Transcripts For FBC Varney Company 20170425

It gets the Government Shutdown out of the way. Investors want tax cuts and they dont want fights over the budget, the result, thats what theyre going to get. No fight over the budget and the tax cut and stocks will be up really big again this morning. Stocks up across the board. The dow, the s p, amazing nasdaq which is getting close to 6,000. Its another rally. As our viewers well know, were all about politics and money and thats what is making big news this morning. Youre going to like this. Varney company is about to begin. What about the idea, maybe this is my idea, that the president focuses on a narrow tax cut for corporations, and a cut in the tax rate paid by corporations bringing money back from overseas, and the tax revenue going to infrastructure. It sounds complicated, but thats the most simple, and i think the most doable of all the tax plans. Okay. That was yesterday. I think it was a pretty bright idea. It wasnt my idea, this was coming from the administration. I think weve got it right. President trump wants a tax plan that cuts the corporate rate all the way down to 15 . Art laffer is with us, reagan economist. Number one, art, to me, this looks like its doable. Do you think its going to get done . First place, stuart, its yours and my idea. Weve been shouting this for so long. [laughter] no, we have. If you go back and check the shows, one thing to get it done quickly and its not only doable it will be a huge jolt and by the way, it will pay for itself right away. Not only will you get more Corporate Tax revenues cause this 2 trillion will come back and get more output and employment and profits, but payroll taxes, sales taxes, income taxes, property taxes no need to pay for this thing because this will pay for itself and lead to prosperity. I have not been happier in a long, long time. Stuart youre painting a very rosie picture and youre saying that well get all 2 trillion coming back from overseas. Maybe not all of it 1, 987 billion. Stuart i sense a deal here, the Silicon Valley people are the ones with money overseas. They want more h 1 abo1b visas, President Trump says you bring that money back all of it and well bring more h1b visas. Its not only a deal. H1b visas, its a winwin. When you call it a deal, a tradeoff, i want those deals every day of the week in place on sunday. The number of highskilled workers coming in with h1b visas, the better off america is. We need people to make us more productive. H1b visas is a plus and brings the money back. Stuart no mention here in the personal income tax rate. Maybe that disappoints you, but maybe it makes the Corporate Tax rate cut more doable. It makes the Corporate Tax rate cut more doable. Its harder in the personal tax, redistribution, which group should pay more, all of that stuff is not true with corporations, theres no redistribution problems corporations, period. When you look at individual codes takes a lot longer. For us, we had to wait until 1986 took his five years before we were able to get the individual income tax code done correctly. As you know, reagan cut taxes in 81, but didnt drop the highest income tax rate on earned income, he shifted the brackets out to offset inflation, but this, we will get the income tax ones, but it takes longer and might as well do what we can now and its wonderful. Stuart the market thinks so. Stay there, art. More for you in a second. When you come back, when you come back we will be at 20,000 again. Stuart you mean 21,000. 21,000, i mean. Stuart in just a couple of minutes ill be back to you, can you handle that . You never know that market. [laughter] lets take a look at the market. Were going to open up about 160odd points again today. By the way, the close yesterday was 20,700. Thank you. Stuart thank you, art, i did hear that. So, were going to be within a couple hundred points of the alltime closing high for the dow industrial average today, this morning. I think its the tax cut thats fueling this rally and so, too, is the really strong level of corporate profits that are now being reported. Maybe this is the second level second leg of the trump rally. Let me see. Let me give you the profit stories, first of all, mcdonalds, better sales helped by expansion of allDay Breakfast, et cetera, et cetera. The stock will open at an alltime high this morning. Look at the premarket, a gain of nearly 4. 3m, you know the postit people, they make a slew of other products as well, that will be down just a fraction at opening bell. Caterpillar, strong numbers and raised their outlook in the future and see signs of recovery in the industries that they serve, that is a dow stock, and its up nearly 6 . Big deal. Higher profit of the chemicals and seed producer, dupont, helped by a rise in seed sales, thats up nearly 2 . Weak profits at cocacola. The latin american operation, that was a drag apparently and coke will be down just what, 30 cents at opening bell. James freeman is with us this morning from the wall street journal editorial page. I say that the profit reports so far are strong, and thats a big part of todays rally, and you say what . You are correct. Had a good Fourth Quarter and the first quarter, couple that with the new message of growth from washington, President Trump sounding more like candidate trump, focusing on growth and thats what that 15 Corporate Tax rate would mean. Stuart youre not one of the guys who said that a tax cut has to be paid for with offsetting taxes elsewhere. You doesnt want that, you just want a straight forward cut, right . Right, youve got to grow the economy, thats step one. Once youve got a growing economy, youve got more people employed, you have less need for government services, you have the economy generating more cash it pay those bills. Debt and deficits are a huge problem, but you make it much easier if youve got a thriving economy that can fund that debt. Stuart how much, an arbitrary number, 2 trillion, American Assets parked overseas, it may be less, may be more. How much if youve got a 15 tax rate. A lot of it. At 15 youre highly competitive. Youre below the average of the european union. Youre below where all of our basically all of our major competitors are. Youre not quite at that great ireland 12 1 2 rate, but you really change the game and you end all of these corporate inversions, instead of leaving, Companies Want to locate in the United States. So, this would be an enormous game changer and it really, it goes back to justifying all of the optimism that went from Election Night till march 1 when investors really began to wonder if trump was going to deliver on tax reform. Stuart it seems to me like politics and money, which is what we do, aligning in a very positive way. Would you say that . And its great for workers. Kevin haas, the economist, now joinin the Trump Administration. Shows that high Corporate Tax rates end up hurting workers, not just investors in the company. This is a huge win if we get close to that 15 . Stuart james, stay there for a second. I want to go back to art laffer, were not at 21,000 just yet, but were close. As you know, art, the Administration May impose 20 tariffs, taxes on lumber, imported wood coming from canada. Surely, art, you do not like that . Could be a trade war . No, i dont like that, but i want to tell you that James Freeman is just dead on on all the comments he made. Thanks. Stuart what is this . A love fest amongst everybody on the set . It is, it is. I just dont want to end this on a downer. Let me just say that its wrong to do that. We shouldnt have barriers to trade, especially not with canada. My goodness, they are the 52nd, 53rd, 55th state youre in trouble now, art. They might not like that. But if canada is the 52nd straight, the 51st . The 51st, the u. K. Or maybe ireland. [laughter] stuart, makes no sense to do this. If this is the second leg of the trump rally, let me tell you that the trump period is going to be a millipede. There will be thousands of legs to go on this. Youll see a boom of unprecedented proportion. Weve talked about it before. You should leave it on a high note were entering a period of enormous boom in this country, as much as the reaganclinton boom. Im just very excited about ats happening and finally getting going and it just couldnt be better. Stuart leave it right there, art, dont add to it. That sound bite is going to be playing for the next three hours and 30 days. Its yours. Stuart art laffer, youre all right. Thank you, stuart, and james, good comments. Thank you. Stuart look at this, wait, let me read this. Nordstrom is selling a pair of mud covered jeans, they describe them as quote, americana work wear that has seen some hardworking action with cracked on muddy coating that shows youre not afraid to get down and dirty. How much theyll charge for the mudspattered jeans . Ill tell you, 425. Liz is there cold in that dirt . The elite will lap it up. [laughter] im going to laugh all the way. Theres a new tellall book, ive read it, about Hillary Clintons failed campaign. Her former staffers scrambling to do damage control. Well talk about the books authors later in the hour. And c. D. C. , centers for Disease Control, americas Opioid Epidemic may be worse than anyone thought. Were on that story. Back after this with more varney for you. Break through your allergies. Try new Flonase Sensimist instead of allergy pills. It delivers a gentle mist to help block six key inflammatory substances. Most allergy pills only block one. New Flonase Sensimist. Hidden in every swing, every chip, and every putt, is data that can make the difference between winning and losing. The microsoft cloud helps the pga tour turn countless points of data into insights that transform their business and will enhance the game for players and fans. The microsoft cloud turns information into insight. Netflix makes a deal with a subsidiary of baidu. They want to get in china and shownetflixs original content there. Im sure its a high, a gain over 3 for netflix. A serious subject for you. The Opioid Epidemic, come in dr. Marc siegel. Were told its much worse than we think. Quantify it for us. I think its twice as worse its twice as bad as we think. Were told 91 deaths today from opioid. Were told 47,000 deaths a year now according to the centers for Disease Control for opioids. Its