tv Varney Company FOX Business December 11, 2019 9:00am-12:00pm EST
>> my thanks to the all star panel. have great day, everybody. varney & company begins right now. take it away. stuart: good morning, maria. good morning, everyone. perfect timing for the president, right after the impeachment announcement and right after speaker pelosi tried to take credit for usmca, the president opened his rally in hershey, pennsylvania. he did not hold back. in a battleground state, the president talked up the booming economy and poured scorn on impeachment. political madness he called it. he contrasted d.c. beltway politics with mainstream prosperity. you will hear a lot more of what he had to say shortly. and now make way for the bulls because they are on the run.
goldman sachs talking up a strong economy for 2020. jpmorgan talking up another market rally next year. and our long-term guest is again talking about a market melt up. look what we have right now. we will open the dow slightly lower, maybe 40 points down, but the s&p is going to go up a fraction and the nasdaq is going to go up about a quarter of 1 percent. now this, the down side of america's energy independence. we are producing so much oil and gas that chevron has had to write down its shale assets to the tune of 10 billion dollars. we are energy independent, that is good, and gas is cheap and getting cheaper, and that's very good, yes, it is, another trump win. big show as usual. varney & company is about to begin. i'm not sure about that animation right there. it is kind of wrong, but i believe we've got a sound bite for you. are we going to play that one?
yes. >> there was and never has been any evidence of collusion, and yet this campaign and the president's administration has been dominated by this investigation into what turns out to be completely baseless. stuart: strong stuff there from william barr, attorney general, talking about impeachment. now the president, he also had something to say about it at his keep america great rally in pennsylvania last night. roll that tape. >> and the reason they announced it on the same day, one hour later, they announced impeachment -- they announced impeachment and then an hour later, she announced that she's going to do usmca. you know why? it is a huge deal and it plays down the impeachment because they are embarrassed by the impeachment and our poll numbers have gone through the roof because of her stupid
impeachment. stuart: we need to talk about this i do declare. here is liz peek, columnist from foxnews.com. political madness the president called it. go on, have at it. >> i think he's completely right. look the democrats failed to make their case. this has to be the saddest little impeachment ever. they had two articles of impeachment that they could agree on because they have not any facts for any kind of more powerful or robust case. i think the democrats are wanting to get this done, get it beyond the cameras and get out of town as quickly as possible. and that says a great deal. it says among other things, that the republicans have done a very good job of highlighting the unfairness of the process, the weakness of the evidence. one of the charges by the way is abuse of congress, which i have to say most americans would probably applaud, but in any case, abuse of congress because there is no way they could say -- i'm sorry obstruction of congress. they couldn't claim obstruction of justice because congress
democrats didn't want to pursue the witnesses and go through the court procedures necessary to actually build a body of evidence. what does that tell you? they are scared to death of this entire proceeding. you can see it on nancy pelosi's face yesterday and you could see it by who she had next to her. she had people who are very safe democrat districts, carol maloney from the upper east side of new york, she is not in jeopardy because of impeachment. there are probably 30 or so democrats who are in jeopardy. stuart: that leads me to my next point. there are reports that ten moderate democrats, maybe out of 31, from trump-leading districts, they want censure as opposed to impeachment. that could mean nancy pelosi does not get the votes for impeachment that she wants. although she wouldn't go into a vote knowing she didn't have the votes. >> they are not there yet. they are going to be marking this up the next two days apparently. and there's been considerable speculation and i will call it speculation, though i think it may be true, that she's been trading votes on usmca for
those -- with those people who are reluctant impeachment votes. so, you know, she will get the votes, i'm quite sure but she's had to do some arm-twisting to get there. in those trump districts people are saying wait a minute. the most telling polls recently are not the quinnipiac -- it is in key swing states including ohio and pennsylvania where trump beats every one of his opponents. stuart: i saw that. it is a big deal. >> it is a big deal. it wasn't the case a month ago. michigan, ohio and pennsylvania. stuart: head-to-head against all challengers, he wins. >> exactly, that is bad news for democrats. stuart: it sure is. great to have you on the show. >> thank you. stuart: liz, thank you very much indeed. let's get to the market, please. we're in a bit of a holding pattern right now because there's a fed announcement
coming up today, although pretty much we're sure exactly what they are going to say. and there is of course the threat of tariffs holding over us on sunday, but otherwise, apart from that, the bulls are on the loose. goldman sachs says the economy ready to take off again. jpmorgan says the s&p will rally 8% next year. and our next guest says no, it will go up 10%. come on in our long-term guest. okay, so you're looking for a melt-up at the end of the year? >> not quite by the end of the year, stu, but i think certainly into the first quarter. i'm looking for a rise of both the dow, the s&p, and the nasdaq of about 10%. i don't think it's going to take all year in 2020 to see that. i think the first quarter is going to prove very positive for stocks. i think the fundamentals are there. there's nowhere else to put your money. yields are incredibly low across the board in terms of fixed income. the united states economy is doing absolutely perfectly well. the trend is beautiful, close to 2 to 3 percent. and i think it is going to do better in the first quarter.
the fourth quarter is the best quarter of the year, in terms of sales, in terms of consumer spending. i think we're going to see some good numbers, in spite of the fact we have six fewer days between thanksgiving and christmas, i think we will see robust numbers. i think the market will love that. there's nothing but blue skies. i don't see any impediments. stuart: you have been saying this ever since you went on our show when we started this show what is it seven or eight years ago you have been on as a regular and i think you have always said watch out this market especially in the trump era is just going to keep on going up. are you as surprised about this long long rally as i am? >> no, i'm really not. and again, i've been saying and calling for the market to continue to go higher. i do get cautious at times when i see the market go a little sideways and looks like it wants to go down because there are pressures on it, such as, the recession narrative kind of spooks investors, maybe consumers. i think the market and consumers are over that false narrative and we're back on track moving forward.
consumers are back moving forward and spending and investors are coming back into the market. that means there's plenty of fuel in the market. there's a lot of people on the side lines, a lot of institutional investors on the side lines. so much dry powder to drive stocks higher that it is probably about 1.2 to 1.5 trillion dollars worth of money on the side lines. we have that behind us. we have positive economic news behind us. the impeachment is an absolute nonevent for investors. it is a mere side show. and the market again has nothing else to do, nowhere else to go but up. stuart: wow, okay. stay there, please, because i know you have something to say about microsoft in a moment. i want to hear that, okay. let's get to america's energy independence. we have achieved it. but that is actually hitting the bottom line of a company like dow component chevron. it's writing down the value of its shale assets by about, what, 10 billion dollars. grady trimble in chicago with us now. they are doing this because we are swimming in oil and gas,
that's right, isn't it? >> exactly. there is so much gas right now, which is driving prices down, good for you and me, but bad for these oil energy companies. and so as a result, this gas glut, it's particularly pronounced in north america, so chevron announced that it plans to sell assets in natural gas operations in appalachian region as well as assets in canada. its book value is in in other words higher than its market value, so that's why they are having the 10 billion dollars writedown, which would be one of the largest ever in the energy sector. and of course, chevron as a result is down in premarket trading. stuart? stuart: it is a glut, grady, thank you very much. couple of individual stocks, the head of the faa just saying that the 737 max jet will be recertified for air this calendar -- will not, will not, be recertified for air this calendar year. he just said that.
the market shows boeing down 5 bucks. peloton shares were down again after a down day yesterday. they're down premarket. the short seller, he says that stock is going down to $5 a share. that's quite a headline. the stock is down this morning. google's deal to buy fitbit getting a closer look from the justice department. do you want google to have your health and fitness information? that's the question we're going to ask all day long. and now look at game stocks. cue the music. after it cut its forecast, weak demands for game consoles, consumers shifted to downloading games, that stock is down nearly 20% premarket. here's a winner, come back -- well, yeah, here it is, there it is. the trumpets are worthwhile. come on in shah because you're telling us to my great delight
that microsoft is the stock of the decade. make your case, please. >> stu, i remember when we met i think seven eight years ago, you asked me off camera what i thought of microsoft. i think it was around 27, 28 dollars and i said it is going to 35 which would be about 25% gain. you looked at me and say how could a stock that big move that much? and i said it's got nothing to do with the actual size of the company. it has to do with the growth potential. the fundamentals of microsoft have always been solid. when they went to 35, you asked me again, i said it is going to 50. you asked me how. i said because i think there's going to be a management change. i had been waiting for a management change for sometime. i was not a fan of -- [inaudible] -- great guy i thought he was more of a shepherd of the stock and the company a gatekeeper if you will for his own personal wealth. this is exactly what the company needed. it was moved hard and fast in the direction it needed to go. what have we seen since then? we have seen megagrowth. this big cap company that was considered to be old tech is now
a growth stock again. it's been a growth stock for the last five, six years. it is going to continue to be a growth stock. it is hitting it out of the park, making new highs all the time. it has a ton of cash. it's in all of the right areas of technology. stuart: i hate to cut you off because i would love to let you keep going on this one because it is very much in my interest. [laughter] stuart: by the way, we celebrate our tenth anniversary in the third week of january. shah gilani has been with us from the very start. how about that. shah, thank you very much indeed, sir. >> thank you stuart. stuart: check futures, down a little on the dow at the opening bell but up slightly on the s&p and up slightly on the nasdaq. michael bloomberg coming out swinging against far left democrats. he says they don't have a chance of beating the president. is this going to be a billionaire's race then? we have ron paul on that question in our 11:00 hour. some house democrats -- [inaudible] -- how about that, democrats rushing to help the
rich. we're going to see what our guest thinks of it. the bulls yes they are on the loose. jpmorgan sees the market rallying. goldman loves the economy. all that for next year. how bullish is art lapper? we will be asking him after this. i'm your 70lb st. bernard puppy, and my lack of impulse control, is about to become your problem. ahh no, come on. i saw you eating poop earlier. hey! my focus is on the road, and that's saving me cash with drivewise. who's the dummy now? whoof! whoof! so get allstate where good drivers save 40% for avoiding mayhem, like me. sorry! he's a baby!
