Rate of growth is slowing. Now, this hour, im going to ask the president s top economic adviser, larry kudlow, two questions. Are we going into recession in the next 12 months and secondly, what reverses this slowdown . Larry kudlow coming up on this show this hour. Heres the market reaction. Not bad. The dow industrials going to be on the upside to the tune of about 50, 60 points but its early going. You never know how we will close. The s p up about six. Look at the nasdaq, thats going to be up about. 33 . Nice gain. Interest rates virtually unchanged. The yield on the tenyear treasury, 1. 54 . By the way, a rate cut by the fed this month considered a probability. Another cut in december considered a strong possibility. All right. Time to take a look at the latest attack on facebook. Roll tape. What we need is a president with the courage to enforce the antitrust laws. Break them up. And yes, Mark Zuckerberg, im looking at you. Stuart all right. There you have it. Elizabeth warren, now the frontrunner for the democrat nomination and the call, by the way, to break up facebook has come from some republicans as well. The stock actually at 179, so no reaction on the stock market to that point. Hold on a second. Theres a lot more for you. Weve got news on apple thats helping its stock. News on bernie and when he returns to campaigning. And news on those resort fees added to your hotel which you do not like. Varney company is about to begin. Stuart perhaps it was inevitable. Here is the president ial tweet. Quoting now, breaking news, Unemployment Rate at 3. 5 , drops to a 50year low. Wow, america. Lets impeach your president even though he did nothing wrong. Thats the president ial tweet of the morning. I want to get to the stock of the day. There are reports that apple is increasing iphone production, and the stock is up five bucks. Thats premarket. What does this tell us about apple as a Hardware Company . Susan it means its still a strong Hardware Company because according to the nikkei news, they are going to bump up apple iphone production by as much as 10 . Thats around seven to eight million more iphones. Know why . Because demand is pretty strong so far. You have preorders pretty good, you had actual buying is up on the iphone 11. Thats because they dropped the base model by 50. That had a great impact. Also the new camera system as well. They were expected to sell around 75 million of these new iphones in the back half of this year. That number could go up. Thats a positive for apples stock. Stuart it wasnt expected, was it . An increase in iphone 11 production . I didnt see that coming. Susan not a lot of people did. Hence the reaction youre seeing in the stock later today. Thats a very good thing. Remember they warned they wouldnt sell as many iphones in china . Not the case a year later. Stuart apple up five bucks premarket. That adds about 20 points to the dow industrials which show a gain at the opening bell of roughly 60 points. All right. Lets get to that jobs report. Come in, paul conway, former Labor Department chief of staff. Paul, you always look for the bright spots in any jobs report. Okay. Give me the number one bright spot you see today. I think one of the bright spots right off the bat is you have the numbers being readjusted, the summer numbers, upward which is a good sign. I think it shows the economy is strong. And ideally we would like these reports to be where they were tracking last year, over 200,000 jobs a month, but i think that given whats going on in the economy and some of the issues were facing, like tariffs with china, and that being an unsettled issue, i think the indications in the economy are strong and that for the things that the president committed to do, which is reassert american exceptionalism, rebuild the economy, put people back to work and protect america from terror, hes delivering. The point has to be today, though, you got to keep talking about this message and encouraging people that the economy is a positive thing. Stuart he is, i mean, the president has already tweeted about the 3. 5 Unemployment Rate. You didnt mention that. Thats a 50year low for the unemployment i call that a bright spot, paul. Actually, i just assumed that was the sunshine in the room aside from you. Stuart what is it, i mean, youve got seven million jobs going begging. Seven million job openings. And youve got less than that, less than that number of people available to fill those jobs. Is that why the Unemployment Rate goes all the way down . I think it is. Look, one of the things that you have is what they call streetready work force, okay, folks that already have the skills that can come in. A lot of them have already been absorbed, i would say most of them have, so i think there are a couple dynamics in there. One of them is finding workers and then also, the practice of getting workers trained for the positions that you have that are open and getting them aligned to the opportunities that are there. But i think really, look, its an unbelievable number for unemployment. Thats great. The wages are up and the ability of the economy to keep producing i think is quite strong but i make this akin to this. You have a great car with a fast engine in it and youre stuck in commuter traffic. Sometimes you got to take it out on the road and blow the carbon out of the engine. I think some of these issues that are out there like china and other things are kind of fouling up the works a bit and i think for employers, and also for those who want to continue to perform in the economy, they need to see some more positive signals and hear more positive messaging coming out of washington about this. Stuart okay. Paul, thanks for joining us. Im going to move on and deal with your money in light of this jobs report. John layfield is with us this morning, market watcher himself. John, you think america and americas stock market and americas economy, are we the only game in town or certainly the best game in town now . I dont think theres any doubt about it. I think the u. S. Economy is definitely slowing, we are in a manufacturing recession, but you look at this unemployment number, you look at employment overall in america, especially with the jobs openings compared to jobs that are available, america is on sound footing right here. The rest of the world is in absolute freefall. Look whats going on in germany to compare it to this, the german manufacturing, germany looks like they are headed for recession. Europe is in a lot of trouble. We dont know how brexit will play out. The china trade war, iran problem in if strait of hormuz. I think u. S. By far is the only place to put your money right now, especially when you add to that that what happened in 2013, 2014, with u. S. Dividend stocks becoming de facto bonds, i think we will see that again with the tenyear around 1. 5 . Stuart will it make any difference if the Federal Reserve lowers rates this month and again in december . I think you are starting to see that now with the market because of this number that theres a good chance the Federal Reserve will lower rates. We are already at 1. 5 on the ten year so we wont see a huge jump going with the fed lowering rates. It certainly helps the economy but i dont think thats a complete game changer. The game changer to me is that america is doing well and the rest of the world is not. Stuart got it. John, come back at 9 30 for the opening of the market. See you then. Thanks very much. Im going to show you live pictures coming to us from hong kong. Yeah, that is live, unedited, coming right at us here. Live pictures. City executive carrie lam has invoked emergency powers. One of those powers is shes banning face masks during protests. Susan, maybe im going a bit too far here but this looks to me like a last resort before they bring in the troops. Susan it might be a little early to say that, but as you see, this emergency law is the first time its been used in 52 years in hong kong. As you see, its not quelling the violence. Its probably inciting more protests right now. This law enacted means that they can censor the media, shut down ports, airports, if necessary, and also impose curfews as well. But the first order under this emergency law is the fact that the protesters cant wear masks anymore. If they do, they face up to one year in jail and they say if you demask the protesters, that means, a, you find out who they are, figure out their identities, but also remove their power because when you are no longer unknown, i guess maybe it tempers the defiance. Stuart im hardpressed to call that, what you are seeing now, a protest. Looks to me like pure vandalism. They are looting that store. Susan carrie lam says this is an emergency law but we are not in a state of emergency so why invoke this law. Also, by the way, this opens the door for her to invite chinas help, which some say might open the door for tanks to roll in. Stuart vicious stuff right there. Susan, thanks very much. Obviously we will keep an eye on this as we go through the show today. Lets move to the corporate front. Ive got hp, they used to call it hewlettpackard. I think the official name is hp, planning to eliminate 9,000 jobs in the next three years. That will cut 1 billion out of their expenses and costs. Now, usually when a company does that, the stock goes up but not this time. Hp, down 6. 5 . I guess thats a problem there for all tech. Costco, ive got to call them one of the great retailing Success Stories of all time, online sales going through the roof. Now, the stock is down because of some profit that the profit took a tax hit. Ashley they also missed on revenue and comp sales numbers, but their online numbers were up 22 which is impressive. The comp sales by the way were up 5 . All the big retailers having to cut costs to try to defend their market share. Thats a big part of the story as well. By the way, in this quarter, they sold a 200,000 diamond ring. Stuart at costco . Ashley which makes me ask the question, if you are going to spend that kind of money whatever. Maybe it was worth half a million. Stuart who knows. Great story. Great company, costco. Check futures. We are going up this morning, 50 for the dow, 25 for the nasdaq. Look at that, the nasdaqs important. A third of 1 on the upside. Marc beniof, head of salesforce, says capitalism as we know it is dead. He says corporations cant just be all about making money anymore. No, its about conscious capitalism. We will deal with it somehow. Bernie sanders says he will be onstage for the next democrat debate. Thats some time away. Can the 78yearold really handle the grueling schedule of the campaign trail . Well ask someone who knows. Herman cain. Hes been there. Weve got the top economic guy at the white house, larry kudlow, on the show later this hour. Lot to go at him with. I want to know how do we reverse the slowdown that we are seeing . Varney company just getting started. As soon as the homeowners arrive, well inform them that Liberty Mutual customizes home insurance, so theyll only pay for what they need. Your turn to keep watch, limu. Wake me up if you see anything. [ snoring ] [ loud squawking and siren blaring ] only pay for what you need. Liberty. Liberty. Liberty. Liberty. There are things we would change about work. And there are things we wouldnt. When work is worth it. Work is worth it. Work can be closer to home. Pay more. Make us proud. Careerbuilder. Work can work. Find your work at careerbuilder. Com stuart just getting this coming right at us. The chamber of commerce along with other business groups has filed a brief at the Supreme Court opposing President Trumps effort to rescind protections for dreamers. That just coming at us. Look at disney, please. Its launching its shop in a shop at 25 target stores today. Disney right now at 128. Well below its high of over 140. Lets get back to Elizabeth Warren on the campaign trail, taking direct aim at big business, in particular facebook. Watch this. We need to make some structural change in this economy. Heres the problem weve got. Weve got these giant corporatio corporations with power, lots of power, power over their own workers, power over their customers. What we need is a president with the courage to enforce the antitrust laws, break them up. And yes, Mark Zuckerberg, im looking at you. Stuart i think we need herman cain and fortunately, hes with us. All right, herman, i think that kind of rhetoric is beginning to resonate with voters. I think there is significant jealousy, if you want to put it like that, at billionaires and i dont think thats a very good thing but i think it is resonating. What say you . I think its resonating with the people that are supporting her and other communists. She is preaching pure communism. Stuart no, not quite, herman. Come on. Pull yourself back a bit from the brink there, lad. They have gone past the point where it is in the middle of communism and capitalism and heres the other thing. When she says that shes going to go after big businesses, she is forgetting about the little investors that helped to make those businesses be. She does not care about the little people. She does not care about the small investors. Thats why shes continuing that rhetoric, because some people dont know enough about the history of communism or the history of capitalism to be able to separate the difference. Stuart im a little bit apart from you on that. I dont think shes a communist. I think shes a socialist. I do think there is a difference. I see youre smiling there, so we wont split the hair here on that one. All right. No, we wont. Stuart Bernie Sanders, yes, hes still recovering from heart surgery but his Campaign Says he will be in the democrat debate and that will be one week from next tuesday. Thats quite a ways away. You were on the campaign trail back in 2012. You know how demanding this is. Can a 78yearold following heart surgery handle that kind of grueling schedule . What do you think . I dont know if hes going to be there because of the heart surgery, but i do know that it is a grueling schedule, and for him to say and his staff to say hes definitely going to be there, i think theyre putting the cart before the horse. Its grueling, i know that firsthand, but whether or not hes going to be able to do it, hes going to try to do it, i simply do not know. We will just see and time will tell. Stuart i think Elizabeth Warren is going to be the nominee, because of bernies Health Problems and because of the ukraine scandal which is affecting joe biden. What do you think . I dont like to make those kind of projections because were still a year before they actually select the nominee. Heres where i do agree with you. Elizabeth warren is rising in the polls but i dont put 100 certainty on the polls. She is rising, no doubt about that, but whether she will be the nominee given over a year before they select the nominee, i dont want to make that prediction yet. Stuart okay. We will leave it at that. Thanks for being with us today. Good stuff. See you later. Thank you very much. Back to your money. In light of the jobs report at 8 30 this morning, we are going up at the opening bell. Not a huge rally, maybe 60 up for the dow, 7 for the s p. Look at that nasdaq, nice gain there, 31 points. Thats. 4 . Next case. Joker is out this weekend, expected to make a ton of money. But there is a dark component to this. Why movie theaters are beefing up security and banning customers from wearing costumes. Well be right back. The world is built for you. So why isnt it all about you when it comes to your money . So. Whats on your mind . We are a 97yearold firm built for right now. Edward jones. Its time for investing to feel individual. Imagine a world where nothing gets in the way of doing great work. Where an American Icon uses the latest hr tools to stay true to the family recipe. Where a music studio spends less time on hr and payroll, and more time crafting that perfect sound. Where the nations Biggest Party store can staff up quickly as soon as its time for fun. This is the world of adp. Hr, talent, time, benefits and payroll. Designed for people. Stuart these are live pictures from hong kong. Were staying on top of this. Vandalism and protests continue. Got that. Well follow it for you all morning. The movie joker hitting theaters today. Kind of a cultural event, expected to make a ton of money. Lauren simonetti, look, theres a dark component to this. What is it . Lauren its a cultural bulls eye. Can you market a movie in 2019 about a white man with a Mental Illness who goes on a killing spree . Can you put that in theaters and ignore the fact that this could encourage violence . This could encourage copycat attacks . Thats exactly what joker does. The difference in my opinion between joker and i havent seen it, and the hunt which was ultimately pulled is that there have been at least 20 actors that played joker in the past. This is a dc comic figure. Hes a villain. We accepted that. But it changes in 2019 when you have mass shootings. The colorado shooting back in 2012, that theater obviously is not going to show this. There is increased Police Presence around this city, los angeles, chicago, other cities as well because Law Enforcement is nervous of copycat attacks. In some theaters you cannot come in a joker costume. Stuart i believe we are looking or expecting 150 million at the Box Office Just this weekend. Lauren it could be an october record. Thats why i said this is a cultural bulls eye for at t Warner Brothers with this movie. Some people may say i will wait to stream it at home but others will say i want to go see this movie in a theater. Well know monday. Stuart we certainly will. Thank you very much indeed. Moments away from the opening of the market this friday morning. It follows of course the jobs report, a sharp drop in the Unemployment Rate, and the dow is going to be up about 70. The nasdaq is going to be up pretty close the a half percentage point. Well be back with the opening bell. Announcer fidelity is redefining value with zero account fees for brokerage accounts. And zero minimums to open an account. At fidelity those zeros really add up. Maybe ill win saved by zero this is the family who wanted to connect. To go where they could explore and experience adventure in unexpected places. Who were inspired by different cultures and found that the past can create new memories. 