twice as bad. Stuart 91 deaths per day now, you think its twice as bad. More like 150, 180 people are dead a day, and 47,000 what was that. Opioid overdose. Stuart a year, including heroin and prescription drugs. Stuart you think its double that. Double that, i think its 95,000. Stuart why is it so underreported . We only report a specific cause of death. We call it the International Classification of diseases and the centers for Disease Control has been fighting that for years, meaning, stuart, if you die of pneumonia, we dont ask how you got it. Guess one of the ways you get pneumonia, from a drug overdose, it slows your breathing, you stop breathing, you get pneumonia, you die of pneumonia. How about severe back pain and taking opioids because of severe back pain. We write on the death certificate that the back pain killed you. Influenza, you get it and die and its the opioids that precipitates your death or a heart attack. We have to look at what role the opioids play, and in minnesota they do. Stuart would you get behind lawsuits that sue the opioid makers on the grounds that they areartly responsible for the death of so many ople . Are you behind that . Yes. Stuart you are . I think that the drug manufacturers helped to prepare this. You know me, ive said it on the show, im not going to take the responsible out of the prescribers pen. They can fill my closets what whatever they want, but im writing the prescription. Im in favor of looking at the licenses of doctors that are writing 60,000 a year. Stuart if a patient comes to you with severe pain, chronic pain, debilitating pain, have you got something to prescribe for that patient which is not an opioid and addictive substance, which will kill the pain . Absolutely. Stuart you do . Whats causing this, is it a muscle spasm. Stuart too late for that, doctor, its too late. Whats the reason you have the problem. Stuart its too late. I have got chronic pain, i want relief. What are you going to do for it . I take it seriously, but dont throw a pill at it that isnt going to cure the problem and these pills are becoming more and more addictive and the other part of the story, when we talk border walls, we better talk about the fact that synthetic fentanyl is pouring across the border now and affects the breathing and causes pneumonia. And weve got a perfect storm here. I dont believe that giving opioids for almost all chronic back pain. Sometimes you have no other choice. It shouldnt be your first choice, it should be the last choice. Stuart doctor, thank you for inng it to our attention, its a horrific moment for people. Its underreported. Stuart all right. Thank you, doctor. Big tech, theyve gone all in on selfdriving cars. Look at this, apple, amazon, google, the biggest names in technology, theyre all jumping onto the driverless band wagon. Its geewhiz stuff. I want to know will selfdriving cars just take over . Will they really . Good question. More varney after this. News from nascar, one of the biggest names retiring. Ashley to quote the executive producer, the lionel messi of nascar. Hes won daytona 500, and championships. I think his best finish this year is fifth. The announcement is made that Dale Earnhardt, jr. Will be retiring the end of this. A huge name of course. Stuart you know what everybody is now asking, who is lionel messi, thats what theyre asking. Ashley i cant answer that. No one who who that is the barcelona argentinian footballer, soccer player. Stuart i bet you 50 dont know who lionel is. Liz i bet 90. Stuart 50 across the board never heard of it. [laughter] talk, story about Dale Earnhardt and were talking about him. Stuart and going all in on the selfdriving cars, apple literally hiring rocket scientists to works on their selfdriving car division. Amazon is getting into it, may be working on selfdriving delivery trucks. Google is test driving in phoenix, Driverless Cars. Look, its futuristic geewhiz stuff. Ash, do you think youll see the day in your lifetime when selfdriving cars take over . No, not at all. I think theyll be a part of our driving future. A segment that will use them and love them and expand no doubt. I think that google is far ahead in this. Stuart yes, they are. Ashley however, i love to drivand some people dont like the concept of selfdriving. It will play a part, but wont take it over. Stuart i can see, in ten years time maybe a third of the cars on the road are self driving and thats stretch. Liz youll see incremental changes in robot taxis and robot trucks and i think that ash is right, in three years time there will be a Dozen Companies introducing robot vehicles, but theyre safer, those stories are saying, theyre cheaper in terms of costs, less overhead. Stuart Big Technology money is taking over the car industry. Who would have thought that one. Liz thats right. Stuart now, were building up towards the opening of the stock market this morning and youre going to love it. Were going to be up 150, 160 points. If we gain 150 at the opening bell, we will be round about 20,900. Thats where well be. A couple of hundred points away from the alltime closing high. This rally has real legs, up 200 yesterday, big rally today. Investors like the tax cut that they see coming and they like the profit report. And we will be back. When youre close to the people you love, does psoriasis ever get in the way of a touching moment . If you have moderate to severe psoriasis, you can embrace the chance of completely clear skin with taltz. Taltz is proven to give you a chance at completely clear skin. With taltz, up to 90 of patients had a significant improvement of their psoriasis plaques. In fact, 4 out of 10ven achieved completely clear skin. Do not use if you are allergic to taltz. Before starting you should be checked for tuberculosis. Taltz may increase your risk of infections and lower your ability to fight them. Tell your doctor if you are being treated for an infection or have symptoms. Or if you have received a vaccine or plan to. Inflammatory bowel disease can happen with taltz. Including worsening of symptoms. Serious allergic reactions can occur. Nows your chance at completely clear skin. Just ask your doctor about taltz. Stuart things are looking good as we head towards that opening bell. Weve got 30 odd seconds to go. Were expecting another triple digit rally right from the getgo. If you look at the futures market, its digesting a gain of about 150 points for the dow jones industrials. If that happens, well be at 20,900. That means, were a couple hundred points of the alltime record high. Weve got the graphics ready, we hit that at 21,000, the balloons and the confetti. Who knows what well do. But right now, three seconds to go, were off, were running, and bang. Were were opening at a gain of 151 points, thank you, ladies and gentlemen. I got that one right too. 20,921 is where we are. Up 156. Lefthand side of the screen. Can you see green . Those stocks are going up. I see only five losers. Get rid of them. Buy it, somebody. Lets have them all. This is a rally for the ages. Are you with me . A little excitement here. All right. Dont look now but the nascar is in record territory. Its at 6,000. Who would have thought. Crashed at the dotcev. 6,005. Up 20 points today. That, byhe way, is up 11 this calendar here. Now look at this. Five dow components reported their profits early this morning. Mcdonalds, coke, dupont. As you could say mcdonalds blew them away. Up 3 . Caterpillar did very well. Up 6 . Not so good 3m and coke. Dupont up 2. 3 . Ladies and gentlemen, it is a rally. Whos going to cover it . Everybody wants to cover a rally. Okay. Steve, to your first. The president wants to slash the Corporate Tax rate to 15 . Now, dont tell me how wonderful this is. You tell me whether or not its actually going to get done. Yes. Well, first of all, it is wonderful. But more importantly, yes, he is going to get it done. You know, stuart, its a wonderful spring day today in chicago, and i think its springtime in our economy. And the stock market is showing us that after a huge surge yesterday, were rallying again today. Certainly part of that is because of what happened in france over the weekend, but i think another part, the next leg is because of the promise of serious material tax reform. Just the fact that President Trump is talking about this aggressive of a target. Im going all the way down to 15 and simplification. Even if we dont get quite there, if we get close, its going to do wonders for our economy. Stuart okay. Now, liz. Liz hes got to make the argument hell pay for himself if you want to get that 51 vote argument in. That vote threshold to avoid the mnuchin is saying but i mean, george w. Bush called that voodoo economics. I understand it does pay for itself, but its going to be a fight over that. Stuart are you having fun, elizabeth . The dow is up 153 points. We gained nearly 400 in two days. Liz im not the skunk at the tax cut picnic is due. Stuart are you happy . Very happy. Stuart are you happy with a 15 Corporate Tax rate, and you think it will be done . Im very happy with it. And, yes, i think it will be done. And maybe he has to give a little bit. What i like, stuart, and you havent brought it up yet is hes talked about giving in or putting off the wall. You know, so i think that just shows that hes willing to negotiate, hes willing to make a deal in order to get the tax cuts done. The obamacare issue was an embarrassment. I think now this tax cut is on the table. I think it will be approved, and thats one of the reasons the markets making new highs. Stuart youre right about taking funding of the wall out of the budget, so that gets rid of the idea of shutting down the government. Obviously going to like that one. I think they also like these profits that are now being reported. If i use the word a profit surge, maybe going a bit too far on that. What do you say . Not at all. I think youre right on the button there. You let off the show by talking about technology, facebooks, amazon, netflix. We know that growth story has been there. But now you want to add caterpillar, infrastructure place to the growth story and mcdonalds, a big dow component, Global Company 4 growth globally. Those are real growth stories. Those can support higher stock prices. Stuart steve cortez, these profits, im hesitant to use the word surging. What word would you describe . No, listen, i think they are surging, and i will give some credit here, by the way. I think the profit of acceleration was already happening before the election, so i will concede that profits, we were already emerging out of a profit recession into a profit expansion. However, i think that that expansion is accelerating now, largel becaofhat President Trump has done, particularly when it comes to confidence, stuart. I think this is so crucial both ceo confidence, regular Consumer Confidence, on the consumer side. Weve got home depot at alltime highs. Weve got restaurants at alltime highs. The consumer is emboldened and spending, profits are expanding, youre exactly right. That is the formula for a higher stock market and prosperity, generally. Stuart lizzie, dont we have Consumer Confidence numbers coming at 10 00 this morning . Liz yeah, hitting a 17year high the recent numbers. Stuart were up 180 points. We are 56 points away from 21,000. There you have it. Now were up 178. 