tv Varney Company FOX Business November 21, 2019 9:00am-12:00pm EST
degree from a college, how much debt did you have, what did you make in your first year. it covers schools, majors. it's incredible. we will talk about it more tomorrow. maria: have a great day, everybody. thank you for joining us. we send it to "varney & company" right now. stu, take it away. stuart: good morning to you. good morning, everyone. full disclosure. i did not stay up to watch the debate last night. i don't think i was alone, by the way. the debate tv ratings have dropped off big-time. i did watch the reruns very early this morning. my conclusion, no clear winner, no knockout punches, no breakthrough that i could see, which means the democrats are stuck with a huge field of candidates and policy splits every which way. kamala harris got into a mild clash with mayor pete on race. biden clashed with warren and sanders over medicare for all. warren went after billionaires again with billionaire tom steyer standing close by.
but the $52 billion man, mike bloomberg, was not in the debate. all in all, it was rather subdued affair, especially sense it came just hours after another day of impeachment hearings. oh, how different from the highly rated republican debate four years ago that featured donald j. trump. that's that. the debate. let's get to the money. macy's profit went up, sales went down. the retailers very much in focus as the holiday season gears up. so far, department stores like macy's have been struggling. they are largely based in malls and malls are getting clobbered by online shopping, amazon in particular. macy's stock will be down about 4%. look at this. charles schwab, number one discount broker, talking about a merger with number two, ameritrade. looks like they will become a very big bank that offers free stock trading. the whole brokerage world, really shaken up. both of those stocks up significantly. overall, the market is still
yanked around by trade headlines. the president says this, the chinese say that, the algorithms will read the headlines and push the appropriate buy or sell button. today, the latest news is mildly favorable so we have a modest gain. the dow up five, maybe. s&p up a fraction. nasdaq down one. not much change. stay there, please. we have with us a great american, a man who has done more for this country than most politicians and he's a billionaire, or as senator warren puts it, a freeloading billionaire. he's going to grab your attention. "varney & company" is about to begin. the top one-tenth of 1%, i want to say pay two cents more, they will pay 3.2% in america. i'm tired of freeloading billionaires. i think it's time that we ask those at the very top to pay
more. stuart: freeloading billionaires. yes. tough words indeed from senator warren last night. we've got a billionaire sitting right next to me. special kind of guy. co-founder of home depot. >> hello, stuart. how are you? thanks for having me. stuart: you are a freeloader, aren't you? >> i am. stuart: no, stop it. >> i'm a grateful american that's here and everything that happened to me, i would agree happened because i was born and raised in america. stuart: yes, but have you paid your taxes? >> i would rather be a freeloader than a liar like her. she is a liar. we know that. stuart: what's the lie? >> well, she was indian blood. stuart: you mean native american? >> right. that scam, she had to come out, the notion about her being pregnant and disadvantaged because of that, that turned out to be a lie. stuart: lie's a strong word, ken. i'm surprised to hear you say that. >> freeloading's a strong word, too. stuart: but you reject it.
you are not a freeloader. >> you know what? i'm going to tell you a diabolical thing. i hope she wins. let me tell you why. she will make a mess in four years that will put the republicans and conservatives on a trajectory for 20 years after those four. that's not my belief. a good friend of mine, stan druckenmiller. if she wins or somebody like her wins, biden, they've all got to move to the left now because they made such a passionate commitment to the left. so whoever wins has got to redeem some of those promises. stuart: okay. i'm with you. if she wins -- she could win because this income inequality thing, she's on to it, she's saying look, they can afford a couple extra cents on the dollar and we will spread it around and we all win. that's a powerful argument. >> i will give you an easier one. take away my social security. what the hell am i doing getting $3,000 a month from the
government? my wife gets another $1,000. it's a disgrace. they haven't got the guts to do it. stuart: okay. >> hold it. that's an easy one. that's a slam-dunk. i got a simple rule. if you own two homes, anybody who owns two homes, no social security. okay? that's a simple rule. you know what? it should end. she's right, everything great that happened to me, happened because thank god my parents were born in this country and my grandparents came to this country. stuart: we told the audience you would grab their attention and you did. right from the top of the show. >> okay. i don't want to let anybody down. stuart: you stay there, please. >> i'm not going anyplace. stuart: good news. stay there. >> let's hope she wins. you want proof? venezuela, cuba, russia. let them have their way for four years and the american people will say my god, what did i do. stuart: let's -- >> don't pray too hard. stuart: look what's on the screen. got to get a word in edgewise, i
tell you. big deal, in the works. charles schwab reportedly buying ameritrade, td ameritrade for $26 billion. both stocks are way up. td up 22%, schwab up 10%. maria bartiromo broke the story earlier. she will bring us the latest moments from now. i'm going to move on from there. look at macy's. their profit went up, their sales actually went down, and the stock is up, what, 4.5% as we speak. basically, the department store business is in deep trouble. that's because of the absence of a lot of foot traffic in the malls. but what does it say this holiday shopping season, what does it say about the state of the consumer? ken langone, let's get back to him immediately. the consumer looks real strong to me because of the economy. >> robust, strong, saving money, spending money. the economy is doing better than that. the early trends globally to me are positive.
i believe the global economy is starting to turn up. stuart: that's good news for our economy. >> good news for everybody. stuart: good news for the markets. >> good news for the markets, good news for our economy, good news for business, good news for the world. stuart: no reason to suggest that the high point of this economy at the moment is the strength of the consumer. that's what you believe? >> i think right now we are being consumer-driven. there's a bit of a recession going on in the capital goods stocks. but i think we will see a turn there in six to nine months. stuart: stay right there. >> i'm not going anyplace. stuart: we want those pearls of wisdom. >> not sure they're pearls of wisdom. stuart: they're gems, ken. gems. president trump toured the apple factory in texas yesterday along with tim cook. deirdre, the president i believe this morning or probably yesterday as well considering whether apple should be exempt from further china tariffs. deirdre: which is huge. this is a big win, if it goes this way, for apple. you know, tim cook is essentially creating jobs.
that's what the president wants. create jobs in the u.s. so apple is building this huge campus in austin, texas that can employ between 5,000 and 15,000 employees. that would be apple's biggest presence, it will be apple's biggest presence after cupertino, california. this is i think the best example of the private sector and government working together. president trump wants to bring back manufacturing, he wants to create jobs. i am assuming the conversation at some point was hey, bring some jobs, build, and we will see what we can do about the tariffs. it is still undecided but a very strong cooperation between the two. stuart: put your phone away. >> i will put it away. i'm working for a living. hold on, guys. i'm not like you guys. you get paid to show up. i got to work. stuart: just to show up? >> that's how i become, what did she call me? stuart: freeloader. deirdre: we are taking notes, by the way. i would love to be a freeloading billionaire. >> i don't know if i'm a billionaire.
honest to god. lauren: you don't even check anymore. >> i don't check to start with. why? i don't borrow money so i don't have to have a financial statement. i think i'm okay. i'm making a living. stuart: tim cook is doing the right thing. >> absolutely. stuart: a relationship with the president. >> absolutely. stuart: he's the only top guy who's got that kind of relationship. >> we want good relationships with all people in washington. all of us should want good relations. the problem we have is the people that go to washington are idiots. no, no. they don't have the competence necessary. i'm looking at this guy schiff. you know what, i don't know if he's rich or not but i know he would starve if he had to make a living in the private sector. stuart: i have to go to commercial break so we can make some money. that okay with you? >> i'm going to get some shots out of here. i need a kevlar vest when i walk out of here. stuart: could be. check futures, please. where are we going when the market opens? it is thursday morning with ken langone. the market will go down a
fraction across the board but very small decline. now, momentarily, we are going to discuss michael bloomberg, because he's spending i think $20 million to register voters in battleground states. that man's going right after president trump. he's not even declared he's running yet. democrats in the debate last night sounding alarm bells about climate and what americans have to give up to save the planet. but china, they're not playing ball. so do our sacrifices matter? i will put that question to democrat candidate and billionaire, tom steyer. he's in the 10:00 hour. the house of representatives following the senate, passed a bill supporting human rights in hong kong. will the president sign it? if he does, how does that affect the china trade talks? we will deal with that momentarily. after this. i'm your 70lb st. bernard puppy, and my lack of impulse control, is about to become your problem. ahh no, come on. i saw you eating poop earlier. hey! my focus is on the road, and that's saving me cash with drivewise.
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here's my analysis. for what it's worth, they're going to create one gigantic bank with free stock trading for customers. maria: you're right. this is looking more and more like a bank, when you look at charles schwab and the fact is, schwab will acquire ameritrade for $26 billion. today, the announcement's going to happen imminently. we are waiting on the companies to confirm my reporting. but this brings together two firms with $5 trillion in assets under management. it makes them better able to compete with vanguard with almost $6 trillion, blackrock which owns ishares with even more than that in terms of trillions of dollars um, walt bettinger from schwab will run the combined company and the cfo of ameritrade will be the interim ceo of this combined company. stuart: quick question. they make money by sitting on a gigantic amount of money. a float, in other words. couple trillion dollars. maria: remember two months ago when schwab cut fees to zero and the entire industry followed suit. they're not making any money on commission.
now the goal is to expand as much assets under management as possible and they are looking more and more like a bank. stuart: you know how short we keep things on this program. terribly sorry but you were good for 90 seconds. that was really excellent. moving on. congress passes the hong kong human rights bill. that's what it was. president trump can sign it if he wishes. marc lotter is with us, trump 2020 guy. will the president sign it? because if he does, china's going to get real mad. >> well, i don't want to get ahead of the president on the decisions they will make in the white house, but i can tell you without question, we've got to remember this is a president who has confronted china's activities in hong kong, he went to the u.n. this fall, talked about how china needed to respect the treaties they have entered into as it relates to hong kong, treating protesters humanely and so the president has been very strong on standing up for hong kong, but i will leave it to the white house to make the decisions on whether he should sign it or not.
stuart: what do you make of mike bloomberg spending i think it's $20 million to register voters in key states which president trump won by a narrow margin in 2016. he's coming right after president trump. >> welcome to the show, michael. we have been doing this for three years now and we already have people on the ground. we are training volunteers, we are signing up new voters -- stuart: marc, hold on. >> this is another last minute attempt to buy an election. stuart: wait a second. he's got $52 billion. you can do an awful lot of damage with $52 billion. even a tiny fraction of it. you've got to be worried a little bit. >> well, this is just -- i mean, last night you had elizabeth warren going after the billionaire freeloaders and now you have a billionaire who is going to try to buy their primary because nobody likes their candidates. we are pretty confident regardless of who we face. president trump will be re-elected because of the results we're seeing for america. stuart: that was really good, marc. very nice comeback from that. excellent stuff. marc lotter, thanks for joining us.
