Transcripts For FBC Varney Company 20170301

The dow is closing in on 21 is,000. Youll see aain of 71 at the opening bell and you might see 21,000. Lets be clear, its a high stakes speech. The president had some stumbles and the left piled on contempt. Last night he was upbeat, boston and very much in command and the crowd for the most part liked it. Case in point, President Trump and first lady melania. The first lady of the United States. [applause] that was a good start. And now the moment of the night, thats what many people are calling it, even lefty pundits admit it was inspiring. President trump acknowledging the widow of Fallen Navy Seal ryan owens. Were blessed to be joined tonight by corrine owens, the widow of chief operator william ryan owens. Ryan died as he lived, a warrior and a hero, ryans legacy is etched into eternity. Thank you. [applaus [applause] it was brilliant political theater and the market clearly loves it. The trump rally, as i said, has come roaring back. It took a brief pause, but its back this time. We wilbe close to 21,000 on the dow a few minutes from now. Ash, liz, theres no doubt in my mind, its the speech thats created this rally. Ashley absolutely. Liz the market feel, about unity and optimism. He didnt go after the fake media and there wasnt a polarizing campaign rhetoric. Dow 21 fir,000. It crossed 19,000 in november. Stuart 20,000 a couple of weeks later and march the 1st you could hit 21,000. Ashley it wouldnt be on the front page of the new york times. It wasnt negative last night, it was a very positive, pro growth speech. A little short on details, you wouldnt expect details, but it was, dare i say, president ial. Stuart look at this, 26 minutes to the opening bell. Lets turn away from money and go to the political angle, the republicans have a plan for the partial repeal of obamacare. That may be in trouble. Senators rand paul, ted cruz, mike lee, they want a full repeal of obamacare, theres a difference between the two sides here. Senator rand paul joins us. Welcome to the program. Good to see you. Good morning. Stuart the issue now is surely the willingness of the two sides to compromise on obamacare reform and repeal and replacement. Are you willing to give an inch . Well, i think it depends on which two sides youre talking about. If youre talking about compromise with the democrats, i dont think that any of them are coming on board to repeal, its going to be all republicans. We did compromise about a year ago and we came together and voted for about as complete a repeal as you can kind of get under the rules that we have to deal with. So we were unified, every republican save one in the senate voted for this repeal and i think every republican in the house voted for it, so the simple way to get this done, we get this done today, we can get this done next week, we can repe it,ut forward what we already voted on, vote for it and we will be done with it. Stuart there will have to be some compromise, speaker ryans plan and there must be compromise. Are you willing to compromise . But here is what people dont quite understand. They dont have to be in the same package. So, for example, some of the replacement, in fact, many of the replacement ideas that i have are in a separate bill thats separate from repeal. So, if you want to get this done and ive told the president this, the vicepresident this, told everybody at the white house this, you want to get it done, vote on what weve already voted on, and vote on replacement separately and we can have a debate over what goes into replacement, but the thing is, repeal needs to be complete repeal because if you do partial repeal, i think the situation gets worse. And if the Insurance Companies, they will go bankrupt under partial repeal. Stuart okay, if you get agreement on repeal outright, will you compromise on the details of its replacement . The replacement has always been open to discussion. What i did, i took together the market replacement not Big Government replacement. So paul ryans idea hes going to give everybody a check in the country for their Health Insurance whether they pay taxes or not, hes going to give them more money than they pay on their taxes is an Entitlement Program. The obamacare with a republican tax credit name attached to it. Its a problem and im against that. Its not a conservative notion so i will fight that and i think the people that elected me, i think that conservatives across the country do not want obamacare light or an Entitlement Program. Im not backing down from that. There are not enough vote to pass ryans bill. What he wants with refundable tax credits and a tax on health care, we are not the party that wants to tax health care. So they want to say, if you spend who are than a certain amount on your Health Insurance, theyre going to tax it, thats not a conservative idea and you dp to any grass roots lincoln day dinner or Tea Party Event theyll tell you they dont want taxes on Health Insurance. Stuart im reading that as no compromise, but depends on im sorry, i have to read it that way. Thats not what our viewers want to hear, senator. Our viewers want thithin wrapped up fast, so we can move on to tax if its not. It can be. If theres not compromise, didnt do it. Weve voted on repeal. Stuart thats repeal, youve got to compromise on replacement, youre telling me you wont. Here is what you dont understand. To get replacement is going to require 60 votes and compromise from democrats. Its a whole other bailiwick were talking about. Repeal, we promised, we need to do repeal by republicans, weve voted on it once, lets do it again. Replacement, there will be several votes on what people want for replacement. So, the compromise will come by voting on different aspects individually and having open amendment process. What we dont want, what we dont want it comes shoved to us as were going to take this new Entitlement Program or nothing, i dont accept that, conservatives dont accept that. Were not voting for something shoved down our throats that includes a new Entitlement Program and that i promise you and ive laid down a marker. And this needs to be done before we go to the floor. Stuart those of us who want a tax cut, dont want to hear that. Always obliged. Thank you. Thank you. Stuart an interesting story about yooutube, theyre launching their own tv streaming service. I think thats going to change the way we watch tv. Liz in a big way, way cheaper, for 35 a month, you get 40 Broadcasting Cable channels, disney, nat geo, the fox channels, e channel, its in limited markets in l. A. , philadelphia and boy, theyre pushing hard on the movement skinny bundles, cheaper bundles, what a play that is. Its disrupting. Stuart streaming, its disrupting big time. By the way, alphabet, thats google, Parent Company of youtube, put the stock up there. By the way, if youre just joining us, youre going to see a whooping great big rally, lets move on. A new executive order on travel is coming and here is whats new about it, if you already have a visa, youre exempt, you are in. Iraq has been removed from the list of countries, the original seven, now its six. Minus iraq. Napolitano is here, the judge. Is a of that enough to get the new executive order when it comes past the 9th Circuit Court of appeals . Probably not. These changes are welcome because the law already is a visa once given, cant be taken away, absent fault on part of the recipient. And the drafters of the original regulation forgot that so they attempted to nullify the department of Homeland Security attempted to nullify that on saturday night. Whats the objection then . If you let the visa people the 9th circuit people in my view have imposed burdens on the president which should not be imposed upon him to justify his choice of these countries and to demonstrate the reasons for the choice. I dont know why they removed iraq. They have a study from the Obama Administration naming the seven countries and they have their own reason for the seven countries. Its now down to six. Here is one thing that donald trump is complaining about and has a reason to complain. The intelligence says that theres no more danger, and that was leaked and to sort of undermined support for it. I know what they did, the drafters, they took the five opinions written against this and made a checklist, accommodate this, accommodate this, accommodate this. I havent seen the new order, john roberts report coming out on friday, but i believe theyve done their best to accommodate these things to try to make it bulletproof, but you know, very well, how litigious our society is, there will be a challenge and hopefully not big enough to drive a truck through the challenge. Stuart i dont like the sound of this. President trump last night called for a meritbased immigration system. Lets listen for a second. Switching away from the Current System olower skilled immigration and instead adopting a meritbased system we will have so many more benefits, it will save countless dollars, raise workers rages and weapon struggling families, including immigrant families enter the middle class and they will do it quickly and they will be very, very happy indeed. Stuart meritbased immigration. Does the law or constitution say anything against that . The statute would have to be rewritten. This is nixon going to china, instead of a fist, this is open arms, president ial on the part of donald trump, suggesting ways for people to come here legally on the basis of the value they would bring and the value they would see as family units. The law is not written that way at the present time. Stuart but it can be . Absolutely, i think a lot of democrats would go along with it. I think its a popular suggestion that he made last night, very president ial. Stuart he opened the door to who we want or we choose who we want. Whats wrong with that. Nothing. The last time we made trying to get me to disagree . [laughter] the last time we made a change of this magnitude was 1965 and went the other way, strictly to quotas. They can write a meritbased system and i think it would pass quickly and happily, even you, old curmudgeon, would be happy. [laughter] on a meritbased system. Would they have let me in . [laughter] a good question. Stuartmaybe. Judge, seriously, thanks very much. Ive got to run because ive got a big show for everybody. Lets detail with the retail ice age. The stock, best buy, weak holiday sales, down nearly 3 at the opening bell. Look at amazon, a glitch in their Web Hosting Software caused tens of thousands of websites to crash. Well tell you what happened. The stock though is going to go up this morning. Liberal craziness in new york city. Tourism Officials Say they expect fewer foreign travelers coming to the city this year and theyre blaming President Trump. Not the strong dollar, certainly not, no, its trump. Laughable. Tough talk on immigration from President Trump, he says construction of a great, great wall will begin soon. What a show we have youre my favorite mistake okay. Fox Business Beat cnbc in february. Thats five months in a row that weve beaten the competition. So, why you might ask, are we playing my favorite mistake, thats the name of the song . Because of this, cnbcs website posted the story of our victory. No hiding the cold hard facts. Thank you, our viewers, were very grateful for that, thank you one and all. [laughter] next case, that didnt last long. Macys completed the sale of one property downtown minneapolis. This is the retail ice age, one property, a lot more to go. Well bring you uptodate on the retail ice age. Theres news on that. The arts and crafts marketplace, etsy, some call it chachki central, posted Strong Revenue growth, but the stock is down 3 1 2 . Check this out. A glitch in amazons servers caused a massive internet outage. Ash, how many did it affect and how long did it last . Hundreds of thousands of websites, four hours a little after noon and wasnt resolved until after 4 30. This is nothing to do with the onhine businesses, lets put that aside. Amazon web services, it has by some estimates, 31 of all Global Cloud Services and some say, it really is a bit of a house of cards. If one thing goes, others go. There was a string of errors in Northern Virginia where the pipes and tubes come, that break down yesterday, a big site there. How big amazon is in the Cloud Computing business. Stuart huge. To use Donald Trumps phrase. Huge. Weve got Ford Motor Company sales just in. What have we got . Connell overall sales down, and ford pressure at the open. Not hitting the stock just yet. Were tracking that, breaking news on ford. Theyre bringing you wt sales are. Stuart year over year, 4 down, not good id say. President trump in his address last night says america will encores its immigration laws and build that wall on the southern border, listen to this. We want all americans to succeed, but that cant happen in an environment of lawless chaos. We must restore integrity and the rule of law at our borders. For that reason, we will soon begin the construction of a great, great wall along our southern border. Stuart all right. Joining us now, senator tom till list, republican in north carolina. I know that you recently toured the border area. I think of you as an establishment republican. Forgive me for saying that, senator. Thats the way i think of you. Having visited the border and coming from your background as an establishment kind of guy, are you gungho on building that wall . Im gungho on securing the border, and if we dont get policy are you gungho on building the wall. Do you need to add 20 feet to a sheer cliff. Is there another way through reconnaissance and surveillance . Walls work by the way, walls are working in california and going to work in other segments, what we need to do is create a layered capability that the Border Patrol thinks will secure the border, i think theres a way to do it and achieve the president s objectives i with i support. Stuart