tv Varney Company FOX Business February 7, 2017 9:00am-12:01pm EST
>> my thanks to everybody. "varney & company" begins right now. stuart, over to you. >> thanks. it's the left's tactic, it's clear, oppose and obstruct, that's the strategy, stop everything. you can see it at work today. good morning, everyone. right now in the senate, democrats are delaying the confirmation of betsy devos for education secretary. they'll talk all night and at noon and vice-president will break the tie. that's delay. in court, the left is delaying and trying to reverse president trump's temporary travel restrictions. the 9th court of appeals, his arguments today, the president may not get his way on this one. hollywood, the media, the left. big tech companies are united
in the effort to halt the trump administration before it gets started. democrats going further left. president trump standing firm. it is a very real standoff. ah, but look at the market, it remains resilient. despite the talk of a delay for tax cuts, the dow is well above 20,000 and this morning, it will open higher again. politics and money, live action news, "varney & company" is about to begin. ♪ >> half hour from now, president trump meets with county sheriffs, perhaps part of the law and order presidency? we'll see. we're expecting comments from the president himself from that meeting and we'll bring them as soon as we have them. in the next hour, the president meets on veterans affairs issues and we'll expecting
comments from that as well. you'll be rightfully informed on this one. during his ruling, federal judge james robard who temporarily restricted the president's travel restrictions saying that people coming from those seven countries do not pose a threat. listen to this. >> how many arrests have there been from those seven countries since 9/11. >> i don't have the information. >> the answer is none the best i can tell. so, i mean, you're hear arguing on behalf of someone who says we have to protect the united states from these individuals coming from these countries, and there's no support for that. stuart: well, very dramatic statement from the judge. did he get it wrong. ashley: completely wrong. just last october an iraqi refugee living in texas pleaded guilty to attempting to support, provide support to isis. also accused of wanting to blow himself up, tactical training, he partook in. in november, somali refugee
used a car and knife to attack people at ohio state. he was subsequently shot and kill. if you want to go back to 2011, two men from iraq were arrested in kentucky plotting to send money and weapons to al qaeda. here is number for you, 23% of muslim americans involved in extremism since 9/11 had family backgrounds from those seven countries. stuart: okay. ashley: so the judge was wrong. stuart: okay. let's not get too technical on it, that's a good point to make. the 9th circuit court of appeals hears arguments on these travel restrictions later on today. all rise, judge andrew napolitano is here this morning. judge, hold on a second, before you launch into this. >> i was going to underscore what ashley said. even if the judge were correct in his assertion that nobody came from those countries, that's the wrong inquiry. that is second guessing the president. under our construction, the president and not the courts set foreign policy. stuart: i'm going to leapfrog over this and say the 9th court
of appeals is exceptionally liberal, almost in my opinion, i think they're likely to p reject president trump's order on the supreme court. it's tied 4-4, they'll kick it back to the 9th circuit court of appeals, where that stands. >> if the appellate upholds judge robard, the clip that ashley has been commenting about and the supreme court ties 4-4 on a government appeal, that puts the 9th circuit court of appeals ruling in effect because the tie doesn't disturb the decision below. stuart: so the president could lose. >> yes, but remember, this is a preliminary restraining order. this is not permanent. this is a preliminary restraining order until there can be a trial. what would the trial be? it's the state of washington and the state of minnesota
versus donald j. trump. the state's arguing in behalf of their residents and taxpayers, that people in those states will be harmed. in my view, the 9th circuit will surprise you and the 9th circuit will say that the states don't have standing to sue. in federal court you can't sue and say i'm here because someone else has been harmed. the person or entity who has been harmed is the one that has to bring the suit. stuart: i'm significant that we have a politicized judiciary that will go against president trump. >> unfortunately in many respects that's correct. i am hope that we have three judges, at least two of home will not be politicized. one a boyhood friend of mine and classmate, a conservative republican, judge clifton, sits in honolulu, not a bad gig. oh, stop it. you did take my point that the left. >> well taken point. stuart:. left a mounting every effort to
stay, delay, pause everything and the courts are part of that move. we still don't have an attorney general, his confirmation is inevitable. there's lacking the strong leadership in the justice department. we don't have a secretary of education the democrats think by talking all night they'll pry loose another republican vote. it's causing the republicans to dig in their heels and say, why are you wasting my time? >> i'm not sure where you're coming from. >> i'm agreeing with you, that they are frustrating donald trump and it's short-lived these are areas where he gets to decide. he chooses the attorney general and secretary of education, he directs the policy not the courts and not the senate. stuart: let's see if it works out in practice, i sincerely hopes it does. >> i think we'll know during your show tomorrow. they'll release an opinion 6
a.m. stuart: i sure hope they do. it's live action news. check this out. democrats have an obstruct and oppose strategy, stop everything, got it. the latest example, betsy devos, the president's secretary of education nominee. listen to what charles schumer had to say about her. >> the responsibility to reject the nomination. i realize it rarely occurs, but this should be an exception because she is so uniquely unqualified, whether it comes to competence, whether it comes to philosophy against the public schools, or whether it comes to conflict of interest which still exists in far too many instances with miss devos' holdings. stuart: they're still talking in the senate. you still have it there. oppose and stop everything. joining us now katie pavlich town hall editor. katie, i think you and i agree that this is a delay, stop,
reverse everything policy by the left. do we disagree on whether it's successful or not? because i think the left is enjoying some success with this. >> i think they're successful on the short-term. i don't think they'll be successful in the long-term. the goal is to win elections and based on the last eight years of losing a thousand plus seats at the local and federal level for democrats and looking forward, to the 2018 elections, it looks like democrats aren't going to be able to gain back any of that power, at least very few seats. so short-term, yeah, there are temper tantrums and talking on capitol hill might work to delay president trump's agenda, but long-term, in terms of getting back power and flipping back seats that donald trump, now president trump won, is going to be more difficult unless they come up with a strateto be for something rather than just against something. stuart: it seems like the left is pushing democrat leadership further and further to the
left. they're demonstrating outside of senator schumer's house. they're demanding he stop absolutely everything, and give no quarter at all. maybe you're right. in the longer term, it will be seen to be clear that the democrats have gone so far to the left as to be unelectable. that kind of a slim hope, isn't it? >> well, i'm not so sure, the dnc is having a difficult time choosing their next leader because they're having a fight not being far left enough. keith ellison is still in the running for dnc chair. there was a woman, i believe, who was denied the entrance into the race because she had criticized islam at one point. the left is really in this position where they are so far left that nobody can work or come to the middle. which is kind of iron ic, donald trump is not this right wing joifrt guy. he's more liberal on infrastructure spending, certainly more liberal on
providing health care to he says everybody. if there's anyone to work with to so the constituencies, they're not necessarily partisan in their voting, we can work with this guy and get this for the american people and yet, here we are with protests around the country which have bled into capitol hill with the temper tantrums thrown there on a daily basis. stuart: what a situation. >> it's amazing. stuart: you have to shake your head on this. thank you, katie. we'll see you soon. >> thanks, stuart. stuart: and the markets appear uniphased. there's clearly uncertainty over the future cost at the schedule of legislative affairs, but the market is up today. we have got big names to report, which have reported profits this morning, better profits and sales at general motors. perhaps more importantly, general motors says it supports tax reform and says it will work with the trump administration on that. the stock will be down,
however, just a little bit. maybe about 1% lower at the opening this morning. different story at michael kors. that stock is down more than 10%. that's pre market, disappointing sales. big drop there. amazon, story of the day. it says its payments unit processed, wait for it, nearly twice as much money in 2016 as it did the year before. the stock is pretty flat at 8:07. give me details. liz: amazon is a big gorilla stomping into areas. it's getting into paypal's site. you don't use your credit card, use pay with amazon. what they're doing is basically make it go easier to shop on amazon with this. 33 million using it and half of prime and that's up. watch this, they're processing payments for governments in countries overseas and here. they're taking insurance payments, doing all sorts of
things with pay with amazon. ashley: amazing. stuart: that's the amazon story of the day. ashley: always one. stuart: wait until tomorrow. another one for you. next case, president trump accuses the press of i go for-- ignoring these. and why would the media cover up? >> sebastian is coming up later. >> and pressure by anti-trump groups to stop selling ivanka trump line. nordstrom have cut the live. dodd-frank, democrats are doing everything they can to delay and obstruct it. more on dodd-frank in a moment. into a single score, you realize the smartest investing idea
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big banks, investment firms, they have been significant winners since the election. why? because there is great hope that we'll get rid of dodd-frank, which sits on top of banks and wall street in a very bad way. joining us from texas the chair of the house financial committee. sir, i'm looking at the legislative schedule here. i see the repeal of obamacare, i see tax cuts, i see an infrastructure bill and then maybe dodd-frank. can we actually get rid of dodd-frank this year? >> well, stuart, i think, to quote our president, we can do a number on it. i'm not sure we can get rid of all of it, but in order to have the healthy economy and get back to you to work with growing paychecks and brighter futures, we're going to have to unclog the arteries of finance and that means get rid of dodd frank which has broken all promises to the american people. much of it, much of dodd-frank,
stuart was constructed by president's pen and phone like obamacare, and it can be-- the senate cloture rules, but a fair can be done through the reconciliation process by a simple majority and not a super majority. >> just about a week ago at our production meeting, i asked the question about youngsters who produce the show, how many of you had trouble getting a mortgage because of dodd-frank? three hands went up and mine as well. i've had to get-- i tried to get a mortgage. it was sheer murder because of the rules imposed by dodd-frank. really slowed things down, it was awful. when will i get relief? when will our producers get some relief? >> well, i can't quote you chapter and verse because we have a dynamic legislative process here, but another item
i would aed to what i said earlier, stuart, is that personnel is pol so the president, i would urge him to immediately fire the head of the orwellion named consumer financial protection bureau largely responsible for the problem you described where mortgages frankly are a lot more difficult to come by. a lot more difficult to close. i think he has the legal authority to do that. i would encourage our president to do that as soon as possible. recently the agency has been ruled to have an unconstitutional governing structure. so, i encourage our president to move quickly in this space, but dodd frank, as you well know, what obamacare is to household finances-- i mean, to household health care, dodd-frank is to household finances. it's large and cumbersome and take a lot of work to get us back to a healthy economy. getting rid of the so-called
cfpb. stuart: i've got to tell you the troops are grumbling, they're suffering big time. i want to pass that message to you, i know you know that already. >> i hope you know that we had the beginning, the start of the end of dodd-frank on friday when the president signed his first executive orders. i was there in the oval office and oh, happy day, so the process is started. help is on the way, stuart. stuart: i like the sound of that. congressman, thank you for joining us, appreciate it. >> you're welcome. stuart: president trump speaking to the men and women of the military, first time since office. he promised to spend big to buildup the military, new planes and equipment, talking more than $30 billion quickly, that's big money. a live look at the senate floor. democrats holding an all night session, in an effort to block betsy devos' aappointment to education secretary. and that's the full effect, the
>> all right. let's get right to your money. forget politics for just a second. let's talk money. steve cortez is with us, money guy himself on wall street. look, steve, i'm beginning to get a little nervous about the legislative schedule. first, it's going to be obamacare repealed, and then we get some tax cuts. who knows when we get infrastructure and maybe dodd-frank down the road. i don't think that's very good news for investors. the stall, delay, oppose everything is not good for wall street. >> right, you know, i concur, stuart. the democrats, that d you see after the name on television, i think it does stand for delay or defer rather than democrat, but the republicans on the hill have culpability, i think it's republicans, too, it's washington d.c. against the trump movement. i think that trump will prevail.
