Transcripts For FBC Varney Company 20170310

Federal reserve. Wrong i dont agree. I say to this new mood of expansion and optimism and confidence began with the election of donald trump. He said he would take the shackles off private enterprise and thats what businesses are responding to, and so is the marketment make no mistake, this is the trump rally. Top banker jamie dimon says trump unleashed animal spirits. We are going to open up, what, triple digits when the market opens in about 29 minutes time. Well be getting very, very close to dow 21,000. Its a big day. Action on owl front. And Varney Company is about to begin. Well, the jobs report looks like its going to dominate the mornings trading on wall street. Lets get straight to liz peek who joinus this morning. I say its a solid jobs report. You characterize it, please . Its more than solid because of the mix of jobs added. Strong growth in manufacturing. The only drag, really, is retailing, which is, by way, going to continue for some time as many stores are closing, but basic by the way, this is about a big boost in energy activitiment and energy hiring. So i think its very strong, mostly, im very pleased to see the Labor Participation rate go up and i think its going to be interesting to watch. If that continues the narrative on the left has been oh, its all about demographics, i dont think so and i think its interesting to see if we see more people entering the work force. Is it the result of president obamas policies . Im not joking . Is it a layup. A lot of people are going to say is it obama or janet yellen, the Federal Reserve. I say its trump. People started to hire for work starting after the election. Huge gains after the month after the election from small and big business leaders. Stuart lets turn to the markets and im going to pump this up for the benefit of listeners on radio, were now going to be showing a gain of about 100 points when the market opens this morning, 98, 100 up for the Dow Jones Industrials. That will carry us pretty close to back to 21,000. How about the price of oil . Thats had some impact on stocks recently. Were below 50 a barrel right now. Were 49. 74. Its interesting, the news just came across. We have the largest on shore, u. S. Oil discovery in three decades, and announced first thing this morning. Youve got more on this . Yeah, 1. 2 billion barrels of oil potentially in this, and the north slope. Whats going on here. They could pump out the equivalent of what denmark pumps out on a daily basis. 120,000 barrels of oil per day out of this big oil find, in alaska and its helping the state because the state was in trouble as energy and oil revenues had gone down. Thank heavens for the alaska pipeline, built and in operation. Which has seen lower oil going through that so, yes, we have it and a plug for my cousin Armstrong Oil discovered this. Liz and rexall. Bought the lease. Stuart your cousin owns armstrong. Yes, exciting news. [laughter]. Im not bill armstrong. Hes probably watching, a big stand of the show. Stuart good, mr. Armstrong, welcome aboard, good to see you. I want more on the economics of this jobs report, specifically what does it tell us in terms of the forth coming economy . Ive said this is the start of the trump expansion, is it . I think youre right because with trump after eight long years, we finally have a probusiness president and this is going to induce companies to take on more risk taking, hire more employees and engage in some more capital spending, r d. Stuart you can disagree with me if you like. A big jump in manufacturing jobs, that was great. More than 20,000 new manufacturing jobs, usually were lucky if we get a few thousand additional factory jobs, i have one qualification, we have 58,000 new construction jobs in the month of february. That was 25 of the total, take that out, were looking at 177,000 new jobs. Lets not forget, we had very mild weather in february and that skewed seasonally adjusted construction jobs higher. The report is good, its solid. Its not solid enough to push Interest Rates higher or crea the interest 340,000 people returned to the work force in february and it was like a half million went back to the work force in january. Yet, the Unemployment Rate dipped. Thats great news, what this is telling me is that people sense improved job opportunities. Theyre beginning to sense, gee, i dont have to be stuck working at this fast food joint, the trump economy is offering jobs, jobs that offer longterm opportunities. Stuart are we looking on the basis of this jobs report, are we looking at 3 growth in third or Fourth Quarter . 3 or more . I would not rule it out. Weve had horrible productivity growth, it doesnt take much in terms of jobs if we have productivity growth return to its norm. Stuart okay, john, youve done your job. Youre an economist, youve economized for us. J. P. Morgan chief jamie dimon, we often call him the top banker in america. He says that donald trump, President Trump has unleashed animal spirits. Okay . He said it, a top banker said that. Household net worth 92. 8 trillion dollars, that was the end of last year. According to new numbers from the Federal Reserve 92. 8 trillion. John is still with me, he hasnt left the set yet. What do you make of that . Thats great news. The only bad thing about the news, its skewed toward upper income individuals, the gain in Household Net Worth, and one of the reasons why trump won this election was because, a worsening distribution of income in the United States. We can have middle income people rising through the ranks and see more investment on their part and in the future. Theyll be able to participate more fully in the stock market appreciation. Youll need better wage growth . Thats a very important thing. Career opportunities, job opportunities. Stuart but 92 trillion. Thats a huge number and help Consumer Spending, but if you go back its wealth effect. If its among very, very well think people and they would say my wealth went up more, arent they inclined to buy a second home, a better car, a nice vacation . If the gains in wealth were more evenly distributed there had be more Consumer Spending for each dollar of additional wealth. If you look at the numbers of the past several years, youre not seeing Consumer Spending respond as positively as it did in the past in response to gains by Household Net Worth. Stuart all right, john, thank you very much indeed. Appreciate it. See you soon. Thank you. Now, south korea, a court there has removed the countrys president over a scandal. She is gone, removed from office. Liz, whats this all about. Liz whats going on, its a bribery scandal. This is the first time the democratically elected president has been removed from office. And so, were seeing protests, two people already have died in these protests and this is a scandal that returns 30 indictments, including the head of samsung for bribery and embezzlement. Stuart so youve got political instability in the south. Liz turmoil there. Stuart youre looking at it right there. Ugly stuff in seoul, south korea, pro vac vok provocative on their part. Liz intense for china and japan watching going on on the peninsula. Stuart no financial impact. Liz no, not right now. Stuart thank you. The army showing off its latest weaponer, a 3d printed grade launcher. Every part in the gun except for springs and screws, there you have it. Lefty late Night Community samantha bee made a comment about a hair cut. Turns out his head was shaved because of brain cancer. And getting raid of regulations tougher to make small banks do business. Somebody was in the room with him. The Small Business in america, we are going to preserve our Community Banks. A weak outlook from ulta, ulta. Jeffries cut the price target to 266. Big deal. Its at 269, okay . Thats u. Ulta. The pope says that populism is evil. Now if we support that. Liz hes saying its evil and the populism in the last century, hitler said, i n, can, being liao look what you got. People need a new messiah, what brand of populism is he talking about . Last fall he said communists think like christians. Stuart im not going to answer your question, ill turn it over to liz peek. Thank you, i think he is a very leftleaning pope, theres no question about it. A tremendous idealogue. Pope francis says hes a pope of the people. Im not quite sure what it is about the word populism that he thinks its a derogatory description. I think with authoritarianism, im not sure i agree with that, populism takes different forms. Liz hes clearly taking a shot at President Trump. And some of the people running for office in france and germany and elsewhere. Stuart an election in the netherlands. Its the elitists across the western world and i think the pope is out of step. Liz i wish more statements about how bad communism and radical islam is bad and socialism yielded a lot of bad leaders. Stuart i agree 100 . If you read his manifesto, its very socialistic. Shall we move on . President trump moves to reform doddfrank. From the independent committee bankers of america, cam, welcome to the program. Good to see you, stuart. Stuart you were one of the people in the meeting yesterday facetoface with President Trump. Whats the worst tng about doddfrank,ts the cmunity banks the most that you think youre going to get rid of. I think its one size fits all regulation. The regulations in doddfrank, we talked about this yesterday, a number of the regulations in doddfrank were meant for the largest internationally active banks. Not for the small 100 Million Dollar bank on main street america, but we have been laboring under those regulations and they are choking the life out of Community Banks and this president pledged that he was going to do something about it. I have to tell you, stuart, it was the most refreshing white house meeting ive been in for over ten years. This is a president that understands our business and he understands the pain weve been in for the last nearly a decade. Stuart now, last week at our production meeting early in the morning, we went around the table. Weve got about ten people in our editorial production meeting in the morning and went round the table and said anybody here trying to get a mortgage . Three hands went up. Any of you guys had a problem with getting that mortgage . Three hands went up. Theyve gone through a nightmare of getting paper work together, getting it in on time, having it questioned, coming up with this authority or that. Will that change if we do away with some of the regulations in doddfrank . Will we get an easier time to get a loan from a bank . No question about it and we talked a great deal yesterday about the mortgage process, about servicing mortgage loans, about the Small Business lending process and believe me, stuart, the president was totally tuned in on that. He listened, he made observations, and he actually turned to secretary mnuchin and mr. Cohn and said we need to help these people within the next six months, can we do that . Lets try to help these people and he went into specifics, hes very, very good, its very refreshing. Stuart youre going to get enormous opposition from someone like elizabeth warren, massachusetts democrat, who basically said that banks ruined america. Whats your response to that . You know, sure, theres good and bad players in every industry, but were ten years on, practically from the crisis and Community Banks did not cause the financial crisis, and Community Banks have been struggling. Do you realize theres been a 40 increase in regulations in just the last eight years on small Community Banks . In fact, a statistic, there are more regulations, almost five times more regulations than there are employees in the average community bank. Stuart good lord. Yeah, its crazy. Stuart cam, it was great to hear from you directly after your meeting with President Trump. Come back and see us again soon, we appreciate it. Id love to. Stuart yes, sir, thank you. 