Transcripts For FBC Varney Company 20170307

Want and fix obamacare and move onto tax cuts. Its a contentious legislative schedule, but it has begun. Second headline, you might not like the president s style, but you like his handling of the economy, surprise, surprise. Its up sharply in a month. Who knew. Republicans must unite to get it done. Democrats have to be careful about blocking trumps popular economic policies. And for investors, the trump rally is still on hold. Politics and money, thats what we do. Varney company is about to begin. It is obamacare gone because we repeal all of those taxes, those mandates, those subsidies, theres nothing left there. And instead, we give them the same tax break that we give workers at big businesses, its obamacare light, it retains a significant part of obamacare, retains the cadillac tax. Retains a form of the individual mandate, instead of paying the government youre going to pay the Insurance Company, but it also creates a new federal Entitlement Program and gives it permanent increases of about 5 at least a year. Stuart he didnt like it. Well, you heard it there, the g. O. P. Is indeed split over this replacement for obamacare. Congressman brady as you heard, called it obamacare gone. Senator paul says its obamacare light. And can they resolve this split and get a deal done fairly quickly in congress, yes or no . Yes, i think they will. Stuart oh, okay. I think that part of is that rand paul has to realize the entitlement was already created, thats what happened in 2010. We cant, much as we might like to, we cant pretend that the Obama Administration never happened and so, i think what they have to do is focus on how do you reform this thing, how do you inject free Market Competition back into health care. Well, theyve got a lot of negotiating to do. A lot of horse trading is going on because i mean, theyre going to flash this out in two committees as i understand it. Thats right. And then present the full bill before the house and again, brady says it will be within weeks, congressman ryan, speaker ryan says by easter, thats about five weeks away. Thats a very ambitious schedule, but the republicans have to do it. If they dont do it, im saying theyre toast next year. They have to deliver and as you said, that Brady Committee also has to do the tax cut. A lot to get done here, they have to move on obamacare. I think what conservatives in the house need to do is accept that youre not going to cut everyone off whos currently getting a subsidy, but just look to add to the bill draft, which is basically saying, instead of washington dictating choices, let the consumer. And just look for ways to take out that federal bureaucracy, to limit their role, to move Decision Making back to doctors and patients and i think thats where you can get a big win for freedom. Stuart okay, i want to bring in our own prize libertarian, his name is dr. Andrew napolitano judge andrew napolitano, im sorry. You promoted me. Youre a libertarian and rand paul is on the libertarian side of things. Sure is. Stuart if you guys screw this up, and mess up this agreement, youll never be on the show again. [laughter] we have to have the deal. Is that a threat or invitation . Its a threat. We have to have this deal. Cant be mean even when youre trying to, youre such a nice bighearted person. You dont like the cadillac tax, you have one of those fancy insurance policies. You dont like the federal government micromanaging health care, the micromanagement of health care stays. By ordering Insurance Companies, the house is on fire, give them insurance. Stuart judge, i will accept anything that gets a deal done and to move on to the more important tax cut. Thats a compromising attitude which may actually work, that this is a step in the right direction. But look at what barack obama has done to us and james hit on this. He has created the mentality, even among conservatives that somehow, from some source, somewhere, not in the constitution, we owe, the government owes the American Public health care. It doesnt. Its a good its like a chicken in the pot or a car in the garage. You want it, you go out and buy it, you dont expect the government to give it to you. Stuart you always ignore the problem of politics. Youve got to get the votes, youve got to have this politically acceptable. The problem with politics, this defunds planned parenthood. Im happy to defund anything. But youve got three senators who wont vote for anything that defunds planned parenthood. And you three republican senators that wont vote for me entitlementsment where are the votes comg from . Because you can negotiate down the middle. Thats where the president is a master at. Stuart am i coming back at the 11 00 hour . Youre coming back in minutes. The President Trump is tweeting. Liz im working on a new system where there will be competition in the drug industry, pricing for the American People will come way down. The president met with drug makers on the last day of january, does it mean hes going to import cheaper drugs from canada . Bernie sanders and Elijah Cummings would like that. And force drug makers to bid. Stuart the drug makers are down roughly 1 is across the board. This is part this plan that we heard about yesterday does not xhu include any way of getting the cost of health care down. So the president competes out about Competitive Bidding on drugs. Liz he said the drug makers are getting away with murder. Well, will he, in exchange, say to the fda, lift, dial back regulations so you can make drugs faster, faster to the market. The negotiation has begun and its going to be intense and surprises coming from all over the place. James and i think well get a deal. The judge not so sure. All right, lets get to your money. We dealt with a little bit of politics, were calling this the pause in the trump rally and investors waiting to see what do we get out of congress and when does it get done . We are going to open lower this morning and well be below 21,000. Facebook hit an alltime high yesterday. Premarket down just a few cents, thats all youve got. But look at snap, thats where the action is. The stock prices drop below the first trade price, that was 24 a share, its down to 22 and thats premarket, quote, down another 5 . How about that . Dicks sporting goods, it looks like its part of the retail ice age. Weak report coming in from them and theyre down 4 premarket. Again, thats retail ice age, thats our story, were following it. I want to get to that poll, this is very important, even though its a cnn poll, it gives the president winning support on the economy, 55 approve of his handling of the economy. 41 , i believe it is, that disapprove thereof. 41 , thats it. You know, james, you brought this to my attention in your column in the wall street journal today. Thank you. Stuart that statistic was buried, flatout buried. Approval rating is very, very low. His approval on the economy is really high. Yeah, thats whats moving, along with, as you said, the headline is this guy is not popular, hes historically unpopular for a president early in his term and thats true, but what you see is the progress. One, hes more popular than he used to be. And on the specific issue of the economy, its a surge for support for mr. Trump. Stuart thats a key issue and, well, james, how about that for news this morning. Okay, i want to get back to the judge, lets never leave the man out. Rod rosenstein goes before the senate to be confirmed as Deputy Attorney general today. Judge, this is man, who if confirmed, will be in charge of the investigation of his own boss Jeff Sessions and of the russians. Yes, this will be number two person in the justice department. When the attorney general recuses himself, steps aside from any case as hes done from the investigation of the campaign, as he will do for the investigation of the russians, this gentleman will be running it and he may be in a very awkward position of managing the investigation of his own boss, if the allegations of materially misleading the congress go further. I dont think they will, but well see where it goes. Stuart wait a minute, the democrats are playing around with this. Connecticut senator blumenthal, im not sure of the putting a hold. For a period of time. Stuart its another delay. Yes, its another delay in which the temporary bureauat, i dont want to besmirch, the guy is a great lawyer. With managing the fbi investigation. But the key decisions will wait until rosenstein is in office. Senator blumenthal is going to try to get a commitment out of him, will you go after Jeff Sessions if we ask you to . He cant answer that. Stuart a lot going on, theres that hearing, theres a press conference by kevin brady about the obamacare new plan, theres wall street, we still say its on force. And James Freeman, wall street journal. And expanding entitlements. Stuart theres the libertarian. Here is how you change subjects, we have a nerd alert for you. [laughter]. Dont look at me. Stuart look at a robot designed by german engineers set a new world record for solving rubiks cube, finished in. 637 seconds, beat the previous robot record of. 8 seconds. Liz it did it with six arms. Stuart well, thats an advantage. I like and super computer brain. Well repeat it later. Back to your money, check the futures. Where are we going to open . Well be down 20 or 30 minutes from now when the bell rings . What else have we got for you. Newt gingrich has a thing or two about congress, he says the president is off to a good start with his legislative agenda, big things are happening says Newt Gingrich. Youll see him on the show. And north korea, a response sending an antiballistic system to south korea. Not happy about that. Well have a jampacked show. But thinkorswim already lets you create custom alerts for all the things that are important to you. Shhh. Alerts on anything at all . Not only that, you can act on that opportunity with just one tap right from the alert. Wow, i guess we dont need the kid anymore. Custom alerts on thinkorswim. Only at td ameritrade. Here is a story for us. Our story, ashley, amazon and alphabet, neck and neck, we asked the question which will be first to 1,000. Maybe neither of them. Were not sure, but were concentrating on that race and we will show you that at the opening bell. The u. S. Military bringing a Missile Defense system to south korea, this is in response to the north korean test. China doesnt like it. Liz they see it as a trojan horse for surveillance. Russia is not liking it either. And the u. S. Says its not meant for surveillance, its for defensive purpose to intercept and destroy north Korean Missiles. China not believing that. Stuart china has done nothing about their north korean clients. They make the Nuclear Blasts and make missiles. Liz they crack down on the coal deliveries. Stuart whoopty doo. And i want to bring in art laffer, former reagan economist. This plan released last night and detailed more this morning, it gets rid of the surtax on high income tax earners. It leaves in place the cadillac tax, i think, a lot of taxes are gone. Youve got to approve of that, art. I love it. I think its absolutely wonderful. This is a huge plus and stuart, to put it in financial terms, i think if this passes as it stands without modification, will be worth, 2, 3, 4,000 points on the dow. Stuart whoa that big . Well. Stuart some conservatives are not happy about it. The cadillac tax stays and its still an Entitlement Program which can only expand. Youre shaking your hand. Make your case. Its wa, wa, wa, it doesnt have everything yet. It will be modified in the committee. These things will go and it will happen. I dont know of any conservative today, free market economist who would not vote this bill over doing nothing. I know of none of them. Its going to pass. Its g to pass a these people who dt want defund any of this program or that program, or whatever it may be, they may be sitting there trying to get another point in or not, but when it comes to a vote, theres no way they are not going to vote for this bill. Stuart i think it was you who said it, but it has been said, that if you get rid of these taxes in obamacare, then youve just given the middle class the best tax boost you could possibly give them. Is that accurate . Yes, it gives a shot in the arm to the u. S. Economy. These tax burdens are enormously hindering of the bull market and the economy. Theyre right on the margin. They pull all sorts of pressures on small and Larger Companies and they do all sorts of damage. This is the first major step in the pro growth agenda. Now, as you say, tax cuts are next, youre right, tax rate reductions are next, but this is a huge plus, stuart. Stuart 17. 