always a pleasure. ken langone, billionaire freeloader, you must have met mike bloomberg. what do you think of his politics? >> mike bloomberg is one of the best mayors we ever had. stuart: true. >> that whole gang, whatever the hell they want to call themselves, i guess candidates, mike can point to accomplishments privately, professionally, philanthropic philanthropically. mike would be a very serious candidate. mike addressed an issue in america that's crying, crying for help. stuart: guns. >> no. education. stuart: okay. >> he brought joel kline in to be chancellor of education in new york city. public education in america, 30 most developed nations on earth, we are number one out of the 30 spending per student. we are 28th out of 30 in results. okay? if you want the know how the chinese are going to beat us in the long term, it's going to be education. stuart: if it was trump versus
mike bloomberg, who would you vote for? may i ask? >> let me say this to you. i know mike very well. i've had a lot of dealings with mike. i have enormous respect for mike. what i'm saying right now is that i'm not politically inclined, i'm not looking -- i gather he bought his job, he paid $1 million for the campaign, for the celebration. that's how these guys get these jobs. okay? i don't want to knock him but that's another issue. back to mike, mike would be to me a formidable candidate and a great president. stuart: you know new york politics. is he going to run? it sure looks like it. >> i don't know. that's why i'm keeping my powder dry. i don't know. i have told mike as recently as a month and a half ago, mike, there's no downside. give it a shot. deirdre: i think it's a worthwhile question to see if michael bloomberg were to resonate with the middle of the country. of course he was a great mayor in new york, lot of people know
him in new york but will he resonate in iowa, in wisconsin. fair question. stuart: hold on, ladies and gentlemen. >> if he ran and won, we would have one hell of a great president of the united states. stuart: hold on one second. got to go to the futures market, see how we will open this thursday morning. we are -- oh, the dow has now turned a little positive. not much, but up 14 for the dow, fwo one for the s&p, a fraction for the nasdaq. we'll be right back. as a struggling actor, i need all the breaks that i can get. at liberty butchemel... cut. liberty mu... line? cut. liberty mutual customizes your car insurance so you only pay for what you need. cut. liberty m... am i allowed to riff? what if i come out of the water? liberty biberty... cut. we'll dub it. liberty mutual customizes your car insurance so you only pay for what you need. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ only one thing's more exciting than getting a lexus... ahhhh! giving one.
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stuart: you may have noticed the market turned around a little bit. there's a headline in the south china morning post which suggests the u.s. is considering not raising tariffs on china on december 15th. that's the report. south china morning post owned by jack maher, clues very much into the chinese. democrats took the stage in atlanta last night, fifth democrat debate. what are voters saying this morning? fox is at a diner in marietta, tell us what they're saying down there. reporter: good morning, stuart. it seems no matter who you talk to, democrat or republican, we are in a situation where there's no consensus as to who the winner of these debates are and who the losers are. we will ask the voters what they think, beginning with fred. who's your winner? >> i would say it would have to
be cory booker and the false narrative of voter suppression because that rings well here among the low information voters. reporter: he has been doing this all morning long. you are the first person to say booker was the winner. who was your loser? >> i would say harris, because in georgia, she mentions the heartbeat bill and she believes babies can go up to nine months and be in the womb and be ripped out of the mama. i just think that's wrong. reporter: thank you. who's your winner? >> tulsi gabbard because she out of all the democrats that are running still is moderate. actually, has a platform. that's why. reporter: who was your loser? >> it would be bernie sanders. he is too radical to the left and he's actually the one who started all that, so i think his time has passed and we will never become a socialist nation. reporter: thank you kindly. finally, mike, i want to let you know mooike just checked his stocks right before. the market hasn't even opened yet. who's your winner?
>> i think joe biden talked a lot at the very end about how great our country is and how great our economy is. he sounded just like trump actually. reporter: your loser? >> i think elizabeth warren. socialized medicine doesn't work. reporter: so stuart, he will keep it locked to fox business all day and check the stocks just for you. stuart: works for me. reporter: we want to thank the folks here as well. stuart: yes, we do. ladies and gentlemen, thanks one and all. appreciate it. as you heard, socialism was definitely on parade last night. i want to ask ken langone, who is still with us, why socialism should be rearing its rather ugly head now. why is it so popular? i don't get it. >> because the naivete of the public believing it's going to happen, everything for free. stuart: if i was a youngster, i want free college. >> go down to venezuela. stuart: they don't see it like that. >> chavez offered the same things when he took power. castro when he was in the milhi,
if there had been an election he would have won in cuba. why? what he was talking was utopia. stuart: i don't think the elizabeth warrens and bernie sanders of this world, if they got into power, i don't think they would take us all the way down the venezuela or cuba road. >> they can't. they can't. the structure of our government wouldn't allow it to happen. but i will say it again. for the long term, i'm 84, why should i be thinking long term? i'm thinking long term because i'm going to be around awhile, number one. number two, i expect my grandchildren or other people's grandchildren to be around a long time. guess what? we may have to go that route so the american people learn what a joke it is, what a horrible, horrible, cruel trick it is on the public. stuart: that's interesting, because in the 1970s, britain went down the socialist road. i left, but in the late 1970s,h
bailed out the country and restored capitalism and prosperity across the country. >> let me tell you my take, worst case scenario. they win. whoever it is on that side wins. they made so many promises and so many commitments to the left that they got to redeem some of them. stuart: what do you think is the probability of the far left winning the presidency? >> what was the probability of donald trump winning in 2016? nonexistent. the american people are capable of surprises. they may win. all i'm saying is they're going to set the republican party or capitalism on a trajectory for the next 25 years after those four years. so look, i'm a perennial optimist. i wake up every day believing today is better than tomorrow. if i didn't believe that, why the hell get out of bed? right? stay where you are. you topped out yesterday.
stuart: i'm only a few years behind you. just a few. >> no, no, no, you're a kid. come on, cut it out. stuart: it was a real pleasure having you on. you are a great guy. >> let me say this to you. no matter what these idiots, both sides, do, all sides, we are the greatest country on earth. our future is bright and things are always going to be better for america. don't forget that. okay? that's all i have to say. stuart: will you shake that hand? thank you very much indeed, sir. good stuff. all right. let me segue to the market. that's where we are going here. we've got a modest turnaround, up eight points on the dow industrials, unchanged s&p, down maybe 10. this is a flat to slightly lower market, basically. i've got to tell you about google. they are cracking down on political ads. they are making it harder to target specific groups. kristina partsinevelos here with details. can you tell me which groups are no longer allowed to be targeted? kristina: the ones that are on
any type of voter registration form or group and those that have a political affiliation according to google. if you browse certain websites, google makes the assumption you are right or left based off the website so they can no longer target you based off that. they have or they can still target you based off of your age, gender, as well as your zip code. if we are talking about the bigger picture, technology is getting involved with the whole political debate. you have twitter that's banning all political advertisements. then you have facebook on the other hand that said they are not going to fact-check anything. so google kind of falls in the middle. literally the middle. stuart: they are still left with the same question. how do you make the judgment, i mean, how do you -- it's a subjective judgment. kristina: this is not because it's a group of people. they are no longer going to provide that information that you fall into the democratic, you pay in and you know, you are affiliated with the democratic party so i can no longer target those that are specifically democrats. instead i will target those that
are between 18 to 27, et cetera. like that. it's a little bit different. stuart: they are taking the middle road here in the political ad business. kristina: they don't offend anybody with this. stuart: got it. kristina: it's going to affect ad revenue. $127 million spent just this year alone. stuart: thank you very much indeed. all good. all good. we are just a couple seconds in here so we haven't quite got the trend established yet. i see a lot of green on the left-hand side of the screen there. that's a screen that has the dow 30 stocks there. half up in green, half down in red. the dow overall is up five points. go nowhere so far. the s&p 500, where's that? in the early going, it is up a tiny, tiny fraction. how about the nasdaq? home of the technology companies, where's that? it is up three points. again, a tiny, tiny fraction. macy's, they cut their guidance. they looked at the future, not great. macy's department store chain down 3%, back to $14 a share.
maria bartiromo reported that schwab will buy td ameritrade for $26 billion. look at ameritrade go up ten points, 24%. schwab also on the upside, 12% higher. that will be a $26 billion deal, right there. joining us, joel shulman, deirdre bolton, lauren simonetti. joel, to you first. that is a very big deal. >> it's a big deal, but shouldn't be surprising. lot of consolidation going on in financial services. there is still going to be the number three player in the industry. vanguard dominates. i think they have something like a quarter of all the assets under management. so we are going to continue to see this, particularly as we soo he the brokerage housing on the race to zero. they are all moving to zero commission. stuart: the name of the game is maximizing the amount of money your company has under management. >> that's exactly it. aum, assets under management, the key driver. when we look at the commission costs, it's really secondary because they can make more money in the spreads, more money in
managing the assets and they need to get economies of scale. this is an industry where if you are small, you are going to get gobbled up gory oor go out of business. stuart: should i invest in smaller discounters? >> smaller shops are being acquired. there's a lot of activity there. so yeah. if they are publicly traded, yeah, i think it's a good buy. stuart: you are an entrepreneur. all right. now to macy's. i think their profit went up but their sales went down. that's how i would characterize it. the stock is down 4%. it's down 50% this calendar year. this is the department store problem. deirdre: it is a department store problem. macy's even cutting its 2019 profit outlook for the second time this year. yeah. amazon is eating everybody's lunch. it's really making more and more inroads into areas that were traditionally had a little bit of a moat around them. we also have to say weak international traffic, there's fewer tourists popping up in new york and other places and also
malls suffering. stuart: joel, do you have any entrepreneurial retailers? >> we have a few. we have scaled back. we scaled back over the last few years. we had limited up until about three years ago. this stock is in complete decay, down 37% year to date. we have been out two, three years. that was probably our biggest large cap entrepreneurial company in retail. stuart: got it. >> we do have a lot of consumer discretionary i.t. and health care. stuart: some viewers may be excused if they say oh, here goes varney again talking about fast food menus. listen to this. taco bell has its own version of a crispy chicken sandwich. okay. go right ahead. lauren: it's about menu innovation, because that drives traffic. they had nacho fries a little while ago, $1 billion in sales. popeyes now has spicy chicken, new chicken sandwich that everybody loves. taco bell owned by yum brands is saying us, too. they have a marinated in
buttermilk -- stuart: are you serious? this new sandwich is enough to raise the stock price 1%? lauren: it gets people talking about something cool, something to wait for and it starts out like $1.99. this isn't even an expensive item. stuart: joel? >> chicken nugget put into a wrap, soft wrap? i don't think we are seeing anything new here. stuart: thank you very much indeed. thank you so much. okay. another somewhat similar story. jetblue, look at the stock, trying to attract millenials by offering hard seltzer on flights? deirdre: first airline to offer this. we have been talking about this more in relationship to how people are drinking less beer. they don't want the carbs or the sugar of other drinks. white claw is very popular, had a huge summer. now jetblue is saying how can we attract millenials and younger flyers. we will show them we are young, hip and cool. here you go. have the drink you want. stuart: i don't belong to this world. >> i don't see anybody switching their flight, i'm going to take a hard seltzer. come on.
