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tv   Varney Company  FOX Business  December 15, 2017 9:00am-12:00pm EST

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hour. not good. "wall street week," 8:00 p.m. eastern. we'll talk with the winkelvoss brothers on bitcoin and "sunday morning futures" on the fox news channel and in new york right here. dagen covered next two weeks. have a great holiday. rachel, dagen. have a great day. stuart varney. take it away. stuart: not in a christmas sweater. maria: we have one for you, stu. stuart: okay. keep it. no. no. i'm a grinch here. 10 days to christmas. you are spending big-time. very good news for a growing economy, and good morning. good friday morning, everyone. here we go. best holiday shopping season in very long time. we have shown you pictures of those amazon boxes stacked up, high. yes, online shop something truly huge. the malls are doing much better than expected. federal reserve has taken notice saying that the economy is indeed growing better than 3%
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rate. this news is helping the market today. half an hour from now, we'll get another positive start. the dow going up about 100 points, despite last minute holdouts, investors do believe that the tax deal will go through on schedule. no financial report these days. it is complete without the bitcoin quote. here it is. $17,782 per coin. bitcoin futures trading starts on another exchange sunday afternoon. politics, there is more evidence of a deep state plot to interfere with the presidential election. fox news has found another example of the fbi changing its judgment on hillary clinton, to reduce her legal risk. the cap ball of trump-haters got her off the hook. talk about a full show? let's get on with it. "varney & company" is about to begin. ♪
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♪ oh, it was inevitable, wasn't it. classic music choice by our producers. well-done, folks. 10 days to christmas. yes, you are big spenders. you're spending a lot of money. one analyst firm says, that since november the 1st, online revenue has risen 24% compared with the same period last year. that's huge. bricks and mortar stores booked a 3.6% sales increase from last year. that is the best november performance since 2010. meanwhile federal reserve bank of atlanta estimates 3.3% annualized growth rate for the overall economy. joining us brian wesbury. he is an economist. i read this as unadulterated economic news. surely you don't see this
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otherwise? >> absolutely not, stuart. if we do get a 3% growth rate in the fourth quarter which we expect, it will be the first three quarter stretch of greater than 3% real gdp growth since 2004. that is how long it has been since we've had an economy above 3%. what is interesting, i go back over the last eight years. we called it a plow horse economy. you can't stop it but it sure doesn't go very fast and that 2% growth we saw for the past eight years we have to remember it happened in spite of tax hikes, regulation increase, government spending increases. so the way i look at this past eight years, that underneath this slow gdp that we got used to was this really powerful tech boom taking place. all these new inventions.
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3d printing and genome and cloud and smart apps and fracking. all that stuff was going on. but our government was is big wet blanket on top it. what is happening now the wet blanket is taken away. regulation is down, government spending slowed up and cutting tax. get used to this because the economy is growing faster. stuart: that is what i want to hear. i will assume we get this tax cut deal. >> yep. >> i will assume we got it. we get it. what's the growth rate next year. look forward for me, this time next year, december 15th, next year, what growth rate are we looking back at? >> i believe we will see 3 to 3 1/2% growth. i don't think we're at the fours yet. in order to get back to 4% growth, i, i really -- we have to cut the size of our
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government. in the end it is not just taxes, it is how much we spend. when the government spends a dollar it takes it out of the private sector, it either borrows it or taxes it but we have to spend less. tax cuts help. we have spend less f we cut spending next year we could get to 4% growth. right now, three, to 3 1/2% growth. stuart: jpmorgan chase is the third big bank to predict that the s&p 500 will hit 3,000 at the end of next year. that will be a 12% hike from where it is now. what do you say to that real fast? >> yeah, well, last year they only said 2400. we were at 2700. we're right about there. i think we'll get 15% this year. that puts us at 3100. so i'm in agreement. i'm a bull. i guess they are too. good news for investors.
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stuart: great way to start show friday morning middle of december, 2017. wesbury, you are all right. thanks very much, brian. >> stuart, great to see you. stuart: senator marco rubio is on the fence on the tax bill. roll tape. >> consistently throughout the process i outlined the need to increase refundable part of child tax credit. only two pushing in the senate. our leverage -- but nonetheless it needs to be more than -- stuart: senator lee and marco rubio, they want more in the child tax credit. joining us senator bill cassidy, republican from louisiana. sir, looks likes $100 billion has been taken away from big business and i think senators rubio and lee, they want a piece of that going to the child tax credit. are they going to get it. >> yeah. i have heard that they are, that the conferees are moving towards them. frankly they have leverage. if you put two senators opposing the package, the package goes down. it gives them leverage.
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i think they will probably get something out of it. stuart: how do the other senators feel about that, if those two get this, won't they chime in say i want that too? >> of course there is certain amount of horse-trading taking place. rubio and lee are respects senators. they have a certain rationale. people are getting refundable tax credit paying income tax. they should be extended to those who pay payroll tax. lower income americans who are working still paying taxes, it is just payroll taxes. not as if they're without argument. they have a good argument. i think that is respected. stuart: at end of the day, sir, this thing passes? >> i think it does pass. your previous segment talked about growth in the economy. growth in the economy takes care of a lot of things and those lower income americans who under obama suffered, now they're starting to see wages increase. we need that wage increase to continue. more money their paycheck. we need this economy to work for them too. this tax package will help to do so. stuart: senator, i have to ask you about what i am going to
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call a political bias within the fbi. broad question here, do you think it is time to investigate the investigation? >> we have to see what mueller will do in week or two. clearly people on his team who had a political axe to grind against donald trump. it is up for mueller, up to mueller to step forward to restore credibility to his investigation. i will give him that shot. stuart: do you think get something from mueller next two weeks before the end of the year. >> would think we have to. there is enough cac could aphonf criticism he has to respond to. stuart: may i may merry christmas. >> merry christmas. stuart: appreciate it. difficult story for the southern california wildfires. they deban december 4th. today is december 15th. they are still burning. look at that. maria: thomas fire still
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burning. sat news, a firefight fear died battling that particular fire on the santa barbara county line. 32-year-old cory iverson from san diego. he was part of a strike team near a fire fill more, california. his wife was pregnant. this is terrible details. he was outside the fire engine. we don't know exactly what caused his death. that is very sad indeed. that fire, up to 18,000 structures still threatened by six wildfires burning as we speak. stuart: right before christmas. dreadful. ashley, thank you very much indeed. stuart: s&p up. nasdaq up. we'll go up at opening bell this morning. look at this. highest profits at costco.
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business doing we develop as well. going other way, oracle, cloud growth, growth in that sector of its market. oracle down 5%. president trump, speaking at the fbi academy graduation. that will be at the top of the 10:00 hour this morning. you will see it. we will carry it on "varney & company." chicago's mayor rahm emanuel, rolling out the welcome mat for, illegals. now announcing a city program for city keys. city-issued i.d. cards for everyone. applicants don't need to give immigration status. we're following that story. 3d printing shaking up the pharmaceutical industry. toaster-sized 3d printer can make your pills at the pharmacy we'll tell you how it works. more "varney" after this.
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showed that he wouldn't be able to retire until he was 68. the client realized, "i need to get back into the markets- i need to get back on track with my plan." the financial advisor was able to work with this client. he's now on track to retire when he's 65. having someone coach you through it is really the value of a financial advisor.
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stuart: 16 minutes to go to the opening bell on the markets. we'll be up not as much as we were. maybe 60 points for the dow industrials. let's get to the fbi bombshell and bombshell it is. peter strzok edited the comey statement on hillary in a way that seamed to water down the bureau's findings. got her off the legal hook. gross negligence was changed to extremely careless. here is the latest. reasonably likely that hostile actors accessed and hacked into her server. that was changed to a mere possible. interesting. joining us now, john bolton, former ambassador to the united nations. this occurred while hillary clinton was secretary of state. she ran state secrets through that server. the fbi said it was merely possible it was hacked into. that is outrageous. >> this change is very significant because it shows the impact of the bias. when the fbi itself concludes
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reasonably likely outsiders hacked this information, what they're saying it was reasonably likely they got access to highly classified information. that is a very dangerous situation. if you're assessing damage to the united states and looking to determine whether there is gross negligence which is applicable statutory requirement it weighs much more heavily if there is real damage. so this is not just a cosmetic change. stuart: you were ambassador to the united nations. you dealt in secret material. i'm sure you did. if you played fast and loose with it, what happened to you? >> look if i tried to set under my own separate communications system it would have been leaked to the "washington post" and "new york times" simultaneously with mying asking for it. if i would have set it up i think i would be liable to prosecution this is the applicable double standard. when you see evidence in the emails mr. strzok sent to his girlfriend or whatever she was, you will not get more proof of impact of bias of these kinds ever changes.
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when deputy attorney general rosenstein testified pa couple days ago, he din think there is anything wrong with mueller investigation. he has been in the government too long. you will not find an fbi agent we can't indict hillary clinton because that means donald trump will be elected president. you see the bias here. you see what they did in the edit to comey's statement. that is the linkage. that is all you need. stuart: i think it was a conspiracy to get. >> that is congress has to wield financial weapon against the justice department. if they don't get answers from deputy attorney general rosenstein, cut off his travel money. cut off his salary. cut off his assistant salaries until they get answers. stuart: that is how you do it. >> lowell weeker did that to ed meese, rider in appropriations bill, no travel for the attorney general. got our attention. stuart: i didn't know that. quick comment please on chicago. the mayor is introducing
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government issued i.d.s for illegal immigrants in that sanctuary city. you say what? >> i think this is a essentially an effort to have chicago secede from the union for immigration purposes. we went through a whole series of arguments about arizona's requirement during the obama administration on illegals. the proponents of free and easy immigration said that is preempted by the federal immigration laws. what is sauce for the goose is sauce for the gander. this is an example cutting off federal fund to so-called sanctuary cities is important. if rahm emanuel wants to do that for chicago. i don't like it, say fine at some point you can pay for it all. no greater way to bring discipline to liberal tell him he last to pay for what he wants. stuart: all about the hispanic vote frankly. >> entirely political. i think that's right. republicans need more outreach to hispanics to say, you are much better than this. you don't want to be treated this way. i think hispanics are natural
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republican constituency. i think we can do a lot better. stuart: john bolton, thanks for joining us. >> glad to be with you. stuart: merry christmas. thank you very much, sir. appreciate it. the patriotic millionaires, remember them? a group of wealthy liberals want higher taxes. last time they were on this program they posted a clip of the segment, with the caption patriotic millionaire destroys fox host. that is me. i take issue with that. in our 11:00 hour we'll have him back on the show. can't wait. new numbers on california's plan to raise the minimum wage. hundreds of thousands of jobs could be lost when the wage goes up. more "varney" after this.
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stuart: very big news this week when disney announced it would buy some of the assets of twenty-first century fox, and disney's chief, bob iger, well, he could be in for a very big payday. how big, liz? liz: he is getting $100 million more than he did last year, total compensation. that includes stock awards. the question is, does he deserve it? on his tenure he quadrupled the stock price, stuart. stuart: that is the question. liz: since he was there since 2005. stuart: why do you say he deserves it or is worth it?
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liz: market value as hand up 63%. it has doubled s&p performance of that time. they locked in longer contract for him. he will be there for full 16 years. his contract expires in 2021. stuart: he is not running for the presidency? liz: no. stuart: did he position the company in what way makes it a future big winner? liz: pretty brilliant acquisitions according to wall street analysts. streaming content. bought pixar, lucas film, march vail. his predecessor bought cap cities abc. he had a vision for the company. stuart: one of best executives in the united states of america. i have to say. now i have to get to california. the minimum wage hike, which is taking effect january, runs all the way through until 2023 i think it is. ashley: right. stuart: will cost a lot of jobs. ashley: according to economic policy institute studied from 1990 through 2015. what is impact when minimum wage is raised?