2 of all the jobs in america are parttime. I think that that is partly the result of obamacare and the mandates from obamacare. Well, the mandates are going, theyre going away. Do you think we will therefore have more fulltime jobs in america and fewer parttime jobs . Well, were going to have more fulltime jobs for two reasons, number one, obamacare does tilt towards parttime versus fulltime. That will happen just as you said it. But also, were going to have a lot more jobs in america as well so were going to have more fulltime jobs because of growth in the economy. We have had a huge collapse in employment as a share of Adult Population from the end of bill clinton to now because of all sorts of bad policies. Those policies are now being unwound and the coolest they think about the Trump Administration, if i may say, is theyve kept expectations low. Theyve not made overpromises and expectations have been at a low and only up to go. They have the lowest bar imaginable, stuart. This economy is going to start to go and once it starts, the ball will start rolling very much in their favor. Im quite excited about the next couple of years. I think that trump played this beautifully. Stuart you may well have just moved the market. How about that, real power for the guy right there . Well, im watching, i want to get to 21,000 again and go en. Stuart youll be on the show when we get to 21,000 again and again. You will be, sir. Art laffer, stay there, well bring you back for the opening bell. Thank you, stuart. Stuart exxonmobil announced a plan to invest 20 billion dollars, creating 35,000 construction jobs and 12,000 fulltime jobs on the gulf coast. President trump calls this a true american success story. How about that . Well be back. Why pause a spontaneous moment . Cialis for daily use treats ed and the urinary symptoms of bph. Tell your doctor about your medicines, and ask if your heart is healthy enough for sex. Do not take cialis if you take nitrates for chest pain, or adempas® for pulmonary hypertension, as this may cause an unsafe drop in blood pressure. Do not drink alcohol in excess. To avoid longterm injury, get medical help right away for an erection lasting more than four hours. If you have a sudden decrease or loss of hearing or vision, or an allergic reaction, stop taking cialis and get medical help right away. Ask your doctor about cialis. The news on exxon this morning is that theyre going to spend 20 billion to create maybe 45,000 new jobs in the gulf area. President trumps very happy about this as you might expect. Here is the tweet. Thank you, exxonmobil, for your 20 billion investment thats creating more than 45,000 manufacturing and construction jobs in the usa. Can i call that a win, James Freeman . Yes, and investors are calling it a win, too, sometimes when Oil Companies make big bets, investors get nervous the money is going to be misspent, but it looks like judging from that chart, investors are bullish, too, and i think were now going to see what the u. S. Energy economy can do with an administration that is not hostile to it. You think of how far the u. S. Energy revolution came when obama was in office, trying to stop it at every time. It proceeded because it was on private land, mainly. And now you get you look at a lot of the exxon investment, its in manufacturing, refining, very difficult to create new Refining Capacity in the u. S. For decades. Manufacturing petrochemicals. So this is really i think is encouraging sign and goes to what were talking about, how the limits of growth, to growth are being taken off the u. S. Economy. Stuart its fascinating, isnt it . Its fun to watch. Stuart it really is fun to watch and our viewers think the same, i believe. Where are we going to be in four and a half minutes when the markets open. Might be slightly lower, 20 or 30, youll see the markets open four and a half minutes from now. Well be back. Deartheres no other way to say this. Its over. Ive found a permanent escape from monoto. Together, we are perfectly balanced. Our senses awake. Our hearts racing as one. I know this is sudden, but they say. If you love something set it free. See you around, giulia here is the time frame. Last night. We started to get details of the plan to reform and replace obamacare. Actual details. The plan was published. We know whatsn store. Now, the market opens in abo 30 seconds and its going to be reacting to this beginning of the legislative process because it is off and running. The president s legislative schedule is now get rid of obamacare and replace it, then cut taxes, get it all done, hopefully, by august. If it can keep to that schedule, the market looks good. Five seconds to go and we are off and running this Tuesday Morning, were expecting a small drop in a very early going. Here we go. What have we got . Weve got 19, down 20, down 28 points. The very, very early trend is ever so slightly lower. Thats not much of a pullback by any means. 20 points down on a 20,000 index, with about twothirds of the dow 30 stocks in the red and going down. Im going to bring one particular class of stocks to your attention, thats the drug stocks, because moments ago President Trump tweeted about bringing in Competition Among Drug Companies so you get lower prices. Consequently, drug makers, pharma goes are down in the early going. Other stocks like facebook hit an alltime high yesterday and theyre still very, very close to that alltime high level. Very different story with snapchat. Yesterday, it dropped below its first trading price which was 24 and down again this morning, back to 21. 92. Thats another 7 down. Very much in the news. Snap. Gopro, it hit 7. 95, thats not much of a bounce from the alltime low, 8. 24 this morning. Who is with us on a Tuesday Morning on a day like this to figure out whats going on . Ill tell you who is with us. Full screen, Elizabeth Macdonald, art laffer, james friedman, mike murphy and nicole on the floor of the new york stock exchange. Now,oo the legislative schedule has begun. The trump plan or the congressional plan on obamacare is in front of congress. Things are starting to move. Does this rally the market, mike murphy . It does. You look at whats going on with the market right now. Where pullbacks are 50 points, 20 points, 30 points, the trend is still to the upside, the momentum is still to the upside. The market likes the reduced regulations and the prospect of lower taxes. As long as thats out there and earnings can keep up, stuart, well see higher markets. James freeman, youve said earlier weve started the legislative, and obamacare will be repealed, reformed within weeks . Yes. Stuart thats got to be a plus. Many weeks, and well say months and i think you get tax reform this year, too, that cant help, but be good for markets. Stuart were off and running and you think its good for the stock market overall even though were down 20 odd points . Well, obviously, were trading at a very high level since the election. That overall trend is still very positive. But new yorks as weve seen for a few weeks here, people want to see the president deliver. You saw the beginning of him delivering last week and now legislative action begins and i think he gets this obamacare bill done. Stuart art laffer, moments ago you were very bullish on the market because you think we are going to get this reform of obamacare done. Tell us again. I think its going to be fantastic. One thing that i think there was confusion about is the tax on Cadillac Health care plans. That tax, i dont believe, stua yet. I think even the aca had it coming in at 2020. Thats been deferred again to 2025. When you defer something to 2025. Thats effectively repealing it. Stuart okay. So i am not worried about that tax. Stuart nicole, come in, please. Nicole we had a guest on earlier on fbn a. M. From the to institute. Im all for threpeal a replace and making things better for america myself, however, i will say he really expressed a lot of concern. He criticized this new act and calling it obama light, saying it didnt do enough, didnt have enough changes, and his concern there was that the administration basically has one chance to get this through until the next elections in congress. So theyve got to do it and theyve got to get it right. And whatever that is, move it along and can paul ryan got it down . We shall see, the legislative process has begun. Here is something that happened an hour ago, a trump pr president tweet. Liz you said a tweet from President Trump. Stuart did i say. Liz you said president tweet, you said a trump from president tweet. [laughter] very sorry, ladies and gentlemen. Mr. President. The tweet was about competition to lower drug prices and look at the drug stocks, theyre all down this morning, james. I think this is a concern of what does he mean about that. When you talked in the debates, you got the sense maybe the government dictating prices. I think what you want to see, what markets want to see is what he was talking about last week, which is, we are going to allow competition by having the federal Regulatory Burden reduced where weve seen drugs, vaccines, epipens not having competitors in the markets because the food and Drug Administration will not allow them. I think that house conservatives should focus their effort, how do you get some regulatory reduction into this health care bill, make it give the people the freedom to try medicines. Stuart a good prodding tweet. Liz and Bernie Sanders and Elijah Cummings like the thought of this. And it may get out of the tar pit of tweets over the weekend. Nico anthe rlines, the last few days, the administration is trying to reduce regulatioonirlines, kind of just cutting it back, know the having to hear how many wheelchairs are lost and giving them a little bit of relief in the regulation area in order to have competition there as well. Maybe hell give us be tough on the companies and somehow give to them as well. Right now hes saying you better get those prices down. Stuart hes prodding the process along and doing that and the drug makers are down and the market is holding with a loss of just 20 points. Thats all it is. Im going to draw your attention to facebook, we cover it frequently all the time i should say, hit a record high yesterday. Still very well, look at that, now its at 138. Mike, youve been a big supporter of facebook. Big supporter, like the stock. And so many we talked about for revenue. Sena senate we talked about snapchat and facebook has proven they can generate the revenue. Stuart snap opened for trading last thursday and went straight up and now come down, i think that snap is now around 21 per share. Actually down another 9 as of today. Here is my question emack, why did Nbc Universal put in 500 million into that company on day one . Its saying its own content could be directed at the young users of snapchat. It did like dreamworks, Nbc Universal bought dreamworks. Watch the point, when Facebooks Instagram started mimicking snapchat, the user growth at snap started to slow down. I think that facebook has a play with instagram. Stuart you wouldnt touch snap . I wouldnt, they floated a l number oshares so this market, it doesnt take much buying to get the stock to run up to 29 and as you can see it doesnt take much selling to get it around 21. The key for me, does it hold 17 when it gets there, thats the ipo price, does it hold 71. Hold 17. If shares get unlocked, it could go lower. Stuart i want to discuss amazon versus alphabet. Which company gets to 1,000 first. A lot of people say on the program, its amazon. What says mike murphy . I would say amazon. Remember, both of these companies, stuart, do a great job in acquiring startup businesses and theyre going out and they have a ton of cash. Theyre looking at Startup Companies that they can bolt onto their current businesses and get current growth. Into the business lines. Amazon would be the company, although youre not going too wrong with google either. Stuart okay, art laffer, i want to ask you the stock question, is it amazon or alphabet that gets to 1,000 first . I agree with Elizabeth Macdonald totally on this issue. [laughter] oh, that was cruel. Liz very nice. Stuart which one first, amazon or google. Liz amazon. Stuart all right laffer, you think that amazon gets to 1,000 first. If elizabeth says it its booked. Liz so nice. Stuart youre always nice on the program, you dont have to flatter people right, left and center. Liz ill take it. Stuart you dont have to flatter me. I flatter you for being such a young man. Stuart i like that a lot. The Dow Jones Industrial average is down 33 points, know the a big pullback. Im saying the trump rally is on pause. The market wants to know, are we going to get obamacare repealed, reformed, replaced . Are we going to get the tax cut by august. The answer yes, i think the market goes up. Thats my opinion. If the answer is no, it goes down. Anybody want to take me on. What the president says hes going to deliver, he has so far. Ill bet with him not go ens him and thats why the markets are holding. Stuart art, you agree. I want to make sure that everyone understands this is a marathon not a sprint. From the reagan bear from august 14th, 1982, to the end of clinton, we had a huge rise over 1300 points in the dow. This is a long bull market that were just starting and i think trump is doing exactly the right moves. Dont push this agenda too fast, let it take its own coors, and you will see miracles over the next decade and a half. Stuart let me back that up. Ive got a poll from cnn of all places which shows President Trump, people approve very much of his handling of the economy, 55 approval. They might not like the man himself or his style, but they think hes doing a very good job on the economy, james. I wasnt expecting that. Yeah, and i think what a lot of them are looking for, what art was talking about, letting things take their course, letting nature take its course, if you get rid of government imposed limits and i think on the trade end, exxon, we talked about their investments, a lot of these new products are going to be for exports. I think the best Case Scenario here is you start seeing this export growth, Economic Growth, and President Trump maybe puts on the back burner, the ideas of intervening in our trading relationships because it really, his domestic economy agenda is about freedom and then you cross the border and its all about the government managing things. So, im hoping some of these bullish signs were talking about will encourage him not to disrupt trade. Stuart im going to give the last word to art laffer and art, i want you to repeat what you said about 20 minutes ago, that were going to get a 2 or 3,000 point rise for the dow when weve gotten rid of obama carry and tax cuts in place, repeat it, please. The boxes from obamacare, 3. 