Transcripts For FBC Varney Company 20240712

Away from the alltime record high, there you have it the worlds most valuable company, apple the stock is up again, the worlds most innovative dynamic seller, amazon the stock is up again. The market, that is digested a lot of Bank Earnings already, goldman did very well in the dow is looking at 80point gain and look at the nasdaq up about 26, 27point again, i see a lot of green this wednesday morning. Heres the headline dueling townhouse tomorrow night instead of a second debate, mr. Trump working with nbc, joe biden working with abc, obvious question why not reinstate the debate, the Electoral Commission really blew it by insisting on virtual. Did you see Speaker Pelosi getting rattled on cnn, in primetime will blitzer asked her what was wrong with the president 1. 8 trillion stimulus plan, why not pick up the phone, call the president and make a deal. She became very flustered and accused blitzer and his colleagues of being an apologist for republicans. Have you ever watched online lemon. On the campaign trail he is off to iowa after his rally in pennsylvania last night, we do not yet have joe biden schedule but we do have a big show, Rudy Giuliani on bombshell knew the classified documents and hes leading the Administration Legal team doctor siegel on regeneron, he calls it the october surprise and steve hilton california guy where trickortreat is officially discouraged. One more point, this is a big one, the president will join us live tomorrow morning at 10 00 a. M. Eastern, Varney Company is about to begin. Stuart this is how we do it, everyone of course we gotta get right into it, good Morning House Speaker Nancy Pelosi absolutely unhinged, last night going off on cnn, you must see this. Roll it. Members of your own caucus madam speaker want to accept this deal 1. 8 trillion. I dont know why youre always an apologist in many of your colleagues apologize for the republican position, what makes me amused if it werent so sad is how you all think you know more about the suffering of the American People than those of us selected by them to represent them at the table, with all due respect, with all due respect, weve known each other a long time, you really dont know what youre talking about. Stuart well, more where that came from, my take on the top of the next hour, you will see a lot more of that. Lets get serious, get sure money, big banks reported this morning, most of them doing well, susan the overall report. Susan i was a bank of america wearing buffet not really impressing this mornings been kind of spotty, we had revenue falling short, profit came in higher and unlike j. P. Morgan sitting aside even more money, meantime buffets previous play, wells fargo coming up light, combing low Interest Rates are hurting income and still trying to recover from scandals over the past three years and that includes the fake accounts at 2016 and finally on the bright side in the Investment Banking side, Goldman Sachs did way better than it anticipated, this is a monster report making tried enter twice as much then it anticipated straight to dealmaking and trading especially bond trading given the Interest Rates are close to 0 and there is no alternative. Stuart goldman is a down stock up 2. 2 . Overall not a bad report. Susan it shows the recovery in the economy. Stuart lets bring in market mt watcher shah gilani. Throughout the years and years you bid on this program, you have consistently said the market is going to go up, are you still saying that this wednesday morning . Yes because i am listening to the market, it is telling us a all, investors are looking past the election in the stimulus and they know were going to see something at the end of the selection whatever it looks like it does not matter, they know theres going to be a resolution and stimulus, rain other concentrating on earnings and its come out a lot better than expected, market has nowhere to go but higher, it is try to come down in its came in every time its went up, i dont see that changing theres no reason to change as we get on the other side of the hopefully a vaccine, the market has nowhere to go, it is going higher. Stuart is it a bit like tina, there is no alternative to stocks . It is tina and also foam 0, fear of missing out, there is probably close to now to trillion dollars on the sidelines thats a phenomenal amount of money, that will have to change stocks, there is the alternative anywhere else, dividends are starting to pick up and some of the best stocks that are recovering, that will continue next year, investors are going to go back into stocks, they gotta come off the sidelines and that will drive markets higher. Stuart i gotta say theres many regular market watchers on this program and almost all have go n consistently bullish and with the dow closed at 29000, can consistently right, you are one of them and we thank you for being with us. Mr. Shah gilani, thank you, sir. Apple, look at them 121, what was the general reaction to the product. Susan i was a positive, usually we have apple stock falling during the presentation but it does recover afterwards and analysts have been raising the price target on apple stocks this morning predicting the cheaper price range of ig iphones will buy young, Morgan Stanley predicts apple will get 136 in credit suites also increasing the price target, apple we sell 40 new iphones as anticipated. The iphone 12 many fits into the palm of your hand and starts only at 699, thats encouraging because more people could buy at a lower price range and the promax, biggest screen ever 6. 7 inches in matters if people want to care about their eyes and dont want to watch a lot of video on their phones, they are cutting it close to the holiday. For shipping thats a big concern, the promax and many only shipping on november 13. Flatter edges, no charger or headphone this time around but the new wireless magnetic backspace getting a lot of buzz charges twice as fast as the cords do, this is something that you slap on the back magnetically. Also surprise when they started the presentation with the home pod mitty, thats when you think of a one last thing at the end, it disappointed a lot of viewers, are we going to get a phone at some point but they eventually rolled them out. Stuart 121 on apple we forecasted it goes higher than that. Regeneron, they make the antibody cocktail that the president was treated with, lets bring in doctor marc siegel who says regeneron is the real october surprise, that is interesting. Go ahead, make your case. I knew that we get your attention as a business expert, october surprise nonpolitical, it is a drug Company Manufacturing antibody cocktail, two different antibodies, 275 patients were already tested with the seditious decreased viral load, increased immunity, they get better even when given earlier in the process as we saw what happened with the president , this is a case of one but he got better very quickly after getting this and i think the antibodies that these type of antibodies synthetic, monoclonal antibodies could be a big game changer on the road to the vaccine which is a big part of operation warp speed, they are part of the process of therapeutics, has not given enough attention, all the progress in six months made in therapeutics with the steroids, remdesivir, the antivirals another monoclonal antibodies, this could change the game with covid19 and help us. Stuart can regeneron get the antibody cocktail out there fast and very large quantities . Thats a really good question theyre pushing hard for emergency use authorization from the fda, i think they will get is sued and health and Human Services has said they are going to make sure gets to seniors and people in high risk groups. That is really important in the studies were done and people in poor neighborhoods in minority communities like get hardhit from covid19. I think that health and Human Services is serious and they will put their backing on this over going to get it out to the public where its needed the most. Stuart wheres my free copy of your book covid the politics of fear and the power of science. Give me 30 seconds to tell me what its about. It is about how fear arose, about how theres too much fighting going on encourage, the stuff we just talked about on the show where we should be excited about the treatment instead, instead the political back fighting, politicians are saying dont trust the vaccine, dont trust the treatment it came out of the trip administration, although that breeze a lot of discontent and anger and you know what pet peoe are angry and afraid, fear drives markets and fear also causes you to take your precautions, we cannot fight this pandemic with fear, fear is the worst pandemic then covid itself, here is erosive and corrosive in a virus in its own right the worst. We have to fight it with courage, kindness and laughter. Stuart we have to have you back on the show, im glad you have a book out and im waiting for the copy to arrive any moment. Thank you very much indeed. This is a bombshell report, on the front page and the cover of the new york post, it reads biden secret emails, the emails link hunter biden and joe biden to burisma, a huge story and Rudy Giuliani is here with his first reaction to that story. Rudy at 11 00 oclock, judge Amy Coney Barrett handles more than ten hours of questioning, no notes in front of her, day three of her hearing is underway, we will be watching it for you. Check futures, we gotta keep it here on varney because we got green on your screen, up 60 for the dow, 28 for the nasdaq, back after this. When i was in high school, this was the theater i came to quite often. The support weve had over the last few months has been amazing. Its not just a work environment. Everyone here is family. If you are ready to open your heart and your home, check us out. We thought for sure that we were done. And this town said not today. Some things are good to know. 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Stuart the state of the Housing Market, why do i say that, we have the latest numbers on mortgage applications, lauren report please. Lauren they were down 2 last week seasonally, they are up 24 from last year if you look at refinances, also down a bit last week but up 44 from last year. Bottom mining, housing continues to be strong and buyers are so used to hearing or gauge rates at or near alltime lows that it doesnt pack a big of a punch anymore, its less enticing because rates have been so low. The Housing Market continues to be strong. Stuart if i see a 30 year fixed below 3 , i think that is a manner enjoy on heaven. That is the way it is for me. Lauren how low does ago. Stuart 2. 8 is probably the low but im just speculating. Green all over the board, big Money Managers are pouring cash into stocks, i gotta believe that is bullish. Susan definitely bullish, they say the recession is over and buying up stock at the fastest pace in 17 years the past six months according to the base of America Survey trimming their cash holding in the biggest concern for investors Going Forward in the las the next sixs in the next picture is a second wave of covid in the upcoming election, 61 predicting the election will be contested, 14 . The democratic sweep would shock the market, bank of america recommending profit if the s p 500 rallies above the 3600 level, pretty close to where we are, they recommend buying into banks energy in the final three months of this year. Stuart green across your screen as we speak, the retailers in the dow up 60. Lets bring in economist john lonski. Hes another regular on the program that is pointed us to a positive direction and being right. John, i want you to repair compared the recovery after we saw the 2008 crash versus his recovery after the virus, tell me about it, what is a comparison. Lets begin with one of the most important economic indicators, the Unemployment Rate, recently the Unemployment Rate fell under 8 in september, it took only five months for the jobless rates to drop from nearly 15 to less than 8 , 7. 9 , lets go back to 2008 2009 what followed the great recession, it took 35 months, that is nearly three years for the Unemployment Rate to drop from 10 in october of 2009 to less than 8 by a point in 2012, right they were doing that much better we will find indicator after indicator in some cases we are sending new record highs, retail sales has set a new record high, we had to wait 33 months for retail sales to set a record high after the great recession. Stuart tell me about the stock market, i think the baseline for stocks is the profitability of an american corporation, were just starting to get the latest profit report, too few to make a general judgment at this point, how do you see profitability going in the future. Profitability is going to be very good next year, im with the consensus, Equity Analyst look at the stuff very closely and say in 2020 corporate earnings, s p 500 earnings will be down by 17 18 annually, that is bad news but the good news in 2021 the s p 500 earningspershare are expected to grow by more than 22 23 annually but profits will more than fully recover from their covid19 plunge in less then a year. Stuart does not mean the stock market will continue its rally . Why not Interest Rates will remain very low. My goodness, if you get less than 1 from a ten year treasury yield, right out just under 2 from investment corporate bonds, it does not make sense to be in bonds, it makes a lot of sense to be in equities up until the point where the economy is Strong Enough and we begin to see the ten year treasury yield breaking towards 2 . Stuart the bulls are running them up this morning, we thank you as always for joining us today and over the past few years. John lonski everyone. Here is a statistic that shocked me, used car prices are at their highest level in 50 years. Susan why does that surprise you . Stuart 50 year price trend, highest in 50 years, i was not expecting that the big deal. Susan is up more than 6. 