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tv   Varney Company  FOX Business  September 24, 2018 9:00am-12:00pm EDT

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the s&p and into a new communications services sector, that that was the reason you saw pressure on google's parent or netflix last week. but again, you see selling pressure again to start this week. maria: we'll probably see google testify at some day soon. have a great day, everybody. here's stuart. stuart: good morning, everyone. we cover politics and money, and we have a show that is jam packed with both. first this, the market. it's another case of despite it all. stock prices holding close to their record highs of last week even though china has walked away from trade talks, even though we today imposed tariffs on chinese goods. the big three indicators will show only minor losses when trading starts this monday morning. now this: another woman has come forward with accusations against judge kavanaugh. deborah ramirez claims he exposed himself during a drinking party at yale in the early '80s. however, the new york times tried to find witnesses to
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corroborate her story but could find no one. ms. ramirez herself contacted her yale classmates and told some of them she could not be certain it was kavanaugh. judge kavanaugh himself has called this a smear. top democrat senator dianne feinstein wants all confirmation hearings postponed. delay is the democrat strategy. but as of now, the original accuser, dr. christine ford, will testify thursday. it's a jam-packed week in new york as well. the president's here. he addresses world leaders tomorrow. america first returns to united nations. watch out for unscheduled meetings and maybe market-shifting headlines. can you stand one more? you might like this one. the government is not happy with those ever-shrinking seats on planes. there's to be an investigation. "varney & company" is about to begin. ♪ ♪
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stuart: let's get to something really, really positive. tiger woods! he won the pga be tour championship yesterday, first professional win in five years. that's the winning putt right there on the 18th, and you can see on the left-hand side crowds swarming around him. never seen on scenes like that for a very, very long time. but, ashley, he's back. ashley: absolutely remarkable. he used to do the old uppercut -- [laughter] it's been a long time. it's been five years, 2013. let's not forget that tiger woods has undergone four back surgeries, the last one a year ago. he had to wait for his back to fuse. he's had to change his swing, but as someone noted yesterday watching him on the final round, he was methodical, consistent, dominant. that's the tiger woods of all. his 80th win on the pga be -- pga tour.
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he's only two away now, he's 42 years old, tiger. a lot of people said they would never see this again and, guess what? he's done it again. stuart: and the crowd loves him because america loves a comeback. ashley: they do, they do. stuart: this is probably one of the best and greatest comebacks in professional sports history. ashley: and nbc loves him, because i'm sure the ratings were enormous. stuart: there was an awful lot of people who watched golf, not football. ashley: yes. stuart: i regret to say we're going to have to turn to politics, toxic as it is. a tentative agreement for a hearing thursday with brett kavanaugh and his accuser, christine blasey ford. thursday is the day. 40% of voters would confirm kavanaugh, 50% oppose him. how about that? former senator tom coburn, republican from oklahoma, is with us now. sir, it looks like the democrat strategy of delay is working. what say you? >> well, i think they have to
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delay it. the vote was supposed to be today, so they have delayed it. but, you know, to me, this smells of clarence thomas hearings, the bork hearings. this is a strategy that you do whatever you can to keep somebody from being on the court who actually believes in the constitution. stuart: and this, "the new york times" front page today says this testimony could derail kavanaugh easel vegas to supreme court. >> i don't think so. i don't think so. i think, you know, this man has an honorable record, something that, you know -- first of all, most 17-year-olds i know in high school are pretty stupid. they do a lot of stupid things. but, you know, there's no corroboration at all. ashley: there isn't. for the second accusation either. >> and, again, this is all a strategy to turn things, to make it delay so that there's after the election they won't have the votes to be able to put him on the court. stuart: well, will they be
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successful -- >> no. stuart: you think there's going to be a positive vote before the election. you think that? >> yes. stuart: okay. next one. another fox poll, when asked who they would back if the congress aal election were today, 46% of registered voters said democrat in their district, 40% said the republican. so with these voters, the democrats have a six-point advantage. that doesn't look good for the elections for the republicans. >> that's not uncommon in the first term of a newly-elected president. that's number one. number two, those are vote, registered voters, not likely voters. and the thing that counts is what's likely voters. so if you compared that poll to likely voters, it'd be interesting to see how much more narrow that margin would be, which i suspect it will. and is with the kavanaugh stuff going on, it's likely -- markedly increase republican turnout. stuart: you think so. >> >> yeah. because this is dirty play.
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this is not fair play. holding something for seven weeks because you know you can use it to delay? you know, i mean, this this isnt honorable behavior in terms of part of the senate democrats. stuart: so you're optimistic that the republicans will get him confirmed and, secondly, the republicans will not lose control of the house? >> i'm not sure about whether they'll lose control of the house. i'm sure that they will get kavanaugh confirmed. and it's not uncommon to have a big swing in the house prl in the second year of a president's term the. stuart: do you think most voters understand the stakes here? because i think they're extremely high in the november elections. high for the economy, high for our foreign policy and the potential impeachment of the president. >> well, i think what's happening in our country, what we're seeing is a movement toward socialism and marxism. stuart: yes, we are. socialism, for sure. >> and you can see that by generation. what we have is we've stolen the future from the young people, and now with the indoctrination
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that you see in their education, free enterprise doesn't work, standard of living -- regardless what ours is, they think it could be better if you had socialism. you know, medicare for all just costs $38 trillion. i mean, just think about that. that's what they're voting for. that's what they see. all of it's impossible because they've been lied to by the left. stuart: okay. senator, it's always good to have you back. >> good to be with you. stuart: come again soon please. >> you bet. stuart: yes, sir. where are we going to open this market? it's a monday morning. please remember, we closed last friday with the dow 26,743. i believe there was a series of new highs. in fact, i think we hit the 101st high for the dow after the election of donald trump. we hit that last week. we open this morning with a very mod best loss. modest loss. siriusxm going to buy pandora. this is a $3.5 billion all-stock deal. sirius expects to close this
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thing by early next year. pandora up 7% on that, sirius down 4%. we've got to talk trade here. china canceling talks with the administration as america imposes tariffs on $200 billion worth of chinese goods coming here. ashley: yeah. it's a 10% tariff that goeses into effect today, and if nothing works out, the next schedule is for 25% come january. we were supposed to have talks between the two sides start sometime this week. china has called it off, has put out a trade paper today basically accusing donald trump, the trump administration of what it calls trade bullyism, pushing an american-first agenda at the cost of international relations. and what's interesting is at what point does this really start to bite on the american consumer, and what does that do to politics? if you have the apple growers and cherry growers from washington state are now getting killed with retaliatory tariffs, the automakers and bourbon makers of tennessee, these are
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the base areas for trump support. so at what point does this move into consumer prices, which has an impact there of course, but also into the political realm. stuart: i think it's a delaying tactic on the part of china, delay until a after the election when you may have a more favorable political environment for china's idea. ashley: but the trump administration is holding tough. stuart: they are at this point. they're playing a tough hand, very strong. now, we're going to open this market in 20 minutes' time. we're going to be down about, what, 40 points now. that's not a serious loss. it seems like the market does kind of want to go up. ashley: it does. stuart: despite it all. ashley: i know. and i think the encouraging thing is we've seen big tech do so much of the heavy lifting. that hasn't been the case recently. we've seen the gains on the much broader sector of the u.s. economy, defense, utility. you name it, we're seeing much broader uplift of stocks and companies. why? because corporate profits are great, the u.s. economy is humming along, unemployment is
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so low. investment, capital expenditure is up, r&d is up. there's no reason to take any money off the table. stuart: whatever you say, ash. whatever you say. [laughter] okay, we're now going to be down 40-odd points for the dow industrials. big guest coming up in our next hour, house majority whip steve scalise. what does he make of the latest developments in the kavanaugh nomination fight? we're going to ask him about 10:15 this morning, certainly in the 10:00 hour. president trump considering an executive order that would open probes into google and facebook. will it go anywhere? they're talking about antitrust, they're talking about suppression of conservative opinion. what does judge napolitano think about that? well, he's on the show next. and moody's putting a price tag on the cost of hurricane florence, $38-$50 billion. that's their number. more detail when "varney" comets. we're voya!
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stuart: comcast beats fox for the battle for sky broadcasting. they bid $38.8 billion. they won. fox is the parent company of this network. comcast down, fox little changed. moody's, well, they put a price tag on the economic cost of florence. now, the number was, what, $38-$50 billion. how's that compare? ashley: there were three hurricanes last year. we had the maria, harvey and irma. they all caused more damage than hurricane florence. i guess the saving grace -- and let's not forget that 41 people lost their lives in the carolina/virginia, that we'll never be able to replace, of course -- but it went from a cat 4 to a cat 1 when it made landfall. they're seeing roof damage along the coast, flooding of homes and cars inland. and, by the way, the rivers are still high, thousands of people still in shelters, the danger has not passed. but overall, according to the insurance industry, this could
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have been worse as they like to say. but that is the case with florence. stuart: got it, all right. the white house has drafted an executive order that would instruct government agencies to investigate the business practices of alphabet, as in google, facebook and other social media companies. judge napolitano is here. they're talking about the suppression of conservative opinion and maybe antitrust grounds to do something with google and the rest of them. will it get anywhere? >> in my opinion, no, it won't get anywhere. in fact, the president -- this is something the president cannot order. the president could not sign an executive order saying investigate varney, find something he did, investigate alphabet, find something they did. investigate amazon. i hate jeff bezos. there must be articulable suspicion. it can't be because the chief executive wants them investigated. so i don't think this goes anywhere. he may not want it to go anywhere. he may just want the so-called
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targets to fear his threats and his power. stuart: it's hard to bring an antitrust move against a company when that company is lowering prices to consumers. >> correct. it is also hard to see the criminal activity in the suppression of conservative speech even if it is intentional. it is not a crime. they are not the government. i know they're as big as the government, and they're bigger than some governments, but they're not the government, and the first amendment doesn't regulate them. stuart: why don't they go after them on the grounds that they've got a neo-monopoly on search? google has become, what is it, a verb? let's google it. they've got, what, 80% of search? 85%? >> they are huge, and there is some jurisprudence that says no monopolist monopolizes unconsciously, meaning you intentionally want to become a
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monopoly. but they're for free. they provide anything you want. who can object? is you don't like them, use bing. they do have some competition. it's not as big as they are, that it's become a verb, but they do have some competition. stuart: just strikes me that these companies are almost untouchable. the europeans have take then money off of them, but nobody else has. >> you know, it's interesting the way you said that, the europeans have taken money off them. that's all it was. it was a theft by the regulators to put money into the coffers of the e.u. that's all it was. stuart: yeah. >> it didn't change their behavior, and they have laws that permit it. they don't have a constitution, they don't have a fifth amendment. stuart: so we can't touch them. >> thankfully, no. [laughter] but you can buy stock this them. stuart: yes, you can, and a lot of people have. judge, hold on a second. more in a moment. look at futures, we're going to be down just a fraction are. i'm reduced to saying all over
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again, despite it all a toxic political environment, we're not going to go down much from the record highs of last week. how about ebay giving hundreds of employees the option of working from the home. you don't have to go to office. we've got the latest on that, and that's a promise. we'll be back.