8 , plus all the other taxes, the extension of the tax on the cadillac plan to 2025, these have an enormous impact on the margin for profits and output and employment. And those numbers will add to 2, 3, 4,000 equivalence on the dow and maybe even more over the longterm because once this machine starts rolling, it doesnt stop, stuart. It goes to the democrats, theyll come back into the fold, and you will see an america really trying to get Economic Growth in four or five years and this will all be because of the beginning of this Trump Administration doing the good economics and undoing w and obama. Stuart art, ive got to tell you, i see a lot of smiling facesment art, james, mike, nodding of heads, come on, big smiles. Thank you for participating in this love fest, we appreciate you all. [laughter] love fest. Dow jones industrial average where is it . Its down 39 points now, and ill still saying the trump rally is on pause. Former House Speaker Newt Gingrich says hes amazed the republicans managed to get an obamacare replacement done so quickly. Youll hear from him. And Mark Zuckerbergs sister r randi says that workers dont have the skills they need and shell tell what shes going to do about that. I like that song and i know it, its called growing older, but not up, Jimmy Buffett sings it and here is why, were learning that jamie is opening a margaritaville Retirement Community. Liz lets hold that away and old the shaker of salt. Its a Retirement Community in Daytona Beach so it will be a spa, a gym, and be near golf courses and restaurants. Way to go, jimmy. They start at 200 k apiece the properties. Stuart go to the villages, liz, you go to the villages, youll be mobbed, never get out. Im telling you. Liz youll be mobbed. Stuart a new study, there will be Technology Skills gap in america and 58 lack the skills needed to succeed in technology. Come in, please, randi zuckerberg, founder of zuckerberg media and brother is mark zuckerberg. Great to see you. Thank you, anyone who wants the margaritaville homes youve got to make sure you have a great job leading up to it thats going to give you that happy retirement. Stuart let me come at you. Im going to come right at you with this. Our schools are not producing the Technology People that your Industry Needs and i think the only way to get them, you could train them, but youre not doing not training them much. The only way to go is to import them. You are in the immigration debate because you need Technology People in the Companies Like facebook. Am i wrong . Youre not wrong at all. In fact, a code. Org study, there are right now over 500,000 open computing jobs in this country right now that are not being filled and when you look at the stats, theres only about 40,000 Computer Science majors graduating every single year from schools here in the country so youre right, thats a skills gap of hundreds of thousands of jobs that are just sitting open and if we dont have folks inside this country who can do it, well, then were going to have to expand the reach and look outward. So thats why i think its so important, what were here talking about, closing the tech skills gap in this country because theres an immediate and huge opportunity here. Stuart why dont you train people . I mean, youve got all the money in the world in Northern California. Why dont you have extensive Training Programs . I think youve absolutely hit the nail on the head. I think Companies Need to invest more in continuing education because even hiring someone, the best and the brightest today, their skills are going to be outdated ten years from now when we see where technology is going and how fast its changing and also, i think this goes beyond just a hard tech skills, when were thinking about coding jobs. Those numbers that we put out there are just for coders for computing skills. Thats not even the applied tech skills that are Marketing Business sales, administration, leadership, that still requires some technology. So, im here at south by southwest in austin on a panel with due duvrie. If i graduate with a degree from an American University in Computer Science and im pretty good in coding. If i was that person, how much could i expect to make if i moved to Northern California and got a job with a big tech company, how much . Oh, my gosh, it really depends, but i think, you know, for the good coders youre definitely looking at over six figures a year right out of college. Stuart thats what youve got to do. With the potential that gives you. Stuart thats how you do it, you want people to work, advertise, get six figures right out of the college. Thats how you do it. Randi, im sorry, im flat out of time. We appreciate it. Theres a little delay on that, im very sorry about that, everyone. Liz there was. Stuart check the stocks, where are we . Were on pause, a predominence of red for the dow 30 and the dow industrials, down 38 points. President trump israels president netanyahu. They say irans recent behavior is malevolent. Back in a moment. Im going to call President Trump the man of the people. White house tours just started all over again and President Trump went out to meet the tourists. Roll it. [cheers] were going, everybody,. [cheers] you know . Did you hear that . He just appeared on the side there and immediate cheers from the theyre tourists. Theyre taking part in a tour of the white house unexpectedly, the president appears, greets them, and they cheer mildly and young man comes forward, talk about man of the people. By the way, did you notice, in the corner, justice above the president s shoulder when he first appeared, there was a portrait of hillary clinton. [laughter] i dont know whether he did or not, but it was right there. So what do you think, man of the people . Man of the people, he heard the cheers, the crowd loved him right there and he has a way that he embraces people oneonone, and he quickly always selects somebody from the crowd and this time he selected a young lad right there. So, you know, the first lady excitedly announced this move, portrait of hillary. Stuart i think its a portrait of hillary, yes, yes, it is. Liz thats right. The white house is criticized because she shut the tours, but the first lady said after a hiatus, theyre back open at the white house. Stuart fascinating. And the president happens to appear on camera and steals the headlines, and steals the news cycle. Its all about him and the crowd loves him. Thats america these days. Liz it is. Stuart amazing. He didnt have a public statement. The president himself, about the executive order yesterday relying on three cabinet secretaries to do that so this is the way hes doing and he says i am under immediate firestorm and im going back to the people. Stuart he grabs the headlines on tv all over again all the time. And now this, real fast, deal with this, President Trump and prime ministers president netanyahu spoke on the phone. That was from back in february, but they were on the phone yesterday and i think they discussed iran the malevolent behavior. Liz it came after aggressive reaction by iran launching missiles, 14 iran has done since the nuclear deal was struck by the Obama Administration. So they talk about countering threats from iran in the wake of this Iran Nuclear Deal and netanyahu thanked the president for a strong statement against antisemitism in his statement to Congress Last week. Stuart so the president has to deal with missiles launched by north korea, and we move a Defense System to south korea, that really annoyed the chinese and russians and deal with the problem of iranian missiles just being launched. What are we going to do about that, just a threat. Liz a footnote, the north Korea Missiles reports are targeting military u. S. Military bases in japan, multiple bases there, 54,000 military personnel. The iran missiles targeting u. S. Ships in places like the straits of hormuz. Stuart we concentrate on domestic policy, repeal of obamacare, replacement of obamacare and tax cutses. We tend to put on the back burner threats from rogue foreign regimes, but theyre on the president s mind. Thats right. The dow down 37 points. Pandora down on that sirius may not buy them, just 4 1 2 . Next case, President Trumps Campaign Promises are now dunk into legislation. Thats job onereplacing obamacare. My take on that is next. As after a dvt blood clot,ital i sure had a lot to think about. What about the people i care about . Including this little girl. And what if this happened again . I was given warfarin in the hospital, but wondered, was this the best treatment for me . So i asked my doctor. And he recommended eliquis. Eliquis treats dvt and pe blood clots and reduces the risk of them happening again. Yes, eliquis treats dvt and pe blood clots. Eliquis also had significantly less major bleeding than the standard treatment. Both made me turn around my thinking. Dont stop eliquis unless your doctor tells you to. Eliquis can cause serious and in rare cases fatal bleeding. Bleeding. If you had a spinal injection while on eliquis call your doctor right away if you have tingling, numbness, or muscle weakness. While taking eliquis, you may bruise more easily. And it may take longer than usual for bleeding to stop. Seek immediate medical care for sudden signs of bleeding, like unusual bruising. Eliquis may increase your bleeding risk if you take certain medicines. Tell your doctor about all planned medical or dental procedures. Eliquis treats dvt and pe blood clots. Plus had less major bleeding. Both made eliquis the right treatment for me. Ask your doctor if switching to eliquis is right for you. upstate new york is a good place to pursue your dreams. At vicarious visions, i get to be creative, work with awesome people, and we get to make great games. what i like about the area, feels like Everybody Knows each other. And i can go to my local coffee shop and they know who i am. Its really cool. New york state is filled with bright minds like lisas. To find e coanies anlent of tomorrow, search for our page, jobsinnewyorkstate on linkedin. Search for our page, just like the people every business is different. But every one of those businesses will need legal help as they age and grow. Whether it be with customer contracts, agreements to lease a space or protecting your work. Legalzooms network of attorneys can help you, every step of the way. So you can focus on what you do and well handle the legal stuff that comes up along the way. Legalzoom. Legal help is here. At angies list, we believe there are certain things you can count on, like a tired dog is a good dog. [ dog barking, crashing ] so when you need a dog walker or a handyman, we can help you find the right person for the job. Discover all the ways we can help at angies list. Stuart this tumultuous presidency has a new phase. Campaign promises turning into legislation. Replacing obamacare, that is job one. To get it done quickly to move on to cutting taxes, Republican Party has to come together to pass the bill. That is a must. Republicans have the house, the senate, and the white house. They were elected to get rid of the disasterous obamacare. There is no excuse for failure. They have got to get a deal and pass it. The democrats have to be careful. 10 democrat senators from states won by candidate trump are up for reelection. If they insist on blocking obamacare reform, they may be in reelection trouble remember, plea, 55 of the voters approve of trumps handling of the economy. That is a big number. Then theres President Trump, he has got to shepherd his program through congress. Perhaps he should be careful with his tweets. Perhaps he should avoid inflammatory statements at the crack of dawn that could bleed over and upset the jampacked legislative schedule. Add it all up, getting america moving again requires republican unity, selfinterest and political survival on part of democrat and more measured tone from the president. Can they do it . Stay tuned. The second hour of Varney Company is about to begin. Stuart its happening right now. Senate confirmmation hearings of President Trumps nominee for Deputy Attorney general. His name is rod rosenstein. It could be contentious. He is in charge of investigating the russians and his boss Jeff Sessions. Liz thats right. Democrat senator blumenthal saying i will block your nomination, mr. Rosenstein, unless you say yes to a special prosecutor to investigate allegations of trump aide escrow solution with russia and chuck grassley. He is fighting back. Where is intellectual honesty. You dent demand special prosecutor for obama scandals. Stuart this man was a showin before the Jeff Sessions item. Liz he is no slouch. He worked with ken starr on the Clinton Whitewater scandal. Stuart if we get contentious well show you, take you right there. Byron york is included. Well go there with you as well. Check the big board, im saying trump rally is on pause. Were down just 35 points, right around 20,900. On pause, that is my qualification of the market now. Look at snap, trading well below its first trading price which was 24. It is down another, 7, almost 8 at the 21 level. Facebook new high, 113. 37. That was earlier. Were still close to the 138 level on facebook. Weak outlook from dicks sporting goods. This is our continuing story of the retail ice age. Pandoras stock is down. A report rival sirius may not buy them. 5 lower. I want to get back to the tweet that came from President Trump first thing this morning about lowering drug prices. Liz, what did he say about competition . Liz what is really striking. He said, i have a plan to basically create competition with drug prices. That is why you see drugmaker stocks going down. So does this mean he will say yes, medicare, start bidding war between drug makers . Yes to reimporting lower costed drugs from canada. Bernie sanders and Elijah Cummins would like that. Stuart he is throwing that into the negotiating process with the deal in the house. Liz what do drugmakers pet in return . Faster approval from the drugs. Stuart that is negotiation, quid pro quo. I want to get to my take, editorial at the top of the show, getting legislative ball rolling. The aforementioned byron york is with us now. I got the serious question of the day. Weve got the plan. We know it is contentious. We know there is not a great deal of unity within the Republican Party. Can they come together and get this thing done quickly . Everything on capitol hill is ultimately about numbers. Republicans have 237 members in the house. They lost a few because they joinedhe Trump Administration. But there theyre at 237. You have to have 218 to pass something. Assume unanimous democratic opposition, means paul ryan can lose 19 of his own guys, republicans and still pass it with 218. Stuart okay. One more number. The House Freedom caucus, number of conservatives many of whom are opposed to this. 30 members. Remember the trouble they gave john boehner, shutting down the government over repealing obamacare. Theyre going to have to be dealt with. The plan is going to have to change in their direction. Stuart a little bit. A little bit. Stuart because you cant lose them all. You cant lose them all. You cant lose 30 votes stuart the Republican Party would lose it all if they dont get this through the house. Thats right. There are a lot of objections. There are people who think that the refundable tax credit are obamacare subsidies by another name. In other parts are obamacare features by another name. They need to deal with that. But the key word in President Trumps tweet this morning, was, negotiated, negotiable. He always wants to make a deal. Stuart the key question is, you have got to answer it for us because our viewers are watching, theyre investors and they want to know, are we going to get a deal . Is the Republican Party unite and pass the thing in the house . Think they will. Stuart you say yes. They all campaigned on repealing and replacing obamacare. They all did it. Stuart i would love to be fly on the wall with the horse trading. Give you that subcommittee, if you give me the chairmanship. You can see it coming a mile. No smoke but a smokey room. Stuart stuart i want to get back to