5 in september and thats the biggest jump when it comes to car prices, used car prices since 1969 leave it or not. Stuart. Susan demands are searcg their covid chudy dakar factories in many newer cars to bite and they were wanting to drive instead of taking public transport, carmakers have stopped offering as many options and a cheaper model, new car prices are causing sticker shock in this recession, the average price for a new car in recent months, im talking about the past quarter of more than 2000 from a year ago according to admin, why not buy secondhand if youre being price gouged. Stuart what about our producer susanna one year into a lease in her car and they called her up and said would you like to get out because we want to resell your car as a used car. Susan what benefits does she get. Stuart i did not ask to those questions but i found that instructive, 50 year high, amazing. Green all across your screen, the dow was up 60 nasdaq of 21 and will take you to wall street for the opening bell after this. vo im a verizon engineer and today, were turning on 5g across the country. With the coverage of 5g nationwide. And, in more and more cities, the unprecedented performance of ultra wideband. The fastest 5g in the world. It will change your phone and how businesses do everything. Im proud, because we didnt build it the easy way, we built it right. This is the 5g americas been waiting for. Only from verizon. My husband would have been on the sidelines. But not anymore an alternative to pills voltaren is the first full prescription strength nonsteroidal antiinflammatory gel to target pain directly at the source for powerful arthritis pain relief. Voltaren. The joy of movement. Stuart i am still seeing a lot of green, for the dow and s p, up 15point, 14point gain for the nasdaq. Netflix confirming report that it will stop offering free trials to potential customers here in the states. That is not hurting the stock, at 564 premarket, up 9, 1. 7 , disney making a big shift toward streaming, market watcher marked tougher thinks that is a mistake, disney has made a mistake, what is going on, make your case. I understand whether pivoting, the parts are struggling, they laid off 20000 people, disneyland shut down, disney World Running on fumes, to me this reeks of desperation and from mice for enter perspective it kills the lord that disney had for investors and the reason disney was so highly anticipated was because disney already had the content, they would not have to spend a bunch of money to develop it, now it looks like they can have to ramp up spending, i viewed disney as a less is more kind of company, five big blockbusters but very highquality and now they are leaving their lane, transitioning for quantity over quality, i think its going to be very expensive. Stuart we hear you but we also hear youre still bullish, you said theres a lot of strength in the market, are you joining the bullish club which is virtually all of our regular market watchers, we are up from here. Absolutely, we are longterm investors so we have to be bullish, but i think even in the short term we are still bullish, the market looks incredibly strong, so many uncertainties out there, despite these uncertainties the market continues to go up, betting odds have put a Biden Victory at 67 , that is bad for stocks, yet stocks are up as each day passes the prospect of us getting the stimulus deal looks less and less likely but stocks are up, the most recent narrative has been covid flareups and that is not derailing stocks, the s p up 9 this year and the year where we had a 100 year flood, the uptrend is strong and i do think its a stock pickers market. Stuart its our viewers that follow the advice of most of our irregulars, you included wouldve made nice money over the nice four years. That is a fact, come back soon. We will see you. The opening bell is coming up at about 15 16 seconds, that bell will ring and then they will start trading, im seeing a lot of green, they have a huge move to the upside but i will tell you again most of the index at the s p nasdaq, dow, pretty close to alltime highs. Here we go we are up and running, where do we open slightly higher for theyre down, you are up nine points. 28700, the s p 500, where is that, up a fraction, three points,. 09 , not much. The nasdaq composite, the techs are doing well again, up point to percent, 23 points, 11800 is your level, we will take a look at d2 of amazon, the prime sales, the stock is down a tiny fraction, do we know enough to tell us what are the big selling points. Susan amazon devices electronics, toys, kitchen products like the insta pot, airfreighairfriar, was kept as e most purchased are the personal water filters the lifestraw, the of the insta pot and 20 day me and me, a 48 shower shopping extravaganza will eve easily top last year anticipating 10 billion in sales, last years prime day brought in 7 billion were so, that type of success catches the attention of Bernie Sanders, take a look at this tweet, prime day, the sun forget during the pandemic jeff bezos became 97 billion recent entered richer by increasing prices up 1000 on essential items. Heres what he forgets, amazon has hired 170,000 during covid paying a minimum of 15 which is what Bernie Sanders had wanted, are they doing what sanders wants, theyre still facing that criticism. Stuart oh bernie. Still with you, more news on apple, tell us what the analysts are saying. Susan after the monday morning quarterback and presentation, they are up so far, you are looking at Morgan Stanley predicting apple will get to 136 in needham putting in at 146 price target on the stock and Jeffrey Scully 140 because i get more carrier subsidies and credit suites raising their target. We also heard from a highly respected innotech space, he says its a big deal for cheaper iphone, we have a lower entry point as 699, that means more people could buy in and wedbush, hes keep saying this is a big 5g upgrade super cycle and he says there are 350 million phones in the upgrade window, that is a lot of money that apple can make if a lot of those people convert into new phone. Stuart am i right in saying that small loss for apple is fairly typical of the day or the day after a new product is introduced. Susan that usually what happens, you get people buy with the rumor sell with the news. Then you need to back it up with sales. Stuart 120 as we speak, down just a fraction. Then we have walmart, interesting stuff. They are offering black friday sales on multiple days, not just one day but multiple days. How will that work lauren. Lauren lets call it black november, the discounts are going to be spread out, three days instore door busters, those days are november 7, 14th and 27th, the reason theyre doing it many days so they can limit the number of people in the stores to 20 , that is it, can you imagine Christmas Shopping with stores capped at 20 , this is how theyre going to do another deals and door busters available online, those are the fourth, 11th, and 25th. Is this enticing or confusing, its a little bit of both, there is a 42inch new hd roku tv for 88, that is enticing, i dont know if you can get the online or in store at what date but the point is, i think the deals will be good and spread out for the holiday season. Stuart i got a problem with the walmart that has to limit the capacity to a certain number of people in the store at any one time. You come to christmas, the holiday. My goodness me, you have a lot more than a couple hundred people that want to get into each store, yellow line up the block and i dont think people will like that i dont think thats good news. Lauren i spoke to an analyst yesterday and they said two things, people are going to do Curbside Pickup in the parking lots are going to be damped because of that everybody waiting in their cars, second he is predicting that in december we dont see a lot of deals, because with the retails are trying to do is get you to buy now and next month and in december whatever they have left, nearly full price, i dont know they believe that but thats what they said. Stuart walmart is down a fraction, a half percent as we speak. Coming ashley and want to know how the airlines are doing because were waiting for any news on the stimulus. Ashley terrible, back to you. Airline goes up and down with any headline on the stimulus bill or new vaccine test. Delta air lines shows just how hard the pandemic has been on the airline industry, delta posted a 5. 4 billion loss and the Third Quarter combined with the Second Quarter and delta has lost a staggering 11 billion in just six months, sales to passengers down 83 yearoveryear, the daily cash burn is improving the stills stands at 18 million a day, the company says it does not expect revenues to return to anything close to normal for two or more years, its a very Bleak Outlook for an industry that is begging the federal help as a for lows several workers and reduces the roots, there are questions being asked about why the airline should get a bailout when all sectors of the economy are hurting in the analysts they hang on, the industry generates a most 2 trillion of Economic Activity and employees close to half a Million People and indirectly tied to 10 million more jobs, in other words its a vital part of the infrastructure of this country. Stuart airlines are vital, you gotta keep them to a certain level or you cannot unction properly in this economy. Good stuff thank you very much indeed. The big banks reported this morning, im looking at the stock prices, most are up except bank of america, susan wrap it up. Susan the take away the u. S. Economy is recovering so far and these lenders are less worried of people default team on their loans because of the broader economy and what covid did to it, setting aside less money is a good side even reducing j. P. Morgan case, then you have the loggers, bank of america, wells fargo and their own individual cases because there is multiple scandals at wells fargo over the years, consumer banks doing well they have investment banks like goldman doing a lot better with a huge report card this morning, not a bad start because of the earnings season the First Time Since expectation broadly for the s p 500 companies have been raised in ten years, you know the usual earning game, you have to borrow low so its easier to jump over this time around, not the case because of how well companies did during the height of the lockdown. You have to do well to get reported. Stuart the banks are telling us the recovery is on track. Looking okay at the very least. Next case, Kamala Harris chose not to question Amy Coney Barrett in person saying it was putting lives at risk. Hold on a minute, she had no problem getting into a packed elevator after the hearing and while cramming into the elevator, she made this comment on joe bidens Court Packing stance. Roll it. They say that biden said yesterday hes not a fan of Court Packing, do you agree with that. Vice President Biden has been very clear. Would you also say youre not a fan of Court Packing . Stuart she said very clear, i would question that one and of course Kamala Harris has not appeared to do any press conferences since she was nominated to be the Vice President , were more on that coming up. One more check on the market, up but only just for the dow and s p, Charles Payne, making money guy himself, he will join us after this. Hey, malcolm, your podcasts are on audible, right . And your new audiobook. With everything from mel robbins to blake griffin, is there a more fascinating place than audible . No. And ive done the research. Of course you have. Audiobooks, podcasts, audible originals, all in one place. Since pioneering the suv in 1935, the chevy suburban has carried many things. Nothing more important than family. Introducing the most versatile and advanced chevy suburban and tahoe ever. Stuart companies are changing what they want an office building. Come on in Ashley Webster and tell us exactly what theyre looking for. Ashley it is really interesting but in new york we know the skyscrapers as we look at the life picture, we know skyscrapers get all the attention, there is a move towards low rise buildings, socalled groundskeepers, skyscrapers, ground hugging buildings that could take up an entire city block or even more, Tech Companies in the Silicon Valley already embraced the lowrise approach even though critics describe them as office parks but large open floor offices with work is under workers on a single level is seen as encouraging communication across departments as rather than having employees divided on multiple floors, of course all of that is great but we dont know when workers are going to return to the office and i should remind people that the growing number of companies are delaying a return to the office so the summer of next year, google one of the first to make the announcement then uber, then slack and then airbnb jumped on the bad bandwagon and then microsoft, target, ford, New York Times all saying the Office Return will not happen until next summer believing the pandemic is not going away anytime soon but when they do, itll be a ground hugging building opposed to new york, how can you go up when theres no room. Stuart how many ground hugging buildings join know of, not many, in fact midtown, thank you. Not all industries are highpaying jobs, some cannot hire fast enough. Susan tracking and delivery up 11 since the start of february when you know delivery is a booming business, amazon, dominos, papa johns, pizza hut looking for dues under delivery, construction jobs booming up to 7 of people taking advantage for people making Home Improvement and adding to offices or outdoor decks at their home, they need to hire people to do that, beauty and wellness, this is for you recovering, people are booking hair, nails, trading in dismal appointments on personal care that they skip during the engine lockdown. Health scare in putting your life and health and perspective. Most sectors are benefiting from the new stayathome economy. Stuart interesting shift in jobs, very interesting. Staying on homebuilders, most of them are up, Charles Payne is with us, the host of making money, why do you like the homebuilders in which homebuilder in particular do you like . It. For the record i like them since late last year end most of my ideas on this are up 50 50 100 but the point that i wanted to make, by the way i had a conversation, you were talking about real estate and this is where we can meet in the building and i said the homebuilding stocks because they liquid, i still think they will go higher and i think whoever wins this election is sitting still pretty for 2021 because the americans consumer, Stuart Varney the American Consumer is getting so strong and so poised to a point that weve never seen before in this economy and thats a big, big story and one of the main reasons i think the market is rallying. Stuart i presume you also like Retail Stocks if the consumer is really strong and getting stronger, retail should do very well, which ones do you like. I like the broken brickandmortar names that are going to survive, an example that would be bed bath beyond, my subscribers are at 92 but i think it goes up another 92 , theyve done everything right to turn it around, tapestry love os coach, gap stores are bought it on my own account at 13, thats around 9 right now, the brickandmortar names that are surviving and do everything right, just of the audience understands, the service ratios, one thing we have seen, is at an alltime record low in terms of percentage of income, and set an alltime record lowincome person to our disposable income, the cares act, we saved 36 of that money and pay down debt with the other 34 of that money, we are so poised, im really excited about it. Stuart the savings rate is 9 15 , something astronomical compared to what it used to be. 14 , 2. 