hold on, now. i'm not going to take that airline. lauren: but if there was a chicken sandwich. stuart: you got food, there's something different. all right. all right. move on. check the big board. we are down 30 points on the dow industrials after five minutes' worth of business. boeing loses orders for 777s. is that right? they have lost some orders from the emirates airlines? the stock down a fraction. more blackouts, northern california, to try to prevent power lines starting fires, wildfires. the stock is up five cents. doesn't move much. president trump scheduled to meet with representatives of the vaping industry tomorrow. he's considering a ban on flavored e-cigarettes. altria group which has a big investment in juul, the vaping company, down 23 cents on that. take a look at apple. this is the day after president trump toured the apple factory in texas with ceo tim cook. virtually unchanged.
just like the rest of the market, really. $263 on apple this morning. google putting restrictions on political ads, making it harder to target specific groups. doesn't affect the stock, down four bucks. this is interesting. yield on the ten-year treasury down to 1.76%. that is an interesting indicator. money coming out of treasuries, is that right? coming out of treasuries, the yield goes down? >> inversely related. money goes up, yield goes down. stuart: i think i got that. an indicator of economic strength around the world. leave it at that. price of oil this morning. where are we? no, gold. oil. $57 per barrel as we speak. take a look, please, move it up, disney. thank you. poised to be the company's $6 billion movie this year, "frozen 2." tell me more. lauren: it will be disney's $6
billion film of this year so you know, obviously "frozen" had a pretty big, pretty dedicated fan base built in there. for all these people who are doubting disney's power, here you go. they have the answer. it's coming out around thanksgiving. a lot of families will go. to have six films that gross $1 billion in one year, if you are going with content is king, that should put netflix on its heels. stuart: i'm finding it very hard to come up with market-moving stories or stock price-moving stories. impeachment is doing nothing. the debate last night, doing nothing. the market's virtually unchanged. >> you know, i disagree just a little bit. small caps have been on fire for the last month, up 6%. many of the small caps we track are up over 110% plus they still have room to grow. roku has been up over 400%. i'm not thinking that that stock is good value right now but we have other stocks like paycom software up 110%. they still have room to grow.
stuart: i keep missing the small cap growth. i concentrate maybe too much on the s&p, dow and nasdaq. >> i think there's going to be a good market shift to u.s. small caps, u.s. midcaps and non-u.s. the non-u.s. has been beat up. we are seeing a lot of movement, non-u.s. and non-u.s. small caps. this market is now shifting towards riskier assets. it's a good time for the next month and a half, two months. stuart: i've got news now. listen to this. netflix is suffering a worldwide streaming outage. deirdre: people are pretty annoyed. on social media lots of people are tweeting about this, saying cannot play, please try later. these are indications they are getting from netflix. but this just underlines, we have the streaming wars now, right. we just talked about disney, netflix of course, apple tv coming online. this whole sort of new streaming world is going to be a big story to follow. stuart: is this a bandwidth problem? i don't get it. if we are all streaming, streaming, streaming, streaming,
is there enough bandwidth so we can all watch freely? >> could be an issue. we will find out tomorrow why they are down today. stuart: you like roku? >> it's up over 400% this year. it's been our strongest winner. stuart: that's incredible. because it's a streaming stock. >> a streaming stock and it's doing great. they don't have profits yet but great revenue growth. that whole space, there are very few companies that have profits but revenue growth is really extraordinary. stuart: i see all these streaming stocks keep going up. >> they had a little drop in october. stuart: that's true. that's true. but they've come back very strongly. >> they have come back. stuart: is streaming that big? >> well, yes. it's like where we were in telecom 20 years ago. this year has been the year for streaming stocks. we have about four of them. they are all performing extraordinarily. stuart: streaming wins the living room. >> this year. stuart: streaming wins the screen wars. >> this year. stuart: this year. >> yeah. we'll see what happens. lauren: watch the cable companies. what are their stocks doing? they will get hit by all of this. we keep saying, most people say we will have about three
streaming services. so the three streamers we are talking about, their stocks are up. stuart: okay. i just don't feel i'm really part of this brave new world. i feel outside of it, far too much. i have a -- >> buy a couple stocks. stuart: there you go. that's will whet your appetite. you soon get interested if you buy a streaming stock. joel, thank you very much indeed. always appreciate it. thanks very much. check the big board. we are down 40 points, a very modest loss pretty much across the board. tesla. they are about to unveil their new cyberpickup truck. will it live up to the hype, he asks? tesla's stock is up another five bucks. senator warren says her wealth tax, this is interesting, the wealth tax will unite the country? i don't think so. i think it's doing the exact opposite, actually. my take editorial on that in the 11:00 hour. we told you about vegans suing burger king. in the next hour, i will talk to
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stuart: down slightly all across the board. that's the verdict of the early market action this morning. netflix reports that they've got a serious outage in various parts of the world. i'm not sure of the extent of it but it's not affected the stock. the stock actually is up a fraction, holding at $306 a share. uaw president gary jones has resigned. the union's board moved to remove him and another executive. jeff flock, come on in, please. what did they allegedly do wrong? >> embezzled millions of dollars, misused funds,
submitted expense reports that were not true, and by the way, uaw now just confirming that resignation. it's only come from his lawyer. now they confirmed that it's happened. this is the second big bombshell. you know, 13uaw union officials have been charged in a federal probe. now you have general motors suing fiat chrysler because of these bribes essentially. they are alleging that because they bribed the -- the fca bribed the uaw, they got a better deal than gm got over several years in terms of contracts and it cost gm billions of dollars and that the former ceo of fiat chrysler was essentially trying to take gm over through this scheme. he of course can not defend himself, owing to the fact he is dead. i tell you, i was at the auto show yesterday on the floor, as you know and boy, the buzz that
came through there. this has been crazy stuff. stuart: it's a mess. it's not going away any time soon. there will be an army of lawyers poring all over this for a decade to come, guaranteed. reporter: invest in lawyers. that's what you want to invest in. stuart: maybe. jeff, thanks very much. see you soon. thank you. take a look at macy's. well, it's not down as much as it was. it was down 3% or 4% earlier. now it's down a tiny fraction, holding at $15 a share. what they did was they cut their forecast, looked to the future, not that rosy. gerald storch is here, our retail guy, covers just about everything about retail and knows it all, too. macy's, look, is this just the ongoing story here, the department stores are in terrible shape? that it? >> the consumer's in great shape. this is nothing to do with the consumer. this is an open book exam, stuart. anybody who has been listening to us all year long knows exactly what's happening. people are shopping like crazy but they don't like department stores anymore.
i've got a new thing for you. department stores are being offed, being beaten by off-price retailers. tj maxx had great numbers this week. they are being beaten by fast fashion like h & m who appeal to millenials. they are being beaten by e-commerce. amazon is growing like crazy. they are being beaten by discounters, walmart and target had great numbers. target's apparel sales were up double digits. stuart: it's not just the fact they are in shopping malls which are getting less traffic. it's the structure of the store, what they offer, how they offer it. its model is dead. >> it's dead, like a horse and buggy or something when people are, you know, driving drones right now. you know, you could clone, have a child from warren buffett and jack welch and that child wouldn't be a good enough manager to do anything about this mess. it's a terrible problem. their gross margin rate is 40%. they are losing 2.5% on every dollar they sell.
it just doesn't work anymore. stuart: you got that right. very aggressive presentation there. >> well, it doesn't work. it's yesterday's news. it's open book. last month's retail sales report, department stores were down 6.9% year over year. it's accelerating. all you have to do is look at the numbers. you knew this was coming. this is no surprise at all. anyone who says this has anything to do with the consumer just isn't paying attention at all. they are big numbers, people like walmart and target and amazon, that's where the growth is. stuart: when the holiday season is done, by the time we get into mid-january, say, are we going to see big names just go, disappear? >> you know, there's probably two to three times as much retail square footage in the u.s. than there has to be. more companies are going to go bankrupt. macy's is a great balance sheet. i don't think they are in imminent trouble but if they don't figure out a way to appeal to a younger customer, get more people in that door, it's never going to work. more people are going out of business. i don't think macy's is one of them. i think you will see a lot of bankruptcies by highly leveraged retailers.
anyone owned by private equity, take a look at it. the balance sheet is leveraged, they will be in big trouble. stuart: what are we going to do with all that retail space that will be opened up? >> it will be doctors' offices, place to get a cat scan. that stuff is really hot. place to take your dog. there will be places to do your nails. all kinds of great uses. the mall near me, they have a kung fu studio and ping-pong place. stuart: i'm not going to do it. we are all out of the habit of getting in the car, driving somewhere, opening the car door, going into a store, might buy this, might -- we don't do that anymore. >> the economy is growing. they will be turned into mixed use residential complexes. these are really hot and beautiful now, nice new apartments with coffee places on ground level. these are good locations, usually. they will find alternative uses. the malls are going to go, no doubt about it. a lot of strip center locations will be empty, no doubt about it. malls have been around for a long time. great place to go out and eat. it's not like there isn't traffic. there is traffic.