the markets. Listen to what reagan economist about art laffer what the obamacare replacement bill could do if passed for the stock market. Roll tape. This is a huge plus. Stuart, just to put it into financial terms, if is passes as it stands without modification will be worth, 2, 3, 4,000 points on the dow. Stuart if it stands without modification, 2, 3, 4,000 points on the dow. There is a state for you. Come on in, steve cortes, money guy, former trump advisor, maybe still a trump advisor i dont know. Informally yes. Stuart 2, 3, 4,000 points up on the dow if we get obamacare he replaced as is now . I think my friend art laffer if anything is being too careful about his prognostication how much we can rally. The reason i say that isnt just because the benefit come, substantial they be, benefits from repealing and replacing obamacare, the fact well be moving the ball forward. If we score this touchdown. Well be immediately in the red zone again when it comes to tax reform. If we get tax reform this summer, as i believe we will, well see this economy absolutely soar. You know, the american economy, i believe, has been a runner has been wearing a weighted vest. Were starting to very much that vest away. You will see this economy sprint forward like a racehorse. The stock market is already getting in front of that. But i think far more gains to come. Stuart okay, i got to ask you about snap. Very much so. The company, very much in the news last thursday when it went public for the first time. Now it has dropped significantly. Were down 7 just today. Big drop yesterday. Are you kind of guy who would youre a money guy. Would you put your investors or your money into snap at this point . Stuart, absolutely not. As enthose astic i am about American Growth prospects Going Forward because of our deal maker in chief in the white house i dont like this deal of snapchat and why . Pretty simple really. Its a company that doesnt make money. It sells its product and markets product primarily to people who dont make money, young people and teenagers. I have a house with three teen girls who practically live on this product. I understand the addiction and stickiness of product. But i also understand they dont spend dime one on this product. I think is a problem Going Forward for snapchat. Stuart we hear you, steve. Thanks for joining us as always, steve cortes. Appreciate it. How about this from exxon mobile. Theyre betting big on gulf coast projects to the tune of 20 billion. Liz, first of all, how many jobs does that create . This is exxon over couple years, 20 billion, how many jobs . Liz 45,000 estimated. 35,000 of them are construction. You have to wonder if the Keystone Pipeline which will deliver heavy tar sand oil down to the gulf coast, if that is why theyre expanding refineries and processing down there, President Trump wants more energy production. That is his whole energy production. Exxon falls very much in to that. Byron that sound like a trump win . It is. This is what trump voters want him to do. He got great feedback with the carrier corporation. Last weeks speech seems like a million years ago. Joint session of congress. Very wellreviewed. Mentioned jobs, 12 different times in that speech. It is what his voters wanted him y good feedback in washington and outside when he does that. Liz without the u. S. Energy boom the Obama Administration would have seen a recession. We talked to wall street economists about that. The president is taking the lid the Obama Administration put on u. S. Energy, even though fracking boom, on private land. Stuart looks good for the economy. President trump has a 55 Approval Rating for his handling of the economy. Thats stellar. That is wait out there. That is a very big number, especially if you look at some other approval numbers, a lot of people dont like his style that much but they like whahe is doin stuart i think the market is on pausaiting to seif the new obama care plan, replacement plan is going to work and work quickly. Were down 28 point. Were almost dead in the water at that level all morning. Happening in our next hour, by the way, congressman kevin brady he is going to officially reveal his plan to replace obamacare. Well take you there live, full explanation from him. That is in the 11 00 hour. Why pause a spontaneous moment . Cialis for daily use treats ed and the urinary symptoms of bph. Tell your doctor about your medicines, and ask if your heart is healthy enough for sex. Do not take cialis if you take nitrates for chest pain, or adempas® for pulmonary hypertension, as this may cause an unsafe drop in blood pressure. Do not drink alcohol in excess. To avoid longterm injury, get medical help right away for an erection lasting more than four hours. If you have a sudden decrease or loss of hearing or vision, or an allergic reaction, stop taking cialis and get medical help right away. Ask your doctor about cialis. Stuart dead steady as she goes. 25 point down from the Dow Jones Industrials. Still at 20,000 the hundred. That is about 2 3 down for the dow 30. About 1 3 up. I call it a mixed market. How about those drugmakers . Early this morning President Trump said letting the Companies Compete to get prices down. Investors dont like that. The drugs are down. How about this. Former cbs anchor dan rather, no fan much president. This is part of a long rant. Power attracts sycophants and cynics. The i have never seen level like this. Sheer pair know yow is untenable. To workings of the republic. Byron york. This sound like a bitter old man with a facebook account. Left cnn in scandal. Stuart cbs. Cbs, excuse me in the george w. Bush National Guard scandal. And i do think he kind of longs for a day when dan rather ruled the world. In ever city there were three tv stations, there were three networks, a couple of newspapers. They all decided what everybody could hear. That is not that way anymore. Stuart he was always slightly left of center. Always skewed that way, ever so slightly left of center. Got it. Byron, stay there, please. We got you for the hour. All day. Stuart lucky you. Coming up, the big unveil. Congressman brady and walden announcing the republicans obamacare replacement plan. Youll see it. Former senator scott brown will be with us. He is here right now. Senator, i want an answer to this question. I want an obamacare plan, signed sealed delivered quickly. I know the republicans are not unified. Are we going to get an agreement, signed, sealed and are on the table quickly . I want it like you do, stuart. So from your lips to the senators and congressmans ears. I hope so. Every indication im hearing from former colleagues thats the plan. Obviously as you referenced earlier in the sho there is negotiating process, a good first step getting the plan out there. Really addressing i think a tax cut for all the high wage earners, first step, you couple that with an actual tax cuts i think the markets take off but one of the things i want to zero in on the defensive medicine, medical malpractice angle, allowing doctors to deliver their treatment at a cheaper price, so you will have to get costs under control. I dont see a mechanism. Im still researching for that yet. Stuart that surprises me, scott. That really surprises me. Because tort reform is surely a key, vital key to getting the cost of health care down. That is a huge component for getting it down. It is not in this plan i dont think. I havent seen it, yet, stuart. Im doing Due Diligence like everybody else. There are senators and congressman who are going to address that. Without that, it is really throwing good money after bad. You have to have an all after the above approach. Faith based cost sharing plans for people that want to do things differently. You have to have crossborder competition. You have to have competition in the workforce and insurance force so people can get the plans that they want. I dont want certain things that the government is mandating me to do but i do want some type of care and coverage. I should have the ability. Competition is so critically important. Allowing every tool in the tool box. Tailor make them for everybody and make sure no one falls through the cracks. Its a good first starting point. Im hoping, you are too, that they get it done. Stuart thrill will be armtwisting, horse trading, i hate to use the word bribing each other, they put heavy pressure on each other. Thats a fact. At the end of the day scott brown says it will be done quickly, yes . Heres the key, heres the key, yes. Heres the key though. Remember the democrat when they rammed through obamacare they didnt do it. They didnt have any republicans on board. You tell me, stuart, all the people in those states who have one insurance carrier whose premiums have skyrocketed, their deductibles have skyrocketed, care and deductibles are not going down, trump won the state, you say the democratic senator in particular will stay home and not play. I argue a golden opportunity for that senator to put his or her mark on the bill to get something done. Remember when i got there they filed 300 amendments to try to fix obamacare. Now were at the fix it stage an theyre not going to do anything, really . Come on. Stuart those 10 senators up for reelection next year who come from state won by candidate trump theyre under the hammer. Scott brown, thanks for joining us. Were following this real closely the appreciate it. Thank you, scott. Big board is still pretty much dead flat, down 20, 30 points. Weve been there all morning. The trump rally im saying is on pause at this point. Happening in less than an hour, republicans get the ball rolling on obamacare. Democrats plan to object and be struck. They will make america sick again. Is that what the republicans want to do . I certainly hope not. Hopefully we can Work Together to find a path to address some of the concerns they may have, but not to undermine this pillar of economic and Health Security for the American People. Hey nicole. Hey i just wanted to thank your support team for walking me through my First Options trade. We only do it for everyone gary. Well, i feel pretty smart. Well, were all about educating people on options strategies. Well, dont worry, i wont let this accomplishment go to my head. Im still the same old gary. Wait, you forgot your french dictionary. Oh, mucho gracias. Get help on options trading with thinkorswim, only at td ameritrade. Your insurance on time. Tap one little bumper, and up go your rates. What good is having insurance if you get punished for ung it . News flash nobodys perfect. For drivers with accident forveness, 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 were getting headlines from health and Human Services secretary tom price. What have we got. Liz that the house bill from the gop is a important first step. There is still work to be done to reach president as goals to for obamacare form. The states yes to selling insurance across state lines. Obamacare did allow for that. Section 133 said yes to that. Five states do that. A lot of states are still hunkered down. They wont allow it. Stuart addressing a idea of National Market for insurance policies. Liz and other things the president wants. Could be, yes. Stuart that is very important. That is in the negotiation. Good stuff, lizzie. Gerri willis is here, who knows about taxes, dont you . This is a big tax cut for folks. Stuart i want to know, this new plan that well hear details of later, which taxes go away . Talk about the ones most imrtanto your viewers. Those are folks earning a chunk of change. Might be investing their money like you every single day. 3. 8 investment surtax on investment income, gone. Stuart if im wealthy say youre making 200,000 as single, 250,000 as a joint filer, that is what you had to pay under obamacare. Not anymore. Stuart extra 3. 8 tax on profits from interest and dividends. Not anymore, my friend. Stuart what about the extra tax on income, for highincome earners . Talking about the payroll tax you saw, medicare surtax, 0. 9 . This is also been a killer for high income people. This is people earning 200,000 as single, 250,000 as joint filers also goes away under the republican plan. Stuart goes away . Yes. Talking about nowhere. Stuart see the smile . You see this smile. Smaller. You like that, dont you . [laughter] stuart if i need a new hip, which is entire possibility of course are you telling us something . Stuart no, im not. Does the medical device tax go away . Yes. Stuart yes, it does. This is another thing they targeted the medical device tax. They want to get rid of that too. That is not just good for your hip, which is good for your hip but for the stock market. Companies that make devices ultimately keep more of their money. Come out with better hip replacements. Stuart one last one. If they pass this remail and replacement, the new plan is in place by april still a big question. Stuart sign it april the 1st, does my tax, paycheck, immediately reflect it . No. That is too much. Youre asking too much. You want everything. So the two taxes i talked about on investment income, medicare tax, payroll tax, so that wouldnt happen until next year. Stuart okay. Youre so, i dont know. You want everything. Stuart of course i do. And a dozen red roses. Im telling you. Stuart willis, your time is up. Look at this, ladies and gentlemen,he market has turned around. Theyre watching this show. I knew it would move the market. Now were up two points. Were off. Were running. And the dow is up two point, 20,956. Liz ill take it. Stuart News Conference coming on your screen. Republicans appear to be split. Senator rand paul says the house bill will not pass. Were on it, believe me. More varney after this. Are your allergies holding you back or is it your allergy pills . Break through your allergies. Introducing Flonase Sensimist. More complete allergy relief in a gentle mist you may not even notice. Using unique mistpro technology, new Flonase Sensimist delivers a gentle mist to help block six key inflammatory substances that cause your symptoms. Most allergy pills only block one. And six is greater than one. Break through your allergies. New Flonase Sensimist. May not always be clear. But at t. Rowe 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. [shouting]. Stuart let me explain what just happened there. Tourists just started going through the white house again. Up pops President Trump by sheer, he pops out of the blue and greets the tourists. He is a man of the people, byron. That was good. What a great picture for the president. He pointed out he did it under watchful eye of portait of hillary clinton. Stuart he did. This is kind of stuff great for him to say. It is not an angry tweet at 6 30 in the morning. It good stuff. Talking about creating jobs. If youre a white house staffer, create the positive energy to go along with all the fights he is having to fight. Stuart the man is good on television. He has a natural sense what to do and how to do it. Look at camera. Make people like him. He has got it. Right there. He got elected president exactly that he did not do things in the staid way some of his predecessors. Stuart very wellsaid. We do indeed have a turnaround on the stock market. We were down 20 or 30 points all morning. We have tipped to the upside, not by much but we are up, five points, 20,960. Now were up six. Look at oil, 53. 