2 trillion dollars in the bank ready to go. One thing that i wanted to bring up, if you do not mind, when we say the stocks are up, that is not true, in fact this year, the s p there are more losers than winners, you still gotta be very selective, 260 losers in the s p down an average of 62 versus 233 winners, of course all the actions on the nasdaq which is doing much better, really its been an extraordinary year for stock pickers, most stocks are down. Stuart you got it right, thank you very much indeed, we will join you at 2 00 p. M. Eastern today, let me tell everybody this, you are hosting a virtual town hall a week before election day and you Charles Payne will be answering questions from viewers and voters, that will be october 27 on this network, do not miss, thank you. Still ahead wormer new york city mayor and President Trumps legal team Rudy Giuliani is here enjoys math the 11 00 oclock hour, he is a blockbuster story ready to go, a soundbite we cannot get enough of, nancy pelosi exploiting after being questioned about her stimulus bill strategy. What i say to you, i dont know why youre always an apologist in many of your colleagues apologize for the republican position. Stuart cnn every apologist for the republican, im not sure i understand that but ill go out it in my take coming up. Are you frustrated with your weight and health . Its time for aerotrainer, 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. 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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 lets talk to leo, it is down 332, down 1. 5 , alex duke enjoins us with rbc capital, alex believes that that is going to go up to 370 375, let me see if i got this right, truly out is a platform which links all forms of communication, if you want to call your uber driver, if you want to call your uber driver, you do it through this. They connect to. Now why is it when you go to 370 per share. Thank you for having me on the program, i would say its one of the companies has an amazing growth story, you had coated change the way consumers are really interacting across a number of user experiences and messaging, voice, its having a renaissance, the covid digital wakening across multiple users is all powered by trulioo. In the 90s why you bought a pc, it was intel inside of most messages you get today from your uber, airbnb, nike, multiple user experiences, remote learning, telemedicine, good chances they are powered by trulioo, we think this is a secular Growth Center growth opportunity, these guys are the leader in the market, with the best products in very large opportunity. Stuart are they profitable. They are starting to generate profit, the thing about the profitability, a lot of the opportunities are so early, the unit economics, this is a company that extends 25 on sales and marketing historically as a percentage of revenue, thats a really low bar in myspace in terms of the ability to generate a lot of incremental dollars in growth, we think this is a company when it stops growing at the rates, theres a lot of opportunity for profit but a lot of growth for story. Stuart we like opportunities and you gave us one, alex, thank you for joining us, we appreciate it. The dow is up 100. Still ahead on the program, Rudy Giuliani, steve hilton, judicial crisis president and the president of goya, and then trump bashing cnn invited Speaker Pelosi to appear on cnn, lets just say it did not go well. The must see interview, that is my theme of the take which is next. Some things are good to know. 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Not a bad rally. Were up 100 points at 2thousand 787. Some of the big banks they reported earlier today. Put them on the screen. You will see goldman is something after standout. Up over half a percentage point. The financials are showing us this is a fairly good economic recovery. And listen to this. Quick programing note for tomorrow. The president of the United States of america, donald j. Trump, he will join us live at 10 00 eastern time, tomorrow, 10 00, this program, this network. Now this. Well, do we have a tape for you. Trumphating cnn invited Speaker Pelosi to appear on wolf blitzers prime time show. The speaker accepted expecting a very friendly interview. Surprise, surprise. Blitzer asked simple questions. Is wrong with the president s 1. 8 trillion stimulus plan. It helps millions of ordinary people . Why dont you call the president and get something done. The speaker was to say the least is flustered. What i say to you i dont know why youre always a apologist and many of your colleagues a apologist for the republican position. Row can rkhanna. That knit is . I want this now. People need help now. No use giving them a false thing just because the president wants to put a check with his name on it in the mail. Stuart all right. If you want clarity on the stimulus you you got it on cnn of all places the speaker wont talk to the president because he doesnt share our values sew we cant have 1. Trillion dollars worth of help for distressed people. Cant listen to prostimulus democrats because they dont know what is being negotiated. Really . The ultimate nonsense cnn, the apologist for republicans, now that is truly a stretch. You ever watch don lemon, chris cuomo . Enough of that. There are two points to be made here. First what the speaker really wants is a bailout for badlyrun and near bankrupt democrat states new york, new jersey, california. That bailout is not in the president s 1. Trillion dollar plan. So no help for anyone. What an extraordinary position for the speaker to take. Point number two, hatred and contempt have gotten the better of the democrat party. If the speaker cant even pick up the phone to talk to the president , cant have a discussion at all and millions of men, women and children continue to suffer needlessly you are out of bounds. Your contempt for the president should not dictate policy. Madam speaker, you are hurting america. The second hour of Varney Company beginning right now. Stuart want to get back to the markets before we get to our great guest liz peek. Were up 101 points for the dow. 39 for the nasdaq. I see green all over the place. Liz peek, come on in to this. Thank you. I like that smile. I know you want to hear what i have to say about Speaker Pelosi. I believe this hatred, this contempt for the president is just overtaken the democrats. Theyre not thinking rationally about how to help the country. Im sure youre with me on this. Lay it on thick, liz. Well i agree with you. Wolf blitzer, bless his heart is not speaking for wolf blitzer. He is speaking for millions of americans who need and expect help from the congress because theyre unemployed and faces very hard times. What is remarkable to me, nancy pelosi has blundered big time i think on this bill. By the way, just like she did back in may. If you remember she sort of dawdled and diddled didnt allow a bill to go through for weeks when people were really screaming for help. Who is really angry about this, stuart, is 31 democrats elected in trump districts in 2018, who have to go back now to their constituents, emptyhanded. They moderate democrats in the congress, there are some, are yelling at nancy pelosi to get a deal done. Wolf blitzer is right. 1. 8 trillion is a pretty good bill and they should do it. Stuart will the speaker have to retreat. 31 democrats, anyone who think as moderate in the Democrat Camp is demanding 1. 8 trillion. Will she bend and will she change . I think she has to. That will be to the credit of President Trump. Lets be clear here. This is you to irpolitics. Why is nancy pelosi so intransigent. Nancy pelosis own career is on the line here. If she allows a big check to go to americans that will help donald trump get reelected. Stuart, mark my words, if he beats joe biden, nancy pelosi is no longer speaker of the house. Why . She is one of the prime architects of joe bidens candidacy, the impeachment of the president and a number of other things including this latest idiocy about the 25th amendment which only served to highlight joe bidens potential incapacity, in fact at some point he may have to step aside. I think she has made one blunder after another. This is all about preserving Nancy Pelosis job. Stuart who would have thought it would emerge on cnn . Once clinton news network. That is just me. Hope to see you real soon. Thank you. Thank you. Stuart i have to look at apple very much a stock in the news. It is moving up. Nearly 1 higher there. Its a buck higher. Weve seen the lineup of the new iphones. All of them are 5g ready. Chief executive tim cook says the beginning of a new era for their phones. That is how he describes it. You can preorder them starting friday. I dont think you can get until november. Susan late ship day might have dragged on the stock yesterday. Stuart really . It is up today. Up a buck 20. 122 per share. The other Big Name Company in the news is amazon. The stock is down a little bit today. Protests planned across the country to coincide with day two of their prime days. Theyre protesting safety concerns. This comes a week after protesters rallied outside of Jeff Bezos Beverly hills home calling for higher pay. Didnt affect the stock at all. It is on a terrific run. Well over 3400 bucks per share as we speak. Back to the markets, were up 60 points for the dow. Plenty of green though. John layfield is back with us. You say we need another stimulus to get back to some kind of normality. I dont think well get a stimulus plan unless nancy pelosi bend as little. What do you say. I think we are. I think she will bend a little. She will break. This is not something that will serve her politically. These are political people no matter who they are in washington, d. C. Theyre survivors. She will end up doing the right thing. She may be dragged to be able to do that we need a government stimulus. These businesses with very in this country are doing the best they can with restrictions put in place. But if we dont have some type of bridge to get back to normalcy like we had in the spring, we would have a ma dead done inside Financial Services inside the economy without the original estimate us are. Same thing now. We just kicked the can until now. We need to get somewhere in part of the new year, the spring to see if we get back to normalcy to save a lot of businesses which i think we can. We have to have the stimulus package. Stuart okay. But that, were talking economically here. If we dont get the stimulus package, that doesnt necessarily sink the market, does it . The market is going up and up and up all over the place. I think it does. I think we have a real problem ahead. We have the second most defaults since 2009. That pales in comparison what we would have had without the government stimulus. We have 11 million unemployed. Look at some Bank Earnings. We didnt have credit increase until september. That is when the unemployment started to run out. That is a worrisome sign. We need stimulus to save a lot of small businesses. We have for example, 38,000 gyms in the country. This is typical of small business. Well lose about 1 3 of those businesses right now f we have some stimulus we may be able to save a lot of those businesses. Without them well be in real trouble. American consumer is most ingenius people in the world. They have done a incredible job. Something not their fault the government needs to step in to help those people. Stuart well not get back to anything close to normality i think for a couple years. Are we supposed to keep on supporting the gyms of this recalled would, the air inches loo airlines, restaurants, bars, hotels, cruise lines, theyre all in trouble because of the lockdown, because of the virus, we cant go on supporting them forever, we have to let some of them go, dont we. Completely agree. I am free market person. The debt nobody seems to care about it. If you talk about people roll their ice. We have to get some semblance of normalcy. It will take yearandahalf, 18 months to get back to full employment based on last months numbers of 661,000 jobs increased. With the vaccine that compresses time. Well have to get back to somewhere where these businesses are going to be able, more than 50 . That may be get through flu season or covid surge. Well lose a lot of businesses. Well lose a lot more without Government Intervention. I dont like Government Intervention but we need it. Stuart you put money into pfizer, that correct . Absolutely. I dont like buying lottery tickets. Pfizer antibody trials were better. Third phase trial ends middle of this month. By end of the october they could start producing vaccine. Pfizer a great way to play this. It is a great company. There is not much downside to pfizer. Stuart we hear you john. Pfizer up a little bit this morning. John layfield. Well see you soon. Lauren, come into this, you have more for the race for the vaccine. What is the latest . Susan lauren i want to build on what john just said. If you want to have vaccine this year there are two hopefuls. Theyre is pfizer and moderna. They want to submit plans for fda authorization november 25th. Pfizer and moderna are your hopes. I want to update you on the one dose, from Johnson Johnson. This was the big news yesterday. That trial was paused but they still plan to manufacture one billion doses by the end of 2021. Im not done. There is a small cap. It is called vaxart, they have dosed first patient with a pill vaccine so you swallow it. It could be hopeful the there is a lot of promise out there. After we got the Johnson Johnson news about the trial pause, eli lilly said the therapeutic trial was halted by a safety board by unknown potential safety concern. The fda, according to reuters, went into one of their manufacturing plants, found what they called Quality Control issues. Bottom line, a lot of vaccines. A lot of therapies. Lot being highly scrutinized. Hopefully what we come out with is safe. Stuart exactly. You have got to be safe especially with the vaccine. Lauren, thanks very much. Check this out. This is a new bombshell report. It is on the front cover of the new york post. It reveals emails linking hunter biden, joe biden, and burisma. Bombshell stuff. Rudy giuliani coming up in the next hour. He is going to react to that. It will be his first reaction to that bombshell news. A few months ago the leftwing mob called for a boycott of goya products after the ceo praised President Trump. Oh, the horror. Well the ceo is back today. I want a status update. He will give it to us. Early voting in georgia. There is long lines of people waiting hours to cast their vote. Weve got that story for you right after this. Look at that crowd. I have an idea for a trade. Oh yeah, you going to place it . Not until im sure. Why dont you call Td Ameritrade for a strategy gut check . Whats that . You run it by an expert, you talk about the risk and potential profit and loss. Couldve used that before i hired my interior decorator. Voila maybe a couple throw pillows would help. 