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every 10% minimum wage goes up, 2% decline in employment. stuart: really? ashley: so based on those numbers, these go back as i say some 27 years, the minimum wage is supposed to hit $15 an hour in the year 2023 in california. goes up 50 cents on january 1st. by the time you get there, the number of jobs lost, based on what they historically will be around 400,000 jobs. stuart: they can't afford that. ashley: no. stuart: because they will exodus of relatively wealthy people. ashley: where tax base revenue goes. stuart: unfunded pension liability for their retired government workers of $170 billion. ashley: right. now they want -- liz: fires. infrastructure problems. stuart: thank you very much indeed. they have the highest poverty rate in the nation, still above 20% poverty rate in the great state of california. liz: alienating business. ashley: financial mess. stuart: it's a financial mess. not getting any better. probably going to get worse. ashley: appears so. stuart: attention, california
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viewers. ashley: stu has a sofa can crash on. stuart: several. breaking news. here we go. britain's trees say may sate ex-silt for from the european union. march 20th, 2019. she wants to avoid people's lives and businesses. the date is more than a year away. march 2019. more than four minutes we open up the market. again we're going to go up, 70, 80 points, maybe more than that. the s&p is going up. nasdaq is going up. it is friday morning. yet, again, as we open this market, i have to report to you it is going up. follow it, after this.
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i just finished months of chemo. but i don't want to talk about months. i want to talk about years.
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treatments have gotten better, so... i'm hoping for good years ahead. that's thanks to research funded by the american cancer society. the same folks giving me free rides to treatment, insurance advice,and a place to stay during chemo. i need that stuff like you don't know. and now that you do, please give at . stuart: this is going to be exciting. it's a friday morning. we are ending the week, and we are likely to have a nice pop when this market opens in literally 40 odd seconds from now. we've got a very strong report about the holiday shopping period. that's a shot in the arm. that's good news. we have the likelihood that this tax deal does go through, even though there are a couple of holdouts in the senate at the very last minute. sort of rangling for a little extra money for their pet projects. they're likely to get it.
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and therefore, the tax bill is very, very likely to go through. that's why i'm suggesting having looked at the futures market too, we'll be up about 100 points when we open up in three, two, one. thank you, ladies and gentlemen. off we go. we are off. we are running. there you go. right from the get-go, 75 points. 78. here we go. 87 points higher. 80 points higher. 93 points higher. 92 points higher. we're at 24,600 and change. and i'm going to hold it. yeah, there you go. up 104 points. thank you. thank you. thank you. what a forecast. we're up about .4% on the dow and s&p up .4%. healthy gain there. how about nasdaq? i want to see if this is across the board. >> yes, it is. happy friday, everybody.
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ashley webster, liz macdonald make up our team this friday. we have this analytical firm that says shopping season. is this a deal? >> huge deal. the consumer confidence is at the highest level it has been in a long time. people are out and spending money, which is good for the entire economy. people believe and feel better. they're out spending. that's good. . stuart: what do you say, jeff sessions. >> yeah. and i agree and the consumer has not participated in the market rally that they have to the extent now. so now with the participation of tax cuts, with the improving employment situation, people are feeling good. almost euphoric and willing to spend. stuart: tax deal. there are a couple of holdouts. senators ruby and lee want more money for the child tax credit. we had senator cass on the show just moments ago, and he said those two senators are likely to get the money, and we will get the tax deal. do you agree with this? >> i agree with it. stuart: i just can't see the gop stopping it right at the
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very end. >> i agree, completely. i hope it doesn't go back to old washington where everybody wants to take their piece and if you're getting a piece, i want a piece. hopefully this is the end of it. they appease what these guys want. stuart: you always see this kind of arm twisting at the last minute. >> you always do. liz: i love what senator john kennedy said. he said every now and then, we have a free range chicken who goes off the reservation in terms of votes, and we have to bring them back. so it is a 51-49 majority. the point is mike pence had has to step in five times for tiebreakers. joe biden never had to do that. so this is down to the wire. stuart: wait a second. if the vote is december 22nd, it's 52-28. liz: yeah, because have cocke c. stuart: 52, 48. >> i've said never underestimate the incompetence of this congress. and this is how dysfunctional that they are now that these objections come out now.
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. stuart: are you raising last-minute objections? do you think there's a chance that it won't go through. >> don't be surprised if they have the ball on the one yard line, and they fumble. . stuart: okay. president trump is on his way to quantico. fbi headquarters. he's on his way before he got on his plane. he said to reporters it's a shame what just happened to the fbi. we've got to rebuild it, we've got to make it bigger and better. there are angry people. it's sad to watch. that's what the president just said about the fbi. we're getting the tape. we'll show it to you. the president goes right to their home base. big deal. back to the market. up 130 points on the dow industrials, and we have jp morgan chase, another big bank saying the s&p 500 will go to 3,000 by the end of next year. that will be a 12% boost.
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however, morgan also says that the big tech stocks have already had their run. they're going to lag next year. jeff. >> well, here's the problem. the big tech stocks have accounted for about 50% of the gain in the s&p 500. so the fact that a big investment bank in wall street is bullish is no surprise at all. ashley: what jp morgan says is there's going to be rotation out of those tech because the valuation is too rich. they love the financial sector higher interest rates will boost profits. look at the financial sector is to lead the way. >> so i agree with 3,000. i do financials will do well. but one thing. these big tech companies as we call them are no longer just tech companies. they're affecting every part of our lives. so i don't think the market gets the 3,000 without the big
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techs. but i think big tech will be involved. liz: 3,000 means the s&p will have doubled in just five years time. >> when you look at it from that way, liz. from where we sit today, it's a 12% move over 12 moos. liz: understood. stuart: which is still huge. we'll stand up and cheer. >> balloons and confetti. stuart: pay for it too. check at that big board. nice gain. we're up now 120 points. 24,628. individual stocks, here we go. costco. doing well. nice profits there. online business also expanding nicely. the stock is up 3%. 192 on costco. oracle's cloud business, its growth rate falling short, and it's down a whopping 5%. you see oracle and companies that size drop 5% very often.
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it's happening now. higher profit at adobe. they make flash and photoshop software. the stock is up two bucks. 177. bitcoin futures. they will start trading on sunday at the chicago merck. they've already started trading last sunday in the cboe and the bitcoin price right now is 17,000. would you touch it with a ten-foot pole? >> i wouldn't touch it here at 17,000. i did not touch at that time 1,000. hats off to the bitcoin billionaires out there. people have made a lot of money. but any investors here stands to risk to lose a lot of mone m. stuart: . stuart: there's a young camera operator who infested way back when in several of these cryptocurrencies, and he's smiling. hats off to him. >> he should be smiling. >> keep in mind, the problem with bitcoin is the block coin where it trades.
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bitcoin -- i guarantee everybody at this table will be using cryptocurrency. it just might not be bitcoin. if they don't get it together, they're not going to be the cryptocurrency of choice. stuart: you know what? i agree 100% of that. eventually we will find a use for cryptocurrency. moments from now, we're going to bring you the tape from the president and what he had to say about the fbi. right now, i'm telling you that series is going to start selling its die hard brand car batteries. chargers, tires, and other items. going to sell them on am. that works well for series. up 9%. liz: this is too little too late. it flaunts its market value not to mention its net worth. it has been losing money for ten years now. too little too late. ashley: taking a shot at phone stores. saying don't come to the store. buy on amazon. that's crazy. stuart: they have no choice. moments from now, bring you the tape from the president of the fbi. got it ready? almost. almost. almost. okay. roll it, please. moments from now, we will bring you the fbi -- here it
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comes. here we go. >> we're going to rebuild the fbi. it will be bigger and better than ever. but it is very sad when you look at those documents and how they've done that is really, really disgraceful, and you have a lot of angry people that are seeing it. it's a very sad thing to watch, i will tell you that. and i'm going today on behalf of the fbi their new building. and everybody -- not me. everybody. the level of anger and what they've been witnessing with respect to the fbi is certainly very sad. yes. i think he should. i tried. i support the person running. we need the seat. we would like to have the seat. i think we're doing very well on the tax.
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we'll see what happens. but i think we're doing very well. it's something that's going to be monumental. it will be the biggest tax decrease or tax cut in the history of our country. but as far as roy moore, yeah. it certainly -- i would certainly say. you'll have to make that determination. we're hoping for a very -- let's put it this way. there is absolutely no collusion. that has been proven. when you look at committees, whether it's the senate or the house. worst enemies, they walk out, and they say there is no collusion, but we'll continue to look. they're spending millions and millions of dollars. there is absolutely no collusion. i didn't make a phone call to russia. i have nothing to do with russia. everybody knows it. that was a democrat hoax. it was an excuse for losing the election. and it should have never been this way where they spend all of these millions of dollars. so now even the democrats admit there's no collusion. there is no collusion. that's it.
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and we got to get back to running a country. what we have found and what they have found after looking at this really scam is they found tremendous -- whatever you want to call it. you're going to have to make up your own determination. but they found tremendous things on the other side when you look at the hillary clinton investigation. i've been saying it for a long time. that was a rigged system, folks. that was a rigged system. when you look at what they did with respect to the hillary clinton investigation, it was rigged. and there's never been anything like it in this country that we've found before. and it's very, very sad. very sad. >> michael flynn and the fbi. when did you find out. trump: what else is there? how many times has that question been asked?
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yeah, go ahead. go ahead. >> have you seen the final tax bill. >> i have. i have seen it. i think it's going to do very, very well. i think that we are going to be in a position to pass something as early as next week, which will be monumental. i think they'll be great. they're great people. they want to see it done. i know i'm very well. i know how they feel. these are great people, and they want to see it done, and they want to see it done properly. go ahead. trump: say it. well, we're going to see what happens with north korea. we have a lot of support. there are a lot of nations that agree with us. almost everybody. we can't let that th that happen. and we're going to see what happens with north korea. we hope it works out. yeah, i think we will. child tax credit. just so you understand. the democrats have done
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nothing in terms of children, in terms of child tax credit. we're putting in a tremendous child tax credit, and it is increasing on a daily basis. >> call with vladimir putin. >> it was great. he said very nice things about what i've done for this countryner countryner has the economy, and he said also some negative things in terms of what's going on elsewhere. but the primary point was to talk about north korea. because we would love to have his help on north korea. china's helping. russia's not helping. we would like to have russia's help. very important. >> would you consider a pardon for michael flynn? >> i don't want to talk about a pardon for michael flynn yet. we'll see what happens. i will say this. when you look at what has gone on with the fbi and the justice department, people are very, very angry. thank you very much, everybody. thank you. . stuart: there you have it. i'm going to call it force by
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the president of the united states. the main one being that he called the investigation of hillary clinton rigged, and he used that word several times. i believe he also called it the investigation. the russia, russia, russia, he called that a shameful scam okay? the market reacting to his comments on the tax cuts, which are likely to go through. we're up 127 points. 26 points on the dow jones industrial average. now come on in, please. congressman matt gates. republican from florida. you, sir, have been leading the charge on what i believe is this conspiracy within the fbi to pro vert the investigation of hillary clinton. and i think the president was saying what you've been saying already. >> well, absolutely steward. and we see time and again actual evidence of special treatment for hillary clinton. andrew make case number, the current director of the fbi sent e-mails saying it would be a small team at headquarters that would give
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special treatment to the hillary investigation. we've now learned it one of the central agents involved in that investigation was peter struck, who has had text messages relieved with his mysteries where he said hillary clinton should have won the election 100 million to zero. he couldn't see a single reason vote for donald trump. this is the same statement from grossly negligent to extremely cares. and time and again, there's more and more pro hillary bias and antitrump bias, and i think it's time for congress to speak with a louder voice about it. stuart: this is now being exposed, these text messages tell an extraordinary story. and now the president is on his way to fbi headquarters in quantico, and he's charging down there saying that this was shamefully rigged. i mean, rigged is the operative word here. where are we going? are we going to have a new investigation of the investigation? what are we -- tell me where
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we're going with this. >> well, we have thousands of dedicated agents in the fbi, and they don't deserve the disdain that this has brought to the fbi and the department of justice, and that's why it's important to get to the bottom of the corruption and the collusion that existed and that the fbi may have allowed to exist through their own personnel. we are going to be doing subpoenas and interviews in the coming weeks in the judiciary committee. expect that peter struck and his mistrous will both be called in for sworn testimony. also bruce orr, one of the top officials of the justice, his wife nellie orr was one of the few employees at the fusion gps company that actually gave money from the dnc to russians to dig up dirt on the president that was proven to be untrue. so when you have got the spouse of a senior department of justice official specifically hired to facilitate this relationship between the dnc and the russians, it is a real
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problem. we're going to be putting people under oath, we're going to be getting answers, and we will restore the credibility of the fbi and justice. stuart: thank you so much. we're much obliged to you. i will also say when we saw the president just moments ago, he did have some comments on the tax cut deal. he said there could be a vote as early as next week. he said that the senators were doing a great job. they want to see it get done. i believe he was referring to senators ruby and lee who want a little bit extra in the tax credit. the president's comments did not hurt the market at all. the dow industrials were up 120 when he started to speak and now we're up 130, a very solid gain. shot in the arm, jeff seeker? shot in the arm for the market today? >> yeah. i mean, obviously, trump had a lot of confidence that this is going to pass. i think it helps immensely that he said by next week. and i think it also helped that he had nice things to say about ruby and lee.