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stuart: "the new york times" reports that deputy attorney general rod rosensteining suggested secretly recording the president to expose chaos in the administration, and he discussed recruiting cabinet members to invoke the 25th amendment to remove the president from office. the judge is still with us. some people are calling this a coup. >> well, he has denied it. three of the five people in the room have said it was stated sarcastically, nobody thought he meant it seriously. but if it manifests an animus towards the president -- and this is a bit dated, this is may of '17 -- since that time the deputy attorney general and the president have met dozens and dozens of times about highly confidential matters, as recently as last week over the release of the fisa documents. i don't know where this goes, but i'll give you a political opinion. i think people are trying to goad -- stuart: yes. >> -- the president into making a rash move now before the
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midterms, and i believe that if he were to fire deputy attorney general rosenstein now, it'd look like it was self-serving, and there'd be a reaction at the polls. stuart: the left wants him to fire before the election. >> yes, they do. stuart: they're actually saying it, we're very worried that the people will fire people. they're not worried, they're hoping he does. >> the right. and here's the other side. if it was not sarcastic, who would have on the upper echelon ares of their business, the justice department, somebody trying to get rid of the boss? who would tolerate that? but rosenstein has denied it, as have the other people in the room. the times is sticking by its story. stuart: it just goes further towards the story that the white house is and always has been in total chaos. and you can't control -- >> the chaos that we're going to discuss later on in the show with judge kavanaugh, never saw anything like it. truly -- this was supposed to be a boon to republicans. it's been the opposite.
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stuart: it's been hijacked. judge, we will see you later, promise. sears, their ceo, eddie lampert, pushing a new plan to avoid bankruptcy. ashley: yeah, he's wanting creditors to refinance $1.1 billion of debt, he's asking the board to sell $1.5 billion worth of real estate and to sell off 1.75 billion worth of assets in an effort to stop -- that would basically reduce the entire debt by $1.25 the -- $1.25 billion. and he's doing all of this to avoid bankruptcy. is it rearranging the deck chairs on the titanic? we shall see, but he's taking the steps he believes to save it. stuart: and the stock is up ten cents. how about ebay? they plan to create hundreds of new jobs where you can work from home. are they going to give you a computer for home? >> they are. two monitors, even a stipend to
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help with cost of high-speed internet that you're going to need. they'll also give you five weeks worth of paid virtual training and also, by the way, offering competitive pay, health care, a 401(k) and paid time off, and all of this you can do in your bunny slippers and pajamas from home. [laughter] we all have a pair of bunny slippers, don't we? they tried this successfully in ireland last year. they're encouraging employees currently in salt lake and austin the same deal. stay at home, we'll provide you with all of this -- >> you work from your tractor while you're wearing flip-flops? [laughter] stuart: or can you work from florida? >> any one of your -- stuart: from the beach. hold on, everybody. [laughter] we've got to look at the market. quiet on the set. we're going to be down 30 points, that's it. despite it all, down only 30. back in a moment.
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>> when i get up this morning, i looked at news headlines i thought surely this market is really going to go sharply lower. after all we had just -- i get up at 2:00 in the morning we just imposed tariffs on chinese goods coming into america, that occurred at midnight. and we have a second accuser
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going after judge kavanaugh a toxic political environment indeed. and then i looked at futures. not a big selloff by any means. in three seconds we'll find out how we opened bang here we go 9:30 on monday morning to open lower but not that much. down 39, 40 points, 36, 33, there you have it. look at that a lot of red left-hand side of the screen i mean that two-thirds to three quarters of a dow 30 are in the red. they are down. but the average is off to 50 points as we speak. that's a loss of .18%. now is this -- occurring through the the s&p, yes it is a sharper loss there down a quarter of a percent as for nasdaq technology companies, where are they in the early going? again, down about a half percentage point. so we're lower. but this is not by any means major selloff. now look at this.
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siriusxm a stock deal to create largest audio entertainment company down and pandora is up. who is with me, duflt day to analyze today. very difficult indeed scott, jeff seeger ashley webster all of us together trying to figure out what's going on. first to you jeff seeger are you surprised that there's no big selloff this morning with all of this toxic political muse in background? >> i'm not at all surprised this has a big -- i'm studying the bliss this is a big celebration of ignorance. let's not look at it -- pay attention to anything, let's just buy stocks recklessly. it doesn't surprise me what would surprise me is if we actually got a poll back that would shock me. >> expect a pullback. i do but as you know and probably are going to remind me of i've been expecting pullback for a while. i think that market with -- 84% of the gain in the s&p in
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the the first half for four tech stocks i think that market is very narrow, and headed for a decline. okay. >> we are now down 80 points that's a third of one percent on the dow industrials. got it. all right to you please -- scott. i think that stock buybacks are playing a big role in supporting this market. apple is spent 63 billion in the last 12 months buying back its own stock. isis there something we should know about? >> you're exactly right. the problem with that is it is not a job creator you know that money that they say from the government get tax breaks high doesn't go back to the economy. and to jeff's point i agree with this -- sentiment, however, the the money manage that we're talking to this is a -- ramification of voting with your heart instead of head and these think they have missed market rally, because they didn't like donald trump. but they forgot about liking his policy right, so the policies
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put market where it is right now. and problem we don't for the reason we don'ts see a big downdraft is there are money managers that didn't like donald trump. but they forgot about his policy. so here we are. the dow drafts are less because they've got to get back in. >> that's right and reiterating what charles payne told us last week. he said most 90th bull run in history -- and there are a lot of -- still a lot of money on the sidelines discussion with these point. because people they may not like donald trump and they are forgetting the fact that his policies in this my where it is. >> those people starved ousts bond market and those are a lot of ones that can't buy bonds that can't diversify, and they're chase hadding overvalued stock to try to get dividends. >> okay where we are now, down 90 -- on the dow that is one with third of one percent. this after a series of record highs last week ping we hit 101 on the records for the dow.
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since election of donald trump. and this monday morning when we get become to work get back to trade we're down just 90 points that's a ired this of one percent. not a lot. i want to show you price of oil -- it is moving up. 71, 72 dollars per barrel as of right now. that i think -- again, to you scott i think that's because opec is saying they're not gopg going to raise output that much. is that right? >> that is true web and that was in worry about what might happen with iran and its oil. so at the end of the day now we've got folks trying to talk about trying to replace one and a half to two million bushel, barrel a day, and this doing so that's maybe talk to brent expectations between 90 and 100 a barrel about 10 behinded ahead of wti so yes, there are guys out there now saying that there's a lot more oil to find replacements for and they're expecting a decent move higher. in the the next coming months
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i'm not quite sure that is the case because again, i've said this before. north dakota this summer was pumping 1.27 million a day which was equivalent to venezuela so we have both sides. >> extraordinary man of oil pumping from north dakota few years ago there was nothing. >> but still this issue of getting it to the market because of the pipe backup it needs to be fixed. one thing i've said about price of oil 72 a barrel that means -- that our price for gasoline in the united states is going to go up. i mean i'm not sure how much or when but it is going to go up with oil at 72. >> stuart. go ahead scott what do you say? >> i can't help myself i feel like it is free over here. back to starting my barbecue with it because in london it is $7 a gallon so almost like bottled water to me here. [laughter] >> careful what you drink there -- we have apple -- they want to make scripted shows for streaming. but no violence, no risk
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storylines. sounds to me jeff they're a bit like disney they want to keep that pristine brand. >> i'm the excited for the reboot of the brady bunch because that's what -- [laughter] get going there, but here's the reality are about apple who -- continues to roll out new versions of old products. they have to realize that netflix and all of the streaming have -- hbo have made a lot of money on pushing limits. and that's put netflix where they are. so yes, they should try to do this. i think the world needs good clean programming. but they're probably going to fail. okay. >> wow. here's the story which had a lot of our viewers will i'm sure really applaud. the skies may get friendlier if congress has something to do with it because they're mandating more leg room, plus am i right -- ash, new rules on service animals involuntary bumping. >> also investigate the size
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when you love this job investigate size of airplane laugh toirs coming -- they are getting smaller. ridiculously so anyway we'll leave that for another day. used to be -- 35 inches space between this section of the seat and the one in front of you. that is down now to 30 finches and a 27 inches it becomes dangerous so they're pushing limits right now. they are frying to say -- enough is enough. you can't squeeze in anymore. as for animal service animals they're going to clamp down on people pretending that this is a service animal i need whether it is a goat or a pig or whatever. you can't do that anymore. but also they can't bump you off planes now when you legally board is and thank god because eight years ago it happenedded to me -- and still therapy over -- [laughter] but all seriousness scott are you in favor of the government dictating the leg room that you enjoy on a plane? [laughter] >> what leg room --
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if that's not a beach problem, i don't know what is. of course a guy like me will want a bigger seat i don't care i want a bigger seat so anybody who wants to get involved i'm all for it. >> finally a purpose for the government. [laughter] finally something that they probably do right. [laughter] stuart: well i have to say where are we now on market eight minutes into tradings session first thing monday morning down about 78 points comcast beating fox for sky broadcaster they came in with a 38.8 billion dollar bid. fox is parent of this network. comcast down -- 21st century fox our parent company up slightly. barrick and randgold getting together 18 billion dollar merger. a london investment firm call this more a case of two drunks supporting each other. rather than a deal based on strength and merit but both stocks are up significantly.
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6% for barrick 70% of randgold sears pushing new plan to help the company avoid the bankruptcy getting rid of selling 1.7 billion worth of assets. that stock is now down -- he's facing and running out of time and money. i guess -- few minutes ago it was 7% now it is down 9 cents. 7%, and the head of the publicly traded company in marijuana company says he's prepare for potential changes that could make his products available in america. do you think he's going to happen scott she? >> slowly but surely but more accepting and, however, when it comes to investing it is kind of taking on -- a little bit bitcoin taking on that feel so i think it is a little bit way too dangerous and early to get involved now. but somewhere down the line, fda nowhere near this when it the gets involved then something to say for you to invest in.
