to hire i need indeed indeed you do. The moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base so you can start hiring right away. Claim your seventyfivedollar credit when you post your first job at indeed. Com promo stuart the most important reason for te recent market selloff is the near certainty of a contested election. Thats my opinion. Worries over a vaccine, stalemate on a new stimulus and plain old profit taking, sure, theyre also factors. But at its heart, this problem on the market is the election. Lets go through this. In some states theyll start counting the mailin ballots til days after election day. That means a delayed result. During the delay there will be fights over what is and what is not a valid ballot. That means a legal fight and further delay. If some rejected ballots come from minority areas, the charge will be youre suppressing the vote. Then there will be calls to count all the votes regardless of valid few. Validity. This is a lawyers paradise and a chronically delayed and contested election. The president says he expects the Supreme Court to decide the outcome, and i think hes dead right. One more thing. The democrats are doing this. It is democratrun states that are sending out mailin ballots by the millions. They know what theyre doing. Now lets hear from the president about his election prediction. Roll that tape. I think this will end up in the Supreme Court, and i think its very important that we have nine justices. I think this scam that the democrats are pulling, its a scam, this scam will be before the United States Supreme Court. Stuart lets bring in lou dobbs, host of lou dobbs tonight here on the fox business network. In my opinion, lou and i think you just heard it its the democrats who want a contested election, who want a delay, they want chaos. Where am i going wrong . Youre not. They want power. And i think that we have to look at this market though in a bit of a longer term, if i may say, stuart. This is a president who has been under assault by the radical Democrat Party before he was elected. They tried to stop him from being elected. They tried to overthrow him once he was elected. They tried to impeach him, they tried to bring a special counsel to remove him, and the fact of the matter is this president has persevered against all odds and all of the worst that the left can do. The idea that there would be a peaceful transition, this president certainly didnt have one, and he certainly didnt have it for four years. The dems fought him every step of the way. A quarter, remember are, a quarter of the democrats wouldnt even go to his inauguration. This is hypocrisy at its worst, to talk this nonsense as schumer and pelosi have done. This is a president who has stood up and done his duty despite their, their worst. And we need to keep that in full view. I believe that this market, if it ever got a whiff that joe biden, china joe biden would be elected president , partner, wed see a selloff like weve never seen before. There is no way that this market is only reacting to tepidly sure, it sold off a few points, but the fact of the matter is it would sell off like crazy across the board if there was a whiff on wall street that biden would beat this president. Stuart which brings me to hunter biden. Reportedly, he got 3. 5 million in a Wire Transfer from the wife of the former mayor of moscow. To me, thats influence peddling, but joe biden did nothing about it. He knew about it and did nothing. Meanwhile, the New York Times says, quote republican inquiry finds no evidence of wrongdoing. My goodness me. Whats that conflict of interest . What about the politics of doing nothing when your sons taking millions from russian oligarchs and the can chinese . Can you imagine, lou, if this was a trump Family Member taking 3. 5 million from somebody in moscow . Yeah. Yeah, i can imagine. What i think now all americans can imagine is what a politically corrupt fbi and department of justice and Intelligence Community under president obama did. They ignored it, they covered it up, and they have yet to be held accountable because neither the Republican Party nor the Democrat Party were willing to go straight at the issue, which is the political corruption of the Obama Administration and the outrageous, egregiously corrupt acts of the biden family reaching from joe bidens great position of power and privilege which a number of members of the biden family benefited from. It is, its stunning stuff, and this president right now is all that stands between this country, in my judgment, and utter chaos. Stuart is that why your book, your new book is called the trump century . I take it that were in the trump century. Tell us more, lou. We are, indeed. And the predicate for it all is that this president is a historic president. He is, in my opinion, the greatest president