i was thrilled he told fox news on pre-super bowl. he says tax reform-- >> he wanted it this year and couldn't give a guarantee and this year is one month old. you know, it's -- i want to -- you have to admit, look, we're going on about the democrats opposing and restricting everything. but what about the republicans? they are split. there is no unity on tax cuts and obamacare relief. >> stuart, i think for too long, i said this a lot during the campaign as i campaigned for donald trump. people talked did we need a third party. maria: . >> no, we need a second party. it's largely been one party rule to benefit washington d.c. and a rigged system to the detriment of the american people. trump has come to washington and the white house to smash that system. there's going to be opposition, even from republicans, but i'm confident that he has the leadership to overcome it. stuart: well, there is opposition, you're quite right about that, steve. we'll see you in a couple of
minutes when the market opens. i'm going to tell you now, the dow industrials will open higher, 60, maybe 70 points and apparently the market is not phased by what's going on with the legislative agenda. we're going to be up in a couple of minutes and 127 companies filing a legal objection to president trump's executive order on immigration. big technology companies, most of them lining up opposing the president and those stocks will be flat at the opening bell in an upside market.
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. [bell ringing] >> we left it a little late. bang! it's 9:30. where are we going, 55 points higher, 60 points higher. left-hand side of the screen. most of the stocks in the dow are screen, they are up. a couple of individual to pick out for you, general motors. better profit, strong pickup in truck and suv sales, but the stock is down 3%. we'll figure that one out for you. there's a reason somewhere. michael kors, sales fell a lot. hurt by demand in north america and in europe and look at it go down. that's a 11, 12% drop for michael kors. who is with us this tuesday
morning, ashley, liz, mike, and there's obstruction and delay of everything, i would have thought that's bad for the markets. mike murphy, why has the market opened 60 points higher this morning? >> the trend is to the upside. you're correct, that's bad for market. they can obstruct only so long and they tried to obstruct people like rex tillerson to be appointed and we're getting it through regardless. they can only obstruct so long. if the earnings are behind the markets, it's going higher. stuart: we get over the obstruction? >> in the end of the republicans don't need democrats to do regulatory reform and tax reform either, which is big, with the questions around tax reform. we're going to get it done this year. >> okay, steve cortez come into this, please, why is the market up this morning when you've got all of this obstruction and
delay going on? our colleagues here think that we're going to get past the obstruction and delay, how about you? >> i do, as well. there's so much optimism out there about the long-term growth potential, yes, there's going to be fits and starts, particularly when it comes to congress, which is dragging its feet, even on the republican side, but eventually, we're going to get growth policies in place, reduce regulation, which, as was mentioned, can be done largely through a stroke of the pen, we don't have to go through congress by that. a lot were put in by a stroke of the pen. tax reform, i believe, is going to happen this year and it will be back-dated. don't take my word for it. markets open on a high. >> on the left-hand of the screen, it's an all-time high. the big name tech stocks, the apples of the world, microsoft, that he have been flat and smaller nasdaq, tech companies going straight up and the
composite at a new high. there are some on the screen. goldman sachs is warning, watch out, market disruptions coming if president trump keeps pushing protectionist ideas. brian brenberg, this is a market problem with we get any sign of protectism? >> we're getting so much on that and not on tax reform and it's a shift what he's talking about. stuart: the trade war, you're threatening borders, and-- >> there's uncertainly what effect that would have, it scares retailers and everyone in the marketplace and seeing the reaction of ceo's. goldman is saying talk more about tax reform and quit talking about the tariffs, we don't know what effect they'll have on the market. stuart: moments ago you saw the financial stocks on your screen, all of them up this morning, maybe that's because president trump wants to do away with various aspects of dodd-frank, which has been sitting on top of the financial
companies big time. so, would you buy, mike murphy, would you buy a bank stock, for example today? >> i would and i have. we've been buying the basket. an etf that owns all the bank stocks and the main reason for it, the ability to, a, expand earnings and b, going to other businesses when you get regulation being rolled back. i think what you're going to see with the banks moving forward right now. once that's stopped and the banks are now required to hold the left capital as we repeal and roll back dodd frank and refired to hold less capital on the books. they can lend that money and put that money to work and that will increase the earnings, i love the banks as the number one sector to be in. stuart: and president trump can do that with a stroke of the pen, doesn't have to go through the legislative process, just do it. and one says that president
trump's plan could put 100 billion back into investor's pockets. is that a reason for buying back stocks? >> i do. stuart: 100 billion. >> the number they got with was actually 112 billion. money set aside by the banks that would no longer have to be set aside. so they could return it in the form of dividend or the form of a stock repurchase program. if the banks can now go back to business as unusual, be profitable, trying to create earnings and profits for shareholders, a big upside there. stuart: an announcement from president trump. he's telling our servicemen and women yesterday he's going to build up the military big time. here is the quote, you've been lacking equipment, we are going to load it up. steve cortez, is this a time to buy defense stocks. >> he did and regarding the fox, boeing is a winner on the
defense side and on the infrastructure side because airports, i think it's got to be the first time in history that a president specifically mentioned airports in his inaugural address. well, that's great news for boeing on both fronts, the defense and infrastructure side, the stock has been on fire ever since the election. kind of ironic, too, because he attacked boeing a little bit publicly, but nonetheless, trump is going to be great for boeing's bottom line. stuart: we shall see. the dow average moments ago hit an all-time high, 20,126.14. it's backed up a little bit, but we're up 60 for the dow, 12,113 as we speak. better profits, but less money coming in from movies. that's the story at 21st century fox the parent company of this network, the stock is down a little bit. liz: well, the amazon story. stuart: elizabeth is getting on camera-- >> trying to help you.
stuart: let me give you the story, the amazon story of the day. processing a lot more payments, right. dollar volume. liz: doubled. stuart: the amount of payments they're processing. liz: double and number of customers went up to 33 million. stuart: did you say they're processing payments for foreign governments? connell: for governments and insurance payments and they're taking on pay pal in a big way. stuart: this is why i get annoyed at analysts and expectations. remember when amazon's earnings came out, stock tumbles and they're coming out with thisment are they the stock of the economy? >> they're gobbling everything up. and-- >> if you like the stock, buy it on weakness, just like the store something is on sale. you look for opportunities like that. stuart: the dow is up 64 as we speak. nicole, give me the big winners of the dow stocks. nicole: don't you love a record again? right now we're way above 20,000.
the winners, it's mostly winners today. watching caterpillar as a leader, overweight reading from barclay's, 1 is.3%. boeing, home depot, nike leading the way and apple at a new annual high and the dow gets a record again, the 20th record close since trump was elected in november so we continue to move to the upside. maybe we're finding market direction because the dow had 40 trading days, with less than 1% move. we have not seen that, thanks to charlie brady, our senior editor, in about two and a half years, looking for market direction and consolidation around the levels. stuart: we'll take it, thank you very much indeed. a boycott update, macy's is now under pressure to drop ivanka trump's clothing lines. nordstroms and neiman marcus.