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>> truly nationwide industry going here, you've got to lower change the classification of marijuana from a class one, class a it a class two. to do that and you're okay. but jeff would you buy a marijuana ?ok >> i've never thought i would be asked this but optimistic on the future of to the is -- no big shocker to me. [laughter] would i buy them but people i agree with scott there's a lot of speculation. there's potential in a lot of what marijuana could do from a -- medicinal purpose and if it becomes wide spread. we have that. but annihilate productivity but as far as is it going to grow yes it is going to grow as an industry. . got it question of to say good-bye to scott and jeff, it is 9:40 eastern. thank you appreciate you being with us. where's the big board ten minutes into trading session. not down that much. no, in fact, down 60 that's a quarter of one percent. we have a big market guest
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coming up one and only bob joins us he says market will keep going up. even if the democrats win big in november -- he makes his case in the 11:00 hour this morning. steve hilton frequent guest -- says president trump should call for a total economic boycott of china. i'll let him make his case right here and deadly attack and blames u.s. and threatening consequences. we're on it. - at athene, we think it's time for the financial world to stop acting the same old way. you need a partner that is willing to break free from conventional thinking. we are a different kind of financial company. we are athene, and we are driven to do more.
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pandora at the new york stocks exchange who is getting rich off this? >> sounds like he needs to get any richer but he does own pandora now acquired all stock deal that's a 32% premium so he's making 32% more i should point out that george you know he's big on streaming music he also owns 122 million in pandora competitor spotify as well. but there's a caveat to this deal because it is not confirmed it hasn't gone through or been confirmed until first quarter of next year and until then, the dole has a go shop caveat which means pandora could still and still has that duty it shareholders to look at other potential as well. so not a dodge deal yet but a big payday for george. back to you. >> got it susan thank you very much. to trade provocative headline from steve hilton. look at this. at the u.n. president trump should call l for a total economic boycott of china.
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the man himself hilton is with us host of the next revolution on the fox news channel. >> not saying provocative -- yeah. [laughter] that's provocative a total economic boycott. qoaf to take china seriously. they are biggest threat in the 21st century they have a stated plan for world domination economically we know that but also militarily through technology -- they're trying to get lead in the technology of the future artificial intelligence quantum computing going around the world by giving them infrastructure, and then taking control. it's a really serious threat. the regime, however, is vulnerable. president trump strategy of the tariffs is already causing problems for the regime we need to give it a shot and i think that a boycott, a total boycott is way to make sure we get that result. >> well, about a boycott, i mean, is that of consumers
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saying i'm not going to wal-mart anymore or buying chinese products in wal-mart or state our government saying no more chinese imports none of them. you can't -- >> hold on a second it's not you're right maybe word would be sanction or something like that. but let's make a comparison wing the soviet union in the era of the soviet union we didn't engage with them the way that we do now, and intertwine our economies and actually china is much, much bier threat much more smarter to regime so what need to do is tell companies like goggle and others and all of these other businesses that are in china -- helping and google about to go back into china, helping the regime that you can't do that. you cannot beat operating in china. >> you're extremist and that was provocative. [laughter] that's true. real fast, the president trump considering an executive order going out to the social media companies on antitrust grounds
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and conservative opinion. do you think he goes anywhere? >> no. because the current regime doesn't allow it focused on consumer welfare getting good deal. but the problem is, are businesses of the startup that are squeezed out and also the political consideration that means you have to change framework of antitrust if you want to really take action. >> you can't. it is written in such a -- fashion you really can't do anything. can you? >> i think that -- that's why the whole thing needs to be changed. and have a new approach which says -- it is not just about whether consumers are getting cheap product but also about wider implication of these companieses with enormous power. >> i once appeared on your show. should i appear on a show that says provocative is what -- >> come to be even more provocative we would love it. >> not careful watch out. we will see you shortly thank you, sir. all right let's check that market action. still nothing significant loss this monday morning. we're down 70 points that's it. now this -- the federation for american
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immigration reform says illegal immigration cost taxpayers 113 billion a year. former i.c.e. director thomas will discuss that in our 11:00 hour.
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all right monday morning and we're down a third of one
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percent, the dow is off 84 points in the very early going. a top military official in iran blamed our country and israel for attack on a military parade over the weekend. tell me what happened there. >> military played in southwest of iran one of many parades held across the country. 25 people were killed it was militants disguised as soldiers opened fire you can tell from some of these pictures twelve killed member of iran revolutionary gods in response to this as you just said stew iran blaming they say it was carried out by militants trained by israel in gulf states, and supported by the u.s. and there's been a lot of rhetoric you'll see our response which will be crushing and devastating united states have no knowledge at this and condemning attack saying they condemn all acts of terrorism. >> any news of unrest ins iran is po at the present time this point in time. got it. by the way, the united nations general assembly has begun in
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new york, they've begun today. james is with us he focuses on foreign policy at the heritage foundation. james, there's going to be all kiengdz of meeting with all of these diplomats and world leaders there. do you think there might be something positive that comes out of it? anything at all? president of the united states will have meetings and the ump from a year ago because now america has a pretty heavy foreign policy on the agenda, and it is very clear where we're going and what we've achieved so actually there are quite a few things for president trump to talk about with other leaders. yeah. >> what are the pluses for our foreign policy what have we achieved in the last year for our foreign policy? >> so you start in the middle east. you can say what you want about syria but it is not spinning out of control creating a regional war you can sigh what you want about iraq but iraq at least is not spinning out of control in
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falling apart. you can say what you want about iran, but iran has been put on notice, and it is really feeling the pressure and that's really straining its capability to be a destabilizing force in middle east so hard not to argue that america is not back in the middle east and people are not feeling our presence and same thing in asia if you look at for example the scope of the engagement with north korea opposed to where we were a year ago on the verge of war you look at push b.c. on china, that they haven't in a decade and western europe for all of the bsh blabbering about trump and russians, russianing feeling under pressure today than they've ever felt so it is really hard not to make the case. that the u.s. presence is not felt in the world. >> when the president speaks tomorrow i believe it is 10:00 eastern time he begins his big speech at the u.n., is it going to be a return to america first? here's what we are -- here's what we're doing? >> i do think it will about what we're doing in the world, and i
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do think people will pay a lot more attention. not that it pay attention last year but now they have context. a year ago there wasn't a lot of context about what is the united states actually going to do. you can love trump you can hate trump, you can cherry pick quotes and tweets all you want but what america is doing on ground is deniable and president putting context to that unfiltered by media and everything else i think people will pay attention. >> you have to have it unfiltered by the media and that's a fact. thank you for joining us we appreciate it. by the way everyone president trump makes big speech tomorrow the u.n. general assembly is tomorrow morning. 10:00 eastern you'll be able to see it right here on "varney & company." how about this one -- used car sales -- booming. isbecause new cars are expensiv? average price of a new car now is $36,848 that's a lot of money. the average car payment for a new car is $536 a month. >> wow.
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so that's a lot what is average for a used car? well quality of used cars has gone up considerably but price is 22,489 that's a three year older or car 30,000 or loss but more and more people now are going for used car because of that shock on new cars and of course many have 40 50 and up. >> when i first came to america 72, 73 average price for a new car -- 3,000 dollars now it is 36. yeah. a difference. >> times have changed. kavanaugh chaos two allegations both from more than 30 years ago. both brought to lite at the last minute democrats clear intention delay a vote. my take on that is next. i'm thi. i'd like to retire early. oh, that's great sarah. let's talk about this when we meet next week.
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>> looked like a bombshell, a second woman had come forward with an allegation against judge kavanaugh. this story broke last night in the new yorker.
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deborah ramirez said he kavanaugh had had exposed himself to her during a drinking party at yale in early 80s. however, "the new york times" had interviewed several dozen women in the last week in an attempt to corroborate per ramirez story and found in one. indeed ramirez herself connected her yale classmates asking if they record the incident. reportedly she told some of them she wasn't sure it was kavanaugh who exposed himself and she had been drinking. further more, none of the people who are said to be witnesses to the alleged high school incident can corroborate dr. christine prd's story. two allegations, both from more than 30 years ago -- no corroborating witnesses, with no tangible evidence and both brought to light at the last minute. in thes clear intention, delay until after the november election when they hope a different balance of political
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could sink and same story in china delaying trade negotiation hoping for political change in november. clearly, there is a lot riding on the november vote. the future makeup of the supreme court, our relationship with our biggest trading partner and yes -- impeachment. less than six weeks to go and elections are are perhaps more important than any other midterm in recent memory. the second hour of "varney & company" is about to begin. okay we just brought a little bit more. now we're down triple digits that's 100 points down, that is a loss of one-third of one percent. couple of mergers in the news. barrick and randgold they're getting together that's an 18 billion dollar merger. both stocks are nicely higher there. another one, siriusxm buying
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pandora 3.5 billion all stock deal. expects this to be completed by early next year it will create the biggest audio company in the world. don't forget oil. we've got the price now at $72 a barrel and rising -- o'opec says it is only going to raise production a little. not enough to offset what will be lost from iran when sanctions against their oil go into effect. big tech names pay close attention to microsoft not just because i own it but a dow stock one of the biggest drags on the dow with a los of nearly 70 cents only big tech name that is up at the moment is facebook that is only up a fraction. but do take a look at amazon. and next guest says that company will be first to reach a two trillion dollar evaluation not apple. to get to two trillion amazon stock has to double in a bit more from where it is now. keith fitzgerald made the call come on in keith and make your case. go.
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>> absolutely. four key businesses here artificial intelligence, entering your home, big data, and, of course, distribution into advertising. that's four business segments to move it faster and further than apple now under tim cook leadership falling behind in the home market. >> to forget apple for a second go back to amazon. at what point does it stock price double how long does it take for it to double to get to $2 trillion? >> i am still working on the math stuart varied with each earning season but i'm saying 24 months possibly less. >> why don't split companies they get to a certain size and then they split? so a lot more people could buy 100 chairs a lot of share lot why doesn't amazon split? >> you know i've asked myself the same question stuart but i think that jeff bezos has figured out that it is it better to keep it -- together because then he doesn't have to cope with with all of the different reporting. he doesn't have to worry about which segment is more valuable. right now with all of the
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businesses in one unit he can use revenues from one amazon web service to feed growth in the others. >> that makes sense. you also say by the way, that alibaba is only company that can give amazon a real run for its money. again, make that case. >> absolutely. you're talking about a company that is operateing where you've got 1.3 billion people in addressable market p. you have more joining in the asian growth area than pop lathe this entire country you have operating margins about intreep nearship faster better consistent growth than amazon here. on both. so yeah. okay for long-term investors you're say -- by alibaba buy amazon don't be put off by high prices buy them now? yes. bingo. this is take the strong -- [laughter] very strong stomach i should say to do that. i want to talk to you about tesla i believe stock is now yes, 300 dollar a share. but you think it's going to be
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cut in half might go down to 150 again i keep using this expression. make your case. [laughter] >> you bet stuart this is all about the the unbelievable. i think musk believes in his own legend as clever as he is a financing that won't have a diluting impact and went out the the door tells me there's something funny going on with numbers and i wouldn't be surprised to see reckless accounting that comes to light, share price -- out it goes. >> it ever does go down to 150 we'll keep buyer -- >> you know, i'm looking very is seriously at it because i think technology is redeemable but i think it is far more likely that a bigger player comes in and partners or acquires that. >> keith you always keep things short, sharp to the point you did it very well with three different stocks today we like that. that's "varney & company" style. keith we'll see you again soon. thank you very much. >> all right -- we've bot to turn to politics -- got to. midterm what six weeks away many
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polls show the democrats are ahead by 6 even 12 points and generator head-to-head ballots. six to 12 points ahead the democrats. lawrence jones is with us conservative commentator. lawrence it seems that millennials that's the demographic. that's the group that is most anti-trump most anti-republican. now, you're involved with that group. you're a millennial yourself. what do you say? [laughter] >> you know, you would think if you looked at mainstream media near that would be the case. but let me tell you what gives me hope last week phillips campus from did a video with young people and who theying thought was -- was responsible for the trump economy. was it obama or was it trump and those young people thought that trump was responsible for the the economy. they did say that they don't like us tweeting they don't like some of his personality traits. but they were in support of what he's been doing for the economy. big question is the economy main
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issue for that demographic. the same for every other american. because it is if it is trump wins the republican wins, if they -- if it is not the leading issue then we may be in trouble. >> but it is not leading issue from millennials? pane they're not -- many of stlem not gone out and got a significant paycheck yet. many of them do it not yet own real estate. many of them have not yet started families. that group of people is very attentive to what might come their way for free. health care, education, knockoff student loans. it is attractive proposal or for that group your group of people, isn't it? >> it is, and right now we've been seeing -- a motion to lead the conversation. again, young people aren't having there's a great or article in "forbes" magazine where it talks about -- young people no longer concerned to make a paycheck and go and travel and vacation, and so that does become problematic.