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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 its a modest rally pretty much across the board. Up 40 for the dow, up 19 for the nasdaq. There you have it. I want an update on work from home policies. This really important trend here. Dropbox is doing this. Lauren what are they doing, work from home what is the policy . Lauren yes, the Cloud Storage company, every worker can work from home forever at that company. Why . They did an internal survey, 90 of employees said theyre more productive at home which i just question. I think were more productive at life at home. You can throw in a little laundry on a break but are you really more productive at work . Dropbox says yes, theyre working offices into colab spaces if you need to go in for a Team Building exercise you can still do this as needed. Did you hear this . Jamie dimon is saying the complete opposite. Theyre continuing to build their huge skyscraper. It will be in midtown manhattan. It will be the second tallest building in new york city. It will house 14,000 workers and they plan to have it finished 2024. So i think what jamie dimon is saying is this. You need an image. You need people to walk into that huge lobby and look up, feel yes, i really made it. He is thinking 50 years into the future. He thinks well have a vaccine and the office is still going to exist. I say, amen. Stuart you were earlier referring to difficulties from working at home. I take it referring to your own situation where youre looking after two Young Children at home, that correct . Yeah. I mean you learn to adapt and make working from homework. So yeah, youre productive but i think it is a different type of productive when youre in the office, absolutely. The good news is, you save yourself commuting time, right . Stuart yeah, you do. Probably some money eating lunch at very expensive new york restaurants too. Lauren, we take your point of the we sympathize. It is easy for me. I dont have young kids at home any longer but you do. Youre a champion. That is what you are, lauren. Lauren we can give you my kids for a day or a morning before the show to see how it goes and videotape it. Stuart okay. I have nine grandchildren. I am up to here with kids. All come over 8 00 a. M. Tomorrow. Stuart look at video here. Very interesting. Long lines of voters lining up in georgia where they have early voting. How long do these people have to wait, ashley . Ashley some up to 10 hours, stu or more, just to cast their ballots in cobb county people lined up in the predawn hours, using cell phone flashlights to fill out preregistration forms. They waited up to six hours in cobb county with lines wrapping around the buildings as you see from the video and down the street. By the way cobb was a suburb of atlanta was once solidly republican but voted for democrats in recent elections. We saw big numbers being reported in floyd county, that is no north georgia where support for donald trump is very strong. Georgia, the latest state to see extremely long lines being the first day of inperson voting. Similar scenes have been reported in virginia and ohio. And nationally, by the way, more than 13 Million People have already voted. Unprecedented number. Shows you the interest there is. Georgia has long been seen as a republican strong hold but recent democratic changes made it more competitive. Recent poll shows donald trump and joe biden are in a statistical tie in the state. Look at numbers of people waiting hours and hours to get in early voting. Stuart could have a record turnout for this president ial election t could be. Sure looks like it in the early going. Ash, thank you. Still on the election in georgia in 2016 President Trump won the state by about five points. Now its a different story. He leads biden by less than one point, on your screens right now. What is going on there . Their businesses, georgia businesses reopened largely. The state Unemployment Rate is down to 5. 6 . That state is doing well. Jeanelle king is with us, cofounder of speak georgia. Jeanelle, why is georgia so close when the economy is doing pretty well and the state is pretty much open again . Well, stuart, first of all, thank you for having me. And i am here in this great state of georgia and i have to start by praising our governor, governor brian kemp. He did a tremendous job balancing the economic crisis as well as the health crisis. He followed all the cdc guidelines to make sure our businesses have done so as well. That is why youre seeing this turnout. Why youre seeing such a good response here in georgia. As it relates to the president , as it relates to whether or not the state is going to flip i dont think the state is going to flip. I believe President Trump will still win georgia because of three key areas, safety, a Strong Economy and strong leadership. He exemplified all of that. Stuart they really wanted to vote. People waiting eight or 10 hours, standing in line to vote, that is motivation indeed. Were you expecting those kind of long lines . You know it, on the first day of early voting i was. The reason why because i know on the republican side we traditionally vote in person and we were looking forward to the opportunity to get out there and show our support for the president. So i expected on the first day, i hope that it continues as it relates to, just number of people coming out and voting. But, i really, really excited. I feel really, really optimistic. Stuart would you like to tell us what you think the proportion of black folks who vote for President Trump will be in georgia . Absolutely. So funny because my husband and i have a running bet. So i am thinking it will be 20 as it relates overall. I think in georgia i think it will pull out majority of those votes. So i will say 10 to 15. The reason i say that, traditionally africanamerican support in that atlanta is pretty high as it relates to just you know supporting the president and supporting republicans but i am really excited about it. I looking forward to what he does. Hopefully i beat my husband and he gets 20 overall. Stuart get your attention, actress kerry washington, he says black americans are seduced into voting conservative. I dont know what she means by that, what is your take . I have no clue what she means as well. Im a black conservative who does this every single day. I dont pretend and play on tv. I have been conservative a very long time. I assure you what i am seeing africanamericans that are realizing that they were sold a bag of goods. Stuart before we leave, jeanelle, im sorry to interrupt you, do you get a hard time because youre a black conservative . You know, what i do. Im so used to it now it has been so long, right . I do, but ultimately, i think i get more show respect. A lot of people tell me i may not agree with you, i certainly respect it. Ever since President Trump has done so well with the black community, ive gotten a lot of good feedback. Stuart come back soon. I want to see you win the bet. Jeanelle king. Thank you so much. Stuart sure thing. President trump making an appeal to suburban women in pennsylvania. Watch this. President trump i asked you to do me a favor. Suburban women, will you please like me . [cheering] please. I saved your damn neighborhood, okay . Stuart so will suburban women vote for him . Im asking pennsylvania congressman dan meuser later this hour. Why not . Dont forget President Trump live on varney tomorrow, at 10 00 eastern. You cant miss this. Our Retirement Plan with voya gives us confidence. We can spend a bit now, knowing were prepared for the future. Surprise we renovated the guest room, so you can live with us. Im good at my condo. Well planned, well invested, well protected. Voya. Be confident to and through retirement. This was the theater i came to quite often. The support weve had over the last few months has been amazing. I have a soft spot for local places. Its not just a work environment. Everyone here is family. Gonna go ahead and support him, get my hair cut, leave a big tip. If we focus on our local communities, we can find a way to get through this together. Thank you. If you are ready to open your heart and your home, check us out. Get out and about and support our local community. We thought for sure that we were done. And this town said not today. Stuart the dow just popped into the negative column. It popped right back again to a plus seven i call that pretty much flat to slightly lower now all across the board. Next case, the price of oil. See where it is this morning. 40. 80 as we speak. Look who is here. The worlds greatest authority on the oil market. Daniel yergin, big smile on the righthand side of the screen. Let me start with this, daniel. By the way, thanks for coming back on the show. Always great to be with you, stuart. Stuart i always make you smile. No way around it in my way of thinking. The price of oil will stay low, un50 bucks a barrel for years to come. Are you with me . No, im not. I think we are going to be in that 40 to 50dollar range as long as were in what i call new book, the new map. This economic twilight zone. I think when we get out of this i think well see Oil Prices Moving higher, partly because demand will recover, people will be back in their cars. Partly because of the low investment that happened currently in oil and gas around the world because of the price collapse. Because i see, i think, i think youre right, as long as we remain in the grip of the virus. Stuart frankly, daniel it, was Wishful Thinking on my part because i really like cheap gas. Im paying two bucks a gallon at the moment. I want it to continue forever but thats another story. As long as the u. S. Continues to be the worlds Number One Oil producer, that will do a great job in terms of keeping oil prices down because were such an important part of the market. Stuart i believe opec is saying that our oil production, americas oil production, is recovering faster than expected. Are the frackers back big time . Well i think there is somewhat of a rebound from where we were in those dark days of april and may. I think well end up the year sort of about two Million Barrels a day lower than we were at the beginning of this year, and the recovery really wont begin until kind of next year. Well start to see regaining ground and, coming back then. So i think were still this, i think the frackers will still be struggling until we get out of this price range. Stuart tell me about iran and venezuela. Both of them, i think, are way, way down in terms of production and exports. Is there any sign that, at anytime soon they will be back on the market with a lot of product . I think iran it is political. As long as the u. S. Sanctions are there, iranian isnt isnt g into the u. S. Market in any way. Venezuela is selfinduced. It is producing less oil than the state of north dakota. As long as you have that terrible regime in power, their oil industry will be in a pathetic state as the overall economy that country, there are more refugees from venezuela today than from syria. Stuart that is just a terrible thing, it really is. Last one, are we, america, are we still running the world energy market, dominant in energy, independent of energy . I think it is the big three. It is the United States, it is saudi arabia and russia. Those are the big players, interaction between them. We saw that last spring with President Trump. Brokering a deal between saudi arabia and russia and so i think were number one. Wo betd bet we stay stay stay se in this m dcultcu at leastat lat the new y. Y y atroup t thrheeehr an s that ar that are the big s. Ayer rto we staytay up there amonhe big threeee we s s s fracking . U ie sto stop fracking,g, if stracking, the ng, the n pf that sentence wemport a a lot t. Ore oil. We lll be b a o o i am am am am porter aporterinporter thats leftets left outut oee discussion about suttoppingfrac we have to stay iy the fckinckg siss toss maintain this str sg vestuastrt youou souaved the bf last. But it worked. D to do d tha daniel yer y always a pleasure. Thank you, stuart. Goodbye. Stuart i want to talk to kristina partsinevelos, on the streets of new york covering Public Transportation in big cities. Let me guess, kristina, Public Transportation in big cities is not doing well . Reporter you have guessed, correctly. Theyre realing from the pandemic on two fronts. The first one that they have higher costs because of cleaning and updating their filtration systems. The second problem, like you know already, stu, you got lowridership. People are working from home or have a negative perception of taking the subway. And thats why so many transit systems across the country are in financial ruin. For example, chicagos latest finance Financial Statements for the comb muter metro system, showed a budget shortfall of 700 million for sales and passenger tax revenue this is this year and next year. In san francisco, they have literally halted 40 of their muni buses. That is almost half the bus lines in the region. There is still no word when it will ever come back. Youve got another major problem too. You have lowridership it has been effect on crime. In chicago there is increase in robberies. In philadelphia there has been an increase in felony assault on the subway this is according to the transit agencies as well as local police there. Here in new york city you have the metropolitan Transportation Agency that is begging congress foremoney as they spend roughly 200 million a week. The state comptroller said yesterday, i will end this with, end of regional Public Transit as we know it if they dont get money from the federal government, they could see increases in fares and service cuts. Its tough right now. It seems like not many people are going down to the subway behind me. Back to you. Stuart not like it was seven or eight months ago. Kristina, thank you very much indeed. Staying on the transportation area here, delta will stop, stop, blocking off middle seats. Ash, that is a big deal. When is it happening. Ashley it is. People love the fact no one is in the middle seat. The airline says it will end the policy the first half of next year. It gave no firm date. Delta vowed to block middle seats longer than any u. S. Major international airline. It is only major us air carrier blocking middle seats as a covid precaution that will hurt revenue during the upcoming holiday period even if not as many people are flying. United and american removed capacity restrictions earlier in the summer but offer passengers the ability to change flights for free if the flights become too crowded. Southwest airlines and American Airlines are blocking middle seats only until november 30th. Jetblue says it will keep middle seats blocked until october 15th. Limit passenger loads through december 31st. There is good news in the airline industry. Passenger numbers are starting to creep higher. According to the tsa, october the 11th saw 984,000 people flying. That is the highest number since march 16th. Stuart it would be good to crack a million, wouldnt it because youre awfully close. That would be a milestone. What a year ago it was. 5 million. I will repeat this. Very important programing note. The president will join us live tomorrow morning 10 00 eastern on this program and this network. California cracking down, wait for it, trickortreating. They dont want kids to be doing it but wait a minute, isnt that the parents decision, isnt it . Our california guy steve hilton fired up about it. He is on the show the next hour. First all the latest from day two of judge barretts senate questioning. More varney after this. 