liz: it's grab your wallet. #grab your wallet. liz: going off llb, lord & taylors and l.l. bean, pushing back, why are you politicizing clothes? because we sell ivanka trump's stuff doesn't mean we agree with their politics. ashley: it's aggressive and forcing them to cave. stuart: but they do. ashley: the bottom line is sales. it's an angry minority doing this. liz: this is women's leisurely activity, recreational activity. i don't think that women want politics in shopping. stuart: it is now, it's politicized action, is it not? >> if anything, ivanka should be praised for being a strong woman and a great business. she shouldn't be knocked for it. stuart: i'm surprised that department stores are caving. >> somebody is picking it up. there's a business opportunity. some department store out there will pick it up and sell the products and make a lot of money and that's the beauty of the market.
stuart: we will not forgot the nordstroms and the macy's, what they do. and filed a brief in federal court oppressing the president's immigration. silicon valley wants more h1b visas to bring in for from asia-- >> they're saying we're the tax base for washington. stuart: they're confusing this, this is a temporary travel restriction that the president wants to impose and he's going after illegals and criminals. liz: and terrorists. stuart: yes, and terrorists, but silicon valley says it's all about immigration, he doesn't like immigration. this is nonsense. >> i agree completely. at least i'll give them this, they are going about it the right way. they have a right to protest, to go against it so they're pushing back against it, i think ultimately they they're going to loose. it's peaceful and going about
their business, not boycotting the country and building strong businesses. i think it's the right place. stuart: don't confuse people sake it's about immigration. it's about terror and illegals and criminals. steve, get into this, please. >> and yes, stuart, this has nothing to do with h1b visas, a minuscule amount comes from those countries. it's almost entirely an india issue, h1b visas, which of course is not one of the countries. i think connect the dots among the various stories you've covered this morning, what we've seen more and more it's the elites of the countries against the people, whether it's the 9th circuit or chuck schumer and his tactics. they refuse to believe that the american people have given donald trump a mandate to change policy on their behalf and ink i think frankly, they're acting like spoiled babies, you know what you have to do is win elections, and don't engage in the tactics.
stuart: thank you steve, mike and brian one and all. thank you, gentlemen. check the big board, this is the new all-time high for the dow. 20,130, a gain of 77, 78 many points as we speak. the left doing everything they can to delay and reverse president trump's executive order on travel restrictions. the liberal 9th circuit court hearing arguments on the case today. the president may not get his way. more on this one and more varney after this. ♪ what if we could stop the next epidemic before it happens? what if technology gave us the power to turn this enemy into an ally? mosquitoes are the ultimate field biologists, taking blood samples from every animal they bite.
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and it's a dow stock up significantly, getting close to $95 a share. and now this. president trump hits the press for not adequately, as he says, covering terror. secretary spicer says they'll come up with a list of underreported terror attacks. listen to this. >> could you give us examples of terrorist attacks-- >> we'll provide a list later. theres' several instances and the president got a great update on the fight against isis and what our military is facing trying to combat. a lot an incidents occurred it hasn't got the coverage it deserved and what the president is referring to. stuart: the white house has just released a list of 87 attacks worldwide since september of 2014. sebastian gorker joins us, sebastian.
why would the media, if the president is accurate, why would the media underreport, so many, 78, terror attacks. >> it's not just 78. if you look at the inside intelligence group, they estimated since june of last year, there has been a jihadi attack around the planet every 83 hours. that's not what the media is portraying. why they're doing this, i think it's pretty clear under the obama administration there was an approved white house narrative that there isn't really a terrorist threat, al qaeda is on the ropes. isis is a jv team. it's not about jihadists it's about jobs for jihadis. there was a narrative politically pushed and the majority of the media was complicit. stuart: i think that's going to change, sebastian. >> i think it changed two and a half weeks ago. stuart: i believe so. now, the president was tweeting about putin this morning. here is the quote.
i don't know putin, have no deals in russia, and the haters are going crazy. yet, obama can make a deal with iran, number one in terror, no problem. what's your-- you probably wrote that, but what's your response to it? >> i just think, you know, again, let's have some honesty in the media. how have we forgotten the famous reset button hillary clinton gave to labrov of the russian federation. how about the hot mic moment, the president whispered into medvedev's ear, more after the election. at the president, the new president has been explicit in his press conference in trump terror, the q & a, somebody
asked him about relations with moscow and he was blunt, look, i don't know vladimir putin. i'd like to be able to work with him, not sure i can, but you know what, see be it. that's praguetism. stuart: the 9th circuit court of appeals hearings arguments in the president's travel ban. it's liberal, and if it goes to the supreme court, if it's tied 4-4, kicks it back to the 9th circuit court. which means could you be facing a defeat on the president's order on immigration, is that how it's stacking up to you? >> not at all. i saw the executive order before it was signed by the president, it is water tight. the law from the 1950's, the recent law makes it explicit it's the president's prerogative to create any kind of delay or moratorium on
immigrants coming into the country, including refugees if there's a national security need. this is an executive order that was based upon a threat analysis from the obama administration, about those nations that are of greatest concern in terms of immigration to the united states. it water tight. stuart: watch out though, sebastian, i would argue that the courts are in some cases politicized and will side with democrats, the left and all the rest against president trump. i still think you could lose this one. sebastian gorka, i know you wanted to come back on that one. out of time. we'll see you soon, sebastian. >> thank you. stuart: thanks for being with us. check that market again, please, because we've got another all-time high for the dow industrials, now we're at 20,146, 90 points higher and most of the dow 30 are in the green. they're up. how about this one. another state goes anti-union. missouri is now a right to work state. we will tell you what state could be next in a moment.
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then we have arrowmark, never heard of them? they run cafeterias for schools, hospitals and corporations as well. came up with strong numbers and look at that go. 5% higher, $35 a share. now, this, one of the drug dealers freed by president obama back in 2015, that drug dealer is back behind bars, what happened. ashley: 68-year-old robert gill arrested after a big old police chase following a drug deal in san antonio, texas. he was arrested, had a backpack containing a kilo of cocaine. he had a life sentence and pardoned by obama in 2015. originally in jail for distribution of heroin and cocaine. stuart: i don't think he gets out again. ashley: i don't think so. stuart: all right. missouri is the latest state to pass right to work legislation. in other words, you don't have to join a union to join the work force in missouri. ashley: correct. stuart: my question, ashley, is who is next. ashley: there's talk about new
hampshire. there's a bill from republican making its way through the legislature in new hampshire and of course, the northeast is one of the last holdouts, if you like, when it comes to union power, and this whole issue of right to work, as you say, cannot be forced to join a union or forced to pay dues, even if you're not part of the deal. i think it's an indication, i think there are 28 states now right to work, and the influence of republicans winning at the local level is a big part of that. stuart: that's a big deal. ashley: it is. stuart: here is another potentially big deal, the sec, they're considering easing the pay gap disclosure rule of dodd-frank, between men's and women's. liz: incoming head of the sec, mary jo white says this is cumbersome and we may want to stop this. income inequality, the democrats wanted this rule forcing the companies to disclose ceo pay related to the median pay in the company. watch this, companies are facing surcharges for cities
and states, portland, fran, rhode island considering taxing that if the pay gap is wide. san francisco, twitter, and others. >> this is a rule that can be taken away, it's not like we've got to go through legislation to do this. ashley: no. stuart: the president does this, that-- >> with the executive order on dodd-frank. stuart: a lot of people will be very angry and some very pleased. liz: that's correct. stuart: i have a question, who in washington made repealing obamacare the top priority and not cutting taxes the top priority? i think that was a mistake, whoever made that decision. and i'll opine on it at the top of the next hour.
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third on the legislative schedule? i don't know if it was a republican in congress or the president of the oval office, but i do think it was a profound mistake. the people who voted for donald trump wanted economic growth. 4% growth. no more of that mediocre 2% we've had for eight years. and the trump way to that growth was clearly reaganesque. immediate. tax cuts. people voted for that. then out of the blew we were told that getting rid of obamacare had to come first. so tax reform delayed. now we learn that ending obamacare is very complicated and will take time. tax cuts further delayed. the president in his interview with bill o'reilly could not guarantee that we will have and we will get tax reform this year. this is a scheduling mistake, and it may come back to bite us all. we now have to hope that infrastructure spending will reduce the economy. we now have to hope that some
kind of tax bill will emerge this year and be backdated to january the 1st. that's what investors are hoping for. that's why the dow remains above 20,000. but politically, some damage has been done. the republicans are divided, they're not developing, or they're not delivering on the tax cut promise, president trump all of his power so far has been unable to enforce a tax cut to the front of the legislative line. this is not good. there's an election. 22 months away. republicans do not want to run on failure to perform. they don't. second our of "varney & company" is about to begin. ♪ ♪ ♪ . stuart: that is life in the fast line. i believe it's by the eagles. yes, i'm right on that. ashley: yep.