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that was very important. he doesn't want to make anyone mad. stuart: you're nodding your head. >> tax cuts are good for businesses. they're good for all people throughout the united states. republican and democrat alike. stuart: before we close, i have to say that was a tour deforce by the president. liz: it was. and the point is the fbi ranken file do not want to be perceived as police force acting as judge and jury putting presidents into office. they don't like that at all. stuart: a long time i've seen an american president come outside, meet reporters and go bang, bang, bang, bang. ashley: so are refreshing. none of that political talk. it is the way it is. i find it fascinating. i love it. stuart: there was one one reason or the other rotor that said when did you find out about the fbi -- dismissed that entirely. ashley: yep. liz: because it has been asked a million times already. stuart: nitpicking that they want to get into to get into russia. liz: why doesn't mueller step
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up here and say this is what we have into the russia story. he's been a year into it. stuart: he has to do this before the end of the year. put up or shut up. what have you got? thank you very much indeed, jeff seeker and mike murphy. thank you for being with us. quick switch of gears here. a 3d printer the size of a toaster. toaster oven. could have a major impact on the drug industry. tell me. liz: it's the size of a toaster. it cuts the speed of filling prescriptions by a third or more. it takes ten minutes to make drugs. it can make drugs into gum ease as well with this new device that pharmacists are now looking at. and this is the wave of the future. could it be down the road we have personalized medicines that have the correct dosages for us? or could we be making our own pills at home? you know, so we already have 3d-printed drugs out there for
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seizures. the fda just now is moving fast on new guidelines for stuff like this and also 3d-printed medical devices in things like knee replacements. stuart: key phrase is personalized medicine. make it to suit you. liz: it cost about five grand, that little device. stuart: not that much for a pill maker. that's pretty good. >> making our lives better. stuart: absolutely. i would demand it. dow industrials up 125 points. that's where we are. now, minutes from now, president trump addresses the newest class of fbi graduates. i'm pretty sure that the staffers and reputation of the fbi is going to come up for discussion. and when he makes that discussion, when he says those things, you'll hear it. back in a second cannot live without it.
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. stuart: breaking news from senator marco rubio. he just sent three tweets about the child tax credit here are two of them. this is important. the tax deal doubles child tax credit from 1,000 to $2,000.
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but says, senator ruby, for millions of working class families, only 55% of the two grand is available to them. can only support the bill if the percent of that $2,000 child tax credit available to working class parents is increased to a percent meaningfully higher than 55%. ashley: will not say yes, sir unless he sees more than $1,100 on refund tax credits. stuart: now, this morning, the house conference will sign off on the final version of this tax bill. it is not clear at this time whether it appeases senator rubio, and he gets what he wants. liz: so he makes his move. he will probably get what he likes. it's probably going to happen, the tax cut goes through next week. by the way, recently said we like the tax cuts. ashley: you know what really upset him? about the fact that he took
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the corporate tax rate from 20 to 21, he said wait a minute. that money should go towards child tax credits for low income. stuart: yeah, they freed up money that was going into business and senator ruby and lee, they want a piece of it. and they want a piece of that money to the child tax credit. liz: this is messaging for the republican. the cboj cd irs data show half of the households don't pay any federal income taxes. they could be above 50% of u.s. households will not pay any federal income taxes whatsoever. stuart: refundable child tax credits. more of it going to those people. liz: a paycheck instead of paying in. stuart: now, we do not know whether senator ruby was appeased during that final version of the house senate conference version of the bill, which they're going to vote on today. we just don't know at this point whether senator ruby got what he wanted. but i have to tell you this. since those tweets were
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released -- and we're talking just a few minutes ago, the dow industrials have come from a gain of 130, 135 points to a gain of 103. so this minor element of uncertainty, that's my word, that has been affected the market slightly. we've gone from plus 130 to plus 106. and, again, we don't know if senator rubio has been appeased in this final bill, but we will sure find out for you. we are moments away from president trump speaking at the fbi graduation ceremony. he just said what's happening at the fbi is a shame. we will bring you his speech in a moment zar: one of our investors was in his late 50s right in the heart of the financial crisis, and saw his portfolio drop by double digits. it really scared him out of the markets. his advisor ran the numbers and showed
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that he wouldn't be able to retire until he was 68. the client realized, "i need to get back into the markets- i need to get back on track with my plan." the financial advisor was able to work with this client. he's now on track to retire when he's 65. having someone coach you through it is really the value of a financial advisor. . . . . .
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stuart: any moment fbi will speak to graduates. he addressed reporters saying it's a same what happened to the fbi. this is the news backdrop. hillary clinton run state secrets her private server at house in chappaqua? was she hacked? the fbi investigated. it is possible hostile actors got in. that is what the final report on the email scandal said. it is possible. kind of leavings things open, doesn't it? fox news discovered another language change. catherine herridge's reporting revealed originally fbi found it reasonably likely that hostile actors gained access to emails. reasonably likely she was hacked. not possible but reasonably likely. there is a big difference. possible got hillary off the legal hook. grossly negligent was changed to extremely careless. that is another language change that worked in hillary's favor,
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lowering her legal jeopardy. perhaps this sounds like nitpicking. it's not. it's serious stuff. the investigation of hillary clinton was corrupted by her supporters inside of the fbi. and we're not talking about low level people. we're talking about peter strzok who played a key role in the investigation. andrew mccabe, the number two at the fbi. remember the meeting they held where they couldn't take the risk of a trump win, really? people at the center of the investigation of hillary clinton believed it was their mission to save the country from trump. they wanted hillary to win, and they did everything they could to reduce her legal risk. that is direct interference in a presidential election. it is not supposed to be like this. our constitutional republic requires the non-biased investigation of government wrong-doing. that is not what we're seeing here. instead it is a cabal of trump haters inside the fbi who tried to swing the election. key point, 54% of the voters
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believe the mueller investigation is politically biased. we the people have lost confidence in our government's ability to deliver justice. the second hour of "varney & company" is about to begin. ♪ >> well it is a shame what's happened with the fbi but we're going to rebuild the fbi. it will be bigger and better than ever but it is very sad when you look at those documents and how they have done that is really, really disgraceful. stuart: that was moments ago, before the president got on marine one to go down to quantico. that is what he said. it is a shame what happened to the fbi. judge andrew napolitano, fox news senior judicial analyst. judge, i say there is a cabal of trump haters inside the fbi tried to swing the election. are you going to take me on?
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>> i don't don't know that i will take you on, stuart. you're quite correct in significance of these language changes. this is not nitpicking. this changes public understanding of the evidence that the fbi gathered. here is where i disagree with you. jim comey owns this. jim comey is personally and solely responsible for the decision that he made and publicly announced on july 5th, 2016. i have been arguing with you and many of our colleagues for 18 months that he was wrong on the fact, meaning his summary of the facts was inconsistent with the raw evidence. he was wrong on the law because he attempted to jiggle with the language to make it sound like she had not reached the standard of proof for guilt. and he was wrong to make this decision himself rather than send it to his superiors in the justice department. stuart: judge, okay, i take your point that mr. comey is responsible but frankly i don't
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care about that angle. i'm interested in revealing what appears to be a cabal of anti-trump haters who did indeed conspire against president trump or candidate trump and very much in favor of hillary clinton. that is interference in a presidential election. i don't care whether comey takes responsibility for not. it's a cabal. >> i care who takes responsibility for this reason, jeff sessions is doing nothing about this. chris wray, president trump's appointee to run the fbi, appears to be doing nothing about this and refuses to discuss is publicly. rod rosenstein, the number two person in the fbi, excuse me in the justice department who really runs the justice department, wouldn't answer any questions about it. these people should be reexamining or order a reexamination of the raw evidence, not the conclusions based on the evidence, but the raw evidence of mrs. clinton's
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failure to safeguard state secrets. they should then take that evidence and present it to a grand jury, and ask the grand jury to indict her. if they fail to do so, then they are complicit with comey and company and loretta lynch and company, which protected hillary from the consequences of her criminal behavior. stuart: all right. we'll leave it at that judge. thank you for phoning in. this is kind of a vacation day for you. we appreciate you being here, sir. >> by the way, happy about the wedding announcement, stuart. stuart: which one is that? >> harry. i understand the invitation in the mail. stuart: thank you very much. ashley: invitation in the mail. stuart: something british, we have more serious stuff, judge. thank you. by the way, tammy bruce is with us. i want your opinion here, i am saying very clear there is conspiracy here. it is outrageous. >> it is. isn't it fascinating every
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single thing at this point they accused trump of, the republicans of, conservatives of, they're actually literally engaging in themselves. and there is this kind of casual behavior with this, fascinating framework of being sloppy because in fact they would have meetings about what they could not allow, which would be the trump presidency, and that is why there was such sloppiness. they thought she would protect them. that is not happening. stuart: tammy, hold on for a second. i want to bring in adam shapiro who has information on senator rubio. senator rubio tweeted he has concerns about the tax bill. he tweet the what he wanted. adam, you have an update whether he got what he wanted. tell us please. reporter: we don't know in fact he got what they wanted until they release the bill publicly. we won't see the public release of the bill till around 4:30, stuart.
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yesterday when senator rubio and senator lee were looking for increase of refundable portion for those who don't have any tax liability, fox business reached out to members of the conference committee, a source close to them, senator rubio will get us what he wants. he will be a yes vote, when this is said and done. he will claim victory on the child tax credit. officially senator rubio has not said if he is yes vote. people close to the committee he will get what he wants next. stuart: sound like he is pushing at very, very last second here, for what he wants. at this point you suspect he gets what he want but we don't know that for a fact, adam? reporter: this very important point. he is not well-liked by the senate finance committee members. there is reason he was not put on the conference. this is political thing according to people on the hill. he never said we want the $100
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increase. this plays politically for senator rubio. he never put a dollar figure out there. stuart: tammy bruce. >> got him attention and headlines in the midst of all this where he had not had attention. note the president's remarks this morning. he mentioned specifically the child tax credits, money for children whether the democrats do or not, how much the republicans are doing. that was statement to some degree to mr. rubio and senator mike lee expressed some concerns this is at the last minute, as though they were going to be the spoilers, like, you know, running into a room wanting attention. stuart: they have leverage. they have leverage. >> they do. >> senators have leverage at very last minute when the vote will be very, very close. >> we've been through so much. i think at this point it does look like being a spoil sort or at least not being helpful, we've all been exhausted by this process. stuart: i think you're right. you can't afford to be the guy who says no, upsets the whole applecart. liz: i don't know mccain
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likely vote yes. he is very ill. stuart: left-hand side of the screen, quantico, virginia, fbi national academy i should say. president trump will make a speech to the new graduates at the fbi academy. you will hear it all. they're playing anthem as we speak. you can expect a fiery speech because earlier today the president did tell reporters, right before he got on marine one, he said, what was the exact expression? ashley: it's a shame. stuart: a shame what is happening at fbi. now he is going to address the fbi graduates. ashley: this is agency in tatters it. he said that before. stuart: he did. he is addressing new graduates. liz, your point is well-taken here. 99% of fbi people, they're somewhat embarrassed what is going on. liz: i have personally talked to fbi agents about this. this whole thing about exonerating hillary clinton just angers them to no end. they are the good guys trying to catch the bad guys. when we see now that comey
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saying reasonably likely that hostile actors accessed and broke into hillary's email system, that was a big deal to them. because in 2009 she was going to egypt, palestine, turkey, china, with unencrypted device as secretary of state. other people are accessing her private email server. meaning they could have been hacked as well. that is so dangerous to the national security of this country. stuart: liz, good point indeed. left-hand side of your screen. we're waiting for the president to make his remarks. you will see them. will be interesting stuff. you will see them. you will hear them when he begins. i want to go back to your money for a second. the dow industrials are up 110 points. only mine thor pullback after reservations revealed from senator rubio. come in please, john layfield, because am i right in saying that the market is up as strongly as it is because investors think we are going to get a tax cut deal?