57 points away from 21,000. I want to see the balloon. I dont want to see any downers but listen to this. Series tops the list of retailers who are most vulnerable to defaulting on their debt. What do you say about that, mike . I think, yes. But i think series has been, you know, there was a large hedge fund, took a big position in series years ago. I think series doesnt play into the retail ice age story as much as its a sears specific story. There are plenty of other retailers that are doing better. I think sears you can put off by itself. Ashley there have been 14 retail bankruptcies through april 6th this year alone. There were 18 during the entire year of 2016. So retail ice sage reality. Stuart sears special case in and of itself. J. C. Penney is down. Liz moody says that the amount of debt coming due for the 19 worst off basket case r retaileris set to double in the next two years, the amount they owe onheir bonds. So, you know, that means youre going to see a shakeout big time shakeout in the next two years. Stuart nasdaq is doing what . Technology . Doing wonderfully well above 6,000. The Retail Sector really taking on the chin. Goodness, me. Check the big board, why dont we . Were up 182 points now. 50 points from 21,000. A couple of individual stocks making news. Tmobile adding new subscribers, Customer Growth slowing, makes no difference th. Down 5 cents, thats it. Better profits at lily. Better demand there for its diabetes treatment and for its drug. Nonetheless, the stock is down 2 . How about jetblue . A lot more people flying jetblue. Investors like it. Theyre making more money. Jetblue is at 22 this morning, 2. 7 higher. Heres a story when really flustered me. Grocery chain albertsons exploring a takeover of whole foods i dont get it. I thought albertsons was very small. Whole foods is giant, arent they . Albertsons is owned by a giant private equity firm, and theyve been wanting to go public, and theyve delayed their ipo a few times. Theres been talk of amazon buying out whole foods, so whole foods has kind of been on the block. Theres a story out of the Financial Times in london that albertsons could be looking at whole foods. I dont buy it. One of the reason reasons is that albertsons is a union shop. Whole foods is not a union. So two of those together would be really tough. Ashley a big group. Stuart i didnt realize it. I didnt realize it was owned by private equity. Heres something that i think is a very big deal. Netflix. Theyre trying to make a deal with a subsidiary to get into chinso that they can show their original content programming there. The market loves it. Up 2. 5 . Netflix. Ashley netflix. Stuart youve got it. You own it . We dont know it. Stuart you missed it, in other words. Well, we talked last week. It came to the high 80s, we bought it, sold it, low 100s. Its a huge growth surge because its changing the way millennials watch tv. The way they can consume content. Love netflix. Stuart stock just keeps going up 147. Very close to the alltime high. And still a lot of talk, stuart, that someone may akwai here like disney or apple. I dont know if theyll pay that much. Stuart theyve got the money. Apple has 220 billion cash. Yeah, they do. Stuart heres another story. Not sure thinned one. General motors 200 staff at the venezuela plant that was taken over by the government. Liz this is a breathtaking textbook case of the absurdity of socialism and venezuela. Heres whats going on gm is saying that we could not produce cars. We havent made cars since two years ago. So because the price controls because of the shortage of parts. So they let go 2700 workers after venezuela took over the company. Venezuela, a court said wait a second, gm. You promised to make 10,000 cars. Gm is saying no ones buying. Theres no demand there in your country. So thats the back story to the collapse thats venezuela. Stuart crazy socialism all over again. Okay. The Trump Administration imposing new tariffs, another very interesting story. New tariffs on canadian lumbar. Does this amount to a trade war . It may. But, you know, theyre saying they have the right to do it. I would prefer the way, the way to work out a deal, i guess the administration feels too long in siding with canada. But i think you dont need to get into a trade war. I would like to avoid that. Ashley i think this is part of the negotiation to mikes point. You throw that out there, now well meet. Hey, 20 . You want to meet . Ashley right. Exactly. Stuart steve cortez, youre a trump guy. Youre inside the campaign. Is this a trade war or the opening shot of a negotiation . I think the ladder. Its a bond negotiation. I certainly hope so, anyway. I dont want to get into a trade war and one of the few areas im not complete agreement with the president is sometimes on trade. But i do agree with the principle that we have a lot of very, very bad trade deals. We dont have reciprocity, particularly when it comes to china. Theyre not as open to our products and services as we are theirs. For the most part canada has been a pretty darn fair trade partner, so i hope we dont start picking on canada a whole lot. Stuart well, steve and mike, were glad you could be with us today. The market has started off strong, and were up about 200 points. Steve, mike, thank you very much. Yes, we are, were up 187 points. Close to a 200point gain again. In our 10 00 hour this morning, one of the conservative student groups suing uc berkeley saying let ann coulter speak. The Young Americans Foundation Joins us at 10 25 this morning. Next, one of the authors of that new book shattered. A tell all about Hillary Clintons dysfunctional campaign. That book has former clinton staffers very much on the defensive. Well tell you all about it in a moment. Stuart yes, we made it. Up 204 points, to be precise 20,967, the effort of a strong tax cut. Look at the nasdaq, 6,010. Who would have thought . Its up 11 this calendar year. Lets get back to politics. The clinton camp not at all happy of a new book alleging her president ial run was plagued by pessimism and chronic dysfunction. Some former staffers are trying to push back. Theyre on twitter showing all the sweetness and light on the campaign trail. Tweeted about what the clinton that clinton watched baseball on her phone. Heres a Birthday Celebration tweeted by clintons press secretary nick, and heres a group shot tweeted by former Clinton Communications director smiles all around. What pessimism . Dysfunction . Certainly not, say the clinton insiders. Joining me now, author of the book shattered jonathan allen. Jonathan, welcome to the program. Good morning, stuart,. Stuart i read it, by the way. Thank you. Stuart yes, thank you. I cheated like everybody else. I turned to the end of the book to see what she did on Election Night. Ill leave that until later. The book really starts out with this huge fight about who should write her very first president ial speech. There was all kinds of people involved in it, and it didnt work. Tell us about it. Basically people trying to figure out what her message should be, how she could articulate her vision for the country. They were confused by a lot of things. You had john, the former head speechwriter for barack obama was brought into process, and there was this tangled line of communication. None of them could really provide a message for her where she hadnt done so for herself and as one of her senior aid put it to me in my coauthor, i would have had a reason for me for one minute running, or i wouldnt have run. Stuart but she didnt have a fundamental reason to run. She didnt have a real theme. And never really emerged, did it . It really didnt. This was a problem that deviled her campaign throughout. I think when you looked at Bernie Sanders, it was very clear what he was saying, he would do with the power of the presidency, should he get it. If y look at dond ump, it was very clear what he would do with the power of the presidency if he got it, including cracking down on illegal immigration, including bringing america back from wars overseas. With basic nationalism is very easy. With Hillary Clinton, she was for so many things that it was hard for people to find out to figure out exactly which of those things were actually her priorities. Stuart how important in her loss was the email scandal, james comey, and the russians . I think its impossible to or very difficult to overestimate how big the email scandal was because it damaged her credibility with the public so much over such a long period of time. It was something that she did as a matter of convenience that i dont think people just didnt believe that, and then she refused to apologize what she had done, even though there was classified material in her private email. Whether or not thats something that could be prosecuted, its certainly something the American Public had a right to be upset about. Even unethical, it was certainly politically disastrous for her and everything comey did was that email server. Thats a huge issue. Stuart the end of the book where you go into Election Night itself, you do not portray her as angry, frustrated, tearful, shouting and screaming. You dont portray her like that at all. You portray her subdued and two words to mr. Trump. Congratulations, donald. That was the whole way it ended; right . The conversation was