the ball is very much in the republicanrepublicans c the president said you guys come on. Its up to the republicans to compromise and Reach Agreement on the key issues of the day. The ball is in your court. You have to compromise, dont you . You absolutely do. And by the way, i think with a meritbased immigration system even youve got a shot at getting into the country. [laughter]. Stuart to you, senator. Honestly, stuart, if you think about balanced immigration policy its a lot like balanced trade policy. Its always being sure that it sits well with our economic objectives here and making sure the American Worker is protected and i think if we go about it that way, youre absolutely right, its on congress to put together a sensible bill that will solve a problem thats existed for years and a failure of both republican and democrat administrations and congresses. Im here to solve the problem and quite honestly, youre going to have to have an antiestablishment approach to get it done. This is going to require people getting in a room and working out differences and solving this problem and i, for one, want to do that. Stuart senator rand paul on this problem says hes not compromising on his principles and when it comes to obamacare, no compromise from him. Look at it this way, if we dont come up with a solution to the Affordable Care act debacle, then americans are going to suffer. This is a burning platform. We dont have the option of waiting for perfect. There are a number of things we can do that can avert a crisis thats going to occur in the individual market over the next year or so, so i, for one, am acceptable to good if not perfect. Stuart thank you for joining us, sir. Im going to segue to the socket because weve got a riproaring rally on our hands after the president s speech. Please, everybody, keep your eye on what the futures are doing, a bug in the bottom righthand corner of your screens. The moment were looking for a gain of about 180 points. That would take us right up, right on the edge of 21,000. How about that . Who would have thought . And then we have ubers ceo caught on camera insulting one of his drivers. Now he says he needs, quote, leadership help. Youll hear the expletivelaced rant next. Your insurance on time. Tap one little bumper, and up go your rates. What good is having insurance if you get punished for using it . News flash nobodys perfect. For drivers with accident forgiveness, Liberty Mutual wont raise your rates due to your first accident. And if you do have an accident, our claims centers are available to assist you 24 7. Call for a free quote today. Libey stands with you™ lirty Mutual Insurance you know, this is emerging as a story of the day, the trump rally comes roaring back. Will you look at that . Were going to be up at least 180 points at the opening bell. That, by the way, would carry us right up to 21,000 on the dow industrials. Right from the opening bell this wednesday, march the 1st. How about that . And now look at this, travis gallnic. You dropped the prices, started with 20. How much is the mile now, 275 . Now what . What . Some people dont like to take responsibility for their own they blame everything in their life on someone else. And good luck . Strt right, ts another case, something wagely related here, the ceo of snap, 24 hours before his Company Goes Public, no word on whether he will show up at the New York Stock Exchange when his Company Goes Public and he becomes a billionaire. Liz peek is with us from the fiscal times. Do you want to make any broadbased point about these young geniuses, billionaires, occasionally out of control and often rather period . Id like to adopt them, but other than that, you mean . [laughter] these are disrupters, they have the insight and ability to create whole new business models. In the case of the uber fellow, hes 40 years old. He is not out of the gate and should i disagree, whats the fuss about . Occasionally when you build something, you hammer some peop people, you lose your control, youre not mr. Cool and mr. Softy, youve made something, whats wrong with that . Do you have an opinion on this . Wait a minute. Stuart come on, this is america. And we can speak out. I totally agree. I do think that this young fellow whose he a hes an interesting case, hes setting the bar for controlling this Company Forever and. Stuart just being nice. I dont see why a guy whos buila brilliant empire once in his life, once on camera, loses his temper. Now hes got to go to special classes, got to learn how to be a leader, hes got to manage his anger. Liz if you put cameras throughout silicon valley, its a whole new world. All like that. Stuart anybody on this table who has not occasionally publicly exploded. You have . I thought you said im irish. Stuart ladies and gentlemen, tune in now because youre going to get a sharp bang 9 30 eastern time wednesday, look at that, up 150 from the get go. 172 points. 179 points, stay on that shot. 181 points, 996, 996, 993, come on, come on buy some microsoft somebody, please. Jinx 993, im jinxing it, oh hey, were almost there, almost there. Were almost, almost. Ashley come on. Stuart theres a limit how long i can stay on the shot. [laughter]. Liz Blood Pressure, Blood Pressure. Stuart okay, im going to give you a little Background Information here, we crossed 19,000 on november 22nd. We crossed 20,000 on january the 25th. That was a kind of a short spurt, that 1,000 point gain, and now, on march the 1st, were awfully close to 21,000. If we hit 21,000 today, it would be the there it is there it is . [laughter] wow. Stuart dont you love it . Stock watching. Ashley how long till 22 k . Thats the expensive graphic. I like it, i like it. Liz 21,000. Stuart look at that. Now, lizzie, youre telling me that from january the 25th to today march the 1st weve gone 1,000 points, thats the fastest rise of 1,000 points ever . Between 1,000 point milestones, close over 21,000, you know, yes, it would be history. Stuart thats incredible. Up 195 points, 21,000 and 7. There is no doubt in my mind, that this is the trump rally, theres no doubt in my mind that this rally this morning is the result of last months speech by President Trump, youre going to no, no. Here is your chance. Absolutely, it was. For two reasons, one is he put republicans on notice that he wants to get stuff done and all of this stuff about how complicated it is and how difficult, you know what . The speech last night was like we need to get this done. And in terms of democrats, 100 opposition since he was elected. Thats no longer tenable after last night. Stuart very well said. We went up to 21,006 now. Shah gilani is here this morning. Ill give you kudos and credit here, you are the guy who said we would speedily get to 21,000. You thought it might be january. Well, its march the 1st. Is this the second leg up that you and a lot of other people have been talking about . No, this is the first leg. I think we have a good bit higher to go. This was a really easy call because the market basically showed you which way they wanted to go. The resistance was nothing on the outside and every time fall back, immediately did nothing. We havent had a 1 drop in i dont know, 95, 100 days. Stuart 100 days. So the market is telling everybody, it wants to go up. The speech yesterday i think was brilliant and we saw asian markets responded beautifully and european markets are up very big today so its not surprising that the market here is going to go higher. Lets bring in keith fitz joining us from the west coast. Youre another one of our regular market watchers who has accurately predicted the trump rally. So, ill say the same question to you, keith. Are we now about to see the second leg up . Or another leg up . Call it what you want. Are we going up from here . I am absolutely with shah. This is what hope and confidence actually looks like, its not an intellectual exercise, real money, real capital, real jobs and real americans like it, which is why executives have confidence and moving forward. Stuart do you want to put a number on this . Shah said 21 is,000 in january, he says a little off. 22,000 when . [laughter] you know, its too early to call, ive got to look at the screens a little bit, but ill have an answer tomorrow. Stuart well take that, come back tomorrow. Liz Michael Hartman equity, were driving away from davos man, to joe six pack. Stuart theres always. Ashley the financial stocks get more money back on their loans. Were back to good news is good news. The Federal Reserve raises rates because the market is doing well and the economy is doing well and a sign that the United States will move forward. Stuart lets not forget, lizzie, you told us this news yesterday. Refresh my mind, Consumer Confidence hit, was it a 15year high. Liz thats correct. Another indices for confidence. Small business, manufacturers are moving higher. Stuart on the righthand side of your screen youre going to be looking at all kinds of stocks which are winning issues today. If youve got a market thats up 200 points, 21,000, theres a lot, a lot of winners out there. Look on the righthand side of your screen and you will see them all. We are going to rotate lots of stocks for you to look at. If youve got any of these stocks, youre doing well today. Some individual companies are in the news and their stock prices are moving. First of all, google, lately known as alphabet. Theyre going to start a new Live Streaming service from youtube. Youtube is part of the alpha get enterprise. 40 channels for 35 a month. I say that is a big, big deal. Ashley cheap. Stuart ashley. Ashley i need to see which channels, but pretty good. My kids just spend their entire day on youtube, its incredible. Stuart i mean, keith, come into this. This is a new way of watching television, isnt it . It not televisio we ow it, streaming on Youtube A Netflix and the rest is a big deal. Its a huge deal. This is a potential apple killer. Apple talked about tv for a long period of time. Another company taking away apples target. Here is whats important. If you want to watch the History Channel you dont have to have underwater basket weaving to go along with it. Stuart what was that . Underwater basket weaving. Exactly. Stuart thats pretty good. [laughter] its more disruption. Another segment going through disruption. Espn we see having problems because of it. The models how consumers receive products are being torn up and reformed and thats, you know, its huge opportunities for the players in those segments, i think. Stuart of course, we have the amazon story of the day for you. This is a story about amazons influence and control of, or part played in the internet. Its web services went out yesterday. They had a glitch, and that created a whole problem for hundreds of thousands of websites. Ashley they shut down for four hours, it shows their scope, amazon, that is, in Cloud Computing. 31 of maybe all the global Cloud Computing services is handled by amazon. Massive. Stuart that shows how much influence amazon has on the internet. Maybe good news for amazon and the stock is up. Okay. Check that big board, were now up 200 points on the dow industrials. 21,015. Thats where we are now. Aint you glad you tuned in . [laughter] stocks soaring to a record high and hotel bookings, 8 for priceline. Weight watchers, people are joining and look at this, 13 gain today after a big jump yesterday. The arts and crafts marketplace call calledetsy called etsy. And dont do that, this is 22 on an otherwise up market. Signet, Parent Company of jareds, kay jewelers, fell yesterday. Hundreds of sex discrimination claims no, they consolidated 250 complaints into a class action suit, thats what they did. The stock was down yesterday. Nicole at the New York Stock Exchange. What are traders saying about the trump speech . Ive got to believe they liked it. Nicole liked it . They loved it they have a million things to say. You walk around this floor and you feel the inspiration on the floor and thats evident from dow 21,000. Who knew there would be dow 21,000 hats . Are we going to get a hat for every thousand . Better start printing them. Wall street needs to believe in the economy and never went o script oiously except r one time and scott redleying it was pro business, pro america, very president ial. We heard from keith bliss who said how encouraged we are for the future and that the tone was perfect, according to tim anderson, inspiring and uplifting. While the critics can say that the timeline or worried about Infrastructure Spending or tax credits, the timeline overall, the feeling was that President Trump was extremely president ial and brought optimism and uplifted the market and 401 k s and iras. Log in and smile. Thanks, nicole. Ive got to look at the retail ice age. Hold on a moment. Shah gilani says one of the stocks he would buy today now, even though weve got a runup in the overall market is target. Didnt you hear the story about retail ice age . Yes, thats another reason we bought macys, were up on that. Target has now broken through and decent support at 65. It got hammered yesterday. Stuart its down again today. And were going to buy today. Its got a 4 dividend yield and as weve seen some of the stocks, when the earnings come out and they get hit. Thats one thing, after the market goes higher those stocks become value stocks and people bid them up. Plenty of cash, generates cash and its going to correct and its the stock in a rotation, the market will take higher. Stuart if i buy it at 58 i get a 4 dividend yield locked in im going to get. Liz the question is if the strategy now works, theyre going to move to take on walmart, really, really cheap goods away from cheap chic and cheap fashion. Thats the Grocery Store Profit Margins razor thin. Stuart you dont care whether it works or loses. Its on the way down. I think they have a large enough presence and withstand the market. Theyre in between amazon and walmart and thats a