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And if you have more than one Liberty Mutual policy, you qualify for a multipolicy discount, saving you money on your car and home coverage. Call for a free quote today. Liberty stands with you™. Liberty mutual insurance. Senate Majority Leader Mitch Mcconnell says its not a sure bet that tax reform gets done by august. Roll tape. There are some constraints here. I dont want to get too much down in the legislative weeds, but we have to we have two reconciliations to do to get the one that were going to use for health care out of the way before we get to the second one. I share your view, i think that finishing on tax reform will take longer, but we do have to finish the Health Care Debate, up or down, win or lose, before we go to taxes. Stuart okay. Liz peek, a delay is possible. Does that matter if we get a fullblown tax reform this year . Well, the sooner the better, right . You dont want a hiatus where businesses stop making investments because they want to take advantage of the deductibility of the investments because they want to take advantage next year. It could have impact on the economy the longer they take. And im saying cancel the congress vacation schedule. Working days, theyre supposed to be avacation, if i were mcconnell id say were here until we get this done. There are two budget reconciliation bills, two budgets to be done. With one is for obamacare, one is for taxes. Stay until the job is done. Stuart why wouldnt he do that, wave a magic wand and the democrats . The senate is in session or not. Thats something he should threaten in my view. This is important to the country, not just to republicans. We cant have all of these things sort of incomplete, right. Stuart there are cabinet secretaries that have not been confirmed. Liz a record. And hundreds of operatives are working to make sure that the confirmations dont get done. The futures, this will tell us where were going to open. Were going to open up 80odd points. We had been up 100 and now just 80, but well be up at the opening bell. Well bring it to you shortly. Weve got about a minute to go before the market opens to close out the week, this friday morning. We are expecting the market to go up at the opening bell, 70, 80, maybe 90 points. Ill remind you that we closed yesterday at 20,858 so if we open with a strong gain, well be back very close to the 21,000 level. A lot of stuff in the background here, primarily what im going to call a solid jobs report. 235,000 new jobs coming in last month. But the content of those jobs is important. 58,000 in the construction, and i think it was 28,000 in manufacturing, good jobs, very solid report. Liz yeah, that, in those two sectors, the fastest pace in about 15 years of job hiring, so, the headlines now coming in on both sides of the political aisle, you look at establi establishment media saying this is a good solid report card. The only thing slightly negative is the wage growth going up. People are now saying theres a higher chance of three rate hikes which may have taken the market down from the initial 100 points. Uart im not sure tharate hikes are a bad deal. Theyre a sign of strength in the economy. Were of 0 and running. Were up 69 points, 71 points in the very, very early going, okay . Were at 20,930 as we speak. Look at that, the preponderance of the dow 30, 25 of them, are in the green. Ive got five unchanged. Theyre opening up now. A lot of them are going to be up. So weve got a solid gain right from the getgo in the Dow Jones Industrial average. Take a look at oil for a moment. Thats moved the market a little recently. Its back just below 50 per barrel. Later im going to bring you details of an enormous oil find on the north slope of alaska. Its the biggest domestic Oil Discovery in 30 years and its on american territory. So, there you go. Were one minute into the trading session. Were up 76 points, 20,934. Who is going to analyze the data for me and with me . Elizabeth peek, liz macdonald, Scott Shellady and jeff sica. Im going to start with the jobs report. 235,000 new jobs, a solid report. My question to you, Scott Shellady. Is this the start of the trump expansion for the economy . Got to say absolutely, stuart. And i think that this number is even more important than the fact obviously, the first full month in office. But number two, he is doing this in the face of all the technology putting people out of work, right . So, just think about the drone, kiosks and other things, robots putting people out of work and hes able to create jobs. And you know, the good feeling that everybodys got at the end of the day, yes, hell have to deliver, but 100 this is the beginning of the trump expansion and i think that unleashed and this is good proof of that. Stuart look at that, 139. 15, facebook an alltime high just hit it. The overall market is up now nearly 80 points. Facebook getting close to 140. Jeff sica is with me. Same question, is this the start of the trump economic expansion . What do you think . Yeah, i agree with scott. The main concern i had was this Participation Rate and when you have hundreds of thousands of people entering the work force, thats a sign of confidence, a sign of optimism, but my concern always is that has the market anticipated is the market priced to perfection . At this point has it anticipated that all of these policies will come to fruition and thats the issue. Stuart i think it has. I think it has. Yes, well get some form of obamacare and on the market scott, come in. Youre right, stuart, and to that point, if we get the tax cuts, we can handle three rate hikes or four rate hikes, thats not a problem. You give the people the tax cuts and go ahead and raise Interest Rates and theyll cancel each other out or the tax cuts will outweigh the rate hikes. Stuart i want to get this in. J. P. Morgan, the chief there, jamie dimon, i often call him the best known banker in the United States. He says that trump, President Trump has unleashed the animal spirits in all of us. Liz peek. Again, weve seen it in the optimism numbers, optimism of Small Businesses and consumers. I would add another element to this. The last week weve seen President Trump really engage with members of congress, with different constituencies to work on the Health Care Bill. Thats incredibly important. If some of the stuff is going through, its because trump is going to use his Political Capital to push it through. Hes going to engage, weve seen it, meeting with left and right and working the room. Hes elected because of the art of the deal, negotiating to move stuff forward. I think its very positive. Liz jamie dimon says even if he gets part of his growth agenda through, thats really good for the markets and the economy. Remember, jamie dimon asked ben bernanke has anyone over at the fed ball parked the cost of doddfrank. Ben bernankes searing indictment of doddfrank, no, its too complicated. [laughter] i want to get to this news, too. Theres a giant Oil Discovery on the north slope of alaska, i think thats the correct way of putting it, the north slope of alaska, i believe in the neighborhood of 1. 2 billion barrels. Scott shellady, you trade this stuff. I believe thats the biggest domestic find in 30 years. Its absolutely huge and remember, we had a shale discovery in west texas which was massive as well. So, those types of things are going to weigh on oil. Here is my only concern and im not going to be debby downer, but i dont like to see oil start to slide, we know it traded hand in hand a lot with the equities markets. If anythings going to disrupt the feelgood factor it could be the oil market. You have to keep an eye on that. Stuart its five years before we get the oil flowing from the new discovery, thats a long, long way, lets keep that in mind. Check the big board, 60 points, thats where we are, 20,918. Again, facebook, that stock hitting an alltime high. Its working on a deal to stream, livestream, i should say, Major League Soccer. Iend to watch British League and cup soccer, but Major League Soccer here. Scott, what did you say . I havent said anything. That was guys behind me. Im good, thank you. Stuart youre not a soccer fan, are you . Even though you spend a lot of time in britain, right . Ive learned to initial a nilnildraw. Stuart very funny. Youve got a cow collar to match your cow jacket. And cow cuffs, a special shirt for friday, i was excited about the jobs number. Stuart Pay Attention attention to the man with the cow collar and cow jacket. Macys taking a page from tj maxxs play book, checking out, wait for it, selfservice in the shoes and makeup department. Liz, thats extraordinary. I dont like it. I think its a death spiral for the Department Stores. The only reason people go to Department Stores these days is for service, you start taking that out of the equation, why in the world are they going there . I think its a terrible mistake and look, i mean, you cant argue with the fact that they are really losing share to discounters, thats totally true and to online vendors, but they have a core constituency who want service and i think its a disaster. Stuart jeff sica, this is all your fault because you essentlly bought land around Amazon Distribution Centers and sell it for a small fortune so youre very much in favor of the online guys. Is there a real estate im sorry, is there a bricks and mortar retailer you would buy . Ive said on this show before that i like j. C. Penney, what theyre doing is theyre cutting the costs dramatically and i think there might be some potential there because i do still think that as much as amazon has annihilated most retailers, i still think theres going to be a need for that. One thing that i see happening, too, with all of this automation in the stores, its in response to all of these states increasing minimum wage and theyre showing that by this by robotics, they could reduce the amount they spend on labor. That concerns me a great deal. Stuart so jeff sica has ruined j. C. Penney because of his allegiance to amazon so now he wants to buy j. C. Penney at the low he has created, what a guy what a guy im telling you. Im a capitalist. Stuart yes, you are. Theres an investment firm, mazuho downgraded by retailers. Five of them downgraded by an investment firm. Liz they dont like the debt load, mens warehouse, guess, dsw, express and finishline. The retailer sector has replaced oil and gas as the most distressed sector in the United States. Were talking potentially 19 on the brink of insolvency, including Neiman Marcus and jcrew because of the debt load. Stuart Neiman Marcus . Yes. Stuart there were retail jobs lost. Thats ing to continue and be a drag on the u. S. Economy. Stuart i would have to believe that. Sure thing. Look at this, weve got a burger flipping robot. Can i see this . I love this story, so interesting. Stuart i want my burger flipped by a robot. So much for the 15, if you can replace that short order cook with a robot. Andrew poser says basically the margin of profit on a worker on a business like this is roughly 2600. You move the minimum wage to 15, the increased cost is Something Like 12,000. They are out of business. Basically youre going to go to automation fast and furiously and its amazing to me that people dont get that. Liz they could do more to possibly cut vegetables and fry chickens. Theyre making robots to do all sorts of things in the fast food restaurants. I want one in my house, lets be honest. Stuart i think were retreating from human interaction. Its horrible. Stuart you go to macys and want a buy a pair of shoes, youre not going to deal with a human. Like a vending machine. Stuart i dont like that particularly. Liz a shoe vending machine. By the way, the jobs being lost here are just as people are trying to help with higher minimum wage, thats the big argument and this is evidence of it. Stuart how about this . Americans now officially drink more bottled water than soda. Let me give you the numbers on this. We drink, we americans, we drink 39. 3 gallons of bottled water a year and drink 38. 5 gallons of soda per year. How about that . How much white wine. [laughter] drink the water after that white wine. Coke and pepsi responded correctly, they own 30 of the wat water. Stuart they do. I would say theres an antisoda movement out there among people that, theyre like the antimink, antifur movement. They think that soda is the worst thing on earth and you cant drink a diet coke without someone saying something to you. Stuart dasani is the top selling bottled Water Company and theyre owned by coke and Scott Shellady by virtue of your cow jacket you get the last word of the day, go. In full disclosure, this is where my common sense did not do me well. I never could have imagined people paying more per gallon for bottled water than gasoline, so i missed that whole boat. The margins have to be incredible, right . Youll be back on monday with us, thats a promise. I want to say thank you to liz peek, Scott Shellady, jeff sica, a great friday morning show, thanks for being with us, one and all. Here is your daily toes of outrage. Leftist Comedian Samantha Bee forced to apology after making fun of a stage four brain cancer patient attending a conference. And what im calling a very solid jobs reportment and President Trumps chief Economic Advisor gary cohn joins us, a very important guy on this program, ladies and gentlemen. More varney after this. Were fighting isis, new development here, 2500 paratroopers deployed to kuwait, is that right. Liz 82nd airborne combat division are going to take on syria and iraq. So, basically the theater of operation will be anywhere between mosul, raqqa and in between according to our military leaders. They want a rapidly deployable force. Stuart when you deploy the 82nd airborne, thats serious. 