stuart: president trump, he's got a full schedule this morning. he wants to be in the fast line. he's meeting with county sheriffs. and then he's holding a veterans affairs session later on. we are following all of it of course. senate democrats still holding the floor after an all-night session. they're trying to stop the confirmation of betsy devos for education secretary. the vote is scheduled for noon today. vice president pence may have to cast the deciding vote. washington times political columnist charles is with us now. this is a stop everything, delay everything tactic by the democrats. do you think it could be successful? >> well, i think if they -- they'll be lucky if they pick off even one or certainly two of the president's nominees. but, you know, i mean, they have -- they've got no power. they've sort of worked themselves completely out of any sort of lever of power here in washington.
they can't do anything but try to sort of muck up what republicans want to do. and the only reason t they're having any success with devos is the fact that you have two republicans who have raised concerns about her. but otherwise, you know -- and then of course we also have the supreme court nomination hearings coming -- that will be coming up. you know, they've got to pick their fights because at some point, they look like they're just obstructing. stuart: i would love to see some polls on this. i want to know if what the democrats are doing is striking a inevitable with the electorate or putting the electorate off. i have not seen those polls at this point. i really like to know how they stack up. charles, would you stay with us? but just hold on for a second. i want to deal with another issue for a moment here. >> sure. stuart: i want to know how we're going to get 4% growth in this economy if we don't have fairly soon news about tax cuts and news about a big infrastructure package. the democrats are trying to hold off on everything.
will that delay mean we don't get 4% growth this year? john is with us. he's a moody's managing director. have i got that right? >> you have it correct. stuart: i don't think we get 4% growth this year if we don't get tax cuts this year, if we don't get infrastructure spending this year, if we don't get dodd-frank gotten rid of partly this year. >> you're not going to see 4% growth. you're probably going to see 2 to 2.5% growth. stuart: well, that's not good enough. >> the administration has to stay focusing on economic issues. they can't be getting themselves into trouble, into controversy. and by doing so, squandering precious political capital. . stuart: well, -- a lot of republicans come to me and say, look, we will get a tax cut proposal this year. and when we get that proposal, we will know that it's backdated to january the 1st, that we will get full expensing, therefore just because it's delayed until the end of the year, doesn't mean it won't stimulate the economy now. what do you make of the argument?
>> no. it's not going to happen. it's not going to happen until that tax cut shows up in people's pocketbooks. bank accounts. forget about it. stuart: it's not going to help us? >> well, it's not going to -- no, not the anticipation of that retroactive tax cut. stuart: the market's still up. i don't get it, you know? >> the market is up mostly because it expects that profits are going to grow this year after shrinking most of last and meanwhile, interest rates should stay relatively low. stuart: okay. hold on a second, john. i've got president trump has been meeting with county sheriffs at the white house. have we got any headlines from that? ashley: well, yes, comments from the president saying, look, talking to these sheriffs from around the country. your efforts are outstanding. i know the sheriffs, your job and our job is to help you do your job. we're going to help you stop the opioid epidemic. we'll work with you to strengthen bonds with the community. he says we don't have an ag he says to mr. trump, the sheriff
there. he says we have someone phenomenal, jeff sessions, hopefully he'll be there soon. so he said obviously that crime and getting tough on crime was a big part of his campaign, and he's telling the sheriffs today, listen, it's going to stop. we're going to be tough on crime. we'll be building a wall, he says, and starting very soon. so giving encouraging words to the sheriffs who are out there. . stuart: okay. charles hurt, is the sheriff has been meeting with the president, as you just heard. later discuss veterans affairs. i see no let up in the president's pace of action. it is the all action presidency. i guess i was responding to the democrats who were trying to slow everything down. >> yeah. you know, this obviously meeting with sheriffs is a breath of fresh air. it's a new sheriff in town, as they say. but i think you're exactly right about this. all of it hinges -- the success or failure of his presidency entirely hinges on the economy. if this president is able to
spur the economy and get things going again and get people building things, get people working again, then it will be a tremendous success. if he fails to do that thing, that one thing, it will be a total failure. stuart: i'm with you. that's it. >> and i think that what we're going to see, and i think this is a good thing is that donald trump is not going to quit campaigning just because he won the white house. he's going to campaign, and he's going to put pressure on these democrats. stuart: have you got something more for me, ashley? ashley: well, the subject that's going to hit hard. and really kind of get a reaction is when he says, look, you have no idea how respected you are. you don't get honest facts from the press. stuart: oh, again so bashing -- indirectly bashing the media again. ashley: correct. stuart: he's at war with the media, charles. >> yes. and he's winning. he's doing -- he does a very good job with it. sean spicer is having a little bit more trouble doing it. but donald trump wages that war very effectively. stuart: and now on the senate floor at the moment, they're still talking.
democrats are trying to hold off as long as possible. the confirmation of betsy devos as education secretary. senator schumer has just made a comment. let's listen in. >> betsy devos is the negative trifecta. negative on competence. she doesn't even understand the basic aspects of education. negative on philosophy. she disdains public education where 90% of our kids are. and negative on ethics. her conflicts of interest are legion, and she hasn't unlike some other of the cabinet nominees, tried to erase them. stuart: charles, the teachers union really does not like betsy devos, do they? >> yeah. you can just -- all those three negatives. the trifecta of negatives can be translated into the unions
don't like her, and she likes school choice. that's the real rub here. stuart: and i think the vice president will cast the deciding vote at 12:00 noon today. so i do believe she will be in. fresh check of the big board and the markets this morning. we have records for the dow jones average. record high for the nasdaq as well. a lot of green arrows. look at this. for twitter, as a matter of fact, billionaire investor prince reports a near 5% stake that has amassed in twitter, and it is upal $18 per share right now. better profit, better sales general motors, the stock is down. the company blamed currency exchange rates as a challenge for the sharp drop in profit. the stock is down 4% on general motors. have disappointing sales at michael kors. it cut its outlook. when you do that, the stock goes down. this time to the tune of 14%. we often play this sound
effect. yeah, we do. the man's voice you're hearing there is from britain. the house of commerce speaker john is his name. he says president trump is disqualified from visiting and addressing parliament. watch this. >> before the imposition of the migrant ban, i would myself have been strongly opposed to an address by president trump in westminster hall. after the imposition of the migrant ban, i am even more strongly opposed by president trump in westminster hall. stuart: now, has he been told to rethink his position? ashley: he has, but he doesn't have to. he's been accused of playing to the gallery, overstating his position, getting into an area that he shouldn't. he said absolutely not. that's my remit. i can do that, and he's not
backing down. what do they think about it? he said, well, it's a matter of parliament, they're not getting involved. what he's saying is foreign leaders coming to the house to give a speech is an earned honor, not an automatic right. and he's saying by his belief president trump shouldn't be invited to speak at parliamen p. stuart: so, charles, do you think president trump will take offense at this and do anything as a tit for tat? >> well, i don't know, but it's very strange to me because the -- donald trump's predecessor has to have been one of the most antibritish presidents that we've ever had. and to have a guy like this who comes in, clean slate, returns the bust of winston churchill to the oval office and this sort of treatment, it does seem a bit shabby. stuart: charles hurt, thank you very much indeed. i just want to get john back in again. the economist. the markets going disrate up. 20,100 on the dow, and we've
got all of this political opposition to what president trump is trying to do. is this market going up some more from here? >> oh, i think it is. it's not finished. there's no reason for it to go down, again, as long as profits grow, they don't have to grow rapidly, provided that interest rates remain low. i don't see fed funds moving up sharply any time soon. ten-year treasury wield. stuart: i just find it fascinating all of this noise from politics and the market goes -- >> the economy will do what it has to do, and it's going to grow. stuart: okay. that's -- john, thank you very much indeed. lots going on at the white house as we've been telling you. news from mr. trump's meeting -- i should say tape will be coming to us. meanwhile willie nelson canceling three shows due to illness. his publicist willie will be back on tour later this month. thanks for doing this, dad.
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stuart: last week on the program, a member of the house tax writing committee said this: >> i estimate we've got about eight months to get this thing done. stuart: eight months? >> in order to move this thing through and that's my hope and my expectation. stuart: eight months. hope and expectation for tax cut. president trump said the tax cut is coming but maybe not as quickly as we had hoped. watch this. >> let's get to the bottom of this. 2017, can americans expect a tax cut? >> i think so, yes. and i think before the end of the year, i would like to say yes. stuart: well, congressman pete is back with us this tuesday morning. congressman, i would like to say welcome back.
you heard what the president had to say there. he wouldn't guarantee this year that we get that tax cut. are you still sticking with your eight-month forecast that would take us to maybe september, october this year? >> i am. and here's the good news. regardless of when it happens, people are now talking about this as an expectation. not a hope, you know? not a pipe dream, but the debate of tax reform has fundamentally shifted, stuart, from is this possible to when is this going to happen? that's a seismic shift in a town that has historically had a hard time getting things done. and for a country that is anxious to see its tax code fundamentally transformed. so i think good news is everybody saying let's get this done. stuart: will the package in its largest form, will the package be dropping corporate tax rates down from their current 35% rate, dropping individual tax rates down,
getting rid of the alternative minimum tax, and getting rid of the death tax? >> absolutely -- stuart: can you say that is going to happen? regardless of other details, that's going to happen? >> that's at the core of the house blueprint that the house republicans have put together to lower these rates on the individual side and on the corporate side to harmonize the tax code. to make it simpler. and i think we're at a national inflection point, stuart, and there's a recognition that the status quo is basically an island that's dissolving underneath us. and if we stay here, and we think that this tax code is positioning us for the future, we're kidding ourselves and there's a consensus developed we need to change. so lowering these rates, simplifying this code, and harmizing it, it makes us so much more competitive on the global stage and the u.s. can do what it does well and that is innovate and create economic opportunity and a buoyance that is attractive and long-awaited for.