problem, but i think they can find the space there and hold onto the market and increase slightly. Market rotation, this is one of the stocks you want to take a shot with. Stuart the retailers are down their big problem in my opinion, theyre bricks and mortar. The icks and mortar guys are way, way down. Having a hard time competing with the online guys. Keith fitz, is there any retailer that youd buy now . Brooks and mortar, no, im no disrespect to shah, i agree with every single point you make there, big guy, im going to stick with amazon because i think its amazon versus everybody else. With the Cloud Computer and data, i dont think theres a viable bricks and mortar out there. I totally agree and i think the problem is target, target became target again and you have to have a differentiating strategy and they know longer have one. Stuart retail stock. Today the dow is up 200 points, 21,000. J. C. Penneys, best buy, walmart, sears all down. That also could be because of tax reform. He came out strongly last night talking tax reform and its perceived that the retailers might be losers in the kind of border adjustment tax adoption that absolutely is essential for tax reform going through. Thats a problem, but if you look at some of the retail stocks. Some are dogs and wouldnt want to touch them, but some have great real estate values and im going to take issue with that. Who wants to invest in a mall when macys is gone and. Sears. You look at the whole company and its debt. Youre getting the retailer free if you have macys. I think thats true, shah. When you look at sacks fifth avenue in the middle of manhattan, prime real estate. When when you look at the malls, who is going toboggan in the malls. This is not a lifetime haul, this is a great trade now. I think you can get Nice Movement out of the target. Stuart okay, shah. [laughter] the markets up 200 points, 21,000 on the dow. Okay. Tomorrow, you can buy a piece of snap chat, todays snap story, thats the name of the company, by the way. Theyve got a selfie drone, okay . I dont know much about it. I dont know, i mean, so they can take pictures with drone and video. Stuart youre a techie guy, keith. What is this . , this is the glasses and the drones, so what . How many can you get to with selfies with drones . Its another piece of technology that people are drooling over, i dont know in. Stuart buy a piece of the action. Ashley we need a millennial. I had a drone to take pictures outside at a party and i certainly dont want it at the beach. There you go. Stuart we made history. Were on the air at getgo 9 30 eastern, bang we were on the air when we did it. Thank you, viewers, for being part of history. Thank you very much, shah and keith and everybody else who is watching. Check that big board. Were up 200 points and the market is holding right there with a gain of 203 points, 21,000. We hit it today. Now this President Trump waiting on five cabinet members to be confirmed. Six weeks into his presidency. Joining us now, congressman Chris Collins, republican, new york, we think of Chris Collins as the gatekeeper, the man who organized the cabinet picks. Cant you do anything about this to get the five remaining guys confirmed in the cabinet . You know, stuart, its shameful with senator schumer, hes the one doing the delay tactic and burning the clock as were trying to get legislation through. The problem with the senate is the time that we have on the floor, this is a deliberate strategy by senator schumer to deny donald trump, our president , the opportunity not only to get his cabinet together, but to get key legislation moved. Unfortunately, the game hes playing. Stuart couldnt senator mcconnell, the republican leader in the senate, the majority leader in the senate, couldnt he just say were voting and were going to do it now, he can do that, cant he . No, he cant. See, we can do that in the house, but you cant in the senate. Under their rules, specific rules, 30 hours of debate, which they can run the clock out and senator schumer has been running that clock out. Im almost all not quite, almost all of the nominees, which has been problematic as weve tried to do some congressionalal review act and on a few occasions leader mcconnell had to interrupt the process to get those through. This is deliberate game by senator schumer and i think the country should take notice, thats what hes doing. Shameful. You. Stuart you were the first to back donald trump, then candidate trump, you were the first and you backed candidate trump. Last night in his speech, did President Trump emerge . Is that your idea of how things went last night . I think youre exactly right, stuart. It was february 24th, actually in 2016, a little over a year ago when i endorsed then candidate trump. We certainly saw President Trump front and center and the best thing i saw, he emphasized repeal and replace obamacare on tax reform and infrastcture and he got, obviously, standing applause by the republicans. That puts pressure on the republicans, some of whom have been a little bit iffy on certain aspects of both tax reform and Health Care Reform, and i see the power of the bully pulpit and i feel a lot better this morning about getting those key issues through the house and get them passed and then over to the senate. Just the pure power of the presidency and the way that speech was delivered last night, is something and as you saw today, the stock market even reacted. Stuart were watching it, new high as of right now, up 212 points, but the ball is in your court. Its very much in the republicans court. Youve got to compromise on obamacare, compromise on tax reform, youve got to get this through. Can you tell us right now, yes, youre going to do it . I would say, yes, were going to do it because the alternative would be wed go into the mid term elections and it would be a devastating election. We have to get it done and President Trump is going to have to use the bully pulpit the power of the presidency perhaps to get a few members in line. He will do that, we will get it done, stuart. Stuart Chris Collins, a pleasure. Thank you for joining us. Always good to be with you. Stuart i want to draw your attention again to the stock market, were now up 217 points, powering well beyond 21,000. Were at 21,029. Who would have thought . Not me. Ashley who would have thunk. Stuart i confess freely, i didnt see this coming. Shah gilani did. Hes taken severalows and voter reaction to President Trumps speech last night. We call them dials. Look at them. Weve got more for you after this. Guyhey nicole, happening here . This is my new alert system for whenever anything happens in the market. Kids a natural. But thinkorswim already lets you create custom alerts for all the things that are important to you. Shhh. Alerts on anything at all . 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Unitedhealthcare has been helping Medicare Beneficiaries for over 30 years. Well connect you with the right people, help schedule your appointments, and with renew by unitedhealthcare, you can learn about Healthy Living and earn rewards, too. So if youre new to medicare or retiring soon consider an aarp medicarecomplete plan from unitedhealthcare, which can combine parts a and b, your hospital and doctor coverage. Part d Prescription Drug coverage and more. All in one plan. Call unitedhealthcare or go online now. The Car Companies are coming in with their latest sales figures. I think weve got chrysler just in, ash, what have we got . Down 10 compared to february of last year. The grand cherokee, you see everywhere, those were up 11 . Ram truck brand sales up 4 , but overall not a great month compared to last year, so, that follows up fords disappointing numbers as well. Stuart both ford and fiat stock are up, i might add. Figure that one. Here is what we often do after a major presentation by a president , we run a sound bite and we show you the dials, that is viewer reaction to what theyre seeing from President Trump. Red line republicans, yellow line independents, blue line democrats. Here is the president saying his job is to represent the United States not the world and the dials, roll tape. Free nations are the best vehicle for expressing the will of the people and america respects of rights of all nation to chart their own path. My job is not to represent the world. My job is to represent the United States of america. Stuart lee carter is with us, and thats what you do. You did those dials. I did. Stuart before we get into it, why do they come down at the very end . At the end thats when the people are turning back to neutral. The middle of the screen is where it was, and it was off the charts last night. I have to say, its a tough job, he had 40 rough days going into this. He needed to stick the landing and he did. One of our respondents there said when he went on stage, i uldnt imagine him being president of the United States looking at him as donald trump and when he was done, i looked at him and said, now, thats the president of the United States. This message that i am the president for america and not for the global, thats exactly why hes in office, make America Great again, optimistic message. Stuart fast, ive got to run the video of the president talking about the economy and the dials are attached. Ear roll tape. The stock market has gained almost 3 trillion in value since the election on november 8th. A record. Weve saved taxpayers hundreds of millions of dollars by bringing down the price of fantastic and it is a fantastic new f35 jet fighter and well be saving billions more on contracts all across our government. We placed a hiring freeze on nonmilitary workers. Stuart why didnt the democrats like it . The blue line showed them down. This is as good as hes going to do with democrats. Theyre neutral. He did a great job reminding everyone of all the accomplishments that happened since he is president of the United States and you know what . The dials and the dow loved it. Stuart the dials do not lie. This was great stuff and we appreciate it, thank you very much indeed. The trump rally, it has come roaring back. Were at a new high of the day, up 229. The Mainstream Media will not admit this. They wont say its a trump rally. My take on the trump rally and the growth agenda coming up at the 10 00 coming up for you. Stuart it is very hard to believe that the elite media just will not tell you about the astonishing trump rally. Maybe, repeat, maybe, that will now change because the trump rally as you can see has come roaring back. This is going to be very hard to ignore. Make no mistake it is the trump rally. Our competitors dismissed refer to the trump bump. That is ridiculous. The dow has gone up 2500 points since the election. Does the left seriously believe janet yellen or president obama who did this . Really . Just coincidence the market takes off from the exact moment trump won . What absolute nonsense that sis. Last night President Trump laid out a growth agenda. That is what his presidency is all about, cut taxes, build infrastructure, pull the economy out of its rut and return Middle America to prosperity. The Immediate Response this morning was return of the market surge. It had taken a brief oneday pause. It has come back to new highs because of President Trump and his speech. What the president did last night was brilliant political theater. He managed his message, like the great mine indicator he is. The better he delivers the message, the more chance he has of accomplishing his goal of growth and prosperity. Investors like the delivery, and they like the message. Political theater meets the world of money and they fall in love. The second hour of Varney Company is about to begin. Thats the way i like it, uhhuh. Stuart ladies and gentlemen, that song was request of the charles, the animal, payne. It is in honor of dow 21,000. Yes stuart hold on. Well hear from him in a minute. First, fresh breaking data. First of all, emac, got numbers on manufacturing . Liz read on u. S. Manufacturing coming in better than expected at 57 1 2. Coming in expected was 56. So it was a beat. We saw this with the philly and Empire Manufacturing indexes moving up. Sign of Business Confidence and expanding housing market. Will it say to the fed will you raise rates with the dollar coming in with the bullish economy. Stuart dow doesnt care. Up 230. Ash, what do you got . Ashley i have other side. Construction spending down yearoveryear 1 . They were expecting a positive half to. 6 . That is a big miss on construction spending. January follows up the miss in december which was also negative. So, on the construction side, maybe theyre just waiting to he see what mr. Trump does in the white house before they really crank up. Stuart on the manufacturing side they love it. Weve gone to another new high. Now were up 242 points, reaching 20,056, up 245, at that, ladies and gentlemen, is a rally and 1 2. Liz sure is. Stuart i have to bring to your attention, some losing stocks, among them best buy. This is our retail ice age theme at large. They were hurt by weak demand for tablets and mobile phones among other gauge gets. The stock is down 3 . Gadgets. Lowes, look at that, a very big company. A very valuable company and theyre up 10 today. As of now. Thats good going. Look who is here. Charles payne, host of making money on the Fox Business Network who is also killing his competition. Youre the animal spirits guy. Im the animal spirits guy. Welcome back. Stuart that is what it is, isnt it . That is the essence of animal spirit right there. You said it, President Trump spoke last night, and market is telling you exactly how they felt bit. Stuart real feeling excitement. That is what we want to communicate to our viewers this is exciting stuff. Let me give you an example. Yesterday the conferen board came out with their confidence number. Stuart yeah. Everybody said this everybody said highest number in 15 years. They missed the