2500 of them. Thank you, liz. James comey, fbi director, he held meetings with top lawmakers yesterday over President Trumps bugging charges. And congressman, chairing the intelligence committee. You were in the meeting with fbi director comey, can you tell us if he says theyre close to finding the leaker . Can you tell that . That meeting unfortunately is classified, and the fact that that leaked out, it happens around washington because people see people going into different meeting rooms, but its not something that we can do. We have to, you know, we cant talk about it is the problem. Stuart i knew you were going to say that. Yeah, i know. Stuart i had to ask the question. I understand. Stuart thank you for an honest answer, congressman, appreciate that. And you would not have been doing your job as a journalist if you did not ask me the question. Stuart thank you very much, appreciate that. Now, president obama right before he left office, literally eight days before he left office expanded powers inside the nsa which allowed the agency to share vast intelligence apparatus freely with 16 other intel agencies. You could distribute the information all around. He did that eight days before he left office, why did he do that, congressman . The timing looks suspicious. To come people down, this is something we worked on for about two years, so we were kept in the loop on this. The way we understand this, this did not have anything to do with fisa collection. Why is fa collection important . This is how general flynn, we assume he was recorded under a fisa warrant. This only involved 12triple 3. Not to get in the weeds, but the timing looks suspicious and combing through the regs well get to the bottom of it. Stuart it makes leaking so much easier because so many more people have the ability to leak. Congressman, i have only a limited timement i know youre on the ways and means, and Mitch Mcconnell yesterday said tax reform might take longer because of obamacare reform and we might not get it done by august. Youre on the you write the tax code on the house ways and means committee. What do you make of senator mcconnells statement there . Because hes got the market worried. Yeah, well, look, tax reform is hard and part of the reason why i want to come on your show and go on as many shows as i can to talk about tax reform. Were trying to fundamentally blow up the tax code and simplify it, go to a cash flow system. Now, as you know, one of the big question marks is that people have, is they dont understand border adjustment. They dont understand why its necessa necessary. You have a lot of companies raising opposition to it. One of the things out there, were going back to the companies who claim that border adjustment is the end of the world. It is possible for us to draw it up differently, but that would be to have a border tax that would not have you wouldnt have the border tax, but youd pay a 40 rate and i dont think paying a 40 rate is going to do this economy any good. Stuart so, are you therefore not in favor of the border tax . No, no, no. The border adjustment is absolutely necessary. This is my point. But you have companies out there who are, i think, number one dont understand it. Number two, are not Getting Congress the right information, but number three, at the end of the day, if they dont want it they can pay a 40 tax instead of a 20 tax, thats essentially what youd be at. We have to work through the companies and decide do they want to have a border adjustment with a 20 rate or do they not want a border adjustment and pay a 40 rate . Thats really what were looking at. Stuart you, sir, are in the middle of the major stories of the day, house intelligence committee, ways and means committee, taxes and espionage, cover it all. I dont know if you ever get time to sleep, but thanks for being on the show. Stuart, thank you, i enjoyed it. You enjoyed it . Yeah, i like you, i like your accent. Stuart so cool. Thank you, indeed, congressman, i like yours, too. [laughter] show me market scan. The market is up 50odd points, but the majority of the dow 30 are in the green. Its friday morning the dow is at 20,900. More on americas opioid epidemic. 31 doctors in new jersey hit with sanctions for overprescribing this highly addictive dangerous drug. Ill have more varney after this for you. This is where i trade andrs. Manage my portfolio. Since i added futures, i have access to the oil markets and gold markets. Okay. Im plugged into equities trade confirmed and i have Global Access 24 7. Meaning i can do what i need to do, then i can focus on what i want to do. Visit learnfuturestoday. Com to see what adding futures can do for you. Your insurance on time. Tap one little bumper, and up go your rates. What good is having insurance if you get punished for using it . News flash nobodys perfect. For drivers with accident forgiveness, Liberty Mutual wont raise your rates due to your first accident. And if you do have an accident, our claims centers are available to assist you 24 7. Call for a free quote today. Liberty stands with you™ Liberty Mutual insurance you know, facebook could be the stock of the day. Its reached 139 per share, thats right around its high for the day. I think 139. 49 was the high. Were very, very close, the stock of the day. This serious subject. 31 doctors in the state of new jersey fired, gone, after a crackdown found they overprescribed opioids. Good story come on in, pleasedr. Marc siegel. Do you think that this is the way to go to at least partly tackle the opioid problem . Tell me what happened. This is where it starts because four out of five heroin users start with opioids. Start with prescription drugs, start with a doctor. A small percentage that are the worst that say im going to prescribe for everyone. One of these doctors of the 31 you mentioned prescribed patients he never even saw, thousands of prescriptions. You know, people writing in to him. Stuart wait a second, is that illegal or just unethical . Its actually now becoming illegal. The 600 new bills federally this year. Its going to be legal in the next couple of years. Everything is going to be online, its great, because it will be tracked. Uj into new jersey has a way to track prescriptions and new york has a better way. Overdoses in new jersey were up 20 to 30 last year alone because of doctors like the one i mentioned. Another doctor in new jersey of the 31 a couple are up for indictment, great. You brought that out the last time were on. Indict the people that are doing criminal stuff like this. One doctor was prescribing, stuart, to known drug addicts, knew they were on these drugs, parents were calling him, begging him, stop doing this, stop doing this. Stuart wow. All for the money. Stuart it occurs to me the problem is you get a prescription for opioid to kill a pain that youve got, you get hooked on the opioid. The prescription is withdrawn, not going to give you anymore, you go to the street to get some street heroin, is that whats happening . Yes, one thing weve never said here before, you need more and more and more. Its not the same stable number. Stuart opioids. There are uses for the drugs and we hear what you cant, people with terminal pain from cancer is what theyre intended for. But someone talk about the chronic pain, theyre used all the time for things theyre not supposed to be used for. Cancer pain, yes, but not back pain. Stuart you think weve made a start of getting to grips with the problems by the 31 doctors in jersey . I dont know the 31 doctors, i dont like what im hearing, i believe that doctors should lose their licenses for doing stuff like this. Stuart dr. Marc siegel, appreciate it. Weve got the dow industrials up 63 points and here is what weve got coming up for you in the next hour. Chief Economic Advisor to President Trump, very important guy, gary cohn. Well get his take on what im calling todays solid jobs report. Back in a moment. Hi my name is tom. Im raph. My name is anne. Im one of the real live attorneys you can talk to through legalzoom. Dont let unanswered legal questions hold you up, because were here, were here, and weve got your back. Legalzoom. Legal help is here. Im going to be critical of the media again. They are just not covering whats going on in our economy. Hiring really is picking up. Layoffs are dropping. As weve reported so freak frequently, theres optimism. Important for all of us. It looks like were starting a period of Stronger Economic growth. We will all benefit from it. This does not make headlines and does not lead the evening news. Why not . Because the new mood and expanded optimism began with the election of donald trump. And they will not give any news item favorable to the trump presidency. Even though the economy, jobs are central to our lives. You dont hear good news if President Trump is involved. Guess what . America is not fooled. Were not going on. Theres reason consumers turned for confident and businesses more optimistic and that reason was trumps election and his make America Great again policy. The media couldnt hide it. We saw it. Employers are starting to hire. Theyre firing far fewer people because of the president s pledge to grow the economy. Thats why weve seen a riproaring trump rally in stocks. Did that dominate the news . Noit did not it was barely mentioned, but you cant really hide whats going on. The positive mood appeared right after the election. Remember, its the economy, stupid. Bill clintons slogan a generation ago, ironic, isnt it, that the democratic leaning media forgot at that message and are ignoring it now. Were not. The second hour of Varney Company is about to begin. Solid jobs report, solid gain for the dow industrials, 70 points higher at 20,900. Thats where we are now. Hey, look at the price of oil. It has been affecting the stock market, but probably not today. 49 a barrel. A little later in the show well tell you about the biggest domestic Oil Discovery in 30 years. It happened and announced earlier this morning. Look at facebook, that could be the stock of the day. Its now at 139, it had reached 139. 48, its alltime high. That stock is way up there again today. Weve got the latest read on the economy early this morning, yes shall its the first jobs report under the first full month of the trump presidency. I say it was a solid report. Numbers please. Liz 235,000, it beat what wall street expected 190,000. 58,000 construction jobs, 28,000 manufacturing jobs, 340,000 more people now in the labor force. Yes, retail went down about 26,000, but this, the strongest report in about three years and the goods producing sector is at its highest pace of firing hiring, hiring in 15 years. Stuart well take that, liz. And so will the next guest. The president s chief Economic Advisor, the economic council, gary cohn. Great to have you. Great to be with you, thank you. Stuart i call it a solid jobs report and i think its the start of an expansion for the economy. Are we going to get 3 growth in the third or Fourth Quarter of this year . We could absolutely get 3 growth in the third and Fourth Quarters this year. If you look at the cyclicality of the u. S. Economy, weve sort of had that in the recent years and were doing in the white house, what were doing with the tax plan and what were doing with hiring and with corporations and getting them to move jobs back to america, i think it will be easy to get to 3 growth in the third and Fourth Quarter this year. Stuart how about 4 next year . Lets have a shot at that . Were going to try and do our best. Were going to be introducing a pretty interesting tax plan once we get done with health care in the summer. When we get our tax plan done, we think that will be very accommodative to the u. S. Economy and growth. And we think it will be stimulative, and were excited next year. Stuart senator mcconnell, republican leader in the senate, im sure you know, sir, dont bet on getting the tax deal done by the august recess. Im going to play that sound bite. Hold on a second. There are some constraints here, i dont want to get too much into the legislative weeds, but we have two reconciliations to do, get the one on health care out of the way and im sure finishing with tax reform is longer. But we have to finish the Health Care Debate up or down, win or lose, before we go to taxes. Stuart if you cant get it done before the august recess, does the economy or the market take a hit . No, absolutely not. We will continue to work on tax reform till we get it done. It is a stated objection objective of the president to get tax reform done