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Licensed humana sales agents are standing by, so call now. Stuart were monitoring the situation in hong kong. It appears that the vandalism is worsening. We have seen some fires lit moments ago. Well keep that up on the screen. There you go. Theres the fires. Well be seeing more of this throughout the show. Then we have wework, reportedly planning major layoffs. Im not surprised, susan. Susan yeah, given that they shelved their ipo. It looks like according to bloomberg reporting they may cut as many as 2,000 jobs by this month. Dont forget they employ around 12,000 to 13,000 Staff Members but they are in dire need of cash, as you know. That was supposed to unlock 6 billion in loans, the ipo canceled, not many people think it will happen this year, it may not happen next year. Jpmorgan is a big investor. They are looking to prop up maybe wework, also fidelity has invested about half a billion and softbank. Stuart you rarely see an ipo collapse as quickly and dramatically as this one did, and it has. Lets see what happens. The dow industrials will be opening up moments from now, literally just a few seconds. We are expecting to see a gain of 40, 50, 60 points. This of course comes on the back of the great jobs report today. Okay. Bottom righthand corner of your screen, thats the dow. Live movement there. We are up already 92 points, 88 points. Got that. Other side of the screen, apple, up 4 at this point at 225. There are reports they will increase iphone 11 production. Big deal. Costco, theres a stock, theres a company which is really winning the retail battles. The stock is down a fraction because of a tax hit. Wait until you hear about their online selling, through the roof at costco. Whos with me on a friday morning . John layfield, susan li, ashley webster. All right. Lets start with the jobs report and go straight to you, john. I think the standout was that sharp drop in the Unemployment Rate at 3. 5 . What else you got . I completely agree. I think 3. 5 to me is the most important number because the history looks like its repeating itself. You had the tax cuts carried out by lbj that extended the incredible bull market in the 60s. You see the same with the trump tax cuts right now. Looks like we dont seem to have a recession looming unless we have some type of geopolitical event that rises to a systemic level. Susan the markets like the fact that we did have a slight miss, right, then hourly earnings, the wage growth was only 2. 9 which was less than the pace we have seen most of the year, and that by the way pretty much solidifies we will get an Interest Rate cut later on this month. This is the last big report that the Federal Reserve governors needed to see and given that we are just a little bit lower and have had upgrades from the previous months, i would say this is a pretty good report in that it means they are going to cut. Stuart the market likes it. Ashley i think also if you look back, the revisions higher for both august and july were impressive as well. Overall, others have said eh. I think its better than that. Stuart im always disappointed when youve got 136,000 new jobs created. I remember the good old days when you were at 200,000, 300,000, even 400,000 jobs. Ashley look how tight the market is. Susan i dont mean to pour cold water here, but i have to. There are some concerns, given that manufacturing saw declines, retail still in trouble, 11,000 jobs lost, and the work week didnt grow. Thats concerning. Thats the point when things turn because people tend to cut back on hours before they start firing and youre not seeing as much wage growth. There are some concerning signs. Stuart two minutes into the trading session, and already this friday morning, after that jobs report, we are up 150 points for the dow and a nice gain for the s p and nasdaq, too. All right. Lets go to apple. Im going to call this the stock of the day. The company of the week or the year, whatever you want. Ashley century. Stuart not quite. They are reportedly ramping up iphone production. This is a real surprise to me. John, come into this. Would you buy apple at 224 . I would. I already own apple, i have owned it for some time. Its an interesting paradigm shift. Bill gates came out and said software is the most important. Steve jobs said hardware was important. Looks like hardware is still important while theyre increasing the software. I think apples biggest growth Going Forward is going to be their services business. Once they get into live sports. But this is really good numbers that you see that their hardware business is accelerating again. Susan the feedback loop, because you have to sell the hardware in order to get people to buy the services. If you are selling more iphones and they were expecting 75 million the back half, they will sell seven to eight million more of these iphone 11s, i think thats a very big positive for the stock. Stuart it is. Heres another positive in terms of the company. Costco, okay, their profit did take a hit from a tax point of view, but online sales are up 22 . They are a real standout. Ashley they are. Interesting, costco has done very well. The members of costco tend to be higher income and the retention rate among that membership is in the high 80s, 88 , 89 . Amazon prime is at 90 . Costco maintained that. They are doing very well. Their Online Presence has grown and grown, which bears out in this latest report showing that online sales, up 22 . Even though they missed on revenue, overall, pretty solid. Susan that was a tax issue. Stuart just surprises me ashley which they are challenging. Stuart they are a Membership Subscription kind of service. Then you have people still go online to buy there. I like going into costco stores. Susan good pricing. Stuart check the market, please. We are in business now for four minutes this friday morning and we are up 152 points. Couple of individual stocks in the news and moving. Hp, they plan to eliminate 9,000 jobs in the next three years, saving about 1 billion, but the stock is down sharply. The dow component, mcdonalds, says that the popular mcrib will return to more than 10,000 restaurants this month. Only for a limited time, not much action in the stock, 210 is the price. Check the tenyear treasury yield, right about 1. 54 at last count. Its now 1. 54 as we speak. Gold, where is it . Okay. Lets get a move on to gold, please. We are at around 1500 an ounce. Not sure about that until i see it on the screen. There it is. 1505 to be precise. Oil, i got a bet going that its at 53 a barrel. Yes, 53 a barrel. And the price of gasoline nationwide, regular averages 2. 66 per gallon. Next case, the National Retail federation expecting in my opinion pretty good growth for the holidays. Theyre looking at a 3. 8 to 4. 2 gain in sales for the Holiday Season. Susan i think thats fantastic. Stuart pretty good. Susan think about the online. Onlines going to contribute most of the growth because youre looking at whats going to be up, what, 162 billion from 164 billion. They sold 145 billion last year. If youre looking at growth of 3 to 4 , where do you think thats coming from . Online. Stuart online. John, is this the online Holiday Season to beat all online Holiday Seasons . Absolutely. Look, retail is incredibly strong right now. Its 70 of gdp so its very good for the economy as well. When you look at closing of retail, it looks dire. 8500 stores are going to close this year, retail, more than we had in the 200809 recession. But the retail sales are simply moving. So you are still selling all of these products, its just where youre selling them, overbuilding of retail space and also this online movement. Retail is very strong in the u. S. Stuart l brands down to 18 a share. Bed, bath beyond down to 10. Susan remember we were talking about tariffs and people were saying its going to ruin christmas . Apparently not. The National Retail federation say the effect of tariffs on Holiday Spending either directly or through Consumer Confidence remains to be seen. Stuart well remains to be seen. 4 growth in holiday sales is very good growth. Ashley you would take that every day. Stuart i would indeed. Most retailers would, too. Salesforce founder marc beniof says capitalism as we know it is dead and that a new kind of capitalism will emerge. Ashley he says you shouldnt be focusing on shareholders, you should focus on stake holders. Who are the stake holders . Well, employees, customers, the community. The society at large. He says the days of capitalism as we know it is dead. Its a lot more than just about making money, it has to be more than that, and the focus should be on the stake holders. He says facebook is an example of what shouldnt be done when it comes to stake holders because they exhibit a complete breach of trust. Pretty harsh attack on facebook. Stuart inflammatory. Susan i would say so. Trash talking. Ashley facebook is the new ecigarettes. It should be regulated. Stuart john, i can hear you laughing all the way to bermuda. Ashley hes at the white house. Stuart or the white house, im sorry. I think mr. Beniof is off here. Look at what capitalism has done around the world. We had 36 of extreme poverty in the world about 20 years ago, now down to 12 . I built schools in deep poverty areas. I know this area pretty well. But its because of the access of free markets and capitalism. Capitalism has done a lot of things to ameliorate poverty in different parts of the world. We saw this before. We saw it in the turn of the 1900s when William Jennings bryant was the original Elizabeth Warren. We are seeing it now and its wonderful the billionaires are giving this money away. Stuart i want to get to the story i promoted at the top of the show. You check out of your hotel on vacation, you ever see that line item for resort fees . Its often there, you know. Two members of congress are taking aim at those fees. This is something that resonates with everybody. A lot of people stay in a nice hotel. What does that mean, resort fees . Your access to the running path . Susan or the gym. Some of these dont have pools so in san francisco, that happened to me when i was checking out. 30 or 40 resort fees on top of the average daily rate. In fact, the hotels group says that over 3 billion in revenue this year will be collected from these resort fees. Stuart three billion . Susan 3 billion due to hidden fees. Stuart i suppose if you know about it up front, if you know the rules going into the hotel, that you are going to be charged this, this and this, okay. Maybe youve got to put up with it, i dont know. But if you dont know its coming until the moment you check out ashley which is when most people find out about it. Stuart john, do they charge resort fees in bermuda . They certainly do. I think these morons in d. C. Dont book their own travel. If you go to a hotel, this is a real problem but thats a hotel issue, not an online issue. If you book this through expedia, you look at your final bill, you have 179 for your hotel when you get the final bill, its significantly higher but its all listed, so its not an online issue. Its a hotel issue. Susan i dont know about that. Stuart i think youre in d. C. , not bermuda. I do apologize. I need a shower, im in d. C. So long. Stuart okay. John, thanks for being with us. Thank you indeed. Lets go to the big board, where are we . We are ten minutes into the session and we are up 139 points. Take that. All right. Next case, programming note. Brand new show on fox business premieres tonight. Barrons roundtable hosted by barrons editor jack otter airs fridays, 10 00 p. M. Eastern on this network. President trump will head to Walter Reed Medical Center this morning. He will meet with wounded warriors. Of course, he may speak to reporters before or just after leaving the white house as he walks out. If he does, you are guaranteed to see it right here. Europe economically, culturally, just about everything else, in real trouble these days. Some countries close to recession and then theres the brexit drama, and now you have the white house announcing new tariffs on items like cheese and french wine. Whats the mood in europe . We will ask a friend of the show. Hes next. Dont forget, Larry Kudlows coming up. I want to know if he can assure us that theres not going to be a recession in the next year. And what does he make of the president daring Speaker Pelosi to hold a vote on impeachment . We are all over this stuff on a friday morning. More varney after this. See thats funny, i thought you traded options. Im not really a wall street guy. Whats the hesitation . Eh, it just feels too complicated, you know . Well sure, at first, but jj can help you with that. Jj, will you break it down for this gentleman . Hey, ian. You know, at Td Ameritrade, we can walk you through your options trades step by step until youre comfortable. I could be up for that. Thats taking options trading from wall st. To main st. Hey guys, wanna play some pool . Eh, im not really a pool guy. Whats the hesitation . Its just complicated. Stepbystep options trading support from Td Ameritrade on a scale of one to five . One to five . Its more like five million. Theres everything from happy to extremely happy. Theres also angry. Im really angry clive actually, really angry. Thank you. But what if your business could understand what your customers are feeling. And then do something about it. Turn problems into opportunities. Thanks drone. Customers into fanatics change the whole experience. Alright who wants to go again . I do i do i have a really good feeling about this. Yourethats why at aetna,sing what matters. Were committed to taking care of the whole you. With Medicare Advantage plans that offer Health Coaching and fitness memberships. Plus hospital, medical and Prescription Drug coverage in one simple plan. With monthly plan premiums starting at 0. Aetna Medicare Advantage plans call today to learn more and well send you a 10 visa reward card with no obligation to enroll. Or visit us online at aetnamedicare. Com tv stuart now were up 150 points for the dow industrials. Thats the best part of. 66 . The market likes the jobs report. Big layoffs, though, planned at Sports Illustrated. Why is that . Ashley the main cause, its being taken over by a Digital Platform Company called maven out of seattle. They have come in vowing to refocus Sports Illustrated for a january relaunch. Theres about 111 employees from the original Sports Illustrated with 80 of those from the website. What happens to them . We understand at least half of them have lost their jobs. They found out yesterday in the offices here in lower manhattan. They wondered what was going to happen when this Company Maven came in. Now they know. Half of them gone. Stuart check the market, please. The dow industrials are up 140 points. I think its time we talked trade, because President Trump has slapped 7. 5 billion worth of tariffs on european products. 10 tariffs on commercial airliners, 25 tariffs on food items like italian cheese, french wine, for example. Joining us now, richard grenell, americas ambassador to germany. Welcome to the show. Very good to see you again. Im going to start like this. It sure looks like we have opened a new front, a new trade war, this time with europe. What do you say . Look, were responding. Its been 15 years of a wto ruling so this is just a response. I think if anything, the United States has waited patiently for the wto to rule, and now we get the ruling and the reaction. So the reality is that stuart, we just saw at the g7 a big discussion about how europe can talk about growth. That was the design of g7 is to have these countries come together and say how do we grow, how do we grow together, and what we heard at the g7 was European Countries and others really were envious of the u. S. Economy and they wanted to know how do we also do structural reforms, can we do fiscal impacts like maybe tax cuts, some sort of a stimulus, so that discussion was really following what the trump administration, what President Trump has been very successful at, which is turning around an economy so that we have 2. 