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stuart, honestly, though, this is such a unpredictable election that even if young people may not go and show up for republicans they may stay at home because guess what democrats aren't saying what they are for. and what we know is -- whether we're talking about stocks, investing young people vote based on what is in it for them in the mission statements of these companies. and if it is same thing for voting as well. >> fair point. i want to talk to you about google ceo he sent this internal memo insisting that search results are free from political bias. here it is. google has never manipulated search results or modified any of its products to promote a particular political ideology. lawrence -- do you believe that? >> come on there's not a american out there that believes that even though on the left what we know is that this -- these are private companies they can do whatever the hell they want to do but still the fact still remains that they are -- whether they send algorithm or way that they set up the stream up for people to look and while
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they're searching on these social media companies. as well as google they're search engine they're setting up to -- up to put preference for the liberal candidates. again, what we're seeing in these companies stuart what they say that they're leaving up to the reporting system. well a conservative is less likely to report on these systems. the liberals will say i don't to see that. and in return these companies then adjust algorithms where average their americans aren't able to see what's out there. >> now vote in november going to be just fascinating isn't it? i mean, at the polls got it wrong as they got it in 2016. good question. >> brother i would not -- trust the polling. i would trust the american people and i guarantee you we're not going to know how this is going to pan out until election day and trump is going to be the determining factor. we're seeing ted cruz in any home state calling him to help him out because in texas it is a dead heat between him and -- >> all about trump that's a
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fact. lawrence thanks for joining us sir we'll see you again real soon. >> thank you, brother. >> i was glued to this yesterday along with tens of millions of my fellow americans. tiger woods won his first form in five years. great for the game of golf look at that crowd they loved him. they loved that occasion. we'll have more on that. in thes number one intention -- delay brett kavanaugh kinches until after the the midterms. will they succeed? steve scalise house majority whip he's with me next and president trump considering an order that allows the government to investigate social media companies. here's the question -- will this affect their stocks? so far it has not. you're watching the second hour of "varney & company." it was here.
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we're down nearly a half percentage point that's a los of 128 points. but look at the level 26,600. we have the oil companies -- they're doing well today because the price of oil has gone up to 72 dollars a barrel. see expect exxons to go up and they are up a little. michael kors this is interesting deal i don't get this one. michael kors reportedly near a deal to buy versace i think of democratic luxury and that anything but. well it is down 6.5% on that they intend to pay 2.3 billion perhaps cue the music. ceo is pushing a rescue plan to try to avoid bankruptcy what do they got? >> trying to keep the grim reaperrer away from front door trying to restructure debt and say look we need to sell off some of sears assets such as
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home services and brient use all of that to bring down their total debt which is about 5.5 billion if we can do that, we've got big debt payments due next yore and in 2020 on about billion dollars worth of debt. all of is trying to reduce all of that to keep them solvent because as he said we are run aring out of time and money drastic times call for drastic measures. stock is down. it is. got it. now this -- a second woman has come forward with allegations of sexual misconduct. against judge kavanaugh, just as the original accuser dr. christine ford agreed to testify this thursday. latest fox news poll by the way, shows 40% of voters would confirm kavanaugh. but 50% qowld not. congressman steve scalise house majority whip is with with us now. congressman front page of "the new york times" says latest allegations or latest in that testimony -- could derail kavanaugh's elevation to the court. will it?
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i don't think it will because grow look again there's got to be a balance here laid out all of the latest accuser -- all the names that she's given she's given has said it didn't happen. and then you look at judge kavanaugh in the people who have come forward in support of him. women who have known him his entire life women with who knew him in and dated him said that he's the highest integrity, that he's a man of character and ought to be on the supreme court. so i think in the end you've got to balance all of that and look at the fact that -- now you've got democratic partisan operatives that are trying to encourage more of this too. this isn't to them about getting the facts out. they're trying delay and stop judge kavanaugh. >> so -- dupght it all depend on those four republicans? when there is a vote whenever there's a vote on confirmation of the supreme court there are four republicans who are waivers -- the republican senate from
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alaska, suzanne collins from maine bob corker, tennessee, and jeff flake from arizona. we don't know which way they're going to vote and now you've got second allegation. they hold the key. the republican party holds the key. does it not? >> absolutely. and you know what they've said is let's see all the facts ms. ford is coming forward to testify -- and i think that's going to be real important when both she and judge kavanaugh come forward and testify before the senate committee and lay this out all of these, all of these people that are coming forward are given the opportunity to be heard. but also you've got to balance all who come forward already -- for months this has been going on when you see somebody just kind of pop up, at the senate democrats have been sitting on for months, this has been going on for months and really good people have come forward to speak in support of judge kavanaugh integrity as well. >> but more and more demands there will be more --
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there will be demands for other people to give testimony which means or more delay -- the tactic is delay until after the november elections they could be successful at this. >> well their tactic has been delay in resist from the very beginning, and you know, that they don't want anybody that donald trump brings forward to be on the supreme court. so it is not about judge kavanaugh in the broadser sense it is about stopping donald trump from being able to put anybody on the supreme court. but he was elected in part of reason donald trump was elected is because he promised that he would put constitutionalist on the supreme court not liberal activist. and i think people got tired of that approach. one of the reasons donald trump president is today and he ought to be able to go forward with good quality nominations like neil gorsuch and now like judge kavanaugh. >> do you think that we're treating judge kavanaugh fairly? >> i don't think he's gotten a fair shake in this because --
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again, this has been going on for months where senate said anybody that has information come forward. months ago -- and then all of a sudden democrats started sitting on information political operatives on democrat side got involved stormy daniels attorney is now involved in this. and then you look at the good quality people, so many women that have known judge kavanaugh every woman that has ever dated him has said he's the highest integrity, and he's qualified to be on the supreme court. i think that ought to be weighed as well and that speaks volumes too. my goodness if standard is every girl you've ever dated has to say good things about you and they have they have come forward and said good things about judge kavanaugh. >> what's your degree of confidence that judge kavanaugh makes it to the supreme court? >> i still think he's on the supreme court, and it's important times is well. the democrats want to not just delay but resist and stop him from getting on the court. this court has a lot of big issues confronting them ahead of them. in the next year that starts on
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the first monday in october. and right now there are many 4-4 decisions in ambulance so consider those political ramifications why are democrats motivated to stop anybody that donald trump puts forward from getting on this court when it is a 4-4 court today? ultimately again, with the american people elected donald trump in part because he said he would put constitutionalist on the supreme court he deserves that opportunity. judge kavanaugh ought to be on the court. >> steve scalise thank you for joining us sir and we hope you're well good to see you on the program. >> i take it -- appreciate it. great stuff. >> big lineup for you here on "varney & company." next hour, market watcher bob doll so-called trillion dollar man wait until you hear what he has to say about midterms and market. plus fox news brett hume on kavanaugh controversy, and tom former director of i.c.e. on how much illegal immigration costs taxpayers. check that big board now we're down 122 points that's about a
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half a one percent. more varney after this. how do you win at business? stay at laquinta. where we're changing with contemporary make-overs. then, use the ultimate power handshake, the upper hander with a double palm grab. who has the upper hand now? start winning today. book now at
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comcast beats fox in the battle for sky broadcasting with a 38.8 billion dollar bid fox is the parent of this network. comcast stock down, fox up, a little. and disney on theup side as a result one analyst saying disney dodgedded a bullet because i they didn't get sky and may become cast overpaid that's 2% one of the biggest gainers on the dow.
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congress is considering new regulations on the airline that would include mandatory more leg room. plus rules on service animals and involuntary bumping. hillary vaughn is here with more on this if tell us please because we love this news. >> hi stuart yeah so this bill would actually put restrictions on how much leg room passengers will have onboard or how much airlines can actually restrict the leg room that you have. so seat size is something that airlines have been slowly shrinking from year to year. and congress is saying they want to put a stop to that. so if this bill goes through, they would actually have a minimum requirement of how big your seat needs to be but also how much space you have in between rows. also, they're looking at some other considerations that would ban airline as from kicking prntionzs off flights once they've been boarded. there are also requirements in this bill that would require airline as to explicitly detail what their rules are when it
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comes to delayed flights how they handle that. and what their procedures are. also a crackdown on service animals making sure that people aren't pretending that their pets are service animals just to be able to bring them onboard with them. that's something they've seen ramp up especially in the last year. and so now the faa is looking at putting some type of restriction on that and then also you have -- precheck expansion included in this bill that means it is vibl in a lot more airports around this country and all voted on this week because funding for faa programs ends september 30th which means they're going to need to get this through part of the new budgeting package for the fa airings. >> who will vote against more leg room. there will be more varney after this.
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. . . . pier.