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>> i don't think there is much doubt about that. the jobs number was very good. this is important jobs number. it was first one that didn't show disruption by hurricane. fundamentals of economy are very strong. the dow since has gone up eight to 10% i think direct result of tax cuts. looks like finally they're going through especially repatriation of money with tech stocks. stuart: john, three big banks each separately saying the s&p 500 goes up about 12% next year. are you on board with that kind of huge run-up again? >> that is great news. i am, yes. i certainly am pulling for that. i do believe it is going to happen. janet yellen was very prescient in some comments saving she has not seen recession in the horizon. i don't think you have anything since a black swan event like north korea or middle east problem that will derail the economy. five to eight years down the road we have issues especially in india and china. somebody with the workforce and no jobs. i this that is far off. next three to five years we'll
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see continued growth. stuart: i should add one of these banks says that the big technology stocks will be laggards in the rally that they seize. jpmorgan is saying watch out for the big techs, they have had a very nice run-up already. they will lag the next he -- leg of the run-up. what do you say to that, john. >> i understand the sentimentbehind it. i don't necessarily agree with that. repatriation is huge. microsoft $128 billion coming back. facebook, $38 billion coming back. these companies are trying to many about the biggest global companies in the history of the world and they're getting the most any, hundreds of billions of dollars coming back. they will become better companies. this money will in the necessarily to to share hold others or necessarily go to more jobs. they will become great companies. the trend continues. stuart: john, we're watching consolidation in the media business which is moving very quickly. disney buying big chunk of
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21st century stock. would you tell me about the upcoming consolidation in media no apple is one of the best stocks that own it. i own facebook. facebook did $610 million on indian cricket league for digital rights alone. 79% of users in india are mobile users for internet. i think that will continue to grow. i think the big tech companies are ones that lead the future because they have got the distribution. right now they're buying content. i think that is the way to go. stuart: john, thanks very much indeed. hold on a second. get back to the political story of the day, if not the year, and that would be the fbi, political bias in the mueller investigation. consistent changes of language of how the fbi passed judgment on hillary clinton. consistently.
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consistently they softened it so she was off the legal hook. tammy, i think that is as big of a story as russia, russia, russia. >> i think story on the nature of changes but the fact is comey allowed changes to stand. he wanted to present it, maybe dealing that would be a part of the record or people would see it. but the fact that the director would allow those kind of changes -- if he really felt it was, the on the edge of the legal reasoning or the real legal reasoning he wanted, why would he allow such a change we now know changed that dramatically? he must have been agreed that this was some kind of a process because, this is not issue of semantics as you discussed with the judge. this is serious changes in legal they're and application. almost like it was a game. like he wanted to have reasonable ability to deny that he was one that softened it. like they each had their own political interests. certainly ultimate one to presume hillary would be
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president. maybe someone get as cabinet position. they were all jockeying for the job they get after the fact. stuart: i have to believe that the clinton family, bill and hillary are done in american politics. >> we know, that we see that through the behavior of dnc itself and other leadership within the dnc. first kirsten gillibrand, saying bill clinton should have resigned. throwing of him under the bus was a statement they knew the clintons were done. their powers are over. harvey weinstein indication of old guard, the protection of old donor guard for clintons. people were more free to say who was a bad guy, who wasn't because the people had no power now and they have none in the future. stuart: by the way we did show you briefly the playing of the national anthem and president standing along with other members of the dais there. by the way i did not notice anyone take a knee. being facetious i suppose. he. thought i mention that.
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what do you want to say, liz? liz: tammy is spot on with her analysis here. congressman johnson, senator ron johnson is saying the fbi's actions here, they were not the supposed to be prosecutor here. that was so highly unusual and extraordinary. the repeated edits to reduce secretary clinton's culpability and mishandling classified information, again i have to say it again. she was traveling the world with a device. it did not have a digital certificate on the personal email server in her home. that was the fear, that hostile actors could break in. now we see comey did feel reasonably likely as other fbi agents told me, it was reasonably likely hostile actors did break into her email server. now that gets watered down to possible. stuart: possible. liz: she was traveling the world. went to egypt, turkey, palestine, china, with that device could email into her private server. others in the obama
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administration emailing her through the private email server. if we could find out that north korea hacked sony, why can't we find out who possibly hacked hillary clinton? stuart: you're right again, liz. i don't have an answer for you. you make a good point. ashley: be careful when you say this the end of the clintons. you never know with this group. just when you say that something happens so be careful. stuart: okay. the president will be taking the podium momentarily. when he takes that podium, you will hear it. get back to your money for a second. a little history of last 45 minutes on wall street. we opened and the dow went up about 135, 140 points. then we heard that senator rubio has some last-minute reservations about saying yes to the tax cut deal. he put out a couple tweets where he made demands. he wanted a more generous child tax credit. at that point the dow industrials came down, i should say. they reduced their gain to a gain of just 99 points. now, we're on the way back up
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defend. in part our own adam shapiro reported having conversations with rubios staff, that he is, this was yesterday, he is likely to come to the table an say yes. the end of the day he is likely to say yes. and now we have the dow industrials coming back some more. now we're back up again, 135 points. we have to take a break. you know we have a make a profit somewhere. we got to pay the bills here. we will do that. boy, will we be back with dynamite stuff after this. see that's funny, i thought you traded options. i'm not really a wall street guy. what's the hesitation? eh, it just feels too complicated, you know? well sure, at first, but jj can help you with that. jj, will you break it down for this gentleman? hey, ian. you know, at td ameritrade, we can walk you through your options trades step by step
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so all you pay for is data. see how much you can save. choose by the gig or unlimited. xfinity mobile. a new kind of network designed to save you money. call, visit, or go to stuart: we have come all the way back, certainly on the dow industrials. we were up about 150. 160. we reduced to a gain of 100.
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now we're back up 150 points. nasdaq up 41. s&p up 19. this is very solid rally this friday morning. quickly show me the big tech stocks, please. not all of them are up. most of them, yes. amazon is down a fraction, down, what, 18 cents at $1174 per share. the rest are up. ash, go. ashley: rubio news broke yesterday afternoon, he was quite possibly a no vote on tax cut bill if he didn't get more on child tax credit refund. the market sold off on that. today the market is telling us even though there is still not a definitive answer it is believing that the tax cut will get passed, it will be probably done sometime next week. and that marco rubio is on board. i think market truly believes that. stuart: a him background here. marco rubio, senator rubio from florida. he is asking for a larger and more widespread child tax credit. that is his last minute demand. now he put out a couple of
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tweets to that effect this morning, saying, i want more on this child tax credit. we don't know whether he got it. right now the house-senate conference is -- actually voting on the final deal, the final bill. i don't know whether or an accommodation of senator rubio is in that final deal. at this point we don't know. i do believe however that the market is speculating that he will be accomdated and that we will get a yes at the end of the day. lizzie, president trump, what about a half hour ago speaking to reporters he said we're going to get a deal, i think, i got to be right, early next week there will be a vote, right? liz: yes. looks like house will take it up first. looks like in lockdown mode right now. whatever rubio getting it will be in the final bill. no changes after that according to adam shapiro's reporting, right? you see the market reacted to ashley's point. we are up triple digits. we could talk about dow 25,000.
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we would love to talk about that. stuart: but it occurs to me the house and senate conferee people, they're not going to come out say, oh, yeah, he got what he wanted. if they do that, somebody else will stick up their hand, i want this. you keep it secret. you don't say whether he got what he wanted. but the market is inferring that he did. >> i would suggest this may in fact also a way, agreement between the leader mitch mcconnell and senator rubio because they anticipated that it would be more. what a great way to highlight him and to position him in a chair there at the end of this, make it look like senator rubio was a big hero at the last minute, when in fact all of this was going to happen anyway. ashley: that's true. stuart: you're not a cynic but you get close. >> also i would say christopher wray at the end in the blue tie, i would not want him on the subway. that is classic man spreading. i'm looking there, thank goodness is he -- wide tie.
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stuart: can't quite see. has his legs crossed. >> there you go. there you go. stuart: bring our viewers up to speed what we're seeing here. that is the president. that is the attorney general jeff session, the man in charge of the fbi, et cetera, et cetera. the president is about to address fbi graduates at the fbi academy in quantico. ashley: yeah. stuart: he already laid out some, if i say inflammatory words i think i'm justified this that. he spoke to reporters and said that the, what was the exact word, it's a shame. it's a shame what happened to the fbi. it was disgraceful. he said that the hillary clinton investigation by the fbi was rigged, and he used that word several times. he says the investigation of, mueller's investigation, russia, russia, russia is a shameful scam. there is nothing there. there was no collusion. so the man's already been extremely fiery before even takes to the podium.
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we are expecting fireworks. he is addressing the fbi. he is congratulating the new graduates of the fbi academy. what is he going to say to them. your organization is a disgrace. stuart: i think he gave a preview. he also said we're spending millions of taxpayer dollars on russian probe, we found more how the system was rigged for hillary than anything to do with russian collusion. he is giving in elbow shots hard before the speech. ashley: emails revealed between these fbi agents regarding the hillary investigation was just plain sad and he is right, it is. >> those are the words he used. ashley: pathetic and sad. stuart: isn't this so different from any other president? which other president would call something a shameful scam? it was rigged. who would say that? really, who would say that? ashley: love it. liz: they would say that in the 1700s. >> this how americans speak.
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we understand it. political speak is it really hide the truth of the matter. we know where he stands. we might not always like it but no question where he stands. those young people know where he stands. liz: to tammy's point, from thank giving to christmas, people are sitting down, what is with the deep state? once you get that into mainstream consciousness of america you have a problem. stuart: we're doing our best to get words deep state in the american consciousness. ashley: with the emails it is appropriate. stuart: i don't want to steam role over other big economic news we received this morning. that is, 10 days, to christmas, you, ladies and gentlemen, you are spending, you are spending big time. we have a research organization which shows us that in the month of november, online revenues were up, 24, 25, 26%. 24% from the same period last year. that is huge. that is a growing, robust economy, with consumers spending
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money. dr barton, come into the discussion on money please. forget politics for a second. money, we seem to have a terrific christmas season. i think that is affecting the market. what say you? >> oh i think you're spot-on, stuart. i think this retail, it is sort of an outlyer, the retail is coming through so well. what we're seeing traditional bricks and mortar places are getting a nice rebound but we're also seeing that costco, walmart, target, all having exceptional online sales which is really going to help. stuart: by the way on the left-hand side of your screen, hold on a second, on the left-hand side that is christopher wray of the fbi. after him comes jeff sessions attorney general sitting next to the president at the moment. jeff sessions will introduce the president, and you will hear what the president has to say to the fbi.