9 , 3 growth in a quarter and its the envy of the world. Stuart from here in new york, as i look at europe, i sense almost a feeling of despair over there. Now, you may contradict me but it seems like despair. Most of those countries are at or close to recession. Brexit looms and youve got cultural divide. What is the mood in europe . First of all, let me tell you about the mood here in germany. They got a surplus. We have a 23 trillion national debt. The germans have a surplus. I think they have been very responsible, they have also been i think focusing on this Germany First economic model and i have seen the discussions between President Trump and chancellor merkel, and the president has said look, you have higher tariffs in europe on us on a number of products, you have a surplus, that surplus keeps growing so we want to make a freer and fairer system, so no one really begrudges President Trump for defending the American People and to combat i think what we have seen between the u. S. And eu trade deals in the past which has not been fair to the United States. Stuart is he popular in europe . Do they like him . Ill tell you one thing, they respect him. They know that his policies work and thats really the goal. Stuart okay. I want to ask you one last question, mr. Ambassador. This comes to us right now. Put that up on the screen, please. I want to see this script, please. Put it up. Put it up. Okay. Mr. Ambassador, the journal reports that ukraine is reviewing probes into a firm linked with hunter biden. Your reaction, please. Look, im not going to comment on politics but no one should be surprised that multiple administrations, multiple u. S. Administrations have been concerned about corruption in ukraine. We just had an election in ukraine. The europeans have been very nervous about this election. A comedian was elected and now we are going to deal with the situation there. But europeans and americans have been pretty united about combatting terrorism sorry, combatting corruption in ukraine and i think were all concerned to make sure that we can help this country move forward. So to me, no one should be surprised that the president was talking about these issues. Stuart this is what i wanted to get to, mr. Ambassador. President trump in his address to the United Nations called for a global effort to decriminalize homosexuality. I think its getting lost in the impeachment hysteria. Tell me whats going on here . Yeah, youre right. President trump was very clear at the u. N. That 71 countries around the world criminalize homosexuality. Six countries will kill you. What we are trying to do is take that first step to recognize that if a country is going to be a member of the u. N. In good standing, they need to follow the u. N. Documents and the u. N. Human rights declarations and the u. N. Human rights declaration is very clear, and you shouldnt criminalize homosexuality. We are going to work and try to come up with 71 different plans to try to push this forward. Its a good news story. President trump is focused on it, hes asked me to help push it and we are happy to do it, and i got to say, something that you will care about, stuart, a lot of corporations, a lot of private sector leaders are jumping on this issue and saying its about time, and what can we do privately, how do we push and use the markets and our dollars to make some progress. Were happy with the progress so far. Stuart indeed, mr. Ambassador, we are interested in that. Rick grenell, thanks very much for joining us. Appreciate it, always. Thank you. Check that dow 30. Looking good. Plenty of green right there. 26 of the 30 in the green, theyre up. Only four on the downside. The dow industrials, up 150 points just about. We have larry kudlow coming up. Lots to talk to him about, including those latest jobs numbers, and you dont want to miss that. Well be right back. Each day a little sweeter. Adp simplifies hr, benefits, and payroll for magnolia bakery, so employees like sarah can achieve what theyre working for. Stuart all right. Lets run through the day so far. Well start with the jobs report. Literally at 8 30 this morning, thats one hour and 24 minutes ago, we had the report that there were 136,000 new jobs created last month. More importantly, perhaps, the rate on the Unemployment Rate itself, it went all the way down to 3. 5 . Thats a 50year low and the president tweeted about that, saying its a 50year low for the un eemployment rate. As for the market, responded very nicely, on the expectation that the Federal Reserve is indeed going to lower rates this month and probably again in december. And that the economy is not sliding into recession. Maybe that was the feeling on the market because were up 150 points. We put it on the lefthand side of your screen, lots of different stocks. Dow winners right now. Visa, j j, verizon, boeing, jpmorgan chase, all on the upside. Moments ago we had big tech, almost all of that is on the upside. These are the big winners among the s p 500. Clorox, baxter international, boeing is a big gainer, avery dennison, i dont know what they do. Alphabet, google, up nicely. Ashley heard of that one. Susan earnings season is kicking off once again next week. Stuart next week . Susan yes. Here we are. Expectations, guess what, are pretty low once again. So that makes it easier for companies to beat, of course. Getting back to the economy, i mean, this jobs report was not Strong Enough to derail the Federal Reserve move. We are looking at an average still and its still pretty good. People are going from recession in the 2020 vote, we are creating slightly below the eightyear average but still, anything above 100,000 means that that is solid jobs growth. Ashley its the proverbial goldilocks situation where its not bad enough that we have to worry about recession but okay enough, but also enabling the fed to go ahead and make its rate cuts. Stuart when we get larry kudlow miced up and on air, i will ask him are we headed for recession, can you categorically tell us we are not going into recession. Ashley since the manufacturing number earlier this week, the r word has become popular again. I dont think looking at these numbers, you can say that. Stuart the economy is slowing. Lets be cloear. Ashley growth is slowing. Susan you are being impacted by global factors. Theres a slowdown taking place in china thats coming to roost right here. Know what will help juice the market in the 2020 vote . Get a u. S. china trade deal. You want to see the markets go up and companies do better and the dollar by the way, to come down because it is a weak dollar policy the Federal Reserve is engineering right now. Stuart i wonder if it would help that much, help the economy, that is, if we lowered Interest Rates this month and again in december. Ashley i think it would be marginal. Stuart marginal impact on the economy . Ashley already a lot of cheap money sloshing around. Stuart thats right. Whether it helps the market or not ashley if they didnt, it would have a bigger negative impact certainly on the markets. Susan i think you cut 50 basis points, thats a really bad sentiment for the market and the economy. That sounds like its panic at this point. Stuart nasdaq winners, microsoft up 1. 32. Ashley there you go. Stuart happy days are here again. Amgen, biotechnology, nice gain, 1. 25 . Amazon is up. Look at apple. Thats nice. 224 per share. Reports that they may increase production of the iphone 11 by 10 . Susan as much as 10 . Stuart that would be an extra susan 7 million to 8 million. Ashley fascinating, there was so much made, will people wait for 5g technology to kick in before they upgrade on the iphone. Apparently not. Demand is strong. Susan yeah. What we call the, you know, we call the upgrade population of the iphones, its around 200 million because you have iphone 6s that are older, still around the globe, 1. 5 billion of these iphones around. A lot of them are older, 200 million as i mentioned. They need to upgrade when theres a Brand New Technology out there, brand new, you know, cameras as well, and longer battery life. Stuart i think well make apple the stock of the day. Why not. Look at the market from jonathan hoenigs perspective. Hes the guy that runs a hedge fund. Capitalist pig. You are the capitalist Pig Hedge Fund guy, arent you . Indeed. Great to be with you, stuart. The jobs number is i have a look a little bit under the hood, stuart. I will be anxious to hear what larry kudlow has to say, look at stocks, breath of the market. Ism number, majority of stocks are below 50day, 200day moving average. Doesnt mean you should sell everything. You have to take the great jobs report with a little bit of saccharin if you will, to look underneath the hood of this market. Stuart you wouldnt be a buyer of stocks anytime today, or across the board recently, would you . You talked about tariffs on european imports, stuart. The bar has been raised when it comes to trade. If you look at the ism data, a third of all those ceos surveyed, created impacting their hiring. Half said impacting their sales. This is real question mark for the market. That is im focusing on assets not correlated, dont focus on everything. Foreign names. Week dollar ideas that could do well even if the market falls. Stuart jonathan, hold on one second, please. I want to bring in white house Economic Advisor larry kudlow. Larry, welcome back to the program, great to see you right there at 10 00 eastern time. Now, can you assure us, and our viewers, can you assure us we will not go into recession the next 12 month . Well that is tough word, assure. Lord knows what external factors. How about this, i try a little different angle . Looking at the data, both coincident and forwardlooking indicators i believe there is no recession in sight, okay . I believe that. Stuart okay. I want to add, stu, i know we want to get to this, this is very important, you will cover it incisively as always, that the payroll jobs number which was 136,000, but you got to add 48,000 to that, 45,000 to that, those are revision the last three months, so you are at 180,000. Those upward revisions themselves are leading indicator of better growth. Stuart okay. Let me go to my favorite subject, give me one little moment men. 3 1 2 Unemployment Rate, best in 50 years. Best since 1969. We were both alive in 1969. That is a good thing. I want to say the Unemployment Rate comes from the Household Survey, all right . You have to look under the hood. I dont know why analysts dont. It emphasizes entrepreneurs and Small Business. Stuart, the Household Survey was up 391,000. This is the fourth straight blowout month. It is running close to 400,000. That is like three times the payroll number. And, thats where, not only unemployment comes from Household Survey, so do the participation rates and employment ratio which were up. And that is frequently a leading indicator after better economy. So im asking once again, we did this last month. Stuart okay. Im asking you to look under the hood at the Household Survey and the Unemployment Rate. By the way that Unemployment Rate is terrific. We to the historic lows. Africanamerican, hispanic, female, et cetera, et cetera. So i think its a very powerful jobs report. Stuart overall, there are some signs that the economy is slowing down. Yes. Stuart there are some signs. We saw manufacturing. We saw a smaller rate of growth in the services sector. We do have a modest slowdown in the rate of growth of new job creation. But my question is, how do we turn this around . How do we go back to 3 growth . What factor will give us that 3 growth . By the way the household sector, the Household Survey is not slowing down, it is actually speeding up. Lets put that aside. I dont want to beat a dead horse. There are a couple issues, stu, to look at. I acknowledge after 3 first quarter, the Second Quarter was softer at 2, i will wait for the numbers on q3, probably the same. Fourth quarter will be strong, going to tell you why. Look, i have got two big problems here. One is were still suffering the aftermath of severe monetary restraint in 2018. Now that restraint is being removed. And in fact we are about sixtonine month, that is the usual lag. So i think the worst of that fed obstacle may be coming to an end. Money markets are suggesting more fed rate cuts. That will help. That is big. Second point, regarding manufacturing and particularly manufacturing exports i know everybody wants to go after President Trump who is doing in my judgment, he is doing the lords work to defend the United States economy and National Security by showing how china must change its ways. Well get to that in a minute. Stuart we will. Here is the biggest problem in manufacturing exports. It is not china, stu, not by a long shot. It is europe and germany. Germany in particular, we have lost 150 billion manufacturing export sales to germany in recent months and the eurozone in general is in a virtual recession. Im just saying to you, i understand people are concerned about tariffs. Hopefully well talk about that but when you look at the actual evidence, look, we dont export that much to china. The loss in manufacturing exports to china is about 50 billion. The loss to canada and mexico is about 100. By the way their economies are flat. The loss to germany is 150 billion. So im just saying. Stuart okay. As we did at the u. N. And the g7, madam chancellor merkel should be cutting tax rates, individual and Corporate Tax rate and deregulating to get their economy moving again, even france, Just Announced an income tax cut on top of the Corporate Tax cut. If we had a better european economy we would be exporting substantially more in manufacturing. The problem is not china on that score. China and many other problems. It is europe. It is europe. Stuart all i would say, larry, dont hold your breath on any european government seriously cutting taxes. You know that. I will send you over there as a goodwill ambassador, supplyside econmics. Lord knows, lord knows i tried, stu. Let you have a shot at it. Stuart what do you think is the impact on the economy of these impeachment proceedings . Virtually nothing. Stuart nothing . Virtually nothing. Stuart what about the impact on the market . I think there might be at least at the beginning when the announcements were made a modest and temporary impact. The market is looking at fundamentals, growth, profits, Interest Rates, policies, things of that sort. Look, i dont want to go deep into the impeachment story. My own personal judgment, i was right there at the u. N. When all the stories broke, we saw the letter and saw the complaint, so forth, i dont think there is a leg to stand on but im not an expert. Let me say this, heres what matters, president has instituted progrowth, proprosperity policies, lowering tax rates, rolling back costly regulations, opening up the Energy Sector and fighting for lower trade barriers and reciprocity and a level Playing Field with china and other places, okay . As long as those policies are in place, and they are still in place and i do not think house impeachment will change that because it will never get through the senate, because as long as the trump policies are in place, stu, i think it bodes very well for the economy. If im wrong, and those policies are changed and reversed, with some of these crazy ideas about National Health care and Green New Deals and what not, cost us probably 15, 20 of gm p. That would be a disaster. I dont believe the market believes that will happen. I believe the market believes President Trump will be around a long time. I think he is still the odds on favorite. Therefore policies will remain in place. That is progrowth. Stuart larry i want to bring up china trade and china relations and this is mixed in with some nasty politics here. President trump reportedly brought up joe biden on a phone call with chinas xi xinping in june, reportedly they talked about bidens political prospects. Mr. Trump said he would remain quiet on hong kong during the tray talks. Can you offer any clarity on this . I really cant, stu. I wasnt, i wasnt on that phone call. Stuart okay. And frankly havent heard much about it since. Stuart okay. Let me move on then. The high level trade talks, delegation comes next week. Right. Stuart now set the scene for us, where are we going with this . Are we close to any kind of agreement . What can you tell us . I think the atmosphere is improved from where it was last spring or summer. For thing going into this, china has been buying commodities, soybeans, pork and others. They delayed some tariffs. We delayed some tariffs as goodwill measures. The deputies level meeting went well a couple weeks ago and principals level meeting, ambassador lighthizer and secretary mnuchin, will be meeting with vice premier liu he and his Group Thursday and friday. As i understand it monday and tuesday another deputies level meeting will convene to go through the agenda. So far as i know everything is on the table and i think the, sort of mood music, the background music is quite decent right now. And it improved from where it might have been last summer. I dont want to predict the outcome. Im not in the business of that. President trump said he would like to have a deal but it has to be a good deal covering all of the issues. The i. P. Theft and the forced Technology Transfer and of course the tariffs. Stuart does that likely, larry . Does a comprehensive deal like that look likely . It is important here, the president says he believes xi want a deal and the president says he would take a deal but, its got to be the right deal for america. Stuart okay. So i think theyre openminded here. We probably like to go back to may where we were very close to a deal but unfortunately it unraveled