certainly in modern history. You have to go back to abraham lincoln, in my opinion, to find anybody who has had to meet the challenges and the threats daily. I mean, remember, were only a few days away from a letter filled with poisonous ricin having been sent to the president. He is under threat all of the time. Hes under assault from the leftwing media, the fourths estate has become a fifth column in this country. And Corporate America and the very small number of powerful corporations that own media control the leftwing media with or, more prop orally, the fake news properly, the fake news. This president is laying the foundation by which all future president s will be judged and the country will be judged in how we vote, in how we react to what has been an assault on the republic. With some of the nonsense, the trump derangement syndrome, people dont like him, the little buttercups and daffodils who live at the margin of our society but somehow have galvanized the attention of the leftwing media because its convenient for their narrative. Which is false and just beyond endurance. Stuart just dont hold back, lou. Its just, its just i never have, stuart. You know that better than anyone. Stuart i do, actually. [laughter] by the way, i am told that this is a special day for you. What is this, your 83rd or 84 birthday . It is. Stuart its your birthday. No, no, no, its my 57th birthday unless ive accidentally transposed those numbers. But its a birthday. And when you get my age, stuart, youre just happy to have a birthday. Stuart did you know that you are the person that ive known longest in america, except for my immediate family . [laughter] i [laughter] i did know e that, and i am delighted to have that honor, and it has been an extraordinary 40 years, 40 years plus that we have known each other. Youre a great american, a great guy and a great friend. Stuart youre a good man, lou. I dont care what they say about you, youre a great man and happy birthday to you. Its all right. [laughter] stuart see you again soon. Lou dobbs, on his birthday. Take care, stuart. Stuart watch lou dobbs tonight, 5 00 eastern, then at 7, then at 10. This man gets a lot of air time, does he not . Worth it. European countries issuing new restrictions. Virus cases spiking. Should we be concerned about a second wave and maybe new restrictions here . Larry kudlow will answer that question coming up. Joe bidens not releasing his Supreme Court list or saying whether hell pack the court. But with the debate five days away, he could get a question on it. Wall street journal guy Dan Henninger weighs in on that in a moment. Diane retired and opened that pottery studio. How did you come up with all these backstories . I got help from a pro. My financial professional explained to me all the ways nationwide can help protect Financial Futures in peytonville. Nationwide can help the greens get Lifetime Income because their son kyle is moving back home and could help set up a Financial Plan for mrs. Garcia. And he explained how nationwide can help mr. Paisley retire early and spend more time with his pal, peyton. And their new band. Exactly yeah. Dont forget the band. I havent. I was just fighting an uphill battle in my career. So when i heard about the applied Digital Skills courses, im thinking i can become more marketable. You dont need to be a computer expert to be great at this. These are skills lots of people can learn. I feel hopeful about the future now. Stuart all right, heres the current state of play. Big gain for the nasdaq, solid for the s p, down for the dow jones average. But on capitol hill, treasury secretary mnuchin and fed chair powell are testifying. What are they saying . Federal reserve chairman Jerome Powell says there is Downside Risk to the economy, now, secretary of the treasury mnuchin says on further federal aid, some is better than none. Goldman sachs cutting their gdp forecast for the final three months of the year in half because they dont see another round of stimulus are being able to pass both houses. Stuart theyre all saying we want and we need stimulus. Yes. Stuart we need something. Okay. Lets get straight to our next guest. It is thursday, therefore, Dan Henninger is on the show, wall street journal guy. Has a new piece in the journal, its called biden camp blocks trump court. He joins us now. Interesting. Dan, welcome to the show. You think the Supreme Court is going to affect binds debate performance bidens debate performance . How so . Well, because were in the midst of the possibility, the probability that donald trump is going to nominate someone to the Supreme Court this saturday, probably around 5 00. And so the natural question comes up of the debate over the future of the court. That should certainly come up, i think, in tuesday nights debate. Usually it centers around whether