this year. Were actually prepared to work through the recess. Were prepared not to go on recess, were prepared to stay here and work on it. But we can work on it in the fall. We need to get it done this calendar year. Stuart senator mcconnell could say, no recess, deal with this stuff, get on with it. He could say that. Youre smiling. Are you putting pressure on Mitch Mcconnell to do that . Look, were happy to stay here and work, we think that tax reform is very important. The president ran on it as being part of his key agenda, key economic agenda. We think its very important. We need to have a competitive tax structure in the United States. We are not competitive when it comes to Corporate Taxes in the world today and we need to get competitive. Its important to us. We will stay here and work as long as and as hard as we need to get tax reform done. Stuart the border tax, seems to be something of a Sticking Point for tax reform. Are you prepared to let dit go, walk away from it . All options are on the table. The first thing well work on and probably the most important thing we look at when we look at taxes is rates. Corporate income tax matter. Personal levels matter. Were looking at all options to get the rate lower, but we want to do things that are stimulative to the economy and bring jobs back. At the start of the day we talked about the job growth here and we want to continue to see month after month job growth and wage growth. And we need accommodative to job and wage growth. Stuart will you guarantee as far as you possibly can that we will get a tax cut for businesses and individuals this calendar year . We are 100 committed to work on a tax plan that cuts rates or individuals and corporates. Stuart does the president have enough votes to pass health care, the Health Care Bill as it stands now . We are continuously working on the health care plan. The president has said, and he continues to believe this, that we are open to amendments that will make the plan better. We continue to work on making the plan better and, yes, the votes will be there in the end. Stuart you need the president to come in on weigh in on tax reform and obamacare reform, use his mule, use hiclout . The president has been doing that, having meeting inside the white house, met with groups yesterday and meeting with groups today and meeting the groups over the course of next week. Hes continuously pressing his agenda. He very strongly believes in the Health Care Agenda and he will continue to use the white house and continue to have people in to talk about his Health Care Agenda. Stuart it sounds like youre really working hard, youre banging the table, you Want Health Care reform. You im banging the table myself. You want tax reform, but you cant quite guarantee that were going to get it this year, you cant quite do that, can you . Were working as hard as we can. Stuart and if youd just do Something Like that for me, sir, youd move that market, i know you would. Were working as hard as we can to get what we can get done and were open to suggestions and work with everyone to try to get the best plan. Stuart would you comment on jamie dimon, j. P. Morgan, o you ent trump unleashed think of that . Theres some truth to that. Weve seen more optimism in the Ceo Community in our first 50 days, today marks our 50 days here in the white house, first seven weeks than weve had over a long time. Weve had a hundred ceos in the white house and they tell us what theyre going to do with the business, the hiring theyll do, the opportunity they see, the growth they see, the ability to bring jobs back to america. There are animal spirits out there. Stuart youre a wall street guy, a Goldman Sachs guy and suddenly dropped in the deep end of politics in d. C. Are you having a good time . Well, im learning a lot, i can tell you that. Stuart thats not a straight answer. Thats a totally straight answer, im learning a lot. Stuart gary cohn, thats a pleasure, we appreciate it. Thank you for having me on. Stuart yes, sir, all right. Weve got some details coming out about vicepresident , his weekend. Whats he doing that i should know about. Liz hes going to louisville, kentucky, basically taking the fight right to rand paul, who has been the most vocal critic of the g. O. P. s repeal and replace bill. Hell look at the replacement bill and the economic agenda of the president in louisville, kentucky tomorrow. The president won twothirds of voters versus rand pauls 57 . Stuart thats back room pressure, thats leverage from the white house, going to his home turf and saying, hey, the people are not exactly with you, senator paul. Good stuff. Liz sure. Stuart check that market, please. We didnt get a bounce from gary cohns appearance, im not surprised about that, but were up 73 points. The dow is at 20,932. Get this, a Canadian Immigrant who supports President Trumps executive order on travel. Shell be with us on t program. More varney after this. Hey nicole. Hey i just wanted to thank your support team for walking me through my First Options trade. We only do it for everyone gary. Well, i feel pretty smart. Well, were all about educating people on options strategies. Well, dont worry, i wont let this accomplishment go to my head. Im still the same old gary. Wait, you forgot your french dictionary. Oh, mucho gracias. Get help on options trading with thinkorswim, only at td ameritrade. Why pause a spontaneous moment . Cialis for daily use treats ed and the urinary symptoms of bph. Tell your doctor about your medicines, and ask if your heart is healthy enough for sex. Do not take cialis if you take nitrates for chest pain, or adempas® for pulmonary hypertension, as this may cause an unsafe drop in blood pressure. Do not drink alcohol in excess. To avoid longterm injury, get medical help right away for an erection lasting more than four hours. If you have a sudden decrease or loss of hearing or vision, or an allergic reaction, stop taking cialis and get medical help right away. Ask your doctor about cialis. All right. Not a bad rally. We were up over 100 and now were up 63. Well take it, 20,921, a lot of green on the lefthand side of your screen and that means that most of the dow 30 stocks are moving to the upside. Got that. The trump market rally, im going to say it steams along nicely. With us this morning, the to author of the book we the people, cohost of the five, juan williams. We remember when you were here last time and look forward to the memories. In particular, i recall that you think that this market rally is a result of president obamas policies. Would you like to expound on that . Id be delighted. I feel like the minister at the pulpit on sunday morning. Stuart youre totally wrong, but make your case, make your case. My goodness, in the church of varney we dont have the opportunity to speak, but let me say, clearly the elements of this rally are based on what president obama did in terms of getting what elements of the rally . Clearly the stock market had gained thousands, i think more than 8,000 points since president obama took office. 40 straight months of economic recovery under president obama. We saw unemployment drop to the point where most economists would say we had full employment in the country under president obama. These are the elements that then allowed once the election was decided, people who had been holding on or holding in reserve their investment to say, oh, given President Trumps promise of tax reform and deregulation, we think the market will get hotter and youve seen added money go in. Stuart have you noticed ive been giving you time without interrupting you free rein. Now its free rein. Stuart no ive given you enough hope to hang yourself. The Federal Reserve created the rally of the last eight years, this is this rally, but the last eight years. Youre so wrong, we are a country, policy is done in coordination with the idea being get america out of recession, get americans back to work. Get the market back in gear. In fact, some people say we were too kind to the markets, too big to fail, but the idea is we need to have wall street to have success so main street can share in the suess. Stuart im giving you all time. Whats wrong with that. Stuart and november 8th, dow closed at 18,332, something in that range and now around 21,000 since the election of donald trump. Yes. Stuart do you think that that massive rally, thats the result of president obama . Not the massive rally. Its based i said it was based on success, elements of the market. Stuart let me teach you a few things about the economy. Go right ahead. Stuart and the stock market, im going to give you the table, go ahead. Stuart thank you very much indeed. On november 8th we elect add president who has had a growth agenda. He want today grow the economy, 3, 4, 5 . He wanted to cut taxes, wanted to deregulate, thats how you get growth. As soon as he was elected and articulated that program, bang, we had the most extraordinary stock market rally that weve had in many, many years. In fact, in decades. That was the result of donald trump and his election and his program. It had nothing to do with the stalemate that wed observed during the obama years. It had nothing to do the stalemate if youd done a better job of listening. Stuart 2 growth. Thats it. Worst performance of any economy coming out of any recession since world 2. And the most historic number of consistent months, continuous months of growth of any economy in history. Stuart dont you point your finger at me. Excuse me. Stuart thank you. Lets me say this to you, in clear terms, what you have to realize is that what you describe as an Immediate Response to donald trump was also, could have been a response if Hillary Clinton had been elected. Stuart i dont think so. Oh, i think so. Stuart oh, no. Ive heard from people on wall street that what you had was People Holding their fire, People Holding onto their assets because they wanted to know what was to come in terms of the future of the market and outcome of the election. It was not necessarily directly tied into donald trump. And by the way, where is the tax reform you keep bragging about . You stick to the five and ill stick to the top rated business show in america. You do that. Stuart give me the script, please, i dont want to read this cold because i think we might agree on this. Give me the script. Right. Did you sethis the host of the show full frontal on tbs, samantha bee, she made fun of a man at cpac because of what she called his nazi haircut. This year the bow ties were gone replaced by nazi hair, nazi hair. Stuart well, it turns out that the young man in that picture has stage four brain cancer. He was on fox and friends this morning, listen to what he said. The fact go much further th than its just inconsiderate and unprofessional. And lumps together anyone with a certain hair style or by the way they look. Stuart i think the left should be careful when it comes out with extraordinary standpoints like nazi hair, they should be careful. Not saying you. Its unfortunate. Its unfortunate and rude for that young managing through the tre veils. Stuart and a lot of the extreme language is coming from the left and not the right. Ive heard extreme language. Its wrong and i think you and i agree on it. Weve all committed these kinds of errors, i dont want to go overboard, but in that specific case, thats a bad mistake, shouldnt have happened. Stuart sir, we will shake hands on that. All right. Stuart its not a tie. Its not a tie. You do well with the business shows and i love to come here and have our debates. Stuart thats really wonderful. I shouldnt have said anything nice. Stuart never do it again. [laughter] juan williams, youre all right. Thank you. Another check of the market, please, were up 74 points as of right now. 235 new jobs added in february, that was, of course, the first full month of the Trump Administration. Well be back. Your path to retirement may not always be clear. But at t. Rowe price, we can help guide your retirement savings. So wherever your Retirement Journey takes you, we can help you reach your goals. Call us or your advisor t. Rowe price. Invest with confidence. Is it keeps the food out. For me before those little pieces would get in between my dentures and my gum and it was uncomfortable. Just a few dabs is clinically proven to seal out more food particles. Super poligrip is part of my life now. Two stories on pope francis. Number one, hes now warning of the dangers of populism in western democracies. Whats that story, liz. Liz hes saying populism is evil as badly as the past century has showed, meaning hitler. Stuart hes lumping all forms of populism together and making no distincon from one to another and i cally suect hes talking about trump. Liz it seems to be a shot at