stuart: congressman, you sit o on the house writing committee. please come and tell us as often as you can the progress that's made about tax reform. we're a financial program. investors watch us, and what they want is a tax cut this year. come back soon. >> yeah. it's coming. thank you, stuart,. stuart: excellent. check that big board because the market is listening to this. they don't believe that the delay from the democrats will hurt the economy that we're going to get stuff happening. we're up 92 points, the dow industrials. at the white house, the president has just finished his meeting with the county sheriffs. next on the plate, he's going to talk with veterans about assisting veterans affairs. all happening today and we'll be back
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. stuart: amazon always in the news and here this. their payments unit process nearly twice as much money last year as the year before. 33million customers use this amazon payment system. not paypal. the stock is up 65% since last february. it's up a little bit this morning. $4 higher. 811. now, president trump told fox news bill o'reilly that obama actually likes him. roll tape. >> it's a very strange phenomenon. we get along. i don't know if he'll admit this, but he likes me. stuart: don't know whether to admit this, but he likes me. what? liz: and he said politics is amazing. you know, we really rough on each other during the campaign. ashley: yeah. liz: and then the two of us, president obama and president trump hop in the back of a car and go down pennsylvania
avenue together like nothing happened. and then president trump also said this. that obama fought harder and better for hillary clinton than she herself fought for her campaign. stuart: oh. ashley: oh,. stuart: i'm trying to read through the lines on that one. ashley: yeah,. stuart: now, more from bill o'reilly's interview. president trump saying the united states cannot continue to have a 60 billion-dollar trade deficit with mexico. watch this. >> we have a trade deficit with mexico of $60 billion a year. that doesn't include drugs, and it doesn't include the border and all of the things that are happening on the border. we're losing $60 billion a year in trade deficits with mexico. can't do that. stuart: okay. can't do that. that's the moment when the idea of a trade war comes up. liz: yeah, that's right. that's right. and so he's saying, listen, i'm changing the leaning of the f in nafta to fair trade. again, highs reiterating that. the problem is china is looking to set up a bilateral or maybe a multi-country trade
deal with mexico, with columbia, peru. so china could be coming in the back door here with its own trade deal. but you compare with what mexico's doing with what japan's doing. japan's leader is going to sit down with the president next week, and they've already pledged something like $50 billion in soft bank over a number of years to create 50,000 jobs and invest in the u.s. stuart: they said in advance of the japanese leaders to visit president trump, but going to make big bucks here to invest in infrastructure project. ashley: taking away some of the friction." liz: this is a 40-year long story of trade deficits. he wants to bring it back hom h. stuart: he does. he's going to push it too. more with bill o'reilly's exclusive interview with president trump. watch it right here on the fox news channel. and now this, the judge wrongly telling that no one from those seven countries has
stuart: you know, the story this morning is not politics. no, it's money. the dow industrials at a record high, the nasdaq composite at a record high. you've never seen 20,134 before. well, you did minutes ago, and you're seeing it now. a new high, ladies and gentlemen. meanwhile james, the federal judge who halted president trump's temporary travel ban. that judge is being criticized for using some questionable facts. watch this. >> how many arrests have there been of foreign nationals in
those seven countries since 9/11? >> your honor, i don't have that information. >> let me tell you the answer to that is known, as best i can tell. so i mean, you're here arguing on behalf of someone that says we have to protect the united states from these individuals coming from these countries, and there's no support for that. stuart: let's get this clear. >> right. stuart: the judge said nobody from those seven countries. >> yep. stuart: has been arrested for extremism since 9/11. >> right. stuart: that was the fact that he quoted. is he right? >> he's absolutely wrong. just last october an iraqi refugee living in texas vowing to give support to isis. just a month earlier injured someone using his car in ohio state university. and back in 2011 two men arrested in iraq for plotting to send weapons in aiding al-qaeda. so what he stated there is
completely false. stuart: factually wrong. ashley: yes. stuart: but will the ninth circuit court of appeals, which is the case rests, will they play politics and also reject president trump's temporary travel restriction? governor mike huckabee with us this morning. i say that president trump will lose this one because the ninth circuit court of appeals is intensely liberal. if they opposed president trump, and it goes to the supreme court tie for four to four, goes back to the ninth circuit court of appeals and stands, president trump loses. why are you laughing? >> well, because, look, i think he'll probably lose at the ninth circuit because they are living literally in "la la land." they're the most overturned court in the country. they're overturned more than they're upheld. so sure they're going to probably end uptaking that away from trump. but, look, here's the problem when it gets to the supreme court. the supreme court, this court has a history of upholding
president obama's executive orders that are identical to this. and saying that he does have the authority. so it's going to be very difficult for them to explain why suddenly just because a different president was appointed to the office that the law has changed. the law is on donald trump's side. if this judge in washington, if he wants to legislate, he needs to step down from the bench, run for congress, he can be a legislature. but he can't be a legislature and a judge at the same time. stuart: i'm all with you, judge, but you know how politics plays in the courtroom these days. that's a modern fact and especially on the left course. is there a chance that trump would lose this one in the long run? >> i don't think so. you have so many constitutional scholars, whether it's jonathan, our own judge napolitano, all of them say that the law is clear. one of the things that you have to learn in government is
that there's a difference between something being right and something being legal. now, people can argue what donald trump did wasn't right. ellen, i think it was right. but argue the policy point to congress. let them change the law if they want to. argue it with donald trump. let him change his policy. the policies don't negate his legal authority under both the constitution and several different statutory laws that give him the authority to do exactly what he did. that's the only thing the court can really consider. stuart: okay. we'll see how this one turns out. hold on a second, governor. iran, we understand has now fired off five more advanced surface to air missiles. this is all part of a military exercise over the weekend. the iranians seem hell bent on confrontation, don't they, governor? >> they sure do. but why wouldn't they? for 38 years they've never kept a promise. they've never one time backed
off on nutty things, whether it's denying the holocaust or continuing to sponsor more terrorism than anyone in the world. whether it's ha hamas, hezbollah, they've imprisoned americans, killed americans, held americans hostage, and what did we do? we capitulated to them, gave them hundreds of millions of dollars and acted like they're going to behave better. the iranian deal was stupid. now it's time for donald trump and this group of adults to dial it back and to push back hard on the iranians to join with rational sensible countries that have iq above broccoli and say to the iranians we're not going to tolerate this nonsense. and if all of us have to stand together, so be it. stuart: thank you very much. moments ago on the screen on the left-hand side you saw some of the sheriffs leaving the meeting that they had in the white house with president
trump. and the president has been tweeting with that meeting with county sheriffs. i don't have it at hand, ashley, what did he say? ashley: an honor having the national sheriff association join me at the white house. incredible men and women who protect and serve 24/7, 365. thank you. and there's a picture of the meeting around -- the roundtable. stuart: and i believe that the president had something to say about the lawsuit that's going to be happening this afternoon. we're going to get tape about what he said about the arguments. which will be made today at the ninth circuit court of appeal. our next guest wants to allow victims of crimes committed by illegal immigrants to sue politicians in sanctuary cities. republican from colorado state represented dave williams is with us now. dave, welcome to the program, sir. it's good to have you with us. >> yes. thank you for having me. stuart: now, the steynly
family tried to sue the authorities in san francisco after the death of their daughter allegedly at the hands of an illegal immigrant who had been deported five times. >> right. stuart: what makes you think that your legislation at the state level in colorado will not be similarly dismissed the way that lawsuit was in san francisco? >> because what we're doing in colorado is taking away the immunity that politicians enjoy. right now politicians get to exempt themselves if bad policy, and i think what we need to do is we need to allow people to hold them accountable. especially if they're creating an environment that endangers the public. stuart: so what happens. if there's colorado city, it's a sanctuary city, an illegal immigrant commits a crime, there is a victim. and a victim sues the colorado city. what happens? >> well, the victim has the ability under my bill to file criminal complaint as well as civil suit, and it will be adjudicated not only in the court of public opinion but also in the court of law.
and there are criteria set out and basically you laid it out. if an illegal alien commits some crime, personal injury to property or what have you, then they can be sued and the politicians could be personally liable for it. stuart: what you've really got here is political accountability. because i'm sure a court will say, no, you can't do that. you can't sue a politician for decisions made on a political basis. i'm sure they'll say that. but by bringing these suits, you get some very bad publicly for anybody in authority who's allowed an illegal alien to commit a crime and get away with it. that's what you're going for here. bad publicity at the level. >> my bill rolls back sovereign immunity that these politicians enjoy. and once we roll that back, politicians will think twice before endangering the public. stuart: are you going to get
that rule back on it books in colorado? >> we're going to try. it's going to be a tall order here, but there are other states taking my legislation such as ohio, maine, and alaska, and we're talking with other state legislatures too to get it done. stuart: just for the sake of argument here, supposing i come to colorado, i smoke some marijuana because it's legal there, i get sick, and i sue the politicians who said legalize marijuana is okay. what would happen to my suit? >> it probably would be thrown out because that's not something that would be allowed under the current law. stuart: oh, so it's only sanctuary cities that you're going after? >> only sanctuary. stuart: you're not making politicians accountable for everything. just that. >> no. that's the next step. ashley: really? . stuart: the ballot box is really accountably. there you are. thanks very much for being with us, sir. we appreciate your input. thank you very much. >> thank you. stuart: okay. i've got breaking news.
