Theyre all smiling, thats good. Okay. Silence from the right. [laughter] in fact, in the middle of this blizzard, i want to bring you something positive and ive got it for you, here it is. Another indication an optimism is absolutely soaring. Its the wells fargo gallop index and shows the biggest jump in yes. Small business has not been this bullish in a decade. All right. Contrast that with this, with the overwhelmingly negative political headlines that you think the world is about to end. Look at that, please. Stocks will open lower, not that much, down 50odd points, not just of the political turmoil. And were about what, 200 points from the alltime high. So, welcome, everyone. Hope you are warm and comfortable, wherever you are. We have a show for you and youve got to love it. Varney company is about to begin. Riding the storm out riding the storm out the storm out . Thats a good song. Stuart thats Reo Speedwagon im informed. You didnt know. Liz no. Stuart youre looking at new york city, this is what the northeast is talking about today. The rest of the country may be feeling smug laughing at us perhaps, but its a big deal to us. We hope youre watching from somewhere warm and comfortable. Here is how the storm is tracking as of right now, thats the radar picture for you, you can see were in the middle of it, obviously, winter storm watches and warnings in effect up and down the eastern seaboa seaboard, got it. Our own adam shapiro is outside, braving the wind and snow. How bad is it . I think they would say in your country, its bloody cold, stuart. 27 degrees, four inches of snow so far in new york city, but eight inches upstate and theyre expecting everywhere from a foot to two feet of snow. Possibly a foot in the city, but two feet as you get further north. There are roughly 6,000 flights anceled today, according to flight aware. Youve got Train Service delayed or canceled. For instance, the acela, the amtrak speed train that goes from new york to boston, no Acela Service today. Modified Regional Service going north and modified Service Going south as well. Acela service is going south to washington. In new york city, subways underground are running, but any subways that go above ground, theyre not leaving the tunnels, theyre staying underground. You can see sixth avenue behind me, this would be gridlock as people are at the end of rush hour and traffic is moving, well, what you can call traffic. But the bottom line is, the storm is, were in the middle of it and its not just the snow. Theres a lot of ice. It hurts when the wind picks up and the ice hits your face. And thats the scene here in midtown, manhattan. That was a very good scene setter, adam. Were going to keep you there to report on the hour, every hour, until this time tomorrow morning. Thank you very much. [laughter] a good man, really is a good man. The blizzard warning for new york city has just been canceled. Look at this, lets talk money for moment. This is the price of oil, down what, 69, 70 cents. Opec says supply will continue to go up, despite their output cut. So down goes the price of oil. That is affecting the stock market, stock futures a little bit. Were down 50 points. Thats about it. And still no huge retreat, and were not seeing a huge retreat since the election. Look who is here, James Freeman with the wall street journal editorial page. With the problems we keep reading about in the headlines, how can you explain weve not had a big selloff since november the 8th . There are reasons to be optimistic. We talked about tax reform coming, regulatory changes, the president yesterday afternoon playing out the plan to reorganize the federal government. Lets hope it means smaller government. He seems to want to come this way. And we have this Health Care Issue which should be, should be a big tax cut as well. Stuart so thats enough . Every headline i see is negative. Theyre whining and moaning about this and that and that is going wrong and thats going wrong, we cant do this, we cant do that and the market never goes down, never goes down significantly. Well, weve still got the very accommodative Federal Reserve so youve still got historically low Interest Rates. When you combine that with washington now taking a different direction, saying, were not going to beat up business, thats pretty powerful in terms of expectations for stocks going forward, but, the administration has now got to deliver. And you had gary cohn on your show on friday and i think its a little concerning that he doesnt get that we need a big tax cut. Hes talking and hes worried about deficits and this sort of thing and i think its really key that they focus on not just tax reform, a better system, but lower rates and less money going to washington. Stuart so be quiet, gary cohn and lets get optimistic side of things. All right, stay right there. Weve got a lot more for you. Government bean counters, youve heard about this, theyre saying that 14 million will lose insurance under the new Health Care Bill by the year 2018. Next year, 14 million gone by next year. Look at these opinion headlines from that cbo report. The Washington PostEditorial Board, the cbo reveals Republican Health care cruelty. This from the New York TimesEditorial Board again, Trading Health care for the poor for tax cuts for the rich. Thats one way of putting it. Emack, i