46 per barrel. It has been at that level a long, long time. Dont forget gold. It has had a nice move. It is above 1200 an ounce. Down a little bit today. If you want a single if ounce of pure gold, roughly 1211 per ounce plus. Taxes commissions and all the rest of it. Okay. I want you to look at this. This is a new poll from cnn the part of the poll that most Media Outlets focused on is this. The president s, i would say fairly low Approval Rating, just 45 . That is what the media concentrated on. Buried however, was a more important number in that same poll. Look at this. 55 approved of President Trumps handling of the economy. You dont see the media touting that, certainly not. No wonder. Our next guest says we cant trust the media. Come on back please, senior editor, now at the federalist, molly hemingway. Good to see you again. Great to be here. Stuart what do you mean we cant trust the media . What do you mean by that. Everyone is different, many in the media you can trust but overall there is overarching narrative many in the media push, make it hard to trust what theyre saying what you need to know. Take for instance the president s Approval Rating as byron reported himself, the president had a pretty low Approval Rating on the day he was elected t might not be a best metric to judge the success of this president. If you look at booming economy, that might suggest people have different views about the president. One of the most undercoverred issues throughout the 2016 campaign peoples frustration with the sluggish obama economy. Last year gdp growth was 1. 6 , the lowest in five years. President obama was the first modern president to never have a single year of Economic Growth above 3 . This is, these are also interesting changes would be good for the media to cover as they have all the breathless headlines. Stuart do you have any reading on how people feel about the media . Not so much whether they trust them to tell the truth or not, but how they feel about them, the objective approach . The New York Times called the president a liar on day one. The Washington Post referred to him as hitler during the campaign. How do people feel about that . Really depends on ones politics this was happening even before President Trump was elected. There were polls that showed, basically both sides had a lot of trouble trusting the media, but with republicans it was off the cliff. Only 14 reported they had any trust in the media in september before the election. Now if youre a liberal, if youre someone who the media is constantly reporting and advocating you might have slightly higher view. In general, it is not good if people dont have trust in the media. Also good if they dont have trust in the president. We have unreliable ney ratetores on both sides here. Stuart i was told that the three broadcast networks, abc, cbs, nbc, nightly half hour news, im told they are down a Million Viewers in the onemonth following the president s inauguration. Not sure where i got that from but a Million Viewers down is bad news indeed. This is a sign surely of distrust . New york times keeps promoting how its subscriptions are up, at same time it is itself having struggles with revenue and what not. I dont know. Partly could be there is just less interest postelection but in general i think people are kind of no longer having as much interest in general media. Theyre more interested in media that is balancing, has their own perspective. I dont know if that is very good for civil discourse in america either. Stuart wellsaid. Molly, thank you very much for being with us. We see you on special report at night. Youre a star. Were flattered you would come downtoearth with us this morning. Molly, youre all right. Thank you. Stuart come back, please. How is this for a sign of the times. We have a struggling mall in virginia. It has replaced empty storefront, with vending machines. Now what is that about . Liz regency scare mall in richmond. Theyre putting more vending machines in front of boarded up storefronts. Nothing says failure like a ghost mall in a town. Theyre wreaking havoc across the country. One survey by commercial real estate operators, they say a quarter of u. S. Shopping malls, could lose an anchor store. Meaning they could be turned into a ghost mall. Stuart a quarter . A quarter of them. What do you do with the stores . Do you lift the roof of macys and whatever, create a Movie Theater or Trampoline Park or walkin clinic . Its a big problem. Stuart sure is. Byron, youre into politics, you really cover politics but this is a huge trend in our society. Oh, it is, decline of brickandmortar sales . Stuart absolutely. Absolutely. It keeps getting worse and worse and worse. We see a company like sears which you thought was dead a long time ago get deader, and deader and deader. That is something that the president and congress do have to address, in the sense of creation of jobs that actually pay better money because obviously the stuart i dont know how you do it. Unemployment rate did go down significantly under president obama, 10 below 5 . People are not as happy because the jobs are not good as ones before and dont pay as much. Stuart we reported 17. 2 of the jobs in the america are part time. Yeah. Stuart i cant remember a time when you had nearly one in five jobs as parttimers. I cant remember that i think it is result of obamacare. Liz it is. Stuart walking away from people being employed full time because they cant afford obamacare. Liz gives incentive for Small Businesses to stay small because the way obamacare is written. Rise in disability payments. People not working for whatever reason. Stuart lets not forget that one. I have a story about espn. Theyre preparing to lay off more talent, people in front of the camera. Laying off talent. The network is struggling. Cord cutters they are the problem. Liz even though bob iger at wall disney says well keep espn. It has been such a drag every quarter on disneys profit line. So last year disney announced 100 million will be cut at espn in terms of costs and throughout the company. So espn is really under the gun right now. You will he see some bigname anchors possibly be let go. Stuart whoa. Bigname anchors. Watch out, sports fans. I find that interesting because you dont need cable tv to see a sporting event these days. Liz right. Stuart you can stream it. Facebook tried streaming it. Amazon got involved. That is a tough time. That is what cord cutting is all about. A lot of people are doing it. Liz thats right. Stuart the u. S. Military bringing a Missile Defense system to south korea. This is a response to recent north Korean Missile tests. Chinas not happy about it. Liz were hearing russia is upset because its a trojan horse. That is what it is viewed as by china and russia according to news reports. Theyre basically afraid of the surveillance capability of the u. S. Missile system. It has powerful radars in there to detect and intercept missiles coming out of north korea. Which north rea says is aimed at u. S. Military installations in japan. Stuart theyre testing President Trump, North Koreans and iranians. Exactly. I was thinking about the iranians as you were saying that. He is facing test in north korea, south china sea, around iran and we also have russian planes buzzing american warships. There are a lot of serious challenges out there, and trump has to show that he is firm with all of them. Stuart but we dont hear much about it, because were consumed with domestic politics. Obamacare, tax cuts, wiretapping the trump tower, et cetera, et cetera. Were consumed with domestic happenings. Were not paying much attention to overseas what is going on . No, were not, unless it comes, i dont want this to happen, unless there is some incident. That is all well talk about. Stuart you got that right. Thank you very much, byron. Were up but not that much. Turn around where we were before. We opened this morning down 30 odd points. Now were up seven. President trump calls for merit based immigration like canada and australia. Question, what is wrong with that . We will discuss. Liz former reagan economist, art laffer says the new Republican Health care plan will give a boost to the dow. Take a listen. It is just absolutely wonderful. This is a huge plus. Stuart, just to put it into financial terms, i think if this passes as it stands without modification, it will be worth, 2, 3, 4,000 point on the dow. Stuart whoa, that big . Its a huge stuart conservatives are not happy about it. The cadillac tax stays. It is still an Entitlement Program which can only expand. Youre shaking your head. Go make your case. Yeah, it doesnt have everything in it yet. It will get modified to the committees. These things will go and it will happen. Stuart stocks are up, not by much but better than being down 20 or 30. Thats where we opened. Now were up 12 points. There is another protest scheduled for tomorrow. It is being dubbed a day without women. What is that all about . Liz basically suggesting a walkout. Remember the womens march in washington, d. C. The women organizing protest, if you can walk out of work. And men should support what women are doing in this endeavor to basically raise awareness about womens pay and issues of that nature. Giving me a funny face. Stuart are you planning to be with me tomorrow morning . Liz i plan to be reporting about this i think it is perfectly fine for women to exercise their free speech rights. Stuart but youre not answering my question. Liz i said, yes im going to be here. Stuart thank you. Thats all right. We appreciate your effort. Next case. Our next guest is calling for a meritbased immigration system, his book, green card warrior was endorsed by President Trump on twitter. Welcome flag usa founder, nick adams, friend of mine with australian accent. How are you doing there, nick. Good day, stuart varney, always a pleasure, sir. Stuart do you think you and i would have gotten in here had they meritbased immigration system when they arrived . I was thinking about it. The only thing i disagree with, the only criticism i can offer about President Trumps meritbased immigration approach he is taking, it should be called the varneyadams model. Because you and i both, we came here to make and not take. To give and not receive. To join the place, not change it. We really came because we wanted a better life and, we came because we love all of those things that are quit essentially american like guns stuart do you have any information on the kind of plan, meritbased immigration plan, that the president has in mind . Im familiar with the australian plan where you score point for various attributes. I think it is somewhat similar in canada. Do you have any idea what the american plan might be . I dont have the specifics, stuart, i think what were going to be see something an elevation, a prioritizing of skills like proficiency in english, like job prospects, certain skills that perhaps are not available readily in america. So were going to make sure those kind of people come. If we want to keep america the best country in the world, weve got to make sure only the best are coming. Stuart am i right in saying that australia has not admitted a refugee in three years . Im referring to the refugees who arrive on boats. They stopped that and park them on islands, as i recall. I believe im right in saying no refugee made it into and stayed in australia in three years. Accurate . That is absolutely accurate, yes it is. Stuart that is reviewed and considered discriminatory . Well unfortunately, all things common sense, any measures you take to protect the safety of people in a country these days is considered discriminatory and bigoted and Everything Else that the left likes to throw at you. But the reality is, stuart, if we want to keep america safe, if we want to keep western civilization safe, weve got to have borders. Without borders you dont have a country. Stuart am i right in saying, nick, this would be a real change, a sea change in how we who we decide who we bring to america . Its a real change, right . Absolutely. A dramatic shift, stuart. All of sudden well be putting out to the World Americans want the best of the best coming to the United States, to continue the exceptionalism of this country. I couldnt think of anything better or anything more fitting. Stuart hold on a second, nick. Ive got byron york with me. Do you think American Voters would approve of that kind of sea change in immigration policy . Absolutely. As a matter of fact you have to talk about that, if you talk about immigration reform. The gang of eight bill, those framers talked about moving from a family reunificationbased to a skillsbased immigration system. They didnt put it in the bill, they felt rhetorically had to say that because the public supports it so much. Stuart one last question to nick. How much did your sales go up after President Trump said he liked your book. Business and politics, stuart varney. That is what youre known for. Look, we did incredibly well. We topped 100 in the world list. We did amazingly well. Im grateful to President Trump for the shoutout. It should be easy for good people to come tonights and hard for bad people to come. Unfortunately that is not how the system works. Stuart green card wore i cant remember. Nick, see you soon. Republicans hold a News Conference replacing obamacare. Theyre facing opposition within their own party. The ball, the legislative ball is rolling. Newt gingrich is next. 