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. 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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 well, its kind of dead flatout there wont market. The dow up 20. The s p is up one, nasdaq down three. Enough said. It was a memorable moment. After hours of senators reading from prepared scripts lecturing on obscure subjects, always looking down at their notes, judge barrett was asked to show her notes. What was she reading from . What prompts did she need . Here was the answer. A blank sheet. She had no notes. She knows her stuff. After the endless, sarcastic condescending prescripted remarks of the democrats it was refreshing to see a brilliant, top of the class, mother of seven put them in their intellectual place. That was a my take. That was opinion. Capitol hill, the second day of questioning for the judge ongoing right now. Hillary vaughn is there looking at it for us. Any fireworks, hillary . Reporter yeah. Stuart what is interesting is democrats really are trying to get judge barrett to take firm positions on issues that could likely come up tied to the election and the whole point of this hearing and the point of being elected to the high court is to be unbiased and not to make predetermined positions on issues but democrats want her to do that. Particularly how she would rule on the Affordable Care act. My question was, did you ever write or speak out in defense of the aca, whether as a academic or as a member of the judiciary . That is a Pretty Simple question, yes or no . No. I have never had occasion to speak on the policy question. Thank you. So you weighed in on it, you said the law is unconstitutional. Reporter we heard a lot about potential cases tied to the president , whether he has the power to pardon himself. Whether he has the duty to comply with law. So there are certainly that line of questioning coming from the democrats today. Stuart . Stuart interesting. Hillary, thank you very much. Staying on judge barrett, she did indeed, she knew her faith would be thrown into the spotlight by the democrats but she is kind of hitting back. Just listen to this. I will read it for you. Here is the quote. Judges just cant wake up one day i have an agenda. I like guns. I hate guns. I like abortion. I hate abortion. I and walk in like a royal screen and impose their will on the world. Wellsaid, judge barrett. Stephanie barclay is with us. She is a professor of law at notre dame university. That is judge barretts all alma mater. You know judge barrettly. She knew that they were going to go after her religion in advance but she still did it. She knew there would be attacks on her family and her faith. It was a caricature of her faith. She was willing to go forward with the process anyway. She cares about the rule of law and wants to serve her country. She is exceptionally wellqualified jurist. We would be really lucky to have her on the Supreme Court because she has such a impressive judicial record. Stuart she is firm on that, right . She is going in there trying to right legislation. No matter what she thinks she wouldnt do that. Youve known her for some time. Is she firm on that. We can see from her time on the court of appeals. When judge barrett offered a that majority opinion on the court of appeals her colleagues joined her opinion unanimously 95 of time. Even if we look at cases she was on democratic appointed colleagues, that number goes higher, 97 unanimity. Judge barrett is a consensus builder, wellrespected jurist and applies the law in a fair way. She ruled in favor of prison inmates, workers bringing discrimination claims and a woman subject to Unlawful Police search. She ruled against businesses polluting the environment and ruled against this administration which is again an indication she rules in a way that transsends partisan politics. Stuart stephanie, im sure you heard about this, 88 members of notre dame faculty written an open letter to the Supreme Court asking for a pause on barretts nomination process. Here is what they right. The rushed nature of your nomination process which you certainly recognize and it is an exercise in raw power politics may effectively deprive the American People of a voice in selecting the next Supreme Court justice. However, stephanie, not a single one of those 88 signatures, signers, who signed the letter still works at the universitys law school. What you do make of that . Thats right. When judge barrett went up for her seventh circuit nomination she had unanimous support from law School Colleagues at notre dame an colleagues from the Supreme Court and bipartisan support of the committee. This letter, as you say, to my knowledge doesnt have any of her colleagues from the law school on it. And its a letter that is wore riffed about the political process. It says nothing about any concerns about judge barrett as person or as a jurist which i think suggests there isnt really anything to complain about when it comes to go her credentials. She is Award Winning teacher. She is an exceptional scholar. A student of the law, a mother, person of faith, a woman of high integrity. The aba gave her the highest rating they have as a judge. She is exceptionally wellqualified to be on the Supreme Court. Stuart she is. Stephanie barclay, thank you for joining us. We appreciate it. Thank you. Thank you. Stuart i would put something on the screen i would describe as a bombshell. It is all about emails which do indeed link hunter biden and joe biden and burisma and the ukraine. Rudy giuliani coming up in our next hour. Well be sure to get his reaction to that explosive development. New studies shows biden presidency if it happens, would cause taxpayers 36 trillion over the next 10 years. That is trillion with a t. Thats next. 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. Stuart joe biden and Kamala Harris policies are projected to cost taxpayers an extra 36 trillion over 10 years. Congressman dan meuser, republican from pennsylvania joins us now. Okay. If you accept that 36 trillion number and it comes to us where is it from the James Madison institute if you accept that number, does it mean that your state, pennsylvania, is going to take a big part of that hit . Oh, its devastating. The study shows empirically what we all knew intuitively joe bidens taxandspend plan will have significant drags on the u. S. Economy and pennsylvania economy. A report states, i think conservatively, that we will lose well over 100,000 jobs. Wages can be crushed in neighborhood of 5000. And there is really no surprise here, right . 3. 6 trillion increase in spending per year, 36 trillion over 10 years, is virtually equivalent to our entire tax revenue that exists today. So based upon that, everybodys taxes is going to be doubled, right . He is already planning a corporate net income tax increase of 21 to 28 which he thinks is fine. But excuse me, mr. Biden, the rest of the world got competitive during the obamabiden era lowered Corporate Income taxes. We left ours up to 35 , we brought it it down to 21 . That is how you bring jobs back. The as former revenue collector in commonwealth of pennsylvania the best way of driving revenues is through jobe creation. This proposal is a job killer. Stuart i i want to play awe sod bite from the president in your state tuesday night trying to appeal to suburban women. Its a wonderful sound bite. Roll tape and watch. President trump suburban women they should like me more than anything here tonight. Because i ended the regulation that destroyed your neighborhood. I ended the regulation that brought crime to the suburbs. And youre going to live the American Dream. So, i ask you to do me a favor. Suburban women, will you please like me . [cheering] please, please. I saved your damn neighborhood, okay . Stuart i expect to see you smiling there, dan, he is entertaining but you think that is going to work . Do you think that will get suburban women in pennsylvania around pittsburgh and philadelphia, will they vote for him . Well, stuart, let me tell you the president hasnt lost a vote. We picked up many before the covid virus. We had the best economy in 100 years. We actually now have 190,000 more registered republicans in pennsylvania. Half of those came from defects from the, from the democrat party. So we like our position. Ill tell you this, with suburban women and women and men want most, they want someone in charge of recovery. President s got a plan for recovery. Look what weve done already. They want law and order. Law and order, stuart. It is not [inaudible]. Democrats are siding, trying to appease lawlessness. That doesnt work. Suburban women, no woman is for this lawlessness. The other is weve got to defeat the virus. Were doing that. Were working on it. Were creating stuart im out of time. We heard the president last night. We you with us this morning. We appreciate both. Thank you, dan meuser. You got it. We have a big show coming up with starting with Rudy Giuliani. Then we have steve hilton, plus President Trump expected to deliver remarks to Economic Clubs across the country. We will bring you those remarks as they happen. Well be back with it all. When i was in high school, this was the theater i came to quite often. The support weve had over the last few months has been amazing. I have a soft spot for local places. Its not just a work environment. Everyone here is family. Gonna go ahead and support him, get my hair cut, leave a big tip. If we focus on our local communities, we can find a way to get through this together. Thank you. If you are ready to open your heart and your home, check us out. Get out and about and support our local community. We thought for sure that we were done. And this town said not today. Youre always an apologist, and many of your colleagues, a apologists for the republican position. Nancy pelosis own career is on the line here. Investors are looking past the election, theyre looking past the stimulus. Market has really nowhere to go but higher. Profitability is going to be very good next year in 2021, s p 500 earnings per share are expected to grow by, i think, more than 22 or 23 annually. Fear drives market, but it also causes you to take fewer precautions. We cannot fight this pandemic with fear. We have to fight it with courage, kindness and laughter. The American Consumer is getting so strong and so poised right now. Stuart theres new york city on a wednesday morning. Theres the beatles, one of the great songs of all time. John lennons voice gave out at the end of that one, and as you saw there, our market watchers are pretty optimistic across the board. We are seeing green this morning, dows up only 9, nasdaqs up 10, s p is up 2. 5 points. There you have it. Huge hour coming up. You know, four years ago we used to use that word, huge. Well, we use it again. Rued duh giuliani, steve hilton the, carr ily severino, and, yes, ill repeat this, the president will join us tomorrow morning, 10 00 eastern. And, by the way, were also expecting to hear from him this morning at an event for Economic Clubs across the country. Were trying to bring that to you, because its important. And now this. Im going to run some video from President Trumps rallies in florida monday and pennsylvania last night. My purpose is not to show the big crowds, but to show the president s response to the virus. He has said you cant let it dominate, and clearly, its not dominating him. Hes out and about trying to get beyond lockdowns. In contrast, joe biden. He doesnt speak to big crowds. Im not being sarcastic about the low turnout, thats a different story. Biden has not exactly been out and about. Thats my point. And when he does leave his house, hes usually masked up, like everyone, keeps social distance. Hes all about safety and minimizing risk. Again, im not critical, just pointing out a guaming chasm gaping chasm between the two approaches. Trump is the openup guy and wilden is the lockdown guy biden is the lockdown guy. Clearly, the president wanted to show the world he had rebounded from covid. He was back on the campaign trail a week later. He made a point of not letting the virus dominate, of accepting risk. Republicanrun states like georgia and florida lead the openingup trend. Joe biden still talks about a National Mask mandate. Hes still talking about following the science, if that means new lockdowns. New york lock down parts of new york city, california advises against trick or treating, for heaven sake. So what do you want . Open up and take some risk or stay restricted and go for extreme safety. Clear choice, trump or biden. 