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♪ stuart: we went there. lucy in the sky with diamonds. 1967 or something? i was alive. okay. look, look at the big board. seems like toxic politics and trade news is beginning to affect the market. now we're down 135 points. that is a half percentage point. big techs mostly lower this morning. facebook up a fraction. apple up a fraction. microsoft is also on the downside. mixed bag for the big techs. back to those allegations of sexual misconduct against brett kavanaugh and the media reaction to those claims. we have howard kurtz. host of "mediabuzz" on the fox news channel. there is a second unproven allegation. how would you judge the media
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handling of two main allegations we've seen thus far? >> starting with the second accuser, ronan farrow, and a colleague in the new yorker finding this woman who says that this was in college, not in high school, brett kavanaugh allegedly exposed himself to her at a big party i don't think this meets the standard of ronan farrow's usual work. i'm admire earlier of some of the work he has done in this area. the woman took several days to decide whether there were enough gaps in the memory she could make this accusation. there is no first-hand corroborating witness. one person claim to heard it from someone else. because "the new york times" was investigating this same second allegation and decided not to publish because the paper couldn't corroborate there is media skepticism this time around on the original accuser, christine ford, who said she was 15 when this other incident allegedly happened. >> do you think there is deliberate attempt to delay the
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confirmmation process on the part of the media with the timing of these allegations? that they are essentially the media is part of the democrats gameplan of delay? now you're smiling i don't know why. >> i don't know the media have the power to delay this. the media are certainly open to these last minute accusations against a judge, who by the way vociferously denies. has a statement out about the second accuser as well. the first one as you know, christine ford happened when she wrote a letter first anonymously to dianne feinstein. that was sort of pushed by the democrats. this is new yorker under extreme time pressure, if you don't publish the story it could be moot if kavanaugh is approved bit judiciary committee and i think there is a sense that let's throw the kitchen sink at kavanaugh. the white house is calling this a vast left-wing conspiracy. there is reason to be skeptical because of the late and uncooperated nature of this one and may now be others but i
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think politically it could be a setback for the kavanaugh nomination, even if this is completely uncorroborated it is not just any longer, one woman and one set of allegations. stuart: howard, reading this stuff, seeing it every day leave as nasty taste in your mouth. to me it does. >> it is so ugly and so tribal. i don't approve of people convicting brett kavanaugh in the press, decided he is covering this up because he is a man. nor do i approve online abuse directed at christine ford because i think we have to listen to her and i think the committee, the republican leadership of the committee has decided that but we're talking in both cases now about allegations that occurred decades ago, doesn't mean they shouldn't be taken seriously but there is something about supreme court nomination perhaps hanging in the balance over something that happened when kavanaugh was a student, 17-year-old student at georgetown prep high school in the washington area that just is kind of mind bog felling.
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stuart: really is. it is mind-boggling and thoroughly ugly. i do want to ask you about president trump considering executive order to open up antitrust probes for google or facebook. my question is not whether that is successful or not, but my question should the government get involved in this? >> google lost my confidence after this "wall street journal" story that some top executives were considering a plan to tamper with goo google. the one thing that google insisted never we do, our politics may be to oppose president trump's immigration policy i'm not a fan of government regulation. if google is found to be anti-competitive that is one thing, if this draft executive order coming from bloomberg it says something about biased platforms. i see a lot of evidence of bias on social media. this google story. but i doesn't want the
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government deciding what is bias and what is not. stuart: i think of you as classic journalist. i'm an opinion guy, i got that, everything knows it. you're a classic journalist, what do you make about the profession in the trump era? >> i wrote a whole book on this as you know? i think our profession has become so partisan, so hyper polarized and so quick to make allegations that sometimes don't hold up, it is such a volatile atmosphere. not profession i grew up in. i don't want to sound totally old school. depressing how little faith many people have in the media. many of those wounds, stuart, are self-inflicted. stuart: well-said, howard. thank you for joining us. >> appreciate it i. stuart: i want to go to jeremy owens, go back to the executive order that president trump may issue regarding google and social networks. do you, it hasn't affected their stock price so far, jeremy. you watch these stocks.
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you watch these companies. there is no impact on the stock whatsoever. is that because investors don't think anything will happen to these two companies? >> i don't think so from this. sounds like that report may have been a little bit premature. that that executive order they were talking about may not come out. we've seen google especially get hit with two antitrust fines from europe. not affected them that much. how much can they fine them. these companies make a lot of money. what will you do to affect on the business they are shown capable of having. nobody has shown they are capable to do anything to disrupt the business at this point. stuart: nobody can tell me how they propose to stop political bias one way or the other with companies of that size. >> sure. and antitrust certainly doesn't seem like the right tact to it. the problem here is that these companies grew so large over the last decade and our government has done very little about it, right? you're talking about not wanting
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regulation, not wanting rules, we need rules with as dominant as these companies are, even if they're just basest ruse if they break them we can go after them, trying to use antitrust on this type of issue just seems odd and we need some new rules apparently to deal with it. stuart: you've been on this program freakily as a tesla watcher. earlier this hour we had a market watcher that said tesla could go down to $150 a share because of the shenanigans by elon musk. i will call tesla a teflon company. will you join me on that? >> we'll see what happens when they come out with the next numbers, right? is the last week of the quarter. they're making a huge push to get out as many cars. elon musk was on twitter to ask owners to come to distribution centers to get new cars so they
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can hit the quarterly numbers. everybody knows morality in business takes a back seat to the bottom line. we'll see it. within two weeks, tesla will put out a number of cars they sold this quarter. then they will come out with the earnings report after that and we'll see how people react. if they're able to hit the numbers and hit the ridiculous promises elon put up the second half of this year, they could see that stock price even rise from here. stuart: everything depends how many cars, model 3 cars tesla can output in this current quarter per week? the whole thing depends on that does it? >> yeah. it is beyond just producing to just distribution. a lot of complaints people not getting the cars when they were told they could and could be pan ammonium at the distribution centers they're trying to get cars out they have been producing over the last quarter. we'll really see in about a week 1/2 what the results are. i think that will be the next big pressure point on the stock price. stuart: jeremy, thanks as always for joining us.
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i'm sure we'll see you again fairly soon. thank you for joining us. >> thank you, stu. stuart: all we've been hearing the democrats take the house, blue wave. down goes the market if there is a blue wave. not so. hold on a minute says market watcher bob doll. he manages a lot of money. he will make a case the a house takeover by the democrats won't hurt the market. that is coming up at the top of the hour. first, jocko willink, leif babin, decorated navy seals are on set with me. they have a new book on leadership. i want to know what they think of president trump's leadership as he prepares before to speak before the united nations general assembly tomorrow. it's a big speech tomorrow. we'll have their opinions on that. ♪
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corroboration. stuart: there isn't. >> at all. stuart: the second accusation either. >> this is all a strategy to turn things to make it delay, so that there is, after the election, they won't have the votes to be able to put him on the -- ♪ so, the whole world is talking about ai. big, bold promises like... it'll find life on mars! but here's the thing. you don't live on mars. (beep) you build wind turbines. supply car parts to thousands of cities. answer millions of customer calls a year. like this one: no, i didn't order this. it's terrifying. and that's why you work with watson. hello. it knows your industry, protects your insights, and works with tools you already use. that's why it's the best ai for the job.
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stuart: this is breaking as we speak. it may be a reason why the dow is down so much. "axios," reports that deputy attorney general rod rosenstein has verbally resigned to white house chief of staff john kelly. now this would follow friday's report in "the new york times" that rosenstein considered wearing a wire to invoke the 25th amendment to undermine the president. ashley: you said pretty much everything we know. second source according to "axios," he was expecting to be fired. so just planned to step down to get ahead of it. expected to be fired by president trump. that is the word we get from "axios." stuart: verbal resignation. nothing in writing. ashley: chief of staff kelly. stuart: stuart: dow down 150 points. maybe that is part of the reason for the drop as of this morning. got it. price of gold going nowhere. still around $1200 an ounce. we like to bring you the price on a frequent basis.
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1207 is the price. the president will address the united nations general assembly tomorrow. joining us, jocko willink and leif babin on the new book about the dichotomy of leadership. they are founders of the leadership firm echelon front. welcome, jocko, leif, welcome back. been a long time. >> good to be here. stuart: probably writing books. what do you make of president trump's leadership. he will make a big speech tomorrow to the world. what do you make of his leadership? >> type of leadership america hasn't seen in number of years. he is obviously very aggressive. sometimes he is more heavy-handed than people are used to. he has tendency to ruffle feathers, sometimes good, sometimes bad. the way it is working out. look at the economy, nature of the country. seems more good than bad. stuart: leif, he comes with this
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as a businessman. first time we've seen a business guy in the white house. he is leading as a business guy, isn't he? >> i believe so. we say with leaders only two measures matter effective and effective. to jocko's point, you say how is the team doing, are you accomplishing the mission? look at the state of the economy and particularly foreign policy wise. you look at some things happened under his leadership. the fact we're seen talking to north korea and potentially, obviously we're long ways a way from peace there, particularly the isis problem which two or three years ago seemed impossible to the obama administration. under president trump's leadership, general mattis, secretary of defense and fine folks out there serving on front lines we absolutely decimated isis. stuart: you guys are military guys. you're seals, decorated navy seals. do you think president trump leads like a military leader, jocko? >> what he is doing very well when it comes to military, using
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decentralized command. as leif pointed out, he let the troops do what they needed to do to defeat isis. he is definitely letting the troops do what they need to do to get the job done. >> you have a leadership company what do you advise to potential leaders? what do you say to them? first thing you do, what do you say? >> first thing you have to take ownership. our first book, extreme ownership, leaders have to talk about what they are responsible for or everything that impacts the mission. those are core concepts. the reason we wrote the second book, the dichotomy of leadership, it is the biggest challenge leaders have to face to balance between the two opposing forces. they are a leader and follower. they have to be detached, they can't be too aggressive. stuart: hands on but not hands on. i don't know how you do that. >> exactly what you said. sometimes you got to get hands on, make things happen. once you have got things boeing
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right direction. stuart: military commander, business commander. do this for politics this is political leadership,. >> i don't think it is different at all. if you're a political leader, something not going the way you got to go. you can't stay back and say that is not my problem. you have to get your hands on, get your hands dirty, make it right. once the problem is solved, you step back. someone has a project going well. you don't have to bother them. you let them run with it. stuart: do you miss being in the seals? >> every day. stuart: why? >> some of the absolute best days of my life. jocko and i lost seal teammate there. i would trade those days for almost anything. particularly the days of battle of ramadi were the best of my life. stuart: general jack keane is frequent guest on my program. retired four store general. i asked him the same question the other day.