it's not down so much at the a malls. they are going there to eat, to watch the movie, to do a lot of things. they just aren't shopping. stuart: good parking, too. jerry, i will see you in florida, okay? good luck, man. thank you. check the dow 30. give you an overall picture of the dow. far more losers than winners and overall, the dow industrials are down 50 points. millenials love cbd spiked sodas, so we're told. what's all the buzz about? i will ask the ceo of recess. they come in those fancy cans, got them on the screen. looks like they are actually selling alcohol but they aren't. it's cbd. we have the guy who runs that on the show. imagine traveling hassle-free with your golf clubs. now you can, with shipsticks.com! no more lugging your clubs through the airport or risk having your clubs lost or damaged by the airlines. sending your own clubs ahead
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stuart: want to bring everybody up to speed on these reports of netflix with some kind of outage. on the phone, kurt knudssen. can you tell us how extensive this outage might be? >> rather extensive. this is not good news for netflix, especially as the streaming wars really heat up. we have global reports at this point, first from the uk, we've got reports in europe, eastern asia, now here in the u.s., of an outage for the streaming service. many people encountering message that says currently experiencing issues, streaming on all devices. if you go to the netflix
website, they are repeating that same message and there is no indication when it will be resolved. stuart: thanks for joining us. nonetheless, the stock actually is up as we speak, about $308 per share. next case. seems like we very frequently have a story about millenials' love affair with all things seltzer. joining us is benjamin witte, ceo of the sparkling water brand, not soda, sparkling water. the brand's name is recess. he joins us now. ben, welcome to the program. >> thanks for having me. stuart: you are very definitive about this. it's not soda. >> that's right. stuart: it's sparkling water. >> only five grams of sugar. stuart: thanks very much. but cbd is in it, right? >> that's right. stuart: these cans here, cbd enclosed? >> correct. stuart: suppose i chugged a can of it now. what happens? >> it would just make you feel kind of calm and balanced. why cbd is growing in popularity, it's a compound that helps you kind of relax and reduces stress. that stress and anxiety become a bigger and bigger issue in people's lives, people are looking for solutions to help
them feel balanced. stuart: does it actually work? you have to tell me that it does, obviously. >> absolutely. we hear all day, every day from our customers that it really makes a difference in their lives. stuart: any scientific evidence for that? >> there is a lot of studies around cbd, the compound itself, about how it reduces anxiety and stress. so yes. stuart: okay. these cans, they are $5 each? >> that's right. stuart: rather pricey, isn't it? >> the reason it's expensive is because cbd is expensive. hemp has been a controlled substance until a year ago, when mitch mcconnell introduced a piece of legislation called the hemp farming act, which basically says we want hemp to be the future crop of america and encourages farmers in all 50 states to cultivate hemp and remove cbd from the controlled substance list, paving the way for this opportunity. so it's a bit supply constrained because farmers are just starting to grow it but over time the price should come down. stuart: the cans, very fancy.
kind of good-looking cans. >> thank you. i appreciate that. stuart: i'm sure you designed them that way. but wouldn't they attract youngsters? >> well, people of all ages, it's suggested that people over 18 should drink recess, but it's available -- stuart: nothing's stopping them from buying those cans if you're 12 years old? >> that's right. stuart: just the price. >> correct. stuart: that's it. how do you feel about that? >> well, we are actually calling for a clear regulation. the way i think about cbd, cbd is no more of a compound, a drug than caffeine. i wouldn't want my 12-year-old to drink a red bull or iced coffee either, to be honest. stuart: ben witte, recess guy, ceo thereof, with the cbd infused drinks right there, thanks for joining us. we appreciate you being here. thank you, sir. all right. remember this expression, no soup for you? actor larry thomas made that four-word phrase famous as the soup nazi on "seinfeld." he's planning of all things, a
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stuart: 10:00 thursday morning. very important numbers released, important for realtors. we have details on existing home sales. deirdre? >> 5.46. we have that, that is little bit lighter than expected. analysts looking for a 10th. they are up 1.9%. if you look at a month to month figure. that is pretty important. stuart: that's not bad. what we're looking for is a real move up for the housing market, the housing industry. that would clearly help the overall market, the economy. i don't think we're seeing a serious move up with these latest numbers. 5.46 million homes sold on an annual basis. not bad but not great.
>> not bad. you are seeing a lot is transfer. people looking at higher state taxes going to places sunnier and less taxed. i think it is more after transfer than growth. stuart: we've to the mortgage rates. lauren? >> lauren: down from the 3.75% last week. commentary very bullish from freddie mac. rising demand and increasing construction, remember we saw 12-year high building permits, future groundbreaking on homes. ebullient sentiment in the industry. very positive report. stuart: that is good i'm sure. not really helping the market, we're still down, what, 50 points on the dow industrials 31 minutes into the trading session. new this hour, billionaire michael bloomberg spending we understand $20 million to register voters in five states which president trump won by a
narrow margin four years ago, 2016. listen to what home depot cofounder ken langone had to say about that last hour. roll tape. >> mike bloomberg is one of the best mayors we ever had. stuart: that's true. >> that whole gang, whatever they want to call themselves, candidates, mike can point to accomplishments. privately, professionally, philanthropically. mike would be to me a formidable candidate and a great president. stuart: that's ken langone. he is the cofounder of home depot. he was with us earlier this morning. with us now, former clinton pollster doug schoen. doug, i believe you have done some polling for bloomberg. >> yes, i have. stuart: tell me, is he running? >> there is a good likelihood he will get in the race. hasn't been finally decided but i think he is moveing in that direction. stuart: that is a yes as far as i'm concerned. >> leaning towards it, yes. stuart: all right. what does hope to achieve
spending all of this money, 20 million in five states, to register people? >> i think it is very clear. he is trying to lay the groundwork, whether he is the nominee, of course if he runs i would want him to be, he would want to be, bottom line he is trying to beat donald trump, register democrat-leaning voters who would inclined to vote against the president. stuart: do you think a 52 billion-dollar man from the former mayor of new york city, could win a generally election in america? >> i think he could. what ken langone said about his unique experience as a businessman, a mayor, a philanthropist, unique accomplishments, whether it would be climate, job creation, international leadership, he is a real serious guy. i think he adds to a complicated and crowded democratic field. stuart: it is a crowded field. >> it is. stuart: witnessed by last night's debate. 10 on the stage. >> yep. stuart: six didn't qualify. >> yep.
stuart: two more will probably get in later that was an enormous number. did you see a winner last night? >> i did not see a winner. the democratic party has a number of good candidates and if michael bloomberg runs another one. i didn't not see a clear front-runner. stuart: i see split on policy. >> especially health care, "medicare for all." stuart: that raises an enormous problem for the democrats. there is less than a year to go to the election. you will get to the conventions pretty soon and the primaries and you still got 18 candidates out there all over the place on policy. that's a problem. >> it's a problem but, it is made less of an issue by the fact that the president himself has relatively low ratings. whether he like or dislike the impeachment process, it is certainly on a daily basis puts out more negatives on the president and more questions about his motivation. stuart: it is good news to mr. bloomberg. >> certainly is on both accounts. stuart: you're working for him.
>> i am indeed. stuart: you taking his money. >> i worked for him. i worked for him a number of years. i think he is the best candidate. i'm proud to work for him and proud he asked me to. stuart: good to see you on the show. >> thank you so much. stuart: you will be back. >> i hope so. stuart: take the jet up from florida. >> absolutely. stuart: very modest loss from today. you're down 40, 50 points from the dow industrials. that's where we are. let's talk trade, with whenever get a trade headline, the market moves. president says this, china sees say this. chinese south morning post says this, et cetera. very hard to keep track. dennis gartman, market watcher. i can't keep track of this. i find it very hard. i will suggest all this trade backwards and forwards, these delays keep going on and on and on, they could really upset the year-end rally.
what do you say? >> i think they will upset the supposed, hoped for year-end rally. if you're a businessman and businesswoman, you're absolutely concerned about every morning you walk in there is a tweet from the president or response from president xi, yes or no concerning trade. so your propensity to add to capital investment, to expand your business has been delayed at least materially. perhaps to the turn of the year. so, you know, all economics is a study of people's propensity to take action and your propensity to take action now given confusion regarding trade is imminent, high, rising. that cannot be beneficial for the economy. has to be detrimental. has to be deleterious. stuart: impeachment hearings going on yesterday. going on today. any influence at all going on the market? >> i think the market understands, yes the president will be impeached. impeached in a partisan manner. the house will vote by modest majority to move impeachment, i did television yesterday for
canada. had to explain to the canadians impeachment is simply an indictment. it is not the final act. the market understands that the final act will be by the senate. the senate will not under any circumstance unless something really surprising comes out will not find a 2/3 majority. the market understands that. the problem lies in the democrats. if i'm a senator, if i'm harris, if i'm miss warren, if i'm mr. sanders, the fact i can't face is that i can be on the campaign trail in february and march because i have to be in washington, listen to the proceedings, cast my vote. the odds will swing to others than senators potentially democratic nominees. stuart: the debate last night, i don't know if you watched it or not, does it have influence on the market this morning? >> i was listening on the way in, driving in to the studio, you didn't listen to it. i fell asleep. i did my best to listen. i got completely and utterly
bored. i don't think the market which pay attention and is not paying any attention. stuart: seems like the market is on hold, on a pause, waiting for something, am i right? >> i think you're exactly right. the same thing happening in the foreign exchange market. same then happening in the gold market. a lot of markets are moving sideways. look at the the at grain markets. they all seem to be moving sidewayses awaiting what happens to impeachment. waiting what happens with president xi and trump regarding change. that is probably the overwhelming circumstance. everybody is confused. in confusion you get sideways movement or movement to the downside. stuart: dennis. got it. thank you very much. we'll see you soon. >> thanks for having me on. stuart: president trump, going to bj's, bj's wholesale. that stock i believe is down. gerri willis at the new york stock exchange, why is that stock down, please?