from the chinese side but that was then. This is october. I think coming into this there is a certain amount of new, goodwill. You know, let me tell you, stu, we cant predict, neither you nor me. The president is the decisionmaker. Its possible some better news could easily come out of this. Its possible and i know there is a lot of discussions going on in both governments about ways and means and decisions that might improve both in the near and longer term the opportunities to make agreements. Let me give you one thought. This is just me. Stuart all right. Secretary mnuchin negotiated months ago a major opening in the Financial Services sector, American Companies going into china. Whereby we would have our companies, would have ownership, right . We would go from 49, and dont call me specifically but china would permit 49 to 51 or 53, all of the way up to 100 ownership over a period of time. That is a really great model. Because number one, it gives us ownership and strategies. Number two, that eliminates better ownership, eliminates forced transfer of technology. You follow . We dont have to put our blueprint on the table which they can reverse engineer and steal our secrets. Supposing that mnuchin Financial Services model was spread out into, lets say a dozen other key sectors in china. The ownership question, which has come up rather favorably. Suppose that they worked that lane on top of some major commodity purchases by china and lowering trade barriers by china . Look, this is stuart that would be good. Im not making a forecast. Im not delivering you news. Im just saying we had some pretty good things last spring like Financial Services opening that could be extended. I say could and the president would have to sign off on it but dont rule out the possibility of good news and i may turn out to be dead wrong here. Im just suggesting there are antecedents and movements, better mood music. And who knows, something very good could come out of this. Who knows. Stuart okay. Could i sum up, first question, i asked you are we going into recession next year . You replied on the basis of the data you dont see a recession on the horizon . That is correct. Stuart thats correct . Can i add one quick thing. I know were running out of time but you and i love to go over the break. Look, interestingly in the last two months every housing indicator, this is interestsensitive sector, weve had 100 basis point decline in longterm rates. So look at this, starts permits, existing and new home sales and pending home sales, all of the way up, big up movement in july and august. Im thinking thats a leading indicator of the economy. I also think Monetary Policy has a few more notches to get out of the inverted yield curve. We could be in a turning zone, back to the 3 growth and again, i come back to these household numbers and unemployment numbers. You know, you can look at this much more postively. I know im a congenital optimist. I cant help myself. I love america. I also think President Trump instituted supply side incentive free market policies that will make america even greater. Stuart you made quite a difference to the market during this conversation, larry. Thank you for being a part of the slow as usual. My pleasure. Stuart larry kudlow, always appreciate it. Let me wrap this up because mr. Kudlow had a lot of interesting things to say there, on the basis of the data we now see and looking to the future does not see a recession on the horizon. This is a very important question because a lot of investors have seen a recession on the horizon, bearing in mind all of the things, the indicators which weve seen this week. Larry kudlow says in his book, looking at the data, he does not see a recession. Furthermore, he thinks that we may pick up the rate of growth at the end of the year. He thinks that housing is a leading indicator and there is some good indications that housing is going to pick up by the end of the year. He suggests, very tentatively that that, along with changes in Monetary Policy maybe would get us back to 3 growth. That was enough to move the market up. The dow up 200 point at one stage. Susan . Susan they also picked up the fact he talked about deputies in the u. S. China trade talks will meet monday and tuesday and the principals will meet on thursday and friday. That helped lift the markets as well. Stuart i was particularly interested where he said secretary mnuchin, treasure mnuchin he negotiated for companies to go into china own more than 50 of the companies in china. That is a real switch. That gives us control of our companies in china. He says if he could expand that out of just Financial Services and go to other sectors of the economy ashley all over the economy. He also called on germany to cut taxes and regulations. He wanted to send Stuart Varney as an ambassador to europe to give them in a supplied economics. Stuart that was called tongueincheek broadcasting, i do declare. Susan he said it was gods work President Trump was doing in the u. S. China trade talks. There is a lot of good quotes there. Stuart jonathan hoenig, i know youre still there. I know you listened to what mr. Kudlow had to say. Give me your quick comment please . He is a terrific economist and pretty good politician navigating difficult questions from you, stuart as well. What caught my eye more than anything was kudlows comment on trade. This has been top of mind from ceos big and small. We see continuing effects he remains optimistic about trade, as a trader, investor weve heard that story before. Whether it comes to agricultural commodities, stocks, even the bond market, investors big and small are waiting to see what is going to be the conclusion to if any now this year plus trade war with china and now europe as well. Stuart jonathan, thank you very much indeed. I will clarify a bit more what mr. Kudlow had to say about trade. I think that is one of the more important items he covered today. He said treasury secretary mnuchin has negotiated that Companies Going into china and owning more than 50 of the company. He would expand that in sectors. Susan that is not new. Stuart but he brought us back. Very positive stuff. Tammy bruce with us this morning. Economics and the market not necessarily your forte but the economy is and the political performance of the economy is. What do you make of the interview . Discussion here, let me just say is understandable for all of us, especially watching this program, you do politics and economics our new tag line invested in you, this really exemplifies that. So i got it. The economy is clearly based on our own optimism and our own sensibility about consumers, can we spend . Do we dare put something in the stock market. This helps explain things on a factbased framework. That is what we need. It is an honor to be sitting at this desk. It is true. Stuart excellent. Mr. Kudlow said, look, are we going to get a recession . Is there one on the horizon . He said no. Based on data he sees, no. That is very good news for President Trump because if we dont have a recession, before the next election, that is a plus for our president. It is. Why you see everyone else, other networks kind of pounding this idea that we see it almost every quarter. This argument, oh, there is going to be a recession. Almost as though theyre trying to talk the consumer into a depression, into believing it, because they know this is about in part a frame of mind. Weve already seen what the president has done economically, has worked. It would continue to work. But it is these, you know, opposing political forces, what really matters is the action the president is taking. What susan noted, noticed about what is going on with china, these are hard realities but the president s interest is making it work. There is one person who knows how to make that happen, that is President Trump with the assistance of someone like mr. Kudlow. Stuart let me talk impeachment real fast, tammy. Yes, sir. Stuart because President Trump is daring Speaker Pelosi to put impeachment to a vote of democrats in the house. He is daring her to do that. This is part of the economy as well is that markets dont like uncertainty and neither do the American People. What nancy pelosi is doing she does not want to talk to the American People what is happening. The president is saying there should be a vote because in that vote for the house there would be debate. There would be a conversation about what is really going and anyone whatever side youre on, why are the democrats behaving as though they have something to hide . It is just like if you go to the doctor and doctor sees you for five minutes versus an hour, you know in five minutes they might not find everything, they wont. If they have an hour with you, other things will be discovered. They do not want debates or conversations. They want this to go quickly, because they know apparently it appears something being hidden like the revelation mr. Schiff was lying about his contact with the whistleblower and possible coordination. They want to move this quickly to by impression there is impeachment inquiry. Andy mccarthy said there is no official impeachment inquiry. No subpoenas are going out. This is all a show to give impeachment the impression but they dont do subpoenas or a full vote because it means people will have a conversation, there will be debates. The president wants clarity obviously. He is the most transparent president he has. He wants people on the record. It will create certainty and that will also help the economy and the frame of mind of americans Going Forward. Stuart i think it will. Tammy, tanks very much for joining us. Have a great weekend. You too. Sure thing. Check the big board. Nice gain the market went up a little bit on our conversation with larry kudlow. Right now were up 188 points. 26,300 is the number. Remember this . A ceo went viral after promising to donate 30,000 to a vet if mr. Trump retweeted him. Well were joined by that ceo, bill pulte, pulte capital ceo. Bill, great to see you on the show. Take me through this. You want to give away via twitter a million dollars. What is this about retweeting from President Trump . I dont get it. Tell me more. Basically i think that social media has been used for such hate, such vitriol, such cyber harrassment, that we use social media for good. Stuart as you covered, fox covered, we absolutely transformed social media on twitter. Ive started by giving away money. Ive given away 150,000 of my wife and mine money, stuart. Stuart how much will you give away eventually. I will eventually give away million dollars. But potentially thousands have already given away money. That is what is most interesting. We raised money for a kid nine years old attacked by a pack of dogs and killed. Raised money for her funeral. Helped veterans get new teeth. Were on something great for using technology for good. Stuart i have to raise this issue. Bernie sanders and Elizabeth Warren pushing for much higher taxes on wealthy. Elizabeth warren is talking about a wealth tax which would confiscate your wealth . What do you feel about that . How do you feel rich people having money taken off of them forcibly given to the government . I think rich people, even specifically middleclass americans and lower class americans have waited for the government for far too long. What weve been doing with twitter philanthropy, connecting people with technology, bringing them together make it so were not reliant on Elizabeth Warrens and other politicians the world. Were not waiting for government. This is about americans helping americans. Rides up and use social media for good. We can instantly take care of people with one tweet these days. Why arent we doing it . Stuart for you oneonone, i hate to call it charity, gift giving. Oneonone. Not like youre writing a check to a big organization. Youre going directly to individuals with money. That is what youre doing. Thats whats different. Well, for example, people who havent had teeth before, what weve done gone and raised money so they can have teeth. We have raised money for the terminally ill. The only people dont like what were doing, didnt get our cash, not dying of cancer or dont have any teeth because those people love it. Theyre not waiting for the government. This is americans helping americans. Its a great thing. It is one of the funnest things i have ever done, stuart. Stuart can i ask how did you make your money in the first place . I actually made it, not worth convinces people because my grandfather was financially successful, i made my money in heating and air asking companies. I sold two to private equity funds. I have a number of companies. I made my money operating companies. Stuart congratulations, bill pull tie, i think youre doing a fine thing. Thank you. Stuart bull pulte everyone. Pulte, we have 800,000 people, stuart. Stuart we got it. Thanks, bill. Not just superrich should be concerned about wealth taxes. Why should middleclass americans be worried . Ashley it is interesting, critics say the alternative minimum tax, the amt stu, no, this is interesting, was enacted back in 1969. Theyre trying to bring some sort of analogy between the amt and what Elizabeth Warren and Bernie Sanders are proposing. Amt came back in 1969. Was essentially aimed at 155 taxpayers avoiding taxes through multiple deductions. That rule was never indexed for inflation. What happened over the years, more people were sucked into it. By 1999 it was a million people. By 2010, it was 31 million people. The fear this wealth tax being proposed would do exactly the same thing. That ultimately middle class people will start getting dragged into this. Stuart thats it. Ashley they will end up because they will never, they will never get enough money. That is the bottom line. Government never gets enough money and they will expand. Stuart what weve got today is a jobs report. Not bad. We have got a market going up. Happening very soon the president departs the white house for walter reed medical where he will visit oned soldiers. If he speaks to reporters on his way you will see it right here. Back in a moment. This is the family who wanted to connect. To go where they could explore and experience adventure in unexpected places. Who were inspired by different cultures and found that the past can create new memories. Leading them to discover were woven together by the moments we share. For everywhere you go, expedia has everything you need, all in one place. When youre looking for answers, its good to have help. 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You know medicare wont cover all your medical costs, so call now and see why a Medicare Supplement plan from a company like humana, just might be the answer. This is one you sing alot. Stuart we brought the beatles back. They were off because we had two sharp selloffs. I got a emails you killed the fun of the song. Now we come back with a great song. Susan i love this one. Ashley its a great one. Stuart the u. S. And uk signed a tech data deal. Is this between government to government . Susan government to government. First of its kind agreement to access data from Tech Companies. This relates to criminal investigations, whether tourism, child sexual abuse cases, very other serious crimes as well. However there is caveat to this. I know this involves facebooks, googles, twitter. But the Tech Companies still encrypt their data. Meaning you dont necessarily have access if youre a government of the department of justice, you dont have access to the data if it is encrypted. We know bill barr sent a letter to Facebooks Mark Zuckerberg saying we want access to these whatsapp messages. So stop encrypting them. That is a main draw of whats app or main draw. Stuart they will not stop encrypting. They will not. Susan takes years for these serious cases, sexual assaults, mass murders, now it takes weeks. Stuart we had been up 200 at one stage. Well take 160. Big job cuts at hp. Planning to cut, 9,000 jobs, 16 of their workforce. That will save them about a billion dollars in costs by the end of 2022. When most Companies Start layoffs, the stock goes up because theyre cutting costs. This time, old tech cuts jobs and cut costs. The stock is down 9. 6 . Then weve got Sports Illustrated. Theyre laying off what, half the staff . Ashley pretty much half the staff. They have been taken over by maven, a Digital Platform Company out of seattle. Sports illustrated was reknowned for its sports writing and photography. 