moments ago house speaker paul ryan talking about obamacare. roll that tape. >> the good news is we actually ran on a plan for obamacare now in the midst of putting that plan together. so, yes, this year we're going to be going out and talking about what our plan it is. the one reran on in 2016 and why it's going to be better. stuart: the plan comes this year. what else? liz: yeah, this is not a repair package. this is repeal and replace. lately there are has been this push to change the terminology. oh, we're just going to tinker at the margins. fix obamacare. paul ryan has now been saying just today it's a collapsing law. you can't fix it. so we're going to repeal and replace it. so do you remember when they were saying, oh, we're going to push the deadline. the president seems to think it happened maybe next year. it looks like obamacare repeal and replace could happen this year. stuart: this year? liz: correct. stuart: i hope it's this year. because if it's not this year, we don't get tax cuts until 2019 or whenever it is.
liz: you can get those tax cuts also done in obamacare. those taxes are going to roll back as well. stuart: i know. i'm just going to pound the table. liz: we hear you. stuart: there he goes again. okay. the president is -- has just met with sheriff -- county sheriffs. right now i believe the meeting is about to start where he's talking about veterans affairs. all going on in the white house right now. we'll be back in a moment
. stuart: here's how things work in the trump's presidency. various groups of people are invited to the white house first thing in the morning. sometimes the president cajolesly them, sometimes he persuades them, sometimes he shouts at them, so i'm told. and sometimes he praises them. that was probably the case this morning with the county sheriffs at the white house. i've got a couple of headlines. we're going to get some tape in a second. what was the main headline? ashley: bottom line is he said you have no idea how respected you are. it's been a big problem for law enforcement in this country not feeling any respect. he said you don't get honest facts from the press, so another swipe at the media and basically said we're behind you. stuart: okay. now the president -- we just got tape what he's saying. listen in. >> at a later date. we have to have security in our country. we have to have the ability when you take some place like syria, you take all of the different people -- and if you remember, isis said "we are
going to infiltrate the united states and other countries through the migration. and then we're not allowed to be tough on the people coming in? plan that one. so we'll see what happens. we have a big court case. we're well represented, and we're going to see what happens. >> will it go to the supreme court you think? >> we'll see. hopefully it doesn't have to. it's common sense. some things are, and i'm all in favor of that. some things are common sense. this is common sense. >> underreported but if it's underreported, why do you think the media is not reporting? >> well, i have to know because i'm reported on possibly more than anybody in the world. i don't think you'll say anything about that. i happen to know how dishonest the media is. i happen to know stories about me that should be good or bad. i don't mind a bad story if it's true.
but i don't like bad stories -- stories that should be a positive story when they make them totally negative, i understand the total dishonesty of the media better than anybody. and i let people know it. i mean, the media is a very, very dishonest arm, and we'll see what happens. not everybody. and i have to say that i always preface it by saying not everybody. but there's tremendous dishonest. pure outright dishonesty from the media. stuart: it's over. it's relatively abrupt. you can shout all the questions you like but president trump does not have to answer them, and he didn't. but he did say something very important. he's talking about the immigration executive order, which he signed a couple of weeks ago and which is now going before the court, specifically, the ninth circuit court of appeal today. that's where the arguments are. he's saying, president trump is saying, look, the terrorists are saying.
they are saying themselves that they are going to infiltrate the refugee program. they're going to send terrorists here inside the refugee program. mr. trump says it's common sense to vet them properly and keep them out. liz: yeah, absolutely, and we know that the fbi is understaffed and battling the estimated 900 terror plots in all 50 states. we have already crunched the numbers. there have been, you know, about ten attacks foreign isis-inspired attacks and like under president obama. 115 people killed, 400 plus people injured. so these are facts. the political isis says that refugees isis's plan is to infiltrate the refugee flow. stuart: we've got fred barns joining us from washington d.c. fred, welcome back to the program, sir. >> thanks. stuart: i'm sure you heard what the president had to say. he went on to say that the media is dishonest. not all of them but most of them, and he knows that they are dishonest.
i think -- let me just try to interpret this. i think the president is referring there to the way the media always insists that somehow or other president trump doesn't like immigrants. he opposes immigration. that's the dishonesty. because president trump, in my opinion, he opposes criminal aliens. he opposes illegal immigrants to this country. not all immigrants in a blanket sense. what say you? >> well, i agree with that. but -- and the president, we see this in the so-called muslim ban. we also see it in this argument with australia, which i think the media thought, oh, the president was being terrible in speaking with the prime minister in australia, and you probably know about this. and that is australia does not want to have any immigrants who are muslims. that's why some who tried to get in and can't get in australia. what are there? 1,200 of them or something like that. president obama in the tail
end of his presidency agreed to take these muslims and let them be immigrants in the united states. bailing out this antiislam policy of the australians and who gets blamed for being antimuslim when he doesn't like it? trump does. . stuart: but you know what most people hear. they hear it from the media, they hear it from celebrities, they hear it from hollywood, they hear it from democrats in the congress, that the president must be stopped. that he's a bad guy pap that we have to reverse all of it. that's what most people are hearing. do you think that that campaign obstruct at all costs. reject everything about donald trump. do you think it's successful to any degree whatsoever? >> well, it is successful to some degree because by not confirming the vast majority of trump's cabinet nominees, they've slowed down the business of the trump administration. they've slowed down what congress can do.
congress is still bogged down the senate is bogged down in these confirmation hearings and delays and so on caused by the democrats and what? five. only five have been confirmed and 16 have been held up. that does have some impact here in the short run. stuart: well, they can carry that through when it comes to discussion of obamacare in congress. discussion of tax cuts, infrastructure planning, the demise of dodd-frank. they could carry all of that through into congress and delay just about everything. that surely would be a large degree of political success on their part. >> it would be. i don't think they can quite do it, prolong it so long that they could do all of that. but they slowed the process down. i heard paul ryan say, well, by the end of the year, we'll get to obamacare. certainly planned to it earlier. my own view is don't get bogged down in obamacare first. do the tax cuts first.
stuart: i agree with you. i would like to know who was it? who said that fixing obamacare comes first and not tax cuts? i suspect it was republicans in congress who did that. am i right? >> a lot of them did. no question about that. and, look, there's an experience here. who went health care first? bill clinton and then we had hillary care and on and on. it didn't get passed. but what happened in the first midterm election? republicans won the house of representatives for the first time in 40 years. it jumped to obama. he does obamacare first ahead of everything else and what happens in his first midterm election? republicans win not only the house, but they win the senate. and they win a bigger thing in the house and then four years later won the senate. so, look, going first with the really complicated nasty health reform issue, i think is not the way to go. do something about the economy first.