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back to you, dr, please, we have got a forecast of a 12% gain for the s&p 500 next year. that comes from three big banks. i want you to tell us which stocks, big-name stocks that you are buying in preparation for that kind of rally. can you tell us? >> yes, i can, stuart and i think those optimistic, those optimistic forecasts coming out are based on a global work, global economy is strong. both from earnings and from a fiscal perspective. as well as our earnings here at home of course. so i still love facebook. it is really my top tech pick. i think they're more recession-proof than some others. we're not looking for recession. but any pullback, profit taking in tech i think will affect facebook less. i think google as well. those are my two really big names that i like coming into
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the year. stuart: all right. we're, dr, thank you. we're balancing two big stories here. very nice rally on dow jones industrial average. another record high of the s&p earlier. it's a rally, folks. very solid one. left-hand side of your screen president trump is about to -- i'm sorry? okay. we just heard this. senator rubio's concerns about the tax deal are being addressed. the words coming to me. that is a plus if they're being addressed. ashley: yes. stuart: maybe he will be accommodated. that is why the dow industrials up and running up 135 points. okay the money story is the market, whether we get this tax cut deal. the political story is it what i call a cabal within the fbi which conspired to throw the election away from trump and towards hillary clinton. to exonerate hillary clinton in the email scandal. there is no better person to address this issue than victoria
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tensing, have the pronounce syization right? >> you did very well. stuart: with the british accent? >> i like it better british. stuart: we're all smiles here, that's fine. i'm talking about something that is serious to america's democracy. >> that is frightening to me. it is putting the integrity of our justice department at stake. many of us don't believe it has honestty right now. these are people at the top. i feel sorry for the agents below doing their work every day. it is clear, these people, the top officials at the fbi and the obama justice department plotted, made a brazen plot to do two things. clear hillary clinton of any criminal wrongdoing, and from time to time donald trump. stuart: i'm intrigued at that meeting in andy's office as it emerged in the, the message from peter strzok. what were they doing? they said, oh, we can't take the
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risk that trump wins. so what do they do about it? >> we need a plan b, our insurance plan. it should be interesting, they should have their little butts up on the hill. stuart: that is conspiracy, it's a conspiracy, a conspirators meeting to derail america's democracy. i don't feel i'm going too wrong here. they don't. >> i think they hated donald trump so much they thought they were doing god's work by doing this. they thought this was okay. constitution be damned. they could do what they wanted to do because they had a higher purpose. stuart: hold on a second, victoria, we have a lot for you, believe me. go back to dr -- concerns by senator rubio are being addressed. i see the market up 131 points. dr, do you think a tax deal will get done? >> yes i do believe, we'll get a
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tax deal done. more important the market believes it. you see a spike in the markets when that news broke. that is saying traders and investors are watching this very closely. they think this is much closer to a done deal. stuart: dr, thank you very much indeed. we'll have a market check. 24,641. s&p up about 19 points at this stage. very solid gain. across the board we're up about half percentage point. left-hand side of your screens, that is the attorney general of the united states who is about to introduce president trump. i don't know how long jeff sessions will speak for. are we going to listen in to this? okay. but when he has finished his introduction the president will speak and you will hear it all. victoria tensing what do you want want to hear from president
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trump when he addresses fbi graduates? >> the agents are so good and honest. i still would with them as defense attorney. it is few bad people at top. what is mccabe still doing at fbi. stuart: he is still there? he is still number two guy? >> why is bruce orr, top justice department official, met with fusion gps but also writer of the fake dossier. oh by the way i mentioned his wife was hired by fusion gps to get dirt on trump? stuart: this is ridiculous. sounds like a spy novel from 1952. >> no one would believe it. they would say oh, no. stuart: why only coming out now? this is a year old, for heaven's sake? we're revealing now. >> how many reporters out there really want to fish for this? they're still ignoring it. did you see it on front page of
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the post? ashley: no. >> times dealt with tech reporters. two reporters doing something, john solomon, erica carter. stuart: don't forget catherine herridge of fox news. president is about to take to the podium as promised. this should be fireworks. ladies and gentlemen, the president of the united states of america. [applause] >> thank you. wow. [applause] thank you very much, everybody. that is a lot of years since the last president. we'll be back. and thank you to attorney general sessions. thank you director wray. assistant director resch for
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hosting me here at the fbi national academy to address our wonderful local police and sheriffs from all over america for a special honor. and it is an honor to stand here today with the incredible men and women of law enforcement. thank you. [applause] we're here to celebrate your graduation from the national academy at quantico. for over 80 years this rigorous and world-reknown program has trained america's most dedicated local law enforcement officers from all across the country. so respected. let me begin by saying to each member of the graduating class, congratulations. you left home for 11 weeks to enroll in this program because you love your jobs. you love your communities, and you love your country.
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earlier this week you completed harrowing six-mile yellow brick road. just signed that beautiful brick. i just signed that brick. designed for the marines to push even the toughest to their limit. you endured muddy waters, barbed-wire fences icy creeks, steep hills, so much more, knowing that your elite training will help save lives. the training you received at quantico will give you that extra edge you need to diffuse a threat, to disarm a criminal, and to deliver a child safely to her mother's arms. i am here not only to congratulate but it honor you for your courage and for your devotion. i want you to know, that with me as your president america's police will have a true friend and loyal champion in the
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white house, more loyal than anyone else can be. i tell you. [applause] i also want to take a moment to speak to all of the law enforcement families here today. you make tremendous sacrifices. american families can sleep soundly at night because of the burden that you carery for all of us. so on behalf of all-americans to every law enforcement family here today, and all across the nation, thank you, thank you, thank you very much. [applause] and you do that under the most difficult conditions. you very rarely get the
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recognition you deserve, i can tell you that. but your families know what you deserve. and ultimately that is the most important thing, isn't it? it is not a news story when our officers save a life, rescue a family or stop a crime. it is just another day on the job. yet no matter the circumstances, you serve tirelessly, selflessly, heroically. you do it because you really believe in doing your duty and doing it properly. being a police officer is not just a career, it's a calling. i have seen it. i have so many friend that are police officers, so many people in the fbi, these are great, great people. they are really heroes for all of us. so thank you very much. [applause]
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as we as a country must do a better job showing our police officers the respect and gratitude that you have earned, we will do that. when you return home to your local precincts, i want you to deliver a message to your fellow officers. the president of the united states has your back 100%. [applause] i will fight for you and i will never ever let you down ever, now more than ever, we must support the men and women blue. in last two years america has seen tragic rise in violent crime. in 2015 and 2016, we witnessed
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steepest two-year consecutive increase in murders in nearly half a century. you look at what is going on in chicago, what the hell is going on in chicago? what the hell is happening there? [applause] for the second year in a row a person was shot in chicago every three hours. you don't think these people in this room can stop that? they would stop that. they would just stop it. just north of our nation's capitol in baltimore, on average someone was murdered nearly every day of this year. police departments are overstretched, they're underfunded, and they're totally underappreciated, except by me. [applause]
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instead of holding up our police as the role models and mentors they are, they have been subjected to malicious attacks on their character and their integrity. this anti-police sentiment is wrong, and it's dangerous and we will not stand for it. most concerning of all we have seen an alarming increase in violent assaults carried out against our police officers. last year an officer was assaulted in america on average every ten minutes. in 2016 more than 140 officers lost their lives serving in the line of duty. these deaths fill our hearts with pain and with grief. every drop of blood spilled from our men and women in blue is a wound inflicted on our nation and when a brother or sister in
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uniform is hurt, on that day all of america bleeds blue. i want to send a message today to those who threaten violence against our police. we will protect those who protect us. and we believe criminals who kill police officers should get the death penalty. [applause] one of my first executive orders as president instructed the department of justice to take all necessary steps and legal action to protect law enforcement from acts of violence against them. the department of justice also announced more than $98 million in grant funding to help your
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local police departments hire desperately-needed new officers. also, just as i promised, we are allowing our local police to access surplus military equipment, something the previous administration, for some reason refused to do. [applause] explain that one. explain it to me, please. never understood that one. somebody out there can explain it. anyone want to stand up to explain it? that would be tough. we want to bring down violent crime then we must stand up for our police. all of us here today share a common goal. we want our children to walk home safely from school and we want every mother and father know that their children will be secure when they duck them --
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tuck them in at night. no family should worry about bullets flying through windows or gangs on street corners. every american child should be able to grow up in a safe community surrounded by a loving family and preparing to embark on a bright, bright, beautiful future. as mt. my greatest duty is to protect our nation and to protect our people. as we have witnessed recently america faces grave threats. terrorists have struck in the streets and subways of new york city twice in a few months, both terrorists came through our country through the dysfunctional immigration system that we are correcting an rapidly. and one came through chain migration, chain migration. the other through visa lottery. they have a lottery, you pick
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people. do you think the country sieving if us their best people? no. what kind of a system is that? they come in by lottery. they give us their worst people. they put them in a bin. but in his hand when he is picking them is the really the worst of the worst. congratulations. you're going to the united states. okay. [laughter]. what a system. lottery system. we're calling for congress to end chain migration and to end the visa lottery system and replace it with a merit-based system of immigration. [applause] we want a system that puts the needs of america's family, taxpayers and security first. that is why i have also directed the federal government, law enforcement, to work closely with our state and local police
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to destroy criminal cartels like the savages of ms-13. [applause] already this year the department of justice has worked with partners in central america to arrest and charge roughly ms-13 members. and the department of homeland security has arrested nearly 800 ms-13 gang members and associates, and 83 increase from the previous year and we're much higher this year than we were last year and we'll get rid of them complete i very soon, right? [applause] right? they're working hard. earlier this year i i.c.e. officers conducted the largest
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crackdown on criminal gangs in the history of our country. in just six weeks i.c.e., these are great people too, great people, and the border patrol agents, great people, and our law enforcement partners arrested nearly 1400 suspects and seized more than 200 illegal firearms and nearly 600 rounds narcotics and over600 pounds. that is a lot of stuff. recently prosecutions of criminal firearm possessions were up 23%. to any member of ms-13 listening, i have a message for you. we will find you, we will arrest you, we will jail you, we will throw you the hell out of the country. somehow i like it better than jail. in jail we have to take care of
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them. who the hell wants to take care of them? [applause] you know the jail stuff is wonderful but we have to pay for it, right? [laughter] but these are killers. these are people that are sadists in many cases. we don't want them. we don't want them. they're getting out of here. our cities should not be sanctuaries for criminals. they should be sank aries for citizens. we want to raise your families, cherish our values and salute our flag and make this land our home. these are the citizens you represent. around these are the citizens you courageously protect. by the way, you are great people. you are incredible people. just so you understand, you are great people. doing an incredible job. i hope your families know that. i would say 90%, i would say probably 90% agree, right?