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do you miss it. he said yes. what do you miss? it is comradery, that band of guys going into battle you will die for each other, nothing like it in the world. you are smiling and nodding. is he right. >> he is right. he is absolutely right. stuart: stuart: gentlemen, thanks for joining us. you gave me a copy. i will absolutely read the thing. >> thank you very much. stuart: breaking news on deputy attorney general rod rosenstein. blake burman at the white house. reporter: last ten minutes, website "axios" reported ten minutes ago, rod rosenstein deputy attorney general offered his resignation to white house chief of staff to john kelly. within about the last minute or so, our producer at the justice department, jake gibson is reporting now that rod rosenstein is headed over here to the white house with the expectation that he is going to be fired. we are still trying to sort out at this very second, stuart,
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what exactly the status of rod rosenstein as deputy attorney general is. it appears, appears at this moment that his days as the deputy attorney general might be a matter of hours or minutes, if not potentially even less than that. let's step back for a second. friday, "the new york times" released that explosive report that rosenstein had suggested at one point in the early days of him be the deputy ag that secretly reported president trump and tried to recruit other cabinet members about the possibility of invoking the 25th amendment which is the process to potentially remove a president from office by the cabinet members. that was just a few days ago. now we're hearing that rosenstein, the expectation is that he is going to be fired. when you look more broadly out from that, stuart, the implications of that, rod rosenstein as deputy attorney general oversees the bob mueller
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special counsel. as you know jeff sessions, rosenstein's boss, recused himself. that put rosenstein in the role as the one overseeing the special counsel and the process. you know how president trump views that whole side of it. if rosenstein indeed leaves his post, whether via resignation or firing, that opens up a whole another box, stuart, that is political appointee. meaning the president would put someone in that position and that person, nominate someone to that position and that person would then have to be confirmed by congress. you could only -- only imagine, that is looking down the line here, what that whole process would be like but let's step back from that, stuart. bottom line, at this very moment, 10:51 we're still trying to figure out the status of rod rosenstein whether or not he is the deputy attorney general and appears this one could be moving
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fast. stuart: if rod rosenstein is fired his replacement has to be approved by congress, is that what you said? >> a couple things, in the immediate aftermath, interim, who that interim would be i don't know. we're still trying to figure that out. we were looking through an organization chart it is not clear. that is one question. the other question that you asked is an important one, yes, number two at the doj, deputy ag, in this case, rod rosenstein, like that person like rosenstein had to, would have to go up to capitol hill to be confirmed by the united states senate. stuart: that would set up a very toxic atmosphere because the mueller investigation would be involved in all of that? reporter: correct. stuart: blake, thank you very much indeed. the dow industrials during this time have gone down a little bit. it is not a freefall by any means. right now we're down 144 points. when this news about rosenstein which every way it goes, when that was first broken we were
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down about 130, down about 130. had not that big of an impact. ashley: not that big of a deal. stuart: there you have it. it's a state of flux. ashley: always, always. stuart: basically this is a state of flux. we do not know exactly what will happen with rod rosenstein. to repeat what brad blakeman told us he is on the way to the white house where he expects to be fired. ashley: off-the-cuff remark jokingly, hey, i should be wired having these conversations, that of course hasn't gone down well, his expectation given the president's reaction he will indeed be fired. stuart: he is on his way to the white house at this moment. ashley: yes. stuart: president trump is in new york. at the united nations. >> correct. stuart: he is not at the white house. general kelly would be the man who issues the order, you're out of here. ashley: right. stuart: if that is the case. ashley: moving very quickly. stuart: we should repeat that if rod rosenstein is out, then an interim deputy attorney general would be appointed, or put in
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place. ashley: right. stuart: but his permanent replacement would have to go before congress for hearings. ashley: yeah. stuart: as we said earlier that sets up another series of very toxic hearings on capitol hill. susan, are you with us, i believe you are? at new york stock exchange. any impact from this news down there? >> stocks basically took a leg down. instant reaction. look at intraday, basically went a straight arrow lower. s&p 500 now at session lows in reaction to this news. the dow taking a bit of a leg down as well. i saw a few points shaved off there, when the news hit the tape. i guess puts into question what is happening at the white house. more uncertainty for traders as we do have other news impacting a lot of sentiment today, china tariffs going into effect. i guess traders like the rest of the audience is waiting to see if he is fired or waiting to be fired or if he verbally
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resigned. that is something they told me they're closely watching at this point, and impact they're thinking going forward in terms of the white house and cabinet and how it all works out. stuart: thank you, susan. ashley: john roberts of fox news says he has not verbally resigned. he is heading to the white house expecting to be fire. that is what we hear from john roberts. "axios" reported he verbally resigned to chief of staff schedule kelly. fox news saying not districtly true. he is heading to the white house where he expects to be fired. stuart: this is toxic, i can't think of another one, toxic political environment. people on the left saying watch out, president trump is going to fire a lot of people. ashley: right. stuart: including maybe rosenstein and jeff sessions, attorney general. ashley: correct. stuart: back in their hearts i think the left wanted the president to fire rosenstein or session. ashley: because the resulting
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chaos and everyone coming and going at will? stuart: yes. ashley: it is interesting. blake brings up a great point. rosenstein was put in place because jeff sessions recused himself from the mueller investigation, which really infuriated the president. there is lot of speculation about jeff sessions' future. the deputy in charge of the mueller investigation because sessions recused himself, now from all accounts appears to be heading out of the administration. stuart: i think we have to say, use the expression again, despite it all. look what we've got today? a second accuser against judge kavanaugh surfaced. you have an end to the immediate trade talks with china. and now you've got the possibility, we know for a fact that rosenstein is headed to white house perhaps to be fired. yet the dow industrials, yet they are down 140 points. this is not a freefall. i say again, despite it all, there is a lot in that all, the
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dow industrials are not exactly sharply lower. they're down a half percentage point. still at 25,600. there is a lot more still to come. stay with us please. and we've grown substantially. so i switched to the spark cash card from capital one. i earn unlimited 2% cash back on everything i buy. and last year, i earned $36,000 in cash back. that's right, $36,000. which i used to offer health insurance to my employees. my unlimited 2% cash back is more than just a perk, it's our healthcare. can i say it? what's in your wallet? where we're changing withs? contemporary make-overs. then, use the ultimate power handshake, the upper hander with a double palm grab. who has the upper hand now? start winning today. book now at
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stuart: 11:00 precisely on the east coast. we have a jam-packed hour ahead. first, your money. in a moment, bob doll joins us and says stocks will keep going up even if the democrats take back the house in november. that's big money news. breaking news on politics from washington. deputy attorney general rod rosenstein is headed to the white house as we speak. he is expecting to be fired. he has not verbally resigned. it comes days after the "new york times" report claimed rosenstein had suggested wearing a wire during meetings with the president and discussed invoking the 25th amendment to get rid of the president from office.
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diane feinstein calling for brett kavanaugh's nomination to be delayed after another woman comes forward with accusations against him. judge kavanaugh calls the accusations a smear. brit hume is with us on that. we will also ask him about the president's speech tomorrow at the united nations. he's meeting with dozens of world leaders and will address the general assembly at 10:00 eastern tomorrow morning. you will watch it here. what kind of tone will we hear from the president? a new report claims illegal immigration costs taxpayers more than $100 billion a year. former acting i.c.e. director thomas hhoman joins us in studi this morning. get ready. the third hour of "varney & company" is about to begin. stuart: i will get to the rosenstein issue in a moment. not clear exactly where he
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stands at this point, but he is very much in the news. is he resigning or being fired? that has had some input on the stock market but certainly not much. we are down 140 points. we were down 130 when the rosenstein news came out. but look at this. our next guest says the midterm elections won't affect the market. this is a big call. are you saying that if the democrats retake the house of representatives, it will not hurt this bull market? >> i don't believe so, stuart. i don't think the democrats in the house can stop the momentum of our economy, the fact that the executive controls regulations and this president is creating fewer new ones and trying to roll back some old ones. they are the reasons the bull market's been in gear along with behaved inflation and interest rates. i think democrat or republican
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house, not going to matter. if the democrats take both houses of congress, we better talk again. stuart: okay. now, china, they canceled trade talks due this week on the tariffs and today, we imposed tariffs that went into effect on chinese goods coming here. but again, this seems to have had very little effect on the stock market. is it another case of despite it all, the market looks only at fundamentals and that's it? >> well, certainly the fundamentals come first and foremost, stuart, but these trade issues unlike who takes the house are important. the market kind of looked through it on friday. we had a nice up day. maybe over the weekend, the market's rethinking as china has backed off willingness to have those talks. again, i think we will make it through from an economic standpoint, regardless of the trade issues. the markets fear how high will the barriers go, how long about
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this potential trade war last. remember, nobody wins in a trade war. everybody gets black eyes. stuart: this economy must be really, really strong and profits must continue to keep growing. that's the only explanation for a market that continues to rally in the face of some really negative political news. >> it is certainly a powerful reason and i think that's the case. as you know, stuart, we witnessed 25% s&p 500 per share earnings growth in the first half. we're likely to see something on the order of 20% in the second half. they are amazing numbers this far into an economic cycle. stuart: have you ever seen profit growth like that before? >> only off a recession-depressed low. this far into a cycle, no, and it's the tax bill, it's amazing revenue growth, it's improved profit margins, it's corporations having some confidence to move forward. we are seeing capital expenditures improve, we are
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seeing productivity get a bit better and all this has been bullish. stuart: what about consumer sentiment? that's a multi-decade high. is that a big factor when you are analyzing the market, consumer sentiment confidence? >> no question. if i'm a consumer, i'm more likely to be working than i was a couple years ago. my salary is probably up a little bit. we have seen the savings rate remain reasonably firm and so i've got some money to spend and if i'm pretty confident about i'm going to keep this job and get another raise down the line, i'm going to spend some money. consumer confidence is absolutely key. business confidence, consumer confidence, both of them are registering pretty strong numbers. stuart: this is the last week, i think the last week, of the third quarter, the economic third quarter of the year. we don't get the numbers on growth yet, but when we do get them, are you expected at least 4% growth in this quarter we are now in? >> at least 3.5%. could we have a 4% handle as we
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did in the third quarter, not out of the question. amazing numbers for an economy as big and mature as the united states. stuart: you are really bullish, aren't you? >> bullish about the economy. the stock market does have some head winds. the trade issue modestly rising interest rates and inflation, that keeps a lid on so stocks are not up as much as earnings which means valuations have been compressed somewhat. stuart: i will go back to the same question. i have known you for 30 years. ever seen anything like this before? >> it's pretty amazing. as you know, the longest bull market in history. next june will be the longest business cycle in u.s. history. amazing. stuart: got it. bob doll, thanks for joining us, as always. you have calmed us down. we appreciate that. couple of stocks to look at, some ideas here. sirius xm will buy pandora. it's a $3.5 billion stock deal.
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this will effectively create the world's largest audio entertainment company. sirius down a fraction. pandora up a little. look at comcast. it beat out fox in the battle for sky broadcasting. they bid $38.8 billion, that's the winning bid. fox is the parent of this network. comcast is down 7%. maybe they overpaid, some people think that. 21st century fox is up 50 cents, that's 1%. gold giant barrick will buy its rival randgold. it's an all stock deal. an investment firm says this is the case of two drunks supporting each other rather than a deal based on strength and merit. barrick is up nearly 6% and randgold is up 7%. couple of drunks. how about bitcoin? what's that doing? same old, same old. $6,600 per coin. now to the great exodus, the tax exodus, i should say.