joe biden would release a list of probable nominees. Thats relevant because the nature of those nominees tells us something about a what the candidate thinks about the court should be doing, whether it should be conservative or how far left it should go. Should the nominee, say bidens nominees reflect someone not Ruth Bader Ginsburg, but perhaps sonia sotomayor, that far left . And this is a big deal, stuart, because i dont think the American People have quite had clearly put to them the importance of what has become of the Supreme Court or the court system in general. I mean, we have had a lot of stories this past week about the great, warm relationship between Ruth Bader Ginsburg and antonin scalia, but those days in politics are gone. Whats the watch word now . It is polarization. And polarization in large part means that, say, the congress of the United States cannot get anything done. And i think one reason that has happened is not just what took place in the last year or so with the democratic primaries and the rise of Bernie Sanders and Elizabeth Warren, it happened over a long period of time as the Democratic Party drifted left on issues such as individual rights, the environment and regulation to the point where it was impossible for them to get their policy goals through legislatures or through congress. Instead they turned to the courts. Filing lawsuits where receptive judges who shared their preferences and values would simply rule in their favor. That sort of thing is the reason we have culture wars in this country. Not because the legislatures did, but because of what the courts did. And with this nomination, i think donald trump is putting squarely in front of the American People do you want our court system to be a parallel or substitute legislature, or do you want them to call balls and strikes . And that point, i think, is really something that should be put to joe biden directly on tuesday night. What kind of court system do you want, mr. Biden. Stuart and i think he ought to be asked about packing the court. Look, my opinion is that you yes. Stuart try and pack the court with people who see eye to eye with you politically, and youve destroyed the courts independence. Surely that question will be put to joe biden tuesday night. Yeah, exactly right. I mean, we all famously remember, many of us famously remember the robert bork confirmation hearings back in the 1980s, and at that time bork raised squarely the question if you think the Supreme Court is simply a political instrument of your politics, then youd be willing to overthrow it to get what you want. And, stuart, thats essentially what packing the court is, adding more justices so that you get the political policy and moral outcomes that you desire. Yeah, that question should definitely be put to mr. Biden. Stuart got it. Well be watching tuesday night. Dan henninger, thank you very much, indeed. See you again real soon, good stuff. All right, im going to go back to the electric vehicle makers. We spend a lot of time on them, justify justifiably so, all of them popular on robin hood, an online trading app. Theyre all the rage. Well, they are. Teslas up 400 , workhorses, electric car stocks are hot. And even nikola was up 230 before some of these recent fraud allegations, and its when we had web bush downgrading the stock, its outlook to underperform at just 15. But your not seeing the positives today despite the fact that, look, you had california pushing the electric vehicles to the forefront saying were going to end gaspowered cars by 2035. You would think that that would be positive for a lot of these electric names, especially if you get government rebates and incentives to buy electric vehicles. Stuart i just dont think theyre going to sell as many electric vehicles as they say theyre going to sell. You dont think so . I think that california bills changed the picture. If more state governments are pushing consumers and incentivizing consumers to buy more electric cars, you havent seen the rebates or the incentives announced now, but you would imagine that would is have to be part of it. And think about the subsidies to build these charming stations so charging stations. I mean, there is a lot of government benefit here. Stuart the california decision is 15 years out. I know. Stuart thats a very long time. For somebody like you, yes. [laughter] thats right. Stuart you had to go there. I knew where you were going. [laughter] stuart okay, father enough. Ill move on. Okay. Stuart for your sake. [laughter] hotels and airlines in deep trouble. Travel really grinding down. Therefore, theyre in trouble. The airlines are now begging for a bailout to prevent thousands of furloughs. Those furloughs, by the way, are set to begin next week. Is the government going to step in with the money . Well ask larry kudlow. President