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the other 10%, that is not working out so well. we heard from one such hero among us earlier today, your class spokesperson, dea officer craig wiles. it isly amazing to see craig's father sitting in the very seat where craig himself sat 40 years ago when he was just 15 years old. where is his father by the way? where is his father? where is your father? there he is. [applause] he is better looking than you, by the way. [laughter] it's a great story though. it's fantastic. thank you for being here. that's really nice. you're proud of your son, right? good. so am i. that day craig watched his
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father speak at this podium, when he listened to his father's words, he was filled with pride and such devotion that at that moment he too decided to become a law enforcement officer. terrific. today it's incredible that his own children have joined us for this special moment. his daughter ashley is carrying on the legacy of her father and grandfather. she now serves in law enforcement at the fbi. his son austin is in college, and no matter what he chooses to do, i think we can confidentially and we really can say with great confidence, he will always be better because of his father's life-long example of selflessness and courage and of love. so thank you, craig, and your family. it's a terrific story, and really is a great honor to be
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with you. thank you very much. [applause] but as i look out in the audience today i see many young, bright faces. to them and to many other young americans watching at home of which there are many, you see there is the fake news back there. look. [laughter] fake news. no, actually some of are fine people. [laughter] about, let's see who is back there? about 30%. [laughter]. you are the men and women who teach them what it means to be a police officer. you are always there for us. the men and women in blue, in the dark of night, in the rush of danger, you break down doors, race down alleys, chase down suspects, and bring down
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criminals, and you do it with strength and skill and pride. there's a reason that your children look up to you with their eyes full of awe and full of wonder. there is a reason that they rush to the window just to catch a glimpse of your sirens flashing buy. because to them, and to all of us and to me, you're the guardians that keep us safe, who ward off danger, and who confront evil so that the good will always prevail. you represent the best of america, and you leave us with a debt we can never hope to repay. today we honor you, we thank
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you, and we know by your example that some of the children here today, and watching at home, will be inspired to fill your shoes, to continue your service, to follow in your footsteps, and to take the oath to carry the badge, to wear the shield, and to join the ranks of heroes. thank you to our police. thank you to our sheriffs. thank you to the fbi, and thank you to our law enforcement families. god bless you all. thank you very much. [applause] stuart: the president addressing graduates of the fbi academy, quantico, virginia. he had a lot of venom towards
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the end of his speech for chicago, what the hell is happening in chicago, he said? chain migration ended, he said. the savages of ms-13 came in for some criticism shall we say. we're going to find you, arrest you, jail you. and you will get the hell out of the country. and he saved some venom also for fake news as he put it. victoria tensing, however he did not bash the current leadership of the fbi. not at all. >> no, and he shouldn't have. this is not, this should not be his fight. it should be the fight of the rest of us, to educate the people about what is going on because they have, in this fake news thing heard russia, russia, russia,. everything bad is russia, right. stuart: yeah. >> do you have a couple minutes for me? >> i got 30 seconds. that's it. >> well, mike flynn was not doing anything illegal talking to the russian ambassador. it was as if the fbi came in, did you eat a doughnut yesterday
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on a diet. he got indicted for lying about something perfectly legal. stuart: but you did the think he did the right thing today at speech by not bashing the fbi, by praising graduates. >> absolutely. ashley: the day was about the graduates themselves. a huge day for them and their families. suddenly make this opportunity to go of off on the fbi leadership was inappropriate and it was a good speech and delivered it very well. liz: lines in the speech, not just career and calling. noted what the hell is going on in chicago. person shot every three hours. baltimore, someone murdered every day. the lines that he had, every drop of blood from a fallen police officer wounded in action is a wound inflicted on the nation. when a man and woman in blue dice a nation bleeds blue. he really grabs the hearts of those in attendance there. >> the president saved his venom, keep using that word for the fbi and what they have done with the hillary email investigation. he saved that for before he made
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the made speech. the speech you just heard was very much in praise of those fbi graduates. when he started to speak the dow was up 113. now up 115. back in a second.
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stuart: president trump moments ago speaking at the fbi graduation ceremony in quantico, virginia. he came across as the law and order president. he spoke about immigration, ending chain migration and the lottery system. he spoke about crime in chicago, but he made headlines before this speech when he said what's happening to the fbi is a shame. roll that tape. >> well, it's a shame what's happened with fbi, but we're going to rebuild the fbi. it'll be bigger and better than ever. but it is very sad when you look at those documents and how they've done that is really, really disgraceful. stuart: he's talking there in part about what i call a deep state conspiracy to affect the
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election. hillary clinton ran state secrets through her private server at her house in chappaqua. the fbi investigated. the original comey statement on the matter said the fbi found it reasonably likely that hostile actors gained access to her private e-mails. reasonably likely that she was hacked. the final report was changed to possible. not reasonably likely. there's a big difference there. remember grossly negligent was changed to extremely careless. that's another language change that worked in favor of hillary, lowering her legal jeopardy. the investigation of hillary clinton was corruptedded, this is my opinion, but her supporters inside the fbi. and we're not talking about low-level people here, we're talking about peter strzok who played a key role in the investigation and andrew mccabe who is still number two at the fbi. remember the meeting they held where they couldn't take the risk of a trump win?
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how about that? trust me, we're all over this. all over it. plus, there's a market rally and news on tax reform. we got it all. the second hour -- the third hour of "varney & company" is about to begin. ♪ ♪ stuart: it is a very big day in politics and, of course, in money. we have the market rally going on right now. the s&p 500 hit an all-time high earlier today. the dow at this moment remains with a triple-digit gain. more on your money in just one moment. we begin with president trump and the fbi. joining us now, karl rove and also herb london. first to you, karl rove. i'm sure you saw that speech there to the fbi. the president refrained from bashing mccabe or comey or anybody else and simply praised the graduates. i think he did the right thing. >> right thing, absolutely.
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that was not the moment to say and do those things. those will be litigated in other venues and other ways. stuart: okay. now, i came on strong, you just heard me, and i've been doing it for a week. >> it's rare that you come on strong. [laughter] stuart: i'll take that as a compliment. [laughter] i think there is a cabal of trump haters within the bureaucracy, and they moved deliberately to skew the election. that's what i think. >> well, i think you're right. i wouldn't say a cabal. there are key actors in this drama who clearly had animosity towards trump. the interesting thing to me is when mueller got evidence of it in july, he did something extraordinary which was immediately fire peter strzok. mueller gets these e-mails which are the result of an inspector general investigation into inappropriate behavior between strzok and the woman attorney agent, and what is the fist thing mueller does? he fires him. he gets, quote, demoted to human
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resources. hard to remove any employee, but hefect ily ended this man's career in the fbi, and he should have. stuart: herb london, i came on strong. i'm calling it a cabal of plotters inside the administration hating trump, and you say? >> i say this is a coup d'etat. i think people who have arrogated to themselves the decision about who the president of the united states should be. this is part of an anti-trump rally within the fbi and other agencies to make sure that trump was not elected president of united states. this is an animosity that goes very deep into the culture. it's a culture that clearly suggested this man should not be president of america, notwithstanding the attitude of the voters. so i do think it's a very serious matter. stuart: okay. karl rove, we all want the get to the bottom of this, we all want the truth to come out. does that mean we have to investigate the investigators? >> i'm not of that opinion now. look, mueller's actions tend to reinforce my sense of his
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credibility. he didn't hide this, he fired them. now, he should have been more forthcoming to congress about the documents. i want to be clear, i think the vast majority of fbi agents are professional and do their job. stuart: yes, indeed. >> this is a small group of poem who had the levers -- people who had the levers of power, but i think we've got to be careful about castigating the entire agency -- stuart: absolutely. >> sure, everybody's entitled to a political opinion, but they were doing their job. peter strzok acted in an entirely appropriate way, and it didn't work. if they were going to have a cue detoday in this election, he wasn't able to purchase an insurance policy. stuart: real fast, matt gaetz, republican florida, house member, he told us they are going to drag peter strzok and lisa page and put them under oit in front of congress and have them testify. >> they should. congress is responsible for the oversight of the executive branch, and i used to have a place in his district. he's a good conservative
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republican from the panhandle of florida. [laughter] stuart: i know that. karl, herb, say there, please. got more in a second. i want to move on to taxes. looks like some progress on the issue that has senator rubio very concerned, that's the family tax credit. blake burman at the white house, what do you have for us, blake? >> reporter: well, this information comes from congresswoman kristi noem, one of those house republican tax negotiators, and she says the refundable portion of the child tax credit -- which is the concern right now of senator marco rubio -- will be raised up to $1400. rubio's objection was that it was only at $1100 or 55% of the overall $2,000 batch. moving that up to $1400 would appear to ease some of rubio's concerns, though we have not yet heard from him directly as to how he views this latest move. here at the white house earlier today president trump was complimentary of both rubio and senator lee. this has been a big issue for them, and he was asked about
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movement on the child tax credit. here he was. >> the child tax credit, just so you understand, the democrats have done nothing in terms of children, in terms of child tax credit. we're putting in a tremendous child tax credit, and it is increasing on a daily basis. >> reporter: and yesterday, stuart, the president did not seem too concerned about the concerns of marco rubio. now it is moving back toward the direction that rubio wants to see it. stuart: blake, thank you very much, indeed. that is breaking news, indeed. karl rove, looks like some of the concerns of senator rubio have been creased on the child tax credit, looks like, therefore, the deal is a yes. >> look, at the end of the day, he was going to vote for it. the question is how quickly. yesterday he was talking about a billion dollar fix, that would be close to requiring a one-point increase in the corporate tax credit to pay for it. let's see a what this solution is. i bet you a dime to a dollar, it's considerably less than $80
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billion. i talked to several of the people involved in the process last night from the senate side, they were very confident that they'd be able to arrive at a comfortable arrangement, but it ain't going to leave them particularly happy, warm and fuzzy as they go into christmas. there's not going to be a lot of presents under the trees for rubio and lee from a lot of their colleague, because they've spent that money on an increase in the child tax credit. stuart: herb, if they get something -- >> there's no question. stuart: -- they can't turn around and say, no, it's not enough, the whole deal's off. >> and keep in mind, rubio never identified a number. if you go to 1400, it'll satisfy him. there's no question this is going to go through. i think that karl is absolutely right. the 1% clearly was designed to create an environment that would allow for this kind of increase to occur. now it's going to occur, rubio and lee will be satisfied. i'm a bit concerned about what happens to the coals that are thrown under the chimney of those two guys, because they are not exactly popular figures
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within the senate at the moment. stuart: but if they vote yes -- >> even so, they're not going to be -- [laughter] [inaudible conversations] not that popular, not that popular. stuart: the dow industrials holding on to a nice solid gain, up 121 points. are we going to take a commercial break and finally make some money on this program? [laughter] >> that would be nice. stuart i've got to read this. >> okay. stuart: we have a market rally, yes, the dow is up 121 points, yes, the s&p 500 hit an all-time high, and jpmorgan says the s&p is going up another 12% next year. how about that? so is this, a housing crisis in california. the middle class hit hard. three-quarters of the people in southern cal can't afford to buy a home. we're on that. and i have a bone to pick with the patriotic millionaire. after his last appearance on this program he posted on facebook that e -- that he destroyed me. [laughter] how about that? >> really?
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stuart: well, he's back. we'll see about destruction, shall we? we will be back. this is entertainment, ladies and gentlemen. [laughter] ♪ ♪ in alerts -- wouldn't you like one from the market when it might be time to buy or sell? with fidelity's real-time analytics, you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today.
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stuart: yeah, moving up a little bit mo, up 131 on the dow. stocks are up this morning, and look who's here many new york -- in new york? no longer coming to us from london. he flew over here to avoid the delay on the mic. [laughter] scott is, looks like tax cuts are getting done rally, right? >> i agree 100%. and that sometimes is a little bit of a worry because you could see some sort of backup here. it looks as though investors believe something absolutely is going to happen to the good. stuart: jpmorgan chase saying the s&p reaches 3,000 next year, that would be a gain of another 12 president. are you onboard with that?