point. Because 15 years ago it was coming down. Going up, this is the highest number since 199. In fact december of 1996. Who remembers the famous thing happened in 1996 . Alan greenspan said irrational exuberance. Stuart he did. Animal spirits were so alive. Guess what . That exuberance went on another three years. That is lesson to be learned. Dont equate confidence where we are in the last number but in terms of trajectory. Stuart okay. It gives you a road map this can go on for lot longer. Stuart thats important, charles. Right. Stuart you have always told us you can expect a pullback here and pullback there. Absolutely. Stuart but over the longer term you unleash animal spirits you get in now because it is going up. Absolutely, yeah. Stuart take as strong stomach to come on television say were at 21,000, were only just getting started. I do the work and i look beneath the surface and see. This earnings season, nine of 11 sectors, growth more rapid since december 31st. Were seeing evidence of it. This is right beneath the surface. This is not just sentiment in the wind, this is reality. It will be infectious for everybody. Stuart it has not been like this for years and years and years. I think you do have to go back to the late 90s. Remember all innovation an excitement . People feeling like they could do it. Everyone was writing a Business Plan on the back of a napkin. We know there was a lot of bust in that. People reminisce about the bust. What about the booms and lifesaving technology we got out of it . Stuart i am laughing at it. I sitting next to you. Understand why youre killing the competition. Im not telling you to trade something for a nickel. I wonder why not. Stuart youre all right, payne, i dont care what they say. Now it was first speech to the joint session of congress. President trump said, he plans to lead the United States, not be the leader of the world. Watch this. My joisot to represent the world. My job is to represent the United States of america. Stuart you know, i really picked up on that. I really felt the president obama wanted to be president of the world. Yes, clearly, his statement what happened last night was remarkable. Yes, there is policy, reiterated what matters to him but the reason why it worked is because of his attitude, the nature of what we know he stands for. Like i could have delivered speech and it would be meaningless of course because difference between a man who actually can got it done. It is not this vague you arery of hope and change. Its a man with a plan. He knows what to do. He surrounded himself with the right people. He also reasserted nationalism within this framework and thats also what people are responding to. It is the entire package. Stuart democrats dont trust nationalism. The left doesnt like nationalism. In fact democrats, some of them at least last night, i would say they sat and they pouted. For example, Keith Ellison sitting, right next to Debbie Wasserman schultz, sitting there, not looking happy at all. What do you make of that . Look, it is the ultimate example of what both parties now have become. And who donald trump is. Everybody was really in their genuine element of what they represent and that is why the Democrat Party is failing. You look at those two individuals. They didnt even applaud for jobs, and nature of job creation, things that are universally needed and wanted. Trump was in his element. The democrats is in theirs and theirs is the swamp and they know it. Stuart put up the picture of Debbie Wasserman schultz and Keith Ellison, you catch a glimpse, some ladies in white. What do you make of that . Wait, you are former leader of National Chapter of now, National Organization of women. Their statement was they will stop donald trump from rolling back womens rights. What happened womens rights were rolled back for the eight years. Millions of women into poverty. Millions of women on to food stamps. Millions of women losing businesses and jobs and losing their doctors and hospitals. If they were genuinely worried about the condition of womens lives, they would have been wearing white r the last eig years. Donald trumps economic plan is going to change every womans life, for the better, so how dare they mislead their own base about the nature of what is occurring. How dare they, and they will be punished by the electorate. Stuart ladies and gentlemen, i can safely say charles paynes Blood Pressure came down a little. That is why we bring him back, what is your opinion of the speech last night . I thought it was a great speech and i want, you know, donald trump so everyone applauding it, good to remember, it was a speech we didnt hear about the fake news and all the enemies and i dont know why people were surprised. It wasnt twitter. It wasnt impromptu news conference. It was like a state of the union address. I really expected what we got last night. I was kind of surprised so many people were surprised. I knew that President Trump had this in him, weve seen glimpses of this every now and then. Sort of a reset. It was a speech as much to republicans as much as anyone else. Now lets hit the ground running. Wall street expects you to get it done. Stuart thats it, isnt it . The ball is in your court, republicans in congress. Tough do this thing and pass this that is what he is saying. Yeah. Stuart were up 240 points. Well take it. I will say it again, charles, thank you very much. Appreciate it. Stuart the president several times last night flatout called for unity. Roll tape. On this and so many other things democrats and republicans should get together and unite for the good of our country, and for the food good of the american people. Stuart republican from tennessee, congresswoman Marcia Blackburn is here this morning. The ball is in your court, the republicans court. You have to compromise on obamacare and you have to compromise on tax reform. Are you going to do it . Well bring forward some 100 bills we have had over past couple years, stuart and fix the health care system. Now one thing i will point out, is that republicans chose to work with president obama to fix the obamacare issues. We passed over 65 bills that we had, that were there since 2010 to go in and fix component of it. So what were saying to the democrat now is, we made things better for the american people. Under president obama and were asking you to accept the president s invitation and to work with us. Stuart marcia, they showed no sign whatsoever of accepting the offer of come join with us and fix this thing together. No sign whatsoever. You know, stuart, i see it as their loss. You can go back to the blair House Health Care summit, february 25th, 2010. We accepted president obamas invitation to show up an present a private sector, patientcentered option for health care. We did that the democrats laid out Public Sector option. They went with theirs. It did not work. Obamacare is imploding. We have a third of the counties in this country only have one Health Insurance provider at this point. 2 3 of the counties have only two or another third of counties have only two. And we have to fix this is. We are asking them to work with us to get it fixed. Stuart i want to bring to your attention, americas top banker, jamie dimon. He said, now he knows a lot of people in powerful positions in washington, and hes just said late yesterday as a matter of fact, he says, look, were not going to get a tax cut this year. Now that is very big news coming from a man who is very respected in the banking industry. What do you make of it . I think that he doesnt know the determination of some of us in the house, to utilize the window we have to get down individual marginal rates. And also to exercise some changes in the Corporate Tax structure. Working on taxation an regulation together. Were going to see some growth in the economy. We know that is how you get to 4 growth. So he has his opinion. And he is welcome to come work with us as we move forward. Stuart okay, we got it. Marcia blackburn, thank you for joining us. Good to be here. Stuart i know well see you soon. Absolutely, thanks. Stuart lizzie, you want to get into this. Liz key strategy that is so important. People need to listen what republicans are trying to do. They need to do tax reform and budge obamacare reform through budget reconciliation, only need 51 votes. In order to do that, it has, revenue has to offset each other with the tax cut, you have to have revenue hikes. Stuart no. Liz budget reconciliation you do. Why the border tax will likely stay because it will raise revenue. Stuart wont get agreement amongst republicans. Liz that is the big fight. Ashley you need 51. Liz in order to do it that way passed via 51 dealing with democrats, you do it in budget reconciliation. That is the battle plan. In order to do that you have to raise revenue and have tax cuts. See what im saying border tax could stay. Stuart sound like catch 22. Liz yeah it is tough. It will be quite Battle Royale coming down. Stuart you have to have democrats on the republican side . Liz no, not on budget reconciliation. You only need 51 votes in senate. Ashley if you go budget reconciliation way is what emac saying but all the republicans have to come on board. Stuart wont hurt if joe manchin came across the aisle. You might want to get that. Liz if you want to avoid democrat obstruction and filibuster, do it with 51. Stuart right now the market thinks, investors think you will get a tax cut. Were up 240 points. Liz and get border tax. You have to offset. Stuart i dont want to hear about that. Liz i hear you. I hear you. It is quite a fight. Ashley to lizs point you need border tax to raise revenue to get it through budget reconciliation. Liz to get rid of Corporate Tax hike, 35 tax. Stuart im working on this. Wheels are turning slowly but i will get there eventually. Liz you will. Stuart i will give you something completely different. Lets get away from the market, get away from President Trump. Video surfaced of ubers ceo, Travis Kalanick in a heated conversation with uber driver about the direction of uber and the companys black service as it is called. Watch this. You drove up prices on black. Yes, you did. Started at 20. [bleep]. Started with 20. How much is the mile now, 2. 5. You know what . What. Some people doesnt like to take responsibility for i do. They blame everything,. Email for good luck. Stuart i believe, ashley, that uber, ceo there ashley Travis Kalanick. Stuart he is apologizing. Ashley he said i will need leadership counseling or leadership help. Liz help. Ashley for this outburst. Basically the driver saying i lost 7 grand because of you. Im bankrupt because of you. You havent come through with lower prices. He tried to at beginning placate the guy. At some point you have to take responsibility for yourself. Stuart im very sorry, but i dont think a guy who has built a brilliant empire like that, and it is his empire, he has done this, i dont think should be called into court almost and sent to management retraining or political reeducation camp because he has one outburst. Liz it was, he was secretly filmed. There is something kind of film about the driver filming. Stuart i dont care about that. Why do we come to the boss of a he have Successful Operation cant lay down the law . You cant do that oh, oh. Back off. Liz back off. Stuart go to special education. We cant have, what is happening on universities and political correctness. Starting to move into business into such dynamic where you have a man like that. That driver has options. There are other companies that do this. When i get picked up, they, they can get calls from variety of other driving companies all at once. So no one is just stuck into uber. You can get a call from lyft or from any other number of services. Liz his mea culpa. Im ashamed. I need to grow up. That was quite the mea culpa, i think im done this one. Ashley yes, you are. Stuart check the big board. Were close to the highs of the day. It is a riproaring rally after the president s speech last night, up 240 points. Well above 21,000. How about that . Better look at amazon are. They had a glitch in their Web Hosting Software. Virtually broke the internet. Tens of thousands of websites crashed. Who cares . Investors love it. 850 bucks a share for amazon, up 6. There was drama right from the start of last nights speech. Watch this. Members of congress, the first lady of the United States [applause] we are blessed to be joined tonight by corrine owens, the widow of u. S. Navy special operator, senior chief william ryan owens. Ryans legacy is etched into eternity. Thank you. [applause] stuart it was stunner, was it not . Our next guest knows all about drama. Actress and author of, a little bit vulnerable. Janine turner. Welcome back. Always good to see you. Good to see you, varney. I love calling you varney. Stuart varney. Ashley has been called worse. Stuart i thought last night was a brilliant piece of political theater. It was the delivery, just as much as the content which got to me and i think made the speech a success. What says janine . I thought it was simply superb. I thought that moment with police owens was so incredibly touching. I wonder if american in any of us didnt shed a tear and cry. My father was a west pointed. Flew in the air force. To be honored that way was simply beautiful. I thought she was very, very brave. Very brave to show up. Stuart the president is good, the man is just really, really good with doing television. Thats, what a lot of it was about last night . Well, i hope that was sincere, you know, just theatrically dramatic. I think he was sincere. But, yes, everyone, he was honoring last night. The young woman who grew up in poverty and now graduated from college. I grave 80 speeches last year in schools. I think what theyre trying to do, inner schools and Charter Schools and what President Trump is trying to do with the School System lift children in poverty a better opportunity is wonderful. I think everyone he had in the galley there was really, really worthwhile, very touching. Stuart it was interesting. Reminded me of the great communicator, ronald reagan. Yes. Stuart i want to ask you, what did you think of those women, democrats who protested the president s speech . They all wore white, apparently in honor of womens suffrage. What is your reaction about that . I didnt know why they were wearing white at first. I thought they were snowflakes. I really didnt know until next morning until i googled it. It was unfounded, talk about theater, what i thought was amazing camera work going to democrats at moments when President Trump talks about working with the Prime Minister of canada to help female entrepreneur, cut to elizabeth warren, really entrepreneurs . I dont know about this. It was looking around, thinking i kind of like it but i dont know if i should clap. Are my comrades clapping . That to me was the drama of the evening. Stuart i think you said one of my comrades thinking. That was subtle janine. We got that message. Comrades. Stuart janine, thanks for joining us as always. See you soon. High for the day. There it is, up 24points. 