65 year history. They have 31 fulltime people at the magazine. About 80 working on the website. Estimated at least 50 of those people will lose their jobs as maven, the new company says it will refocus and relaunch Sports Illustrated in january. Stuart got it. Strong online sales at costco really strong, up 22 . Consumers flocking to the big box stores. Looks like theyre staying away from the malls. That would be accurate i think. Costco wholesale up. It was down earlier. Now it is up. We have bob fish with us, former ceo of rue 21, a big mall clothing retailer. Welcome back. Good to see you again. Good to see you. Stuart you were the ceo of route 21 . I was founder, chief executive officer of the company until a couple years ago. Stuart tell me about, i think its a stampede out of the malls. You dont agree with me, do you . Not totally. I think that some of the malls, especially some of the c and d malls are having a tough time but i even saw today h m is coming back really strong, picking up 25 for, in their earnings in the quarter and i think theres a definite migration to outside of the mall but there is still strong stores. Whether it is zara, h m still very strong in the polls. My company, rue 21 is expanding. Stuart theyre expanding, rue 21, what kind of store is that . Womens clothing . Teen apparel clothing. We built it to the largest specialty apparel store, retailer in america an stuck out. Stuart in malls . In malls. The company is in malls. Im no longer with the company. Stuart i understand that. The company is in malls and strip centers. Stuart what are they doing right in the malls that a lot of the others are not doing right . I think what is happening with rue 21 and a few other people, stuart, theyre really going after the merchandise stronger as far as coming back to new fashion. And part of the problem is that data is important. It is really people and building the business is important. After i left they have had, they had problems. They actually went bankrupt. Then they built their, have a new ceo, building the company well. But i think that, the mall business is something where you know, that they are really focusing more in details. Where some companies stuart what details . Theyre focusing on building their store model stronger coming up with people, fashion, style. Too many companies, like forever 21 which went bankrupt. Not looking at business properly. Overexpanded of the a lot of problem is not migration from malls but over expanded and too many concepts. Stuart im wondering where were going with this. Im looking a holiday selling season this year which will be a bonanza for on line sellers. On line. I think most of the sales gains this period will be online and not bricks and mortar. You will not dispute with me . No. I agree with you on that. It has been the last seven or 10 years. I dont see the bricks and mortars are going away. It is still 80, 58 of the business. For holiday, people coming out, 3, 4 increases probably will. But what happens before but what happens before and what happens after is tough. Stuart bob, thank you for joining us. Thank you very much. Stuart okay. Going to get back to hong kong. Leaders there officially invoked emergency powers. One of those powers is banning protesters from wearing masks. Susan right. Stuart as weve seen earlier in hong kong, that is vandalism. Theyre starting fires in store. Susan that is subway station, starting fire at one of the mtr stations as theyre called in hong kong. This is in the rural district of hong kong. Apparently tear gas has been fired there once again as well this is after the emergency law that carrie lam, the chief executive, the embattleed chief executive invoked. The emergency law has not been used in 52 years in hong kong. This basically allows the government to install curfews and block social media and internet if they want to, rails. First initiative under emergency law to prevent protesters wearing masks, hides their identity gives power in defiance. If you look at this, does this look like this will end 18 weeks of protests . It might galvanize. Stuart suggests to me chinese authorities step in with more force than they have already. They want to stop this from happening. They have escalated. Next step, sending in the troops. Susan i dont want to go that far just yet. Emergency law gives power to the chief executive to invite beijings help if she needs it. Want to talk about political divide, look what is happening in hong kong. They talk about what is happening here, polarization here in the u. S. You will not see anything more stark than what youre seeing on the streets of hong kong. Stuart that is very true. I cant believe large numbers of people of hong kong approve of that violence. Susan 1 3 of the 7 to 8 million residents approve of this. 2 3 disapprove of course. But it is a much deep every problem than just this extra decision bill. This is about rich versus poor. Those that have identity crisis Going Forward. What happens after 2007,. Stuart got it, susan. New tariffs imposed on chinese made, Kitchen Cabinets. This is big win for american cabinetmakers. Well talk to the guy who brought the case forward. He said it will help 250,000 american workers. We got him on the show. In our 11 00 hour, pete hegseth is talking to voters to see what Middle America thinks about impeachment. He will tell us what they had to say. He is going to tell us next hour. Check that big board. Were up 147 points as we speak following that pretty good jobs report. Well be back. Ive always been excited for whats next. Im still going for my best. Even though i live with a higher risk of stroke due to afib not caused by a heart valve problem. So if theres a better treatment than warfarin, ill go for that. Eliquis. Eliquis is proven to reduce stroke risk better than warfarin. Plus has significantly less major bleeding than warfarin. Eliquis is fdaapproved and has both. Whats next . Sharing my roots. Dont stop taking eliquis unless your doctor tells you to, as stopping increases your risk of having a stroke. Eliquis can cause serious and in rare cases fatal bleeding. Dont take eliquis if you have an artificial heart valve or abnormal bleeding. While taking eliquis, you may bruise more easily and it may take longer than usual for any bleeding to stop. Seek immediate medical care for sudden signs of bleeding, like unusual bruising. Eliquis may increase your bleeding risk if you take certain medicines. Tell your doctor about all planned medical or dental procedures. Eliquis, the number one cardiologistprescribed blood thinner. Ask your doctor if eliquis is whats next for you. Imagine a world where nothing gets in the way of doing great work. Where an American Icon uses the latest hr tools to stay true to the family recipe. Where a music studio spends less time on hr and payroll, and more time crafting that perfect sound. Where the nations Biggest Party store can staff up quickly as soon as its time for fun. This is the world of adp. Hr, talent, time, benefits and payroll. Designed for people. Aewith Medicare Advantage plans designed for the whole you. And monthly premiums starting at 0. Plus hospital, medical and Prescription Drug coverage in one simple plan. And Health Coaching and fitness memberships to help you age actively. So you can be ready for what matters most. Call today. Well send you a 10 visa reward card with no obligation to enroll. Or visit us online at aetnamedicare. Com tv stuart were up 135 points for the dow industrials. Weve been green all day long, at one point up over 200. A pretty good jobs report came out this morning that is helping the market along with expectations of Interest Rate cuts from the fed. The wall street journal is reporting that disney is banning netflix ads all across its Entertainment Networks and i want to know why. Susan streaming wars. Disney of course owns property of abc and Disney Channel and they will stop allowing netflix to advertise. Netflix spent 1. 8 billion in advertising but this streaming war is real. Bob iger stepping off the board of apple earlier on because apple stuart they got to. They got to. Ashley would rather give up Advertising Money from netflix because they dont want to advertise the competition. Stuart here comes the competition. Here comes the streaming wars, literally around the corner. November first, when apple tv plus start and disney starts on november 12th. It is real and it is here. Stuart ladies and gentlemen, on this friday morning i will talk Kitchen Cabinets. Why am i doing that . Because america has just imposed significant tariffs on Kitchen Cabinetry that is made in china and that comes over here. Kind of big tariffs too. Our next guest thinks this is just fine and dandy. He has a big smile on his face. Mark trexler is with us, ceo of master woodcraft and cabinetry. Why would any american think its a great idea to impose an tariffs on stuff well use in our kitchens . We have currently 250,000 people that work in the Kitchen Cabinet industry in the u. S. And cabinets are not dumped in at a fair price. Were all free traders. Stuart you make Kitchen Cabinets. You with that accent youre in the carolinas. Carolina native. I live in texas. I spent 22 years of my career in the furniture industry. We saw chinese came in to take the furniture industry. They didnt want part of it. They took all of it. 75 increase of chinese import of cabinets. 10 billiondollar market. Last year they were 4. 4 billion of it. Stuart wait a second. 10 billiondollar market in america for Kitchen Cabinetry. Correct. Stuart the chinese used to have 4 billion worth of that industry. 40 of that. They still have 40 of it, correct. Stuart they still do. You went to court. We went to International Trade Commission Department of commerce. We filed a case and american Kitchen Cabinet alliance is group of 55 companies. Stuart you said theyre dumping . Yes. Stuart whatever court it was agreed with you, so we slapped tariffs on. Correct. Stuart what is the tariffs . The tariffs are anywhere between 5 and about 230 but average tariff is 39 . Stuart okay, average 39 . Correct. Stuart if i buy chinesemade Kitchen Cabinet i will pay through the nose for it . You will pay a fair price for it. Stuart but you will be price competitive because you make in america . Yeah. You know all of these Kitchen Cabinet companies are like the furniture companies. Theyre located in all rural areas in the heartland of america. These people depend on these jobs. Massacre woodcraft, were in marshall, texas, about 25,000 people. There is another Kitchen Cabinet company there. Between the two of us we employ over 1000 people. Way i look at it, four people to a family. Were looking at couple thousand people that depend on us to stay in business. So you know, it is about 20 of our population. Stuart okay. I got it. Wait a second, ive not bought Kitchen Cabinets in quite some time actually. Theyre wellmade in america. Stuart back in the day when i was buying them, rose wood, cherry wood, dark wood, all the rage. That was the fashion. What is it now . Well today, a lot of fashion is these thermal fold doors. There are a lot of wood doors that fashion. Stuart thermal fold . Thermal fold is type of vinyl that is substrate we use to make doors. Stuart youre not building with wood . Yeah, we build a large percentage with wood doors. Stuart im a tree farmer. I grow black cherry. I grow hardwood red oak. That goes into Kitchen Cabinets. That goes into Kitchen Cabinets. Stuart youre not using my wood . You go with plastic. Ashley here we go. We use some of each. 70 of our product has solid wood in it, yes. Stuart im glad to hear it, sir, mark. Thank you for joining us. Appreciate it. Stuart yes, sir, thank you. Up next the Vice President of operations at, wait for it sports fan, yuengling beers. Remember them . Ashley yes, oldest craft brewer in america, still family owned, family operated and that is a real american Success Story and weve got it for you after this. There are things we would change about work. And there are things we wouldnt. When work is worth it. Work is worth it. Work can be closer to home. Pay more. Make us proud. Careerbuilder. Work can work. Find your work at careerbuilder. Com stuart call this escalation in honk con. Demonstrations continue. What is this about the subway system in hong kong . Susan Hong Kong Government shut down the entire mtr network. We have merge measure carrie lam invoked that will go into effect in 12 noon here. An hour and ten minutes that gives her powers to shut down ports, mtr, subway stations, airports as well. She can censor media. She can impose a curfew if she wants to. The first order is ban massive protests. There have been reports, we have Police Firing tear gas. This is more after commercial district here. These are the riot who they call the raptors in hong kong. They are marching towards protesters to quell some of the vandalism. Stuart those are riot police in the street marching down the street . Yes. Very busy commercial districts, one of the biggest, most wealthiest cities in the world, yes. You have walked down the streets before. Stuart i have. Susan can you imagine this scene. Stuart urban warfare. Susan so drastic. Stuart real close what i call urban warfare. When they shot the young protester, that was urban warfare and looks like theyre gearing up for more. Susan storefronts, the glitzy lit storefronts, it costs a lot of money for stores to rent shops for the public. Some cases 2 million a month in some of these very busy commercial districts. This looks like one of them. Might be causeway bay. Stuart thats really something. Who would have thought. I lived there. You lived there. Who would have thought we would see scenes like that in hong kong that we know and love. A wonderful place. Riot Police Marching down the street looking for a confrontation there. Leave this up on the screen, ladies and gentlemen, while we move on to another story. Were talking about a big Success Story. The oldest Craft Brewery in the country, yuengling. It has been in business for what, 190 years . Familyowned the entire time. Jen yuengling, sixth yuengling family member, Vice President of operations join us now. This is a Success Story obviously. Tell us, sir, take me through it. How come youre still family operated . We are one of americas greatest Success Stories. Our sisters and i are sixth generation family members of yuengling brewwer. We were founded in 1829 by my great, greatgrandfather, david yuengling. Our father richard link yuengling is current owner. Were celebrating our 190 anniversary this year. Stuart pretty good. Why am i seeing a hershey bar sitting right next to you . What are you up to with chocolate . So what were doing we have recently announced our collaboration with another iconic Pennsylvania Company which is hershey corporation. We recently announced, were launching, rolling out the newest brand, Yuengling Hershey chocolate porter. Stuart yuengling chocolate porter. That sounds interesting. Is that how youre meeting competition from hard selser is, hard cider, cbd spiked sodas . Is this competition with the rest of them . I think it is part of innovation that goes along with brewing industry today. It is definitely much more competitive than it was 20 or 30 years ago. We have survived over the disciplined growth. We have four core brands. Black and tan, golden pilzner wii were rolling outs next week. Stuart i have never tasted a yuengling beer. I sorry, jen, apologize but i never have. Why dont you tell me what youre missing . Our products weve been around 190 years. Our slow growth has us in 22 states. Were pretty much along the eastern seaboard. We have two breweries in pennsylvania and one in tampa, florida. We have them fashionable, craft style beers. You can get refreshing out of any of them. This Hershey Chocolate porter fits in the portfolio. Stuart maybe i will try it. Thank you for joining us. Youre indeed a Success Story. We like success on this program. See you soon, jen. Thank you. Stuart wait a minute. A headline from the president. What is ashley been asked about his call with chinas premier xi. Says when he speaks with foreign leaders, says the president , he does it in an appropriate way. He says his concerns about his democratic rival joe biden would not be tied to an effort to get a free deal with china. Separate issues entirely, says the president. Stuart now he said that on his way out of the white house. Ashley yes indeed. Stuart on his way to walter reed medical. Got it. That is headline. Maybe well get more. President trumps base solidly in support of the president despite the impeachment push and a very hostile media. Why are they standing by their man . I say it is all about the, all kinds of things. My take on that coming up next. Strong jobs report, and earlier this hour, larry kudlow, economic guy at the white house, he said he sees no signs of a coming recession. Not what you hear from the mainstream media. So how do republicans get that message out to voters . Well ask rnc chair, ronna romney mcdanielle. For farmers here, this is our lifes work. But when a recall happens, perfectly good food goes to waste. Now, weve got away around that. Looks good. 