20 days til the vote. The third hour of Varney Company is about to begin. Stuart lets get straight at it. Look at that. Thats the front page of the new york post, and it reads biden secret emails. Those emails link hunter biden, joe biden and burisma, the ukrainian natural gas company. Rudy giuliani is with us, President Trumps personal attorney and former mayor of new york city. Rudy, im going to read you the email so that our viewers can see it as well as you. Youve already seen it sure, sure, go ahead. Stuart this was sent in 2015 by a burisma adviser. Dear hunter thank you for inviting me to d. C. And giving an opportunity to meet your father and spend some time together. Rudy, would you describe that as a smoking gun . Yeah, yeah, its a smoking gun, for sure. I mean, its about as damaging as it can be. Remember, biden denied knowing anything about burisma. Biden denied numerous times knowing anything about his sons foreign dealings which, of course, is incredible. I dont know only because the media covers it up did anybody believe it. But that says very clearly that biden met with i i think hes the number two or three guy in the most crooked company in ukraine. The owner of the company was then in exile. He had stolen 5 billion. And joes job really was to use his influence on the president of the ukraine. And the payments to hunter were directed to joe. Hunters money went to joe. I think further emails and texts bring that out even more clearly. Stuart now, i know youve seen this already, your honor, but im going to play this again for the viewers who may not yet have seen this, but joe biden did try to downplay his sons connection to ukraine in december of last year. Roll the tape, please. We all know trump has been messing around in ukraine over there [inaudible] come up and investigate you. With we dont want no backbone, or we know that. But you, on the other hand, sent your son over in this to get a job and work for a gas company that he had no experience with gas or nothing. In order to get access to the president. So youre selling access to the president just like he was. So youre a damn liar, man, thats not true. Stuart well, he denies it cat gore clue. Categorically. Is the president going to make a big deal out of this in this Election Campaign . Its going to be a big deal. Its probably the biggest, highest level scandal so far this century. It happened at the highest levels of two governments, United States and ukraine. Its clear that biden bribed the president of the ukraine to drop the case on his son and on the multibillionaire who was paying him. And then its going to move on to china and iraq where similar things happened. And in china there was much more money involved, much more. The biden family has for five years been Business Partners with the Chinese Government or with highlevel members of the Chinese Communist party. Beyond being bribed, they have enormous implications for our National Security. The question is i why did no one in the Obama Administration pick this up if they were watching out for our National Security. There are numerous compromising photographs of the kind that will be hard to publish. But you know the chinese have every single one of them. The chinese didnt have these compromising photographs, we wouldnt have to worry about china. Theyd be a small intelligence play. So among other things, they made millions, about 814 million in ukraine. They got onethird of a 1. 5 billion deal in iraq for his brother james. And then counting conservatively about 30 million out of china from either the bank of china, a Company Called ceft and about five other companies. Everything im telling you is in texts, emails. I dont know what theyre going to do with it. I mean, theyre going to probably say these texts were manufactured, they come from russia, im crazy, ive lost my mind. I mean, theyve tried to put me in jail, theyve tried to destroy my reputation, theyve tried to destroy my business. But they have they dont have any idea who theyre dealing with. To me, this is stuart okay. This is what im supposed to do. Im supposed to bring out, bring out corruption that hurts my country. And, frankly, stu, i started this defending my client, the president. Now i cannot only prove hes guilty, i can move hes not guilty, i can prove hes innocent and other people committed the crimes. Stuart rudy, im going to move on its all there. If you think i started this with one text message, you forget how many people ive put in jail. Stuart okay, gotcha. Hold on, rudy. Were reading reports that you have been tapped to oversee President Trumps postelection legal battles. Are you anticipating a contested election . Sure. You have to, stuart. You know, we have to take hillary at her word when she said to biden rather ominously, do not concede under any circumstances. Thats a pretty broad thing. He could be winning by 10 , and theyre going to contest it. So we will only know that night why not assume the worst, then we will be pleasantly surprised. So we will be ready with a large, large number of lawyers in different states. Jay sekulow and i will be in charge of it. Were the two who defended him during the impeachment. You want to make sure its coordinated correctly, and we challenge where necessary. Were not going to challenge if we dont have to. I have no doubt the president s going to win. I is have no doubt. Stuart okay. Even before this came out, the president was going to win. Biden should really drop out from the ticket, hes such a big criminal. Stuart well, thats not going to happen, rudy [laughter] well, wait until you see the chinese thing. Stuart okay. When will we see that . Okay. Soon. Stuart soon. Okay, okay. Let themselves burn themselves out attacking this. Look, just as guilty is the media. The media has known this for two and a half years. The fbi has known this for two and a half years. And the Justice Department has known this for two and a half years, and they never sought to investigate it. There are implications to in that go way with beyond joe biden. They go to, you know, what kind of Law Enforcement do we have in america, and how can you do these horrible things to republicans based on nothing and not even investigate what is a smoking gun, maybe ten smoking guns showing that the biden family has been pulling down millions every time obama sent them anywhere. Stuart good lord. Hold on, rudy. I want you to deal with this. New yorks governor cuomo, hes promoting his new book, its called american crisis leadership lessons from the covid19 pandemic. Hes basically taking a victory lap ah stuart would you have any comment on that . I wrote a leadership book, and im very proud of it because it was, you know, a bestsell for for bestseller for months. The New York Times had to put it number one, it probably killed them. This would be a good book to read, then you do the opposite. It would probably work. Whatever the lesson is like dont put too many people in a nursing home, instead use the beds provided to you by President Trump that you thanked hum for but you never used. [laughter] at least a thousand beds, so nothing happens there, and let the people in a crowded nursing home go in you know what im i saying. Stuart your honor, ive got to leave you, and believe me, i will never, ever cross you. Rudy giuliani, thank you very much for being with us today. Always appreciate it. Thank you, stuart. Stuart breaking away, weve got President Trump speaking from the white house, the rose garden. This is a Virtual Event for Economic Clubs across the country. Going to listen in for a minute. Socialist nightmare and the American Dream. Under my leadership, we will have a safe and effective vaccine before the end of the year. We will swiftly defeat the china virus, end the pandemic, bring back our critical supply chains and lift our economy to unprecedented new heights. If the left gains power, they will shut down the economy, close our schools, delay the vaccine, prolong the pandemic and impose the most extreatment policies extreme policies in the history of our country. Lets review the record. When i joined you in person last year, our nation was enjoying the greatest economy in history. There was nothing like it. This was a stark contrast to the Prior Administration which delivered the weakest recovery since the great depression. It was weak and it was sad. In my first three years, real income for the typical family increased 6,000, more than five times the gains during the entire previous administration. Think of that, five times the gains. Income for black americans grew nine times more under my leadership than during the eight years before i took office. Their policies punish American Workers, my policies promote American Workers. At the end of the last administration, the Congressional Budget Office projected fewer than 2 million jobs would be created in three years. Well, we dud a little bit we did a little better than that that. We created 7 million and, actually, itll be close to 8 million jobs by the time the final numbers came in. We lifted 6. 6 Million People out of poverty, achieving the largest Poverty Reduction in modern u. S. History. Poverty rates for africanamericans and hispanicamericans reached record lows. Inequality declined dramatically, a complete reversal of the obama years. My policies have benefited those who needed the most. The bottom 50 of households saw an astonishing 40 increase in net worth. Wages rose the fastest for blue collar workers, africanamericans, hispanicamericans, asianamericans unemployment all roofed the lowest levels ever recorded. The last administration sold out American Workers like never before, and they sold them to special interests and globalists. And if you take a look, we have probably plenty of them watching right now. I understand where youre coming from but didnt work out too well with me. We succeeded by reversing those cruel and heartless betrayals. Instead of Rewarding Companies for outsourcing jobs, i implemented massive tax cuts and regulation cuts to keep jobs, opportunity and wealth in america. The tax cuts and the regulation cuts were the biggest ever recorded in the history of our country. Instead of waging war on the American Energy, we unleashed American Energy to make the United States the number one producer of oil and natural gas on earth. Instead of corrupt and horrendous trade deals written by lobbyists and special interests again, some of you i negotiated proamerican trade deals based on the principles of fairness and reciprocity. Very important. I ended the nafta nightmare and signed the brand new u. S. Mexicocanada agreement into law. Ive taken the toughest ever action against chinas chronic great abuses that we all know so well. I immediately canceled the last administrations jobkilling transpacific partnership, and i renegotiated the south korea deal which was disaster. China unleashed the virus on to the world, and only the Trump Administration will hold them accountable. And if this administration, if i dont get elected in a little while, 20 days, china will own the United States. I can tell you that. When the china virus arrived, we launched the largest mobilization since world war ii to defeat the virus, im breaking through every obstacle, cutting every piece of red tape and moving heaven and earth. The finishing da has been fantastic fda. Theyre approving things in one week that would have taken two years. Im not interested in making friends in the corrupt media and it is corrupt. My sole focus is protecting american lives and making lives good for American People. Well beat this virus, and well eradicate this pestilence and all of the things that happened to our country, our lives and our planet. Our aggressive and early action saved up to 2 million lives. If you look at the original numbers, it was projected at 2. 2 million lives. Were at 210,000 and one is too many. It should have never happened, should have never been allowed to happen by china. Thanks to advances in treatment we pioneered in record time, weve reduced the fatality rate 85 since april. And that number has now gotten even better. Im also working to get emergency approval for the powerful antibody treatment i received that has shown extraordinary promise. As you know, a week ago i wasnt feeling so hot, and i had a drug, regeneron, that made me feel were good very fast. I think its they call it therapeutic, but i dont think it was therapeutic, i think it was a cure. For me, it was something that was very good. Who knows, maybe that would have happened anyway, all i know is once i had regeneron, it worked out very well. Under operation warp speed, were on track to deliver at least 100 million doses of a vaccine before the end of the year with hundreds of millions more to quickly follow. Our military will be delivering it. We have the best people on earth in our military, and we will deliver the drug, we will deliver the vaccine rapidly. Unfortunately, the medias constant efforts to sow panic and hysteria and to probably change an election thats what they really want to do have undermined our Public Health efforts and put innocent lives in danger. They not have success they will not have success in changing the election. They tried that four years ago. That didnt work out too well. Americans should be trusted with the facts, the data expect truth. For the young and healthy, the risk is exceeding hi low, 99. 98 of those under the age of 50 survive. The average age of those who succumb to the virus is 78. And usually that is a person whos 78 but has bad heart, die beet, has other problems diabetes, has other problems. Thats why were so focused on protecting elderly and higher risk americans. Our groundbreaking therapies have significantly improved outcomes for elderly patients, but i will not rest, and i will not relent until all american seniors are safe. That is my sacred obligation. I love our seniors, i love our country. At the same time, we must allow lower risk americans to resume normal activity. The unscientific lockdowns pushed but leftwing politicians are needlessly destroying millions of lives. They decimate livelihoods and lead to suicide, drug overdose, depression, heart disease, delayed medical treatments and reduced life expectancy. The cure cannot be worse than the problem itself. And thats what a lot of states run by democrats have done to their people, and its turning out very, very bad for them. These lives must be protected as well. The recent months i have also acted swiftly to rescue the u. S. Economy with an unprecedented 2. 5 trillion in aid. We delivered over 160 million in relief payments for hard working americans through our Paycheck Protection Program that all of you are familiar with. My administration has approved over 650 billion in forgivable loans to more than 5. 2 million small businesses. Its been a savior. This action has saved or Supreme Courted, and supported 50 million jobs, and we think that number is going to be when its finally put down in actual fact, we think its going to be even more than that. We increased Unemployment Benefits by 600. When democrats failed to extend this assistance, i provided up to 400 a month in continued relief. I froze student loan payments, stopped evictions, suspended payroll taxes and delivered 500 million to save major u. S. Employers including airlines. As a result of these decisive actions, the u. S. Has been both the smallest Economic Contraction it has seen think of that. With all that weve done and all the countries out there, some great and not so great, weve seen the smallest Economic Contraction the and the fastest recovery of any major western country. I hope people are taking note of that. And its not on close. Not even close. Weve created a record 11. 