21,000 and 60. Well be back. Your path to retirement may not always be clear. But at t. Rowe price, we can help guide your retirement savings. So wherever your Retirement Journey takes you, we can help you reach your goals. Call us or your advisor t. Rowe price. Invest with confidence. [he has a new business teaching lessons. Rodney wanted to know how his business was doing. So he got quickbooks. It organizes all his accounts, so he can see his bottom line. Ahhh. Thats a profit. Know where you stand instantly. Visit quickbooksdotcom. Your insurance on time. Tap one little bumper, and up go your rates. What good is having insurance if you get punished for using it . News flash nobodys perfect. For drivers with accident forgiveness, Liberty Mutual wont raise your rates due to your first accident. And if you do have an accident, our claims centers are available to assist you 24 7. Call for a free quote today. Liberty stands with you™ Liberty Mutual insurance stuart specialops troops have been punished for flying a trump flag. Tell me the story, ashley. Ashley you can see it there in the video. That is a blue Donald Trump Campaign flag. It was on the lead humvee of a convoy. This is i65 north in condition tuck. I know it well. Someone took a picture of it. Apparently that is not in the rules for the navy who said, its basically determined that servicemembers violated spirit and intent of regulations. Apparent endorsement of Political Activities which is no, no in the military. I agree with that. I dont think the military should be endorsing anybody. What it shows, combined with us changing rules of engagement for our military in iraq, which will save they are age to do the job. Of course theyre thrilled. They. Stuart big board another new high. Were up 255 points. Weve reached 21,000 and 67. That is a rally and a 1 2, aint it . Dramatic footage in california. A man approaches the Police Station with a baseball bat. He is pounding on the Police Station windows. Im not sure what that is of. I will show it to you later. I will describe it now. I wont. I dont have time. Stuart okay. We are now about to have the latest numbers on how much oil weve got in storage. This could affect the price of oil currently at 54 a barrel. We have 10 seconds to go before we actually get the numbers, is that right, liz . Were waiting. Liz eight straight week of builds. Stuart that means the amount in storage has gone up for eight straight weeks. It is 10 30. What have we got . Liz coming in my ear now. Anyone . Stuart attention, producers. Ashley cricket, crushingket. Liz anyone . Stuart we dont know, we dont know yet. Ashley 1. 5 million. Liz 1. 5 million, less than expected but still a build. Eight straight weeks of a build. Stuart for eight straight weeks we have more and more oil in storage. That means the supply of oil has gone up, regardless of that the price has gone up, 54 per barrel. Liz opec cuts. Stuart im not sure there is much relevance between the price of oil at 54 a barrel and stock market up 253 points. No relationship whatsoever in my opinion. The probably last time we bring you live the Oil Inventory at 10 30. President trump says he would seek legislation for a trillion dollar investment in infrastructure stocks, infrastructure generally. Infrastructure stocks going straight up this morning. Will you look at that . Agean corporation, not sure what that is. The stock is up. Stuart i think President Trump is watching the show, he pulled a page from varney playbook, highlighting wealth investors gained since he took office. Watch this. The stock market has gained almost 3 trillion in value on november 8th, a record. Stuart thats exactly what we said over the past 24 hours. Up 3 trillion in wealth, since the election of november the 8th. Ashley wow. Stuart our next guest former head of ubs america, ceo robert wolf is with us. You can see what we can sayings were up 255 points. Up 2500 points since the election s robert wolf prepared to say yes, this is the trump rally. Stuart, no mas. Stuart are you prepared to say it . Say it. We have gone from the trump bump to the trump rally. I agree with you. Stuart ah. But i have to put it in perspective, you have to let me put it into perspective. Stuart go ahead. President ial rallies, for this first 40 days it has been incredible. Just lets look over the last, three eightyear president s. Obama 235 the market went up 16 1 2 annually. Stuart that was Federal Reserve. Let me finish. Are you going to let me finish . George w. Bush up 30 . Stuart that was tax cuts. Bill clinton, up, 265 . 17. 5 annually. Liz internet. There is always a reason. All i will say stuart dotcom bubble. He had great 40 days. This is trump rally. We can make a bet what happened eight years today. Weve been together a long time. Eight years, whether he is up 250 over eight years. Stuart no bet. I want to make sure everybody understands this is the trump rally. You got me. Stuart i want to know why the Mainstream Media, youre not a part of the Mainstream Media, i got that, but you are a democrat. Correct, staunch. Stuart you were a Hillary Clinton supporter. Yes, i was. Stuart why wont the establishment media report the trump rally. There is no mention of it. They should. Stuart of course they should. Anytime the stock market goes up its a good thing for country of the start with that. There is no debate with that. Stuart if you grow the economy, you grow towards prosperity, isnt that the lesson we should be learning here . I think the question is how does trickledown economics work when it comes from the stock market going forward. There is real debate to be had on that. Some people say it works. Equal amount say it hasnt worked. What you opened up with infrastructure plan. There is no question that helps everyone. Stuart lefthand side of the screen, financial stocks, jpmorgan, morgan stanley, goldman sachs, citigroup, wells fargo. They are all banks. They are up, you know why theyre up. Well probably repeal the obama era doddfrank legislation. Youre an obama supporter. Youre a banker. Dont you welcome reform the doddfrank. I was there as lehman weaken one of those 10 ceos there. We absolutely needed reg reform. There is no question we were not prepared for what happened that weekend. Now with respect to doddfrank, yes, weve spoken about it. I liked it much beer when it was 85page treasury blueprint than 10,000 pages it is today. It needs to be principlesbased than rulesbased. There needs to be changed no question about it. But not repealing it. It needs to be changed. Stuart you finally got yourself out of the hole. You got yourself out of the hole. You represent its a trump rally. See you real soon. In his first major speech attorney general Jeff Sessions says the Justice Department quote, will pull back from investigations into alleged civil rights abuses by local police departments. The attorney general will pull back. Joining us now from the Cleveland Police department, detective steve loomis, who often comment on this kind of issue. This is not going to go down well, it will go down well with you, but not necessarily with many communities in the United States. What say you . Well, were very, very encouraged by director sessions, attorney general sessions comments. Were not surprised by them and you know, its long overdue. Police officers across this country their hands are cuffed. We cant go out there to do the job we need to do and we all want to do in impoverished neighborhoods of every ethnicity. So were very encouraged. Stuart okay. I want to move on to the speech last night. There was, i heard it, there was an audible grown from some democrats last night when the president introduced a new immigration crime victims office. Watch this. We must support the victims of crime. I have ordered the department of Homeland Security to create an office to serve american victims. The office is called voice. Victims of immigration crime engagement. We are providing a voice stuart that was, you heard that. That was a grown. Yeah. Stuart now im not here to explain why the left groans at the idea of an office for victims and their rights. How do you elain this . A groan . Snowflakes groaning about the fact they will be held accountable. If they want to hold Police Accountable for things they do or dont do we need to hold everybody accountable. Apapplaud president finally tracking these crimes. Victims of crimes across the country need to be supported by the citizens of this country and by Police Officers of this country. So, you know, the groan, that doesnt surprise me. Watching what has gone on in recent months and years here, but, i applaud the president. Thats absolutely needs to be tracked. We need to use that data. What else needs to be tracked is all these folks let out of prison by president obama. Lets see what theyre up to, track what they will be doing here in the next few years. It could be very, very eyeopening to you. Stuart i will put you down as trump supporter. Absolutely. Stuart steve loomis,. Thank you very much, sir. Stuart trouble ahead for snapchats ipo. Protesters outside of their headquarters i think that is venice, california, urging people, do not invest. Cheryl casone on that in just a moment. Oh, sorry, shes there. I am. Stuart what are they protesting about and why are they saying dont buy the stock when it goes to the public tomorrow . Well, interesting you say that, stuart, because were hearing from the journal the pricing is between 17, 18 per share. That will make snapchat worth 25 billion if it prices in the range tomorrow morning. Well know the price tonight. Here in venice beach, different story. Snapchat came in here, they didnt make one office their headquarters. They pulled several different buildings around the area. Were in beautiful sunny california on beach. To make it their campus but all over. Folks in venice do not like this. This sign, there calling it steal a conn beach. This is known as silicon beach. Snapchat beach. It is early. Dont get up in california even though the sun is up and shining in have been necessary beach, california but we did talk to snapchat earlier this morning, a lot of people in the community are angry but you expanding here. They told us they tried tomorrow with up to the community, make themselves a part of the community but theyre looking for other options. So snapchat, when they get 3 billion, in the ipo tomorrow, at least if not more, they may look to change their footprint in california. This is not silicon valley, stuart. Silicone beach where we are all day for fox business. Used to have a california segment. Forgot the name of it. Stuart we plant our flag in california. I think we yanked it out. That is what it is. Stuart cheryl, i dont see what the objection is. Ashley i dont get it. Stuart we dont want you here. Back to the video we promised you earlier. I will show it for you. This is california. A man approach as Police Station. Got a baseball bat. Starts pounding on the Police Station windows. People have to move to get out of the way. In a moment, there he comes. Whoa took him right out. He was tackled by a cop. He went to the ground with a large thud. The man is charged with assault and resisting an officer. This is pretty clearcut crime on videotape. Got it. Check out the big board. This is the trump rally. Look at that, 21,050 as we speak. Jpmorgan, the chief there, jamie dimon, top banker in america, he says we will not get tax reform this year. I dont know about you, but im kind of optimistic well get something this year. Thats what ive been pounding the table for a long time. Ashley President Trump promise to repeal and replace obamacare. Senator rand paul said conservatives across the country dont want taxes on their Health Insurance. Roll tape. Conserve istives across the country dont want obamacare light and another Entitlement Program. Im nobacking down on that. There are not enoughotes to pass ryans bill. What he wants with refundable tax credits, wants a tax on health care. Were not the party that wants to tax health care. So they want to say if you spend more than a certain amount on your Health Insurance theyre growing to tax it. That is not conservative idea. I guarranty you go to any grassroots lincoln day dinner, any Tea Party Event they will tell you they dont want taxes on their Health Insurance. Hi my name is tom. Im raph. My name is anne. Im one of the real live attorneys you can talk to through legalzoom. Dont let unanswered legal questions hold you up, because were here, were here, and weve got your back. Legalzoom. Legal help is here. Legal help is here. Im connecting so we can share our amazing trading knowledge. Why dont you just go to thinkorswims chat rooms, where you can share strategies with thousands of other traders . Mmm, blueberry . Tap into the knowledge of other traders on thinkorswim. Only at td ameritrade. Stuart there is a new iphone coming out later this year and apple moved to a new alltime high. It is at 138 a share. Thats a record right now. Okay. Oh, dear, the organ music. Retailer American Eagle, another round of disappointing earnings. Is that why we put them on . Ashley that is exactly right. Revenue falling short down 1 . Comp store sales declined for namesake brand American Eagle outfitters. It says in the earnings call, it is facing a challenging retail environment. Talking about it basically every day. It is very challenging, those words, those numbers, bringing that stock down. Stuart retail ice age. There you go. That is part of it. President trump promised, quote, historic tax reform in his address to Congress Last night. You better watch this. It will be a big, big cut. At the same time we will provide massive tax relief for the middle class. We must create level Playing Field for American Companies and our workers have to do it. [applause] stuart you can understand, he said it very, very clearly. However the ceo of jpmorgan, big bank, name is jamie dimon, top banker in america, he doesnt think it is going to happen this year. He told an investor conference, best case, if obamacare comes first, it is going to take 12 months to do tax. Joining us now is a powerful man, the chair of the house ways and means subcommittee on tax policy. That is pete roskam. What do you think, jamie dimon, top banker, he knows people in washington, he says not going to get it until next year. What say you . Here is what i say. There are two stages this will happen, first, stuart. The first is the reconciliation bill carrying the Obamacare Repeal and replacement. The next reconciliation bill will follow that. Likely the way in which tax reform moves forward. You recall in my view this tax reform gets done in 2017 or it doesnt get done at all. I think 2017 is the year. I dont think well be waiting 12 months for this. I think it happens this year. Stuart sir, i hope were not waiting 12 months for it, because we have a riproaring stock market rally at e moment. Were up 250 points on the dow industrials. That is because investors believe well get the tax cut deal done this year. If you dont get it this year, for any reason, that market rally evaporates. You got a problem there, congressman . I think that is right. I think there is incredible Inflection Point were at right now, in terms of tax reform. You can just sense it. You can sense it at home. You can sense it on capitol hill. People recognized the tax code is too complicated. The tax base of the United States is eroding. Nobody has got a friendly face at the irs anymore. So that is all to say we recognize we cant stay here. So there is an urgency to this. So i think this happens in 2017. I know ways and means committee. The house is working urgently on this. Look, the president last night was continuing to cajole and press, we need to move forward on this he has willing partners here in the house. The senate has the yet to fully. It will be interesting to hear their views moving forward. We have a blueprint that were moving ahead. Stuart congressman, the ball is in your court. You have to get together on this. You have got to get this tax cut deal to go through because, if you dont, i really feel the electorate will take it out on you in next years midterm elections. Yeah. I agree with you, stuart. I think the initiative happens in the house. It happens constitutionally in the house as we know. There is a recognition of that here, which is why weve had this blueprint that is out there. Were getting good feedback on it. 30 minutes ago i was meeting with two members of congress quietly talking with them, getting their input on it. So there is urgency to this, that the house recognizes which is why were so forward leaning and proactive. Stuart am i right in saying, congressman, it is the border adjustment tax that is the big sticking point, more than anything else, that is the sticking point, is that right . I think thats true. I think there is as people come to learn about it though, the more you learn about border adjustment, the more you say, hey, that makes sense. The president made that point last night with the harleydavidson example. He said he wasnt, they werent asking for a remedy, but he is. And so i think while he didnt specifically say border adjustment, he basically outlined the argument in favor of adjusting at the borders. Border adjustment stuart sorry to interrupt you, sir, it is a very difficult political sell. If you have a border adjustment tax prices go up probably on imported items. That is difficult to sell americans . No, i dont think that is true. Currency will adjusts. Some of the opponents of border adjustment when they first came to see me, were concerned that currencies never adjusted. Then they shifted their argument and they were concerned about the timing of currency adjustment. If there is timing question, we can deal with timing question. Stuart our viewers are pounding the table. We want that tax cut and we want it now. Amen. Stuart congressman roskam, thanks for joining us sir. Thanks, stuart. Stuart you dont want to miss our allstar lineup in the 11 00 hour. Varney favorite mark mark steyn. The man behind the chicken mcnugget, President Trump the maker in chief. More varney in a moment. After becoming one of the largest Broadband Companies in the country. After expanding our Fiber Network coast to coast. These are the places we call home. We are centurylink. We believe in the power of the digital world. The power to connect. And thats what drives us everyday. Approaching medicare eligibility . You may think you can put off checking out your Medicare Options until youre sixtyfive, but now is a good time to get the ball rolling. Keep in mind, medicare only covers about eighty percent of part b medical costs. The rest is up to you. Thats where aarp Medicare Supplement insurance plans insured by Unitedhealthcare Insurance Company come in. Like all standardized Medicare Supplement insurance plans, they could help pay some of what medicare doesnt, saving you in outofpocket medical costs. Youve learned that taking informed steps along the way really makes a difference later. Thats what it means to go long™. Call now and request this free decision guide. Its full of information on medicare and the range of aarp Medicare Supplement plans to choose from based on your needs and budget. All plans like these let you choose any doctor or hospital that accepts medicare patients, and there are no network restrictions. Unitedhealthcare Insurance Company has over thirty Years Experience and the commitment to roll along with you, keeping you on course. So call now and discover how an aarp Medicare Supplement plan could go long™ for you. These are the only Medicare Supplement insurance plans endorsed by aarp, an Organization Serving the needs of people 50 and over for generations. Plus, nine out of ten plan members surveyed say they would recommend their plan to a friend. Remember, medicare doesnt cover everything. The rest is up to you. Call now, request your free decision guide and start gathering the information you need to help you keep rolling with confidence. Go long™. Stuart well, varney viewers angry at me for various reasons. The start with this critique from mary. Varney, said targets stock was way down and thought it might be Internet Sales to blame. He must live in a cave. Consumers are boycotting target for supporting men in womens bathrooms. Deal with that. Ashley no, i dont agree. Yes, there was a little bit of that but internet overall bringing down target. It was a big deal. There was a petition, well over a million signatures. Is that the longrunning target . No. Stuart right again, ashley. Keith writes in with this one, stuart, please stop reporting what your opponent, left, democrat, media, et cetera are doing. For one thing it is terribly annoying to hear you whining about their activities. For another, youre basically advertising for your opponent. I do not whine about the left okay, can we get that clear. Lizzie . Liz ier in heard you whine. I find what democrats are doing, it is entertaining tv just making fun of what democrats are doing. Ashley the only thing you whine about, when are you getting your tax cut. Liz thats it. Stuart i dont whine apparently. Last one from richie. No, stuart, fat tuesday and Ash Wednesday are not christian principles or practices. They are catholic religious practices. Nothing to suggest you can party on tuesday and asking for forgiveness on wednesday. That comes from a manmade religion not christianity. Liz ask an atheist. Ashley pancake tuesday, is all i know. I have no idea what it is. Stuart to be clear here. Liz yes, sir. Stuart Ash Wednesday, lent. Liz it is today. Stuart is a christian practice, it is not . Liz yes. Stuart catholicism is part of christianity, isnt liz can say that. Yes, and yes, silenced our critics. Ashley dont look at me. Stuart we do have fun on this program, thats a fact, we do. We critique with a smile and blast with a grin. Well be back. Stuart well, well, the president that do the president but do let me rather touched out last night. He delivered a very well received beach. A neat, positive. He called a renewal of the americans. Good but the democrat left to do . Before the president started speaking, some democrats have blocked out, like the inauguration. They were not prepared to recognize and listen to what the president of the United States had to say. During the speech, those democrats still in the chamber sat on their hands. He even sat when the president said he would keep terrorists out of the country. Something wrong with that . Tv viewers salivating salivating democrats sit and pout the rest of the crowd board their approval at the Navy Seal Widow or the father of a young man murdered by an illegal immigrant. When the speech was done, the official democratic response complained that the cabinet was full of billionaires and the president was just a champion of wall street. The Democratic Party keeps trying to undermine and demean this president , but in doing so they looked small and frankly irrelevant. In my book, the president delivered a home run. Thats what i think. The third hour of Varney Company is about to begin. Tree into no, thats wrong at the beach boys played good vibrations. Liz this is marky mark walberg. Stuart karl rove, ed rensi and the incredible mark stein. Lets get your money right from the getgo, shall we . The dow up 241 points and i one point that out checks in individual stocks. Look at that donald has halted. New spending. They are holding an investor meeting today. Wall street expect in donalds would return some cash to investors. Not quite sure what the nature of this news is, but it could be the return of cash. What form will it take. The Dow Jones Industrial average up 200 or eight, 200 or eight points as we speak. That puts us at 21,051. I am going to say without a shadow of a doubt the tribe rally has returned with a vengeance. Look is with us. Advertise feed. You are not going to throw cold water on this, are you . Are we going up from here . Right now, every indication is we are going higher and i love it. At the same time, and they said this is just a good president ial rally. This is not a normal president ial rally comes jury. Youve been spot on. Is a complete change in mindset on how you address the economy. We go from the Monetary Policy under president obama to a fiscal policy which is what we needed eight years ago. This is the right way to approach it. And the way i can say that president obama at minimum cost the stock market and the economy about 3 trillion so far that will go a lot higher from there. Tree into last night essentially laid out a growth agenda. And comes from tax cuts, Infrastructure Spending package, it is a growth agenda. I think that is what is behind this tribe rally. You grow the economy and the number of jobs in the profitability of corrations and thats what this is all about. If we dont have a tax cut and the time period, we will see a pullback. That destiny will not be attacked reform so the market is way ahead of itself. At the same time we will see a tax revision without any question it will be good for anybody. The only way to address the economy. What weve done before was to run this for the last seven, eight years. We did everything we could to keep the market going higher. Now we will see what the country is all about. Stuart from the point of view of our viewers, some of whom may have some cash they are sitting on, they are wondering, good lord, look at this market taken off already. Is it too late for me to get into it . What would you say to them . I would not have our money to the market. Hold on to the cash for a little while. We get the dividend top of them or something else, but dont chase the market. Its pretty far ahead of itself. Stuart there is going to be a pullback at some point. There always is good that way markets work. It doesnt mean to say what is gone straight up must come straight down. This market shouldve been a pure years ago if we had addressed the economy the right way. The market is not going to go straight up and straight down. Thats not happening. On a normal president ial rally. This is different because it had a major change in how we approach this. This is the right way. Obamas approach was wrong. Stuart okay, thank you for coming out today. Historic day by the way. 21,000. Appreciate it. This coming in. Congressman ryan think he has just been confirmed by the senate as interior secretary. Four more cabinet positions still need confirmation of the nominee. For more and they are important positions, too. Back to my take command my lile editorial at the top of the hour. The president delivered a wellreceived speech last night. It was at the period of his positive. Fox news contributor