trump headed to North Carolina later today to talk health care. Meanwhile, whats joe biden up to . Nothing because he called a lid an hour ago. That means hes done for the day. He was done for the day at 10 30. Good lord. But well be back. Even as i look toward 65, one thing hasnt changed i still love getting on the ice. Which means i need to stay healthy. Now, as im thinking about selecting a medicare plan, i know i want one that has the kind of coverage that takes a total approach to my health. One that connects all the different parts of my health care to keep me aging actively. Aetna medicare. Keep doing what you love. Stua with mar mar asar , lopee teluyohis, t thethe tasury stary s ahe the moretimulu ss. Lu secretyin jt sd thaha soisca fdaidd isd is bet trhaha , powel said sai the furtfurtfufuseouseldportit tis. T w stis. Seef if ifhe ifyoing go t prenpr tenprmpsru g g g g t ch arearre, ahrtolinarolol blblake burmanmaat tathe whitee hous whatwhnwh deck, decxecuxeti ord maybe onyb he ononare . Ar whitewh hite tehe going going be anan aemenem thi tsvent in nortnoh carol carhatllave a mm als aoldol theteteioenrs. That the thesidel holding or signing, rather, an executive order at that event as well. The white house is being rather coy about the exact specifics with all of this, but here with the health and Human Services alex azar speaking to Maria Bartiromo earlier this morning. Watch. Today youre going to have a series of big and bold announcements that are the next steps across that entire comprehensive health plan for all americans, better care, more choice and lower cost. Reporter institute, the white house stuart, the white house also says the president will talk about the Health Care Policy advancements over the last four years as they see it, contrast it as well to joe biden and what they expect to biden talk about, his platform, should democrats take the white house over the next four years. Stuart, back to you. Stuart i appreciate hearing about health care for seniors, being one myself. Thanks very much, indeed, blake. Good stuff. Now, i wouldnt normally bring up the subject of target hiring a few people, especially now when im about to interview larry kudlow. But they are hiring so many people, this is really worth while putting on the air. So, lauren, how big a hiring spree is target going on . Its 130,000 for the holiday season. That is the same number as last year, and the good news is 40 of the Seasonal Workers usually become full time. Whats interesting and new about targets hiring spree is that this is a permanent change that is happening in the economy. They are making sure that these workers staff the curbside pickup, the online fulfillment of the orders because as we approach black friday or masked friday do you see people going into the stores with their masks on and crowding everybody to get their items . Likely not. Were going to be shopping from our phones, pulling up to the store and having the items put in our cars. Stuart i absolutely agree with you. I think Online Shopping or you pick it up at the store, that kind of thing, that is taking over. Actually Walking Around a store, not that many people do it these days. That would be my opinion. Lets see how it works out. And then weve got news on maybe a second wave . France and spain now seeing 10,000 new cases each and every day. Maybe we should be concerned about a second wave coming here, maybe more restrictions coming over here. How about that . Larry kudlow is coming up next. I want to talk to him about that. I want to talk about stimulus, a second wave, election uncertainty. Larry kudlows on deck for all those questions. The lexus es. Every curve, every innovation, every feeling. A product of mastery. Lease the 2020 es 350 for 359 a month for 36 months. Experience amazing at your lexus dealer. If i could, baby id e how can i, when you wont take it from me you can go your own way go your own way your wireless. Your rules. Only with Xfinity Mobile. Stuart treasury is secretary mnuchin, r powell on the hill today, both of them saying we need more stimulus to keep the economy growing. Larry kudlow joins us, National Economic council director. Larry, are we going to get a new stimulus package through congress when its all tied up with the Supreme Court debate . Well, thats a tough question, stuart, to be honest with you. Look, well before the Supreme Court issue, we were at loggerheads. I mean, our side has a very efficient, targeted assistance package at much, much lower cost. For example, stuff that we think is really necessary; getting kids back to school, we pay 105 billion for whatever covid changes, par constitutions, testing, masks and so forth. Wed love to do that, wed love to extend a Small Business loan package, the ppp package. Actually, theres money left over. It could be repurposed, but it requires