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>> i think what's key is they did say it wasn't going to come from tex, and tech has been -- from tech, and tech has been so big this year. again, back to the tax cuts. some folks would say it's corporate welfare, but they'll go through, these corporations are going to do very well, and that's the next leg. that's going to power the market forward. stuart: can you see that much, another 12%? >> elses are you -- where else are you going to put your money, stuart? stuart: bitcoin. [laughter] that is a joke. i've got another, i think this is another item of very positive news. we got this report on shopping revenue in november up 24% online. bricks and mortar stores up 3.5%, and the fed be says -- the fed says we're growing at a 3.3% rate this quarter. that's all good news, isn't it? >> i think psychologically now we've turned the corner, and that's been a big problem over the last eight years. psychologically, we haven't
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quite gotten there. arguably, instead of qe, we should have given everybody $10,000 cash. that would have been better. psychologically, the american consumer has really turned the corner for the gude. it's all psychological -- for the good. stuart: you're right. it's a feeling of prosperity just coming in, and when you see buying like this at christmas time, it enhances that feeling. >> even the department stores are up. stuart: 3.6%, the best since 2010 or something like that. >> yeah. stuart: hold on, scott. >> all right. [laughter] stuart: this is just for you. you're a chicago guy. >> right. stuart: you are, indeed. president trump just talked about violence in your city. roll tape. >> look at what's going on chicago. what the hell is going on in chicago? [laughter] what the hell is happening there? the second year in a row a person was shot in chicago every three hours. >> wow. stuart: you want to respond to that? >> i think that the rest of the country would absolutely agree with him, and if you're from
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chicago, there's a large frustration about a what's been happening there and, again, with what mayor rahm emanuel's been doing as well. that's another one. chicago's probably a shining light, a beacon of what not to do. and the state of illinois, another bee can of what not to do. -- beacon. it's all about the numbers, and look where that state ranks year in and year out with the things that really matter? they're last. and that's proving to be the big reason why they have more people leaving that state than any other state in the union year in, year out. stuart: however, since i have 20 seconds at least to go with you -- [laughter] bitcoin, are you in or out? >> it's way too volatile. the average person thinks they can do something, let me remind you the margin rates are so high, it's keeping the average daily investor out. stuart: wait a second. if i are traded commodities, i think i could put $10 down
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controls $100 worth of wheat. this' not true with bitcoin -- that's not true with bitcoin. >> they're asking for $35,000 cash, and one contract at the cme they're asking for $50,000 cash. so there's not a lot of folks that are going to start punting that money around very soon. stuart: and that would mean that would lessen -- if you've got to put down so much to control that contract, that would likely lessen the volatility of it, right? >> the volumes, for sure. stuart: and it raises the amount of money that you can lose totally -- >> right, exactly. stuart if your on the downside in one of those contracts, you can lose your -- >> i know you had the winklevoss guys and they're very intelligent, but right now bitcoin's a fad. it hasn't made it to the next level yet. and when folks in the elevator are talking about it when i leave the office in london, it's like the cab driver telling me what stocks to buy. you've just got to be careful right now. stuart: when the cab driver says are you in bitcoin -- [laughter] you start to think, don't you?
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grow really do. scott, it's great to have you in new york city. i hope you stay for a while. >> a couple of days, off to chicago and then back to london for a little while, but i'll be back for good soon. stuart: do you love london? >> i do -- >> you think you get crankier there. >> well, it's because it's cold and raney, and the sun shines, you know, two hours a week. >> if you're lucky. >> that's the problem, right. [laughter] stuart: i went to the college in london, and i haven't been back in london in 25 years. >> you wouldn't recognize it. you wouldn't recognize it. no. stuart: great to have you in new york, and we hope so you soon. the los angeles fire department is using drones for the fight on the wildfires. the drones flew for about 30 minutes, they were used to help firefighters spot the hot spots on the ground. drones in use. speaking of drones, a lot of people will be getting them for christmas. a new rule requires drone units to register with the faa. drone warrior finish that's the
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name of a book -- and the author is here, we'll ask him if he approves of this new just before christmas rule. check this out, a first for elon musk's spacex. it launched a renews bl rocket for nasa. first time spacex has carried a mission for the government. the launch was a success, got off the ground. it's carrying two tons of food and supplies to the space station, and the dow is up 137 points. ♪ ♪ [vo] when it comes to investing, looking from a fresh perspective can make all the difference.
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stuart: we're watching some individual s for you, they are moving. first of all, costco. better profits and their online business has a 3% gain. oracle, however, their cloud business is growing but not very much, and that's not good enough. we have oracle down 4%. big drop there. higher profit at adobe, they make flash and photoshop software. the stock is up a fraction, a buck on a $1676 share. -- 176 share.
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wait for it, the simpsons predicted this. look at this. from 19 years ago, a 20th century fox with a text, the a division of the walt disney company. who would have thought? very prescient, i would say. how about this? regal theaters, cheetos-flavored popcorn now available starting today. the new flavor is available in 32-ounce cups. i have no idea why i told you that. >> i have no idea, but i like cheetos. [laughter] stuart: engineers at mit invented a glowing plant, they want you to use it to replace your desk lamp. uses no power whatsoever, and i haven't a clue -- >> is this real? [laughter] stuart: mit. last, live cows in a nativity scene in philly. it escaped, it ran down i-95 at 2:00 in the morning. it was the second time it had escaped. it has been returned to its home farm.
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good news there. >> yes. stuart: all right. patriotic millionaire eric schoenberg is going to join me in our studio. i'm going to challenge him on his group's claim that they destroyed me during his last appearance. this will be fun. and veteran unemployment hitting a new low. there's a new challenge though for the vets; homelessness. the secretary of veterans affairs is with us, he's going to tell us how he's tackling the homeless problem. we'll be back. ♪ ♪
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the best job we can to help veterans, and finding them jobs is a good thing for veterans and good thing for america. of. stuart: i want to talk to you about homelessness, because that
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is a serious problem amongst our nation's vets. you tell me that you are tackling this problem. you've got to tell us exactly what you're doing. >> well, there's still 40,000 veterans without homes in this country, and that's just a terrible figure, it's unacceptable, so we have a lot more work to do. stuart: what do you do? >> well, we have to find affordable housing because the the president of veteran affairs and the department of housing and urban adopt have vouchers that we -- development have vouchers that we give to homeless veterans. but if there aren't places for them, we can't get them off the streets. and that's what we're seeing in los angeles and seattle. stuart: you can't go out and build those homes. you can't do that. >> you're exactly right. we need strategic partnerships with builders and reallies companies who want to work with us to build those homes. we're doing that now in los angeles. stuart: that is a very, very long-term project though, isn't it? >> well, we don't want it to be long term. we've been building these, ask we need to build more particularly in areas of the
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country where represent prices keep going up -- rent prices keep going up like in california and washington state. stuart: mr. secretary, thank you very much for coming to new york and telling us this. i want to apologize that you got the such little time. you were crowded out by the president of the united states -- [laughter] >> he's my boss, it's a good thing. stuart: mr. shulkin, thank you. we do appreciate it. merry christmas, sir. >> thank you. stuart: i want a trumpet sound is, please. thank you. you are looking at microsoft at a new high, ladies and gentlemen. it is quite well known that i own a very small sliver of microsoft. that's my retirement money right there. >> your smile gets bigger each time. stuart: sports fans. 86.46, i could never imagine it reaching that level -- they're telling me to move on. be quiet, stu. [laughter] little success there. good. 86.46, i want to repeat that. now this, the language changed in james comey's final statement on hillary probe.
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here's the change. two of them, actually. gross negligence changed to extremely careless. and in relation to the hackability of hillary's e-mail server, reasonably likely that it was hacked was changed to possible that it was hacked. that's a big difference. it eases up the legal pressure on hillary clinton, does it not? we have the author of this book, "drone warrior," brett velicovich. we'll get to drones in a second, but you were right in the middle of all of this because you were active in the iraq war. this was going on on the sidelines whilst you were active. your opinion, please. >> absolutely. i mean, look, i had access to quite a bit of very sensitive intelligence, you know, in the course of my duties, so i understand what it means to, you know, really, you know, make sure that you're holding that information close. and so i never really subscribed this defense by hillary that she
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just didn't know any better. i mean, when you get read onto these programs, and she had access to stuff well above my levels, the security personnel sit there and they let you know, look, this is the information you're getting, here's what you and cannot talk about, and here are the consequences of your actions should you step outside the boundaries. i've seen many cases where individuals in organizations that i was a part of did get in trouble for situations where they messed around -- stuart: people have gone to prison for it. >> absolutely. so why at the executive level with reseeing this difference here? stuart: inquiring minds want to know. left-hand side of your screen, folks, that is a new high for the dow jones industrial average. we're up 163 points. back to brett. you're a drone expert, and i'm sure you're aware of these new rules that have come down from the faa. you've got to register a drone. the new rules come just before christmas. now, tell me, this doesn't apply to those little toy things that you fly around your living room,
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does it? >> if they're over .55 pounds, it absolutely disease. in 2015 the faa created a rule that said anyone who owns a drone over half a pound has to register in their database. they get a number much like you register a gun. an appeals court in d.c. overturned that law earlier this year when it was ruled the faa did not have the authority to do that. well, they snuck one into this national defense authorization act that trump just signed on tuesday, basically making it, you know, so that everyone has to register now. to is even the toys that you're getting for christmas, what you're buying your kids, that has to be registered with the government before you fly it. stuart: do you think that's legit? i know it's a safety, security kind of thing. do you think that' legit? >> this is an instance where we do need regulation, this is intended to promote the safe integration of drones, and it should tell your viewers drones are here to stay so invest in this type of activity. >> how do you enforce that with
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all the christmas presents out there that are drones? >> right. >> i i mean, it seems impossible to do here. >> you have to have an enforcement mechanism. the faa uses local law enforcement, and they actually do get reports often times of folks flying in places they're not supposed to. but you can go, you know, to jail for up to three years. there's a fine of $250,000 in case you don't have it registered, so everyone needs to register their drones including the one that's waiting for you in the green room. we both know that your number one gift for christmas this year was a drone, so we brought you one today. stuart: you did? [laughter] news to me. >> make sure you register it. >> yeah. now you have to register. [laughter] stuart: let's be clear, you used to fly -- that's not the right word, control -- >> right. i worked within the military apparatus that utilized the drone technology to go after terrorists. we used predators and reapers, all the big aircraft used overseas.
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stuart: you did that. >> me and a lot of other people. i was a part of that realm -- stuart: i'm interested in what you used to do. [laughter] >> that's another segment. stuart: forgive me for asking, were you one of the guys who pressed the button and the hellfire missile goes shooting off -- >> no, no, no, my job was the target terrorists and pinpoint them to a specific location. but, you know, i no longer work with the drones that actually fire missiles nowadays. now i pretty much kill people with kindness. [laughter] i'm a drone santa claus this year spreading drone cheer. stuart: i'd also like a copy of your book, because that i would read, brett. >> it's getting turned into a movie, maybe you'll see it on the big screen one day. stuart: you know, you should play yourself because you've got a great voice. very clean cut. >> i don't know about that. stuart: you've got a face for tv and a voice for radio. >> if you asked my mother, she'd tell you that's not the way to go. stuart: it was fun having you on the show. come back again soon. thank you, sir. now this, to california.
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there's a report and it says 75% of southern californians cannot afford to buy a home in that area. the property man is with us, bob massi. why? that's an extraordinary -- we don't? okay, hold on a second. we thought we had -- >> no, we're okay, i think. stuart: we've got him. >> i lost my background, i'm sorry, stuart. stuart: that's okay. i'm going to introduce you again. you're the property guy, your name is bob massi. 75% of the people in southern california can't afford to buy a home because homes are high priced. all right. give me the reasons, what's going on here? >> california's out of control, stuart. i mean, it's been that way for many years, but right now, again, there's an inventory issue. there's not enough inventory just like in vegas, and it's unaffordable. young couples, young people, there's no way without their parents' help in any way could they buy anything. so as a result, there's going to be a migration. once again we talked about the
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tax changes, it's going to benefit southern nevada. they have been going up for several years, the last four or five years, and they just not stop. stuart: surely the problem is you can't build in california. it's extremely difficult to build in california, isn't that true? >> the regulation -- yeah. the regulations are over the top. i have friends of mine in the construction business even though, thank god, the president has deregulated a lot of these problems, unfortunately california as we know if you put it to the states with the golf and the politics -- the governor and the politics over there, they're all about regulation, they're all about permits. they make it very difficult. sometimes it takes 12-16 months to get permits for any kind of construction jobs at all. you have these different layers of problems that now results in higher rentals because of the fact that so many people cannot afford it. investors bierks they jack up the rents because they realize people cannot afford it, institute. stuart: i think you are going to get an exodus, because come next year if you can no longer deduct
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those state and local taxes -- which are very high in california -- you know, it's going to be like, i don't know, literally it is an exodus. >> yes, sir. stuart: no way around it. >> well, it's something that we don't -- look, what's amazing about california, as you know, it's beautiful. what's really, really sad is what's happened to san francisco. my two sons went to st. mary's college, we used to love to go to san francisco. the tech people came in, bought all the buildings up there literally, literally homeless people are sleeping in churches. it's very sad to see what's happened to the streets of san francisco. and obviously because of that, it's lost what it used to be, really the great city to go to. and it's -- and the prices for real estate in san francisco are similar to new york city. stuart: you know, i bought my first house in san francisco on 30th street in san francisco back in 1978 i think it was. i paid $60,000 for it.