that's what people want the most. stuart: i think you're right, fred. hold on one second. i want to show our viewers and you a sound byte from senator schumer. this is the degree of opposition that there are has been levied against betsy devos education secretary nominee. just watch this. >> betsy devos is the negative trifecta. negative on competence. she doesn't even understand the basic aspects of education. negative on philosophy. she disdains public education where 90% of our kids are. and negative on ethics. her conflicts of interest are legion, and she hasn't unlike some other of the cabinet nominees, tried to erase them. . stuart: well, the teachers union really does not want betsy devos as the education secretary. fred barns, i'm out of time
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stuart: some of our viewers from california are saying they're not happy the way we talk about their state on the program. first this from sue. stuart, ashley, why do you constantly berate all californians? we're not all crazy loons like the politicians. i was born and raised here and do not agree with what is going on in my state. we love the beauty of our state. we are crying on the inside for the destruction being done by our politicians and our illegals. so, please, when you defame our state. remember, some of us are hurting for the return of what our state was many years ago. this came in from gregory. i lived for years before moving on base with my son. california is knock down gorgeous and the politicians there are to blame. ashley: they're absolutely right. they get swept up in our anger because of how many liberals are in california. i lived in l.a. for seven
years, i lived in you ar eureka, california, but to their point, the politicians are ruining it. stuart: i lived in san francisco for five and a half years. fantastic state. great place to be. san francisco. liz: i have family and cousins in san francisco through l.a. and it's -- the problem is sacramento. the viewers are absolutely right. we saw it with governor arnold schwarzenegger came up against sacramento trying to change the way, changing the laws there that as your viewers point out are hurting th the state. stuart: the elites run the state, and it bothers me because they're running it in some degree to the ground. liz: so you and we agree with the viewers. stuart: we do indeed. excellent news. would you call that a compromise? i would. and we'll be back. at angie's list, we believe
stuart: three events, three surprises. we are not reading the tea leaves very well. start with the brexit vote. the elites were universal in their belief that brits would stay in siewrn. when it was clear the brits would leave, pandemonium broke out. then there was our election until late on election night hillary clinton remained confident of a win. then wisconsin went for trump. you know the hysterical reaction. riots, tears, obstruction. then there was tom brady with 2 minutes and 12 seconds remaining he was 25 points down facing certain defeat. one hour later he won. it wasn't the elites who went berserk, it was the patriot
haters. who thought the brits would shake off europe. who thought donald trump would win? who thought tom brady would pull off the come from behind win? very few. i think we'll be surprised many times over in this presidency. watch out. the third hour of "varney and company" is about to begin. i'm apologizing to my col teasing for the weakness of that editorial. liz: i needed a dramamine as you went from the brits to the patriots. stuart: record territory for the
dow jones industrial average. we are still up nearly 80 points as we speak at 11:00 a.m. eastern this morning. same goes for the nasdaq composite. all-time high for the nasdaq as well. barclays has upstated the share price of caterpillar. now this. live look at the floor of the united states senate. democrats fighting the betsy devos nomination for education secretary. the vote is expected at noon. we are waiting to see if vice president mike pence entered the chamber because he would decide
the -- cast the deciding vote. the author of "american mojo" is with us. this standoff on the floor of the united states senate is really between the teachers union, the democrats, and betsy devos who goes for school choice. >> we are down to an historic standoff where somebody has had to come over from the white house in the form of the vice president and break the tie. the democrats are desperate to find one way ward republican to tilt this. i don't think they will find it. stuart: i think the deciding vote will be cast. but this is the power of the teachers union. liz: they are trying to say she is not qualified because they
disagree with her policies. being unqualified is different from disagreeing on policy. you could say hillary clinton wasn't qualified for secretary of state. president trump didn't have that long a legislative record, how did he become president. stuart: this is a live news program we just developed in the last three weeks since president trump's inauguration. mike pence has gone to the chamber where he will cast the deciding vote on betsy devos' nomination. it happens from 6:00 a.m. to 12 noon. the president tweets. he takes some action. it's live action. it's nonstop and it won't stop
for four years. >> it's two weeks in and i'm already tired. stuart: i find this fascinating. liz: the story is the president blocked obama all these years. but the voters said we don't like president trump's policies. they said that in the mid-terms and the last election it was about policies, the voters weighed in. they didn't like the policies trump was trying to move on. >> the problem was she had a shaky confirmation hearing. if she had a grasp with the basics. she could have pushed back some of that criticism. but she came across as someone month didn't have a grasp. that's the problem. >> one of the frustrations is
they are stretching the truth when they talk about her. they say she wants to back for-profit schools. that's not true. she wants to back charter schools, the vast majority of non-profit. she wants to back parents choice for schools. stuart: it's stifling education. the dow jones average is up over 90 points. another new high. stocks going up again today, despite the obstructionist delaying tactics of the democrats opposing everything trump. the markets are resilient despite this campaign of block and from the left. >> i think that's a fabulous
testimony to hope, optimism and capitalism, the fact that these people are willing to put their money on the line in promise of a bright future. stuart: it might also mean that we'll get a tax package this year. we talked to a republican from texas on a key committee in the who -- in the house, he chairs it. he says we can implement by a stroke of the pen significant changes that will help wall street. this policy of delay and obstruction only goats so far and investors realize that. >> i think that's flawed to a degree. the markets are driven by psychology and the psychology has been positive for the first
time in decade. when the psychology changes, people throw up their hands and go back to apathy. the risk of a correction is significant this week. stuart: why this week? >> well, here is the thing, i think the psychology -- my read on the markets is we reached a tipping point mentally in this country. the divisiveness, the obstruction, whatever you call it. if that succeeds in gaining the public's eye and changing the psychology of the market, then we have a serious problem on our hand. the immigration order set the bar on that one. stuart: how much does this noise affect investor confidence and how much does that affect the
stock market? peter kiernan is still with us. what do you make of all this noise about delay, obstruct and reverse versus the stock market that keeps going on. >> markets do not make votes of no confidence on returns. i think there are animal spirits that have begun to soften. i saw the first headline on "baron" saying dow 30,000 in 2025. selected retails are doing well, some are doing horrible. look how well bio techs have performed the last 10 days. there are lots of good signs out there, too.
stuart: happening in the last hour, the department of homeland security chief john kelly saying he should have delayed the trump rule on immigration. roll that tape. >> in retrospect i should have -- this is all on me, by the way. i should have delayed it just a bit so i could talk to members of congress, particularly the leadership of committees like this to prepare them for what was coming. stuart: that sounds like an appally or mea culpa for the implementation of the president's order. ashley: absolutely right it was completely botched. there was a lot of confusion. should have waited a little more and talked to leadership in congress. and he admit it now. liz: the republicans also said it wasn't rolled out --
stuart: the rollout was as bad pass the rollout on obamacare. >> it was a squandered opportunity. there was a real chance to bring the american people together on something they care about which is security. this is something almost everybody agrees on and i think he really blew it. stuart: a drug dealer freed by president obama in 2015. ashley: robert gill was serving a life sentence for heroin and cocaine distribution. president obama pardoned him in 2015 and he was recently in a big police chase for a drug deal and he was found with a backpack containing a kilo of cocaine in san antonio, texas. >> he think if you have somebody who is habitual, that's a
signal. i'm not sure why this guy was ever pardoned. it doesn't make any sense. stuart: 68 with a kilo of cocaine in his backpack. let's look at the senate floor. we are getting closer to a vote on betsy devos. democrats have been talking all night. they have been going almost 4 hours in an attempt to delay and stop the nomination of betsy devos for education secretary. also happening right now, the patriots' victory parade in boston. they put that on the script because they didn't think i knew that it was tom brady's fifth super bowl win. more varney next.
stuart: more and more companies are taking a public position opposing president trump. macy's is under pressure to ban ivanka trump's clothing line and big tech companies are lining up against trump's immigration order. these are the biggest, most powerful companies in the world going up against our president. >> this is about can they make a statement about immigration and how it's manages. frankly that 97 companies signed a letter, it will have almost no impact on the decision make. but they are going straight against where the country and the president wants to go. stuart: it's public opposition to our president. >> it is. and the dishonest part of it is not about the 7 states we are restricting travel from.
it's what's going to happen to h1b visas that relate to their companies. there are 42 million americans who say i immigrated here. they comprise 81 million of the 300 million americans. stuart: clearly. look at me. is what he said about repealing dodd-frank's financial reform legislation. >> i think to quote our president we can do a number on it. i'm not sure we can get rid of all of it. but to have a healthy economy and get people back to work with growing paychecks and tbriert futures, we'll have to unclog the arteries of finance which means get rid of dodd-frank which has broken all of its promises to the american people.
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wifi pro from comcast business. public wifi for your customers. private wifi for your business. strong and secure. good for a door. and a network. comcast business. built for security. built for business. stuart: we have a lot to krasm into the third hour of "varney and company." nigel farage, we call him the brexit guy. he's our link across the pond. nigel, can you bring it down to earth for us? why is it that the brits left europe? why is it? in america we voted for donald trump. what's going on that we haven't figured out yet? >> it's called a political revolution. 2016 was the beginning of that
revolution. it's not going to go away. people have hat had enough of politically correct politics that doesn't do anything or say anything and promotes big business against the interests of ordinary people. when you add to that open door immigration and the risks of terrorism. are you surprised people wanted change? >> any second thoughts in britain about brexit? >> no. quite the opposite. actually the opinion polls show a significant number of people voted remain because they were told their house price would collapse and that hasn't happened. there are people who respect the vote and say let's get on with it unlike the people protesting and can't get used to the fact
that trump is president. stuart: the speaker of the house of commons says president trump should not be allowed to speak in the house of commons. >> as far as this place is concerned, i feel very strongly that our opposition to racism and to sexism and our support for equality before the law and an independent judiciary are hugely important considerations in the house of commons. i am even more strongly opposeed to an address by president trump in westminster hall. stuart: you see vice president mike pence arrivalling on capitol hill. he will go straight into the senate chamber where he will cast the deciding vote that nation betsy devos the education
secretary. i am told it has never happened before. you are watching history in this live action presidency. live action news. it's happening. it's going to the senate, he will cast his vote momentarily. let me get back to nigel. we just heard the speaker of the british house of commons saying president trump not welcome here. does he represent a sizable chunk of british opinion? >> there is a bigger point, if i may. when pence goes into vote, that's democracy in action. the speaker of the house of commons going back to the 1200s has always been neutral. what he did yesterday was to breach true tralt and insult the
united states of america and be the biggest hip why it. this man has the north koreans for tea in his apartment. they are okay and trump is not. he's a disgrace and represents a minority view in my country. stuart: but it means trump will probably not address the house of commons. >> there has been a change. lord fowler has managed to get the speaker to apologize for it. if the president comes he would speak to both houses. the commons and the lords together. the speaker of the lords has gotten him to apologize for misusing procedure. so maybe it game is back on. but the sooner we are rid of a
speaker like this the better. in previous times a speaker who behaved like this would have been dealt with robustly indeed. stuart: thank you very much indeed. thank you, sir. left-hand side of your screen, you just saw vice president pence arrive on capitol hill for the first time ever a deciding vote will be cast by the vice president to tip the scales in favor of the confirmation of the education secretary. more to cover. back in a moment.