legislation. So we had a bunch of targeted areas and the democrats had a guy adaptic gigantic package of 3 trillion, and we dont think that is necessary or even valuable. Now, look, i dont think this recovery, the vshaped recovery weve talked about, relies on another assistance package. But what i am saying is we should press for these key targeted areas, for example, kids, Small Businesses, unemployment assistance for jobs. That would be helpful. And it would make our story even better stuart i put it to you, though, larry at the moment, i dont think its affected by the judicial story [inaudible conversations] stuart getting the democrats to allow you to put more money into the economy, to help the economy, getting the democrats to agree to anything like that when youve got this extraordinary battle over the Supreme Court, thats a heavy lift, a very heavy lift, isnt it . Well, i wont say theyre dissociated entirely, but i will say, stuart, you know, as it works legislatively the assistance package is a different track from the judicial package. And just as the continuing resolution where there is bipartisan agreement to get a clean bill, get it done through mid december, thats a separate track also. So i know that conversations are still going on between secretary mnuchin, Speaker Pelosi and other leaders, mark meadows and and so forth. Were all helping out as ideas come up. Those conversations are going on. Theres no reason whew we couldnt get an why we couldnt get an efficient, targeted package, no reason are. Stuart except politics. [laughter] sorry about that, larry, but, you know, thats the truth. Except politics. Lets talk about the virus. I think it was a week ago you were on the show, and you were talking about your concern that a second wave in europe would wash over here, thered be more restrictions coming here, and thats bad for the recovery. Well, they are putting in new restrictions over there europe, and the number of cases is up in america. I put it to you that some democratrun states are very likely to impose new restrictions if the number of cases really does start to rise, and that would be really bad for our economy. What do you say . Well, okay, theres a lot there. Lets unpack that. First of all, let me say President Trump in no way would support another shutdown of the country and the economy. In no way. He will completely oppose that. Now, youre right, those are state gubernatorial decisions, but we will not support that. We have had targeted means. Were a lot smarter now. You know, deborah birx and the others on the science team know how to go and a lot of this is college towns, by the way, and we could control that. Stu, ive got to push back a little. The number of cases, actually, is way below the peak in july, and the number of fatalities is hugely below the peak, and the number of hospitalizations, hugely below the peak. Weve had a very minor college issue, but were in much, much better shape and much better control of it than we were last summer and certainly last winter. And americas economys opening. Now, overseas i will agree. I did mention on your network britains having trouble. I am cochairing a series of meetings today with my british counterparts, u. K. usa Economic Cooperation council. They are taking measures. I think therell be targeted measures, not a complete shutdown. France has had some trouble, spain, the rest of the continent, so theyre kind of getting the hot spot bumpups that we got last summer. I dont think itll decimate the economy, but i do think it creates a lot of uncertainty, stu, and i do new some of that uncertainty has certainly filtered into the stock market, no question with about it. Let me reiterate, President Trump today me this yesterday in the oval, in no way, shape or form will he support another economywide shutdown. Absolutely not. Its not necessary. Were in much better shape, and if there are issues, we could target them, absolutely target them, not get back to where we were last late winter and spring. Stuart larry, on the subject of the stock market, my colleague, my young colleague susan li, has a question for you. Hi, larry. How do you feel about investment banks preparing their clients for a contested election and markets, saying it might be a democratic win . Well, i dont know what theyre all saying, susan. Youre probably closer to it than i am, although i am in touch, i know one or two people in that community. Look, i intend to vote for President Trump. Im not sure thats really breaking news. And i also think President Trump is going to be the victor, okay . Im not sure thats breaking news either. But i will acknowledge that there are lots of disagreements about the outcome of the election, and i will also acknowledge perhaps most importantly, susan, that the policies of the two candidates are radically different. I