4 million american jobs since may. Thats another record. Under the previous administration, it took 30 months to recover more than half the jobs lost in the crisis. We surpassed that milestone in fewer than phi months. Five months. Just a few months ago most experts were projecting unemployment well over 10 through the end of 2020. Instead weve already cut unemployment below 8 , something that it took the last administration over three years to do. Jobs have been recovering 23 times faster than the obama recovery. Remember that. 23 times faster. And i know these numbers must be true because they were given to me by the great larry kudlow whos sitting on my left. Consumer spending is almost 10 higher today than before the pandemic. And automobile production has recovered 100 . Home sales are at their highest reading since december 2006, and home Builder Sentiment is the huest in recorded history highest in recorded history. Think of that, the highest home Builder Sentiment in recorded history, and were in a pandemic. And i will tell you were rounding that final turn. If the left gains power, the recovery will be terminated, and the economy will be destroyed. Theyve told us their exact plans. Leftwing politicians have pledged a 4 trillion tax hike which will destroy our country, and this will raise taxes on 80 of our taxpayers, cut the Child Tax Credit in half which is 1,000 per child and punish working families. The highest business tax rate in the developed world would be created, serving millions and millions of jobs sending millions and millions of jobs out of america, into china and various other countries. Theyll be thrilled if we we do what joe biden wants to do. But its not really him that wants to do it, its orr people that are at a much higher level than joe. Eliminating fossil fuel, shutting down fracking all over the country, they want to shut down fracking. We are right now energy independent. They want to close up, shut down fracking. And enacting the ridiculous Green New Deal which will cost 100 trillion which is more money than this country can make in a hundred years if everything went perfectly. Democrat lawmakers sponsored legislation that would outlaw the private Health Insurance plans for 180 million americans. You have these private plans that people love, theyve negotiated, theyve fought for, they went to different companies, they got they have plans that they love, 180 million plans, 180 Million People. And you know what happens to them . Its other. They take its over. They take it away. The democrat platform would suspend all a Immigration Enforcement and give Free Health Care and mass amnesty to illegal aliens. The problem is our country cant afford it, and as soon as you announce that, millions and millions of people despite the wall which is almost finished and, by the way, paid for i by mexico despite all of these things that weve done, millions of people would flood into our country. This would obliterate medicare and would totally demolish your Social Security. Democrats in washington are also pushing a plan to abolish the suburbs by eliminating singlefamily zoning and linking federal highway grants to a federal takeover of local zoning. Your suburb will be gone. The American Dream will be gone. This plan will devastate the Property Values of millions of middle class home owners including the majority of africanamerican, hispanicamerican and asianamerican households who live in the suburbs. The policies of the left would unleash a longlasting economic catastrophe of unimaginable proportions, and i know im speaking to some democrats, and some of you are friends of mine. You are see things happen you will see things happen that will not make you happy. I dont understand your thinking, i dont with understand how you can be backing such policies, but youre wrong. I can only assume its habit. Youve been there for a long time, and its habit because they will destroy this country. Our country will go into a depression the likes of which we have not seen since 1929 and maybe worse. So keep backing them, but you know its wrong, and i really do believe its only habit. Thats the only reason you can be doing it. Under my continued leadership, we will continue our vshaped recovery and launch a recordsmashing economic boom. We will end the pandemic with a safe and effective vaccine, create 10 million jobs in the first ten months of 2021 where were going to have a phenomenal year, and we will soon be announcing, in my opinion, a phenomenal, a phenomenal, recordsetting Third Quarter and quickly return to full employment. I will implement a middle class tax cut, reduce regulations that stifle all businesses, and weve already cut regulations more than any president in history when its four years, eight years, or in one case more, i have cut regulations far more than any president in the history of our country. A highway that would take 21 years to get approved we can get done now in 1 year. And it may be rejected for safety or environmental reasons, but youre going to know in 1 year. Weve brought it down to a level that nobody can even believe. It may get rejectedded, but its going to get rejected fast, but most likely, itll get built fast. And we also are expanding opportunity zones, which have been fantastic. We are launch a Bold Initiative to reshore our medical and pharmaceutical supply chains. As part of this effort, ill revive puerto ricos pharmaceutical industry. We will move jobs to america, and well impose steep tariffs on any company that leaves. They want to leave, they want to make our product and then sell it back after firing everybody, not gonna happen. They will be tariffed. We will strip federal contracts from companies that outsource critical industries. We will negotiate more and this is, this has to do negotiate more fair and reciprocal trade deals. We want reciprocal deal. If you look at europe and what europes done to us over many, many years, and were bringing it back into balance, but its way unbalanced. We protect them militarily, and then they take advantage of us on trade with tariffs and nonmonetary tariffs which, frankly, are worse. We have to put America First like other countries put themselves first. But were putting America First. We will make america into the manufacturing superpower of the world, ending reliance on china once and for all. We will insure that america remains the worlds Number One Energy producer. We will end surprise medical billing, require produce Price Transparency and further reduce the cost of Prescription Drugs. As you probably know, those of you that are in the drug industry, youre not a big fan of donald trump, i can tell you, but i instituted a favored nations clause are. So if germany or9 another nation is buying the drug for onetwentyiest of what we pay onetwentieth of what we are, we go were the largest purchaser of drugs. We go to the lowest price. If somebodys selling a pill for 10 cents and were paying 2, we go to 10 cents. Your drug prices will be reduced by 50, 60, 70, 80, 90 . Thats the way it is. We will strongly protect medicare, Social Security and patients with preexisting conditions. And as far as the middleman is concerned, the middleman is out. As far as purchasing drugs from other countries until Everything Else kicks in, canada pays 50 what we pay. Ive given governors permission to go to canada and buy drugs directly from canada saving, as an example, ron desantis, the state of florida, approximately 50 and more on the purchase of drugs. So theyll buy the same exact drug from the same exact plant or lab 50 less. Ive also outlined a new plan to provide historic parity and this is really so important to the black community known as the platinum plan, creating new wealth, new access to capital and School Choice as a civil right for every american family. We need School Choice. The democrats will never give you School Choice, they will never give you Charter Schools that have worked so with. Were lifting up is citizens of every race, color, religion and creed. Were delivering a future of fairnesses, justice and dignity for every community in our land, and were defending our values, our principles and our cherished way of life. And guided by these timeless convictions, we will make next year one of the single greatest years in the history of our country. Its an honor to be with you. I think ill be with you next year again but, you know, well have to see because if i dont win the election, you probably wont want me, and thats okay with me too. But i think were going to have a tremendous success. Were having lines of people, 30, 40, 50,000 people lining up to see us speak with one day notice. And my opponent is getting 22 people with, working very hard to get em. So i dont know, i mean, i think were going to have a tremendous success. I hope so. But next year will be one of the greatest years in the history of our country. Youre going to see growth like we havent seen before, and its an honor to be with you. God bless you all. I think were going to talk a few questions. Please. Thank you, mr. President. I will say this, you are certainly looking very fit. And thats, thats all for the good. Well now enter the q and ark section, and our two very able questioners are cindy oconnell, chair of the Economic Club of florida and david rubinstein, president of the Economic Club of washington d. C. Each will be are asking two questions in alternating order. Chair oconnell, you have the first question. Thank you so much. And thank you, mr. President. On behalf of the Economic Club of florida and sunshine state, we are so honored to be with you today. A question spending for Infrastructure Projects like airports, roads around the country to National Security . How will these figure into your next term . Oh, very big. We actually have a plan now, or but were going to make it much bigger. Were having a hard time getting things through the democrats. We got the wall you know the wall is one of the biggest infrastructure plans ever. The wall is, its a massive, very highly technical,ling highly, expensive wall. Its given us a tremendous border. Weve actually shut down the illegals coming in, virtual lu shut em down on the southern border with the help of mexico, and we dont have the drug traffic is way down, everything is way down. And that was, you know, we consider that infrastructure. One of the largest Infrastructure Projects ever. But we want to redo our roads, our highways, our everything, our tunnels, our bridges. Some are unsafe. If you look at the lust, by the way, cindy, if you take a look at a list, youll see like 25 percent of the bridges, they call them unsafe. I mean, they cant be so unsafe, how would they let them open. Were going to be redoing our tunnels, our bridges. Its going to be an absolute priority. Could have happened last year, but the democrats didnt want to do it because they want to make things look bad. But you know somewhat . Its going to you know what . Its going to all happen. I was telling somebody before, they said can the country ever come together is . I said it was coming together. Prior to the plague coming in from china, should have never happened, prior to the playing coming in, people were calling me that were not calling me for year, were not calling republicans for years. And people called, they wanted to make deals, they wanted to get together, they saw what was happening. And basically success is going to bring us all together. And were going to have even greater success now. We had to spend money to get there, but relative lu e speaking relatively speaking, not much. Were going to have even greater success now. But success is going to bring us together, and infrastructures a big part of it. Mr. President , thank you for speaking to us. I have a question for you about the federal debt. We have 27 trillion of federal debt now. If we have another stimulus bill out of congress, are you worried that the entire amount of federal debt will be too large for us to pay of off in a sensible way . Well, you and i talk about federal debt a lot. I know its on your mind, its certainly on my mind, david. The one thing i will say is we were starting to, prior to the plague, we were starting to get that number down. You know, we were getting that number, the Interest Rates were so low, and we were seeing things on such a positive scale. And then we had, really we had no choice but to put money in. You had to put money in. You had to force money in because of the pandemic. But we were starting to focus on that very, very deeply. And we were making it long term, we were getting ready to pay off interest, we were getting ready to pay off debt. And a lot of good things were happening. And then when, you know, all of a sudden youre running a country and its going beautifully, you have the greatest economy in history, and youre in a position to start thinking about paying off large chunks of debt, and then all of a sudden Something Like the pandemic happens, right . The plague. But, no, its very concerning to ming and were going to start doing that. I think youre going to see tremendous growth, david, and the growth is going to get it done. Well take care of it. Its very much on my mind as it is yours. Its one of the first questions you always ask me, its one of the first questions i always talk to you about. And the sad thing is we were at the point where we were getting ready to be able to do it, and now well have to wait a little bit longer. But were going to have an economy that will be just as good or better, and thatll be North Carolina year with. Thank you. Thank you very much. Mr. President , how will taxpayers here and around the country be better off financially with four more years of a Trump Administration . Well, the big thing is the taxes are much lower. Look, we brought in david can tell you, because we talk about this many, Many Companies that have come to this country that wouldnt be here if we didnt cut taxes. Thats corporate taxes. But we also cut middle income taxes, and were going again for a big middle income tax cut. They want to raise taxes, and they want to raise it on nonsense. You know, the Green New Deal, if you look at the individual points of the Green New Deal, its unsane. Its absolutely ridiculous. Lets build buildings with smaller windows because theyre environmentally more efficient. The whole thing is insane. And at first i thought it was just a political hoax. But they actually want to do it, and they will destroy our country. So we are low taxes, we are going to continue to be low taxes. We are low regulation. And, by the way, i believe strongly in regulation but not where it