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stuart: home depot is down 2% in premarket trading. you want to tell us why? >> three weeks after cutting their 2019 sales forecast, they have doing the same thing for 2020 as well. yes, slicing it to just around a range of 3 1/2 to maybe 4 percent. the market was looking for something closer to 4.3 percent. today is analyst day so i guess home depot wanted to get ahead of the news. last time around, last earnings quarter, they missed on sales and on revenue, profits. however, in terms of how much people spend per bill, when they walk into home depot was higher then a year ago. this is a stock that could do no wrong for a while. it is down, though and declining
this month by 2%. stuart: as you say it is analyst day. what is with apple this morning? is it up or down? it's up. there is a positive analyst call on apple. what do we have on that, gerri willis? >> we see a really good holiday quarter for the company, the price target is getting boosted to $305. the stock is only trading as i looked at it a moment ago at 268. a big bump there. b of a also raising its price target on the stock. evercore says we believe the air pods pro iphone 11 are going to boost holiday sales tremendously. revenue growth will be 6% in the quarter. remember last year this time we were talking about what a loser stock apple was and how they could never grow the services idea, what nonsense that was. they are up 70% this year. 70% this year. back to you. stuart: 70%, that's big. even i can acknowledge that one. thanks. goldman sachs says the economy
will accelerate again next year. jpmorgan says the s&p will go up 8% next year. former reagan economist art lapper with us now. first of all, deal with the economy. how bullish are you? what rate of growth do we get for the economy next year? >> you know, i think we're growing at a right rate, 2 1/2, 3 percent would be great for next year. i think that's really reasonable and can be done. you're coming up on the cusp of your tenth anniversary. i mean, look at the record you have had, stuart. right when you started, now you have created this huge prosperity. i have been with you all the way too. [laughter] stuart: yes, you have. we thank you for that. [laughter] stuart: okay, 2 1/2 -- >> i love it. stuart: 2 1/2, 3 percent growth for the economy next year, that's strong. how about jpmorgan saying the s&p will be up 8%. the market rallies again next year. are you with that? >> you know, i'm much less -- i'm much less confident on my forecast of the stock prices than i am of the gdp.
but yeah, i think 8% is reasonable. i think the stock market has been up so much since trump took office, and you know, when you look at the history of all of this, stuart, it is so nice to look at it in retrospect because you have none of the uncertainties of living day-to-day, hour by hour, you know, but looking at the economy from the future perspective, i think the trump era will be seen as one of the greatest periods of prosperity in u.s. history, including the stock market, including real gdp growth, including employment, including the drop in the unemployment rate, including all of these wonderful things that have been happening. when you are at the end of the boom, when you have been in a boom for five years, it is much harder to squeeze out higher growth rates than it is right at the trough, you know, which obama got in there in 2009, but trump is doing an amazing job of continuing this prosperity. it's really difficult to do. stuart: right. we have usmca on the table. here it comes. can you quantify how good it is
for america's economy? >> i think usmca is good for the american economy. i don't think it is going to be a huge like percentage change, but i think usmca sets the table for the deal with china, for the deal with japan, south korea, europe, and then if boris johnson wins in england, if that happens, then we could have a really free trade agreement with england, and that would be absolutely -- that would really move the needle. all of those combined would move the needle a great deal. china as i have said on this show i think a number of times 3, 4,000 points on the dow. stuart: wow, okay. i'm glad you are with us in the first 20 minutes of the show today because that's a really very positive outlook, and we just love it. art laffer, thanks for being with us all these years. don't be a stranger in the future. okay? >> i won't be. i'm here for you every day if you want me. stuart: you are a good man. thanks, art. >> have a good day. stuart: i will.
britain's general election is tomorrow. boris johnson head-to-head with jeremy corbin, he's a socialist. johnson is not. ashley webster is over in london for us. boris is going to win, isn't he? come on, ashley, no hedging here. boris is going to win, isn't he? ashley: no hedging. he is going to win, although everyone's getting a bit of -- here, because the polls are tightening. he has a 9% lead, stu. he's going to win we think somewhere around 26 seats but they have to vote tomorrow of course. the margin of victory could be more than that. but just very quickly, the difference between johnson and corbin, compared to donald trump and elizabeth warren and sanders, it is a grand canyon-sized difference. boris johnson a capitalist, free enterprise, low tax, low regulations. jeremy corbin, you think that bernie is to the left, jeremy corbin is halfway to moscow, he would nationalize everything. give much more power to the
unions, it is the 70s u.k., we know how that worked out. it was miserable. stuart: that was when i left, as a matter of fact. ashley, we'll be back with you soon. i want to try and see if we can get that shot of boris johnson driving a tractor through a brexit wall. it was really cool. we will get that soon. thanks, ashley. look at futures, please. down for the dow. maybe there's a couple of dow components which are bringing that indicator down, like boeing, for example. but the s&p is going to be up and the nasdaq also going to be up. peloton stock, it's down. that's premarket. it is down, in part because of the outcry over that holiday commercial, but we've got a rising competitor. >> uh-huh. stuart: on your screen. it is called the echelon bike. it's a fraction of the cost of peloton. the ceo is on the show this morning. in our 11:00 hour. do we have somebody riding that thing? i think we do. >> it looks fantastic doing it.
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just beyond meat if they launch a vegan burger. what are they going to do? use it as one of the suppliers? >> mcdonald's typically uses multiple suppliers for their offerings and their menus, except for coca-cola because there's only one coca-cola. you know, we could be looking at impossible patties being used in the future, beyond meat of course. now, according to ubs, if they do go ahead with the plant-based burger plt plant lettuce tomato that's currently testing in ontario canada right now. would be worth about 150 million, so maybe 300 million dollars in sales. that's pretty good. we have beyond being sold in 23,000 restaurants across the country. and they say that this is pretty good because in the future, on the menus of all these fast-food chains, it could represent 5 to 10 percent for plant based burgers in the future. stuart: what stood out for me was the plt as opposed to the blt. >> that's the point. stuart: was it, plant lettuce tomato? >> yes. stuart: i want one maybe.
breaking news here on huawei. what's this, an update on the courts -- this is the lady who was -- >> the daughter, cfo of huawei. she was detained in canada while trying to board a plane in vancouver. the news is right now she's in the midst of extradition trials in canada. the u.s. wants her extradited here to the u.s. to face a judge. the lawyers have sought to prove that the u.s. and canada conspired to wrongfully detain question and arrest the huawei cfo. it looks like the judge says they have found the claims to have an air of reality. they have ordered the attorney general to turn over all documents related to the arrest. this could be a delay. this may have an impact on the findings, but traditionally, canada has sided with the u.s. in these extradition cases in 75% of them. stuart: okay. it is the world's biggest ipo, saudi aramco went public with a
value around 1.8 trillion dollars. grady trimble, you have precisely 30 seconds to make me care about this. >> stuart, this is the biggest ipo ever at 25.6 billion dollars and now saudi aramca is officially the most valuable publicly traded company ever at 1.88 trillion dollars, which is awfully close to the crown prince's target valuation of 2 trillion dollars. aramco's stock surged immediately on the saudi exchange opening up 10% and hitting $9.39 per share. investors holding on to their shares with turnovers low, and american investors and western investors have really steered clear of this stock saying it is overvalued, but the question is, will this strong ipo change their mind? stuart? stuart: i care because saudi aramco is worth more than apple and microsoft. it's another trillion dollars company. that's why i care. okay? 18 seconds to go, and the market
opens this wednesday morning. the bulls are running. we might see the s&p go up. might see the nasdaq go up. technology is doing just fine and dandy. we will probably see the dow go down at the opening bell. i suspect that's because of boeing, in part at least because of boeing. here we go. we're off running 9:30 on a wednesday morning. where are we running to? well, it's a split decision on the big board at the moment. look at the dow 30, about half up, about half down. the dow opened with a 27 point loss -- 40 points down as we speak. that's the dow. look at the s&p, please. i'm pretty sure that's on the upside, yes, it is, but only just 3 points higher. now check the nasdaq, i think that's up nicely so, yes, it is. not bad. 15 points up. that is .18%. joining us this morning mike murphy and of course susan lee is here. all right, mike, here we go. bullish calls on the economy from goldman sachs. a bullish call on the market
from jpmorgan. our own shah gilani says we're going up in the next year, 2020. the bulls are running. are you with them? >> i'm with them. i have been with them. we have talked about this all year. the backdrop, the economy in the united states is doing great, as good as we could expect at this point in the cycle, so you want to be invested. stay invested. there will be ups and downs. instead of trying to time those, stuart, stay long the u.s. stuart: everybody thinks the rates are not going up, they are not going down. >> they have cut a quarter point for the last three meetings, and people are expecting them to hold steady. what's important is their forecast for the next year and what they plan to do with monetary policy. most people expect them to not do much, but there is no inflation. i think that was proved this morning once again with the latest inflation numbers and the dollar is holding steady. stuart: i missed that. on your screen boeing and home depot both dow stocks i believe that's why the dow industrials overall are down. boeing is down 7 points. home depot is down 4.
that accounts for i think 57, 58 points off the dow industrials. so without those two stocks, the dow would be dead flat. >> and that's the whole drop in the dow, but look at boeing. boeing's been a good trading stock, been in this range, stuart, from 330, 340 range, getting back up to 370, 375, for any traders watching at home. stuart: you buy it at 340, you run it up to 360, sell it and people like me jump in and we lose our shirts. do you want to be on this show for the next ten years? >> sure, let's do it. stuart: sure. >> i was going to say something about home depot, again, three weeks after cutting its 2019 sales forecast, doing it again for 2020, and people are concerned that maybe the slowdown and the weakness in the housing market is finally hitting home depot because for a while, this was a stock that could do no wrong. stuart: i have an article out of barron's magazine that says
disney's mojo lies with its parks and not necessarily with its streaming service. >> baby yoda was in the teleprompter. stuart: if i say that one more time. >> we love it. [laughter] >> parks is a big revenue driver right now, and they say it is the forgotten piece of the walt disney success, and the stock is rocketing this year. and it contributes -- parks by the way contribute to about 6 3/4 billion dollars to its earnings. the tv units remember with e spn, abc network was the long time sales driver, bringing in 7 1/2. what basically wall street is saying that in the future parks will be one of the biggest money makers for disney, 10 billion dollars expected in 2024, whi which -- >> here's the thing, streaming for disney, the new disney plus streaming service is huge for the stock, not only because
people will be using it but that will now as your kids are watching these programs on streaming, they will now go to the parks. and then when they are in the parks, they will want to buy the merchandise. it is a nice circle that disney has going. stuart: it is an ecosystem. >> it is an e ecosystem, the question was on disney, do people care about mickey mouse? will the new kids care about that? they have so many programs out there that the new generation does love them. even though it's had a nice run, it is a great stock. stuart: wait, you are telling me that maybe kids don't care so much about mickey mouse who came along in the 30s, but they will care about baby yoda. you're saying that on this program? >> no, nothing to do with yoda. it is the superheroes. >> a quick note here credit suisse has increased their expectations for those on the subscribers for the disney tv plus subscribers, up to 20 million by the end of this year. stuart: this year? >> yeah. stuart: three weeks left in the year. >> yes. stuart: they are going to get 20
million subscribers? >> according to credit suisse. stuart: okay the stock is at 147 right now. there's a headache for peloton. somebody is betting against the stock and warning there's a lot more affordable competition coming on. andrew thinks it is going down to $5 a share. he's talking up his own book because he's shorting that thing. >> thank you for pointing that out. it is a great company, innovative company. one of the ipos that's performed very well since they came public about six weeks ago. i think the long game for peloton is they have recurring revenue. wall street will give that a higher multiple. i disagree respectfully with them and their short call. stuart: so do i. i think peloton is a very interesting company and interesting exercise bike. it is an ecosystem to some degree. >> right. stuart: it will make money. >> also it is more hardware. it is devices basically if you want to think about it as an
exercise device and people are concerned that hey why not a techno gym could come in here and produce their own bikes and their own classes. stuart: right hand side of your screen, hidden behind the christmas tree, a young lady on i think it is called the echelon bike. >> that's correct. stuart: the ceo of that bike company is on the show later on today. that would be lower price competition for peloton. the echelon person will be on the show in the 11:00 hour. you've got a peloton? >> i do. stuart: you do, don't you? >> we have two pelotons. stuart: two pelotons. >> two pelotons. >> here's the thing, the big picture is that fitness is here to stay. so people being healthy, here to stay. the thing with peloton i think stuart is that when you pay for the peloton bike, you are -- very few people are then disconnecting the service. they are still then paying the 30 or 40 dollars per month. that's a big driver. >> 90% retention. stuart: you are the guy who lost 30 pounds in order to run in a
marathon in new york city. >> i did, yes. stuart: was it 30? >> it was 29 to be exact. stuart: did you use the peloton? >> i did. i ran. i did the bike. stuart: is this a commercial for peloton in. >> it may be. i thought i would be riding the new bike. stuart: all right. check out the big board, please. we are 7 minutes into the trading session. we are down only 26 points on the dow industrials, despite a big drop for boeing and home depot, which would have dragged the dow down even more. boeing is down 7 bucks, 2%. there you have it. on capitol hill today, by the way, the faa head will testify about the 737 max, and it's down 2%. american eagle weak guidance for christmas, that's because they are in the malls and people are not going to the malls very much. that stock is down 6 1/2%. now an interesting indicator, the ten-year treasury, i say this every day, holding right there at 1.82%. kind of neutral. >> uh-huh. stuart: how about the price of gold? still well below 1500, 1471.