a little bit longer than that. But it was very short. About a minute. Those are the only words we used to describe it. Its already a long book. But this was somebody who was stunned, shocked, you know, was trying to process what was going on to her. She believed that she was going to be president of the United States. She told people around her that she believed she was going to win, and it was a shocking upset for her in the way that she dealt with it was quiet. Stuart i really think that the title of the book says it all. Shattered. I can understand how someone whose lifelong dream came so close, it would have been shattering at that conclusion of the whole campaign. Jonathan allen, thank you very much for being with us, so we do appreciate it. Come back again. Okay . I will and thank you for reading it, stuart,. Stuart it was a good book. Check that market again, please. Thats one of the big stories of the day. Look at it go. Were up 200 points plus an almost all the dow 30 well, certainly 25 of them are in the green. Theyre up. Supreme Court Justice says there is quote disturbing trend with courts ruling in favor of the police and not alleged victims. Supreme Court Justice, is that appropriate . Our own judge napolitano is next think again. This is the new new york. We are building new airports all across the state. New roads and bridges. New mass transit. New business friendly environment. New lower taxes. And new University Partnerships to grow the businesses of tomorrow today. Learn more at esd. Ny. Gov 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. Switch and you could save 509 on auto insurance. Call for a free quote today. Liberty stands with you™ Liberty Mutual insurance. Ways wins. Especially in my business. With slow internet from the phone company, you nt keep up. 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Justice sonia getting political. This is my opinion. In an opinion im getting mixed up here. In the Supreme Court opinion, i think she got political about the police. Judge Andrew Napolitano is here to tell me i am completely wrong. [laughter] something i do almost every day. Stuart in a written opinion delivered to the Supreme Court she said. Heres the facts at a routine dwi stop, an altercation occurred. The driver walked away from the cop, the cop shot him in the back and killed him. Hit him in the back of the head. The mans estate sued and the trial court through it out without a trial. So the issue of the Supreme Court was not was it right or wrong for the cop to use deadly force. The issue before the Supreme Court was is it for a jury to decide whether or not it was right or wrong to use deadly force . The Supreme Court decided not to hear the case, meaning the case was thrown out. In the decision not to hear the case, its where she said something that you found controversial and a lot of people agree with you. It seems to me t theres a clash between an individual and a police officer, not on a criminal case but in a civil case where the allegation is too much force, were always siding with the police and not letting juries decide. So her argument is not that the cops are always right or wrong, not that these people are always right or wrong, but the rightness or wrongness should be decided by juries, not by us. Now do you still feel the same . Stuart no, i do not. Youve straightened me out, judge, and thats a rarkable for you to have done. I thought it was a bit like the comments of ruth baiter. I thought did she go on television and say this . Until you dig deeper and say it was a reasonable argument, should judges make these decisions or should juries . And she said it the right way in a opinion. Stuart but its nothing like what Justice Ginsburg said about donald trump before the election. Thats completely different. A personal assault so strong it was totally out of place for a member of the judiciary. I believe she was silenced by other members of the court. Stuart can you just answer this in 20 seconds . I am told it is Justice Kennedy that is close to retirement, walking away from the job. A lot of people agree with you. Stuart that would be another vacancy on the Supreme Court filled by President Trump. Yes. It would. Stuart and you would love that. It would be great. Stuart got it. I am a friend of his and fan of his, but its time. Stuart thank you, justice almost said justice. Ill take it. Thats a promotion. Stuart a newsroom promotion. [laughter] how is this for a poll . If the election were held today, President Trump would still beat Hillary Clinton, even with the Mainstream Media pouring contempt over him for six months. Ive got more on that at the top of the hour coming back on my longterm control medicine. I talked to my doctor and found a missing piece in my asthma treatment with breo. Oncedaily breo prevents asthma symptoms. Breo is for adults with asthma not well controlled on a longterm asthma control medicine, like an inhaled corticosteroid. Breo wont replace a rescue inhaler for sudden breathing problems. Breo is specifically designed to open up airways to improve breathing for a full 24 hours. Breo contains a type of medicine that increases the risk of death from asthma problems and may increase the risk of hospitalization in children and adolescents. Breo is not for people whose asthma is well controlled on a longterm asthma control medicine, like an inhaled corticosteroid. Once your asthma is well controlled, your doctor will decide if you can stop breo and prescribe a different asthma control medicine, like an inhaled corticosteroid. Do not take breo more than prescribed. See your doctor if your asthma does not improve or gets worse. Ask your doctor if 24hour breo could be a missing piece for you. Learn more about better breathing at mybreo. Com. Stuart if last years election were held today, same candidates, trump versus clinton along with the two third party candidates, look at this. Donald trump would win 4340. Thats a surprise after all the venom that has been hurled of our president , he still comes out on top. Endless demonstrations, boycotts, insults, and a media that truly loathes him, donald trump still wins. Theres one more for you. For every 100 people who voted for trump last november, 96 would vote for him again. Clearly, he hasnt lost his base. Whats going on here . Well, first, the media is not as powerful as they we would like to believe. Nearly six months of unrelenting contempt has not persuaded Trump Supporters to change their minds. They dont have buyers remorse, despite the medias nonstop barrage of hateful opposition. Second, 67 think that democrats are out of touch. Well, they are leaderless. Their opposition to everything the president does or says rings hollow. Nancy pelosi says trumps war deprives babies of food . And who speaks for democrats these days . Good question. Pelosi, sanders . Or the foul mouth dnc chair tom perez . With people like this . No wonder Trump Supporters stick with him. One more item. The president is not getting the blame for the troubles for the last r last few months. Congress is taking the hit. Twothirds think they are doing a lousy job. Could it be the president is stabilizing his administration . Finding his feet . Coming through after a difficult start . Maybe. Just think how his position will improve if we get the tax cut, and we get the growth that we so desperately need. The second hour of Varney Company is about to begin. Stuart new economic numbers just coming in. Lets start with Consumer Confidence. Liz slightly worse than expected. Coming at 21. 3, they were looking at 22. Still at decades high. 17year highs and when were looking at the durable goods component, meaning the optimism about your finances, people are saying, yeah, were more likely to buy bigticket items like refrigerators. So theres optimism about personal finances, its still organizer, still going strong. Stuart one more set of numbers. New home sales. Ashley very good. 612,000 on a annualized basis. That is up 15. 6 year over year. An eightmonth high. The spring selling season getting off to the bang. Thats very impressive. Stuart thats a very, very strong number. I follow new home sales, actually. 620,000 annual rate is strong indeed. Liz big number. Ashley big number. Stuart that has helped stabilize with a well over 200point gain. Liz with these price points, you know the builders are going to be building more. Stuart you would think, wouldnt . Were up 209 on the big board. Now look at the nasdaq. Home to all of those Smaller Technology companies. Crossed 6,000. That index is up 11 so far in 2017. Isnt that extraordinary . Now this, united health, microsoft, mcdonalds, home depot, theyre all in record territory. And all of them are dow stocks. Theres another reason why the dow is up 208. Lets get back to what i was saying at the top of the hour, that poll from the washington post, President Trump would still win if the election were held today, he would beat Hillary Clinton 4340. Who would have thought . All right. Joining us now is town hall editor katie. Would i say that maybe donald trump is stabilizing his political position . He hasnt much opposition. I think stabilizing is good, but i also think the country is experiencing outrage fatigue. And since the election of President Trump, we have seen nothing but outrage over little thing that he does, whether its big or small from the socia media, and that has not translated to people who actually cast their votes in november. And the interesting thing about that poll too is that the left made this argument that, look, Hillary Clinton won the popular vote, even though it Means Nothing because we elect president s based on the electoral vote. But according to that poll, he would also win the popular vote. The hits just keep coming for the democrats who just cant seem to get it together. Stuart now, overnight it was announced that President Trump will not include funding for the border wall in the spending bill that has to go before congress very soon. I suspect that that might anger his base. What say you . I actually think that theres going to be a little bit of patience with the border wall. Its a big project. Its an expensive project. Congress is going to come up have to come up with 21 billion to fund this thing. D i thk that the american peoplere actually a lot more patient than we