>> stuart, all about the earnings report today. the good news they beat estimates by penny a share. that is where all that good news stopped. revenue and same-store sales growth half the levels analysts anticipated. they guided lower going forward on same-store sales. eps, you name it, they're guiding lower. they have been struggling in the grocery category. you want to see success, direct competitor costco up 47% year-to-date. bj's struggling. all because of grocery i believe. back to you. stuart: got it. gerri, thank you very much. big deal i will tell you about, charles schwab reportedly buying td ameritrade. baying. >> there is no free lunch. when both companies decided to slash commissions bringing them to zero how will they make money? you're seeing consolidation. you might see more in the
industry. another thing discussed as we talk about this potential take over, expecting announcement any minute now, you're having a huge transfer of wealth from the boomer generation to the millenial generation. it is not really about the stock trade for some of these companies, the commission they make there. it is about the loyalty, the trust the financial advice they can give you. so that might be what charles schwab and td ameritrade are thinking about with this potential deal. >> wealth transfer is no joke. $23 trillion by 2025. according to most estimates. stuart: from us to you. lauren? thank you. stuart: one generation to another. both stocks way up. and now this. this is bad news for the climate warriors. china is not playing ball with the drive to lower carbon emissions. they're going big on coal. so big, that carbon cuts
elsewhere in the world are canceled out. this headline in the financial times tells it out. coal-fired power in china swamps global emissions efforts. they're increasing carbon pollution more than we're cutting. we're going backwards. why should we sacrifice our economies, our standard of living, our way of life while china keeps pumping out the carbon, swamping our efforts? difficult case to make to voters. you sacrifice, they don't have to. what china is doing okay under the terms of paris climate accords. they don't have to cut emissions until 2030. they can bill as many coal-fired power plant as they like. no wonder president trump took america out of the paris accord. meanwhile the rest of us have to jump through hoops to cut fossil fuels, renovate all buildings to make them climate friendly, cut millions of jobs in mining and
energy, the list goes on and on and on. oh, you better get an electric car and quit flying too. it just doesn't add up to a deal that voters will accept. the debate last night bernie sanders said we have eight or newspaper years to get our act together. he should tell that to the chinese surely. this is not an argument about climate. it is about what voters will accept. you can't legislate the revolution the way we live if all your carbon cutting efforts are swamped by china. you heard my editorial on climate change. later this hour democrat presidential candidate symptom steyer will join us. i will get his response. we have the guy who says the pelosi and schiff impeachment debacle is all that is wrong with washington. dan henninger with us. first, we reported this before, a vegan suing burger king by grilling the meatless burger on
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stuart: not that much movement in stocks this morning as you see on your screen. we're down 46 points. that's it for the dow industrials but we're well below the 28,000. i want an update on the netflix outage. netflix tells us they are aware of it. >> they have a statement. we're aware after streaming issue impacting customers. we're working hard to resolve it. people were getting a error message saying try again later. it is basically affecting all continents, all places where netflix has business but not
100%. lauren: it is going on an hour. that is a long time when your business is streaming what looks like worldwide outage. stuart: people can't stream. it is not affecting the stock. what do you say, justin? can or cannot? some people on our production team can get into netflix, some can't. it is not universally down. dierdre: investors are taking this as a glitch netflix will take care of momentarily. stuart: we shall see. vegans, they got a real problem with burger king. they say, or one person is saying that their impossible whoppers are not meatless enough. that person is trying to get a class-action lawsuit going in a lawsuit. i want to bring in pat larieda. this gentleman sells high-end real meat across the country. don't you? >> yes i do. stuart: don't you feel threatened by the vegans. >> not really. stuart: really? >> plant based --
stuart: would you rather they not be there? >> there are more meat eaters in america and our biggest growing business has been mexico. if you can believe that. there is a huge demand for high quality beef in mexico. stuart: your meat is wonderful. i know it is real high-end stuff. >> yes. stuart: you sell it all across the country. as far as west as las vegas, as far west and across the south. vegans think you're killing the planet and they are taking some of the america with the meatless product. >> except for the fact three years ago when these companies launched i do see the population growth as opposed to supply and i was one of the first to endorse and distribute impossible burger. and now beyond meat before it went public. and before there was a buzz about it, because it is an alternate form of protein that i think, it will keep beef prices
in check that there will be enough beef to go around and there are plenty of beefeaters. i don't think any threat to the beef industry at all. this will, cannibalize on some other non-meat alternatives. stuart: that's a fair point. one of the things i wanted to ask you about, you're teaming up with nathan's, nathan's famous as in hotdogs. >> yes. stuart: it is philly cheesesteak, isn't it? not, for the benefit of viewers outside of the new york and philadelphia area the philly cheesesteak is a very famous thing. >> very famous. stuart: you're into it. >> we respect their family as something very different. a new york cheesesteak is very different from a philadelphia cheesesteak. stuart: what goes into your philly cheesesteak, the one -- >> higher quality beef, real cheese, accustomed roll something very different. there is a market for everything and i think what nathan's wanted
to do was, instead of a tired franchise continuing down the road of making everything less expensive, less quality, less enjoyable, they reversed it. they brought higher quality. their sales, charge more for our version of the sandwich and they have kept every quality control point in check and they are up 300% in sales for this sandwich without cannibalizing on any other item on the menu. stuart: you brought some in for us. >> yes. stuart: how much for each one? >> they are 8.50. which is not bad. stuart: not bad. >> we sell them at citi field. we sell them at the u.s. open. there are quite a lot more in those venues. stuart: pat, you stay there for a second. i will turn to the camera, for something completely different, then i will try one. remember those students at
southern met think of the university, they were investing in the market? their invests are doing quite well. i believe they bought target. lauren: they did. made a lot of money. ♪. va mortgage rates have just dropped to near 50 year lows. veterans can refinance their va loans with no income verification, no appraisal, and no out of pocket costs. newday has extended our call center hours so that every veteran in america can take advantage of this unexpected drop in interest rates. one call can save you $2000 every year. to start saving on your next mortgage payment go to now you can, with shipsticks.com! no more lugging your clubs through the airport or risk having your clubs lost or damaged by the airlines.
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stuart: target stores, the stock almost doubling just this year, 2019. that is real good news for a group of business students at southern methodist university, i think because they invested in target. this group of college kids investing real money in the market. we're following them. lauren: $10 million in total. look at the stock, 127. the students bought it at $113 a
share. at the time they assigned it a price target, they thought it would get, 120, to 130. spot on. i reached out to them. we like the stock because their good, organic was hot. they thought customers would be into that they were right. they liked the same day fulfillment. that speaks to the online potential in target sales up 31%. stuart: that's good. >> now they give it 159-dollar price target. stuart: really? >> bank of america, raymond james, say 150. we'll see. stuart: that is interesting, doing the work looking closely at a company, how it operates doing an investment decision on that. that is all good stuff. you're following for the year, aren't you? lauren: for the year. repeatedly in may. graduation. stuart: still on college, is all the money you spend on the degree worth it? deirdre, this is about which college degrees are, bringing
you the most money. dierdre: also where you went to college. that is a brand. iowa state university, if you graduated and had a civil engineering degree, chances are you make between 60, $61,000 a year. we have graphics to show viewers. compared to a history major, you see around 30,000. some people i spoke with, don't discount the liberal arts degrees right out of the gate, in a sense later on they have jobs, they go back to law school. even though right out of the gate clear it is almost double, an engineer versus a history major. that can kind of even out. a quick question or quick statement, obviously somebody with a computer science major from duke, makes $100,000 a year. florida state, not just picking on them, just almost double the brand of the school. those are computer science degrees. i wanted to highlight, that is a pretty sought-after science degree. stuart: thanks, deirdre.
china goes real big on coal, how about that? do american efforts to curb bar done emissions really matter? i will ask 2020 democrat presidential candidate tom steyer. he is on the show. impeachment hearings continue. we have a guy says that this shows everything that is wrong with washington. dan henninger is next. ♪. great riches will find you when liberty mutual
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lauren: you're not happy today? stuart: if you listen carefully to the french horn, they asked this very famous french horn player, can you reach the note. he originally said no, i can't. but in the end he did. dierdre: that is trivia. lauren: that is a pearl. dierdre: get beetles trivia. stuart, we're down not much. 70 points. 27,737. now this. you got to take a look at this headline in the "wall street journal." the impeachment kangaroo, written by dan henninger, who frequently joins us on a thursday morning. dan, welcome to the show. >> good to be here. stuart: the president actually called the impeachment hearings on a kangaroo court. >> yes, the president was at cabinet meeting, suddenly looked up from the cabinet papers, what
is going down on there impeachment is a kangaroo point. i said this is another trump half-truth, i'm afraid. the entire city of washington has turned into a kangaroo case. stuart: make your case. >> exhibit one, senator ron johnson of wisconsin, on monday morning appearing in the washington media, participating in the smear campaign against trump impeachment hears. because ron johnson produced a document, inside which he does indeed he criticize lieutenant colonel vindman for his role in all of this. but the important thing was, that all of this drew attention to ron johnson's letter. it was an 11-page letter to the house intelligence committee describing his experience with the ukrainians, with president trump, and trying to get the aid released for the ukrainians. ron johnson is ukraine's probably foremost advocate of ukraine in the congress and if you read this thing you get sort
of a coherent overview what has happened here. yes, a lot of people in the administration were trying to get aid to ukraine so they can fight off the russians in eastern ukraine. the president was saying that he didn't like the ukrainians. he was holding back on it. ron johnson went in, tried to convince him several times that the ukrainians were worth supporting. they had a new government. president zelensky elected with 73% of the vote but he makes two salient points. one, the whistleblower that set all this off. people like lieutenant colonel vindman, look if you have disagreements with the president's policy and the president of the united states does set foreign policy, you can either persuade him, if you can'tper said him, resign, go public, take your issues with the president public which is not what happened here. instead we had this internal insurrection. the second point he makes that there were very important foreign policy issues at the center of the ukrainian dispute.
everybody in the state department, the national security council was trying to get that pressed forward the ultimately it was. the aid got released. to my mind those issues transcend the idea that the president was seeking a quid pro quo to force president zelensky into an investigation of the 2016 election. there are much more important issues out there than that one. stuart: i assembly cannot believe we would remove this president from office on the basis of this as you say, kangaroo court, bearing -- just about a phone call. i can't believe we are prepared to do that? >> he makes the policy. it was a policy dispute. we all know that in foreign policy, it gets very intense inside the state department, national security council. those people fight all the time trying to get the president's ear, trying to get the president on their side. that was what was going on here. stuart: what do we do in the future? you have an impeachment effort. you have drawn him up in front of this court.