trump. As you pointed out last hour, the hes the third wave between communism and capitalism. Hes skewed to criticizing capitolism and not communism. Stuart the pope says the church may allow married men as priests. That would be a revolution. Whats that about . Hes saying a enormous problem with the shortage of catholic priests. He is saying change the rules and we need more catholic priests in the remote parts of the world and that, youre right, that would be revolutionary. Protestant priests become catholic priests and theyre married, seem to be allowed, thats my read of it. If youre single, you could not marry as a catholic priest. Stuart thats a reversal of Church Teachings for 2000 years . Its a reversal allowing men to become catholic priests because as you know, it was about nepotism and not allowing Church Property to be given to your children. Stuart this pope is a revolutionary. Liz yes, he is. Stuart you have to say yes or no. Liz yes, i agree, sure, moving along. Stuart thank you. Friday morning, weve got the market scan for you, show you the sense of the markets. Were looking a lot of green because the dow industrials are on a nice gain, 62 points thus far today. We had a solid jobs report and probably why weve got an upside move. Senate Majority Leader Mitch Mcconnell says we may have to wait, maybe, not a firm bet to get the tax cut by summer. Not a firm bet indeed. Well have more on that in a moment. It will be a big, big cut. We are going to be planning a major tax cut. I know what were looking at. The biggest tax cut biggest since reagan, maybe bigger than reagans. Stuart oreilly not that strong, 58 points. Trasounds gave a weak outlook and the Investment Division investment fm cut the price target, and it goes to an alltime high. I cant figure this out. It goes from an alltime high and it goes down. News from south korea. Dramatic stuff. The president has been impeached and removed from office. Liz firsttime a democratically elected president has been removed, impeached, first time a woman president. This is a real problem in south korea, political turmoil, two did in protests, 30 arrested in protests, the scandal has handed down 30 indictment including the head of samsung. Stuart 30 miles from the soul is the dmc and north korea firing missiles, destabilizing political situation in asia. Liz that is correct. Stuart top of the hour President Trumps top Economic Advisor gary cohen is with us he said the administration will get tax reform done. Role tape. We will work on tax reform until we get it done. It is a stated objective of the president to get tax reform done this year. We are prepared not too on ress. We are prepared to work on it and we will work on it in the fall. We will get it done this calendar year. Stuart we need to get it done this calendar year. We will move heaven and earth to do it. The taxwriting committee, you have been with us many times and been straight up and honest and open, seems to be the timetable for the taxcut is slipping. The treasury secretary said it will be signed by the august recess, Mitch Mcconnell says maybe not and gary cohen is talking about this year. 2017 is the year for tax reform. That is when she will become the pressure, and the National Incentive the status quo is unsatisfied, if it slipped into 2015 2017, it is not likely to happen. The commitment of the white house to use everything they have to be completely robust and interacting with capitol hill is good news. They are communicating the urgency of getting it done. It is a challenge but there is a clarity that it has to happen in 2017. Stuart the operative word is it has to happen in 2017. If it doesnt the Republican Party looks like toast. To where we are as a country. When i talked to a lay audience about tax reform i described as an island that is dissolving underneath us. We have one of two choices. We can sit here and let it dissolve underneath us have a companies leave and not do anything or we can say we recognize we got to move, we got to news now and lets move. So 2017 is the year. The politics will work itself out but there is an economic imperative, a Global Economic imperative that us tak advantage of basically a national Inflection Point because no one is defending the status quo. Nobody likes the irs and we got to do something about the erosion of the us tax base and now is the time to get it done. Stuart you could say theres a political imperative to getting obamacare fixed was the obvious question is are there the votes to get this thing fixed especially in the senate . Because of procedural moves you need 60 votes for some items of obamacare reform. You got those votes . The senate is the Smokey Mountain that is mysterious to me. Im in the house and concentrate on the activity. Stuart can you get a negotiated agreement between the Freedom Caucus and the ryan plan . Isaac we can. This is supposed to be difficult and arduous and it is, ways and means work to get rid of the obamacare taxes, the work the Budget Committee is going to be dealing with this next week. President trumps commitment to be behind this plan foreshadows success out of the house. Stuart telus what it is like in these meetings, vote this way and you will get the sub chairmanship . I wish more americans could participate in these meetings because they would be heartened and encouraged was the type of communication when people are communicating to me, communicating legitimate areas of inquiry where they have concerns and want to learn more about it. You can meet those objections, you need you want momentum, to move forward on repealing and replacing obamacare, and being perceived as jammed through, you cant have a jammed through and have it be a good one, this criticism in critiques is incredibly healthy, you dont want to marinate criticism, but we got to move this that make these changes and move it. With the president s help that is likely. Stuart i still call it horse trading. I respect your position but it is horse trading. We appreciate you being on the show. How about this . Six states are suing the Trump Administration over the latest travel order. Liz washington, hawaii, massachusetts, new york, oregon and minnesota saying it is discriminatory, a muslim man, it affects their residents of the state who are muslim, a dozen other states filed briefs in the first iteration of this, we are waiting to hear from states like california and connecticut and illinois. Stuart six states saying overturn this thing. As you can see leftist protesters lining up at airports to protest this new travel order. There are some muslims who support the executive order immigration like our next guest, the author of the book there jihadi, not my jihadi, she is a Founding Member of the Muslim Reform Movement. Welcome to the program. It is a muslim band assigned to go after muslims and keep them out, you say that is okay. No. It is neither muslim nor it is a band. It is a oratory in. It is not a muslim band. Im a pakistani born, i dont find it offensive. One would have to be very ignorant to colony muslim man. It is not aboureligion. It is about region, for the safety and security of americans, the future of National Security in this country and i dont see why americans are that way about it. Stuart is that you widely shared among american muslims . I dont get is. I dont think it is either but one has to think the antitrump movement, well orchestrated, wellfunded, hysterical, kneejerk and the Islamist Organization in this country promote this victim ideology that this is against muslims. There are leaders in the western world supporting it. It is about National Security, President Trump is the democratically elected president and has the right to implement policies for the safety and security and if it means a temporary moratorium to close the doors and tighten which were not than in less eight years of the Obama Administration when he waffled on this, he couldnt articulate the word radical islamic ideology, President Trump hit the nail on the head when he said we will fight radicalization. Stuart do you feel like a victim, you are an american citizen. I am a canadian. I never felt like a victim. I am a stuart what kof support, the Muslim Population of canada and the United States, add them together, what proportion of that Muslim Population agrees with you . A small percentage but there are people in the Muslim Reform Movement who can do Critical Thinking and understand stuart have you been threatened . How else what i have an impact unless there was pushback but of course i have been threatened. The point is one has to think carefully. What does religion have to do with the . Might be a muslim is a private matter, my being a citizen of this country, of canada, is where Public Policy is. I need to be loyal to the country in which i live. Americans need to understand it is about their safety and security because muslims have been targeted by radical jihadists. Stuart we appreciate you being with us. Thank you for coming. Check this out. There is wind and snow, snow falling but earlier this week, look at this, windstorm in ohio, a young lady got quite a ride. The little girl up the front stairs hold onto the door, gust of wind, opens the door, off she goes. You can just see mom and that young lady are unhurt. 235,000 jobs created in february, optimism has returned. Markets show not much of a gain. We were up 100 and now up 6. Marines now on the ground in syria taking the fight to isis. Colonel allen west on that is next. Stuart if you have been following the market closely will know the rally we had at the beginning of trading has d badly, we were up hundred and now 12. You have ce upith a reason we pull back. Liz fed rate hikes, a number of them could be more than expected. We expect quarter point rate hike announced next week. We can see three more. One quarter point hikes. Stuart it was two or three rate hikes and it was a sign of strength and we could accommodate it. Four might be too much. Liz it is kryptonite. Stuart dow is up 12, not 100. That is your business brief on the Foxbusiness Network and we will be back. Ies list, we belie there are certain things you can count on, like a tired dog is a good dog. [ dog barking, crashing ] so when you need a dog walker or a handyman, we can help you find the right person for the job. Discover all the ways we can help at angies list. Stuart i will call facebook the stock of the day presented a new high. Facebook. Archaeologists have made a discovery. They found a massive statue in egypt which i take it was buried somewhere. Liz egypts most powerful and celebrated ruler ramses ii, it is 24 feet high, a colossus of a statue. They unearthed it in cairo. Look what they are digging out now. Astounding discovery. It is made of quartzite just so you know. Stuart the most important detail, thank you. Complete change of subject. 2500 paratroopers fight wars, deployed to kuwait on top of the hundreds of marines on the ground in syria. Lieutenant colonel allen west, this looks like a fullcourt press. We are going to knock out isis. They are 80 miles away and american troops will do it. It does seem that way. Assigned to fort bragg in 22 years of military service, what we see coming together is a strike operation more than an occupation type of force, the fact we have the marines of the 11th Marine Expeditionary unit and contingent from the range regiment and paratroopers from the 82nd means we will strike isis, keep the pressure on them with artillery systems they have deployed and rocket systems so they dont have the ability to reposition, we can keep them suppressed and it is very simple, they will be pounded to death. This is a good move, donald trump, and the feeding isis in place. Stuart you knock them out. It is not about nationbuilding, this is about focusing on the enemy which is how we are looking to fight islamic jihadist. The number one strategic imperative is to deny this enemy sanctuary. If we can rebuild our military capacity so we can do the simultaneous deep Insertion Operations in libya, syria, nigeria, wherever this enemy tries to establish itself we will be able to take it down and defeat this global islamic jihadist movement. Stuart i heard it was january 12th, eight days before he left office that president obama allowed nsa material, topsecret material to be distributed to 16 other Intelligence Units and did it just before he left office. I making the assumption that made leaking much easier because far more people knew what to leak. And i on the right path . That is not an assumption. It is a valid assertion. Why would the president of the United States of america eight days from leaving office take such an action . We have this rearguard occupying positions in the Trump Administration that are conducting subversive