give them credit for. And in terms of the implications here, the president certainly doesnt want a government shut down in the first 100 days of his first term. And so its not worth fighting over now. But as we saw him say yesterday, he looks forward to having this debate for the rest of the year and certainly getting it done by september. Stuart now, theres a very big and important meeting coming up tonight in the white house. President trumps Economic Team will not square off but will meet with the Top Republicans in congress. Theyre talking about this tax cut. 15 on corporate profits. I suspect that the president and his team might be doing a little laying down of the law to the Republican Party. This is it. Get it done. You think . Well, and this is a very smart strategy because when you look at the way that the Health Care Legislation and Obamacare Repeal went down, there was a conassesses at the beginning about where the legislation was supposed to go. It was kind of rolled out and then people decided they were going to debate it and maneuver around it as it was already in the public sphere for debate. This time the white house is taking the helm and saying this is what we want to do. Were going to have this meeting at the white house before we start looking at this legislatively. This is the plan. Lets all get onboard now. Hash out your differences now behind closed doors rather than in front of everyone in the world for everyone to see, and then we can move forward with this Corporate Tax cut, which weve been talking about for years in this country. Stuart theyre learning. I do believe theyre learning. Were just shy of 100 days and theyre learning. Katie, thank you very much for being with us, as always. Now, before we move on, i do want to show you the dow industrials again because weve gone strght some more. Now were up nearly 230 points, awfully close to 21,000. Why is this happening . Because the president is going to propose a much lower Corporate Tax rate and corporate profits are coming in very strong. Again, let me repeat this. A big meeting on capitol hill tonight between top tax writers in congress and the president s Economic Team. This is all about the big tax announcement tomorrow, the 15 Corporate Tax rate. Look who is with me in new york city. None other than republican from tennessee. Now, i know we dont agree that a 15 tax rate is a wonderful thing. But you have to tell me that the Republican Party will get it done. We are going to get it done. We do get health care done, we do get the tax reform done. Stuart can you tell me 15 Corporate Tax rate is done soon . Stuart, listen, we get our work done. We send it to the senate. Were close to an agreement on health care, and all attention will turn to tax reform and, yes, i believe youre going to see this done this year. Stuart is that the time frame . You want to do Health Care First and then get to the Corporate Tax . I think were very close. I think were very close. Stuart you cant do the corporate tabs cut first . You want it today. Stuart of course. Not for me, just to get the economy going. Look what youre doing for the stock market. Almost at 21,000. Absolutely, and i agree with you. And, yes, we are going to get it done. I think its important that the president lay out his path, his thoughts of what he wants to do. Build that 30,000foot picture and then allow congress to come in and do their work on the corporate side and the individual side. Stuart again, ive got to press. Ive got to press. The first thing that comes to Poor Congress is not health care, its the Corporate Tax cut, is it . Corporate tax cut . I think the first thing you will see is a finish to health care because were very close to finishing that. Stuart so Health Care First. And then i think while we go through the process of tax reform up, getting it ready to go to the floor, getting it out of committee, going through regular order, seeing it advance, then of course. The house is going to do that. Were going to gladly, cheerfully, gleefully send it to the senate and encourage them to do their job and get it tos desk. Stuart they want to see something done. They want it done. Of course they do. Stuart and youre telling me that the first thing, youve got to go back to health care. Can you assure me that youve got an agreement with the Freedom Caucus . We are working through getting that agreement. We are very close. It may not be this week, but it might be next week. We are getting ready to finish up, stuart. 200 i know you have. And we are close. Are allergies holding you back . Break through your allergies. Try new Flonase Sensimist instead of allergy pills. Its more complete allergy relief in a gentle mist you may not even notice. Using unique mistpro technology, new Flonase Sensimist delivers a gentle mist to help block six key inflammatory substances that cause your symptoms. Most allergy pills only block one. And six is greater than one. Break through your allergies. New Flonase Sensimist welcome to holiday inn thank you wait, i have something for you making every stay a special stay. Holiday inn, smiles ahead. Whether for big meetings or little getaways, member always save more at holidayinn. Com stuart solid gain. How else do you put it . 1 higher. 220 points. 20,990. This market is going up. As for the nasdaq, new alltime record high. That just keeps on going up. 6,021. And, by the way, the russell 2,000 also has just hit an alltime high. Liz wow. Look at that. Stuart firing on all cylinders across the board today. Lets get to the free speech battle at berkeley. Students filing a lawsuit against the college for blocking ann coulter from speaking on the day she was invited. That would be this coming thursday. With me now, Young Americans Foundation Spokesman spencer brown. Youre suing berkeley. On what grounds do you sue them . Well, first and foremost, this is about student rights on this campus. Here we have a school who has decided conservative students on their campus arent required to follow the same First Amendment rights as other students. So youve seen them take a position here thats so indefensible and banning free speech for conservatives that even prominent liberals like right hand come out and voicing their support. Stuart now, berkeley did come out first of all, they said, no, you cant speak. Then they said. Okay. You can speak on may the 2nd. But youre not happy with that and neither is ann coulter. Why are you not happy with an alternate date. Absolutely not. The date that they picked for us, that may 2nd date is what the school calls their dead week so students arent even on campus for the large part because its the week in between the last week of classes and their final examples exams. Its just another attempt by berkeley to block students from hearing a conservative viewpoint. Stuart is there any way you could give me a sense of the student body as a whole think so about this . Because were very used to the very hard left, the violent left shooting it down. But what about the vast majority of students who are not the hard left . How do they feel . Well, unfortunately, at a place like berkeley, we really dont know. Its so rare that a conservative appears on campus and weve seen this recently where berkeley has taken steps to or not stepped in to prevent conservative speaker lectures to be blocked on the campus. So as far as the student body knows, we dont even know request they havent been allwed to hear a conservative viewpoint. Stuart now, a couple of people and institutions are coming out and limiting free speech. I have a New York Times oped which says free speech doesnt give you permission to say about that. Heres the quote. The idea of freedom of speech does not mean a blanket permission to say anything anybody think so. It means balancing the inherit value of a given view with the obligation to ensure that other members of a Given Community can participate in discourse as fully recognized members of that community. You got that . Howard dean is also saying free speech does not allow you to give hate speech. So theyre coming back at you. Theyre pushing back at you here. I think theyre trying to limit free speech, and youre trying to open it up. Whats your response to the times and to howard dean . Well, i think the New York Times piece specifically talks about sort of recalibrating the parameters around Free Expression on campuses. And i think its important to call that what it is, which is essentially just shredding the constitution or in a way we see happen a lot at Young Americas Foundation when were working with students on campuses is that this is a leftist argument that they will use. Theyre saying the speakers youre using might insight riots or might not. So they take these unconstitutional actions in order to shut down conservatives on campus. Stuart spencer brown, thank you very much for coming today. We appreciate your presence. Thank you . Stuart yes, sir. How about this . The Writers Guild striking again. What does that mean for your favorite tv shows . We will have the story. And the fight to be first for drivable cars. Apple, alphabet, amazon, theyre all in the running. That car could be coming to you much sooner than you think. More varney after this you always pay 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. Switch and you could save 509 on auto insurance. Call for a free quote today. Liberty stands with you™ Liberty Mutual insurance. Stuart just look at mcdonalds, the stock that is. Help by expansion of their all Day Breakfast menu. The big mac. Beverage value promotions, that stock is at an alltime high. Knocked on the door of 140. And, by the way, the dow jones average just hit 21,000. There you have it, ladies and gentlemen. The graphics for you, but were up 236. 