Separatist barcelona, standoff. Lets be clear, what we are seeing now has nothing to do with what we saw 30 years ago on this october 19th, thats when the dow fell 22 in one day. Thats a crash. [laughter] liz who is that . Stuart you could have gotten a better picture than that. How cute. Stuart i was fully functional. [laughter] stuart the crash shook the Financial System and shook me. Look at the picture. Ashley look at the hair. Stuart i had hair in those days lou dobbs on this program today. Thirtieth anniversary. All right, lets get to politics. This could help stocks, a vote on the budget is coming today and its expected to pass. That would mean the republicans could pass tax cuts without help from senate democrats. Now the president tweeting about this this morning, republicans are going for the big budget approval today, First Step Towards massive tax cuts, i think we have the votes, but who knows. Relax. Varney company is about to begin. Spain moves to take over catalonias government to stop the regions bid for independence. Keep this short, ashley. Ashley they had a deadline today, catalonia to tell madrid, are you going to declare independence or not. Madrid is getting fed up. They will meet in madrid and say we will start taking over, moving to catalonia, taking over the regions police and maybe financing, this is all gearing up to what happens next scenario, but certainly you have seen the Market Reaction in europe. Its a big deal to the United States, thats always the question, only in the impact of what it can do to europe. The eu is wipes its hands of it, its a spanish issue, but you can see from markets today, it could spread and have domino effect. Power to the people as the judge said. [laughter] stuart we will get to you later. Liz so much for democracy in the eu. They remain silent about it. Dont let granny vote. Use the police to stop granny from voting, thats what the king of spain did. Stuart moving on. [laughter] stuart look at the stock market. We are going to be opening down 80 points, ladies and gentlemen, thats not much on a 23,000 index now, is it . Yesterday we closed above 23,000, first time ever, jack howe is with us, ignore this 80point loss, ignore catalonia, please. Dont think of it of as a decline. Stocks are more expensive than they usually are historically. The economy is strong. Theres no sign of inflation. Theres no competition for stocks because you cant get decent return on anything else and you wont get one until the fed raises rates and inflation is nowhere to be seen. Stuart that was pretty good. What if we look back on this period one more thing to think about. We always talk about every story being an amazon story, what if we look back and say the spread of ecommerce is help to go pressure consumer prices, causing price wars across retail, holding down inflation, keeping the fed from raising rates an contributing to the rise in stock markets. Liz jack is right. We reported on the show that the fed president of chicago said exactly that, that the Amazon Effect and technology is keeping prices down. They cant get their inflation forecast right now at the fed. They are having difficulty. Stuart do you remember where you were 30 years ago . Liz yes. Ashley tell yes. Stuart tell us. Liz money magazine to cover crash. Ashley i was in montana. Stuart you were born, jack . I was born, i was in high school around that time. I had really cool hair. [laughter] ashley we need a picture. Stuart im told all right. Judge, where were you . I was trying a murder case. I was a brandnew judge. Had been on the bench six months. I remember the crash as if it were yesterday. Stuart thats fabulous. Somebody came running into the courtroom, i thought the place was on fire. Stuart interesting. Scroll up on the prompter, im not going to deal with that. Move on. Politics, the senate votes on a budget today that could clear the path for tax reform, but senator rand paul is standing on principle, roll tape. We as republicans say we are for budget cap ifs we will say do what we say what we are for, i will vote for the budget. But if we are not going to be conservative, i cant vote for it. Stuart all right, judge napolitano, libertarian, fellow traveler with rand paul, lets see now. I lost my notes here. He is saying he cant vote for this budget you want to blame him for the budget not passing . Stuart no. He says hes not going to vote for the budget because it contains 43 billion for extra military spending. He wont vote for the budget. Maybe the vote wont pass and therefore we need 60 votes to get tax cuts through the senate. I think the budget will pass without his vote. Stuart what are you doing standing on principle standing again and again . If f you ask secretary of defense and joint chief of staff, whats the greatest threat, they dont say north korea, isis, they say debt. Rand paul doesnt want us to incur debt. He will vote for any budget or tax increase that does not require more borrowing, plain and simple, economics 101 which you in your heart of hearts can only agree. Stuart do you think thats legitimate . Yes. Stuart you stop the budget process and tax cut process even if they needed his vote, his principle stand might result in a compromise that would actually work whereby the executive branch whose is appetite for cash would be tempered and spend less money and borrow less. Stuart absolutely do not have votes for any of the measures for which you or senator rand paul propose. We dont have the votes, which means the opposition wins and youll get less military spending and you wont get tax cuts, you will get tax increases. Wouldnt it be better if we didnt have to borrow money to run the government. Stuart thats a question answering to another question. I asked the question first. A typical lawyer. You are a lawyer through and through. Youre an economist. Stuart we have 90 seconds left. More . Stuart can you believe it. Catalonia succession. Stuart look, i think that europe is falling apart. Question. Stuart theyre falling