how about the price of oil? the opec meeting is over. $59 a barrel. now look at game stock. cue the death watch music. it is looking grim. weak demand for game consoles. consumers shifting to digital down loads. the stock down nearly 16%. were we right to put it on death watch? mike? >> i think yes we were. as you know, stuart we invest in early stage companies through our venture capital funds, technology has changed the way kids are playing the games. they are down loading the games. they no longer need to walk into a game stop. if they don't innovate or find a new way to drive traffic into the stores, you are right to have it in death watch. stuart: i remember the first person who had come up to me, this is maybe 30 years ago and said are you surfing the net? and i didn't know what she was talking about. >> no idea. stuart: this was mid 90s.
that's when i was zbintroduced i still don't know what it is all about. my own problem, isn't it? google's deal to buy fit bit getting a closer look from the justice department what's with that, susan? >> the doj which was interesting they are taking a closer look at this 2.1 billion dollars fitbit acquisition and actually taking control from the ftc, which usually looks into these google-related issues initially. and this is about privacy, your health data, since we know there's an antitrust case the doj is also looking into as well, whether or not google has way too much control over the internet search and advertising. but, you know, in this era of antitrusts and big tech under scrutiny, these billion dollars deals including a 2.1 billion dollars deal also will get a closer look under the microscope. stuart: i'm not sure whether i want them to have a look at my personal medical. that's another story. i want to thank mike murphy for bringing some viewers in who are joining us from california. we can't get the camera on them.
we do have a studio audience today. these folks are from california. they watch this program. >> they watch it regularly. they are huge fans of the varney & company show. stuart: in california? >> in california. there's a lot of them out there, stuart. you don't hear about them often. we will bring more back next time. stuart: i want a crowd of california viewers. i want the bleachers full of california viewers. >> we can make that stuart: that's a revelation. thank you very much, murphy. i think you are all right. >> thank you. stuart: we are down a mere 26 points on the dow industrials. there's this, a record contract with the yankees. we're going to tell you how much he's got coming at him in the next hour. students are suing the university of california to drop the sat and the act. they say standardized test scores discriminate against low income students. do they have a case? i will ask the judge. and president trump says usmca is the silver lining to the
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>> think of it this way also, the silver lining of impeachment and this witch hunt, that's the reason they approved usmca, so that's okay with me because they approved it, and they're very happy to have it. stuart: that was the president at the rally last night in pennsylvania, battleground state. he really let them have it. come on in, that was in pennsylvania. come on in andy biggs, the gentleman on the far right of your screen. andy, before we discuss what the president had to say about impeachment, let me throw this at you, i'm hearing reports that
there are up to 10 moderate democrats in the house who don't want to impeach, won't vote for impeachment, but would go for censure. that would break nancy pelosi's lock on the vote. >> yeah, and i'm hearing that too, stuart. in fact, the number i heard yesterday was 8. by last night i heard it was somewhere between 10 and 12. the idea for censure is kind of picking up steam. i don't think there should be a censure. i don't think there should be impeachment, but you know what? it really will show the political force behind the impeachment rather than actual wrongdoing. stuart: i think it is fading, andy. >> yes. stuart: i can point to some head-to-head polls, and i think it is ohio and wisconsin and pennsylvania, i'm not seeing any polls on polling on the impeachment, but i do suspect that the public is not really going for this. >> that's exactly right. you see it particularly in wisconsin, michigan,
pennsylvania, those battleground states, you're seeing it in the 31 districts that where you have these people who are the moderates, who said they would be moderate, but they came out and haven't been so moderate. they have done everything the leadership wants them to. the result is they are in danger if they vote for impeachment, they are in danger of losing that seat all together. but at the same time, the left -- the far left of the democrats are running primaries against some of those people, so they are kind of caught in this box, and that's why you may not get 31 to break, but you might see i think 10 to 15 -- right now the number looks to be 10 to 12. stuart: i have to go back to one of these articles of impeachment, and that is obstruction of congress. that seems to me to be so thin, so weak. you charge impeachment on the grounds that the president wouldn't allow some members of the administration to appear before congress, so you impeach him? that is simply weak in the extreme. >> oh, yeah, this is the
thinnest ever -- but i will tell you why it is so weak. they had access to process -- when i say they, i mean the democrats. if they thought they were depositions were correct, if they thought the president had wrongfully exercised privilege, they could go to the third branch, and the third branch would have said well this subpoena is dubious, this one is not. the privilege is dubious, or they could have limited the privilege. they didn't do any of that. instead they said -- and adam schiff said this, he said we're in too big of a hurry to go to court. that is a real problem, and it's unconstitutional. stuart: now, in the face of impeachment, speaker pelosi is going to allow a vote on usmca. do you think she will go further with a vote on legislation for prescription drugs? i mean, try to give back what she's taken away with impeachment? >> she's going to -- today you will see a vote on giving amnesty ag worker bill.
you will see usmca probably next week. you are going to see probably hr 3, which is the drug bill. you should see that -- my guess is you will see that before we get out of here next weekend. plus you are going to see a spending bill. she's going to try to say that they can do multiple things at once. don't forget, she's trying to take credit for usmca. the only reason she held it up for 13 months is because she didn't want president trump to get a political victory, and now she's trying to use this as a lever to kind of rehabilitate the democrats, and the only thing the democrats did to this bill was make it worse, with usmca. anything they got in there made usmca worse for america, and they did that for political purposes. stuart: andy biggs, thanks for being with us on a very important and extremely busy day, especially for you. we appreciate it, andy. thank you, sir. >> thanks stuart. stuart: big board, down a mere 16 points. now look at auto zone, higher sales, better profits.
the stock is now in record territory. $1254 a share. in the old days stocks split. these days they don't. check tesla, plans to increase imported model 3 prices in china. gerri willis on the floor of the exchange. more on this please >> that's right. we don't know how much prices will be raised in china, but these are model 3s sold in china. they're producing at a shanghai factory that they started building last fall. they are hoping to produce a thousand a week there. if they continue this track today, they will have their fourth straight day of gains in the k to -- in the stock. investors like this idea that prices are going up. more money for tesla, back to you. stuart: a nice-looking chart, a steady march to higher there. good stuff. gerri thank you very much. facebook's very popular messaging app it's what's app will soon be unavailable to million of users worldwide. >> that's a big deal.
1 1/2 billion use what's app, a few hundred million will be kicked off of it because you need a newer iphone or newer android. please tell me you have a newer iphone than an iphone 5. stuart: i do. >> there you go. that's what you need. you need at least an iphone 5 or earlier. whats app won't work on those phones anymore. it will be locked out permanently on windows phone. i don't know anyone who has a windows operated phone. also the androids, above 4.0 which is the ice cream sandwich operating system that they launched. stuart: a couple hundred million people need to upgrade their phone. >> yes, more importantly is the encryption. we had facebook fighting with william barr on this. he wants a back route. you are shielding terrorists, pornographers, etc., but facebook says we're not doing that. stuart: checking the big board. we're down a mere 7, 8, 9
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stuart: larry kudlow talking about the president working on tax cuts 2.0. that's interesting. joining us now is tax attorney bill smith. welcome to the program. >> thank you very much, stuart. stuart: here's my opinion, tax cuts 2.0 not a prayer before the next election. in fact, there will be no tax cuts of any kind before the next election. as a tax attorney, are you with me? >> you are absolutely right. i guess the show is over. [laughter] stuart: let me move on to the next point. >> that's it? stuart: zero chance for tax cuts next year but what happens if the president wins reelection, what kind of tax cuts could we expect? >> the problem there is unless the house flips, all tax legislation has to start in the house by the constitution, and we have the same problem we have right now. it will be status quo. stuart: it's an uphill struggle. >> absolutely. stuart: tax cuts 2.0. >> it is. stuart: maybe a middle class tax cut, couldn't that find some sympathy among house democrats?
>> even the bills that have bipartisan support right now in the tax world are going nowhere because of the animosity. so even if you develop some sympathy on the house side, it's highly unlikely that anything's going to happen. stuart: a strong firm opinion. this is pretty good from a tax guy. okay. now what happens if the democrats, a democrat wins in 2020? what kind of tax increases would you expect? >> well, i can tell you what tax increases would be proposed, but unless on the flip side they take the senate, nothing is going to happen. stuart: really? okay. >> because they can propose all they want, even if they have the administration, but they're going to have to get passage through the senate, which is going to be very difficult, and there's never going to be anything where there's a veto, override, or anything like that. they have got to get it through the senate, and if they don't take the senate, regardless of what they propose, it's going to die a natural death. stuart: that's fascinating. i always thought if a democrat
wins, taxes go up, not necessarily so. >> not necessarily. stuart: trump wins, taxes go down, not necessarily so. good stuff. bill smith, if you are not careful, you will be invited back. >> oh no. stuart: oh, yes sir. thanks for joining us. >> thank you. stuart: let's talk about peloton in the last couple of weeks. however, another fitness company wants to change, trying to give peloton a run for its money, by offering a much less expensive bike, echelon. a young lady is working on it right now in our studios. we have the ceo of echelon on the show in the 11:00 hour. we have another challenger to an industry staple, uncle nearest premium whiskey, that's its name taking on jack daniels in the whiskey business. can they compete with a household name? are they better than jack? good question. boris johnson drives a tractor through a wall in british election tomorrow.