actions, they are not assisting the peaceful transition of governance in the United States of america and this is borderline treason. Stuart i dont think it is borderline. If you really secret information and you are a member of the government and you do that kind of thing that is treason, flat out. A very strong word but technically accurate. It is technically accurate and it fits the situation and you have to ask what is the motivation for doing such things eight days before you leave office . Stuart i cant imagine why that was done. I cant imagine it. We appreciate you being on the show albeit briefly. We do have another big story, a great big discovery in alaska. Where is it and how much . It is in the north slope, the equivalent of what denmark pumps out daily, 120,000 barrels in five years time and alaska has the infrastructure to be rapidly to market. Stuart we wont at added for a few years. Liz five more years. Stuart thank heavens for the pipeline because it is there, the greens cant stop it this time. Liz they found it in a low shale formation they didnt think they could recover oil out of and this is yielding big time. Stuart just a couple months ago they had the gigantic find in texas. We could be Energy Independent of our authorities allow us to get it. Liz despite the opec cuts, wanting cuts, the us oil boom not only has not opec back on its heels but helps obama prevent the recession with us oil and Gas Energy Production in this country. Stuart look at the market again, nowhere near where it was earlier this morning, we have a game and it is 15 points. More viewer complaints about me. You dont like me being a soccer fan or is it is properly called football. Ny. Together, we are perfectly balanced. Our senses awake. Our hearts racing as one. I know this is sudden, but they say. If you love something set it free. See you around, giulia wont replace the full value of your totaled new car. The guy says you picked the wrong insurance plan. No, i picked the wrong insurance company. With Liberty Mutual new car replacement™, you wont have to worry about replacing your car because youll get the full value back including depreciation. And if you have more than one Liberty Mutual policy, you qualify for a multipolicy discount, saving you money on your car and home coverage. Call for a free quote today. Liberty stands with you™. Liberty mutual insurance. Stuart we close with you are hate mail because of what i have been saying on the show. Elliott, you sound like you dont care with the Obamacare Repeal and replace looks like as long as it gets passed and tax reform gets worked on. This is exactly what goddesses of the problems we have with banks trade deals, the iran deal, a deal just for the sake of making a deal is 100 wrong. This from ricky. Varney, you are losing me. With the tax talk. Let it go. It will happen in due time. Berry says the worst part of the show was being forcetoch soccer. You are so wrong. That was the greatest come back in sports history, barcelona, what do you say . Liz about soccer . Stuart make your comments. I love watching soccer, like watching Mister Rogers children show in the morning, like slow i am getting, trying to get you going. The point about obamacare, you want extreme vetting, i understand but dont think you should criticize taxcut, we went through eight years of this yes we can government which meant the government will do it where President Trump is saying you do it. These guys in washington have no more sense than a flock of geese with what they put in the economy out of dc. Stuart i wonder taxcut not for me personally or for you. I want to taxcut because that is the way to prosperity. America needs growth in the way to get growth is cutting taxes for businesses and individuals, you do that we return to prosperity and if i am on a jihadist about taxcut thin so be it because i want one and i think the country needs one and we will be back. I just wanted to think your support team for walking me through my First Options trade. Well, were all about educating people on options strategies. I wont let this accomplishment go to my head. Get help on options trading with thinkorswim, only at td ameritrade. it just feels like anything is possible here in upstate new york. at corning, i test smart glass that goes all over the world. But theres no place like home. Theres always Something Different to do like skiing in the winter, jet skiing in the summer. We can do everything. New york state is filled with bright minds like samanthas. To find the companies and talent of tomorrow, search for our page, jobsinnewyorkstate on linkedin. Search for our page, why pause a spontaneous moment . Cialis for daily use treats ed and the urinary symptoms of bph. Tell your doctor about your medicines, and ask if your heart is healthy enough for sex. Do not take cialis if you take nitrates for chest pain, or adempas® for pulmonary hypertension,. Stuart we are seven weeks into the live action presidency. Thats it. Just over a month and a half but look at all thats going on. Live action presidency, indeed. Put on one side the russian, the leaks, wiretapping, boycotts, marchs the death of free speech and deportation of criminals put all of that aside, real change is happening and your money is at the heart of it. The president held meetings with executive from almost every industry groups. He wants more jobs for members and many of those companies are coming through. Hes used the white house as a bullet pulpit. Its working. The economy is growing faster. Hes used to raise exert evens and thats growing too. 3trillion to the nations wealth. Hes overhauling the healthcare system, sure, its contentious but odds are hell get significant change. Hes going to overhaul the entire tax code, sure it may be delayed but there will be tax cuts at some point. This is a very ambitious agenda. What is surprising is that the president has done so much in such a short time. Seven weeks in office. The economy is growing. Theres a new mood and obamacare will be reformed and tax cuts are coming. Like him or not, you cannot deny that this is the live action president and he is very much on the job. You cant deny change is happening. The third hour of Varney Company is about to begin. Stuart well, aint no Mountain High enough. I guess we are trying to suggest that Economic Optimism has no feeling. Good luck with that one. Dow industrials is up 9 points, we had been up 100 points. Theres a reason for that. We will get to it shortly. Come in peter, business professor at the university of maryland. I see green shoots here. I see the economy is beginning an expansion and i call it the trump expansion. Youre going say im wrong . Oh, i cant say that. Clearly thers a new air of optimism in the country. The animal spirits have been unleashed and so thats a good thing. So now the republican have to deliver on promises for this continue. You can only get so many jobs on making deals with top 100 companies. You have to start to get taxes reform and get healthcare reform and so forth. But you can tell they are on the run by the way the liberals are behaving. Veracity of their criticism, how loudly they speak, you know, when things are really going badly for a liberal president or a good conservativor republican, i can tell, i start getting heat. This is when you start getting heat from liberal outlets. Can f. Stuart you can tell that the growth is there because of the opposition to you as a conservatives. Hold on for a second. To all of us. Stuart i understand that. Ive got it. Earlier today we had President Trumps top economic guy, economic adviser gary cohen on the show. He promised growth . We can promise 3 growth. We sort of been having that in recent years. What we are doing here in the white house and what we are going to do with our tax plan and what we are doing with highering, what we are doing with corporations and getting them to move jobs back to america, i think itll be easy to get to 3 growth in the third and Fourth Quarter this year. Stuart you can understand the top adviser saying, we are going to get the growth we promised. Hes a great salesman and thats what gary is all about. He has to change the environment to get that kind of growth. We have to have substantial Regulatory Reform and lower Corporate Taxes. Reforming obamacare is only going to go so far. Its going to reduce taxes for all of us somewhat. But we need to get disincentives. They can start to unwi regulaon. Unlike taxes where its one big bill going through congress on one big day, its trench warfare hand to hand combat clearing the terrorists out of the city, basically all of those people who dont believe in Free Enterprise that populate the federal bureaucracies, time to go, guys. [laughter] stuart hold on a second. Theres more for you. Jp morgan dimon. We were up 100 because of growth in the economy and the solid jobs report. Now we turn negative. Could it be that this growth in the economy which we all see means for four rate increases, thats whats hurting the market, is that whats going on . We have a democratic Federal Reserve board. We have democrats running in the Defense Department giving our defense secretary fits. Its a consequence. They are not believers. They look at trump and its as if the devil has walked into the temple. They are incline to say, this guy is going to cause all kinds of inflation. Guess what . We had the fed pumping money out like tissue paper in the bathroom and yet we havent had inflation. Theres not a direct relationship on the upside so theres not going to be a direct relationship on the downside. What matters much more than anything else, with regard to inflation these days is the price of oil. They are panicking over there, i think we could get four. I think its imprudent, three would be plenty. Stuart my opinion is this. I think we will get some kind of reform of obamacare, probably not what the conseatives want but itlbe i think we will get reform. I also think we will get some tax cuts for individuals of businesses, i dont know about the border tax. I think both of those issues will be addressed and will be done this year. Yes, we will do it. Do you agree . I think that we are going to get obamacare reform and tax reform. Im skeptical about getting personal income tax reform getting this this year. They would have to do Corporate Tax reform and perm tax reform together. I think they should be done that way. I have written articles about how to do it. I want to take bradys program and apply it to personal income tax as well. But unfortunately that looks valued enterprise which is what bradys tax plan is really. It puts highs on the backseats of conservative columnists and congressman specially mr. Ryan. It really isnt a bad thing if you take the mighty spike through the heart on a full moon of the terrible contraption called the income tax and the irs, remember, we could shut down the irs, think about liberating americans, not since the tea went to boston harbor. No offense, englishmen. Stuart without tenure, son, you dont have a job. Peter, thank you for joining us, i always appreciate it. Take care. Stuart we are just begin to go learn more about President Trump with meeting with germanys chancellor Angela Merkel. They will are going to talk nato. Contributions to nato, nearly down doubling. Also this, this is coming from the white house too that the president wants insights from Angela Merkel and how to deal with Russias Vladimir Putin and also how to resolve the conflict in the ukraine. Stuart i wonder how americans feel about the rearmament of germany . Do we really want a germany as a military super power in the european . Stuart i will leave that question open. Thanks. Ive got some individual stocks which are moving. I will show them to you, facebook, the stock hit an alltime high earlier this morning. By the way, facebook is also working on a deal to live stream Major League Soccer. Thats helping the stock just a little bit. Benefit profits at resorts, the ski Mountain Company basically. Profits up, stocks up. 191 right now. A weak outlook from butts gone up. Earlier it hit a new high. 281. Go figure. Lowest sales at buckle, a teen retailer. They have lower sales but up 4 . Im not sure i always understand the stock market. Macys is testing listen to this. Testing out Discount Store feature, Service Service in the Show Department and the makeup department. In other words, you walk into the Show Department and as i understand you walk in and theres piles of boxes of shoes, you see your size and style and you help yourself and you buy. Its not like a department in the soviet union in 1974, its happening at tj maxx and marshals. Some woman find an intrusion people coming up and saying, can i help you, can i help you. Stuart 15 an hour. All those poor young people, they wont have those jobs and theyll never know who stopped them getting the entrylevel jobs. That was february the first full month there. We are going to delve a little deeper into that report. We will be back in a minute back to the jobs report. 