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, eping you on course. Urance company has over thirty years 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 joining us now, Newt Gingrich. Good to see you. Stuart one thing im disappointed in the obamacare replacement plan, it doesnt open up Insurance Companies to sell products across state lines there. Is no National Market. That is disappointing to me. How but . I think this will be second bill. Im amazed moving complete bill this is early. This is six weeks before i thought they could possibly get it done. This first bill has to be done under Senate Reconciliation rules which require everything to be budget related. There will be a second obamacare bill probably in september and october that will include much more profound reforms, such as selling across state lines. Stuart okay. I think that is coming but this particular bill in order to move it quickly, theyre moving it under senate rules allow 52 republicans to get it done as opposed to regular order which takes 60 votes. Stuart can they getepublican unity to get this thing throh on time . Obvious questions. You asked three Different Things there. First of all i really like President Trumps tweet which says this is a great bill and it is open to negotiation. That is exactly the right way to approach this. The opposite of the obama model. This isnt take it or leave it. They will be listening to a lot of people. I think that mick mulvaney, director of budget did a great job this morning an television explaining where the administration is coming from. In the house it will go with kevin brady and then with greg, on the house side, energy and commerce committee. The two will have to work their two committees. I think there will bements offered. When they merge and come together with a bill goes to the floor, my guess there may be some amendments offered. Then it will go to the senate. I can virtually guarranty you there will be amendments offered. That is the way it should be. This is much more open process than obamacare was, that will make it a better bill. And it has got big things in there, stuart, i think you would really like. Stuart well, look, big picture here, our viewers, who are investors, they want obamacare fixed, done away with, got it through congress. Right. Stuart then they want the taxcut package and they want all of it done by august. Now that is a really difficult schedule. Do you think they have got a shot at getting it . They have a shot at getting it but i would bet on october. Stuart that would still be okay, if you get it done this year. Speaker ryan has been very clear in interviews ive seen that he believes there is about 2hundred day schedule here 200 day schedule, that allows some room for slippage. In addition they have a infrastructure bill coming down the road that will be very, very important. A lot of your investors will be very interested in. The e a number of things coming simultaneously. Of course there is a budget. Well probably he see the first trump budget. It will be dramatically different than an obama budget. That will lead to all sorts of excitement by itself. Underneath all the tweets. Underneath all the news media noise, there are big things done by the Trump Administration and house and senate republicans. Theyre working together as a team pretty darn well. That is the story the New York Times and Washington Post dont want to cover. Stuart we have never seen it before. I say that to all of our guests. It is true. Newt gingrich. Always appreciate it. Thanks, stuart. Stuart well be back. Why pause a spontaneous moment . Cialis for daily use treats ed and the urinary symptoms of bph. Tell your doctor about your medicines, and ask if your heart is healthy enough for sex. Do not take cialis if you take nitrates for chest pain, or adempas® for pulmonary hypertension, as this may cause an unsafe drop in blood pressure. Do not drink alcohol in excess. To avoid longterm injury, get medical help right away for an erection lasting more than four hours. If you have a sudden decrease or loss of hearing or vision, or an allergic reaction, stop taking cialis and get medical help right away. Ask your doctor about cialis. After years of obama cares broken promises, we are proud to put a plan that represents a better way for patients and for American Families. This morning, health and Human Services secretary tom price sent us a letter on behalf of the Trump Administration in support of our legislation. That is the first step on the path to fulfilling our promises to the American People. We welcomed President Trump and secretary prices support. We will continue working closely with them and our colleagues in the senate to get this bill passed into law. Let me be clear. Our plan is the first step. Under our plan, we are moving forward in a positive direction to rescue the individual Insurance Market and give flexibility to our states. We are protecting those Patients Living with her existing conditions under our plan. We are not returning to the days of lifetime or annual limit. And we will continue to allow young adults to remain on their parents policies until they reach the age of 26 and will keep our promise to not pull the rug out from anyone including those on medicaid. We are also creating a new and innovative patient and state Stability Fund to help low income americans afford health care and repair the damage done to state Insurance Market by obama carrots good we were turn power back to the states, strengthen medicaid and prioritize all for our nations most vulnerable. Simply put, weave a better way to deliver to not washington bureaucrats first to provide the American People with what weve asked for and what theyve asked for. Greater choice, lower cost and flexibility to choose the plan that best suits their families needs. Introduction of this bill is just the first step in helping American Families across the country obtain Truly Affordable Health Care and were eager to get started. Now turn it over to my collie, chairman of the ways and means committee, mr. Brady. Greg, thank you all for joining us today. Seven years ago, obamacare pope washington in control of American Health care. Her seven lightyears, i just hurt more people than itself. Families cant afford their premiums. Patients can visit the doctor that they like and fewer insurers are offering Coverage Options every day. It is getting worse. With President Trump now in office, House Republicans are taking action to deliver relief to americans now. This week, republicans have introduced legislation to repeal this daily lot and help ensure americans have access to health care tailored to their needs, not health care aided and tailored to washington needs. The American Health care act transfers from washington back to the American People. We restore state control of health care so it can be defined for the families and communities in each state. We restore the free market so americans have a greater choice of products tailored again to what they need and what their family needs. So, in the ways and means committee, our role is first to act now, dismantle obama ca unpopular taxes and mandate that of her job center do not Health Care Costs. To enhance and strengthen Health Savings accounts so people can spend their Health Care Tax dollars the way they need to. We will help low and middle income americans access affordable, Quality Health care with a monthly tax immediately available. Health and Human Services, secretary price wrote today this morning, our legislation alliance of the president s goal of rescuing american from the failures of the Affordable Care act. Secretary price wrote that our bills are unnecessary important first step for fulfilling our promises to the American People. I encourage you to read the bill and cover our action tomorrow. This bill is available to the American Public contrast the Affordable Care act. 2400 pages written in the dark of night and rush to congress. This legislation is a little over 100 pages and every american can read and understand it. House americans promised to deliver stepbystep affaires to provide relief from obamacare and give People Health care they deserve. We take that critical first step tomorrow. Id be happy to take your questions. Go ahead. [inaudible] in fact, the bill went online for the entire American People, all of you to read, all of us are probably extremely to 6 00 last night. My colague said not that much to get through. Its pretty well understood. And it keeps you in practice with reconciliation legislation. And the democrats at reconciliation, they didnt have a cbo score before the budget committee. Thats pretty much how it operates. We will proceed with their markets or there will be a cbo score coming to look forward to that before comes to the house floor so all the members of our congress have enough for that. [inaudible] what is the message [inaudible] well, we have the good reef in the senate colleagues. Last week walkthrough within the various provisions. I encourage them to read the bill, find out what the name. Ive sent notes and copies to some of the senators who are seeking the bill. So they can read through it. We are repealing on replacing obamacare. We start with a 2015 reconciliation legislation and moving forward to get Health Insurance for its affordable and available to create more choices in the marketplace and to do the biggest entitlement reform since bill clinton signed welfare reform into law. Cities are big measures moving forward. We certainly met the test of the president and secretary price who believe we will work with them and we made them onboard to make this happen. This is obamacare gone. This is the first and most important step to giving relief to americans from this terrible law and begin the replacement principals restoring state control and restoring the free market to conservatives, moderates, a republican to build consensus around. Dr. Prices own legislation last year which we embraced and our republican plan had 84 cosponsors, including members and leaders of the Freedom Caucus, rnc and republican conference. We are following that consensus. Here is i guess my main point. As republicans, we have a choice. We cannot now or we can keep fiddling around and squandered the opportunity for repealing obamacare and begin a new chapter for the American People. House republicans are choosing to act now. I am not we hauled a lot of listening sessions with conference members i met individually with leaders of the various groups within our conference. We had a lot of discussions over the weekend with white house and various folks there. It is a legislative process. We now have a bill available for all to read and i encourage you to do it. I would encourage them to do it. I encourage them to look against their own bills and what theyve supported in the past. Lets have a thoughtful legislative discussion. Theres a process before each of our committees. There will be a process of the budget committee, process at the rules committee and will come to the floor. This is an important step moving forward to fulfill her promise to the American People to repeal and replace obamacare. Matcher at how many peopl [inaudible] its interesting because if you go back to a cbo predicted would be covered on exchanges today, they are only off by a two to one ratio. There were 21 million they projected to be covered. 10 million actually covered. The worst part is we are chasing young people away from Insurance Coverage through the various obamacare mandates. As a result, already 5 of those people who decided not to sign up for obamacare and pay the penalty and stat or get an exclusion for people under the age of 35. We need to give options affordable and available to more people and Insurance Coverage. We believe the reforms under medicaid and drive more dollars into coverage rather than bureaucratic process they have to go through to get waivers. [inaudible] so we have been listening very carefully to House Republicans. The entire conference across the philosophical spec term about how best to restore state control, how best to return create a free market and how to make sure we do that in a way that balances in the budget. We looked seriously at the option of actually providing the same Health Care Available to others to the exclusion at the end of the day. Our conference, the direction they gave us was not a provision they were comfortable today and so we decided again to go a different direction. I am not will cover more americans with Affordable Health care then today is probably the key question. Heres what i know in texas in our district. More people have opted out, found a way to get out of obamacare then are taking it. Those who have it wrinkly cant use it to the deductibles are too high. The copayments are too high. Its just a card. It doesnt help them. Under our approach, by returning an addition to the states, and giving americans a broad choice of plans that can actually use, i believe we are increasing access to Affordable Care for those who want it. I think that is an important distinction here. As i see the tax credit, i have a Small Business background as the chamber of commerce executive. So for decades, i watched Small Business people, entrepreneurs, momandpop Companies Struggle to get health care. While workers in big businesses goall the help. Under the republican plan for the first time, if you work hard and play by the rules, you are treated equally. You get that help us much for newer. So those businesses frankly arent taking the Affordable Care act. The Small Business people doesnt help them. Yours but we do know. Last year, 225 counties in america is one option left for people to choose from on the exchange. This five country nears 1022 before humana pulled out. The Insurance Market is collapsing before our eyes. The ceo of aetna says its in a death spiral. He is then not market. They are looking up whether they can sustain the losses that they are now enduring because the way the markets created. The facts of the matter are not what this will be Going Forward. We were right to think of a pretty big wreck and were trying to clean up the mess. Fewer people back to. We are not taking anybody off medicaid upon it today. You can read that in the bill pretty clearly. We are going to devolve power back to the dates, decisionmaking to the state the next and access to affordable insurance that people can take advantage of. One out of three counties in america, one plan and in some cases next year we hear it may be zero. Thats the gap we are trying to prevent. [inaudible] not only do i think back, i think secretary price believes that and truck leaves that based on the letters they sent to the communication iss. I know mac we are waiting for cbo. You explain a little bit about the creme m. R. Hayek and hazlitts current in the