takes 21 years to get a highway approved. I believe in regulation where it takes one year or two years, and thats why we have it down. So youre going to have low taxes. One of the things, i spoke with farmers today and, you know, we dont even we take it for granted, but the estate tax. They call it the death tax. The estate tax on small farms and businesses we got rid of. There is no tax. They want to put it back on. The democrats want to raise taxes to a level quadruple, basically, but to a level that nobodys ever seen before. And thats bad. But whats even worse is they then want to take all that money and squander it on this Green New Deal nonsense that was made up by a person that has no environmental sense, that has no sense period. Its purely political. And i cant even believe its good politically. But we are going to be cutting taxes further, and that includes business tax, but it includes especially middle income taxes. And people are saying it. You know, we had a point during the, during this ini credible run that we had just prior to the plague coming in where families were saving 9,000 a year when you add energy into it over what obama had. And that was something. But its still, the numbers a fantastically big number. Big difference. Mr. President , final question, some industries have been very hard hit by the pandemic like the cruise industry, the airline industry, the hotel industry, the restaurant industry. When do you think those industries will be able to recover and be back to where they were before the pandemic . Yeah, its one of the toughest questions because, you know, this was a vicious, a vicious pandemic, a vicious disease especially if youre of a certain age, etc. , etc. I know people in the cruise industry, they were sailing high. They didnt have a problem in the world. All of a sudden theyre fighting for their life lives. Same things with hotels and other industries. We are trying to help them, its going to happen. I think the vaccines going to be a big factor. I also think its rounding the turn, with or without, its just rounding the turn. It will get back. We are trying to help and were trying to got some stimulus money which i think is very important for certain industries, certainly the airline business. You know, people arent exactly hopping into airplanes to travel. And then you go to europe, and you have to quarantine for two weeks. Whos going to do that . Is there nub in the world thats going anybody in the world whos going to do that . Were working with other countries. Its going to come back. This thing is going away, but in the meantime, id like to see democrats loosen up. All they want is bailout money. They dont care about the worker, the people, they want bailout money. They want trillions of dollars of bailout money so they can bail out new york, california, all these states that, frankly, need more help than that. Thats why were going to do very well this election in those places. They need more help than that. But, david, i can tell you that those industries, they were great industries, and right now theyre suffering, but theyll be back. And i think itll be much sooner rather than later. I want to thank david also, because im looking at the washington mop unit and the lincoln monument, the lincoln memorial, and i always think of david now. I think of david sometimes more than George Washington when i look at the Washington Monument because he really did a fantastic job. He he saved it, he made it great, and i promise nobodys taking it down, david, okay . That i can tell you, nobodys getting close to it. Thank you. Thank you. Thank you, david, thank you, everybody. Thank you so much for giving us a great overview. And cindy and david, thanks to you as well for your time. Thank you very much. Its a great honor. Thank you. Well, im pleased to announce that weve got a lot ott great speakers coming up here, and let me give you a few names. Stuart okay. You have just watched President Trump address Economic Clubs around the country virtually from the white house rose garden. There were some questions from some of those Economic Clubs. You heard the president s answer. Also listening throughout, steve hilton, host of the next revolution. And steve hilton joins me now. One thing that struck me more than anything else, steve, is the mans energy. He gave yes. Stuart a remarkable speech last night, i mean, just extraordinary stuff. I think it went on for an hour, addressed a large crowd. First thing this morning he stands up and gives another 20, 30minute presentation on the economy. Okay, hes a little hoarse, but thats real energy. And as he said, he want to get we want to get through this virus thing. We want to come out on the other side, and i think hes leading us through it. What struck you out of what he had to say . Exactly the same thing, i was going to use that word. My reaction to that just was, wow, the energy level. I had this image in my mind, stuart, as he was talking particularly in his main speech there of trump as this kind of bulldozer just flattening anything that stands in the way of prosperity for the American People. Thats his mentality. Hes just going to go for it, whatever it is; cutting regulation, cutting taxes, getting rid of stupid rules, standing up to the bureaucrats, the trade deals. Whatever it is, hes going to cut through it to help American People and particularly the lower paid American Workers have a higher standard the of living. I thought if you just take those remarks there, the 1520 minutes, the Trump Campaign could just, like, take that, perhaps bolivar deliver it without the virtual connection and put that on tv in an ad across the country. Thats the central case for President Trumps reelection right there. Everything he said. Stuart by the way, speaking of energy, weve just confirmed that joe biden has already called a lid, already, for the day. You call a lid, youre not doing anything else on the campaign trail. Youre out of it. Youre in your becausement, youre in your house. And theres trump who will, by the way, address a crowd in iowa, i believe its iowa, tonight, in des moines. Away you go. Why is it then the man displays such energy and such an insistence on a return to prosperity that hes behind in the polls . How do you explain that, steve . Well, a couple of things, stewart. First of all, weve got to acknowledge the relentless and Unprecedented Campaign against this president from the media. Ive never seen bias in the media right across the board against a political candidate anywhere on this scale in my life. It is completely unprecedented. It makes it very hard for a campaign to do what you normally do in a campaign, and ive worked on many where you put out policy documents, you make speeches, you put proposals out there, you analyze the other sides policies. And that gets reported by the media so you can shape the conversation that voters hear up to the election. That is the normal practice in an election. The Trump Campaign cant do any of that. Theres nothing that they can say that will be positively reported or even fairly reported anywhere in the media. Thats one bug thing theyve got. Big thing theyve got. The second is something that the Trump Campaign has more control of which is their sense of focus. I feel that they had a very good month of september where they got the messages out there, they were very positive, their convention was excellent. But in the last couple of weeks, in the first part of october the focus was lost somewhat. Now, we know that theres been a lot happening with the president getting the virus and so on. I have a strong sense that that focus coming back, that the president S Performance on the trail in these rallies which are very impressive, those remarks there which were stunninglyfective, i thought, in making the cause for reelection, and i think its that sense of focusing focus tht through this unrelenting media bias. Stuart steve, well said, we always appreciate it. Steve hilton the, thank you very much, indeed. All right. Thanks, stu. Stuart we have to take a commercial break. You know how it is, youve got to make some money every now and again. On the other side of the break, Carrie Severino on the latest on the trail. Well be back. Are you frustrated with your weight and health . Its time for aerotrainer, 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 and allows for over 20 exercises. 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. Build your upper body with pushups. Work your lower body with the aerosquat. The aerotrainer is tested to support over 500 pounds. It inflates and deflates in less than 30 seconds using the electric pump. Head to aerotrainer. Com now. 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 yes, the barrett confirmation hearings. Democrat senator Sheldon Whitehouse did not ask judge Coney Barrett any questions at yesterdays hearing. Instead, oh, he launched into a city raid against dark tirade against dark money schemes. Watch this. Anonymous funders running through something called the Judicial Crisis Network which is run by Carrie Severino, it got 17 million, single 17 million donation in the gorsuch contest, another 17 million to support kavanaugh. Somebody, perhaps the same person, spent 35 million to influence the makeup of the United States Supreme Court. Guess who jumped in to take over the Selection Process in this case . For judge barrett . Carrie certificate now receive reno made the hop. Stuart why dont we bring in carrie e severino herself . Judicial Crisis Network president thereof. Carrie, great mr. Chairman to have you today. Pleasure to have you today. Great to be here. Stuart i dont think hes very keen on you. Are you part of dark money . [laughter] well, you know, that is a mere term that he uses to kind of bully conservative groups. What hes talking about are groups that dont disclose the names of their donors, but that describes groups like the aclu and naacp. And you know what else . People like demand justice, the Group Spending millions of dollars on the other side of the judicial side and groups like the league of conservation voters, one of Sheldon Whitehouses biggest donors. So he really is just very selective with this slur term that hes using as if he really is happy to take donations and make allies of people across the political spectrum because theres nothing wrong with protecting donor anonymity. I think what he really wanted to do, clearly, is change the topic from Amy Coney Barrett. Rather talk about this conspiracy theory, which, by the way, ted cruz in todays comments is doing a great job of batting down. Hed rather talk about that than this outstanding, incredible judge. It was clear from yesterday, she was the smartest potential in the room, and person in the room, and they want to stay as far away as they can from spotlighting the judge herself. Stuart you wrote a truly great book about the kavanaugh hearings. You went into it at length and really took it to pieces. I think thats why senator whitehouse and others dont like you. It also occurs to me that theyre not going to repeat that with judge barrett because if you go after a mother of seven, a brilliant jurist, youre going to look real bad. Yeah. I think, i think theyre being more careful this time. Thats part of the reason weve seen a more civil back and forth. We also dont have, because of covid, there arent outside individuals in the room, so we dont have those paid protesters shouting and getting arrested which, frankly, has been a much more pleasant process the watch. But its still, today especially, yesterday 11 hours, today a whole other day of testimony, it is like groundhog day. They keep asking the same questions again, and she is so patient, so clear and articulate, im awe maize. Amazed. She doesnt even have any notes. No notes, answering all these questions often times 10, 20 times the same question. Im so impressed by her, and i think shes really knock it out of the park. Stuart i think youre right. Carrie, i wish we had more time. We dont, but with wed love to have you back again as soon as you can make it. Carrie severino, thanks for joining us, always. Thank you. A look at the market, now were down 160 points, what do we have . Steve mnuchin, treasury secretary speaking, and saying that the stimulus, getting something done before the election difficult, in husband words. And the all or nothing approach doesnt seem to make sense to him, at least on the gop side. And he says its actually more impactful right now to inject money into the u. S. Economy rather than say down the road. But look, we have the sticking points on stimulus, theres no house vote this week. President trump wants a go big, go home package, but theres a skinny bill that senator mcconnell prefers to vote on. Stuart last night wolfe writser said whats wrong with the 1. 8 trillion . She did not have a good answer. Well have more varney after this. We will. Not whats easy. So when a hailstorm hit, usaa reached out before he could even inspect the damage. Thats how you do it right. Usaa insurance is made just the way martins family needs it with hasslefree claims, he got paid before his neighbor even got started. So through ancestry, i discovered my great aunt ruth signed up as a nursing cadet for world war ii. She was only 17. Bring your Family History to life like never before. Get started for free at ancestry. Com stuart okay the market has turned south. Were down 170 on the dow. The immediate reason for that is treasury secretary Steve Mnuchin who says it is going to be difficult to get a stimulus package in and out of congress by election day. I want to remind you that friday we have friday feedback. E emails us, got to our twitter, facebook pages. We want your questions, comments, we want your videos. You might be featured on the show late in the day about 11 45. Here is a very interesting programing note the president will join us live tomorrow at 10 00 a. M. Eastern. Dont miss that i repeat it. 10 00 a. M. Eastern. We have got the president live on the show. Wonderful stuff. Guaranteed interest. My times up, neil. Sir, it is yours. Neil look forward to that, stuart, thank you very much. We are looking what the heck happened to the dow. We were down but we got down a lot more. There are a couple catalysts here, including what is happening on stimulus. Maybe more disturbing comments were hearing out out of the wod Health Organization which people still dying at the rate of 5000 a day across the globe do not expect a turnaround anytime soon. This is still a danger. Cautions about a socalled second wave. We hear that a lot. Well talk more about what does a second wave mean . Obviously hospitalizations in this country. Death rates in this country going way, way down, not enough to ease fears building if there is delay