235,000 new jobs last month. Paul conway is with us, former Labor Department chief of staff, knows what hes talking about. I say it was a solid report and i think its the beginning of the trump economic expansion, what say you . I agree with you that its a strong report, stuart. And the other thing is you have to take a look at day 50 for the administration. I do think its a positive signal and when you take a look at the specific sectors such as manufacturing construction those are good signs. The other is good signs the highest 3month rate of Business Growth in the past three years. Stuart what do you make of this, 340,000 people came back to the workforce in february and i believe it was over 500,000 who came back into the workforce in january. Whats that all about . I think what its a sign that you can take the optimism of an election as people sort out the details in the month of november and renewed sense of hope and maybe theres an opportunity and people will start to come into it not only will you have capital coming into the market, but those people who have the skills and desire to get in and dont see it as any kind of a negativetype of thing to get into the labor force reigniting their interest. I think thats what youre seeing. You know, paul, had this taken place over the Obama Administration, i suspect that both you and i would be finding fault with this report, shall we admit that . Well, i tell you what, the number is lower than some of the prefs years but i think what you have to take a look at here and this is a serious thing. You to take a look at where is the momentum . A line going up and down. The president has to demonstrate things within his authority that hes doing. The president has to tee up tax reform, absolutely. Aca reform on that and tackle the issue of the debt ceiling. Its critically important. Stuart i know that you were chief of staff to a general, if im not mistaken, at one point in your professional life. I want to ask you a military question. We have 400 marines in syria. 80 miles from raqqah. Isiss. Now troopers are going to be sent to kuwait for what it seems to me that we are about to mount a fullscale attack on isis headquarters, do you read it that way . Here is what i read. This planning process for the deployment of military forces comes through a very long chain thats deliberative and it involves the commanders in the region there. It comes into and taken a look at, intelligence is added to it. It comes to department of defense and goes to secretary and then white house process. The element that is you see being put in place, this was planned a long, long time ago and the options were created. At you do see the president starting to exercise the options so that he has access in place and force protection. But what i think youre seeing is two phases here. One the buildup of the capacity and two on the diplomatic front. You the president discussing defeating isis. Stuart you dont build troops like that if youre not going to use them for a bigtime attack. We have to be doing that. Folks are planning that out. You look at the specific capacities, you can do massive damage, absolutely. The backup systems in place and deployed give the president maximum options. Stuart we dont want to be there. We dont want to rebuild raqqah or something, we want in and we want out, right . Well, i think the president committed to defeat isis and do it in a decisive way and listen to leadership. I think what youre seeing is mattis and macmaster. They will to that ruthlessly. Stuart good stuff. Appreciate it. Thank you, sir. Take a look at the price of oil. Ic we are still around 49 a barrel. Dropped to 48 a barrel. News this morning about oil is that there is a whopping great big discovery of crude in alaska. 1. 2 billionbarrels, could yield what denmark produces daily. Denmark is a bigole producing country. We are tracking news. The same formation could yield even more barrels of oil. So alaska has the infrastructure to deliver this to the market but it could be 120,000 barrels of oil of day in the next four to five years. Stuart enormous amount. Enormous amount of oil. Its coming in the time where opec is trying to cut production. U. S. Oil and gas industry continues to bloom. Stuart theres a lot of supply and would make it evenor even though it doesnt come on stream in a few years, but theres a lot of it out there. Pope francis calling populism evil. Thats what he said. We will discuss it in a moment. Your insurance on time. Tap one little bumper, and up go your rates. What good is having insurance if you get punished for using it . News flash nobodys perfect. For drivers with accident forgiveness, Liberty Mutual wont raise your rates due to your first accident. And if you do have an accident, our claims centers are available to assist you 24 7. Call for a free quote today. Liberty stands with you™ Liberty Mutual insurance stuart this is the amazon story of the day. Guess what . Theyre rolling out a spanishlanguage experience. Whats that all about . You can buy stuff in spanish on amazon on the website and on the mobile app. Stuart thats not a big deal . 52 Million People speak spanish. Stuart amazon prime is going to mexico. Lets not forget that. The story of yesterday. What was that can you put the stock up again 854 on amazon because thats getting awfully close to the alltime high. It touched 860 but 854 im sure shareholders will take. And now this, pope francis says populism is evil and he says it ends badly. Do you think, liz, that comment from pope francis was aimed at President Trump . Yes, you follow people who were say, i can, i can do this for you, they claim themselves to be sort of like messiahs, we had that problem with hitler last century. Turns badly. Hes criticizing the president already. It feels like hes going after the president. Stuart theres another, i think much more important story coming from pope francis, he say it is church, the Catholic Church may allow married men as priests. Now before you get into that, as i understand it, they will accept episcapalian priest that is are married and they can stay married. But now i think the pope is referring to all men coming into the priesthood who can now be married or is approaching that goal. If youre a married man you can become a priest effectively. Thats what hes saying that the rules should change because theres been dramatic severe shortage of catholic priests and we want to bring to bring to remote world and having priest that is are married, can help. If youre single you cannot get married. So its different. Stuart if youre married already and you want to be a priest and in youre a remote part of the world, he may allow you in. A little less revolutionary, but its a difference. Big difference. Stuart we were up a 100 and now 7 and now we are up at 31 points. So, do i hear the greatest band in the world . Not the rolling stones. This is the greatest my producer said the greatest boy band in the world. What an insult, ladies and gentlemen. [laughter] stuart this is the beatles. Sit back and let that music flow over you this friday morning stuart i will call them the real estate company. I want to flatter the guy thats with me. 5,000 stores will close this year. That will be up by 25 from last year. Bob is back was, investment sale, chairman of new York Investment sales at kushman. Thats a terrible report on the state of bricks and mortar industry . Its differently in a transformation stage, no doubt about it. Stuart thats putting it mildly, isnt it . Its going the change the way america looks, isnt it . It certainly will. As we discussed, a lot of the the Retail Stores and they are Going Companies that are in the business of delivering products, looking for facilities closer to urban districts. Stuart do you think thats the repurposing of Shopping Malls. I think if you look at malls, theyre generally very well located, near public transportation, big pieces of land. Those malls can be rezoned, we can have construction of over types of uses on that land. Stuart you have to be optimistic, a man like you, you have to be optimistic because you are trying to sell some of the real estate, arent you . Absolutely. The optimism we are seeing in the sales market today is very positive. Stuart optimism in the sales department, come on. Absolutely. Stuart that implies that the Retail Real Estate market has hit bottom. Well, its not just retail, stuart. I think that the Retail Market is trying to find its its stabilization point but we see activity in the Office Sector picking up, the landmark, particularly which has been year to year and a half. We are seeing more activity to land now. Theres been a tangle shift over the last two or three months. Stuart youre trying hard. I always try hard. Stuart supposing out in the outskirts in new york city theres a mall, there used to be a thriving malibu they lost the two anchor Department Stores, that mall used to be lets say for the sake of argument a 100 per square foot per year rent, what is it now . Its tough to say. Stuart come on, is it 90, 80, is it 50 . 60 . Its probably down 20 on average, i would say. What we look at communities want those properties to be generating tax revenue. The communities will rezone properties. Stuart but it wont bring as much as money back to the community, will it, if you fill them with new churches or Office Supply companies . Things like that where stuart you cant turn a Shopping Mall New Buildings on the site because communities will allow higher density to stimulate economic activity. You could create the right incentives for the private sector, the private sector will do whatever you want them to do. Stuart a huge price cut is an extraordinary incentive, i think youll agree. That is. Stuart its not 100 down, 80 bucks, its down to 60, isnt it . Not necessarily. Thats too bullish. In manhattan according to retail department, retail rents depending on the neighborhood are down 2 to a maximum stuart thats man manhattan. Every time you come i give you a hard time. Im always skeptical but you keep coming back for more. Absolutely. Im a big believer in the commercial real estate sector and im also a believer that the markets reciprocal, there are good times and bad. We have been through bad times, the last recession we went through was difficult but not nearly as bad as the recession we went through the snl christ in the early 90s. Stuart i remember that one. We are going through a little bit adjustment now. But because there hasnt been event like a stock market crash or house market bubble, this is going to be a very soft correction and we are starting to come out of it already. Stuart amazon is your catastrophic event. Thats what it is. Youre all right. Bob from cushman. Something different for our guest. I am going to show him this. Thats a burger. No, thats a robot, sorry. [laughter] stuart we have a robot that flips the damn thing. Excuse my language. I have to start taking this seriously because that robot does, indeed, flip burgers remarkably well and i think im going to see a lot of them in fastfood operations, am i not . Thats going to give operators a stronger incentive to automate. Stuart its going to be a long time before we see bugger flipping robot . We have robots operating, attending bars. Stuart do we . Yes, we do. I havent visited one yet. Stuart what do you say to bill gates idea that we should tax robots because they are replacing human beings and taking the human beings out of the chain . They are going to be taxing profit for the owner. Stuart basically its not its going to happen . Its inevitable. Stuart warning for all those leftists. Yeah, what better recipe for higher unemployment. Stuart glad youre back wh us for the half of the hour. You were listening carefully. Dont say anything. Tom cotton, he is now the fifth senator who says, theyre not going to be voting for the house obamacare replacement bill as it stands. Tom cotton joins, rand paul might lead, ted cruz, susan collins. Senator collins said its dead on arrival. Ken, welcome back. Thank you very much. You say that theres only what, 55 chance that the ryan plan that Obamacare Repeal and reform as it stands now, 55 chance that it passes, thats not a very strong probability . Nothing is in stone. So im just saying that the ryan plan is a good basis for discussion. Its a reasonable plan. It compromises on a whole variety of issues but whenever you compromise on a variety of issues someone is going to be unhappy. Stuart do they have to compromise with