what do presidents do in the future when they're discussing foreign policy, when they're discussing with the state department what we should do? do they still have freedom of authority in foreign policy? i don't think they do. i think it is downgraded. it is watered down. >> the damage is done at lower levels, lower meaning national security advisor, the secretary of state, ambassadors, do they feel that they're conversations with the president or each other are confidential and protected by executive privilege? or will they just routinely be dumped out in the middle of a congressional hearing. you cannot conduct foreign policy on that basis. stuart: the damage done, just to the foreign policy establishment and presidency i think is really significant. >> yeah. so the impeachment hearing is going to do that damage. the impeachment probably will go forward. though i'm beginning to wonder, stuart if there are not going to be more democrats who vote against impeachment. stuart: they need 217, 218 votes. >> they will probably get that. but a lot of democrats who
defeated republicans in 2018, you know, few of them are talking about impeachment when they go home. they're afraid the case has not been made to cast that vote to impeach an american president. stuart: fair enough. dan henninger. must be thursday. dan henninger is here. thank you very much. appreciate it. google, they're putting restrictions on political ads. they're joining this campaign of restrictions on ads. what are they doing? dierdre: no more microtargeting. what does that mean? campaign cannot up load a voter es email address and voter's phone number and match that address with an ad. what google will do, what we do, tv, radio print. following guidelines the rest of the media follow. they can target you by age, gender, zip code. not your street address. they can guess hey, people in this area can be interested in climate change. if you blast the zip code you
will see a climate change ad on the screen. they are clear about rules of the road. they say you can't be lying f we think you're lying, we will pull the ad. this polly is different from facebook which essentially is a free-for-all. we'll not police policy or free speech. you can say what you want. we're a platform. on the other extreme you have twitter which banned out right i should say political advertising. stuart: i don't know how you distinguish between an out and out lie and political spin. >> there is a lot of gray area in there. stuart: sure is. lauren: brad par scales responding. political elites and big tech want to rig the election. many campaigns, trump campaign, back the first time around used targeted advertising on social media. stuart: google is down seven bucks. i don't think because of that
story but the stock is down. that puts it below 1300 bucks a share. let's update the netflix outage. lauren, do very have an update? lauren: back up and running apparently. going back up on netflix's website, no issues, no interruption in the streaming service. now you know. life can go on. connell: stock is at $305 a share. hardly affected the outage that was. big meeting at the white house about vaping. the american medical association says vaping should be allowed only through prescriptions. i will talk to one of the first juul investors about that, juul being vaping people. i will talk to him about it. china increasing carbon pollution. i will talk to presidential candidate tom steyer. i will put it to him. you can't legislate a climate change revolution if china doesn't play ball. that's next. ♪.
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stuart: still calling a modest loss. down a quarter of a percent. down 78 points on the dow industrials. joe biden campaign sent out a postdebate fund-raising message, but they sent the message out before the debate. deirdre, you will tell me -- dierdre: big mistake. it was accident. went out around 3:00 p.m. eastern time. before the debate started. here are full screens. did i make you proud? leaving the democratic debate now. hope i made you proud out there. i hope i made it clear to the world why our campaign is so
important. follow-up by the campaign. you might have gotten a email from joe getting off the debate stage. that is our bad. one interesting thing about the former vp campaign he often said about fund-raising he considers himself some way as disadvantage. he highlighted senators and warren have money left over from the senate campaigns they have been able to put and he doesn't. which he highlighted obviously an inconvenience to him. stuart: he mistakenly jumped gun. that is what it is. got it. earlier today i hope you heard it, i had an editorial talking about climate change. i was basically saying why should we sacrifice if china keeps on polluting like crazy? so let's bring in presidential candidate tom steyer. welcome to the program. good to see you with us this morning. thanks for being here. >> stuart, good morning. stuart: tom i was referring to the headline in the financial times. i will read it to you.
look, rise of coal-fired power in china swamps global emissions effort. the gist of the story is, they're going big on coal, poe it looking like crazy, knee biting our efforts at cutting carbon emissions. so why should we sacrifice when they don't? will you answer that? >> i certainly will, stuart. let's start with the idea that we have to sacrifice in order to move to a cleaner energy economy. we don't. in fact clean energy is cheaper than fossil fuel energy. we need to rebuild america and we need to move, i said i would declare a state of emergency on climate but we are not, what we're going to do, we're going to create cheaper energy. we're going to create millions of good-paying union jobs across this country. we're going to clean up the air and water, but we'll grow faster, be more prosperous as a result of this. we don't have to sacrifice. stuart: but we do have --
>> beyond that i agree with the premise what you're saying this is a global problem. we need to solve this on a global basis or it won't happen. that i agree with. but i think we need to take american leadership. we can't have leadership without the global community. stuart: you will make me jump through hoops, tom. you will make me jump through hoops to revolutionize society, you make me jump through hoops. i have to change my lifestyle. i'm not so sure i really want to do that while china keeps on polluteing. >> you know, stuart, we don't have a choice on this. let's just start with the idea that this has to happen. stuart: voters do. voters have the choice, tom. >> we're the only country in the world that can lead this morally, technically, commercially is the united states of america. we don't have a leg to stand on. don't have a leg to stand on unless we get our house in order first, if we want to lead the
rest of the world to make this happen. i agree we need to rest of the world to come along. you're absolutely right. i don't think there is a question about that, but this isn't a question of whether we have to get this done. we have to get this done full stop. stuart: what are you going to do? >> question how best to do it. stuart: what are you going to do about china? >> look, i have said, stuart, that i would make this the number one priority of my foreign policy as well. i know, and you know, because you're evidencing it, that china is talking about building hundreds of new coal plants. 350 to be exact. just as part of their belt and road initiative which is their economic initiative to spread their influence throughout south asia, africa, and latin america. stuart: okay. what do you do about it. >> 350 out of the 1200 coal plants that are proposed to be
built around the world. as you know, stuart, those coal plant have average expected life of at least 40 years. stuart: what are you going to do about it? >> we know that can't happen. stuart: what are you going to do about it? what are you going to do to stop the chinese doing what they're doing? >> we're going to have to, i said we have to put our service, in a position a -- stuart: we sacrifice first and they don't have to? >> stuart, stop using the word sacrifice. stuart: we are sacrificing. >> cheaper energy. more prosperous more growth. stuart: cheaper energy? >> clean energy is going to be, yes, cheaper. it's not. it's not. >> solar is cheaper than any fossil fuel. take a look at the cost per kilowatt-hour, sir. stuart: okay. >> take a look. it is cheaper. we're growing faster and we'll create millions of jobs doing this. this is a question of us doing what's right and stopping, listening to this idea that it is either a strong economy or a
safe natural world. create, making these invests will make us prosperous, grow faster. better paying, more jobs. stuart: we'll not sacrifice. if we're going to lead the world, we have to said we're planting our flag. this will be the number one part of our foreign policy. or you're right, no one, not just china. not just china. india. stuart: voters will decide. voters will decide. >> turkey, india, poland. stuart: the voters will decide. that's a fact. tom, thank you very much for joining us. we do appreciate it. we have to have the detate. >> we have to have this conversation, you and i. we have to have this conversation and let the facts rule. stuart: got it. tom steyer. see you soon. big meeting at the white house tomorrow, it is about vaping. the american medical association says vaping should allowed only through prescription. we'll break it down for you,
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stuart: the american medical association says you should have a prescription before you go out and get one of those vaping devices. you want to quit smoking? get a prescription. go vape by all means. but you need a prescription. that is the ama. greg smith with us, an early juul investor. juul is the vaping company. welcome back. >> good morning, stuart. thanks for having me. stuart: what do you make of this? it would solve a problem if you have to have a prescription to stop cigarette smoking and go to vaping t would solve the problem, wouldn't it? >> we know the numbers. smoking kills half a million americans a year. today alone 114 americans will die from snowing or smoking-related illnesses. why do we build walls for 14 million american smokers to quit and get off cigarettes? stuart: because the american association does not want to see you continue your nicotine addiction. that is what vaping is all about. >> also you referenced some lawsuits that are coming this is about following the money also, right?
states are seeing declining tax revenues from cigarettes which is a good thing. more declining revenue coming in from states with tobacco settlement in 1998. i'm not in favor of building walls or making it more challenging for smokers to quit. five years, we'll look back, products like juul, will be recognized as one of the greatest benefit to public health. harvard public health did a study on 787 smokers. gums an patches are not more effective than people quitting cold turkey. we're seeing biggest decline of smoking rates in this country. stuart: in britain, everybody vapes. it is all over the place. >> the government promotes vaping. they build clinics and hospitals. doctors are talking to patients. it is not prescribed. they are pushing citizens to vape. don't have youth smoking issues. we do have a youth smoking problem. i'm a big proponent of tobacco
21. no one under the age of 21 should have access to nicotine. we know what we need to do. we have tools, technology, the legislation to fix the issue. stuart: part of the problem is the black market vaping devices created illnesses and deaths. >> you're right. stuart: you have nothing to do with that. you're the legitimate vaping industry which seeks to replace cigarette smoking. >> e-cigarettes and vapes, all the illnesses we've seen over last few months are black market thc vaping devices. not from the store-bought products like juul. if we continue to build walls to make it more challenging for people to have access, when i say people, adult smokers to have access to the products. you will push people into the black market. push them to do things they shouldn't do, including buying black market products. stuart: do you still have the initial investment in juul? >> i do. stuart: are you holding on? >> i'm holding on. they will be responsible for saving lines. we've seen a massive decline in
smoking. it is really from e-cigarettes. stuart: greg smith, thank you for joining us. thank you, sir. colin kaepernick claimed he was black balled by the nfl for years, but when he finally got a tryout with the league he bailed because of what is called technicalities. tommy tomi lahren will join us. larry thomas made famous the phrase, no soup for you. famous when he played the "soup nazi" on "seinfeld." quarter after century later, the comedy is very popular. he is celebrating a fake holiday that was made famous on the show. he is here to tell us about it.
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my entire career and business were in jeopardy. i called reputation defender. vo: take control of your online reputation. get your free reputation report card at reputationdefender.com. find out your online reputation today and let the experts help you repair it. woman: they were able to restore my good name. vo: visit reputationdefender.com or call 1-877-866-8555. so why isn't it all about you when it comes to your money? so. what's on your mind? we are a 97-year-old firm built for right now. edward jones. it's time for investing to feel individual. stuart: in the debate last night, senator warren said her wealth tax would unite the country. how's that? she said it would pay for free stuff like free college and since that's what everyone's
talking about, then a wealth tax brings everyone together. bit of a stretch, i'd say. what she's really getting at is income inequality. she wants to narrow the gap between the top and the bottom, confiscate the billionaires' money and bring them down to a more acceptable financial level. that, she believes, unites the country because surely they can afford it and there are only a few hundred of them anyway so let's unite against them. well, if jealousy and envy brings us together, count me out. that's europe. that's socialism. that is not america. first of all, confiscation is unconstitutional and morally wrong. it's theft. it won't be limited to billionaires. senator warren needs so many trillions of dollars for her free stuff that she has to reach down into the wallets of middle america and when she comes for your money, there will be no unity. finally, a wealth tax is totally unworkable. you're supposed to put a value
on your house, your farm, your stocks, your bonds, okay. but do you determine the value in january or july or december? value shifts. so what is the value you are to be taxed on? and by the way, you've got to do that every year. what senator warren is doing is actually dividing the country, pitting one group against another. growing up in britain, i saw this first-hand. hatred and jealousy of the rich. it's the socialists' stock in trade. there is no unity in socialism, just angry humorless division. oh, what a shame it's come to america. the third hour of "varney & company" is about to begin. i would rather be a freeloader than a liar like her. she's a liar. we know that. stuart: what's the lie?