21,000. How about that. Now that story about the Writers Guild. They voted to authorize the strike. Heres what we want to know. Will primate tv take a hit. I asked that question to hillary who was in los angeles for us. Hillary. Hi, stuart, well, a writer strike could mean a late night tv black out for viewers with out writers like the tonight show and could go dark immediately. Now scripted shows in the fall could be delayed and fans of American Horror story and the walking dead could get fewer episodes this season. A strike through the summer means a lot more reruns and a lot more reality tv filling the airtime. But, stuart, whats interesting is the biggest winner in all of this could be networks, tv, rival, and competitors. Netflix and hulu. Streaming sites could see a huge boost in traffic as viewers ought to see new material online, instead of sitting through reruns. Stuart,. Stuart oh, hillary, you got that so right. Streaming is king. Well done, hillary. Thanks for joining us. Thank you. All right. There is a controversy as you know surrounding the new netflix show 13 reasons why. Thats the name of the show. A new Jersey School district has sent out a Mental Health alert out it. Whats this aut . Li well, bail were seeing increasing number of schools, including in New Hampshire and new jersey putting out warnings of this show 13 reasons why. And basically each episode blames a classmate or a faculty member for the suicide of the lead. So theres warnings now going out from schools saying, you know, teens are impressionable, they copycat each other. There should be better resources for parents to instruct their children not to binge watch this. Theres recommendations by Health Authorities saying, you know, people are not responsible for your Mental Health, and that message needs to be given to teens when they in reality need to rely on themselves to look inside themselves for their mental condition. Stuart we just had the on screen there a section from the email sent out as a Mental Health alert to montclair public schools. It has gone that far. This has no impact on the stock. More of a cultural thing. The stock actually is going to an alltime high up 147. Up nearly 4 bucks a share. Now, President Trump says, yes, hes willing to take funding from the border wall out of the budget. Well, that anger his base . Newt gingrich joins us later this hour on that subject. Stuart we hit 21,000. Very solid gain. 200 points to the upside. Nasdaq well above 6,000. It is up 34 points, up 12 this calendar year. Netflix has just hit an alltime high. Liz they borrowed a lot of money in the eurobond market. Theyre moving into places possibly like china. They have 94 million plus subscribers and continue to grow. Getting back to nasdaq, first time it passed 5000, passed it in the dotcom bubble era, took15 years. Surpassed it in 2005. Now it surpassed 6,000 mark. President trump repatriating cash. Tech companies. Ashley all of it. All of it. Lowering Corporate Tax by some 20 . This is remarkably steady index. Unlike the dotcom bubble it is built on something a lot more substantial. The big techc companies moved this along. It has been a remarkable ride under the Trump Administration where does it go from here . Feels like continues to want to gain and gain and gain. Stuart American Economy is all about technology. Liz it really is. Ashley every aspect of our life. Stuart the most advanced Technological Society in the world. Liz with the exception of broadband. Were so way behind on broadband. South korea is eating our lunch. Stuart when it comes to writing software, nobody competes with american companies. Software controls computers. Theyre the brains which make computers function, that is why were doing so well. We have activision blizzard. Look at that chart. Tells a sto. That has just about gone straight up. There are other nasdaq stories within the nasdaq composite index. Suffice it to say were up above 6,000 on that index and who would have thought, who would have thought, not me, thats for sure. I want to get back to taxes. President trump needs a win on this. He wants a 15 Corporate Tax rate. Are we going to get it done . To the former Deputy Campaign manager for donald trump, his name is david bossie. David, i heard many times this morning, oh, we hope we will get this done. Its a wonderful thing. We need this. My question is very simple, are the republicans going to do it . Well, you know, this, there is a lot of different moving parts here, stuart. We all know that. I think that has been covered this morning. I think the president s intent through his leadership, through his Campaign Promises is to cut the rate from, corporate rate from 35 to 15. I think there is some problems with the reconciliation rules Campaign Promises meet political reality in the senate rules. And, so you cant change those rules very easily at all. Stuart wait a minute, hold on a second, david. Very simple question. I do not understand and im not familiar with all the rules and regulations of the parliamentary maneuvering in the house and senate. Im not familiar with that. Right. Stuart are you telling me we can not put a bill in front of the house and front of the senate, Corporate Tax rates will be 15 not 35 and do itith 51 votes in the senate to get that passed . We can not do that . Can not. Heres why. It is very simple the rules of reconciliation in the senate are very simple. That is if the deficit is going to increase by over 100 billion per year, they, the increase of the deficit, you cant do it with inside of a reconciliation. So the proposed tax cuts to 15 balloon that budget deficit greater than that number, an therefore you would need to do it outside of reconciliation. So if we can get this done very quickly, and corporate rate has to go to 18, 19, or 20 . In order to got it done right now the president is willing to do that. He is a master negotiator. He is somebody through his leadership, just talking about the markets, look what they have done. They believe in the hope, growth and opportunity that donald trump has brought back to the american workforce, to the corporate leadership around the world. Bringing jobs back to america, hiring is on the rise and belief in the markets, in capitalism is on the rise. Stuart faith in the political establishment is on the line. If we elect a president and we elect a republican senate, and a republican house, and a republican in the white house, we cant get done any form of tax cutting, that means to me there is something severely wrong with our political system. Well i think that is one of the reasons that President Trumps had these roadblocks. He came in here as a change agent, a change president. He is running into this broken down washington which is the reason he got elected. Democrats are arguing about the deficits right now. They only want to increase deficits, not by american tax cuts on americanc taxpayers, bt they only care about it if it is government spending. They want to protect all of the spending that is irresponsible and one of the reasons that donald trump got elected again to come in here and change the way government is run, and cutting government is another high priority for the president. Stuart david, thank you very much for being with us. We want that tax cut, okay . Got it. Lost everyone. Now this. Apple literally hiring rocket scientists. It is trying to catch up in the driverless car competition. What is this about, liz . Liz hiring former scientists from nasa. One of them worked on a rover that would hit the moon of jupiter, robotic, robots that can open doors. Theyre assembling a team. Ashley made the point, is it just about the software or entire car itself . Apple has the money to buildout the cars but does it really want to do that . Does it need to do that . Can it team up with a carmaker to put software in there by a former nasa engineer. Stuart Driverless Cars are coming. I dont know what portion they will be but i did not see that coming. Now this, nancy pelosi says funding the border wall, would take food out of the mouths of babies. If it leads to a Government Shutdown, come on in Brian Kilmeade who joins us live on the radio. What do you make of that from former speaker pelosi, brian . Speaker pelosi really likes to bring the world together and democrats and republicansing together which you can only envy. I was speaking with governor kasich who join us in studio, indicating what gave her those talking points before. You cant possibly believe that, some of the things she was saying, border wall shows a weakness on a leader build a wall. The weak chinese who built great wall and very weak israelis who built their wall. Come on. Stuart goes back to who leads the democratic party. Leadership nancy pelosi . She has been a leadership position in 10, 15 years i know of. Ii dont he think it has been very successful, she is saying same things 10 years ago, outrage just things, taking the food out of mouths of babies because you build a wall . Makes no sense. Wall divides communities. Mexico, u. S. , that is called different countries. He is in texas. Are there issues with some ranches in texas when, they will have to be dealt with . Sure. Were talking about thousands of miles, say hundreds of miles to begin with, we can deal with ranches at locations with a different point. The easy stop where the world stops, where theyre ineffective or ran out of money or stopped spending money from 2006, this could be sealed immediately. There is no argument because it benefits donald trump because he talks so much about it. The pressure from alleged base, these horrible, this base all this pressure on democrats will rob them of money. Really . They had all the money in the world last election. They had no success. And if you read that book, shattered found out what they spent it on. Stuart i read that book. Did you read that . I really enjoyed it. I cheated like everybody else did, to see what hillary did on Election Night itself. The audience know both radio and television. Student doesnt have to read at this point. He has people read to him. You see stuart walk down the halls, different staffers reading to him and bos and papers. That iswhat happens when you get to your level. Stuart mo swiftly along, Brian Kilmeade. The nfl signed a deal with the fitness tracker start up whoop, inc. , allowing athletes to sell their health data to a television network, for example. What do you think of that . It will be interesting. Wearable technol]gy, we have fitbits, a lot of People Choose to wear them. If cam newton is under pressure late in the game, you maybe tell his stress level compared to what tom brady would be going to at similar time. Stuart right. Something else for commentators to talk about. Something else for Youth Coaches to shoot for. What is key, these players will decide, this will be a piece of the action if it goes public or not. They will have