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so you can... retire better. stuart: it was a preview of what president trump would do if he gets a second term. tax cuts 2.0 top economic guy larry kudlow was vague on details but it would be a cut for the middle class. that looks like the big plank in mr. trump's re-election campaign tax cuts, here we go. vote for me, tax cuts. so, we have some idea about the choice we're going to face in 2020. tax cuts, growth and prosperity versus tax hikes and recession. okay that is my opinion, but i can back it up. our current growth and prosperity really got rolling right after the president cut taxes and cut red tape. if any of the current crop of democrat candidates gets in, taxes go up, draconian
regulations come back and the economy goes down. that's my opinion. every single democrat now in the race, favors higher taxes to reduce inequality and expensive regulations to combat climate change. that's the choice. capitalism versus some form of socialism, private enterprise versus all governmental the time now, the british will face a somewhat similar choice tomorrow this is boris johnson, a trump- like figure, who this morning, drove a tractor through a wall to show how he would get brexit done. he's the capitalist in the british race. the socialistic is jeremy korbin , who would nationalize whole industries, give away a lot of stuff and of course raise taxes on everybody. at this point, it looks like boris wins, even over there, socialism are well known. i hope that is a pointer for our election, next year. the second hour of "varney" & company is about to begin.
capitalism versus socialism. business versus all governmental the time. john tapper is with us ideally suited to address that issue. do you see it shaping up like that, capitalism versus socialism, business versus all government? >> i do, stuart, and in my travels across the country and i'm in the heartland of america, very very often, people have not forgotten what it was like before these tax cuts. people have not forgotten the amount of taxes they were paying stagnant rising income levels, so people's memories are long. the people and i'm going to get in trouble for saying this. the people that i see at the socialistic-based events tend to be the ones that are not really working to be honest with you stuart. those who are engaging in the workplace today are seeing income rising, employment
opportunities. i'm in the hospitality industry we're the largest employer in america other than the federal governmentment we're hiring like crazy. we're not only hiring we're promoting like crazy, so even with efficiencies, we're surrounded by opportunity and that did not happen before these tax cuts. stuart: do people really know it >> yeah they do, stuart. stuart: because socialism does seem to be, you know, relatively popular free stuff is definitely popular. you really think that people remember what it was like before trump? >> you know, william f. buckley once said the voter isn't done, they tend to get it right and i think this is a case of that. i think we're seeing it with the impeachment hearings and trump's ratings going up while this negative pressure is on him and his brand. i think that people are smart enough to get it when we're moving forward at the rate that we're moving forward now, and it
is, dare i say, trickling down, and we are seeing it impacting the american family, the american worker, they're seeing it impact the american family and the worker. i believe the voter is smart enough to see that and is not going to take a step backwards. i just don't believe that in what i see stuart. stuart: john stay there, please i've got more stuff for you still to come. i want to look at what's going on with money this morning. remember today is decision day from the federal reserve but nobody expects rates to go up or down. they are expecting it to stay right where they are, and the forecast for next year is going to be more important. i want to bring in market watch er jim awod whose with us this morning jim welcome back. thank you, my pleasure. stuart: we've got all kinds of bullish sentiment being expressed, jpmorgan, goldman sachs, some of our own people on the show looking towards a very good year in 2020 but i think you're beginning to, you've got that look on your face, are you getting a little cautious?
>> no what i'm saying sia degree with the bulls. we are in good shape. the economy appears to be re accelerating and the fed is on hold, valuations are such that if profits go up and i expect them to go up stocks can go up with profits. we have a clear runway and the impeachment issue is going to come and go and we'll have a very good first half in 2020. i think some time around the summer of 2020, it would be a time to pause and take a look and what i want to look at is if the economy is reaccelerating here are we looking at increasing interest rates at that point, whose the democratic nominee, what does the economy look like, what are the chances of a left wing democrat getting elected, so all i'm saying is i expect a very good run here, and then rather than just put on blindfolders set a marker and say some time between memorial day and labor day, i want to take a look at the critical variables that are in stake and if the economy is good, if inflation stays low, and the fed
remains on hold, and it looks like the elections are not going to be a disaster the market willpower through it. if something happens, they always say the voters vote based on their last 30 days of economic experience and anything could happen, i would say the odds are good but that would be a good time to reassess. stuart: i just kind it astonishing there's only two weeks left in the decade. well technically, i guess the decade doesn't end until next december 31, but look, we're in 2019. we're sitting on, i think it's now a 10 year bull market run? >> yes. stuart: i find that absolutely incredible and we've got folks like you, market professionals saying it ain't over. >> it's not over. you know what you have to watch. you've got to watch the triple c credit market to make sure that they stay stable so the credit markets continue to fund growth. we know we have a federal deficit that's too big and any rise in interest rates would create a problem. we know what could go wrong but right now it looks like there are all risks out there none of
which are triggered unless there's some sort of geo political accident, and so we have no room in this bull market stuart: we celebrate our tenth anniversary in the third week of january next year. i hope you're with us for another 10 years. >> i'll be here as long as you're here we'll grow old together. stuart: okay, whatever you say. mr. awad, thank you very much, sir. my pleasure. stuart: it's happening right now on capitol hill, the head of the federal aviation administration testifying on the boeing 737 max jet. hillary vaughn coming into tell us what he has already said. >> stuart, what we're expecting him to respond to is an internal report at his own administration in 2018 that showed 737 max would without agency intervention would be prone to a fatal crash every two to three years. after the faa received that internal report, they still let the 737 max fly, and we're also
going to hear from the whistleblower who was here in this room, edward pierceon, who says he raised major concerns with his managers and the head of the 737 program saying that his plant in washington state turned into a factory in chaos after they pressured workers to turn out and work faster essentially and turn out more 737 maxes, so that's what we're expecting to hear moments from now, stuart? stuart: sounds like a negative for boeing and the stock is indeed down. hillary thank you very much indeed. i've got a little i'll right now , tesla, wants to use lasers, wait a minute, to clean your windshield? >> so imagine teslas with laser s mounted on their hoods in the future, sounds very terminator but apparently tesla has filed patents to do this and it makes sense because they want these pulse laser cleaning of debris off glass particles in the vehicles especially when they are trying to automate a lot of the car and the driving and you need a lot of sensors
right to tell you where you're going, but it's so smart. you have to give it to elon musk , the stock is up 47% over the past three months and i was looking into their marketing spend. you know ford and gm spend about $30 billion on advertising promotions each year. guess how much tesla spends in comparison? stuart: not much? >> 70 million in comparison but look at all of the free advertising he gets from cyber and the unveil. stuart: he's the man of the future and the idea of using lasers to clean your windshield is not farfetched. >> it's not and they will likely get this patent since 50% filed have been improved. stuart: and he is a serial patent approval guy. >> he's also a man that gets us talking doesn't he? stuart: he does and the stock is up 47% in three months that's extraordinary through, susan. the brits, yeah they head to the polls tomorrow for their general election, a second one actually. will this election finally bring the brits out of the european union? will they get their brexit?
later this hour, we'll have a report from london, of course. two students suing the university of california, they say they want the school to drop s. a.t. and a.c. t. exams because it discriminate against low income students. judge napolitano will discuss that one in a moment but next, another west coast out rage story for you. the city of portland, oregon wants private property owners to create mandatory spaces for homeless people. we'll break it down for you, in a moment. >> ♪ ♪ there's a lot of talk about value out there. but at fidelity, value is more than just talk. we offer commission-free online u.s. stock and etf trades. and, when you open a new fidelity brokerage account, your cash is automatically invested at a great rate -- that's 21 times more than schwab's. plus, fidelity's leading price improvement on trades saved investors hundreds of millions of dollars last year.
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consumers are downloading games and it's killing game stop, the stock is down 14.5%. software giant, dare i call them old tech? probably not. they wouldn't like that. they're not happy with san francisco, they're moving their annual open world conference to las vegas, next year. why? >> well, because san francisco to them has deteriorated, tour street conditions and that's the reason why they're moving. they don't want their 60,000 attendees at open world each and every year, they don't want them walking over used needles, animal human feces in downtown san francisco, so they've had enough after 20 years, they are moving to las vegas for the next three years, and san francisco travel association says it's going to hurt san francisco like to the tune of around $64 million or so, but you know, san francisco has pretty high hotel rates. number four in the country, according to cheaphotels.org, and they spike when there's an event in town so they also want
to make it more affordable as well because on average the hotel rates in san francisco according to this website is 214 for a double room in a three star hotel and in las vegas it's only $69 and more affordable. stuart: if you gamble they will give you the room for free. that's right. san francisco needs to clean up their act. stuart: they do. well the city of portland, oregon is demanding that private property owners add rest spaces for the homeless. it's mandatory in new buildings that is. eric fruits is with us with the cascade policy institute in portland. eric make sure i've got this right. new buildings, portland, oregon must have spaces where the homeless can rest and hang out. is that accurate? >> well that's the way things are looking. the idea is that they want to have spaces where you can not only just rest but you can rest and feel welcome, and that includes things like benches that you can sleep on and even spaces to pitch a tent if the
planning commission has their way. stuart: i think you're a libertarian. what do you think about that? >> i am, and what i don't like about this is essentially the city is drafting private property owners to turn over part of their space for essentially homeless camps, and that just, i mean, it harms not just the property owner but also the businesses and the residents that might be located in those. can you imagine having a restaurant that's next to what doubles as a homeless tent? stuart: no, i can't. it seems to be out of the question, but i don't think anybody has yet come up with any kind of answer what to do with this massive homeless problem. i can see how portland is trying do you think it would work if they got these rest spaces? would it in a way work? >> i don't think it would work. i think that the problem you have is the city of portland is in its fifth year of what they call a housing emergency and
we've approved over almost $1 billion in bonds to deal with the homeless and affordability problem and guess what the more we spend the worse it gets so maybe what we need to do is look back and say what we're doing isn't working and one of the first rules of hitting yourself with a hammer is it feels so good when you stop. maybe we should stop doing that. stuart: has portland at this point imposed this mandatory space for the homeless or just talking about it? >> they're just talking about it and the city has tried to backtrack whether they wrote this really cryptic e-mail saying that oh, it's not set in stone yet, but the way that the city works, it's pretty clear that this is something they really want. it's a real feel good measure. it's one of those thins that can help them with their virtue seem that they are doing something and roping in the private community into doing something to help deal with the homeless ness but really a way of saying they've given up on solving the problem and not
trying to figure out a way to accommodate what is a growing problem. the longer the emergency goes the worse it gets and the more money they spend the worse it gets. stuart: eric i've got 30 seconds left. can you give me your solution to portland's homeless problem? >> yeah, i think what we need to do is have more emergency shelters because once you have more emergency shelters, the police are free to sweep the streets. there's a court ruling that says if there's no shelter space available you can't kick them off the streets. i think what we need to do is get those available so we could do more to clean-up our camps. stuart: got it. eric fruits thanks for joining us sir, interesting story. >> my pleasure. stuart: next case, dollar general. their stock is selling cbd products. okay that's dollar general, what kind of cbd? >> well so they talked to us before and they said they would start selling the cbd, creams, bath bombs, bath salts and face masks and they will increase this 20 of the cbd products will
be available in 1,100 of the 16,000 stores they operate in tennessee and kentucky and they also -- stuart: wait, wait, wait, surely there are not 16,000-dollar general stores in kentucky and tennessee? >> yes, there are. stuart: 16,000 in just those two states? >> yes, in those two states. stuart: i didn't know that. >> look dollar general is a big company and has a big footprint so they also plan to expand the availability of the cbd products in colorado, florida, indiana, oregon, south carolina, texas and vermont as well. stuart: forgive me for interrupting you like that but that blew me away. >> that's okay. the number of stores they have? stuart: yes because they made a big deal yesterday when we announced that dollar general is going to open 2,000 new stores next year. i thought that was an enormous number. >> it is. stuart: they already got 16,000 in tennessee and kentucky it's not such a big number. >> i think anything that has 1,000 at the end of it especially in brick-and-mortar is a big number. can i also point out that the cbd market is exploding at this point and we have bds analytics
predicting it'll grow to 20 billion by the year 2024 so just five short years it's going to, it's growing at double-digit s each year. stuart: i hear it. thank you, susan. yesterday we told you about free agent baseball player garrett co le, he did score his big deal it's a nine-year record contract , $324 million with the new york yankees we'll tell you more about it. next though, john tap is back telling us about his new restaurant chain, i'm going to put it to him. you've got to be pretty bullish on the economy if you're starting a new business. we'll be back. >> ♪ ♪ are the color cartridges in your printer ready for another school year? what does cyan mean? it means "cyanara," honor roll. (imitates shell fire, laughs) the ink! daaaad! daaaad! i'm so hosed. yeah. you are.