individual mandate. Yeah, sure. We look at continuous coverage. This is not a novel cant do it. Youll find a similar version of this to cover preexisting conditions in Medicare Part b, met a car Medicare Part d and the employer market. We modeled it after that. One of the issues we found that some people were gaming the system of guaranteed issue. Not that they had a preexisting condition necessarily, they pay for nine months of Insurance Coverage is Insurance Coverage as well do not magically come back into market. That is part of what is causing the spiral downward. We want to make sure if you have a preexisting condition you get coverage. The coverage is not rated a stomach condition. Its just if you let it lapse, if he didnt pay the premiums, there is a marginal penalty there going backwards. Its a little bit like you dont get to buy Fire Insurance for your house on the roofs on fire. You have to buy it ahead of time. A little different i realize when it comes to health care, but the concept is continuous coverage. Economic at the 63 days. Basically thats three months, how it is in other areas of federal law today. Our goal is to make sure if you have a preexisting Health Condition you do not deny insurance are priced out of the market. Thats what we accomplish here. I know mac yeah, i disagree. I look at the 20,000 jobs that have left america because of the irresponsible medical device tax. I look at the Health Insurance taxes and others that drove up Health Care Costs on americans, especially those who could least afford it. You ran down tax increase aftertax increase aftertax increase favored the economy. They hurt health care. They achieved not in. I dont want americans to continue to struggle under the Obamacare Tax is, which is why we are moving to repeal them as well as the subsidies. At the end of the day, as you all know for this to pass the senate, this has to balance within the budget and the window weve been giving and we will make sure it does. [inaudible] so, on the side that we are focused on, very little from the standpoint of repealing taxes, penalties and the mandate and the subsidies as well, making sure that we are defined in planned parenthood and redirect those dollars to Committee Health centers so women have those services where they need them. So we used the 25th 10 reconciliation bill as the foundation for repeal, but we go further with those two key principles, returning state control so communities can get help here designed for them, restoring the free market so people can choose health care they need. From our standpoint, we have crafted the biggest entitlement reform in the last 20 plus years by going to a per capita allotment act is dave for traditional medicaid population. I dont believe that was the 25th 10 reconciliation bill. Thats important to empower states and to cut medicaid on the budget. So that is probably the biggest. We had the patience ability and state Stability Fund and hear us loud because theres been all this damage done to the market itself, we wants it to come in, whether texas or oregon. We have vastly different decisionmaking thats gone on in health care and our state to help out. Is that going to be an annual pay and inform about the set up as an endowment . To 100 billion fund over 10 years will be about 10 billion a year if they could no thats coming to their states. On medicaid, have you talked to any states [inaudible] weve talked to a lot of states as you might imagine. I heard from a lot of governors that had very protect the discussions. I dont believe they will be allowed to expand if they havent expanded before. But if they have the expansion, they cannot do people on until december 31 of 2019. Why do we do that . States have told us and others have informed us that youve got to have a transition. Here that works for the people that are on medicaid and that works until mr. Bradys tax pieces up online and remember with Insurance Markets, it takes them a year or so to come up with new plans and policies and get them out there. What we are trying to do is what we pledge to do. Not pull the rug out from anybody. Make sure there is a transition with more policies, more opportunities than a more fair health system. [inaudible] allen. [inaudible] clearly, we have an economy that is struggling. Worst recovery not the century. Young people cannot find good paying jobs. A lot of people have given not. Part of this is to remove the damaging job killing tax is in the Affordable Care act to lower the cost, but it also fits into our vision of the tax reform proposal that spill from growth, built for the growth of jobs, wages in the u. S. Economy. I think a key element of the tax credit is that it is really targeted and tailored to the individual. It is a credit immediately available to them. It grows and increases with age because your Health Care Costs go up as you get older. It expands with your family because you have greater needs of the family. It is a credit that you can take from Small Business to Small Business, from state to state, home if youre starting a business or raising a family, even as europe roach retirement. This is unprecedented freedom. I would know, too in this legislation close to the work of chairman walden, that those on the aca today who are watching it slowly collapse, they will actually be able to buy products off the exchanges including catastrophic coverage is very important to them if they make this transition. It is very carefully and deliberately thoughtout. [inaudible] tree into you just heard it. The two men who chaired the two committees which will deal with obamacare and getting the reform through congress, they just held a press conference. They answered questions about the new plan, which is now on the table. May i give you a very brief outline of the way i see the new plan . Very brief. The mandates gone. Penalties gone. You keep coverage of a preexisting condition. That is still there. You keep your children up to the age of 26 on your coverage, on your policy. That is still there. Power transferred from the central federal government as much as possible to the State Government where health care is concerned. Thats a very rougoutline of what the plan that was just presented to the American People. Commerce and Michael Burgess joins us now on the subcommittee. Let me see, subcommittee on health. In your adapter to boot. To some degree, that synopsis of the plan that i just gave us a little added date because President Trump has been tweeting already today he wants Competition Among Drug Companies to lower prices and he wants Competition Amongst Insurance Companies and that they should be able to sell policies across state lines. Those two caveats, those two tweets would seem to me to make it easier for the Freedom Caucus rightwingers to get on ward with the plan. Actually, stuart, i apologize i have not seen those tweets. So Many Americans today are grateful for the immediate relief with the reconciliation at the energy and commerce committee. The Immediate Release that provides, the problems, the problems that occurred than detailed by chairman walden and chairman brady. People have been asking early so that is on the way. Recognize this reconciliation bill is a pathway that is ahead of us because of senate rules. It is not the end of the process. Its the beginning of the process. The flexibility in the health and Human Services with over 1400 regulations published as a result of the aca. They have enormous flexibility and other things that can come after. In fact, we will do with the food and Drug Administration. H her first hearing l theres a generic drug er fee agreements on how to bring costs down. So there will be things that happen as we go through this first year of the administration. Lots of opportunities. Some of those big ideas will require 60 votes over the senate. I hope we have people who put their political weapons away on both sides to get good things done for the American People. Stuart do you have enough sweeteners to get the Freedom Caucus on board. At the moment, or 30 members and they are saying in we dont like this. This is obamacare light. We dont want it. Can you straighten him out than get them on board . They have an opportunity to have a discussion with those numbers. Obviously with some interest that i watched some of the interviews and Nick Mulvaney did this morning. We spoke dari clearly and very forcefully in favor of the provision that are included in the ways and means. So we will see. Thats at the legislative process is about. We will have our markup now and go on for a long time. They are on our committee and liberal democrats on our committee will hear from both sides. The attempt to get everybody on board. The horse trading. I guess im not of luck on that one. Can i just say one thing about that . I offer to henry waxman and the obama train russian team. I said i didnt give up a 25 year medical career to sit on the sidelines or talk to me abouthe thingsoue trying to do. Maybe were not on completely different pages. But they never did. They never eve tried. We have a president now who is famous for the art of the deal. Forgetting compromise. Im excited about the process that lays out in front of us. Itll be a very different landscape beside 2009, 2010 and the benefactors are the American People. Congressmen coming are very busy guy. We appreciate you being with us on a very busy day. Thank you on the circuit appreciated. One of the experts that we turn to one obamacare over these many, many years. Grace marie, welcome back to good to see you again. Good to be with you. Stuart good morning. Okay. Now, they are going to replace the subsidies, which are currently available with tax credits. Is that a big enough is that a big enough for placement . Are people going to be made capsoff with tax credits as opposed to subsidies . This is going to be better. They are able to use very generous tax credits in the aca to purchase coverage. But they can afford to see a doc or because the deductibles are so high. By giving the states more power to approve plans, the people may actually want to buy. The tax credits are going further. Bizarre market dynamics. The consumers in the marketplace, not between bureaucrats and politicians. This is sad being someone who is 30 years old is going to get a 2000 year credit to purchase insurance. A family can get credit up to 14,000 a year. It is really hard to see how theyre not goingo have a policy that pleases them, especially with states approving a much wider range of policy. Stuart grace marie, it seems President Trump wants to be involved in negotiating here. Hes come up with to tweets so far this morning. He wants up Competition Among Drug Companies to get the price of drugs down and he wants Competition Amongst insurance carriers across state lines again to select so you can get policies in front of people as possible. I take it that you approve of those two inputs from the president . The reason he did that is those two issues are important things hes talked about, important issues that the American People, but they could not get through this narrow tube that congress has to go through to get this legislation through the reconciliation process. He is basically saying those will be the next steps. You heard the chairman said over and over this is the first step. This is not the end of the game. They are going to move from here and President Trump is already talking about what will be the next debate. Trade to stay there for a second. Peter kernan joins us. Former partner goldman sachs. Peter, you heard all of this. Youve seen President Trumps tweets and yet the market has moved a little bit lower. Does the market not approve of this plan . The market is pausing for one reason cited a couple of times. The Affordable Care act was 380,000 words. If you think about the regulations created by the Affordable Care that was 20 million words. We look at the beginning of the process either one of those agreed to sign into and done in the pens passed out. Tens of millions are certain to follow. The market is saying lets wait and see. Theres things that i can think they dont. Stuart early days. Show me you can do it. The tribe rallies on a rallies on the path and this is precisely what we predict it. Now its time for the rubber to meet the road. They will come into view. People are ready who are annoyed with it, which is a good sign. Stuart okay, you can hear the judge and i promise to introduce a momentarily. The gop is still divided on replacement plan to listen to what senator rand paul said this morning. Roll tape. The house bill put forward is obamacare light. It wont work. Premiums than prices will continue to spiral out of control. This is obamacare light. While not pass. Conservatives wont take it. Stuart it will not pass who is here . Judge andrew napolitano, the libertarian judge himself. President trump tweeted twice this morning and away he will will like it surely. Competition among Drug Companies to get the price down. Competition among Health Insurers across state lines the National Market going. Out another problem that the competition. Competition improves the product and drives the market down. I condemn the me and said the individual mandate as to give. I condemn the maintenance of the cadillac tax, which directly goes to stuart 2025 is years away. It days until 2025. Until 2025. It is they are now and it goes away. I am talking to stuart varney, the most conservative person i know what the dollar or the british pound, whatever you want to say. And youre in favor of more attacks is. My eyes and ears deceive me. Stuart data such nonsense. The 3. 