mean, the democrats have an extreme u. S. Platform. Government talkover of health care, a 4 trillion tax hike, 6 trillion in spending, closing down fossil fuels, closing down you saw in california no gasolinepowered engines in 10 or 15 years. That is extremist, leftwing stuff. President trump, the polar opposite. He cut taxes, he lowered regulations and will do more in his second term. You saw those numbers last week, census bureau, living standards, median Family Income soared in President Trumps first three years prepandemic. We had more in three years than the Prior Administration could produce in eight years. Success spread everywhere, right . Middle class, lower middle class, africanamericans, hispanics, asians, women, Small Business all did relatively better in Income Growth and wage growth than the upper end did. So those are successful policies. I dont want to change courses midstream, and i think stock Market Investors feel the same way. So well discuss and debate the outcome in the next 40 days, you and me and stu and everybody else in the world, wall street, but they ought to take a very hard look. You want lower tax rates and less regulatory burdens and a strong Energy Sector and free and fair trade that includes american exports and opens up markets, dont change horses midstream. Stuart okay, we got you. Larry kudlow, always a pleasure. Well see you again soon. Thank you, appreciate it. Stuart more varney after this. I wanted more from my copd medicine thats why ive got the power of 1, 2, 3 medicines with trelegy. Trelegy 1,2,3 trelegy woman with trelegy and the power of 1, 2, 3, im breathing better. Trelegy works three ways to open airways, keep them open and reduce inflammation, for 24 hours of better breathing. Trelegy wont replace a rescue inhaler for sudden breathing problems. Trelegy is not for asthma. Tell your doctor if you have a heart condition or high Blood Pressure before taking it. Do not take trelegy more than prescribed. Trelegy may increase your risk of thrush, pneumonia, and osteoporosis. Call your doctor if worsened breathing, chest pain, mouth or tongue swelling, problems urinating, vision changes, or eye pain occur. Think your copd medicine is doing enough . Maybe you should think again. Ask your doctor about oncedaily trelegy and the power of 1, 2, 3. Trelegy, 1,2,3 woman save at trelegy. Com. Good job, michael does. Ok, lindsey now tell the class what your mommy does. My mom has super powers. Its like she can see the future. What . its like she time travels in a rocket ship. Thats cool and then she comes back saying try this or try that. She helps everyone. She helps them feel less worried. Wow mommy, so what is it that you do . Im a Financial Advisor. She is aig proudly supports all the professionals taking care of our Financial Futures. I want to give you a quick understanding how bad it is in new york city in the restaurant and bar business. Darden is the Parent Company of olive garden. Olive garden has a restaurant in times square, new york city, youre looking at times square right now. Their business in that restaurant is down 94 . That is how bad it is here. By the way, the the new years eve celebration in times square will be virtual. I think you knew that already. Quick reminder this is about friday feedback which is tomorrow of course. Email, us, twitter, facebook pages, we want your questions, want your comments. We would like some of your videos. You might be featured in friday feedback. Tell what you think about the show. Take me to task about my tie, susan, lauren, ashley. Any way you slice it, that is fine. Get your comments over here. We would like to do it. Sit up straight there, ashley. The audience is watching you. You get letters about that. Ashley good. Stuart be prepared, ladies and gentlemen, for friday feedback. It is tomorrow. One of our favorite segments. As we close out the show i will show you this, what a turnaround. We opened with a huge loss on the dow. Couple hundred points it was at one stage. Then it rebounded. Then it went down again. And now were back up 90 points. How about that . That is how were closing out this particular program. My time is up. So neil, its yours. Neil all right, thank you my friend. Were following all those developments at the corner of wall and broad. We have an update right now but its a push and pull of forces of good lifting up stocks, of those, worrisome, maybe bad, if youre long the market you dont want to see prices go down. Some of the bigger developments got us into positive territory, this optimism among two big drug manufacturers yes they could have something out by october. It is not that black and white. Well get into this in a second. We have the news that target will hire 130,000 holiday workers. That more than wipes out concerns holiday celebrations could be a bit of a damper across the