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stuart: this from president obama's meeting with sheriffs earlier today talking about isis. watch this. >> we have to have security in our country. we have to have the ability, when you take someplace like syria and all the different people. if you remember, isis said we are going to infiltrate the united states and other countries through the migration. and then we are not allowed to be tough on the people coming in. explain that one. we'll see what happens.
we have a case where we are well represented and we'll see what happens. stuart: mark geist joins us, he's a benghazi survive. do you think president trump is exaggerating his point a little? you were the guys fighting the bad guys over there, now president trump is trying to stop them coming in. is he overstating his case a little? >> i don't think so. we have a porous border. the enemy will find their way into america. isis through all their channels and multi-media and social media will make the attacks here and bring the fear to america. that's the purpose of terrorism. stuart: you are a prominent veteran. do you think the veteran's community agrees with president trump on this temporary travel
restriction? >> i would think so. i know most of the friends i talk to are in support of a travel ban of stricter vetting, understanding who is coming here. our veterans worked with and fought against these people who are trying to kill us and trying to take away our way of life. they understand that threat. stuart: how you doing these days? full recovery? >> i'm doing pretty good. i will always have limited use of my hand. i still don't have much feeling tonight. but that's just life and you have to move forward. stuart: mark geist, 13 hours. thank you. the very liberal 9th circuit court of appeals hears arguments later today on president trump's
executive order on travel restrictions. i said i thought the president would lose this one and you disagreed with me. >> i'm the judges not to allow politic to influence their decision. something you would say they probably lack the self-restraint to do. and i'm suggesting the proper resolution is to throw the case out because the plaintiffs lack standing. the plaintiffs, the state of washington and state of minnesota cannot show that they as state governments have been harmed or likely to be harmed by the execution or enforcement of the president's order. they are suing on behalf of others and the court doesn't allow you to sue on behalf someone else. the injured person, a refugee who couldn't get her for medical
procedures would be the plaintiff. stuart: on the left-hand side of the screen, it has nothing to do with judge napolitano. that's the super bowl trophy. >> don't get me going, i'm a giants fan. stuart: you are not a patriots hater? >> they are professional cheaters. stuart: whoa! that's outrageous. >> a and of the 2nd court of appeals found otherwise that they did know by the and deserved the punishment they received. so they are giants fans so they hate the patriots?
stuart: i want to digress momentarily. earlier on this program i said for the first time ever the vice president would cast a deciding vote. wrong. i'm informed that back in 1993 al gore cast the winning vote to allow a tax increase to be backdated to january 1. is that correct? >> never before happened in american history, retroactive taxes. stuart: you will never forget that, will you? >> oh, god no. stuart: what will you do if the 9th circuit court of appeal says president trump you are wrong. >> be here and do the mea culpa. i'm willing to admit when i'm wrong. stuart: there is no
constitutional ground where they could oppose president trump. >> the law is directly on point. under the constitution foreign policy is exclusively in the hands of the presidency. deciding what our relationships are with great britain and north korea and iran, iraq, china, entirely in the hands of the president whether you voted for him or not. that's the law it has bent law for 230 years. stuart: did you see the state senator kevin demill. he admitted half his family is here illegally with fake social security cards. roll the tape. >> i can tell you half of my family would be eligible for deportation under the executive order because if they got a
false social security card and if they got a false identification, if they got a false driver's license prior to us passing ab60. a false green card. anyone who has flame members who are undocumented know that almost entirely everybody has some sort of false identification. that's what you need to survive, to work. >> he lives in another world. the two colleagues on this panel came here illegally? if his family did what he said they did, they are eligible for deportation under existing federal law. the executive order only addresses 7 countries. stuart: if all the people coming into this country illegally were
voting republican, do you think he would stand up and defend them? >> no. tomorrow it's either i told you so or mea culpa. stuart: i'm stepping all over it, aren't i. >> you are getting back at me for my triewd comment about the patriots. stuart: missouri signed into law the right to work legislation which allows workers to opt out of paying union dues. missouri is the 28th state to do that. i think it's very important. >> it's not union dues, it's union don'ts. what will be fascinating to watch. the two unions and said we want
to have for a referendum in 018. they need 90,000 signatures to get there. this fight is far from over. stuart: this is the trend. more and more states are saying you don't have to join a union. 367. >> there has been a steady move. if you look back when i was a boy, 35% of the companies were unionized. there has been a shift for public unionization. that's where the power lies. stuart: look at the holdup in the senate for the education secretary's confirmation. it's the private sector union guys who are have much in favor of mr. trump and what he's doing with mexico and canada and china and trade and keystone. the private sector unions are on board with donald trump.
>> i have freedom of association under the first amendment. stuart: it's politics. that's what you always forget you libertarians. politics is important. >> you like the neck tie. stuart: the dow jones lost a little steam. we are up 42 points. barely holding 20,100. momentarily they will be voting in the senate on the confirmation of betsy devos. al franken firmly opposes betsy devos. then vice president pence for the second time in modern history will cast the deciding vote.
stuart: on the left-hand side of your screen. that's senator patty murray. she is delaying the confirmation vote for betsy devos as education secretary. the vote will take place around 12 noon. and betsy devos, assuming no further republican defections, will become the education secretary. you are a southern california guy. betsy devos wants school choice, whether it's vouchers or charter schools. what's the status of school choice in uber liberal california? >> well, most of the legislature is opposed to it. we have a democratically run legislature. so school choice is not popular unless you talk to parents who
live in the inner city. the majority of parents living in the inner city, black and brown parents recognize the local government school is often under performing and often gang ridden and they want options. urban parents want ability to take their child out of that school and put them in another cool where they feel the child has a better shot. stuart: we hear over and over that the people of california want change, but they always vote left. >> apparently not enough californians want change. the ones who are affected by education and recognize it's the route to the middle class. they are the ones who want to make sure their kids get a better shot. the other people who are wealthier live in a suburb where the schools are better. it's the ones who are most
shafted by this system. i think what happened is they have been indoctrinated to believe that the republican party only cares about rich people and feathering their nest. and the democratic party has resisted school choice which is what urban parents really want. stuart: i want to ask about the travel restrictions president trump tried to impose from countries. didn't president trump try to do something similar a coup years ago? >> not on did he try to do it. he did do it. he band iraqi refugees for 6 months and it was the obama administration that identified these countries as troublesome. it's amazing to me. i heard a pundit on one competing network refer to this as a constitutional crisis. when obama was sued by 26
attorneys general i don't recall the same network referring to that as a constitutional crisis. it's all hysterical. i understand the legal challenges, i don't understand the hysteria. stuart: the san bernardino attack in california not that long ago. what do californians think about restricting travel from 7 terror hotpots. >> most californians are probably oppose to it. the argument is nobody from these 7 suspected countries have engaged in a deadly terror attack. they forget about the ohio state student who plowed down students with a truck and a knife. he was from pakistan. it's just a matter of time before something like this happens. i believe the president has broad authority under the constitution and under the law to enact measures to keep america safe, which is what
donald trump is doing and what he campaigned on. stuart: some of our viewers have been writing in to us saying we belittle california too much. and we are too nasty to california. and they are saddened to see what happened to their state. do you agree with that? am i being harsh to california? >> i don't think so. there is a lot to belittle. our state is badly run. our bond are next to junk because of unfunded liabilities. there is a lot that's good in the state, but i have no problem with people taking down california for legitimate reasons. stuart: california is where i got my start in television, 40-odd years ago. >> of course i'm here so it can't be all bad. stuart: but you are lonely out
there and i know it. see you again real soon. let me show you the super bowl parade. that is the super bowl parade. the patriots won, of course. it's raining on their parade. i'm told 1 million people have turned out for it. check the market please. we are up 50 point. we were up almost 100. now we are up 50. green and red, ups and downs on the dow jones average. we'll be back. we'll show you. they are getting close to the vote in the senate. that's senator patty murray delaying the vote. it will take place around 12 noon. we'll be right back. across new york state, from long island to buffalo, from rochester to the hudson valley, from albany to utica,
particularly the global markets. so what is the number one market in growth this year of the whole world. not the u.s. not europe. emerging markets. if you look at one of those countries like russia. since the trump election, we have been up 10%. the russian etf is up 24%. the emerging markets are running like they haven't run in a long time. they were up 10% last year. that tells me the world is investing in emerging markets. don't pay attention to the economists. they don't know. stuart: this talk about a trade war. you don't think that's apparent in the market because other country's markets are doing well? >> china just increased a tariff on one of our grants from 30% to 53%. this is not a trade war.
where boat is about to take place in which vice president pants will cast a vote. i will tell you, as president obama, try surfing in the caribbean. that's what he's been doing. >> he's been hanging out in the british virgin islands at the private island owned by mr. branson. the president, former first lady and apparently the richard branson. he is from hawaii, said he can serve. he loves surfing.
>> is said to be tied that is that when surfing on the left-hand side and voting on the right. >> the first tour in chief has been checking on so many things on his bucket list while in office. he's making davis about the protest. sure >> meal, it is yours. neil: thank you very much, stuart. developments as well as this delayed and delayed again confirmation vote for betsy devos is speaking out on the floor of the senate. the vice president will be casting the tie-breaking vote, and assuming he is needed and it is assuming he is needed because republicans have indicated they will not be supporting the education choice. susan collins of maine. they can't afford any more drop-offs, so they are expecting a 50/50 vote. the vice president in his role