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why buy an expensive home in high tax new york when you can move to zero income tax state like florida? coming up, a new yorker turned floridian real estate developer sees a ton of people moving south and say they are tax refugees. that's what they are. new numbers show arrests at the u.s./mexico border once again on the rise. the cost of illegal immigration falling on you, the taxpayer. former acting i.c.e. director coming up later on that one. we are on breaking news from washington. deputy attorney general rod rosenstein has reportedly resigned. he's reportedly at the white house right now. his exact status not known. president trump on the world stage to address the u.n. general assembly tomorrow. we are following all the news and your money. the third hour -- well, we are just getting started on the third hour. stay with us. as a pro athlete, i know great performance
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stuart: this is breaking as we speak. deputy attorney general rod rosenstein is heading to the white house. fox news says rosenstein is expecting to be fired. he's not verbally resigned himself. joining us is brit hume, fox news senior political analyst. this is obviously in a state of flux, but tell me, please, what are the political repercussions if indeed rosenstein is out. >> let's get one thing out of the way, which is this. we keep hearing out of the mouths of many that rosenstein's rebuttal or answer to the claim that he offered to wear a wire, suggested wearing a wire to the white house, was that it was not a joke but it was a sarcastic
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rebuttal to suggestions from those around him that -- including apparently andrew mccabe that he was not being tough enough on the president. what do you want me to do, wear a wire? that's how we understand based on the reporting here at fox news what his response was. that by itself, if believed by the president, would not be grounds for termination, i wouldn't think, but that depends on what the president believes about this. i imagine rosenstein will offer to resign or at least make it clear he's ready to do it. but whether the president will accept it is another matter. the thing we don't know, stuart, is what is this 25th amendment stuff that was apparently brooded about, in what context and by whom and when? all rosenstein said about that is that he doesn't now think that there's any basis for any 25th amendment stuff. that doesn't mean he didn't think that before. that would have to be ironed out as well. everything comes down to this meeting, i think. stuart: it just adds to the view that it is chaos within the
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white house, and the president is a little unbalanced. that's what it reinforces. it reinforces that point of view. >> it may tend to do that, but remember, this was supposed to have happened back in spring or late winter of 2017. a lot of water's been under the bridge since then. remember that rosenstein was thought to have had quite a strained relationship with the president for quite a long time. in recent months, however, we have been told and it's been reported that his relationship with rosenstein has rather dramatically improved and the two men have established a good rapport and are getting along fine, and the president has been okay with him. now, the president is so personally sensitive and thin-skinned that he may be outraged by the fact there was ever any such discussion and that may be enough for him and he may say go away. if he does, it gets very complicated because this is the guy that's overseeing the mueller investigation because the attorney general is recused. the chain of command at justice
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goes through attorney general, deputy attorney general and then solicitor general. well, the solicitor general is a supreme court advocate for the justice department. he's not really a manager of investigations. i suppose he could step into that role. there would probably have to be somebody acting because there's a good question if they could get somebody confirmed in a timely manner. this gets very complicated if rosenstein goes. stuart: very ugly as well. then there is another woman who has come forward with accusations against judge brett kavanaugh. deborah ramirez says he exposed himself to her while at a party at yale law school. no corroborating witnesses have been found. >> yes. and she says she was drunk at the time. stuart: yeah. >> i can only imagine what would have happened if i had taken this information to any editor i ever worked for back in my newspaper days and since, and said here's my story, let's go with it. i think i would have been
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defenestrated. this is very shaky stuff for a publication like "the new yorker" to go with. it was so weak, the "new york times" is telling us that it couldn't verify it and therefore didn't do it. so this is pretty thin stuff. stuart: yet it furthers the democrats' demand to delay everything. senator feinstein is saying look, delay the lot. put everything on hold. that would be a success on the part of the democrats. i think their intention is to delay until after the november election. >> yeah. i think that's right. of course, we have a ways to go here. even, stuart, keep this in mind. i don't know that it will come to this, but if this hangs fire for any longer and we somehow do go through all of october with it unresolved and the democrats win the senate, the new senate doesn't get seated until january. so they could still run kavanaugh through the senate on
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a party line vote in a lame duck session after the election. i don't think that's a likely scenario but it's possible. remember also, we have all of october ahead of us before the election. so there's time here for this to play out. of course, now enter stage left, michael avenatti with a claim that's more extravagant than the one from the woman at yale. so the circus atmosphere grows and heaven knows what the scene will be like in this hearing coming up on thursday if it, in fact, comes to pass. stuart: i will resist using that expression with you again. i have never seen anything like this before. let me move on to the president, who will be speaking at the united nations tomorrow. big speech before the assembled world leaders. what are you expecting? what do you want to hear from him? >> i haven't really thought about what i want to hear, but what i would imagine, he will be very tough on countries like iran which is really in the cross-hairs now and there's a lot of evidence that our
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sanctions against that country are having a very powerful effect on the state of affairs in that country with shortages developing and so on. iran is in trouble. this is a moment where, you know, he stands firm here and others do as well, and a lot of countries have because he's really been given the choice over there, you trade with the united states but if you trade with iran, you can't. so that is really a problem for iran. they are in trouble. stuart: the president is standing firm on just about everything, isn't he. i can't think of single area where -- >> that's true, although in recent days, he's been pretty circumspect in his comments about the original kavanaugh accuser which is unusual for him. it shows you when he wants to, or can be persuaded to, he can be disciplined. stuart: i suspect this speech will be carefully prepared and disciplined. thanks very much for joining us.
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we have never seen anything like this. that's a fact. brit hume, right there. now, president trump makes the big speech tomorrow morning, 10:00 eastern time. watch it right here on "varney & company." illegal immigrants getting free legal help to try and stay in the country. it's all being done on your money, the taxpayers' dime. that's what's paying for it. former acting i.c.e. director on that coming up. we are watching your money, of course. look at this. down 150 points, near the low of the morning, but not exactly tumbling despite the news. look at that.
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stuart: just wild, negative political headlines today but the market is not suffering that much. it's down 140 points. it's worth remembering that is only a half of one percentage point. the dow still at 26,600. that political news we are talking about, we are waiting for white house deputy attorney
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general rod rosenstein, he's on his way to the white house. according to fox news, he expects to be fired. he's not given his verbal resignation, as reported earlier. if we see rosenstein arrive, it will be in the shot on the right-hand side of your screen, okay? state of flux as we speak. not sure at this point. congress is considering mandating more leg room and larger seats on planes. that's good news. the average airline seat has shrunk a lot in recent years. sales of used cars booming. buyers are finding a growing number of low mileage vehicles that are only a few years on. i guess they're coming off lease. the price gap between a new and used vehicle is the widest it's been in years. average price for a new car now, $36,000. it's been a story we have followed for months. the great tax exodus. coming up, the founder of a real estate investment firm in
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florida. he's seeing a big increase in people moving south from high tax states in the north like new york and new jersey. is this the beginning of a growing trend? we will certainly ask him. and we are watching your money. china says it won't take part in trade talks this week, and we have imposed new tariffs on chinese goods coming here. wa i want know if this is just a delay tactic by china. the market's down today on the news but we are still near record highs. more after this. . . alerts -- wouldn't you like one from the market
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when it might be time to buy or sell? with fidelity's real-time analytics, you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today. stuart: we stopped falling, we are now down 140 points, we are still down half percentage point. still very close to record territory despite the political news. by the way, we are waiting from news at the white house, attorney general rod rosenstein is on his way there, according to fox news he expects to be fired, blake berman at the white house with the very latest, has he arrived yet? blake: we don't know if he has arrived yet.