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Stuart growing up in classconscious england, i knew what it was like to be looked down on. I really didnt like it. I think trumps supporters feel exactly the same way now. They are looked down on, written off, ignored. They dont like it. And thats why the trump base remains solidly behind the president , despite impeachment and a bar tl rarage of hatred fe media. About four in ten voters have stuck with him through thick and thin. The elites should look out from their coastal enclaves at the rest of the country, peering from their ivory towers, they might understand what ordinary people have gone through in the last decade. Wellpaid jobs went overseas, especially to china. Obamacare helped create an army of parttime workers. Opioids devastated communities that the elites will never visit. Millions of illegals challenge the nativeborn in the workplace and if anybody objected, well, youre just a racist bigot or as hillary put it, a deplorable. Now President Trumps policies have produced a flood of jobs. The lowest paid workers are making the biggest wage gains. Our economy is the top performer in the industrial world. And the open border is gradually being closed. Middle america, working america, is doing well and gets the respect and the attention of the president. What are the elites doing . Trying to get rid of him. He doesnt talk like them, he doesnt conform to president ial norms, and the media writes the impeachment playbook. What you see and read every day is all about trump and how bad he is. It has nothing to do with the problems and concerns of everyday americans. Nothing. They are indeed ignored and dismissed. On the national stage, President Trump is in their corner and they know it. Thats why the trump base, ordinary people, will stick with him. The third hour of Varney Company is about to begin. Stuart well, that was my rant. Lets see what tomi lahren has to say about it, the host of final thoughts on fox nation. Great having you on the show. Great to be here. Stuart so was i right or wrong . You were dead on, as someone who comes from south dakota i know exactly what you are talking about. The middle of the country has been ignored for far too long. President trump was the only one who really focused on Middle America, on the plight of Middle America, but as someone who also lives in california now, i can tell you that hes focusing on the quiet voice in the room. Stuart you are from south dakota. I didnt know that. Now you live in california. They look down on you, dont you . Youre just a hick from some place out there . It has far less to do with being from south dakota and more to do with being a trump supporter, a vocal trump supporter. Thats the thing, like you talked about in your rant as you call it, and i know rants very well, but as you talked about, people are so tired of being told enforcing a border is racist, bigoted. People are so tired of hearing that a low Unemployment Rate and high Work Force Participation should be washed away because they dont like what the president says. I remain far more disheartened by what the democrats have done and havent done than i do by what this president says that offends them so much. Stuart i sit in new york city, this is where i live and where i work, and im not really familiar with how the people in the rest of the country feel about impeachment, for example. Whats your impression . Are they mad as hell that they are going after our president . Whats the feeling out there . I do think people are upset but they are more upset about the fact this is such a distraction from the gains we are making, from the things we should be celebrating in your economy and things we should be working on like the southern border. People in the middle of the country hear this impeachment, hear people on the media talking about it day in and day out, weeks on end, thinking when are you going to talk about us, about the issues that impact us, and all this impeachment stuff is great for people that have the luxury of talking about that, but its partisan politics, its not the real world for most americans. Stuart as this toxic atmosphere drags on, certainly in d. C. And in the media splashed across the country, do you think the president can maintain his base . Im putting it at 40 who have always been with him. Will they stay with him . If the economy stays the way it is, absolutely. But as we have seen, every time they go after President Trump and his appointees like kavanaugh, the base gets stronger, it solidifies because they say stop raising your pitchforks at the man who is finally doing something for this country. People are sick and tired of it. They will support their president. Stuart this is just coming to us. I want to tell the audience about this. The president says he is sending a letter to Speaker Pelosi asking for a house vote on impeachment. Why do you think hes doing that . Force their hand. I have been saying it for awhile now, all this impeachment inquiry, the meetings about impeachment, on and on and on for about three years now. What i say to nancy pelosi and the rest of the democrats, you want to raise your pitchforks, raise them all the way and lets see where you stand, let the American People see where you stand. I think trump is absolutely right to pull this strategy. Stuart the president is talking right now about impeachment. Tell me again, paraphrase it . He was asked if the investigation into joe biden had any impact on the trade talks with china. Thats what hes talking about. Because we understand that back in june, he held a conversation with xi jinping suggesting that china take a look at the Business Activities of hunter biden in china. Is that an Impeachable Offense . Again, im not a scholar that would be able to give you that answer but i will tell you this. I think that President Trump should focus on the things that hes doing well which is the economy, which is bringing back american jobs. Let someone else investigate whats going on with the bidens because theres a lot to investigate. I think the president though should keep his hands clean and continue helping the American People. Stuart you can watch tomi on her fox nation shows, no interruption and final thoughts. Fox nation. Thanks. Good stuff. Thank you very much. Lets get back, live look at whats going on in hong kong. They are 12 hours in front of us, that means its nighttime there, as you can see. Moments ago, we had riot police literally marching down the street. Now weve got pictures of a fire right there on the streets, not sure exactly where it is. Ashley its midnight that the emergency law goes into effect, correct, the wearing of masks is now, will be illegal under that emergency law. Interesting to see what happens at the stroke of midnight. Stuart i did see protesters earlier, demonstrating on the street. Some of them were wearing surgical masks. Thats different from the masks which they wore before but its a mask nonetheless. Surgical mask. Deirdre they could get one year in jail for wearing a mask. Stuart 25,000 hong kong fine. Thats what you are seeing now live from hong kong. Next case. Facebooks chief Mark Zuckerberg is now echoing one of Bernie Sanders big talking points. What is it . Deirdre he says no one deserves to have that much money and by that much money, hes talking about billionaires. On the cynic side, you could say okay, hes the fifth richest man in the world right now, he has an estimated fortune above 66. 5 billion so thats the cynical part, hes made his money and now says okay, maybe people shouldnt have this much money. The flipside is, to be fair to him and his wife, they actually have this initiative for which they have promised 99 of their facebook shares, basically 1 billion a year more or less until hes dead, quite frankly, and this initiative goes towards eradicating disease, its using technology to solve big problems such as eradicating diseases, one of them reforming criminal justice. In some ways, he is putting his money where his mouth is. What i will say, which was funny, which was part of this weeks q a session, we talked about Elizabeth Warren and how she wants to break up the company and how he seems very skeptical and worried if she becomes the next president of the United States, he says lets try not to antagonize her further. Stuart now, lets go to the other side of the coin. Senator warren doubling down on her beef with big tech. I think she called out zuckerberg. Ashley she did indeed. All the big tech, but in particular facebook and mr. Zuckerberg because those two are starting to get into a tit for tat verbal match here. She said look, big tech including facebook has too much power over our economy, our society and our democracy. Take a listen. We need to make some structural change in this economy. Heres the problem weve got. Weve got these giant corporatio corporations, over, lots of power over their own workers, power over their customers. What we need is a president with the courage to enforce the antitrust laws, break them up. And yes, Mark Zuckerberg, im looking at you. Ashley looking at you, mr. Zuckerberg, says Elizabeth Warren. You know, there was that leaked audio where zuckerberg says if she becomes president , its going to suck for us because shes going to come after us deirdre word choice. Ashley she says what really sucks is if we dont fix a corrupt system. The debate goes on. Stuart guess he doesnt want a socialist as president. Ashley apparently not. Stuart lets get back to your money. We picked up a little ground here. Now were up 160 points, 26,300. Coming up, steve hilton. He says the president needs to keep the economy growing. He suggests a payroll tax cut. Good luck with that. Nonetheless, mr. Hilton will make his case. We are also joined by pete hegseth out there talking to voters. What are they saying about President Trump and impeachment . We will find out. First, we are talking to rnc chair ronna romney mcdaniel. How does she fight the impeachment push . I will ask her, because shes next. This is the age of expression. But shouldnt somebody be listening . So. Lets talk. Were built for hearing whats important to you, one to one. Edward jones. Its time for investing to feel individual. On a scale of one to five . One to five . Its more like five million. Theres everything from happy to extremely happy. Theres also angry. Im really angry clive actually, really angry. Thank you. But what if your business could understand what your customers are feeling. And then do something about it. Turn problems into opportunities. Thanks drone. Customers into fanatics change the whole experience. Alright who wants to go again . I do i do i have a really good feeling about this. Looking at the data, both the coincident and forwardlooking indicators, i believe there is no recession in sight. The unemployment [ inaudible ] were up and that is frequently a leading indicator of a better economy. Stuart okay. That was mr. Kudlow earlier today on this show talking about the economy. We will deal with the economy side of things in a moment. Lets bring in ronna romney mcdaniel, rnc chair. I want to go straight to the news of the morning. Literally the news of the last hour. Which is President Trump is demanding a house vote on impeachment, demanding it as early as today. Is this how you fight the impeachment push . Absolutely. The president is doing the right thing. Most americans dont understand, because nancy pelosi has not taken an impeachment vote, the president and the House Minority have no ability to subpoena witnesses or defend themselves. Could you imagine going the trial and saying were going to put you on trial but were not going to give you a chance to defend yourself . Its just insane. They need to be transparent and also puts those Democrat Members in 30 districts where President Trump won on the record. They need to take a vote, put your money where your mouth is, stand up and say where you stand and let your voters know where you stand. Stuart you put the number at 30. I think you are talking about democrats elected in 2018 to the house who were elected in trumpleaning, trumpvoting districts. Correct. Stuart so if they have to go on record saying yes, impeach him, they have real problems. Yeah, because they all ran as middle of the road centrists saying ill work with President Trump, we want to work on the issues that will benefit the people we represent. We dont want to go into investigation after investigation. Now they have come to washington and they have become pelosi puppets and their voters, we are already seeing, arent liking it. We are seeing people in town halls, were running ads in those districts and will hold those democrats accountable. Stuart can i bring you up to speed, i know youre there already, but i want to bring our viewers up to speed with the fundraising activity. The leading candidates on the democrat side have got to report how much money they raised in the Third Quarter by october 15th, i think it is. Joe bidens just reported, he brought in, what is it, 15 million. Thats 10 million less than the previous quarter and 10 million less than Elizabeth Warren, 24 million, and Bernie Sanders, 25 million. When the money starts to dry up, your candidacy doesnt look strong. Thats a bad sign. You look at markets, joe biden is a losing proposition right now. The fact that his money is drying up and then you look at what the rnc and President Trump have done, 125 million in the Third Quarter. Nobody is even coming close. So right now, the only poll that matters is fundraising. Thats where people are voting, with their wallet. And they are giving to President Trump in droves. We added 50,000 new small online donors in 48 hours after nancy pelosi pushed this false impeachment inquiry. Stuart okay. We have joe biden who has the ukraine problem, i believe, hes got a moneyraising problem. Bernie sanders has a medical problem and hes 78 years old. Hes not going to appear much before the next debate, week from tuesday. In my opinion, that leaves Elizabeth Warren as by far and away the frontrunning candidate. Shes certainly on fire right now, but shes a socialist, stuart. Shes a socialist. Stuart you dont need to tell me. Its frightening. I know we are coming close to halloween. Theres nothing more frightening than thinking of Elizabeth Warren right now. Government takeover of health care, government takeover of education, every answer she comes up with is more taxpayer dollars and more government control. Notice she never says term limits. It is frightening for our country. The democrats keep pushing this socialist agenda. It is not what our country is about. It shows that we are going to be framing a discussion with the americans, do you want freedom, economic opportunity, what america stands for, or venezuela, cuba and socialism. Stuart okay. But i think you have to recognize that there is strong feeling and its growing in america that the rich have gotten too much. You have heard this, take the money off zuckerberg, take the money off the billionaires. Theres strong support for that. I think that is something that is central to her message. She never talks about the fact even if you tax all the rich its not going to come up with her 93 trillion Green New Deal or stuart taking some of it off them is popular. I dont disagree that thats her plan but i dont think most americans want to see our country punish people who are successful. Thats what americas about. If you do well stuart definitely. And innovate, you have the ability to live the American Dream. We arent taking the American Dream off the table in the Republican Party. Stuart im living it. Thank you very much indeed. Now, ladies and gentlemen, the president of the United States. The unemployment numbers just came out and theyre the best numbers weve had in over 50 years. The unemployment numbers, down to 3. 5 so that goes way, way back. We havent had numbers like this in a long time. Wages are up by almost 3 . Thats a fantastic increase for everybody out there working. Were very happy about those numbers. The stock market is substantially up as it was yesterday and our country does well. Europe is not doing well. Asia is doing poorly, to put it mildly. And we continue to do very well. But the unemployment numbers just came out, 3. 5 unemployment and that is a tremendous number, the lowest in over 50 years. So very happy and i think very important, again, ill say wages are up. When i was running, wages were nowhere. They were going down. And people were having two and three jobs and they were making less money than they made 20 years before. Now wages are up so were very happy about that. One other thing having to do with polling. So poland is a country, great people, we have a lot of polish americans living in the United States. I have just signed, i will soon be signing and signed certain preliminary applications, we will be giving a full visa waiver to poland. That means that people from poland can easily travel there and people from here can easily go back and forth. People from the u. S. , people from poland can very easily go back and forth between the United States and poland so they have been trying to get this for many, many decades. And i got it for the polish people in honor of the polish people in the United States and in poland. So were very happy with that. Yeah. Reporter you got four pinocchios from the post this morning for lying. I heard adam schiff got four pinocchios. Thats good. He should have gotten them two and a half years ago. Thats a very nice question. Let me shake your hand. Come here. Thats a very nice question. I figured that was a trick question. Reporter what does your letter to pelosi say . We will be issuing a letter. As everybody knows, we have been treated very unfairly, very different from anybody else. If you go over not only history, i mean, you go over any aspect of life, you will see how unfairly we have been treated. We have done a fantastic job. Everything to me is about corruption. We want to find out what happened with 2016 and as you know, theres a lot of work going on in that. I dont care about bidens campaign but i do care about corruption. His campaign, thats up to him. Politics, thats up to them. I dont care about politics. Politics, as i think i made clear, and yesterday somebody asked me a question and i gave an answer, but always in the form of corruption. What i want to do and i think i have an obligation to do, probably a duty to do it, corruption, we are looking for corruption. When you look at what biden and his son did and when you look at other people, what theyve done, and i believe there was tremendous corruption with biden, but i think there was beyond, i mean, beyond corruption having to do with the 2016 campaign, and what these lowlives did to so many people, they hurt so many people in the trump campaign, which was successful despite all of the fighting us. I mean, despite all of the unfairness. So we are looking at corruption. Were not looking at politics. Were looking at corruption. Reporter what did you say to the chinese about the bidens, sir . I dont know. Somebody said that a long time ago, was that in 2017 . I dont know. You would have to tell me when. All i can tell you this. When i speak to foreign leaders, i speak in an appropriate way. If you notice, they dont mention the call that i had with the president of ukraine. They dont mention that. Because it was so good. The only time they mentioned it was when adam schiff made it up. You talk about pinocchios. That should get ten pinocchios. He made up a story, it was a phony story, adam schiff. So they dont talk about that anymore. You know, when this came out, it was quid pro quo. Well, there was none. Also, yesterday the ambassador who i heard was tremendous, and a tremendous person, he was 100 for what were saying. 