>> she was indian blood. stuart: you mean native american? >> right. remember that? that scam when she had to come out. the notion about her being pregnant and disadvantaged because of that. that turned out to be a lie. stuart: lie's a strong word. i'm surprised to hear you say that. >> freeloading's a strong word, too. i hope she wins. let me tell you why. she will make a mess in four years that will put the republicans or the conservatives on a trajectory for 20 years after those four. stuart: that was outspoken billionaire ken langone earlier on the show today. obviously sounding off against senator elizabeth warren. let's get straight to it and bring in nathan lacquer, who heard my editorial. look, i think -- i don't think a wealth tax unites. i think it dividesme. it's a socialistic way of encouraging jealousy. what do you say?
>> has senator warren ever built a company, ever created a job, ever spent money that she earned that wasn't a government paycheck essentially in the form of her salary for being in the government. she doesn't really understand why billionaires become billionaires which is they create jobs, they grow the economy and they drive incentives and structures that is critical to driving capitalism. stuart: i think what she's getting at is income inequality. i think she believes it's politically attractive for the left to go on about income inequality to say look, they can afford it, they can afford to just pay a little bit more. you pay a bit more and look, we all get better off. that's her line of reasoning. you know, it is seductive. >> it is and her calculus is she's thinking there's 200, 300 billionaires it will impact, i don't need their votes, i need to get the billion people that want the free handout. every time the government does something, and a warren government would really drive up the deficit but any time the government does something, the money has to come from somewhere.
there's only two ways the government can get money. they either take it from your wallet or they print it. either one makes the money in your wallet less valuable. your homes less valuable. we don't want an octopus government reaching into everything under a warren presidency. stuart: i was intrigued that last night in the debate, mayor pete tried to upstage some of his opponents by saying he was the least wealthy person on the stage. kind of wearing poor as a badge of honor. >> this is interesting. i think it's a smart move for him. bernie is getting book deals and driving all this wealth, he's going oh, my gosh, capitalism is working for me, i better not tell my $3 donors this is working. it's a smart political calculation for pete to do that. that being said, i think the incentive structure of america is you come here and anything is possible. the second you build a narrative, the second you do do something well, we will take half of it from you is not a good narrative or good incentive structure. stuart: you saw mike bloomberg, the $52 billion man -- >> lot of money, stu. stuart: a lot of money. he's spending $20 million in
five states to register voters maybe to try and unseat president trump. okay. but what do you make of the democrat party, left leaning as it is, possibly led into the election by a multi-billionaire? that doesn't make sense. >> bloomberg is a guy who said very recently there's no way i'm doing this, no way i'm running, i'm not getting into this. he's watched what's happened over the past couple months with the verbiage coming out of these folks' mouths and saying this is so left because the democratic party is so left, i might have to change my mind and get back in it. the democratic party doesn't actually know what they want to do, what message they want to drive home. when push comes to shove, the economy under trump is doing incredibly well. we are at all-time highs. it's hard to beat that. stuart: sure is. thanks for joining us, as always. see you again soon. now we've got -- oh, dear, more bad news for wework employees. it's been pretty bad lately. what now? lauren: 2,400 employees given word they will lose their job. 12,000 employees worldwide. this is the latest number
according to reuters for layoffs at this struggling office rental space company. we have done this story many times. their former ceo adam neumann, $1.7 billion payout, pay package to leave. the ipo basically destroyed and now people losing their jobs. the company says to make the company more efficient going forward. stuart: adam neumann, the guy who started it all, he's out but he walks with well over $1 billion and now you are telling me 2,000 people and more to come are on the street. there's something not right about that. lauren: completely not right about it. there's lawsuits and investigations against the board for basically saying how did this all even happen. stuart: scratching their heads on that one. lauren: he was surfing while the paperwork for this ipo was filed. stuart: he was surfing in the maldives in the indian ocean while the paperwork had to be filed. he was out there.
lauren: now because of this demiez d demise of wework and softbank coming in to try to save it, so many unicorns are in a better place than wework have to prove to the market they can make a profit. they are scared. investors are scared. stuart: they certainly are. yes. i want to deal with macy's. show me the stock, please. it's now down 3%. lauren, you've got the numbers? why are they down? lauren: because they reported earnings and said for all of 2019, they will have negative sales. they blame several things. they blame shopping malls. they say now going forward, we are going to invest where the mall developers are investing. we want to be in the malls and have our best stores in the malls where there is entertainment. stuart: wait a minute. wait a minute. macy's wants to be in a certain kind of mall, not the old malls which are going down? lauren: they need traffic to be up. if you look at where we are, you looking at all the other stocks
on the screen, one week before black friday, the major kickoff to the holiday shopping season officially, and we have seen a bifurcated retail market. lvmh is spending a billion dollars on a paris department store. target is basically the stock price has doubled this year. stuart: speaking of which, listen to this. lvmh, french luxury brand conglomerate, have raised their offer for tiffany, raised the offer by $1 billion. welcome to the show, liz. liz: we may just talk about this on your "evening edit" show. here's the thing. here's what's going on. this is a battle royale between the global luxury brands, the man who runs lvmh, louis vuitton, really wants to take on cartier. he wants tiffany. it's the world's biggest public jewelry company. tiffany is playing hard to get. he's upped it to $15.7 billion for lvmh to take over tiffany from $14.5 billion.
here's what's going on. tiffany saying wait a second, eight years ago you paid double what you paid for bulgari in terms of cash flow versus. watch the purchase price go up. a potential rival could step in to try to steal away tiffany from lvmh. stuart: is ultra-luxury worth that much? liz: there's now an upper growing middle class in china and other companies but yeah, it's happening. stuart: i will take your word for it. thank you very much. oh, huge acquisition to talk to you about. charles schwab buying td ameritrade and paying $26 billion. both stocks way up. td up 20%. schwab, the buying company, up 7%. big deal. look at netflix. they did experience a significant outage earlier. they are back up and running. the stock is back up at $307 a share. now this. elizabeth warren touted her medicare for all plan big-time last night.
how's she going to pay for it? i will ask one of our health care senators, john brass pochlpochl -- barrasso. last of all, we've got the soup nazi on the show. he will be talking soup, "seinfeld" and goat yoga? you really do get it all on "varney." we're just warming up. ♪ does your broker offer more than just free trades? fidelity has zero commissions for online u.s. equity trades and etfs, plus zero minimums to open a brokerage account. with value like this, there are zero reasons to invest anywhere else. fidelity.
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how did you find great-grandma's recipe? we're related to them? we're portuguese? i thought we were hungarian? grandpa, can you tell me the story again? behind every question is a story waiting to be discovered. stuart: in the debate last night, senator warren was again pushing hard, medicare for all. >> so here is my plan. let's bring means eeas many peo
and get as much help as we can to the people as fast as we can. on day one as president, i will do -- bring down the cost of prescription drugs on things like insulin and epipens. that will save hundreds of millions of dollars for people. i will defend the affordable care act from the sabotage of the trump administration. and first hundred days, i will bring in 135 million people into medicare for all at no cost to them. everybody under the age of 18, everybody who has family of four income less than $50,000. i'm going to lower the age of medicare to 50 and expand medicare coverage to include vision and dental, and long-term care. stuart: that is quite a plan and it's a very long list. the gentleman on the right-hand side of the screen is dr. john barrasso, republican, wyoming. you heard that long list. is it all feasible, sir?
>> no, none of it is. it's pie in the sky. it's a huge expansion of government in america. it's a complete government takeover of health care. she forgot to mention she was going to take from 180 million americans the insurance that they now have and get through work. she has no way to pay for this unless she's going to spin straw into gold. the only other way is to raise taxes massively all across america but look, this is a one size fits all, where people will wait longer and pay more for worse care. stuart: i've got a lot of issues i want to go through real fast, if i may. >> please. stuart: the senate and the house have passed the hong kong human rights bill. it's going to go to the president. should he sign it? if he does sign it, china's going to be really angry and we might not get a trade deal. >> well, i think he should sign it. it passed the house by just about unanimous vote. the senate, it passed
unanimously, 100-0. you don't see that kind of bipartisan support for much. we are standing up for human rights and democracy, standing side by side with the million of protesters who are in the streets in hong kong. i think in terms of our vision and our values, the president needs to sign this, yes. stuart: next one. the inspector general's report coming out i think it's december 9th. i think that's the date. this is all about what happened in the 2016 election. do you think that that might sweep impeachment aside? >> well, it might. i know senator graham, chairman of the judiciary committee, has already called for hearings and set the date of december 11th so we will be able to see what the justice department inspector general has to say about the 2016 elections and why the fbi started to look into president
trump's campaign while then candidate donald trump was running for office. the american people have been waiting for that report for a long time. i'm looking forward to seeing it as well. stuart: have you seen anything yet in these impeachment hearings that would validate the removal of the president from office? >> not a thing. to me this is a very flimsy case and you know, what we saw last night in the democrats' debate, this ongoing obsession with impeachment. bernie sanders said that they can walk and chew gum at the same time. actually, they can't. the democrats have been unable to do that. we have the usmca that needs to get passed. we have our troops that need to get paid. we need to do work on lowering the cost of drugs. we need to restore and rebuild our bridges and highway systems. none of that is getting done because the democrats are completely paralyzed by their continuing focus and obsession with impeachment. stuart: you really know how to focus, don't you. you just went through four major
issues rapidly with clear-cut opinion. senator, as always, thanks for joining us. appreciate it. thank you. >> thank you, stuart. stuart: check the big board. still a very modest loss. we are down 72 points as we speak. by the way, speaker pelosi just said she has a press conference, she just said they are making progress on the usmca trade deal. that's what she said. she says she is eager to get it done. that's not really changed the market that much. it's positive on trade but not that much movement on it. breaking news on facebook. the company says it's going to be discussing its political ad policy. that follows google's choice to revamp their own policy on politics. any other headlines from this, we will let you know. facebook going up, very close now to $200 a share. we did tell you that your college degree, we told you what it was worth last hour. not always pretty. grady trimble's got an
alternative. a job that's hiring big-time and pays really well and requires no college degree. he's going to tell us about it after this. ♪ i'm a regular in my neighborhood. i'm a regular at my local coffee shop and my local barber shop. when you shop small you help support your community - from after school programs to the arts! so become a regular, more regularly. because for every dollar you spend at a small business, an average of 67 cents stays in the community. join me and american express on small business saturday, november 30th, and see how shopping small adds up.