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stuart: straight from president trump just in here it is. wow all of our priorities have made it into the final national defense authorization act, pay raise for our troops, rebuilding our military, paid parental leave, border security and space force. congress, don't delay this any more. i will sign this historic defense legislation immediately. that just in. come on back in again, john tap per, because i want to talk to you about your new restaurant chain called tapper's tavern. what do you got there, five locations in georgia to start with? you got to be pretty bullish on the economy. >> well we do. we have 60 in various stages of development. it's not just the economy, stuart. you know, people said recession recession a few months ago so that didn't happen. you can even see watching this program, the outlook is strong, but it's a different business model. in the restaurant industry today we're all terrified about labor. we're terrified for three reasons. one, labor costs are going up
because we're approaching $15 wages that in some states are 2.20 an hour, that's a 600% increase and the second problem is our labor pools are very limited now because of trump, the fact of the matter is most people have jobs, and the third problem is the people we hire are what i call new americans, so they don't always communicate and speak our languages so well, so with those three factors, we're really challenged, so i've created a concept with a robotic kitchen. stuart: oh. >> that reduces labor costs by over 40%, and that economic model changes the entire character of casual dining, so this has been a multi-year project of mine tofuse robotic cooking with a french cooking style to create a really high quality kitchen with only one person in it. stuart: you are one of those fascinating business guys to appear on this program. you've been really good for us but i want one last question.
coca cola's launching a sparkl ing water brand. not just a couple of bottles here. this is a brand. sparkling water. kind of late to the party maybe, what do you think? >> well you know, i came in a little late to the party and we're doing great. coke has distribution. they have shelf space. they have convenience stores all across the country. they can just reallocate that shelf space and get out in the marketplace pretty quickly. the question is how does the market react? a lot of other brands, stuart, would fight to get on that shelf in the first place. coke has a great advantage. they will make it to the shelf. question is does the product make it off the shelf? that we have to see. stuart: good one. does it make it off the shelf. john you're all right come and see us again please i want progress reports on taffers tavern. >> you bet. stuart: we've got a couple of students in california to drop the s. a.t. and a.c. t. exams
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stuart: settle down. look what we've got. we'll have oil inventories, oh, that's important. how much oil did we take out of storage all right? well it looks like we have a build of 322000-barrels in the week expecting a drawdown of 2.8 million-barrels so there's more supply than anticipated and this goes with the american petroleum institute, so oil prices still have a two-month high. stuart: you got out of that real fast because there's not much news there oil is down $0.40 at $58. netflix, new numbers on to the irishmen. how many times was it viewed in its first week? wait, in its fist week how many viewers did it have compared to that other one? >> the other one, bird box? stuart: that's fine. >> so in the first week, 26.4 million subscribers watched the irishmen, compared to sandra
bullocks bird box last year 45.3 million in the first week so pretty much half of the viewers for the blockbuster. stuart: if you insist one of your stars an overt trump hater, i wouldn't expect it. >> but it's 3.5 hours and spent $175 million on this film and the head of content of netflix says he expects maybe 40 million netflix viewers over the first month but still look at these numbers and say it's pretty disappointing for the amount of money that you spent. stuart: compared to the box office if it's regular cinema attendance, 26 million views but anyway i digressed too long. >> [laughter] stuart: stephen beck is with us the founder of cg 42 a management consulting company and this man is an expert on streaming. ain't that right? >> that's right. stuart: don't contradict. >> whatever you say stuart. stuart: who do you think are the big winners in streaming because it's a crowded field. >> it's very crowded and
getting more crowded every day. at the end of the day netflix is still the big dog with the most subscribers and also have the most to lose and are the most vulnerable because they are los ing a lot of their acquired content so friends is the biggest show people watch on netflix and it's going away. stuart: still? >> still. they obviously invested billions in original content. the original content only equates all those billions only equates to around 30% of what the folks on netflix view. stuart: netflix is still a big dog? >> they are still a big dog. stuart: vulnerable? on the screen i have disney and apple. disney, watch out because they are just in the beginning. they already have 20 million subscribers already. just in one month in. stuart: that's extraordinary. >> it is. credit suisse was predicting 20 million, so it was a surprise >> then if you want to talk about content, look at the mande lorean? 45 million type viewers up with bird box kind of numbers and
reinvigorating a franchise so it's not just about what it does for disney in its current form. it's also rein viega o regulation of the star wars franchise which will pay dividend for years for disney plus. stuart: got it how about apple? also on the screen. >> apple is the really interesting one because apple is , they are in the very beginning stages of getting, building out original content. their success with that has been very mixed. their early shows doing okay, but not really breaking through. obviously what they have is the echosystem. they have all these people with all these devices that are going to give it a try and give it a try. almost automatically, so will they be around? yes but their critical challenge is can we actually breakthrough with original content, because as the space gets more crowded, it's going to be more and more difficult to acquire content that people are going to want to watch. stuart: the jury is out. >> it's absolutely out. stuart: that's very interesting tell me some losers not losers
because that's the wrong word but also -- >> so i think some of the ones that are coming like peacock for example, i think they will have a very very difficult time breaking through. again, because they don't have that original content that operates at the same level as some of the players like disney, and so while they will garner some interest when they launch, i think their challenge in breaking through is going to be really high. the one that you didn't mention is amazon. the really interesting thing about amazon is their broader play makes them always be part of the mix. the fact that you're a prime subscriber, you're not just getting content from them. you're leveraging content to have a much broader value proposition for amazon so we always expect them to be really vulnerable. stuart: and they have extreme champions league soccer. >> that's right. can't wait. can't wait. stuart: by the way i didn't know if you noticed it but bottom left hand corner apple just hit
an all-time record high reaching 271.07 just as stephen was speaking right there. what a guy. thanks for joining us appreciate it sir. >> thank you. stuart: check that big board what are we now one hour and five minutes in, down 25-23 points. sprint check it, please. fox business has learned that low level statement settlement negotiations between sprint and t-mobile have begun, but the court case continues as the talks proceed. sprint is actually down a tiny fraction on this, no real movement there. president trump expected to sign an executive order to fight anti-semitism on college campuses. blake burman at the white house, will he cutoff federal funding to schools would don't comply with this? >> well the focus here stuart is on title 6 of the 1964 civil rights act which says if you are receiving federal funding in this case college campuses you can not discriminate based on someone's race, color or
national origin. here is what a senior administration official said, telling reporters yesterday leading into the president signing this which is expected to be at some point later today, "what this does is make clear that title 6 applies to anti-semetic discrimination based on race, color, or national origin" however, stuart , that has raised some questions about whether or not the trump adminitration here is saying that judaism should be considered a nationality, for example, the democratic center who was jewish is among those echoing the concerns. here is what he tweeted after the reports came out. "my nationality is american." the republican jewish coalition though stuart we should add they are supportive of this executive order the president will be signing today they call it historic. stuart: got it. blake burman thank you very much indeed. now this. two students are suing the university of california to drop the s. a.t. and a.c. t. exams they say they discriminate against low income students by
relying on standardized tests. all rise, judge napolitano is with us. >> a very good story to follow, what blake burman just told us and they gave a very quite accurate description of the law so if the school receives federal funds, they can't discriminate on the basis of race, nationality or place of origin, but this is an allegation of discrimination on the basis of wealth, that somehow, these questions, and i don't know how a court could possibly find this, these s. a. t. questions which measure math skills and english skills, are skewed to help students whose parents have a better income. that's almost inconceivable. it's saying if you're a poor student you can't do as well on these tests as a wealthy student and therefore, the test should be thrown out, or recast. how could a judge, that's called something that's like how could i judge possibly get to the bottom of this?
stuart: and how could you have any kind of test to get you into a university, which doesn't imply winners and losers. >> correct. stuart: so the losers sue on the grounds that they are at a disadvantage because they fail the test. >> in my opinion, the lawsuit is frivolous and the college board which owns and administers these tests should make a claim for frivolity, you'll love this, which means the english rule applies which means the lawyers that brought this case, i saw your face light up, the lawyers that brought this case, if a court finds that, the lawyers, will end up paying the legal fee of the lawyers who resisted the case. stuart: excuse my language, all hell breaks loose if it's found to be frivolous and the english rule applies because the english rule is the exception in america i know you think it should be the rule in america but only the rule in the case of another
british word, frivolity. stuart: don't do more of this, dear me! >> [laughter] listen i don't know where this is going to go. it should be dismissed out of hand. it probably won't because some judge will say oh, let's see if you can prove your case. stuart: tomorrow maybe we should discuss tomorrow as moore and henry viii. >> [laughter] stuart: judge, thank you. the british election is tomorrow ashley webster is there for us. are we going to take you there too but first take a look at this movie, love actually. in a campaign ad from prime minister boris johnson. watch this. >> ♪ silent night
stuart: i absolutely love it no wonder they call him britain's donald trump. >> [laughter] stuart: it was great. more "varney" after this. what i love most about being a scientist at 3m is that i'm part of a community of problem solvers. we make ideas grow. from an everyday solution... to one that can take on a bigger challenge. from packaging tape... to tape that can bond materials to buildings... and planes. one idea can unlock a breadth of solutions. at 3m, we are solving problems that improve lives.