apart. Look at the election in austria, hungary, hol. Hollan, my objection is significance for america. I dont think it has significance for america and i dont know why its taken down our stock market. Will the banks flee barcelona . They have already. Stuart 700 companies have left barcelona already. Profoundly significant for the economy. Stuart spain is the fourth largest economy in europe. I can see the relevance. We came in agreement on an economics topic which you approved on national television. Stuart sort of. On am am i back on the 11th . [laughter] stuart weak forecast. Thats a big move. Paypal report profits after the bell this afternoon. No change there. They are dead flat in advance of numbers. American express chair and ceo kenneth stepping down february 1st, hes been at the top job at amex for 17 years, hes retiring now. The company also reported higher profits, higher billings, lone growth help jumpin cost, the stock will be down about a buck at the opening bell this morning. This is terrific news, more progress in the fight against cancer. This looks like a breakthrough, another one. Fda approving a new treatment that uses the patients own immune system to kill cancer cells, doc seigal will tell us how it works. Jeff immelt, former ge ceo, reportedly had an empty second private jet following him around on business trips. Even told his flight crews, dont discuss the empty jet, bad pr. Bad pr is absolutely right. A scary warning from the top intelligence guy in the uk, head of mi5 says the Terror Threat in britain is higher than ever. Worst in his career. We will be back think your Large Cap Equity Fund has exposure to Energy Infrastructure mlps . Think again. Its time to shake up your lineup. The alerian mlp etf can diversify your equity portfolio and add potential income. Bring amlp into the game. Before investing, consider the Funds Investment objectives, risks, charges, and expenses. Read the prospectus carefully at alpsfunds. Com amlp im living that yacht life, life, life top speed fifty knots life on the caribbean seas its a champagne and models potpourri on my yacht made of cuban mahogany, gany, gany, gany watch this dont get mad bell mnemonic get e trade and get invested my business was going nowhere. So i built this kickin new website with godaddy. Building a website in under an hour is easy 68 of people. Who have built their website using gocentral, did it in. Under an hour, and you can too. Type in your business or idea. Pick your favourite design. Personalize it with beautiful images. And. Youre done and now business is booming. Harriet, its a double stitch not a cross stitch build a better website in under an hour. Free to try. No credit card required. Gocentral from godaddy. Right in the heart of the was in his financial crisis, and saw his portfolio drop by double digits. It really scared him out of the markets. His advisor ran the numbers and showed that he wouldnt be able to retire until he was 68. The client realized, i need to get back into the markets i need to get back on track with my plan. The Financial Advisor was able to work with this client. Hes now on track to retire when hes 65. Having someone coach you through it is really the value of a Financial Advisor. Stuart ohoh. Down goes the stock. Nearly 2 lower at 66. Celebrations this week in the syrian city of raqqah, it was liberated from isis, looks like we have won the where is that from . Ashley thats in raqqah, public square. Stuart thats the isis guys. Theyve been run out of town. Ashley i think its been captured. Stuart general, welcome to the show, sir. Great to be here. Stuart same as general . Its all the same. Stuart close . Its all the same. Stuart we won, they are on the run. They have been squeezed into a couple of pockets in syria on the ground. The deal is done. They are out of here. Can mr. Trump claim victory . I think the Trump Administration can claim victory because of the relaxed rules of engagement and because of the enhanced geopolitical maneuvers with the kurds, getting the kurds involved. Two key things here, relax rules of engagement and the involvement of the kurds in the fight. The mosul fight and raqqah fight both involve the kurds heavily and that has helped push isis out of syria and libya and other places in Northern Tier of africa. Stuart what happens next is iran expands influence over much of iraq, parts of syria and iran itself. The key point that youre making, stuart, is discussioning about post conflict syria, iraq are so key right now, the whole kurd discussion, they have been influential in region. Theres a case to be made for having them as a a buffer to iran and assad and others in that area. Stuart of course, theres always the prospect of isis fighters theresing back to where they came from, europe, United States. Listen to this from the head of britains intelligence service. Mi5. He say it is uk, britain facing the most Severe Threat ever from islamist terror, roll that tape is we have seen a dramatic up shift this year, highest tempo i have seen in my 34year career. Today there is more terrorist activity coming at us more quickly and it can be harder to detect. The scale in which we are operating is greater than ever before, we are now running well over 500 live operations involving around 3,000 individuals known to be currently involved in extremist activity in some way. Stuart woe, 500 live operations, 3,000 individuals involved in some way. Thats a dire threat, indeed. Its, indeed, a dire threat because when you look at our travel ban that has now been, you know, pushed aside again, the influence and the influx of all of the immigrate migrants from syria into all of europe and into london and and Great Britain, thats thats how these folks are getting in, they are just using the documents that are fabricated to get inside the countries and like Great Britain influence the operations in there and so it has huge ramifications for us in the United States. Stuart so youre saying, look, we have to have the travel ban . For