Health Privacy at the same time. Beginning learning more about the body and Something Else to talk about, from the first down markers to the temperature on the field, to the conditions. Now well talk about the temperature in one persons body compared to how other people act in stress. Stuart it will let es espn commentators talk about something. I like fox sports commentator. Im loyal to my company. Stuart i like fox sports 1 and fox sports two because they have soccer. Did you learn Dale Earnhardt, jr is riring . That is shocking. Just got married. That what happened when you are very, very successful. You have to wonder when you become a parent i should i put my life on the line every single day . If your heart is not in it, i imagine he goes to the booth. Jeff gordon unbelievable success in the booth. Earnhardt could do the same thing. I think it is stunning. Stuart do you think Dale Earnhardt would be classified as the lionel messy of nascar . Messi dominated for stuart trick question. I wanted to see if you learned who lionel messi was. I grew up a soccer player. I still play. Just because i dont have an accent doesnt mean i dont understand the sport. How dare you, stuart varney. Stuart what proportion of your audience knows who lionel messi is . I would say, my control room, 50 50. My audience say 70 . I think when these International Games go up with Cristiano Renaldo and company, the ratings are higher than u. S. National team. International soccer has a huge audience. Why nbc spent all the money for it and fox sports bought the world cup. This is new emerging sport in america, not just the worlds most popular game but emerging sport in america. Well have something to talk about with Everyday Americans who dont necessarily play the sport but like the sport. Thats new. Stuart incredible, lionel messi, Dale Earnhardt, nfl selling medical information and nancy pelosi all in two minutes with Brian Kilmeade on the radio. That is incredible. Brian, youre all right. That is a high accolade from me, youre all right. Youre a very tough man to impress. Stuart thank you, son. See you in e halls for the christmas party. [laughter]. Stuart we might have to wait for President Trumps big, beautiful wall. The president says he is willing to take it out of the budget. Newt gingrich on that next. And the assault on free speech. Ann coulter gets blockedded by berkeley, but a propalestinian, antiisrael activist can speak at a Graduation Ceremony in new york. Mark steyn on that later. Ashley earlier in the program we spoke with former reagan economist art laffer about President Trumps plan to cut Corporate Taxes by 15 . He says this tax plan is not only doable but it will be a huge jolt. Roll tape. This is the one thing he can do quickly, get it done quickly. It is not only doable, it will be a huge jolt. By the way it will pay for itself right away. Not only will you get more Corporate Tax revenues, because this 2 trillion will come back and you will get more output and employment and profits but you get payroll taxes, income taxes, sales taxes, property taxes. There is no need for the stupid payfor this thing because this will pay for itself and lead to a lot of prosperity. I have not been happier in a long, long time. Stuart still a gain of over 220 points. We have touched 21,000 earlier. Were still very close. Lots of bigname stocks hitting brand new highs. I will point out netflix at the moment, 148 a share. Theyre trying to get original programing into china. That is the news this morning. Netflix up another 3 . In a few minutes the president will head tote United States Holocaust Museum to give remarks during the national day of remembrance. Well bring it to you live when it happens. President trump announcing that he is willing to push funding, funding for the border wall, pushing it back to september to avoid a Government Shutdown. Maybe this upsets his base . Former House Speaker Newt Gingrich with us now. What do you think, newt, do you think this would upset his base . No, i dont think so. Lookingc at the amazing job general john kelly is doing as secretary of Homeland Security, looking at a dramatic declinn the number of people crossing the borde illegally, looking at combined justice department, Homeland Security campaign against the ms13 gangs, i think the average conservative feels that trump is doing the right things in the right direction and they all know that the real opponents are people like the Democratic Leaders in the house and senate. You know, it is Chuck Schumer who is a problem. Not donald trump. And i think that they are going to be very happy with the direction he is going in. Stuart sum it all up for us will you please, newt. This week seems like a pivotal week for President Trump. Seems like he is finding his feet. Seems like things are beginning to to go his way. Am i reading too much into this . I just finished a drafting a book that will come out this june called, understanding trump. I spent a lot of time thinking about him and how he operates. I keep telling folks this is one of the three or four smartest people ever to be in the presidency. You are seeing it. He has personal relationship with president of china, something nobody thought was possible two months ago. Gotten more done with the chinese about north korea and obama ever dreamed off or bill clinton dream the of or george h. W. Bush or george bush dreamed of. This is interesting experience. This is because of hispersonal ties. He haslose relations with egypt,ith saudi arabia, united arab emirates, with jordan, all supported his use of tomahawk missiles against syria leaving russia isolated. At home he signed into law, people forget this because the news media myopia, but the fact they signed 28 laws and 29 executive orders. Those 28 laws helped roll back 89 billion of regulation a year slowing the American Economy. There is a reason that the dow is going up. I dont think this is mirage. I think this is the beginning of a profound shift in Economic Growth and you will see that tomorrow, when he introduces and talks about the scale of tax cuts he want which i think the Business Community and conservatives are going to love. Stuart oh, yes, they love it already, newt. Were at 21,000 on the dow industriaraight up. Lets not forget if the election were held today, trump wins 4340, that tell as lot about the perception of this president we dont get from the media. Newt, sorry to do this to you. Im out of time. Do you have one last thing, 20 seconds, go . No, i was going to say, despite 91 of the comments in the Mainstream Media being antitrump. He is still getting through to the american people. Stuart dont you love it . Newt gingrich as always. I do. Stuart i do too. Thanks for being with us, newt. Great stuff. Thank you very much. How about this . This is a shock. A secondhandwritten copy of the declaration of independence has been discovered. Liz . Liz what a story. Basically dates to the 17 80s. Duke of richmond thought to have owned it. He backed theamerican revolution at that time. So harvard researchers sawthis really curious listing in a catalog out of west sussex. Manuscript copy on parchment of the decklation 13 United States of america. They thought what is this . Two chester . Ashley yeah. Liz they went and found it. They are stunned by this there is handwriting. They dont know the handwriting. There are erasure marks. It is stunning and in good condition. Stuart i want in in america, please. Ashley yeah. Stuart check the big board, nice old rally. 200 points plus. We are very close to 21,000, we hit it earlier, now 29,990. More varney after this. Theres nothing more important than your health. So if youre on medicare or will be soon, you may want more than parts a and b heres why. Medicare only covers about 80 of your part b medical expenses. The rest is up to you. You might want to consider an aarp Medicare Supplement insurance plan, insured by unitedhealthcare insurance company. Like any Medicare Supplement insurance plan, these help pick up some of what medicare doesnt pay. And, these plans let you choose any doctor or hospital that accepts medicare patients. You could stay with the doctor or specialist you trust. Or go with someone new. Youre not stuck in a network. Because there arent any. So dont wait. Call now to request your free decision guide and find the aarp Medicare Supplement plan that works for you. Theres a range to choose from, depending on your needs and your budget. Rates are competitive. 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He is, it was a great moment. Youre being cynical. Stuart moi . Here is what donna had to say about that. More company, less varney. Is that how she spelled it . Is thatc right . Liz making fun of your accent. Stuart please proud congressman Claudia Tenney did not deserve he vawn sar cattism. She was being kind to call you cynical. Liz i guess your transparent. Im totally teasing. Stuart Claudia Tenney was next to president trauma in the white house. Before the meeting the president calls up her son who was in the military. Liz youre pointing it out. This is lbj style who are trading behavior. Ashley isnt that what politicians do . Stuart i applaud it. What ashley you were pointing it out with a smile on your face. Liz youre cynical. Stuart im so glad youre back. Ashley so, thank you. Liz so cynical, varney. Stuart i dont think i am cynical. Liz youre not. Were teasing you. Stuart like rales are cynical, lack after sense of humor. Liz and common sense. Stuart that too. Conservatives are never cynical. They have a great deal of common sense. They love a lot. Ashley yes. Liz agreed. Stuart there will be more varney, or vawney, after this. Does psoriasis ever get in the way of a touching moment . If you have moderate to severe psoriasis, you can embrace the chance of completely clear skin with taltz. Taltz is proven to give you a chance at completely clear skin. With taltz, up to 90 of patients had a significant improvement of their psoriasis plaques. In fact, 4 out of 10 even achieved completely clear skin. Do not use if you are allergic to taltz. Before starting you should be checked for tuberculosis. Taltz may increase your risk of infections and lower your ability to fight them. Tell your doctor if you are being treated for an infection or have symptoms. Or if you have received a vaccine