( ♪ ) the enchanted disney fine jewelry collection. with exclusive bridal styles at zales. >> ♪ ♪ stuart: while we play this song, what is this song? >> the clash. stuart: the clash what? >> the band called the clash. stuart: what's the song called? >> london calling. stuart: oh, okay i guess that's why we're playing it thank you, susan we're glad you're here. you don't know anything about the beatles but the clash, okay we got it we got it. >> [laughter] stuart: the general election is tomorrow in britain. ashley webster is there for us, of course.
ashley? who wins? ashley: well, boris johnson and i can not believe you just said the clash what? the clash! one of the greatest bands ever. out of the uk anyway, let me move on. yes, boris johnson up 9% now, should give him a majority of about 26 seats. i wanted to tell you about the mood of the country. there was a survey out that said one of the four words that you most think of when you think of british politic and those four words, divided, angry, confused, broken and boy that's a bit down in the mouth is it not? they were also asked to describe which fictional character best describes boris johnson and jeremy korbin. boris johnson supporters said james bond, and his critics said homer simpson and jeremy korbin was just known as where's wally, which is a british figure not very flattering indeed. 75% of a recent survey in the uk believed that the political system here is currently not fit
for purpose. not only are they angry, they are furious, but looks like they are going to vote for boris johnson and maybe, just maybe, stu we'll get brexit donald never have to utter that word again. stuart: just maybe by the way on your screen a moment ago ashley there was boris johnson delivering milk before dawn, in the north of england this morning. >> i love it. stuart: showing he can get brexit done good stuff. ashley i'm sure we'll be talking a lot to you, with you about this brexit tomorrow. thanks so much. now, as you heard there, boris johnson's lead has been cut in half. his conservative party is still expected to win a majority of seats in parliament, come in telegraph columnist and boris johnson's former boss. welcome back good to see you. >> thanks. stuart: i remember you're not on the screen right now but we'll get you on the screen. i remember you wrote an op-ed saying americans should root for boris. tell us why? >> well because frankly, the
alternative would be disastrous, jeremy corbyn, apart from hanging out with various terrorist groups like the ira is profoundly anti-american, so the trans-atlantic relationship if jeremy corbyn and the election but the thing about the polls here is by no means certain that boris is going to win and there is a possibility that if all the opposition parties, labor, liberal democrats, the scottish nationals get together, that would just about scrape together enough seats in the new commons to put jeremy corbyn, so this is not completely off the agenda yet, stuart. stuart: but if boris did not win , if it was put together a parliament-type whatever it comes out to be, i honestly think that will be a disaster for britain, which would stretch this brexit stuff on forever and
ever. >> yeah, well your correspondent was just saying he's looking forward to never saying the word brexit again. well i can tell you if jeremy corbyn gets in you'll be hearing a lot more about brexit because he wants to get his own deal and then vote against it. this is the nonsense of the labor party position. as i said, there are still strong forces in britain that oppose brexit, and if they were to coalesce into a coalition they could get corbyn in and apart from brexit going on forever, corbyn would just destroy the british economy and britain would become another venezuela. stuart: i've got 20 seconds. did you like him? did you like boris johnson? good guy? >> yeah, boris is great fun. i used to play rugby with him. he's a good guy to have around. he's always got a wise crack. he's very bright.
he's very entertaining, and he gets things done, so let's just hope he prevails and becomes prime minister again tomorrow. stuart: indeed. and he was born in new york no less. con coufflin, end of argument see you again real soon. u.s. women's soccer megan rapino won sports illustrated sports person of the year award and she got the award. then she criticized sports illustrated. wait a minute, susan this is the woman who used obscenities to describe the white house and now she's objecting to the magazine which gave an award? >> that's right, when you're invited over for dinner you don't go and complain about the food, but that's exactly what she did. it was accepting the sports person of the year award saying sports illustrated you don't have enough writers of color, you don't have enough female voices, and as you mentioned this is a woman that knelt by the way, in u.s. colors, in the
uniform, overseas, during the world cup. stuart: yeah, well she lost me. >> and president trump wasn't, yeah. stuart: moving on rapidly from there, don't want to touch that one. nope. stuart: check peloton, the stock this morning i believe it's down a bit more, way down, 7%. they've got some competition these days. the competition is on the right hand side of your screen. much cheaper bikes, like the one on your screen, that one is called the echelon, and it's a fraction of the cost of the peloton and we've got the ceo on the show as well as a working model and michael bloomberg slam ming far left democrats who say they don't stand a chance against president trump. i talked to the former presidential candidate ron paul about tax >> ♪ ♪ (chime) (shaq) magenta?
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, what brand do you think of? well jack daniels probably, but there's a new whiskey in town and he's called wake forest, uncle nearest whiskey. the companies co-founder joins us now. this, by the way is an american success story. uncle nearest. how do you get a name like that? >> [laughter] well it is uncle nearest premium whiskey and nearest green was his name. it was his chosen name, so nearest green was originally an enslaved man, and once he became free, he chose his name by all accounts and he chose nearest so we just say nearest and dear its but that's what his kids call him, his grandkids called him so that's what we call him. stuart: tell me, do you think that nearest uncle nearest premium whiskey is better than jack? is it? >> [laughter] we're very different. we are very very different in general, so we have similar
consumers, but our products are incredibly different overall. stuart: how long have you been in business? >> we began in 2017 and we're the fastest growing independent american whiskey brand in u.s. history, so we're doing pretty good here in tennessee. stuart: how much would you charge me for a bottle of it? >> i'll charge you anywhere between $49.99 and $120. stuart: so that is a premium brand indeed and you're selling well? >> yeah, we're selling very well. in two and a half years we're already in 50 states in 12 countries outside of the u.s. in 9,000 locations, and it's unheard of in this industry for any spirit, let alone whiskey. stuart: uncle nearest premium whiskey, an american success story. thank you very much for being on the show. i never heard of it before but i heard about it now. thank you. stuart: thank you very much. good stuff indeed. next one? democrat presidential candidate like elizabeth warren are they really attack success all the time? next hour, indiana senator mike
stuart: trump is winning on immigration. far fewer border crosses. he just won big on usmca, okay speaker pelosi tried to take credit but the new nafta is really trump's winning deal. he won on tax cuts. he won on deregulation and he's made our economy a global winner , but one of his biggest wins has received very little publicity. that is, energy independence. in the trump era, america became "the big player" in the energy world. that is a 180 from just a few years ago and we all benefit
from this. first off cheap gas. the average for a gallon of regular is only 2.57 and falling , in ten states the price of gas averages below $2.30. look this is remarkable. a strong economy, and gas gets cheaper? not supposed to be like that but with trump's policies we boosted oil production to 12 million- barrels a day. that's where cheap gas comes from. and we don't have to bend the knee to people who hiatus like the iranians for example. you've heard of fracking? extracting natural gas from shale very deep in the ground? america rules that industry. that's why there's no inflation in the cost of heating your home this winter. it's also why america's cut its carbon emissions more than any other industrial country. there's far less carbon in nat gas. energy dominance is a trump win. it is an american win. so why reverse it all? why throw this president out of
the office in the middle of the most prosperous period in years? impeachment is happening, because the far left has seized control of the democrat party. they detest it, they can't stand it. they are impeaching on the basis of out of control emotion. it is a political mistake. you don't dump prosperity and if you try it, you'll lose. the third hour of "varney" & company continues. president trump: we ended the last administration war on american energy, the united states is now, and i said it and i'll say it all night long, number one producer of oil and natural gas in the world and there's nobody even close. stuart: that was last night in pennsylvania. obviously touting america's number one energy dominance
let's get straight " at it, moody's chief market economist. i don't know if there is any doubt that we are energy dominant but you tell us how good it is for every day americans. boy this is a big change from what was true in the past. we're no longer at the mercy of opec, or the political situation i mean, because of energy independence, i think we have less macro economic risk and we're also looking at less inflation risk. less inflation risk means significantly lower interest rates and this energy independence has helped to reduce inflation expectations and gives the fed more flexibility to cut rates as quickly as needed. stuart: is it also good for manufacturing? >> oh, very good. excellent. natural gas, petro chemicals, cheaper energy, definitely manufactures in the united states, it gives them a competitive engine global market s and speaking about
natural gas, you know, we have so much natural gas, we will probably begin to export it, more of it at least maybe to europe and of course that lessen s the political power of russia. stuart: say that please, john i've got more for you in a second but lauren simonetti with us with a couple more examples that show america is the best game in town. what we're doing is comparing our economy to others around the world best in town. >> where else you putting your money, hedge fund manager says just that the u.s. economy is the best game in town, the billionaire investor said there's a recession risk of 75% by the end of next year and guess what that's down to? 35% and you have this dichotomy going on investors boarding cash over $3 trillion but also, they are betting that the economy and the market goes up. i mean the highest prediction i've seen is 15% so the s&p 500, 3,600 next year, all that cash with these might come from the sidelines back into the market. stuart: that's fascinating and i
know the business round table just put something out, any drama or big headlines? >> three headlines, two-thirds of the ceo's from 140 of the biggest u.s. companies expect sales to increase in the next six months that's number one. gdp in the first quarter of 20202.1%, but number three, they're cautious amid a trade war. stuart: they are always cautious john come back in. wait a minute are we the best game in town? >> without a doubt. you have the european economies on average growing by just over 1%, japan, roughly 1% growth, among advanced economies, there is no economy like the united states and we're doing better than i think we did previously. stuart: well you spelled it out for us. >> labor market it's all about the labor marketnd i think that the unemployment rate continues to decline that will have very positive implications for the president's re-election. stuart: i opt put you on the spot but can you see the day coming when the unemployment rate is below 3%? is that possible?
>> it is indeed possible. that's the case in japan it's 2.5% and there is absolutely no sign of price inflation in japan , if anything they suffer from price deflation. stuart: love it. thank you, john. as always, appreciate you being here. >> my pleasure. stuart: thank you very much. now, time has released its person of the year. i know who it is, lauren simonetti going to tell you. >> the youngest ever person and female, 16-year-old climate change activist greta tundberg. stuart: she addressed it? >> how dare you. stuart: that's right. she said it several times with a very angry face. how dare you. how dare you. i don't think that went down well to be perfectly honest with you. she's a climate worrier and i don't think she was, i don't think she did her cause much good with that, that's my opinion. she told that gathering of leaders around the world that she should be back, on the other side of the ocean, in school, but instead because of their in
ability and their failure to act, she was there lecturing them. stuart: how dare you. >> i put this out on twitter and that's what a lot of people wrote back to me. how dare you. stuart: now we've also got the business person of the year, deirdre whose that? >> it is bob iger, as time magazine says we're against big business, against big media, against big caltech and he managed to have a rock star year that's my phrasing, not time magazines and he said this time last year we had not closed the deal for fox entertainment and not opened up the two star wars, and we not launched disney plus or closed the deal for control of you had luxury, he says it is probably one of the most productive years he has had since he's been at the helm in 15 years. by the way i just want to point out, disney profits up 335% since he took over in 2005 if you owned the stock you have returned a 444%, jobs created 70,000 new jobs and by the way, disney has released six of the
most profitable films so far this year. stuart: i think iger is the business person of the year. >> he's done an excellent job going from old media to new media. stuart: next case, peloton yeah the stock is down today, the short seller, someone who bets that the stock is going down, andrew left said the stocks going to $5 a share. he's going to be on the show tomorrow, meanwhile peloton stock is down today 7%. on the right hand side of your screen that's a peloton competitor, and cheaper than a peloton and better, they say, well the ceo is on the show, later this hour. first though, we've got to get to the president's rally last night in pennsylvania. of course he touted energy dominance, of course he slammed impeachment but above all else, he drove home the fact that the economy is simply booming. you won't see that on cnn. we'll talk to senator mike braun about it shortly and get his take on the so-called rich
socialistic on the left, warren and sanders, apologizing for their past successes, apologiz ing for wealth. i want to know what an indiana businessman whose made it big, says about that. and congress is facing another budget deadline, nine days away, senator rick scott says if you don't come up with a budget they shouldn't get pay. he's on the show. third hour of "varney" just getting started. >> ♪ the whole wide world is raining down on you, brought to you courtesy, of the red, white, and blue ♪ think of verizon as a reliable phone company. but to businesses, we're a reliable partner. we keep companies ready for what's next. (man) we weave security into their business. (second man) virtualize their operations. (woman) and build ai customer experiences. (second woman) we also keep them ready for the next big opportunity. like 5g. almost all of the fortune 500 partner with us.