karl rove joins us now. If you lead, i would like you to refer to the democrat and how they responded to the speech last night. A lot of them sat on their hands. Some of them didnt show up. Et cetera. My position is that after a speech from the president is a losing strategy. Yeah, i agree. I wish your mind take was a little bit more clear on where youre coming from this. Stuart editorial. We dont hide her light under a bushel. I agree the democrats i thought why i thought were in an upward place last night dont like him. They didnt want to be seen as they are being pressed by the hard left to oppose them on each and everything. When he denounced hate and evil in all of its forms, a lot of democrats didnt apply. Very pleased to hear that its just how poisoned the atmosphere is. When he talked about repealing and replacing obamacare, you had backbenchers going thumbs down on camera. You can tell it affect it has delivered a little bit. He started reading almost exclusively from the panel to his left, which allowed him to look at the right side of the chamber, which was republicans. The democrats stood up and applauded unpaid family leave. They stood up and applauded on nato. They joined in when they showed us in honoring the widow is senior cheap ryan l. Lens. Other than that, they sat there in silence. A cutaway to nancy pelosi talking to steny hoyer and you can read on her lips i cant believe hes saying now. Stuart you are terrible, coral. The other side of the coin is that the ball is now in the republicans court. Theyve got to come together on obamacare, got to come together on tax reform. Theyve just got to do it. Im going to spend a column in the wall street journal on exactly that topic because theyre sporty baskets of dvd talk about. Tax reform, Health Care Reform come a slow budget issues and immigration and ill talk about the real challenges inside each of those issues in the agenda may be too big and too repressed to get it all done this year and its got to be careful about overloading the vote. If we get the tax cut and repealing repressive obamacare, that would be a fantastic year. Theres been battles on each one of them in the wall street journal. Stuart i want that to include Stuart Varney has been pounding the table for a month under a tax cut. I wanted and i wanted now. Is that okay . Ive got to check the chart and see what it takes to put her small references in my colum theres a chart i have to have to check on that. Ill let you know what the bill is intended to you. Tree into thank you for joining us as always. President trump calls for the the repeal in replacement of obamacare in his address to Congress Last night. Lets roll that tape. Tonight i am also calling on this congress to repeal and replace obamacare. Obamacare premiums nationwide have been increased by double and triple digit. As an example, arizona went up 116 last year alone. Obamacare is collapsing and we must act decisively to protect all americans. Stuart to analyze this, we need someone who knows health care and who knows markets. This gentleman knows it. Hes the cofounder, managing general partner of mgm p. Good to see you. Regardless of the replacement plan for obamacare, is there a group of Health Care Stocks that i could right now, which would take advantage of the repeal of obamacare, which is going to come . Is complicated. How scared is in its own world. As long as companies innovate they are in good shape. If they forget theyre in bad shape. To answer your question, Insurance Companies benefit i would say most from the changes that comment in the sense that the Insurance Companies lose money on obamacare. Anything that happened is better than losing money. Health insurance would put them on the screen. Theyve been up significantly since the election. Can you address the drug makers on the screen at the moment . Pfizer, merck, olives and the election. President trump has mentioned some conflicting ideas. He wants to accelerate fda approvals ich is good. On the other hand, the drug prices are too high and hes looking around for mechanisms. The changes would be roughly natural for the industry going forward. Slightly positive for the insurance. Stuart let me get rid of that. You are involved very much in researching new drugs and new treatments coming on stream. Can you show me an area, which is really, really promising for the future that we developed now will pay huge dividends in the future . I dont need you to name the company. Some kind of treatment, what is that . Something on the pharmaceutical side. The pharmaceutical side is a very exciting field. Stuart amine oncology. What is some of that . Pharmaceuticals that boost the immune system so that the immune system does the fighting rather than chemical agents that are invariably toxic in the body. The own ability and recognize cancer as the alien force invited. It is very exciting. Stuart thats where you put it. You run a big fund. Yes, that would be an exciting area. Stuart at that 302nd left. Ll me about a medical device. Less invasive surgery, particularly for heartfelt exciting. You need open heart surgery to cut up in someones checks. To implant them without opening someones chest. Back to me as she ways. Thank you for joining us. Come back a lot more time on immuno oncology and medical business. Backtoback donald. Halted for trading. The former ceo of the company with us, ed renzi, farmer mac donald president and ceo. I dont think you can tell us much about the news that will come out about mcdonalds because i dont have it yet. You dont know what this news is. Is that correct . That is correct. Even if i did i couldnt tell you what it is because the fcc frowns on that kind of thing. I do own the stocks im looking forward to be answered. Stuart i want to talk to you about the president S Performance last night. You are a ceo. You read donalds u. S. A. You are the guy. He seems to me that the president delivered a ceos beach last night. That was the way it felt to me, dressed in a company to speak. A citizen of this country are the board and the chairman of the board and he delivered a magnificent strategic, carefully stated, hit the point that things that need to get done. Democrats better get off their hands and start behaving properly or they are going to be called obstructionist and republans better get their work clothes on and go to work and help try and get this stuff done. President made a terrific performance. Very theatrical and well received. He put the ball in the republicans court. Here is where i want to go. You have to get your act together. Youve got a compromise. Youve got to agree. Youve got to get this thing done. Would you agree with me . The ball is in their court. Absolutely unequivocally. These guys are the assistant Vice President , Vice President. They are the ones to get this stuff done. They jump around on all the politically correct spots and get to work. You guys get paid too much money to sit around. Stuart you are all right. The president has held a series of meetings with the ceo of various companies and all kinds of industries. Do you approve of that, too . Absolutely. Whos better to tell you what is going on but Harley Davidson motorcycle. The motorcycle of the people. They cant sell their bags because of the tariffs. Honda is coming in every day. What are we going to do about it . Trump is spot on. Stuart do approve a the border adjustment tax . Of our products were get taxed in china, and they ought to get into here. Currencies will catch up in time. Stuart you are a supporter of the border adjustment tax. The great improvement of the American Economy and creating jobs. Stuart ive got to ask you about wendys because this is right up your street. Wendys announced late last week that theyre going to turn out serving kiosks in 1000 locations. I think that is the direct response to the 15 per hour demand that the fast Food Industry and the fast food workers. No question about it. Its not only the minimum wage. Its the work rules, the joint Employment Requirement franchise responsible for the labor practices of franchisees. It is all not bent over regulation. The robots are going to replace people in the Service Industry going forward. Selfservice kiosk is nothing more than automation taking over people. Stuart right now is that the dow industrials at the high for the day up 252 points. Ed renzi, last word to you. Can i conclude that American Business has fallen in love with donald trump . They are falling in love with his Strategic Direction and his intent. If the republicans and democrats dont get their stuff together and start executing, they will fall away as quickly as they climbed on lord. Stuart add renzi, former ceo of nick donald u. S. A. We can appreciate it. Happy to be here. Stuart voter holiday sales at best buy hurt by other charges. The stock down 5 . Retail ice age, big retailers can hit that recently. Lowes gave an out the outlook for the Home Improvement retail company. Look at them go. This is a very valuable company. At eight, 9 gain is big. We will be joined by marc stein. You dont want to miss him coming up on the show. Today, neil cavuto will be interviewing secretary Steve Mnuchin 12 00 eastern, kudo coasttocoast. The first interview President Trumps address to congress, killing the competition. When you have 4. 95 online u. S. Equity trades. Lower than td ameritrade, schwab, and etrade. You realize the smartest investing idea, isnt just what you invest in, but who you invest with. Stuart heres a good story. Google is taking on cable tv actually. A new virus strains serve as brandnew to. What is this . 40 channel for a month. Liz it is super skinny. People saying Keith Fitzgerald says i dont want to watch underwater basket weaving on shows like that. Theyve got 40 broadcast cable channel signed out. Abc, cbs, and deceit, fox at espn, disney. This could be the wave of the future. Stuart industry man. Thats how were going to watch tv. A billion views a day. Stuart all take that point. Ive got one for you. The amazon, their server went down in some way and crash tens of thousands of websites. Lasted about four hours. Amazon said it has been on the east coast. I think what it points out is what it did play or amazon is on the internet Cloud Services. The third of the worlds Cloud Services operated by amazon. Large number of people affected. This is a recognition of file, their web services are really big. Trade to how big a they are on the internet. It is not just the online buying side. This Web Services Division is huge. Most Exciting Company in the world. Stuart you are bright. You can take it anywhere. Stream it to this and away you go. Check the bid toward higher today. Almost of 250 now. 21,062. Joined by the lead writer state of the union addresses. What does he think about the present address last night . President s address last night. Theres not i love how usaa gives me the peace of mind and the security just like the marines did. At one point, i did change to a Different Company with car insurance, and i was not happy with the customer service. We have switched back over and we feel like were back home now. The process through usaa is so effortless, that you feel like youre a part of the family. I love that i can pass the membership to my children, and that they can be protected. Were the williams family, and were usaa members for life. Call usaa today to talk about your insurance needs. This is the best speeches ever given. In fact, they fact, the show to benefit not girly dress. Today, donald trump has been president of united dates you this was certainly one battle remembered for a long time. Stuart there you have it. Fox people widely praising President Trumps address. Once that it was his best ever. It was indeed a beat, positive and he talked about the renewal of the american spirit. Mark t. Sent American Enterprise institute scholar. He wrote at least two state of the Union Speeches for george w. Bush. So what is your assessment of President Trumps speech last night . Yeah, i agree with Charles Krauthammer and others is that it is best speech donald trump ever gave. More than not, this wasnt just a great speech for donald trump. This was one of the best addresses to congress that any president has ever given. Why is that . It was hopeful, optimistic. He laid out a positive vision for where he wants to take the country. He didnt just say make America Great again. He explained how he will make America Great again. He is the technique that is spread deciding our 250th anniversary and what kind of america do we want to be on that anniversary. Most importantly, what he did was he reached out to the other side and said lets join forces in a suffered. Lets Work Together to replace obamacare, to reform the fda so we could revitalize our inner cities and fix immigration in all these different problems. When you do that, when you reach out your hand, if they dont take his hand, they look small and petty and partisan. A brilliant strategy should have been doing for the past month. He got there and its great. The stuart the president put them on the spot. If you dont respond to positive average, what are you going to do. You have to rethink your strategy. Another one. Secretary treasury secretary Steve Mnuchin says tax reform could come by august. Roll tape. Or objective is tpass tax reform by the august recess or thats a very aggressive timetable, but realistic and something the president and i are committed to doing. By august, voted, dunn agreed. Inside. Thats a fairly optimistic schedule. You know more about washington politics than i do. What do you make of signed by august . Theres no reason it cant be done. Quite frankly its important to do it. He needs these reforms in place by the time we feel it in the economy and we want people to see they are more jobs out there, tax reform working. We want to see that their health care is getting better. Its important to do it fast. When it comes to tax