100 . If you look, he also said there was no quid pro quo. Thats the whole ball game. Now the democrats dont bring that up anymore because they lost. Look, they never thought i was going to release the phone call between the ukrainian president and myself. When i released that call, they were they were jumping around like you wouldnt believe. They didnt know how to respond. Then they found out, then they found out that the call itself was so bad for them, it was a perfect call. There was nothing we handed the call out to people and they say wow, this is incredible. We are very proud of that call. When i speak to a foreign leader, i speak in an appropriate manner. Now, were also doing trade deals with china, were doing deals with a lot of people for the country, so im not looking to insult people, i can tell you that, but we can probably find that out. Reporter are you willing to do a trade deal with the chinese if they investigate biden . Has nothing to do with it. No. I want to do a trade deal with china but only if its good for our country and it could happen. As you know, theyre very much coming over next week, as i understand it. Id like to do a trade deal with china but only if its a great trade deal for this country. One thing has nothing to do with the other. Reporter you want the house to proceed with an impeachment inquiry at this point . I wouldnt mind because we have no rights. The way theyre doing it, they have taken away our rights. So if they proceed and you know, they will just get their people, they are all in line because even though many of them dont want to vote, they have no choice. They have to follow their leadership. Then we will get into the senate and we are going to win. The republicans have been very unified. This is the greatest witch hunt in the history of our country. We beat the one that started immediately, we went through two years of mueller, and that came out like a 10, it came out perfect, and a few days go by and they start this nonsense. This is just as ridiculous. So the democrats are, they have the votes, they could vote very easily even though many of them dont believe they should do it. I do believe, i do believe that because of what theyre doing with pelosi and their real leaders, aoc plus three, thats their real leaders, i really believe they are going to pay a tremendous price at the polls, and we saw the first glimpse of it two weeks ago, in a great state, north carolina. We saw a great, great glimpse of whats going to happen because in north carolina, we had two races. One gentleman, dan bishop, was down by 17 points with three weeks to go and he won easily. And the other man, as you know, greg murphy, was up by a very little bit and he won by a massive amount, i dont know, some place in the 20s. 20 or something. Maybe higher. So i think you got a glimpse of whats going to happen and the big key is i have to campaign there. But if you look at what happened in north carolina, two races, we won both of them and we won them easily, and one was almost tied and the other one was a big, big lead and that one turned and the tide became a landslide. Reporter [ inaudible ]. Well, i dont know about mitch. I have a lot of respect for mitch mcconnell. I know that i saw his statement that he thinks this is ridiculous, he thinks its unfair. I saw his statement yesterday that he put out where he read my phone conversation and he thought it was a wonderful conversation, and it was. But see, the democrats dont talk about that anymore. They try and go to other things. These people are looking for anything they can get, because they know theyre going to lose the election and were in election season now. For them to be doing this now, its never been done. Reporter [ inaudible ]. What . Reporter [ inaudible ]. So were dealing with north korea. They want to meet and well be meeting with them, its probably being set up as we speak but well let you know. North korea would like to do something, iran would like to do something. We have a lot of countries in a very good position right now, despite the witch hunt which hurts our country and it hurts america but iran wants to do something, north korea wants to do something and china would like to do something. Reporter [ inaudible ]. I dont know. That, youd have to ask is the Justice Department investigating joe biden . Well, that you would have to ask attorney general barr. But i can tell you just as an observer, what i saw biden do with his son, he is pillaging these countries and hes hurting us. How would you like to have as an example joe biden negotiating the china deal if he took it over from me after the election . He would give them he would give them everything. He would give them everything. How would you like to have that . Joe biden would just roll out the red carpet. He would give them everything. So again, this doesnt pertain to anything but corruption and that has to do with me. I dont care about politics. I dont care about anything. But i do care about corruption. And to have somebody take out a billion and a half dollars out of china, who is totally unfit, hes unfit, to have him get a billion and a half dollars, to have him and now im hearing the number 50,000 a month, now im hearing the number of 50,000 a month, is very low. Its a much higher number than bidens son was getting per month. In fact, its much higher. For him for him as a total for him as a totally unqualified person to be getting hundreds of thousands a month is very very sad. So again, is the Justice Department investigating that, i just dont know. Reporter do you think the democrats have the votes to impeach . Well, i think they follow the leader. One thing with the democrats, i give them credit for it, a lot of them dont want it. You know that. You interview them. A lot of them, they call them are in trump districts where i won and they won after when i wasnt running but i will win them big. If you look at whats happened with my polls theyre through the roof. Nou why . Because of this phony witch hunt. If you look at what happened with the fundraising, we have set a record, the republicans, because people are sick and tired of it. I got a call the other night from pastors, the biggest pastors, evangelical christians, they said we have never seen our religion or any religion so electrified. They say they have never seen anything like it. Churches are joining, hundreds of thousands of people, and you know, thats to a large extent because of you and your partner, the democrats. Reporter you think it will pass the house, sir . I think this. I think this. We have great we have a great relationship in the senate. I have a 95 Approval Rating in the Republican Party. I believe the senate and i havent spoken to that many senators but i believe the senators look at this as a hoax, its a witch hunt, its a disgrace. Should have never happened. Just like russian collusion delusion should have never happened. That was a witch hunt. Just like that, should have never happened. I think in the senate, i think they feel the Republican Party has been treated very very badly. Now, in the house, they have the majority. They all vote with aoc and plus three. Nancy pelosis pet rified of them. I think shes afraid shes going to lose her position. Nancy pelosi will lose her speakership right after the election when the republicans take over the house. Reporter talk about the Text Messages that included holding off a visit the one text message that i saw was just about the last text message because i dont know, i dont even know most of these ambassadors. I didnt even know their names. But the text message, the text message that i saw from ambassador sondland who i respected was theres no quid pro quo. He said that. He said by the way, it almost sounded like in general, he said by the way, theres no quid pro quo and there isnt. Now for biden, there would be. But listen to this. There is no quid pro quo. That was the text message that i saw. That nullified everything. Reporter have you asked foreign leaders for any corruption investigations that dont involve your political opponents . You know, we would have to look but i tell you, what i ask for and what i always will ask for is anything having to do with corruption with respect to our country. If a foreign country can help us with respect to corruption and corruption probes, and i dont care if its biden or anybody else, but if they can help us, if biden is corrupt, if his son is corrupt, when his son takes out billions of dollars, billions, and he has no experience, he just got fired from the navy, when they do that, thats no good. Just to finish the question, anything having to do with corruption, i actually feel i have an obligation to do this. Reporter including with mr. Putin, sir . Reporter is anyone advising you its okay to solicit the help of other governments to investigate a potential political opponent . No, i dont say anythings okay. Reporter why do you do that . Heres whats okay. If we feel theres corruption like i feel there was in the 2016 campaign, there was tremendous corruption against me. If we feel theres corruption, we have a right to go to a foreign country and just so you know, just so you know reporter whats mr. Putin, sir . I was investigated, i was investigated, okay, me, me, in my campaign i ran, i won. You wont say that, will you . I was investigated. I was investigated and they think it could have been by uk, they think it could have been by australia, they think it could have been by italy. So when you get down to it, i was investigated. By the obama administration. By the obama administration. I was investigated. So as far as im concerned, what i want to look at and what we want to investigate, anything having to do with corruption. Reporter [ inaudible ]. I view china as somebody, were trying to make a deal with, we have a very good chance of making a deal with. Weve had good moments with china, weve had bad moments with china. Right now were in a very important stage in terms of possibly making a deal. If we make it, it will be the biggest trade deal ever made. If we make it. But i view china as somebody that we deal with on the world stage. I would like to get along with china, if we can, and if we can, thats great. If we cant, thats okay, too. But what were doing is were negotiating a very tough deal. If the deals not going to be 100 for us, then were not going to make it. And i will say this. I will say this. I will say this. China very much wants to make this deal. Chinas getting killed. The tariffs are killing china. Whats happened is they have now three million loss of jobs, their chains are broken up. If you look at their supply chain, its a disaster. Companies are going to other countries, including us. China right now is a total disaster. Reporter [ inaudible ] investigation into joe biden . No, no, no. Let me tell you. Im only interested in corruption. I dont care about politics. I dont care about bidens politics. I never thought biden was going to win. To be honest. I picked somebody else a long time ago. And well see what happens. But i never thought biden was going to win. But i dont care. Frankly, if he won, i would be very happy. I think hes an easy opponent. I never thought biden was going to win. I dont care about politics. But i do care about corruption. And this whole thing is about corruption. This whole thing, this whole thing is about corruption. Reporter [ inaudible ]. This is about corruption and this is not about politics. This is about corruption. And if you look and you read our constitution and many other things, i have an obligation to look at corruption. I have an actual obligation and a duty. Reporter [ inaudible ]. What . Reporter are you going to cooperate with the house subpoenas . I dont know. Thats up to the lawyers. I know the lawyers think theyve never seen anything so unfair. They have never seen anything so unjust. I have been president now for almost three years and i have been going through this for almost three years. Its almost become like a part of my day. But in the meantime, we have the best economy weve ever had. We have the best job numbers weve had in 51 years, the best unemployment numbers that weve had in a half a century, the best numbers that weve ever had, africanamerican, hispanic american, asian american, women, everything. We have the best numbers that weve had in many, many, many decades. And you know what . People understand that. People are working, theyre making money. If you look at one very important number that was Just Announced, wages up 3 . Thats unheard of. Thats unheard of. Reporter [ inaudible ]. I didnt hear you. Go. Go. Reporter [ inaudible ]. Were investigating corruption. Were not investigating campaigns. I dont care about his campaign. As i said, i didnt think i didnt think and i dont think bidens going to win. All right . I dont think. Maybe to answer your question, when you say who is going to win, i would rather not make a prediction but i do have a feeling about somebody. But i didnt think because ive watched biden over the years and biden is not the brightest person. I never thought he was going to win. I never felt he was going to win. If you look at his other two campaigns, he was a one percenter. He got very few votes. He got taken off of the garbage heap by obama. Obama took him off the garbage heap. Its one of those things. But i never thought that biden, i didnt think biden was going to win. I guess everybody has a shot but i dont think he would be frankly my toughest opponent. Just to finish off, just to finish off, i dont think that he will win. I didnt think he was going to win and i dont think hes going to win. Reporter Elizabeth Warren [ inaudible ]. What do you think about facing Elizabeth Warren . Its fine. I mean, its fine. Shes a socialist and maybe worse than that. But well see. I havent seen his poll numbers. I havent seen bidens poll numbers. Look, joe biden was never going to make it. All right . He was never going to make it. He tried it twice. He got 1 . Theres a reason. When i announced, i went to number one day one and i stayed there the entire primary season. I never was off center stage. I was never given credit for that but thats okay. The only one that gave me credit was steve. Reporter [ inaudible ]. Who . Reporter [ inaudible ]. No. They were trying to set up a meeting but he wanted sanctions lifted and i said you must be kidding. We had no interest. Rouhani wanted a meeting at the u. N. We did talk, i didnt speak to him personally but our sides talked. He wanted sanctions lifted or partially lifted and i said no. Reporter [ inaudible ]. We are watching venezuela very very closely. The people are suffering and we are watching it very closely. We are also giving big aid to venezuela. Now, one thing. Im now going to walter reed hospital, were going to be giving out five purple hearts to unbelievably brave young people, and im going to meet you, some of you are going over, i dont know, i think some of you are going over so we can talk further over there. Although once were there, i would like you to respect the process. We are giving out purple hearts to very brave people, wounded warriors, people that have been, i mean, theyre just incredible people. And im going to be back here in probably two hours. Reporter do you have an impeachment strategy, sir . Do you have an impeachment strategy . Stuart i think the president is back there in two hours, maybe we will have more of this because thats the president and you wont see another like this one, striding up and down in front of the media in full control. Main points of what he just said. 3. 5 is the Unemployment Rate, lowest in 50 years. The president was trumpeting that one. Point number two, china is a total disaster, direct quote from the president. They, he says, are feeling much more pain than we are in this trade dispute. Number three, 1. 