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that house is today worth over $850,000, okay? long time frame. [laughter] >> yeah. that's when we were young and tender. that's when we were young and tender the, stuart. hey, by the way, before we go, that cheetoh's story -- >> yes. >> for theaters? i immediately e-mailed one of my brokers and said find out which company makes those wipeys, you know, to wipe your hands on? >> yes. >> those are going to sell them like crazy. stuart: you're going to have an orange shirt if you're not careful. [laughter] you can watch the property man on fridays 8 eastern time with our friend, the property man, bob massi. all right. breaking news for you. right now the conference committee is signing the final version of the tax bill. this is the latest step in the process. the votes are expected to happen -- the big vote -- by wednesday of next week at the latest, we are told. it appears, again we are told,
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that marco rubio's concerns about the child tax the credit have been addressed, and that's why the dow industrials are up 150 points. a royal update for you. [laughter] prince harry and meghan markle have set a date. the couple will tie the knot may 19th at st. george's chapel in wind store. windsor castle, that would be. the couple are getting married on a saturday, breaking tradition. royal weddings usually take place on a weekday. >> yeah, because they didn't want to give everyone a day off. they didn't think it warranted it. [laughter] stuart: well, he's not first in line for the throne. [laughter] next, i'm going to challenge the patriotic millionaire, eric schoenberg. his group claimed that i, moi, was destroyed during our last interview. that's not the way i see it, eric, baby. [laughter] ♪ ♪ i just finished months of chemo.
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but i don't want to talk about months. i want to talk about years. treatments have gotten better, so... i'm hoping for good years ahead. that's thanks to research funded by the american cancer society. the same folks giving me free rides to treatments, insurance advice, and a place to stay during chemo. i need that stuff like you don't know. and now that you do, please give at
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>> i'm nicole petallides with yourx business brief. this is all about snapchat and some new lenses we're discussing. right now the stock is to the downside, but it is a new app from the lens studio, and ordinary users and outside developers have a chance to create augmented reality. think dancing hot dogs. take a look.
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178 million daily users, one-third of those users play with the snapchat lenses every day. there's the dancing hot dog. we used that as a joke, but the truth is augmented reality is an area of stiff competition. other platforms include google, apple, facebook. as these companies battle it out, this is designed for windows desktop computers in order to enhance experience with augmented reality. keep it right here, more "varney & company" coming right up.
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stuart: a few weeks ago on this program we had an interview with patriotic millionaire eric schoenberg. the topic? the rich paying their fair share. after the interview, his organization posted the interview all over social media. it said patriotic millionaire destroys fox news host. all right, here's a clip from that interview. you be the judge. roll tape. i live in new jersey, and i want you to tell me how i cut my taxes in half, please. >> bring your taxes and let's sit down and see what this tax bill does. my tax bill will go down in half based on the provisions that are suggested, okay? stuart: explain it to me. >> it's very simple. first and foremost, when you reduce the tax rate on pass-through entities, that's
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what wealthy people get income from. i own an s corporation. i receive a substantial portion of my income through this s corporation. they're going to lower the rate on that from basically 40% to 25%. stuart: got it. >> that's a 15% tax cut. that's a huge amount of money. stuart: i'm with you, you're right. i agreed with the man. the patriotic millionaire, eric schoenberg, is with me now in new york. okay. you've apologized. [laughter] >> well, i'm definitely sorry if you're offended by what's transpired. i certainly don't come on the show -- stuart: you did not destroy me, did you? >> i make no judgment. i didn't write the headline. i came on the show -- stuart: your group did. >> i'm sorry if you're offended by what they said. stuart: take it back. >> i don't know what to take back? stuart: take back that -- excuse me. this is my program. you said publicly, your group said that you had destroyed me. you did not. take it back. [laughter] >> i'm sorry if you're offended by it. stuart: i don't care whether
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you're offended, take back the word destroyed, because -- >> i never issued the word destroyed. if your question is do you think i destroyed you in that interview? i did not think i destroyed you. i felt i was communicating information, and let me remoon candidate that information -- stuart: no, no, i will take that. if you don't believe you destroyed me and you say it publicly, that's fine. now, you are going to -- your group wants millionaire people like yourself, you want to pay more in taxes, right? >> we think the wealthy should pay more in taxes, correct. stuart: okay. now, i think you're going to get what you want. you're a resident of new jersey. i'm not talking about your subchapter s corporation or your pass-through account, but high income people in new jersey, they will end up paying more than they pay now, won't they? you're going to get what you want. >> i'll repeat what i said last time that i was here, this tax bill is going to cut my taxes dramatically. i've rerun the numbers. one of the problems is who the
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heck know what is the impact is going to be? stuart: okay, all right. >> they still haven't released legislation, they're planning on redoing a large portion of the economy over four or five days that's going to take place two weeks later. it's crazy. but i did estimate what the impact on my tax is going to be, i estimate it's going to cut my tax bill by a third. stuart: okay. >> it's going to reduce my tax bill by $100,000, and if anybody is interested in learning more on that, i have just released my actual tax returns, so you can see the numbers and understand why this is going to cut my tax bill so dramatically. stuart: so give it back. >> the tax system is not a voluntary tax system. i mean, by your logic, let's do away with it spirally. stuart: wait, wait. if you are making such a big deal and you start a group dedicated the making millionaires, the rich, pay more and you find that your taxes are cut, you are morally bound to give it back. reject this tax cut.
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>> why am i morally bound? stuart: your principle is, your principle is you should pay more. well, you're going to be paying less. therefore, you should morally give it back. >> you believe the government should stop spending money on all these activities -- stuart: are you going to give it back? >> again, this idea that the tax system should be voluntary, your argument is there should be no rich liberals. you don't want rich liberals because rich conservatives think -- stuart: can you answer the question? are you going to give it back? >> i'm not going to -- stuart: you're not going to give it back. >> i give large amounts to philanthropic organizations. i have no problem with that -- again, let's go back to the -- stuart: no, no, no. >> i may not have destroyed you but one thing that is very clear is the american public does not like this tax bill. they don't believe it makes sense to borrow a trillion dollars to give tax cuts to rich people. stuart: rubbish. what do you think should be the top rate of income taxen on individuals making a million dollars a year?
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what do you think the rate should be? it's going to be, we hear, 37% down from 39.6%. what do you think it should be? >> as part of this process, i calculated this 2015 i paid 25% of my gross income in taxes. i think that's way too low. i don't think there's any problem with wealthy people paying 50% -- stuart: what do you think should be the top rate? >> i don't think there's any problem with wealthy people paying 50% -- stuart: it should be 50%? >> i have no problem -- stuart: the federal level? [inaudible conversations] >> the problem with this conversation is you're focusing on one rate, but the problem is there are lots of different rates. i pay at a lower rate than you do. stuart: i am picking on the top rate, and i'm asking you -- >> are you talking about the top rate on labor income? on -- stuart: precisely. the top rate of federal income tax on earned income from a corporation or wherever, earned income. >> i have no problem with a 50% rate. stuart: 50%. >> yeah. stuart: 50%? >> i have no problem with that
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rate. but i go further, i think there should be a tax on investment income as well. stuart: i think it's totally immoral. no government anywhere should take more than half, certainly not half of any person's income no matter what they make. that's con deny confiscation. >> you're welcome to your opinion. in fact, this bill will make that worse by lowering the rates on the kind of income i have. stuart: here comes the destruction. we don't tax wealth in this country. >> we should. stuart: but we don't. >> well, we have an estate tax. stuart: wealthy americans who say that they should pay more in tax, that's ridiculous. they don't pay tax on their wealth. for example, for example, jeff bezos owns a big chunk of amazon. the man is worth, his wealth is $100 billion. he's not going to pay tax on $100 billion, you know he's in the. >> and is your point that they should or they shouldn't?
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stuart: no. you think he should? >> i'm all in favor of the estate tax, the inheritance taxes. those are taxes on wealth, and as i pointed out the last time i was here, a large chunk of the borrowing for this bill is going to give to the wealthiest one-tenth of 1% of people who have large estates. stuart: the wealthy do not -- are you kidding me, eric? [laughter] are you kidding me? do you really think that jeff bezos when he passes is going to be paying estate tax? you think he is? are you craziesome. >> not if republicans have their way -- stuart: oh, you know perfectly well these people are surrounded by lawyers who will make sure that they do not pay estate statistics, and you know it, don't you? >> if that is -- stuart: don't you know it? >> if that is true, why are they so possessed about eliminating it? stuart: you know it's true. >> if it's really ru that nobody only pays this, only stupid people pay pit as gary cohn has said, why do you care? why do republicans care so
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much -- stuart: why should we have to employ an army of estate tax lawyers -- >> so now your argument is, oh, it actually makes me hire a lawyer, and i don't want to have to hire a lawyer -- stuart: no, that's not my argument. i'm interested in how you think that you should take, confiscate $50 billion off jeff bezos when he passes. that is outrageous. >> when jeff bezos passes, he's not going to be writing checks anymore. it's his kids who are going to pay that bill. and i don't really see any reason why jeff bezos' children should get to walk away with $50 billion tax-free. why shouldn't they pay taxes on that the way a plumber or a teacher pays taxes on the income they receivesome i've inherited money. i don't think there's anything wrong with my paying tax on money i've inherited. if you to do away with the estate tax, i will owe no tax on that money whatsoever. i don't believe this -- stuart: whosoever passed on money to you, whomsoever that was, did they have an estate plan? did they pay estate taxes on
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your inheritance? probably not. right? >> this is a very complicated story. [laughter] very complicated story about the way the estate tax works. stuart: bottom line, they -- your parents, if they're the ones that passed the money to you, they did not pay estate taxes, did they? >> let's go back to the fundamental question -- stuart: no, i'm asking that question. your estate, the estate that was passed to you, tax was not paid on it, was it? >> there -- i can't actually answer that question. i don't know the answer to that question. stuart: you don't know the answer to that question? >> no, it's a very complicated question. stuart: i think that's destruction. i just destroyed you -- [laughter] we're out of time. eric, i'm not sure whether you'll be back or not. i'm really not sure. i don't like people saying that you destroyed me. [laughter] i don't like that. >> i'm sorry, i'm sorry you feel that way, stuart. i've always enjoyed our conversations, what can i tell you? stuart: i did hear the word "sorry." [laughter] we will be back, promise.
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dow's up 150. igits. it really scared him out of the markets. his advisor ran the numbers and showed that he wouldn't be able to retire until he was 68. the client realized, "i need to get back into the markets- i need to get back on track with my plan." the financial advisor was able to work with this client. he's now on track to retire when he's 65. having someone coach you through it is really the value of a financial advisor. . . . .
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stuart: busy day this friday, three big stories. here they are. fox news revealing the fbi changed very important language in the final investigation report into hillary. president trump says it's a shame what happened at the fbi. taxes, senator marco rubio tweets out that he is not sold on the plan. he wants more money for the child tax credit. we now know that the child tax credit has been increased in the final bill. looks like a deal is at table. votes start next week. all of that is sending the market to new highs for the dow, the s&p, and the nasdaq. we're up 152. what am i missing, ash? >> i'm getting new news here completely separate to this. we understand, bruce orr, fusion gps story will go to congress on monday. meet with the senate intel
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committee. stuart: probably behind closed doors. >> yes. his wife of course worked there during the summer and fall -- stuart: his wife worked for gps. russian dossier. >> to find dirt on donald trump at the time. stuart: wish we had more time but we don't. neil. neil: it is yours. lucky you. neil: how can that billionaire dude not know whether he filed an estate tax? >> good question. neil: i don't know. stuart: put him on your show. neil: it was a great exchange, if you're that savvy you know when you file estate tax and you know you haven't. that was really, really good. thanks, my friend. markets are up, stuart indicated a lot has to do with some allowances made to the florida senator marco rubio. now whether it fully goes as far as he wants the effort might be enough to close the deal. that's why we're well into record territory again at 24,659 and change. fox business's connell


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