want you to deal with that 14 million number that will lose insurance by next year. Liz thats the talking point, the bully stick that the democrats are looking at. Its a toothpick. Its 10 million in the obama exchanges and they had the mandate tax to deal with. The mandate tax goes away. If it goes away the 10 million would say, maybe ill just buy catastrophic insurance or Something Else and cbo analysis doesnt seem to account for that. 3 million in medicaid jumping up to 14 million. But thats assuming that those people will not get coverage. Theres a lot of halfbaked assumptions in this analysis. Stuart whats with that assumption . How can the cbo assume that those 14 million wont choose to buy insurance by themselves . Connell correct. Stuart how do this he make that assumption . Right, they dont assume well, we know that from history. Looking at cbos past forecast, they told us by this point, more than twice as many people would be in the Obamacare Exchanges as are in them now. Obviously, you can say that this is a benefit thats available, but firms dont want to offer the coverage, its not there. Similarly, theres a lot of worry in washington that maybe fewer people will be joining medicaid. This is considered bad news in washington . Its good for patients. Medicaid doesnt work. Liz can i all of those people are better off without insurance than with medicaid. Liz one quick point to what james is saying. With the obamacare analysis now says, is now 24 million will be without insurance. The cbo said that obamacare itself would enroll 26 million in the exchanges by now. Stuart they got it wrong before. Liz they were totally wrong before and who knows now. You want the small government view . No, wait. Its a tax cut. Stuart i want to make room for you in the segment. President trump, listen to this, this is important, President Trump has given the cia the power to launch drone strikes, repeat, the cia can authorize death from the sky. All right, judge, i know were probably going to argue about this, first of all, deal with this, thats a complete change in policy as to who can authorize a Deadly Strike by drone. Its a complete change in policy as to who can authorize, but not who can pull the trigger because barack obama did the same thing, but he himself, as commanderinchief, made the decision. The president is not making the decision. So, the end result is the same. We are using drones to kill people in Foreign Countries without a declaration of war and some of those countries we are welcome, some we are not, but President Trump said im not going to make the decision, what do i know who should be killed. The people on the ground should make the decision. Thats the only difference. Legally theyre both on shaky grounds. Barack obama did this using intelligence assets because the war powers act which regulates his ability to wage war does not cover intelligence assets so hes outside the war. So he could wage a secret war for longer than the 90 or 180day period because hes not using the military. The war act restrains him to the military. Stuart so President Trump is doing the same thing. Yes, he is. Stuart using the cia to skirt the war powers. You dont approve, do you . Its not a matter that i dont have an i prove, the constitution doesnt. Stuart no, your reading of the constitution. The constitution is plain, Congress Shall declare war, and there must be a Great National concensus for war rather than a president declaring on his own. Stuart is there a possibility to wage war and declare war against an organization like isis. They dont wear uniform, they dont have territories. You dont have to declare on a country, you can declare on a group. But the Legal Authority that barack obama relied on and President Trump relied on is the 2001 authorization to get people who perpetrated 9 11. Isis didnt exist on 9 11 so islamic terror did then and it exists now. Thats an ideology, thats not a group. The declaration of war has to contemporary so that theres a National Concensus behind it. Do you think the americans want him to wage pinprick wars . If so, let congress say yes. Stuart islamic terror groups exist now and we shall go after them thats my last word, youre done. [laughter] you think the federal government has the obligation to pay health care, the government that cant deliver the mail is going to provide health care . No, i want viewers to see this. Wild scene in chicago, two separate crashes one a 34car pileup on the kennedy expressway, seven minor injuries there. And pirates hijacking an oil tanker off the coast of somalia, its the first time somalia pirates hijacked a ship since 2012. Details on that coming up. And steel team Seal Team Six the guys who killed bin laden in south korea, part of a plan to decapitate north korea. Were on it. More varney after this. Why pause a ontaneous moment . Alis foraily 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. You know, we are swimming in oil, supply way up, therefore, the price coming way down. This morning, were at 47 a barrel, down nearly 2 again. Look at valeant, the drug company. Investor bill ackman is walking away from his investment, estimated loss for that gentleman is 3 billion. He takes a hit. Now this. I think the temperatures rising diplomatically and militarily around the world. For example, 400 marines are in syria with heavy