or plan to. Inflammatory bowel disease can happen with taltz. Including worsening of symptoms. Serious allergic reactions can occur. Nows your chance at completely clear skin. Just ask your doctor about taltz. Stuart well the first 100 days are almost up. Ike the president s rough start in smoothing out may be at a turning point . Maybe things are beginning to look up for him . Well consider this. He wants to slash the Corporate Tax rate from 35 to 15 . This would be the First Step Towards the allimportant growth agenda. This is what business has been waiting for. Big meeting in the white house tonight, where the president strongly urges, tells, congress, get it done. This is very different from the failure of obama, of the health care. Thats a turning point. And so is his decision to take funding for border wall out of the budget. He doesnt want a Government Shutdown. Get it done. The mark it is responding up 200 yesterday. Way up again today. Investors see the turning point and seem prepared to push stocks prices up again. The second leg of the rally, that began last november . Maybe . We had six months of media contempt. Endless street demonstrations and resistance from democrats. It has been a 96day storm. The future looks a little brighter now, doesnt it . The third hour of Varney Company is about to begin. Stuart happening this hour, President Trump will make remarks at the national Holocaust Museum on the day of remembrance. Well take you there when it happens. It begins shortly. Look at the market straight up again, 224 points higher. We tched 21,000 a little earlier. Were less than 200 points away from the alltime record high for the dow industrials. The nasdaq composite, another alltime high there. It is up close to 12 for the year and crossed 6,000 as of today. With technology on a tear, i have got netflix hitting an alltime high. I think, liz, and ash, that is because they partnered with baidu to get netflix stuff into china. Liz oh, yeah. They could double the subscription base. 94 million. Stuart i dont know whether netflix subscribe remembers allowed in china but their content can go through baidu. Ashley they will partner with baidu. Liz have a chinese audience. That is a big deal. Stuart somebody will pay for that. Thats good. Now this, President Trump, he wants a tax plan that cuts the corporate rate down to 15 . Clearly investors like it. Have you seen that market today . Joining us now is the author of, the great equalizer. He is a favorite guest on this program because this man was in the room when the 1986 tax cut plan was hammered out. It really was hammered out according to your telling. Im wondering if we need the same, prolonged time frame now to get anything done on the Corporate Tax rate, david . I think, this reminds me more like 81. Getting a group into a room. It can be done relatively quickly. By the way the market in my opinion is up, not just because of the tax cuts. Markets perceive a paradigm shift. They sense maybe washington will start working again. It is not just the Corporate Tax. It could be across the board. Thats what is really going on. Stuart hold on a second. You are saying this market is going up. I think the market like as 15 Corporate Tax rate. It loves it. It loves it. Stuart and youre saying it is a real shift going on here towards congress doing something . It reminds me, exactly. It reminds me of the paradigm shift occurredc when reagan fid the air traffic controllers. It was the green light for the american corporate sector to restructure. In this case it is a green light to say, okay, washington, lets see you tackle some of these problems. Now get this one done, then keep going. The other thing i think is really positive about this, the fact the president pulled out of this border wall thing showed flexibility t basically said he is now beginning to understand that momentum is so important on capitol hill. Having a sense of momentum, to getting anything done. And so if he had sat around for an ugly, shut down the government and gone through all of that, it would have killed any momentum for this tax program. So i think that is a positive as well. That is one reason the markets also is responding. But back to the 81, we sat in a room. The key thing is to, is that the lesson from 81 for tonight, for this meeting tonight is, we sat in a room, and we made a mistake. We knew that the fed chairman was going to break the back of inflation. We had a stagflation problem as you recall but we allowed, because of the deficit warriors, we allowed the tax cuts to be backloaded. It was a big mistake, while we were breaking the back of inflation, we didnt have the fiscal stimulus fully in place. It was all backloaded because they said, got to be worried about the deficit. We have deficit and debt problem that is horrendous but austerity policies will not deal with it. It is breaking the back of the medical cartel. So i think tonight the president has to say look, there are three priorities. Growth, growth, growth. Weve got to get this thing going. Stuart i think, david, that the big meeting tonight, everybody will be there, Senate Majority leader Mitch Mcconnell is going to be there and mr. Mnuchin and gary cohn, congressional leaders, theyre all going to be there tonight. I think the president lays down the law and he says, get it done. Enough with the talk, get it done. Right . Yeah. And he also, theres one little detail that i think is very important, you should keep watching this thing. One of your guests said you cant get reconciliation, cant go through reconciliation without increasing deficit. That is not quite accurate. What happens the tax cut ends 10 years. One way to keep that from happening, to make sure this cut in the Corporate Tax rate includes Small Businesses, those that pay their taxes but not through the corporate schedules because its very hard, lets say the disaster happens and 10 years from now, you know, president Bernie Sanders says im going to roll back this deal. Those tax cuts, well not renew them. It is very hard to do that if youre talking about the, you know, Small Business and startup sector. So they have got include those with this tax cut. It could be, it could be not only explosive to the corporate sector, donald trump could be the startup king. This could be very powerful. Stuart on the lefthand side of the screen our viewers are seeing the president arriving at the Holocaust Museum. He will speak momentarily. That is not the president yet. You will see him shortly. Back to you, david, i want to summarize this. There is proposal we cut the Corporate Tax rate down to 15 . You think it will happen this year, do you . I do think, i do think it will happen, yes. Stuart okay but, it will be narrowly focused . Well not get into cutting personal tax rates i think that will have to come later. I think it will have to come later. St is this year, personal tax cuts . I also think, i also think, yes. I think they can make that happen. I think that the, on Health Care Reform, the republicans and president should announce this tonight. Everybody shut up. Say nothing about Health Care Reform at this point. Dont promise anything. Let the democrats, just hear silence, because, obamacare is not going to do well but dontc look like youre happy about it. Get to that when it happens. Stuart listen to this one, david, the white house thinks it will get 80 of the Freedom Caucus to support the new health care bill. That would put it over the top, wouldnt it . If that puts it over the top that is whole different thing. Assuming they have the tuesday group. Stuart that Means Health Care done, tax proposal done, not shutting down the government. Thats a great week. I tell you if they can do that, its a who different game because its a whole compte packag it is basically the similar package but really then comes down to the border adjustment tax. I think the agreement is that is probably not in the, that is so offensive so many of the supporters of the border of the Freedom Caucus and other conservatives, financial supporters i dont think that will be in there. That is the key as we discussed earlier. Take out the border adjustment tax. There is a lot more of a chance this thing could fly. They also have to pull together the tuesday group. But if they get them, enough of them, i think, you know, were talking, by the way, we are talking, you know, just the house. Now it has to go to the senate and rest. Thats why i still think having a separate track with this original plan with the corporate plan is, is, very, very important for the market,. Stuart but you think, for sure. Thanks very much, david. Look at the market right now. It is straight up. Youre about to hit 21,000 again. Right now, 20,999. 33. Youre a couple of points away. That is quite a milestone i should say, 21,000 on the dow. That puts you, less than 150 points away from the alltime record high for that stock. Technology stocks in particular are doing very, very well. A wells fargo Shareholder Meeting turned ugly. The stock is going up though. What happened at the meeting . Ashley shareholder began to press individual directors on the board of wells fargo to explain what they knew about the sales practices led to those, well, millions of bogus accounts. This particular shareholder refused to back down, forcing the chairman to call a recess. He told the shareholder to sit down. He refused. He said you answers are not good you enough. Started to get vocal support from those in attendan cheering him. The whole thing came to an end. A lot of contention going back to the scandal of bogus accounts. Stuart the stock is up at 54 per share. Ashley right. Stuart next up, were joined by a lawmaker who wants to make it easier for financially stable people like those who work on the varney staff to get a loan. He has a personal stake in this one. He has a plan. You will hear in just a moment. [phone ring] hi anne. So those financial regulations being talked about . They could affect your accounts, so lets get together and talk, and make sure everythings clear. Yeah, that would be great. Being proactive. Its how edward jones makes sense of investing. Try new Flonase Sensimistgies. Instead of allergy pills. It delivers a gentle mist to help block six key inflammatory substances. Most allergy pills only block one. New Flonase Sensimist