5 billion from china to a hedge fund run by hunter biden. He is, says the president , an unqualified person. Thats no good. And the president said i have an obligation to point out corruption. Ash, the main point, the main phrase he used was what . Ashley you just used it, corruption. He kept coming back to corruption on many of those questions, and he associated the term corruption with the bidens and came back to that a lot. As you said, he said look, i dont care about the politics, its corruption, its my obligation and duty to find out if there is any. Stuart as he was talking, the market went up. I noticed this in particular. We were up about 190 when he started. Now we are up 241 points. He was saying things which are very attractive to investors, especially bearing in mind that larry kudlow had said earlier on this program that looking at the data, were not going to see a recession. Its not on the horizon. Thats what larry kudlow says. The market loves it. We are up 236 points. Next, what have we got for us . I will tell you now. Ed renzi, former mcdonalds chief and chairman of fat brands. Ed, what do you make of that jobs report . President was all over it. He thinks its just great. What do you say . I think hes hitting all the buttons on the economy. The thing i love most about the jobs report was the increases in wages, because that means more disposable income, that means a vibrant economy, that means people are out and about and doing things and enjoying life and in some ways, i think this whole democratic impeachment witch hunt is a side show and a bad skit on saturday night live and i think they will pay a heavy price for it. Stuart i want you to just hold on for one second, because we are talking now about the employment of human beings. I want to bring in grady trimble. Hes at a company that is hiring and has hired robots. Give me the story real fast, please. Reporter hey, so what you see here is a machine that makes parts like this one and it used to be that people would have to put the components in but now this robotic arm does it. Im going to go ahead and start it for you there. And you can see its warming up and then it kind of takes off and does its thing. The guy behind this whole operation who has adopted this technology is with me. Tell me, your employees actually came up with this idea . Yeah. The great news was an idea from our production floor. They thought hey, theres a better way of filling in the skills gap and how we are going to handle the skills gap in the future was actually letting mundane tasks be taken care of by robots and let us focus on the more cerebral tasks of programming the robots and programming the machines. Reporter thanks, craig. Stuart, thats kind of a summary of how it works. Back to you. Stuart we will take it. Thanks very much indeed. Ed renzi, still with us, you are a former mcdonalds guy, you ran the place, will those robots ever replace fast food workers . I doubt seriously they will replace a lot of people in the upfront Service Industry but you know, this is part of the ongoing industrial revolution. We are always going to see better, more efficient ways of doing things and the more that you can use machinery to do Manufacturing Processes or service processes, its safer, its more complete. We find better and better uses for the human beings. I think we ought to start hiring more people right out of high school and start teaching them different kinds of skills for the future of this country. I think its fabulous. I think we ought to do it. Stuart one second here. You are an american Success Story, arent you . I dont know where you started. I think you started back in the 60s and you give me the Success Story here. We are big on that here. Well, i basically flunked out of college and really didnt like going to college. I should have never gone. Went to work for mcdonalds making minimum wage and worked there for 33 and a half years. Got to be the ceo of the company because i was trained, i was mentored, i was developed, i was encouraged, i was educated, and i had leadership that said you can do more if you work harder, think better and challenge yourself to be better tomorrow than what you were today, and always make sure your boss gets promoted because that creates a leadership vacuum that will pull you along. Im a great believer in taking young people and teaching them mentoring them. Unfortunately, weve got a lot of kids graduated from college with degrees that have no real immediate application, they have wasted four years of training and development. I think theres got to be a much better balance between trade schools, people coming out of high school, going into Service Industries or other industries, and of course, we need to have College Educated people to help us think differently than we do today. Stuart ed, always a pleasure having a success on the program and youre it. Thank you very much indeed, sir. Quick check of the market, because were up today. Nice gain, 225 points up for the dow industrials and weve got a nice gain for the s p. When the s p goes up 25 points, you know youve got a rally on your hands. And the nasdaq is up 69 points. Across the board, lots of green. We are going up in terms of that. Okay. Im just checking on whos joining me. Pete hegseth. Hes got to wait for a moment because steve hilton precedes pete hegseth. Sorry about that, hegseth. We will get to you shortly. Steve, i want to talk to you about joe biden. He was mentioned heavily in the president ial press conference there, or answering questions from the press. The president thinks the man is out, that hes not going to win, and that he might be out. Weve got fundraising numbers for joe biden. In the Third Quarter, he brought in 10 million less than he did in the Second Quarter. Thats not a good sign. Where do you think the biden campaigns going . I think its going downhill slowly, but stu, could i just say a very quick thing. I just wanted to express my love for mcdonalds. Mcdonalds, my first job, years ago back in the uk. I started a Company Called good business, mcdonalds was one of our clients, our favorite client. Almost all the Senior Management in that Company Started working in a restaurant. Its an amazing company. I have always loved it. All right. Joe biden. The thing is, he is the representative in human form of the swamp. Thats been his central problem all along. He represents everything that people voted against in 2016. The idea that he would be the best nominee in 2020, i always thought was ridiculous. You are seeing that proved now, with all this swampy dealings of him and especially his son in ukraine and in china. Its a huge issue for him. Stuart okay. Now talk to me about impeachment. Because the president is demanding, mr. Trump is demanding that the house vote on impeachment. I think he wants a vote as early as today. Probably wont get it but he is demanding a vote. Thats a very strong stand to take, a very hard line. Hes going right at it. Why do you think hes taking that strategy . Well, i think partly its because there is an official process here. It is set out in the constitution and nancy pelosi is not following it. Shes not following it for two reasons. First of all, because she knows that there are still some of her members who think its a loser for them politically. The democrats in those districts that voted for trump, they dont want to back this process because they know that their constituency still supports donald trump. Theres a second reason. If they went through the official process, that means there are certain rights that go to donald trump and his team in terms of witnesses they can call, evidence they can bring forward, and that gives them more power in the process. Thats why nancy pelosi doesnt want to make it official. Stuart real fast, steve, i think you and i share an accent and we share, weve got the same home country or the country we were born in. I think we share an american Success Story, because youve gone a long way in america, havent you . Well, i finally made it, because im here on your show. I mean, i dont know where you go after that. But i totally agree. I just think this country is just the most amazing, it is the land of opportunity. Its been that for me. And thats why im following your footsteps and applying to become a citizen. Stuart clearly, you have learned the lesson of television and that is flattery is the mothers milk of television. You do it so well. I just adore it. Mr. Hilton, we will be watching you this weekend on the fox news channel. Thanks very much, steve. See you later. Thank you. Thanks, stu. See you soon. Stuart heres how i like to end the week. With pete hegseth. Before we actually get to him, i want to say this. He was at a diner in minnesota yesterday talking to i guess Middle America, in minnesota, talking about Middle America to Middle America. He was talking about what americans, Middle America, thinks about impeachment. Well, hes back from minnesota. Hes joining me right here in new york city. I want to know, what did they say . Good morning. Minnesota, the president will be there next week. He thinks, their campaign believes they can actually take that state which hasnt gone for a republican in a very long time. Average voters see right through this impeachment thing. Im talking about republicans, independents, even a couple democrats that we talked to, they said yeah, sure we would like to see him impeached because we dont like him, but we did the mueller report, we tried all this, it doesnt really look like theres much there but amongst republicans and independents, they say this is yet another conjured investigation to take this man down, who democrats have hated from the beginning, his only sin was winning the election. He was never supposed to win. We dont buy any of it. They said we dont even we watch the news on it but we prefer to read a lot of the original documents. Let me look at what was actually said. Im not saying they are all reading everything but they read a few of the texts or look at the transcript and say i dont see what these other networks are going walltowall on, if anything it creates more empathy and sympathy to the president amongst average voters who say no one could endure what hes endured, and stand strong the way hes stood, still trying to go after the priorities he cares about, like border enforcement, like nominating justices that they love. They see it as someone who has actually done what he said he would do and is under fire. Impeachment will not deter these folks one bit. Stuart what really annoys me is the left and the media talking down to Trump Supporters. The left and the media is consumed with trump hatred and impeachment. Yes. Stuart thats got nothing to do with the everyday problems of everyday americans. These people are being talked down to and looked down on and it drives me up the wall. They feel it and they know it. And the common sense wisdom of the farmers, the Small Business owners, the Union Workers that we talked to, we do this breakfast with friends on fox friends intentionally to burst the bubble of the media elites and leftists who live in their ivory towers and think a certain thing but have no connection to the voters they are supposed to win over. The president knows how to reach them, understands them, loves them, and says i want the jobs youve had to come back and they are, or if your industry is going to struggle temporarily, these farmers, who say i have been hurt a little bit, they believe ultimately its for a bigger cause to stare down china, to level the Playing Field in the future. They believe hes fighting for them. Stuart you see the press conference, its not really a press conference, we dont have press conferences. The president walks out of the white house, theres the media all lined up and he strides across, strides up and down in front of them. You cant hear the questions. So the president is in total control, because you can hear him and he answers any and all questions. You never see a president like this again. No, you wont. No, you wont. Its the opposite of the press briefing where the reporters make it about themselves, a very wise move by this president to flip the script. Then he controls the narrative. I looked up every channel was going walltowall in the conversation. Hes willing hes on fire right now. Hes fired up and rightfully so. This impeachment thing has become real. They are forced down the line even though they dont have a rationale for it, he will keep kicking back and i think its going to boomerang on democrats. Certainly has on joe biden. No doubt. Stuart just as a brief moment here, did you see when the president took a question from a reporter who said hey, Washington Post gave adam schiff four pinocchios and the president said oh, i like that question, walks up and shakes his hand, the reporter. Hes like conducting an orchestra up there. Going up and down the line choosing who he wants to talk to, following up on what he wants to follow up because he knows what he wants to emphasize and by the way, these jobs numbers at the end of the day, he can point to that and say you elected me to put us back on track, and im doing just that. Stuart hes going to minnesota next week . Yes. Next week. Stuart a rally . Its a rally. Its a rally in minneapolis. By the way, the police chief there told Police Officers who previously used to be able to wear their uniforms to events, they cant wear them anymore. Trump derangement syndrome is a very real thing. It gets very political very quickly. Minneapolis is a hotbed of leftism. But minnesota, huge trump support and i think theyre not wrong to believe this could be a pickup state if they put enough attention there. They got wisconsin. Why not minnesota. Stuart listen to this. Im just getting this right now. Trump reelection effort raised 45 million online in the Third Quarter. These are average people giving lots of money to a billionaire. Stuart thats true. Thats absolutely unique. It is unique. Stuart never thought of that. They see him as their voice. They are choosing, i dont know if that beats everyone else added up on the left, probably not, but hes smoking everybody and this impeachment stuart youre from minnesota, arent you . I am. What is with minnesota . We play the yankees today, stuart. I brought the hat. Well beat the yankees in first round of the American League division series. What is with minnesota in we have a lot of leftists. We didnt even vote for reagan in 1985. The only state. Stuart what is wrong with you people . In your interview, had a lady said Elizabeth Warren was right down the middle. She is not far left. Stuart on our show at 9 20 yesterday morning you had a lady in the diner Elizabeth Warren was right down the middle. I could barry constrain myself. I was waiting for you. I should have helped you out on that. There are a lot of loonie lefts in minnesota unfortunate lit. Our weather not good. Stuart want to see what reception the president gets. He will get amazing reception. Major media, startribune, all innercity leaders shame you. If you, really bad there. There are Violent Attacks on Trump Supporters last time he was there. It will be a clash. People will come out. Theyre courageous. Stuart peter i have to get to this. Supposing Elizabeth Warren is democrat candidate for the presidency. The election comes in 2020. Will minnesota go for trump or warren . I think much better shot going for trump if they have Elizabeth Warren as nominee. Stuart if it is biden . Biden is so damaged by this everyone understands nepotism. Envoys all of this. When you start enlisting your sons to do business so they can enrich themselves while youre Vice President. They get that. Their son doesnt get 50,000 a month. Work on something they dont know anything about . That resonates. Stuart are you on fox Friends Weekend . Fox Friends Weekend. Stuart you do four hours. You do three. We do four. But you have three people to help you. Stuart have a great old time. Quickly lets look at hong kong, it has, i hate to use the word heating up, but that is valid at the moment. We have got fires set in the street there. We understand all the subway stations have been closed, shut down completely in hong kong where it is almost midnight. By the way, at midnight the new emergency power goes into effect. Theyre going to ban face masks during protests. Heaven knows what else. That goes into effect. Just one minute from now in hong kong. As for the market. We got a nice rally. Where are we going . Larry kudlow was on earlier, i look at all the data i see no recession certainly nowhere near the horizon. He said could be a surprise at next weeks china trade talks. Big help for the market. Helps a lot. Apple, to everyones surprise, production up by 10 in the next year, reported by nikkei. No one saw that coming. That is pulling up stuart helping the dow. This thing about this idea we might make progress on the substantive issues in china trade, that is a very big deal. Im sorry i ignored that, concentrated more on no recession. I should have concentrated on president saying china is a mess. Disaster in his words. Meaning were in stronger position. Stuart quick programing note on you, on your screens momentarily the entire fox business friday night lineup. Barrons roundtable debuting at 10 00 p. M. Eastern this is the fox business network. Thats neil. Neil it is unprecedented, economy looking at 3 1 2 Unemployment Rate. You have to go way, way back to see Something Like that, i mean way back. Do any of you remember this . Thats one small step for man, one giant leap for mankind. Fly me to the moon neil it was 1969, the year we landed on the moon. Technically the 3 1 2 rate was reached by the end of that year. A year rock and roll all over the