artillery. Paratroopers from the 82nd airborne in kuwait on a mission in iraq. And navy Seal Team Six will train with south Korean Forces and simulate a strike on north korea. John bolton is here now. Temperatures are rising around the world. Are we close to a flash point anywhere . Well, i think the Trump Administration inherited a badly deteriorating American Security posture around the world and what youre seeing is the manifestation of that deterioration in a number of different places. I ink especially on the korean peninsula, for a variety of regions, the aggression that north korea has shown in the continued pursuit of delivering Nuclear Weapons and the political crisis in north korea, you could find a flash point not because anybody necessarily intends it, but because of the uncertainty of the situation. I do think, its inevitable that the mistakes made by the Obama Administration would manifest themselves in ways that President Trump has to deal with. Stuart well, President Trump is probably going to meet with ping from china. My advice to the president would be, dont seek to make a quick deal with ping, talk about the range of issues, especially the north korean Nuclear Weapons program, china is trying to take over the South China Sea and make it a chinese province there, added to taiwan and hong kong, their domestic economic policies, discrimination against foreign businesses and investors. Theres a lot to talk about, so, i think from President Trumps point of view, sizing him up and getting a feel for what hes really all about is very important and should take some time. There should be no feeling of pressure to do an immediate deal on any particular issue. Stuart its just interesting to see the American Military pushing forward in syria and kuwait and in south korea. I want to bring up the issue of the saudis, the deputy crown prince who visits the white house later on today. Can you tell us, what does President Trump want from the saudis and what do the saudis want from President Trump . Well, i think theyd like to test out the president on his views on iran, on the Nuclear Weapons program, on irans continued support for terrorism, how to deal with isis. The middle east, because of the lessening of americas presence and interest and determination there over the last eight years, is a very dangerous place, particularly different the threats of the terrorists and the regime in iran, so theres a lot to cover, including whats going on in yemen, the deterioration across north africa and the middle east, of many regimes that have just collapsed and this is something that worries our friends there. Stuart do the saudis want us to stand up and maybe confront iran . Well, i think the saudis have precisely the same interest as israel in opposing iran getting a deliver nuclear weapon. And the last eight years, iran marched toward that objective. And when the gulf said that when obama signed the nuclear deal with iran they would ppt it they know as well as israel does that iran does not intend to go by the deal, and all the way continuing to aid hezbollah and hamas and other radical groups. So, its a very worrying concern for all the gulf. And its my view of the struggle that the iranians are pursuing and saudis and others are very worried about. Stuart its fascinating, all of these hot spots around the world and we concentrate in america very much on obamacare and tax cuts and the economy. Thats the way it is these days. Ambassador bolten, thank you for joining us, sir. See you soon. Thank you,stuart. Stuart how about this . Shopping malls, Shopping Malls, could be the heart of the next credit crisis . Investors are betting against the Shopping Malls and they see ghost malls coming and they dont like what they see. More on that in a moment. Your insurance on time. Tap one little bumper, and up go your rates. What good is having insurance if you get punished for using it . News flash nobodys perfect. For drivers with accident forgiveness, Liberty Mutual wont raise your rates due to your first accident. And if you do have an accident, our claims centers are available to assist you 24 7. Call for a free quote today. Liberty stands with you™ Liberty Mutual insurance this is very much our story. That is a deserted Shopping Mall. Investors are betting against Shopping Malls. They dont think theyll be able to repay all the loans theyve got outstanding. James freeman, we talk about thisll the time. Can you explain why investors arbetting against Shopping Malls . Right, well, youve been charting on the show the growth of amazon and were seeing the other side of it. Which is Online Shopping is growing by leaps and bounds, and retailers now, j. C. Penneys, macys, struggling during the Christmas Season and know you closing stores. Youve got 365 billion of commercial mortgagebacked securities, bonds packed by loans to the Shopping Malls and some of them are not going to make it. Stuart 360 billion worth of bonds which back the Shopping Malls and some dont make it and what, banks and investors are betting against them. Liz we hear that, some big players on wall street. Stuart 2017 is the tippingpoint for Shopping Malls, its going to change the way that america looks, isnt it . Im not sure its going to be armageddon. Its not people may want to make a parallel to the subprime crisis in residential houses.