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look, reverse mortgages aren't for everyone but i think i've been 'round long enough to know what's what. i'm proud to be a part of aag, i trust 'em, i think you can too. trust aag for the best reverse mortgage solutions. so you can... retire better. stuart: democrats are working on a bill that would repeal the cap on state and local tax deductions known as salt, repeal salt, really? >> for 2020 and 2021 and a way to pay for it if you will would be to raise the top income tax rate back to 39.6%, for the
richest americans, and then lower the income threshold so more people would be exposed to that top tax rate. obviously, the co-sponsors of this bill, a democrat from new york and new jersey where you are very highly taxed, they are losing residents because of this and going to florida with all of those lower tax or no tax. stuart: so here you've got the democrats jumping into help the rich voters in new york and new jersey, and no doubt, california democrats helping the rich? >> that's an interesting spin on the story. stuart: well that's the way it works. i've got to say i want to bring in mike braun, senator, the republican from the great state of indiana. senator, do you support repeal of salt? >> no, it's ironic that in places that have super high state and local taxes that they need that kind of relief, in places where government really works, and it's a good value like indiana, it's not even a
discussion. i would always be for reducing tax loads, and in this case, i think they ought to consider lowering their state and local taxes so they don't run into that federal threshold. i think that's what most people from main street america would say about that. not much sympathy. stuart: yeah, no i think you're right there too. now, president trump had the big speech last night and he was really trumpeting the economy, a big success. just take a quick listen to this , please, here is mr. trump on the economy. president trump: and as i said, african american, hispanic american, asian american, unemployment, the lowest-ever in the history of our country, the lowest unemployment rates, wages below income workers have gone up more than 10%. nobody thought that was possible they're one of the biggest in terms of the group, one of the biggest beneficiaries. this year, 40 million american families will benefit from he dt
household incomes have gone up nearly 5,000 bucks a family in less than three years, only went up $1,000 per family in the 16 years of the bush and obama administration that we know had higher taxes and more regulation s so the economy is as hot as its ever been. i've been doing it 37 years before i got here, and when you talk about some of the crazy stuff that's being talked about to derail it, that is what worries me most. now this is an economy that's benefiting everyone, especially small businesses. when they pass pass the tax reform that actually impacted ll
c's and sub-s's, the job creators in this country, that is what's behind this big drive, along with getting rid of a lot of regulations that just are unnecessary. stuart: but we have the democrat s targeting success: they don't like success on the 2020 campaign trail and in congress, they seem to object to success, especially in business, and now you're a very successful business guy yourself, and you're in the senate. how do you fight back, i'm going to call it a war on success. how do you beat it? >> i think that is about as naive a thing as you can say, because implicit and explicit in that, is that government is the driver. what they want is more of a broken institution that currently doesn't pay for itself anyway and then, theophano de ride the folks that actually move and shake in this country
to pay the bills. we are at the sweet spot of how government revenues are going to be generated and they're up nearly 4%, only offset by the fact that we can't reign in spending and with the tax cut, at lower rates, we're generating record revenues. i've been working on the cbo to be honest, whereas they said it was going to hurt revenues over a 10 year period. that's not correct, and thank goodness we've got somebody in the white house that is creating the conditions to make this country move again. stuart: always glad to see you mr. senator, mike braun, republican indiana, thanks foreseeing us. >> you bet. stuart: we've got tesla in the news. the cyber truck can you see this really burning rubber on the streets of los angeles this week , what acceleration that thing goes like a rocket. rumor has it that elon musk himself is often behind the wheel. i thought we would show you that video, great acceleration but
what about phased out maybe with all of this electric buzz not even close. chevy has unveiled a line of brand new suv's big new suburban involved there too. we'll show them to you, next. >> ♪ ♪ are the color cartridges in your printer ready for another school year? what does cyan mean? it means "cyanara," honor roll. (imitates shell fire, laughs) the ink! daaaad! daaaad! i'm so hosed. yeah. you are. (shaq) the epson ecotank printer. no more cartridges! it comes with an incredible amount of ink that can save you a lot of trips to the store. get ready for the dean's list. who's dean? the epson ecotank. just fill and chill. available at...
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only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ >> we believe in an all electric future because we believe in the science of global warming and we think transition ing to ev is a very important part of general motors plan for the products going forward, and i do believe that electric vehicles can be very significant in the marketplace, if you focus on the customer, what the customer wants, and one of the key things is making sure those vehicles are high quality, reliable and affordable. stuart: that was pretty clear i've got to say that was gm's chief mary barra on the show she is clearly all in with electric vehicles, fox news.com automotive editor is joining us now. chevrolet is a unit of general motors and chevy has just introduced a whopping great big line of brand new gas guzzlers including huge suburban.
what gives? >> v8 engines and a diesel engine if you can believe that, those are going to be the options on this. i talked to the vice president of product development, yesterday and he said we considered everything, this is where we landed and this is what the customers want right now in a chevy suv. now we know general motors is working on an electric pickup related to this. there's a good chance when the else kanye west laid version of these comes out pretty soon in fact we'll hear that will be election trifid that's a rumor that's the case, but the bread and butter ones the money makers is a huge market, chevrolet dominates this, 2:1 sales, 3:4 last year so they need these new trucks. stuart: gm's line of bigger suv 's outsells ford's line of su v's and small trucks 2:1? >> for the chevrolet versus the ford, right so far this year. stuart: that's huge. >> they are big in this and where they make their money along with pickup trucks and they are investing a lot of money and they need to make that money to invest right now, and
this is how they're doing it with popular products. stuart: that's where the money is and where the huge profits are in big suv's, period, that's it. >> absolutely and remember even though these are based on the pickup trucks they are very different but based on them so those across both of them they can make a lot of profits on these. stuart: if the price of gasoline ever went back up to $4 a gallon and it was at $4 a gallon a few years ago i suspect the market for suv's would come way way down and the market for electric s would take off? >> not as much as it used to. last time everybody really freaked out and then months later they realized that this isn't quite as bad as we thought it was going to be. i think when they saw $4 they thought it's going to go to $6 pretty soon and it never did. if the price goes up to $3 and $ 4, you can spend that in california right now. stuart: yes you can that's true. this market won't die. we're going to see electrification eventually. that diesel will get well over
30 miles per gallon, and it's offered in the silver add o today. stuart: i just don't think that all electric is coming that fast for general motors, unless you get $10 a gallon gasoline. >> they've got a plan. it's two years away before they even start with this, they have the truck, and a cadillac and then it will start more slowly and taking the time with the bolt contact car which isn't a big seller and they are picking up the market and they don't want to lose a lot of money right now but the cost of the batteries come down with this new factory in ohio. stuart: good stuff, next one, mike bloomberg. he went on offense last night against other 2020 democrats and he says president trump would eat them all alive. what does that say about the state of the democrat field? well we will ask ron paul about it and also get his take on a government-run supermarket.
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stuart: two hours into the trading day on a wednesday, and we're down a mere 30 points for the dow industrials modest gains for the s&p and the nasdac. mike bloomberg spent $100 million on campaign ads so far, and he's slamming the rest of the democrat field. he says they don't stand a chance against president trump. watch this. >> i think trump is getting stronger and i think he would just eat alive the candidates, because they don't have plans that i think are practical, that can be implemented, they don't have management experience and the president's job is a management job, for 1 million people to manage and if you don't have a lot of management experience this not a job where you take training wheels. this is the future of the world. stuart: okay, the gentleman on the right hand side of the
screen is former congressman ron paul. great to have you back, mr. paul do you think -- >> thank you. stuart: do you think that as things stand now president trump would eat alive the rest of the democrat field? >> i think so, the way it is now it sure looks that way and it may be even better as time goes on, but i don't think that the goal of government or of a president should be whose the best manager of people, you know , that's not what we want because i think both sides do too much management of people, but what we want and i think trump has already provided is to allow people a better chance to manage themselves and that's why the tax reduction and the regulation reductions has been helpful, but it's still way too much other things going on too much spending too much printing press money, too much involvement, that to have somebody that can manage people better, i don't think, i want somebody there to understand the importance of private property ownership and contracts and
volunteerism and continue to cut taxes. stuart: wouldn't that be nice but what do you feel about bloomberg has spent what $100 million on ads already. look some people are saying the man is buying the election. what's your response to that? >> i think that it's not true. i think i'd encourage him to spend more, because then he will be more equal to others, and have less money to deal with, so no, i think a few things that we have seen is that money isn't automatic. these millionaires now billionaires when they don't come through with automatic success and this might be an example. bloomberg doesn't look like he's doing that well, so i would like to think our elections are more to it than somebody whose out there bying elections but that's been the case, so much i think the way our system works, and how money does buy election even if it's not their own money, but that's because government has so much to sell, they are too much involved. if you're looking for somebody
to protect liberty you don't have to have a ton of money if they do believe in less government and personal liberty and civil liberties you don't have to buy them whether it's their own money or not, so i think let bloomberg spend all his money and maybe he will be more like us. stuart: real fast, i went out on a limb the other day and i said i think bloomberg has a very good chance at being the democrat nominee. in fact i think i said he will be the democrat nominee. your comment? >> well, i think you're more optimistic about that new yorker than i am, but maybe mine is more wishful thinking, because it would be such a disaster. stuart: okay. but no, i think that i wouldn't make that prediction now, but like i say, it may be that i would see him as the very much opposed to civil liberties and the way he manages things. he likes to manage people. i don't want people to manage, i want more liberty and less
government and we still have plenty of problems to deal with. stuart: ron would you just stay there for a second because i've got breaking news i just got to deal with this. the ceo of toyota stepping down. any details on this? >> he's been with the company for 38 years. he is stepping down, effective april 1, april fools day succeeding him will be the toyota chief operating officer so big changes at the top of toyota. stuart: and a significant move for the stock price a modest fractional gain right there and now i'll introduce the story which i want ron paul to comment on in just a moment. the only grocery store, in a very small town in florida, closed down, so the town's government took action. jonathan suri is with us in baldwin, florida. jonathan what did the government do? >> well, they are running a government-run grocery store but make no mistake both city officials and residents say this is not a socialistic experiment
and it is fulfilling a basic need that has not been met. for years, in fact for decades, this very store was run by private entrepreneurs, & compan ies, but as the grocery market becomes increasingly consolidated, serving these remote areas becomes less profitable and also since the recession, over the past decade, there's been a decline in independent grocery owners, so when this store closed shop last year, the mayor and city council decided to step in, take over the store, run it so that folks, elderly folks, poor people with limited access to transportation wouldn't have to drive 10 miles to the next grocery store just to get fresh produce and fresh meat. they really see this as a public utility. this is the natural resource that the public needs and this store is like water works so the electric company providing food to local residents, as they see