sure. Stuart much stricter vetting process for anybody. Stuart, when i was in afghanistan as deputy general, we stopped three, four, five different planned attacks against the United States back in 07. It continues on. There are bad people out there that want to do the west harm and we have to recognize that. All this feelgood stuff, we just have to recognize that theres evil in the world and they want to do democracy harm and they want to kill americans, they want to cel western citizens and thats what this is all about and we need to get tough on it. Stuart youre Deputy Commander in afghanistan . I was. Stuart you saw these plots unravel. We captured and killed foreign fighters that were planning plots against the homeland of the United States and thats why its better to fight them on their 5yard line than our 5yard line. Stuart where do they come from . All over middle east. Big cue for a plot that we would pick up on if we could find Arabian Peninsula folks in afghanistan or pakistan, then you knew something was happening and then we would further drill down on the intelligence and we would capture a few or kill a few and then we would find thighs plots that were being developed and stuart what a story. That is where 9 11 was planned. To think that people have decided to stop is ludicrous. Its picking up. Stuart youre a good novel, by the way. Thank you. Stuart your next book is this, i liked it. Direct fire comes out when . December 26th, day after christmas. All the amazon gift cards. Stuart general tata, thank you for joining us. A pyre state building lit up in amazon orange, all part of new yorks bid to get amazon to build Second Headquarters in the big apple. One thing new york city is not offering to amazon a tax break. I wonder if theyll come. Ashley go figure. Stuart well be back. Stuart today is the deadline for submitting a bid to get the new Amazon Headquarters to your city. Come in jeff flock, hes in chicago. You are going tell me, jeff, what is chicago doing to get amazon to go to chicago. Well, they have made available what was once the worlds biggest post office and you talk about places going above and beyond, we are in the lobby of old chicago post office. We are flying a drone in here its soas this site available, it has multiple other sites that we will be visiting throughout the day here on fox business, they say they have everything that amazon needs in terms of metropolitan area, public transportation, airport and the rest. Here is the capper on this location, stuart, this was the post office built back in the 30s because of the amazons of its days, sears and Montgomery Wards had maleorder business, theyuart you know, i understand that new york city wants amazon but they are not offering tax breaks, is that accurate . No, they are offering lights on the buildings, i think people thought the orange for amazon was actually halloween instead of amazon. [laughter] stuart jeff, we will get back to you in the day. I know that youre going to other locations. Watch out for the drone. The market will open lower this morning. Down about 80 points but please remember although this is the 30th anniversary of the 87 crash, loss of 80 points on 23,000 index is not a big deal. The opening bell after this. Building a website in under an hour is easy with gocentral. From godaddy in fact, 68 of people who have built their. Website using gocentral, did it in under an hour, and you can too. Build a better website in under an hour. With gocentral from godaddy. Stuart all right, weve got 30 seconds till the bell rings, it will ring shortly and the trading session begins thursday morning. Everybody remembers, maybe half of our viewers were old enough to remember that 30 years ago today the dow dropped in one day 22 . It was the crash of 1987 and our market Coverage Today will be discussing that crash and whether the market is significant between then and now, i say its a completely different market. Thursday morning, bang, its 9 30, we are going to go down, how far down are we going . 50, 55 at the open. Itll probably go down a bit more than that the next couple of seconds. We do see green on the lefthand side and losses being held to what, 60 points. Well above 23,000. Actually pretty close to 23,100. That is not a selloff. Down. 2 . How about the s p . Lets see if theres a big selloff there, bit bigger than on the dow. Down bit big . Looks Like Technology stocks in particular are down this morning. Check out amazon, today is the deadline for bids for amazons Second Headquarters, its down 10 bucks. Thats got nothing to do with the new headquarters, its just been swept up in the tech downside move. A weak forecast from ebay, they are down sharply, 3 and a half percent. Goldman sachs says a dividend cut at General Electric is coming and that stock is down closer to an even 23 per share. Thursday morning, 30th anniversary, joining us ashley webster. Liz mcdonald, jack howe and scott martin. Starting with the dow industrials, scott, right from the getgo, forget the 30th anniversary, forget todays modest selloff, where are we going from here . We are going higher, stuart. We are going higher because earning season is upon us. Thats been a great driver of the s p 500 prices and the fact that we are going get tax reform. I do want to make one comment about the big crash of 87, i barely remember by the way, because i was busy playing nintendo back in those days. I will tell you this much, remember what happened after the crash, stuart, a lot of economists got together and suggested that the next several years the United States and the world was going to be as tough as it was in 1930s, dow recovered to alltime highs again in 1989 and we had a big run afterwards. Panic is not a strategy when it happens like that. You have to keep your ahead and move forward. Liz dont listen to paul. Never. Liz scott is right. The u. S. Was growing at 7. 6 that year. It did retrace 15 months later the dow did after the crash. Ashley the question is could that happen again . No. We have