8 tax on investment income. The. 9 extra tax on high income earners on their income gone. The device tax, medical device tax gone. The cadillac tax you are so riled up about is still there, but not applied until 2025. What about the federal government forcing the project you dont want. Its not a tax to the fed. Its not assigned to the fed. Its a payment to the insurance carrier anyway for a product youre not going to get. That is taking proper be okay in giving it to be which the constitution of the Supreme Court has condemned. Tree and do you know what, i dont care. From whom the property is taken as opposed to him as being given, you will care. Stuart i want a deal and i want a deal pass quickly. Are you going to stand on not one little tiny objects in . How about a joke character vastly. I say to the three smart people on the other side of you. How about we keep the government out of micromanaging 16 . Stuart regrettably the market is listening to you in figuring out your going to stop us getting a deal so we stopped getting the tax cut. All i want is a deal and i want it done very quickly. Are you going to stand in the way . Im going to argue against this because it also institutionalizes the concept that is the obligation of the federal government to provide health care for people in that its not the constitution. Professor lunden agrees with me. Stuart im just about to introduce the man. May i do that, please . [laughter] youve been listening to this diatribe. Theres no question the judges read about the mandate. I feel it is unconstitutional. It is distinctly inappropriate. However there is a desirable part of the American People for a deal and i think that you will have an adrenaline shot in the market. It will be while there will be some reconciliation and further discussion. I hopehat there will be some discussion about the mandate. I have an idea of simply taking the notion of a medical savings account, starting 20 or so starting 20 or so than people need very little medical care. Theres a big chunk of money available to you. The way the market can operate effectively in the United States and allows for individual choice and it strikes me about the sort of thing we ought to be doing rather than imposing the governments will of the American People. Stuart i do hear all these people. I want to bring in grace marie turner. We lost her. We lost the audio feed. Peter kiernan, are we going to hold this whole thing up because of the one item, the individual mandate . You look at how about more than that. It will feel like another entitlement come a different kind. One of the things that have a problem with mandates, these allocations are done by age, not by income. But as someone whos 65 with 10 million in the 4000 a month. It doesnt make any sense. You will see a lot of people from the conservative side say i dont like these monthly stipends. There is another welfare from the government. And we should change that. Those two things will combine to create a real debate. Stuart we are going to take a commercial break momentarily. Before we do, im going around the table one more time and i want to ask a serious question. Do you think a deal will ultimately be done very quickly and get a deal to replace obamacare . Will it be done . Your objections notwithsing. Will it be done . Absolutely. It will be done in large part because the public is looking for financiers. Liz yes, but not quickly. Yes, but not quickly. I would not look for a huge market response right away. They were weighted the. Tranter if they dont get it done, the Republican Party is toast. And so is the stock market rally. The republicans lose big if they cant get this through in the stock market also loses big if they cant get it through. Were you surprised at my guest answer . Stuart gas, im confused by libertarians being flexible. They will just do a deal for the reason you stated, to stay in power. Thats the only reason i go for anything, to stay in power. They did start with the hardest problem first had much less vexing thing started with infrastructure where everybody agreed. Why make the same mistake which is to start with very hard thing at first before you have any momentum can and a shared sense that hes a good guy and get it done. The trouble is just because its way doesnt mean you have to ingest the same. Stuart but they quickly go to the stock market. We didnt move. The market didnt do good we are down 30 odd points of us are at a press conference down 33 points now. I should tell you that the big drug makers are down because President Trump wants competition to lower drug prices. Other Health Care Issues like the insurers were up on this News Conference today. Quickly, shares of sporting goods, and give weak guidance, really taking it. This is part of retail ice age. Pandoras stock is way down. A report that its rival sirius might not buy them. Take a look at snap. Twenty dollars a share earlier. A couple days ago 2829. Transport it is in correction mode. What is happening is the bears are coming in big time to short the stock. Now the bearish filter from snapchat, snapshots filtered. Look at the action on this. The price action is devastating today. True to what peter byatt . I sold it as 25 minutes getting to the right price. This is the most dangerous time for a stock. None of the underwriters Research Departments are allowed to recommend a byatt. So here you have a moment with the stock floating out there in midair for anybody wants to come a couple of sale recommendations on the stock, but all this cascade firms in the underwriting cant say go out and buy. 25 days to wait. Stuart if i was the guy in charge, im not so sure theyve gone public. There is always away from the price. When a car to 28, 29 come youll get another chance. I would expect in 27 days to see all kinds of recommendations from all those firms in the underwriting. Stuart we call ourselves a liveaction news Program Covering a liveaction president. Right now weve got a good stock market down 30 points. But in that way for the best part of 90 minutes. The live action new show will continue and we will be back. Im with your fox business brief. The dow is down 20 points at 20,926. S p 500 done it. Our 100 day of not less than a 1 listed the downs died for the dow and s p. Embassy matted over 20 years. Dow winners and losers look in and see her. Zero and time United Technologies to the upside right now. Fisa pfizer and nike come under pressure. Donald trump said they will be in his system and pricing for American People will come way down for drug shares watching Satellite Television company will be joining the s p 500 on march 13th. Linear coming out en masse acquiring. Watching the soda stocks, one of the cities that has a soda tax to pepsi and cocacola are seeing a slump in sales. More fox news coming up. Nitrat, or adempas® for pulmonary hypertension, as this may cause an unsafe drop in blood pressure. Do not drink alcohol in excess. To avoid longterm injury, get medical help right away for an erection lasting more than four hours. If you have a sudden decrease or loss of hearing or vision, or an allergic reaction, stop taking cialis and get medical help right away. Ask your doctor about cialis. Make america safe again. I certainly hope not. Hopefully we can Work Together to find a path to address concerns they may have, but not to undermine this pillar of economic and Health Security for the American People. Stuart you heard it right there, House Minority leader nancy pelosi continuing her criticism of the plan to repeal and replace obamacare. Lets address all democrats for a moment. States from candidate trump one in the election last year. They face reelection next year. There is surely a limit to how strongly they can oppose repealing and replacing obamacare. The democrat are vulnerable. I think they are. As donald trump pointed out, obama carries in a death spiral. Premiums going up, copays going up. If i did nothing of it collapsed its own way. If we get too much of an obstacle towards that better thing happening, you could pay a price at the polls. Stuart the other side of the con is this cnn poll shows 55 of respondents approved of mr. Trumps handling of the economy. That is a very strong number. You might not like the man himself and his dial, but they really approved 55 of economic policy. This is another reason why democrats are at risk if they oppose President Trumps very popular economic policy. Thats right. Whether its a travel ban or what he wants to do. These things are all very popular. Filmic attack on mistake if they under a made popularity. Donald trump says a lot of blustery things to things you might call it irresponsible. By and large, people like what hes doing and i forget who should get a 40 p. Growth. People will recognize the economy has gotten better. The stock rocketed. Consumer confidence hasnt been this high and several years that hes doing something right. Stuart is there a shift in opinion in california . Youre a california guy. Thats where you that in broadcast from. Any shift in opinion . I sure hope so. We talk about a trillion dollars. Weve been talking about the fact that they cant spend the money to prepare the dam. Weve been talking about the fact they released a prisoner early because of prison overcrowding. Somebody who shot a cop. Realize tax then maybe a few republicans might steer us in the right direction. Stuart when you go on air with your radio show, what will you say about the obamacare replacement plan . Ive been talking about it for many weeks. My problem is health care is a commodity like eggs, sweaters, smartphones. To make it more affordable you have more competition, not less competition. What i fear is republicans will replace obamacare with obamacare light and we still dont have the competition we need to have in our health care system. Stuart but you would then to get a deal. When you . Its better than what we had before. We have too few doctors in part because the ama has been able to artificially limit supply about yours. Akin to a deal that shut out competition. We had these kinds of noncompetitive aspects of health care from top to bottom. I would trash the whole thing and go back to free markets. Thats a bold move most americans do not accept. Trade you got to bend time you got to win. Thank you. Appreciate it. Now this. Exxon in the news. They are going to invest 20 billion to create 45,000 jobs. The 20 billion investment creating 45,000 manufacturing and construction jobs in america. Liz think President Trump or the keystone maxell and exxonmobil pipeline. Headed through the pipeline to the gulf coast. Thats about what we import from saudi arabia. Stuart do you think theyll build a refinery . Tremendous inflow coming from canada. Stuart this looks to me like a win for President Trump. One of the things that people are sitting in the boardroom as i have and say what we do next . Where do we create this plant. If we know theres a familiar and favorable turn, plays, thats where theyre going to go. This is playing along. You dont get to be worth 350 billion by missing some of the signals. The signals from washington are clear. Play along a note at a log. Stuart it doesnt hurt Rex Tillerson used to run exxonmobil and it doesnt hurt President Trump was more Domestic Energy production. Are than anything else is increasing the dividend to this country. We have Natural Resources boom going on and they intend to feed it. Stuart nextstep, when a President Trumps top environmental advisers. The question for him. Does the president believe in Global Warming . Im going to ask him next. We asked people to write down the things they love to do most on these balloons. Travel with my daughter. Roller derby. Now give up half of em. Do i have to . This is a tough financial choice we could face when we retire. But, if we start saving even just 1 more of our annual income. We could keep doing all the things we love. Prudential. Bring your challenges. Stuart now is the time we find out what is the answer to the following question. What this President Trump really feel about Climate Change, Global Warming . Lets bring in someone who can answer the question. His name is ed russo, President Trumps top environmental advisor. How does the president feel really deep down about Global Warming . Well, if its Global Warming or Climate Change or sea level rise, its all about clean air and clean water and as it is what private citizen. As president , there is better raised about handling items and make sure it has a better effect on clean air and the Climate Change. Stuart does he believe that the earth is warming and that is the result of human activity . Thats the real question, isnt it . A big question is what are the behaviors of human activity and what can humans do to change their ways to make things better. The focus really has to be cleaning out. Landfills [inaudible] stuart thats not the question i asked. What does President Trump feel about whether the planet is warming and whos responsible it is that human beings . What is it then . Human beings contribute to this. Its not a question of whether you believe in Climate Change or not. Its whether you understand it. We have to work to clean up the environment now with a much greater effect on Climate Change and Global Warming. And that is where our focus must be. Stuart he wants to cut the Environmental Protection Agency Budget significantly. He wants to cut its rules and regulations. That is how hes going about taking care of chronic business. What hes trying to do a streamlined epa we are spending a lot of time talking about Climate Change when we should be cleaning up things that affect Climate Change. Landfi one of the things people don realize is landfills belch out methane every single day. Methane has six times the concentration of the Greenhouse Gas and co2. If we can focus on rentals and other sites, we will have a much better impact on Climate Change than the co2. Stuart ive got a feeling that the courts or lawyers rather will fight him all the way. That may be, that private businesses and environmental organizations and Government Agencies at all levels should follow his lead. Again focus on cleaning up the environment we have today. You go past is landfills and you see these white types get those are meant to aid vents. We should stop that. Better ways of handling that they and better ways of creating energy from nothing without combustion. Stuart i wish we had more time. Thanks for joining us. We appreciate it. There will be more varney after this. Stuart look at this. The market simply has not moved despite all the breaking news today and the beginning of the president s asked all, legislative schedule in congress. How do you explain that, peter . The pause that refreshes. Everyone is waiting and seeing. Stuart refreshes. Were going up from here . If he does some of the things he talks about, it will go up. Liz take a while for this health care thing to go through. Stuart neil cavuto, it is all yours. Neil peter might be on something, they dont have all a the pieces together. That is worrying some here. As you heard by now the Republican Health care plan is out and not all republicans are buying it. Congressman kevin brady and greg walden were among the first to say all you conservatives with problems with this, take a chill pill. Take a look. We will work with them. We need them on board to make this happen. This is obamacare gone. This is the first and most important step to giving relief