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we have cameras, let's separate two things that we know from big outstanding question that we know. rod rosenstein is either headed to the white house or white house complex right now. that's the first thing. the second thing is it's the expectation of rosenstein we are told that he will be fired. his expectation. now, the major outstanding question separate from that, of course, is will rod rosenstein be fired if he is, of course, that would no longer be the deputy attorney general, the number two at the doj. stepping back from that for a second, this all sort of came to the forefront or at least bubbled up on friday when "the new york times" reported that rosenstein had suggested in 2017 a few weeks into the job that he secretly recruited president trump and recruit over cabinet members to invoke the 25th amendment, the process by other members will oust the president from office. that happened friday, here we are monday morning, rosenstein and expectation that he will be out of the job. reason why or one of the reasons why, stuart,
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this is so important because as the deputy attorney general rod rosenstein oversees the special counsel probe, if he is no longer in that position, the bob mueller special counsel probe, if no longer in that position it is the solicitor general noel francisco who will step into the role, argues cases for the administration before the supreme court. but right now as it stands right now, rosenstein either headed here to the white house or possibly here at this very moment and, two, expectation that he will be fired the outstanding question, stuart, being whether or not that scenario will play out and if it will play out here in the immediate minute, stuart. stuart: to sum it up his status at this point is in a state of flux, correct? blake: accurate. stuart: blake, thank you very much, i'm sure we will be seeing a a lot of you later. how about the price of oil, up
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72.25 morning, 25% gain. our next guest gas man, he's there to talk energy, don, apr energy chairman. john, welcome to the show. >> thanks, stuart, how are you? stuart: state of flux. >> exactly. stuart: you'll be at the un meeting, you're talking energy, are you going to make the point that america when we talk energy we are speaking from a position of strength because we are producing a lot of oil? >> we are producing a lot of oil and opec, not to put too fine a point opec's time is running. the effect it could have on the economy, the effect on global markets by simply announcing a cut in production and raise in oil prices would send amount significantly. u.s. energy production is so high, 11 billion -- 121 million-barrels of oil, we
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actually can produce more oil than saudi. think about that for a second. stuart: right. >> what they can do and what it can affect us it's not as it used to be. we are not oil economy anymore. stuart: sanctions on iranian oil to go into effect very, very soon. >> correct. stuart: it appears that saudi arabia and/or america have enough oil that we could replace any missing iranian oil. >> correct. the other issue and you and i talked about this in the past, l&g, that means this winter whose energy prices go up, europeans, allies in europe, where are they getting their gas from? stuart: russia. >> where does the currency go? stuart: you tell me. >> moscow. we have allies on that side and opec puts -- cuts production
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price goes up, the gas in europe goes up and the russians benefit. stuart: what about natural gas exports from the united states. >> correct. are at all-time record and we will have the ability to export 350 million tons of l&g almost a third of global need. stuart: that's enormous amount. when do we get to 350 million tons? >> we are getting there. the export of gas into central america, south america, across the caribbean as that begins to come online but most importantly asia which is the big market. stuart: what i'm hearing from you, america is so powerful with oil and liquefied natural gas that prices probably won't go up that much this winter. >> no, they're not. stuart: we will keep a lid on prices. >> we shall. stuart: accurate? >> accurate. stuart: oil no more than 80? >> i would say that's a fair guess. it's going to be interesting with some of the people i'm
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meeting this week. i'm meeting with the president of angola tomorrow to get him to pay his bill. stuart: good luck with that. let's get to china, they've canceled trade talks with the u.s. and on the very day that we talk about monday here we have imposed tariffs, 10% on $200 billion worth of chinese goods coming in here. michael is back with us, the author of the 100 year marathon. seems that china will do anything to delay, delay after elections when they hope for a more favorable political climate, is that accurate? >> that's accurate. that's one of their strategies, they are three or four more, they are crossing the fingers that the split in the white house will turn in their favor and steve mnuchin and larry kudlow and jared kushner will prevail. a lot of articles of this in the chinese press that they feel
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there's some sort of chance that they behave in the right way, this doveish faction in the white house will prevail, that's why i think we ought to call on steve mnuchin and jerry kushner and larry kudlow, that will shock the chinese, there's no division in the white house. stuart: we keep on piling in the pressure with china. we really do. we take a very hard line. we are not retreating at all, not that i can see, should we? >> we should be ready for compromise offer, you bet, three areas better investment treatment of our companies investors in china buying more chinese, the chinese companies themselves buying more american products, the president has asked for doubling to what we sell to them to almost 200 billion and the third area is the technology theft, breakthroughs in any one of the three areas could come in the chinese change their mind and see the white house's no longer
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divide intoed the three warrant camps. if you and i were chinese in beijing, stuart, i bet we would see things pretty much the same way. we wouldn't take this seriously. i think there was quite a bit of shock even today when the tariffs actually started. they'll be even more shocked january 1st when they jump to 25% and then if it goes to the entire stream of chinese products coming into our country, $507 billion worth at 25%, then they'll be quite receptive i think to making an effort. we are several months away from that, stuart. stuart: yes, we are. i'm sorry it's so short, it's a jam-packed news day and then some. mike thank you, sir. >> thank you. stuart: people are move from high-taxed states to low-taxed
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states like new york. daniel, i would expect the tax exodus speed up when the full effects of the tax law are imposed and that's going to be fairly soon, are you with me on this? >> i am with you, good morning, thanks for having me, yes, we are seeing the effects and it's really simple math and it's more quality than math. you have all of the qualities of life, quality of time in south florida compounded now by this tax law and give people another incentive to consider relocation and we are seeing it at the ground level. stuart: can you give me indication of numbers here? >> i can tell you in the last 12 months almost 15,000 jobs in the financial sector newly created in florida and i know that the northeast has been suffering from job loss in that sector, big companies like starwood, sterling group migrate to go miami and others following
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behind. stuart: big crunch that comes, though, in april of next year when the 1 percenters who live in new york and new jersey find out that they will not get much of a tax refund because of the new tax law, in fact, they'll be paying a whole lot more, crunch comes next april, right? >> well, that's correct and effectively the new -- the effective salt and the elimination of deductions of state and local taxes is tremendous. it may as well have been wiped out with 120,000-dollar cap, anyone that has a meaningful high net worth and generating millions of dollars in income from whatever source has basically eliminated the deduction. anybody stewart of their wealth, quality of time, where is the best had and compounded by the massive reduction in tax savings
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which i would say is on average of $240,000 per million. stuart: that's a big number. that's a big number. you're talking up your book and i don't blame you. daniel, thanks for join us, i want you to come again and give us update on exodus. >> any time. have a good day. stuart: illegal immigration cost $1,213,000,000,000 a year and the number is getting bigger. next former acting ice director tom, would president trump's wall solve the problem, and a big story developing, we are waiting for rod rosenstein to arrive at the white house, he expects to be fired. his exact status is not known, if he arrives you'll probably sit on the right hand of the screen. we will have judge napolitano on this in a moment. cal: we saved our money and now, we get to spend it - our way.
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♪ valerie: but we worry if we have enough to last. ♪ cal: ellen, our certified financial planner™ professional, helps us manage our cash flow and plan for the unexpected. valerie: her experience and training gave us the courage to go for it. it's our "confident forever plan"... cal: ...and it's all possible with a cfp® professional. find your certified financial planner™ professional at >> i'm susan li on the floor of new york stock exchange, series down 27%, 1225 year as retailer is? jeopardy as chairman eddy is warning that sears is edging closer to bankrupcy filing, he
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wants to restructure a lot of the holdings and that's to convince the sears board that he wants to sell 1 and a half billion dollars in real estate. 1 and a three quarter billion, now sears when he merged in 2005 in kmart, we are edging ever so closer to bankruptcy, more varney after this.
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stuart: stock market hit low of the day, down 1270. 170. rod rosenstein has been summoned to the white house perhaps to be fired, the factors. if you're using that kind of thing you might not get that green card, it's not supposed to be a burden on society, at least not supposed to be for green card holders, the administration wants to change it. the federation for american immigration reform, cost of
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illegals is $113 billion and taxpayers foot that bill. joining us now former acting ice director thomas. that's a huge number. >> we will come to make sure that people come with visa and should show they are self-sufficient and self-sustain themselves and not be public burden. stuart: when i became a citizen it was made very clear to me that you can't become a burden on society. you can't do that. >> what's good for the citizens will be for people who want to be part of this country. stuart: what about portland, oregon, 100 million-dollar fund paid for by taxpayers to defend illegal immigrants and keep them in the country? >> the mayor is ridiculous and
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shut the ice office for protestors for two weeks, mayor instructed police not to assist ice whatsoever. even employee who is are nongun carriers, they are taxpayers of the city of portland. he ignored responsibility for public safety. taxpayer funding that could have went to fire department, he's give to go illegal aliens to help them fight ice and prevent ice from doing their job and keep illegal aliens in the country. portland is actively funding to keep illegal aliens and they don't want to support a wall to keep them out, backwards. stuart: things are getting worse, the situation vis-a-vis illegals is getting worse. no sanctuary city had funds withdrawn and more people arrive at the border and try to cross illegally. i don't see any improvement, do you? >> president trump is doing everything he can -- first year of presidency, 45-year drop in
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immigration. the loopholes are being taken advantage of. people are putting political ambitions ahead of public safety. i don't think if you're republican or democrat, number one job is to protect american citizens. put your political ambitions aside for a minute and do your job. stuart: it's not happening. the last budget, i don't think it had a single dollar for building the wall. nothing there. >> that's what we are doing today, educate the american people, call your senator, tell them to do their job, the congress got elected on this issue, we have a president that wants to secure the country, protect this country and he believes in the sovereignty of this country. our elected representatives can make the changes but the president can't do it on his own, he needs people in his own party to step on the plate. stuart: do vast number of american people, do they want a fix for illegals and a fix for the border?
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>> absolutely. stuart: do they really want it? >> absolutely. every place they build wall or barrier in san diego, san diego, yuma, it's been proven 100 effective. stuart: thanks for joining us, sir, appreciate it. quick check of big board, we are down 160 points. trade tensions are hurting stocks a little bit and so is the toxics political environment, rod rosenstein, attorney general, status not sure at this point. big story developing. we always show you trade sensitive stocks like boeing when we talk china trade, boeing is down 3 bucks, not much. same story with caterpillar, another trade-related stock, down 2 bucks, not a great big deal. developing story that we are
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following this hour rod rosenstein, we believe he's heading to the white house, we expect this -- this is about his future as deputy attorney general. again, the status at this point is not clear. judge napolitano will try to sort things out for us after this.
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stuart: we are waiting on news from the white house, deputy rod rosenstein heading to the white house and he expects to be fired and the true status is not clear. judge napolitano is here. >> so federal law requires that every prosecution ultimately be led, ultimately led by someone confirmed by the senate. that's why we have attorney general and taken himself out of the picture in bob mueller. the next person below rod rosenstein and academic represents the government in the supreme court noel francisco, he would be bob mueller's boss. i don't think it will change what bob mueller is doing at all except that bob mueller has a new witness, an eyewitness to the president's wishes for firing james comey, rosenstein.
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he absolutely should not be fired. the president will be shooting himself in the foot if he fires rod rosenstein now. former new hampshire governor john who is h.w. bush's chief of staff, made great suggestion, this is the time to bond with rosenstein, this is the time to get close the other him, this is the time to use his vulnerability, what did i say back in november, in may of '17 to form closer relationship between the white house and the doj, call us every morning at 7:00 in the morning, let us know what is calling, call us at 7:00 to let us know what you did. stuart: addressing down as oppose to firing? >> yes. stuart: i have to get to kavanaugh nomination, another woman has come forward of accusing him of sexual misconduct, kavanaugh himself calls it smear, seems like another delaying tactic from the democrats and looks like a successful tactic? >> there's no rules here, no
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rule that says dr. ford has to prove her case, there's no rule that says judge kavanaugh has to disprove their case, he can't prove a negative. he can't prove that he did not do something. it's a question of impression. at 5:00 o'clock on the afternoon on thursday, what is the general impression in the country that she was credible or he was credible. here is the dangerous point for him, if they are both credible, if it's a tie, i think he will start to lose republican votes, he needs to be more credible than she and some republican senator with difference and respect need to demolish her the way inspector did to anita hill. stuart: well, that would be a sight for sore eyes. >> needless to say it was not the me too era. stuart: what a situation, toxic and ugly. >> this was supposed to be a gift to the republicans, this nomination, it has not been anything but.
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stuart: appreciate it. they'll be more varney after this. nah. not gonna happen.
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a kohler walk-in bath provides independence with peace of mind. call... for a free kohler touchless soap dispenser with in-home quote or visit for more info. stuart: as we watch the market go down, the word of the day is delay. there has been another accuser of judge kavanaugh, no corroborating witnesses. something that happened way back in the early '80s at a drinking party at yale. nonetheless, the word is delay. that appears to be the democrat tactic for getting rid of judge kavanaugh, wait until after the elections. >> i think so. chinese, new tariffs put into effect today. i think they are happy to walk away and see how the midterms work out and see whether the administration has such a strong hand going forward. the chinese love to play the long game. stuart: the midterms are shaping
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up to be the most important midterm elections certainly in my memory. a lot depends on the outcome of that. everything depends -- a lot depends on it. my time is up. neil, sir, it's yours. neil: is it me, or is rosenstein commuting from bolivia? did he stop at mcdonald's? i got to have a full stomach going into this? holy toledo. where the heck is the guy? stuart: i appreciate your moment of levity there in an otherwise rotten situation. neil: i can't figure this one out. where the heck is the guy? we will find out. thank you very much. great show, as always. we are trying to find out, forget where's waldo. where's rosenstein. the deputy attorney general has been summoned to the white house and assumed he's going to be fired there. that's his opinion. that is not being echoed by


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