it, it is taking care of their own. stuart? stuart: jonathan we hear you let's come back with ron paul, two questions, ron. a, should the government be running a grocery store and b, would you shop there? no, it isn't going to work. i would think that if your a strict states rights person you might say that the federal government ought to stay out of it and not rule on it but it's a disaster and it won't work so that's the most important thing but this whole idea that they're going to provide better services and better food is rejecting the whole notion of the free market, so if they claim that, why don't they go, what if i could prove to them that if i can get every individual in that town to get better health i want 30 minutes of their time to do proper exercising, it becomes more and more once you accept the idea that the state is there to protect us, from ourselves, you get these crazy schemes we're going to change it. yes there's a problem there but
it is going to be much easier solved by the marketplace but the idea that the state should deal with this, but you'd hope they would have more sense in that but they showed you federal money obviously. it can't work. stuart: you make so much sense, you really should go back into congress. ron paul, i'm sorry we're out of time because you're our favorite guest on the show we'll see you again soon, sir, thank you. >> thank you. stuart: big election in britain tomorrow is the general election , signs point to a boris johnson victory, ashley webster is in london and i want to know, ashley what are the bookies saying about this? ashley: you know i stopped by the bookies every time i'm here stu just for you. well boris johnson conservative party 5:2 on favorites you have to bet 5 pounds to win 2 and second on that list will be a hung parliament no majority that's 9-4 and then the labor party of jeremy korbin 20:1 so
that's where the money is going on the conservative not the labor party but what's interesting stu is boris johnson is very visible campaigner, unlike jeremy corbyn, and he loves a photo opportunity and my word we've had a ton of those and let's not forget on monday he had his picture taken with a fish on the top right, and he's caught going down the wall with a bulldozer and delivered milk all of this saying i can deliver brexit and then on sunday he put out that love actually themed ad , getting a lot of play here, you ran some of it earlier but let's take another quick look. ♪ sleep in heavenly peace, silent night, holy night, ♪
ashley: how about that, getting a lot of play here and if you know that scene in "love actually" it's classic and boris johnson made a pit stop in darby today where he made a beef and ale pie and he said it was oven ready just like brexit and of course he also provided us something, oh, yeah, stu "varney." stuart: that is my original hometown. left it half a century ago but that's my original hometown. ashley? thanks very much. we'll see you again tomorrow. that and boris johnson ad was fantastic. >> beef and ale pie? stuart: oh, we, i want to update you on a story we did the other day about watches being up for auction, you've got the update, start with m brando's watch. >> he engraved it, 1.95 million
stuart: that's all? >> yeah, i know this watch told an incredible story, the filmmakers didn't want him to wear it and he wore it and it went for 1.5 million and jack ni cholas 1.2 million and he wore that for 15 years for 12 of 18 championship titles. stuart: 17 million wasn't it? >> 17.8 million and that watch jumped from right where these were from 1 million to 10 million just like that and they got lucky. stuart: i guess they did. we should tell charles payne he's a watch collector. capitol hill, nine days away from yet another possible government shutdown. next we have senator rick scott. he's fired up. he says if there's no budget, congress should not get paid. they get a lot of sympathy from our viewers and he's next. >> ♪ ♪
stuart: let's get fast on this the head guy at toyota stepping down he's a veteran in the business whose taking his place? >> the current coo, ted ogala, all of this effective april 1 when the current ceo does retire he's 64 years old. stuart: he's been there 38 years now. he's a veteran. more impact on the stock up $ 0.30 that's it. video game store, gamestop, we put them on death watch sales down 26% in the third quarter. people don't buy actual games, they download them don't they? >> yeah, it's that and then it's a warning from the ceo. he says look one more year of pain because the new consoles aren't coming out yet until the end of 2020, so if you couple those two things together, stock s at $5.30 now there is a price tag of $3 out there.
stuart: ouch that hurts all right the government, a government shutdown another government shutdown may be loom ing. congress has until december 20 that will obviously be right before christmas to get something done, florida senator rick scott is
with us. mr. senator, i believe you're saying if you don't get a budget done, you don't get paid, that's verying to be very popular with our viewers. >> stuart if you don't do your chores you don't get your allowance. our first employer said if you don't show up for work you don't get paid. we don't have a budget, so we shouldn't get paid so i have a bill, it's real simple. you don't pass a budget, doesn't mean you didn't do your job, you don't get paid. it's real simple maybe people will start focused on getting the budget passed rather than continuing resolution from these fire drills every 30 days. stuart: that would be largely symbolic because you can present a bill but you don't necessarily have it signed. >> no it's a lot of work to get it done.
i'll try to get a vote in the senate floor soon and then working with some house members to try to get it done, i think the president will sign it, but it's a lot of work to get it done so everybody
calls their house and senate members and tells them they would like them to support this bill making my life a little bit easier to get this done. stuart: let's see what we can do senator now what about impeachment? are the republicans in the senate rock solid totally united against a yes vote on impeachment? >> absolutely. i mean, think about it. in the senate, you don't get to use hearsay evidence like it's a real trial not the fake stuff that the house does or they do in china where they use hearsay evidence. here you have to have evidence. the only person transparent is trump. he put out the transcript. so i think these are getting hurt right now, because people back home are saying wait a minute. you're wasting your time doing impeachment and you're not passing the budget, securing the border, reducing drug prices. so i think back home i think the
democrats are hearing that people are frustrated and not getting anything done. stuart: what's the state of florida's economy? i ask because it's obviously a key state a battleground state. the economy overall is doing well. how is florida because you're a key state in 2020. >> well, the economy is doing great. i think trump will have a big win. everything i see, he's in a similar position he was in 2016 during my recent 2018, and the rnc has a great grassroots effort but the economy is on fire. tourism is way up, home sales are up, 500,000 people moved to the state last year, so i think that he's going to have a big win and i think on all of his rallies, you got to talk about jobs a little bit more and talk about the economy a little bit more, because everybody loves what's happening in this country low unemployment, low african american unemployment, low hispanic unemployment we're on fire right now in this country. stuart: got it, mr. senator as always, thank you very much for taking time out to be with us. it's really appreciated.
thank you, sir. >> have a good day, stuart. stuart: yes, sir. i've got a couple of headlines on of all things, meat. first of all mcdonald's says it might move beyond, beyond meat. >> okay so the plt, the plant- based patty is being tested at mcdonald's in canada. if it moves over to the united states, beyond meat could be the supplier of that but very rarely outside of coca cola does mcdonald's use just one supplier so it could be several suppliers if you're an investor in beyond meat stock says 75. this is what analysts say takes sales to $1 billion, a partnership with mcdonald's. stuart: and it would. absolutely and mcdonald's is the king of the hill when it comes tou bars. >> i'd try it. stuart: that would be? >> plant based patty. stuart: no pbp? >> like a blt? stuart: oh, it's the plant. >> plant based. stuart: whatever you say. >> protein based.
stuart: i'll take it. here is another one for you, impossible foods got a big environmental award, who gave them the award? >> the you knighted nations they won the u.n. climate award for everything that they're doing on plant based and i would say, did you know that impossible foods debuted their plant based meat alternative at ces, they consumer electronics major trade show back in january stuart: no i didn't know that. >> yeah it's all caltech and they were serving up plant based everything. stuart: so the vegetarians and vegans have taken over now that's very interesting good one , thank you. now, we have the ceo of echelon fitness who are a competitor of peloton. here is the kicker. their bike is $1,400 cheaper than the peloton. we're going to talk to him in a moment, we're demonstrating one of those echelon bikes right now keep it here, please. >> ♪ ♪
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a competitor, echelon, who are a cheaper option and the fitness ceo is with us right now. lou, welcome to the show. >> thank you so much. stuart: right hand side of the screen, we have one of the train ers actually using the bike as we speak just behind the christmas tree in our studio. lou, how much cheaper is the ech elon compared to a peloton? well you can get it for about $ 800 compared to a peloton it's about $2,400 to get it home. stuart: you start at 800? >> we go up to about 1,600. the 800 uses your ipad or your google or tablet, android tablet but it's a great experience. if you're an apple lover you'll love it. stuart: what's the difference between the peloton and the eche lon? other than price, are they better exercise bike? would you give them that? >> peloton is a great product i won't knock them, but i think we've created something that's very special and is at a similar
level but at a competitive price we sell to the major retailers and online as well, so we're making something that is getting out to the masses when they're going to the boutiques and these gallery malls and stuff creating these very expensive showrooms we're going out to the retailers so we've got a better strategy i think to market. stuart: did you get hit when peloton was hit for the so-called sexism in that ad? i've never senior ads, but were you hit? >> we have a lot of social media backlash on it as well for people having skinny people in our commercials. our big commercial right now is santa claus and we make him skinny but he secretly rides our bike. stuart: you are wicked. >> we got backlash for people too because santa can't be skinny, but we're trying to be healthier here with echelon, and we have a great product that everyone can afford. stuart: can you tell us how many you've sold? will you tell us? >> we have about 100,000 members right now, and our --
stuart: does that mean you've sold 100,000? >> it means our number is very similar to that and i'll tell you one thing, our numbers, we're a private company and we have backed by private equity in north castle partners but what's exciting about us during the black friday cyber monday our numbers were up five times over last year and at the demand is huge for this category, and interactive, connected fitness, with the media that you have here, we have a similar media experience with a studio in miami and one in chattanooga, tennessee. it's big. people want that boutique fitness right in their home. stuart: that's extraordinary i see nicole pedaling away right there. that looks good i got to say lou thanks very much. >> thank you. stuart: we appreciate you being here. >> thank you. stuart: now, we have this for you. are you there? i've got you. citron research says peloton's price goes down to $5. tomorrow, the man who made that call, andrew left, he will join us on the show. $5 for peloton, we'll discuss.
megan rappino back in the spotlight named sports illustrated, i'm sorry sports person of the year and she accepted the award, monday night , but she couldn't help but bite the hand that fed her, we'll tell you exactly what she said. garrett cole, pitcher for the astros in the world series, well he's got a deal with the yankees it's worth an enormous amount of money and of course, we'll tell you how much it's valued at after this. >> ♪ there goes my hero look, this isn't my first rodeo... and let me tell you something, i wouldn't be here if i thought reverse mortgages took advantage of any american senior, or worse, that it was some way to take your home. it's just a loan designed for older homeowners, and, it's helped over a million americans. a reverse mortgage loan isn't some kind of trick to take your home.
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trades to yankees for how much? >> 9-year deal, the deal is so long because he's 29 year's old. 326 strikeouts last year, by the way. stuart: $36 million a year. >> per year. stuart: more than a million per start, how about that? time is up for stuart. neil: we are following clock tickings here, four days away from deadline, we will know by then whether the administration is ahead of the green to push back those tariff that is were supposed to kick in, $165 billion worth of chinese goods. the guy who investigated what got them going on in the first place and separately you have a lot of ceo's talking around the country, including morgan stanley or chase morgan ceo with his view of where he see it is economy going, we will get updates on all of the above. let's go to craig