the conservatives who say, repeal the thing entirely . They have no choice but to compromise with conservatives because republicans have to hang together on this. The republicans spent eight years vote for me and im going to repeal and replace obamacare. You cant all of a sudden win and get that responsibility. Stuart you know that theres going to be a lot of horse trading back and forth. Sure. Stuart you know the president has enormous leverage on this. Why you only give it a 55 chance of passing . Theres no great consensus among republicans or in the country as to how to Reform Health care, health insurance. So therefore you have different pockets of influence who believe different things. So President Trump has to get everybody together and the one thing you can count on the democrats not being helpful. Stuart one thing you can count on is the Republican Party has to do this. If they dont do it, i keep saying it, they are toast they are toast next year. Thats right. Stuart doesnt that raise the probability that something will pass . Thats why i said 55 . Maybe its 65 . The odds are something is going to pass because its important for the republicans to pass something. The trouble is obamacare was designed to fail. You see, and now the republicans are stuck trying to fix it and the democrats thought it was design today fail and the government would take over the health care. They dont want to get blamed for this mess but they are stuck with this mess. They are going to do the best job they can to get out of this mess. Stuart i know that youre a big investor in healthcare technologies. Right. Stuart pharmaceutical area. Someone in the program said that the biggest winners out of getting rid of obamacare is the Biotechnology Companies, do you agree with that . The Biotechnology Companies are winners for but a different reason because they innovate. They find needles in hay stacks that save millions of peoples lives. Thats why they are big winners and theyharge prices and they get the high prices because ey save peoples lives. Under any system, any highly Innovative Company succeeds in health care. Stuart thats why you invest in that . Thats right. Very simple. Stuart thank you very much, sir. I appreciate you being with us. Now the market is still up but not much. We were up 100 points to start with this morning but now we are up 27. President trump, remember, met with the small bankers yesterday, small Banking Community and next up we are joined by a bank chief who was in the meeting, in the room and will tell us what went on, we will be back why pause a spontaneous moment . Cialis for daily use treats ed and the urinary symptoms of bph. Tell your doctor about your medicines, and ask if your heart is healthy enough for sex. Do not take cialis if you take nitrates for chest pain, or adempas® for pulmonary hypertension, as this may cause an unsafe drop in blood pressure. Do not drink alcohol in excess. To avoid longterm injury, get medical help right away for an erection lasting more than four hours. If you have a sudden decrease or loss of hearing or vision, or an allergic reaction, stop taking cialis and get medical help right away. Ask your doctor about cialis. Nicole im nicole petallides. Jobs report better than expected and that brought optimism to the market. Right now we are seeing the dow up 20,885. Nasdaq also gaining as well but major averages are to the downside. Names are hitting alltime highs, dupont, johnson johnson. Energy and financials under pressure. Chevron and catapillar are the big losers of the week. Better than expected jobs report, the names related to that. Really has since the election. Manpower, for example, is up almost 30 since november. You are seeing the stocks rallying today. Volkswagen pleads guilty to criminal charges in cheating scandals. Stuart why is bp up so strongly, nearly 3 , i will tell you. Theres a report in a london newspaper, the Evening Standard that exxon mobile may be considering some kind of merger with bp. Unconfirmed by both sides but its in the newspapers in london and the stock is up 2. 75 . How about jet blue . It is up. It reports higher passenger traffic for the month of february. 5 gain on jet blue. Facebook, yeah, they signed a deal with Major League Soccer and univision to live stream 22 socker games in the 2017 season. Not sure that that had any impact on the stock which is close to a record high. And now this, President Trump says he will ease regulations on small banks with reforms to doddfrank. Joining us now ken, chair of First Capital bank of texas who met with the president yesterday. Ken, welcome to the program. Great to have you with us. Hi, stuart, thanks for having me. Stuart a little background. I had a production meeting with our team, anybody here trying to borrow money from a bank . Three hands went up . Any of you having trouble with the paperwork . Three hands went up. It was murder for them and taking forever to get through the rest of it. Will the repeal of doddfrank help my people . We have to think about what we can get done. I think the repeal of doddfrank is pretty much an area that we cant go to but we can look at specific areas of doddfrank that are causing such a crush on our Community Banks around the country. Stuart whats the big problem . The big problem stuart what is your big problem . I think the big problem is we had 25,000 pages of new regulation thats been handed out since 2010 when doddfrank passed and, you know, our bank now is about a 10 billiondollar bank. We have about 10 people that do nothing but manage compliance and even with that, trying to get your arms around that much of a Regulatory Burden is ry, very difficult. Stuart well, what youre saying is, get rid of the rules on the new regulations but dont you just get rid of doddfrank . Well, we would love to see that happen, yes, but we know and we understand that a serp amount certain amount of regulation is needed. You need regulation to make sure that the bad actors dont do bad things that shouldnt be done. What we really need is people that are in the regulatory agencies that can bring a common sense approach as to how rules are apply today different size of banks. Stuart do you think youll get that from President Trump . Well, i was very, very pleased with the reception that we had from him yesterday. What i saw was a businessman with a business approach and he was there to listen to us, listen to the concerns that we had that were causing Community Banks to to have less capability of simbing their communities and their customers and he listened to us, he was very quick to ask his aides, secretary mnuchin who was, ask them how they could deal with some of these, whether it was going to be a legislative fix or whether he could pass an order or whether there were some other way to fix some of these things in a very quick manner and if it was a quick fix, lets get on that, lets see if we can do that quickly. Stuart i know a quite Community Bankers who are ecstatic at the prospect of real change in doddfrank. Kenneth burgess, jr. Good stuff. Per. Thank you very much. Stuart americas Household Net Worth hit a record value. John, that money is heavily concentrated in the 1 or the. 1 , heavily concentrated. The top end of the scale there. How does that increase in the nations wealth help ordinary people . Well, idoes to a degree that its been driven high by stock appreciation. This is more likely to go ahead and take on new workers, expand capital spending, thats very important. Moreover as the value of business assets rises, we find that companies are less likely to find themselves in financial difficulty so that they have to consider laying off workers. Stuart Income Distribution at the top end doesnt count, it doesnt matter that much . Well, it does matter. Ic it matters to the extent that people in the lower income levels and middleincome believe they have an opportunity to moving higher of the income ladder. Nevertheless, i would rather be an economy you the stock market is rising as oppose to one that the economy is sinking. No question about that. Stuart we are running short of time but we will be back with more after this stuart our next guest is in the Energy Infrastructure business. Infrastructure, magic word. He builds this stuff. Hes been in meetings with white house senior officials today and joining from right outside e ite house. Sir, i know you were talking about Regulatory Reform with various people in the white house. But i have to ask you this, during infrastructure business, you know that the president has a whopping great big infrastructure plan, can you tell us who is going to pay for it . Well, stuart n this case we are. This is the project thats being sponsored by my company and there will be no taxpayer dollar required to bring this project to fruition. Stuart all youre waiting for is regulatory permission, is that it . Thats basically it, yes. We need our permits. Stuart when you went to the white house and i think it was gary, white house economics guy, what did he say, you need the permits, youre going to get them . I think they are going to be a huge help, getting quicker and more efficiently. You know, weve been in the permitting process for a while and we actually have a good final Environmental Impact statement. The issue for us now is to get through the rest of the components of it and its complicated and difficult and i think thats where the white house can be of great help. Stuart what can you do about the legal opposition . It seems in america you want to build something thats going to be a lawsuit against it and it doesnt matter what you build or where youre building, theres going to be a lawsuit. What can the administration do about that . I have to call it legal harassment. What can they do about it . Well, i think the key for us is we are going to follow the rules. We are going the follow the rules the way they are outlined and we are going get our permits and they will stand the test of time in the courts. I think we are comfortable that it wl be brought tcourt, but theres been good track record. When you follow the rules, the permits are good and i think thats where we are going. Stuart you are looking for a permit to build a gas plant, i believe . We are, and a pipeline. Stuart do you see the time coming in this administration, where we can export liquid natural gas to europe big time . Without a doubt. Now our projects on the west coast so its really japan would be our main customer. Theres no doubt in my mind that this a project that should get built and we need to get through permitting processes as quickly as we can. Stuart okay, i know a few good lawyers. Seriously, we appreciate you being was. Good stuff, thank you very much. We will have more varney after s blueprints. Call hruska. Weve gotta set up a meeting. Sure. How do you spell that . Abreu, albert, allen, anderson c, anderson r. You know what . Ill just tell him myself. Door. Andrade. See why 3,000 companies a month are switching to vonage. My dad gave me thhe ran that company. . I get it. But you know i think you own too much. Gotta manage your risk. Iniow edward jon makes sens in. At angies list, we believe there are certain things you can count on, like what goes down doesnt always come back up. [ toilet flushes ] so when you need a plumber, you can count on us to help you find the right person for the job. Discover all the ways we can help at angies list. Stuart you know, i have to wonder if we moved the market. We interviewed gary, president s chief economic guy. We were talking about the tax cut. I asked him, are we going to get a tax cut this calendar year. He would not guaranty. They will move heaven and earth but he wouldnt guaranty absolutely that they will get it. Sound bite where he said that was played around our show at 10 25 this morning. Shortly thereafter down goes the Dow Jones Industrial. Now, maybe it was coincidence or maybe weve got a little cloud in the marketplace. Maybe we did, indeed, did move the market just a little bit. Just saying, Charles Payne, can you move the market . Charles well, you know, as a spinoff from Varney Company i have a little cloud too. Have a great weekend, buddy. Stuart thank you, sir. Charles what happens to Stuarts Point if its big tax cutting agenda gets pushed off . Welcome to coast to coast, im Charles Payne in for niel. 235,000 jobs last month as businesses are looking forward to tax reform, but Senate Minority leader Mitch Mcconnell throwing cold water on chance that is we could actually see tax reform by august. Here is what trumps economic adviser gary said about the timing of tax reform. It is a stated objection objective of the president to get tax reform done this year. We are actually prepare today work through the recess. We are prepared