reform, the reality is he doesnt need democrats. You can do it on reconciliation with 51 does. It would be better to do with democrats. George w. Bush got one quarter the democrats to vote for his tax plan. Its more lasting and this is why when he said that night in the state of the union was so important. When you reach out to the other side, thats great. The reason obamacare is failing is because it done on partyline votes that didnt take into bipartisan consensus. He should repeat that mistake. If they will take a stand at least on taxes, he can do it himself. Stuart okay, it seems like investor share your point of view and weve got a riproaring rally going on here. Im sure youve seen it. We are up 263 points. This is the trump rally. The bottom lines that investors believe we will get that tax cut this ar as you have just suggested. Are you an investor, marks the same . A little bit. I dont look at the ticker every day, but ive got some investments. Stuart lets see that big smile as we close out today. Ive got news for you. Going to college. See you later. Neil cavuto will be interviewing Steve Mnuchin 12 00 eastern today. That will be on the Fox Business Network. About 18 minutes from now. President trumps speech actually gathered some praise. This is surprising. The far, far left. Listen to this. A latte set in that speech is counterfactual, not right, that i oppose oppose and will oppose. We did something tonight that we cannot take away from them. He did say he became president of the United States. Jacobs atlarge member of the Democratic National committee. Hes got to be worried when a guy like mr. Jones is saying tonight he became the president of the United States. I think it was about time. Someone at least a in the house of representatives and you could say thats the president. You agree or disagree. Stuart a little out of reach from the last, coming from the ioc knows a good speech. What about the rest of the Democrat Party . A lot done sat on their hands. Sat down when the president is talking about weve got to keep terrorists out of america. Not your point of view. Uve got to change the strategy. July when the president was speaking. Remember, both parties can be partisan. Both parties have their view and you cant take this in a vacuum. Yesterday he referred to nancy pelosi as incompetent. There is a back story to this. Stuart im with you. I take your point. The last night, you cannot have this oppose everything, kill everything. Never reach out. Youve got it back off or not. You are going to look at things in agree on. Stuart theyve got to back off. You can no longer say they oppose everything. I dont check has said that. Senator schumer has the infrastructure we want to work in talking about it in new york. We are looking on tax reform just depends if the details are. The problem with the speech last night as we saw was very lofty. It was very positive. So many lines we can all agree on. Its in the details of what things will look like that will determine whether or not were in the break direction or not. Stuart as a democrat and atlarge member of the dnc, do you approve of cutting taxes for individuals and corporations to stimulate growth. Is that a way . They are our ways for corporations. Corporations lucky not ways to increase worker salaries and the amount of money the workers get as well. That is the way stuart let them spend it as they see fit and grow the economy. Thats what im saying. Stuart put in shackles on corporations. Give business a tax break. They get more money. Theyve got to spend it the way we want them to spend it. Theyve got to do this, do that. I dont want to log on to shareholders pockets. They are producing the productivity. They need their share. Stuart you would cut Corporate Tax rates only if the Corporation Said this money is going to the workers. Some of it. Thats a fair deal. Trade to you at the train to run a corporation it is fair to expect the Workers Benefit the same as shareholders. When the money goes into their pockets, they spend it. They buy the goods and services of the economy. Stuart i am considered wealthy. If i get a tax cut, i might buy a second home. Absolutely. Train to 61 of income from taxes. City tax, federal tax. I think thats a lot. Stuart it is. Hes watching by the way. Good. I dont care how much you earn to take 60 . It depends how much money you make in the 40s. If you make a high amount, not a marginal rate. Betwn state and local and federal. Th works. The bottom line is the stock market is going up and everybody feels the trump rally is terrific. Hes got 10,000 points to go to catch up to what barack obama did. He took up from 7000 tonight team. Stuart thats where youre in dangerous ground because it wasnt barack obama who put it out. Gina gallant flooded the economy was 4 trillion. Canal our money given back to us from the government. The market thinks hes going to do it. Basic economics you come back, soon. Youre a good man. Thank you. Next hour, the men of the hour. Mark stein from immigration to obamacare. You better remember when he made fun of me for flooding a tease. Lets watch this. No, no, hes on right now, is he . Okay, i messed it up. And area sorry. Ive been practicing. The way you went into the last break. Can they go to it now. It takes hours over her soul. I take my hat off. I am Nicole Petallides with your fox business brief. The dow 21,000. We are 16 so if our earlier high today at 257point. President trumps speech last night. That being said, the leadership with all 10 sectors higher. Mcdonalds has been halted. Just before 11 00 a. M. They did have an investor day today watching for any release of material dues. The 21,000 mark. Take a look at the winners. Goldman sachs, exxon, another investment day and american express. Financial certainly hitting record highs. More than 10 of the s p 500 and record territory, including financial stocks. You see some of the names here. Keep your right here on fox business on a breaking news day. Your Insurance Company wont replace the full value of your totaled new car. The guy says, you picked the wrong insurance plan. No, i picked the wrong Insurance Company. With new car replacement™, well replace the full value of your car plus depreciation. Liberty Mutual Insurance. Stuart nations around the world that canada, australia merrittbased immigration system. It is the basic principle they ought to be a lot of support themselves financially. We do not enforce this rule. Stuart theres the president talking about a meritbased immigration system. That is we want you here. Youve got the credentials. Look whos with us, how much of a favorite laughing already. I will be the syndicated columnist, mark stein. It was a meritbased immigration system, neither you nor i would eat here. Speak for yourself, stephen. I will say this. As a gentleman at Homeland Security told me copiers ago, so its like andy warhols Marilyn Monroe pictures. The United States government cant get enough pictures. But neil from Homeland Security told me in fact theyve been instructed to waive even the paperwork fees so that if youve got someone who gets across the border and they havent got 30 to file a formal 200 to file the form, that is all waved. We are getting much lower skilled immigrant then australia particularly which is my favorite. Stuart they have a point system. The canadian system. Youve got to reach a certain number of points and then youre in. Its very intrusive. Tell you where you live in your. At country. The point is that immigrants are supposed to be a benefit to the existing citizens of that nation. The idea, the purpose of immigration isnt just to say weve got a great country or, so why dont you guys come in lebanon. The point as it could be of benefit to the existing citizenry. There were 1 billion people in the developed world and about 6 billion the rest of the planet. Only 16 of the planet has to decide it has to move into europe and north america and japan which doesnt have any immigration at all. Only one sixth of the planet has to decide to move to the developed world and then its all over and it gone. Stuart a perfectly rational system President Trump wants to introduce. Both pleased that the congressional schedule here. First here. Firstorder first order of business is to repeal in reform of obamacare. Then its tax debts. I think it should be the other way around. It should have been tax cuts first and foremost. What does mark steyn . Tax cuts could come first. The problem with American Health care in obamacare was the kind of icing on the cake of a hint that its piled one postulating on top of another so the whole thing is incredibly complicated, bureaucratic and expensive and millions and millions of people can actually understand it. Blue cross blue shield can understand a word with it. I think its going to be hard to get a clean simple Replacement Health service. I actually think donald trump is the head of the Republican Party and not. Hes actually got more ambitious plans as to what the final result should really. I think that is slightly more complicated. We cant simply pile on in other postulating carbuncle the obamacare. The ballots in the Republican Court at this point. Theyve got to pass repeal and reform in replacement and theyve got to do it quickly. But they are split. Or at least to plans that i know of to replacing obamacare. I dont see many signs that they are actually going to get together. That i think is a real problem. Now, and i think the Republican Base will be furious with them. They basically run on obamacare for the last seven years now. Thats basically what the Republican Party has been running on. Now suddenly they are surprised they will do something about it. Theres a credibility or they are. In that sense, trump is ahead of them and doesnt want to tie this credibility to the republicans in congress. Stuart there is a distance there. He tried to pull them together last night. We like you so much that youre going to stay. If you say its okay, well keep you up for yet another block. We dont do this if anybody except you. Stay there, please. If a denture wer be put under a microscope, we can see all the bacteria that still ests. Polidents unique micro clean formula works in just 3 minutes, killing 99. 99 of odor causing bacteria. For a cleaner, fresher, brighter denture every day. Lower than td ameritrade, schwab, and etrade. You realize the smartest investing idea, isnt just what you invest in, but who you invest with. Stuart by popular demand, hes just drinking buddies drinking. Thats your level of professionalism. I learned from the master. Stuart i want to know what you think about the book deal for michelle and barack obama. 65 million. One book from each. And you said . Well, i liked obamas previous book because it was one of the great works of a shed. His imaginary racist white guy in. He wrote i remember he wrote about his grand other in intonation of his most late night in the colonial struggle against the dutch. While changing the drapes. If he manages to come up with a spectacular work of friction at jihadist he releases from get out to go pill pill kill people around the world. And i says commander. He drowns in his sleep. Right up there with jk rowling is one of the great works of fiction. Stuart mark, there was a very good read. Very well delivered. Donald trump last night his delivery. I didnt hear about that and tell your producer me during the break. I put in the hours of rehearsal like you do. Stuart you are good. Fox Business Network uri. Beats the mec for the month to january. Five months in a row that we have beat the competition and cnbcs own website posted the story of our big hurry. You know mark, i really think i like foreign accents. Ashley webster with many reform brats about american citizen in a british accent. I always thought youre a South African. Its always like some corner of the british commonwealth. You never quite got around to bothering to visit. Thank you for the colonial condescension. Re south america african . Im not South African. Im canadian. Stuart go on. Youve got me. While were on the subject, one reason ive never liked these congressional addresses is because they have been certified by monarchical quality. What i liked about trump is he actually pulled it off better than obama, bush or clinton did. If weve got in a queens speech nostalgia with you and ashley, i thought trump did a pretty good job with that last night. Stuart by the way, are you an investor . Sim. Stuart you approve of this trump rally at 266point the 21,078. Are you fully vested . Yeah, i yam. I think this actually is like a great release of optimism after the last eight years. I was fascinated to democrats explaining that obama had primed the pump for the last eight years and this is just wafting up, running on the fumes of that. It is not all. Its the fact is trump said in his speech, hes looking towards americas 250 at birthday and setting us up over the next eight years to actually get america back to being that dynamic innovator. Stuart canadian mark stein with a South African accent. Excellent stuff coming young man. We will see you again. We will be back. More varney after this. Stuart generous as i am, im going to hand over to neil cavuto, and im handing him a rally for the ages. Its yours, son. Neil i love it when you call me, son. Stuart you do. Neil were not that par apart. When you say son, i feel like calling you pops. Stuart do it. Neil all right, pops, thank you very, very, very much. Stuart, i dont know what you started here but we have a big ol rally going on here. If this advance over 21,000 continues, looks like now there is nothing stopping it, it would be tie a record for the quickest 1000 point advance going back to 1999. It was a different environment back then, the middle of the internet boom. This is what theyre calling about the trump boom. A lot of it based on optimism he will get what he wants, such is the read from his treasury