stuart: beyond meat, up today 2% higher. what, they're expanding production? lauren: canada is its second biggest market after united states and they want to make the even bigger. so they are teaming up with a canadian production facility to make more imitation meat from that facility for the canadian market. one day, someone is going to say hey, you actually ate meat that came from an animal, mom? i guess that's where we're headed. stuart: the demand is clearly strong. so they need to up supply to meet that demand. that's what they're doing in canada which is one of their big markets. lauren: the scale, the price of the product would come down. that's the goal. stuart: it's coming back to 80 bucks a share. close to. now there is indeed a shortage of aircraft mechanics. grady trimble at a hangar where students get training in that
field. grady, why are so many jobs available in that particular area? reporter: well, the aviation industry at large, both commercial and freight, is growing and growing but they don't have enough mechanics and they predict that's going to continue to be a problem for at least the next 20 years. this hangar at duluth international airport has four commercial planes inside it. i'm going to take you in, a view you wouldn't get too regularly. this plane, it's a commercial plane but it's gutted and ryan is with the company that runs this repair shop here at aar. you guys have 300 openings right now? >> that's correct. 300 openings for skilled technicians across our aviation network. reporter: check out this, stuart. this is where all the seats would normally be. we are walking in where you would pass the bathrooms but they are working on getting this plane retooled. this is essentially a regular inspection, right? >> that's correct. this is about 25 days into a 50-day inspection here. right now, they are in the
process of putting the airplane back together, side wall panels are going up, overhead bins are going in and this aircraft is on schedule. reporter: boeing projects there are going to be 200,000 openings for airplane mechanics in the next -- in north america alone for the next 20 years. you guys are seeing that shortage first-hand. but there's a program here at the local college, lake superior college, they are training students to do this job and they are good-paying jobs. you want to get the word out? >> absolutely. the word needs to get out. aviation maintenance in particular has an identity crisis, is what i call it. it's just making sure that people are aware of what are the careers and what are the salaries that those careers actually have. reporter: stuart, no college degree required. you can start making $50,000 a year right after you finish the program. stuart: $50,000 a year right after you finish the program. not bad. congratulations, one and all. grady, back to you later. thanks very much. now, i'm going to put a face on your screen. there he is. that man is named dan price,
chief executive of a seattle company that pays a $70,000 minimum wage across its entire employment spectrum. they just expanded to boise, idaho. some residents there are not happy. they say these higher salaries are driving house prices up. i will get the response of mr. price in a moment. speaking of high-priced pads, we've got a list of the most expensive zip codes in the country. i will give you a hint. the top is not 90210. it's not. we will tell you the real one in a moment. ♪ here's record-breaking news for veterans.
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involving corruption with bibi netanyahu. he got indicted for bribery over his work with leading telecom tycoons in israel, getting a new favorite publisher to give him favorable coverage, that's breach of trust, and allegations he took gifts worth hundreds of thousands of dollars from businessmen in return for advocating for their interests. there's a bigger political story here, stuart. it plunges israel into hopeless gridlock and deadlock. benny gantz is trying to get a coalition government with bibi netanyahu, refuses to serve under an official who is accused of corruption charges. political deadlock right now. stuart: got it. thank you. we had a lot of numbers coming out from the retailers this week. i want the know how good the retailers are looking as we head into the holiday season because you know the consumer is pretty strong. we got all kinds of reports that selling, buying this holiday period will be real strong. scott martin is with us.
scott, can you tell us which retailers, which retail stocks, you like and which i should buy right now? >> well, stuart, i like one that's been hated this week which is home depot. they had a pretty confusing let's say earnings report earlier this week with respect to some of their digital strategy and frankly i.p. issues they had with their website. home depot is one to pick up because they dropped this week on the earnings report. we also like tjx. we own home depot, by the way. we also like tjx companies because of their discounting strategy. those are two i would look at if i was in your shoes. stuart: you wouldn't touch any department store chain with a ten-foot pole? i'm trying to read between the lines here. >> i wouldn't touch macy's or nordstrom or any of those with a 30-foot pole and even with your money and a 30-foot pole if i could describe it that way. because those guys have all fallen behind. we saw from the target earnings this week, which were amazing, target is probably a little overdone here but definitely hitting on a lot of cylinders.
we have seen with walmart's success too, lately. we like costco as well. that's where i would go if you are looking at the big box guys. stuart: seems like you've got to have a specific strategy. costco's got a subscription service. walmart's been upping its delivery and pickup service. target is picking up on its online business. you've got to have that strategy. you can't be just a scattershot department store selling everything to anybody. can't do that anymore. you've got to have that strategy. >> i love how you said that. you can figure that out by going into the stores. i'm in chicago, we've got nordstrom's and macy's around and if you go into the store you can figure out pretty quick that they don't have that strategy, as you pointed out astutely there. just go into the stores if you are trying to pick a retailer, see what seems to be working and you will find the ones that aren't pretty quick. stuart: to be honest, i wouldn't pick a retailer, bricks and mortar retailer. i would go gung-ho for the online guys. i just have a feeling that this holiday season is the season to beat all others for online
selling. what do you say? >> yeah, i agree. i think online selling, obviously this isn't breaking news like we just had a few minutes ago but online retailing is going to be at a record high this year. sales are going to be great for the holiday season, obviously another record. so online is definitely where it's at. you mentioned that kind of last mile delivery. the companies that execute on that strategy are the ones people will order from. stuart: hard to get me out of the house. scott, thank you for joining me. >> me, too. stuart: i know it. in chicago, i understand it. thank you very much indeed. check the big board. now we are down 74 points, same as we have been for much of the day. breaking news and it's from the speaker pelosi. she just hinted that the trade deal might not come up for a vote this year. that seems like a contradiction from what she was saying in the press conference earlier this morning. liz: an hour ago. right. stuart: it's a contradiction, isn't it? liz: they are going into 2020 with few policy achievements. this has been a bipartisan win for both of them so it's
astonishing they aren't getting nafta 2.0 done. stuart: it is astonishing you are going gung-ho with impeach president a impeachment and you can't get a trade deal done and the reason is because it would be a trump win. liz: it's been out there for months. lauren: they need to talk to canada and mexico still and they just need more time to get this all done. liz: no, they don't. they don't need more time. that's all rhetoric. stuart: just have the will to bring it to a vote. they know it would pass and it would be a win for president trump. they won't do it. that's opinion. let's label it what it is. my opinion. lauren: i would be surprised if they put it to a vote. stuart: change of subtotally. dan price is the ceo of gravity payments. he started paying all his employees a $70,000 a year minimum wage. now residents of boise, idaho, not happy about his company which has moved there. they say it raised home prices and changed boise and its
culture. dan price is back with us now. dan, welcome back. good to see you again. >> you know what, stuart, it's been awhile. it's really, really nice for me to be with you. been a long time. stuart: no, it's not. you know we are opponents on this kind of thing. what do you say to the poor people in boise? you are messing up their culture, raising home prices with your $70,000 minimum. what do you say to them? >> well, i love what you are saying in terms of how you are presenting it. however, we have not heard from a single person in boise that's been unhappy about what we're doing. but the larger issue, your point is right, which is there's a lot of people moving into boise that are changing it in ways take aren't so good for people that are there. boise actually is the seventh worst city in the entire united states for income inequality right now. boise's housing prices have risen more in the past five years as a percentage than san francisco or seattle, where i'm from. so it's a real genuine problem. i think, you know, it does
highlight that private solutions like what we have, where we have a more equal pay scale and decrease inequality, it can only go so far. when you have a society of a few millionaires and a lot of people that can't afford to do whatever they would like to do to feel to pay their bills, we are not always in alignment on these things, but it really does create these types of disruptions. stuart: who is your candidate? we had the debate last night. income inequality is all over the place. the billionaires got hit, the millionaires got hit. you're in that lineup. who is your candidate? >> you know, i didn't get a chance to catch the debates yet. but you know, growing up conservative christian in idaho, listening to rush limbaugh from 10:00 to 1:00 every day, i understand a lot of the skepticism about what people likely heard about last night. but i do think some of these problems of this great inequality, with 82% of all new wealth accruing to the top 1%, that's creating more of a desire for something like andrew yang
and his $1,000 freedom dividend. stuart: you've got to answer the question. >> okay. i love the freedom dividend. i love what andrew yang is saying. andrew yang is saying he wants -- go ahead. stuart: the answer to income inequality, the massive taxation of the 1% or 10% and the confiscation of billionaire wealth, is that the answer to it? >> well, you know, alaska gives a dividend to all residents. it's not the most liberal state in the united states. stuart: i'm talking taxation, dan. come on. you know the question. i'm talking taxation and confiscation. you think that's right? >> well, so alaska actually gets it from oil but oil of today is technology. we are not taxing technology. so all these huge sums of wealth, i just saw a headline that bill gates passed jeff bezos as the wealthiest person alive. these guys don't get taxed. their companies don't get taxed
because technology companies are able to completely avoid taxes. if we put something like a vat, value added tax, in place, they would pay a tiny amount. we are talking like 1%, 2%. that would be enough to pay every adult in the united states $1,000 dividend including every single one of you that's out there watching this show and even you, stuart. even you would get the $1,000 dividend only because we would start to tax these companies like amazon and microsoft. stuart: so andrew yang is your candidate. why didn't you answer the question about taxation and confiscation? you know it's a relatively simple question. maybe we will save it until next time. i've got to make some money by running to commercial. >> let me answer it. stuart: i've got to make money. i've got to run a commercial. we will get back to you sometime. >> sounds great. great to be with you. stuart: this is america, you know. dan price, thanks very much. next case, colin kaepernick, not finished with him yet. or should i say our next guest isn't finished with him. tomi lahren is here.
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stuart: if you could stay up late enough and you stayed awake to watch it, the debate last night had a lot of calling out of president trump. lot of them saying look, no one is above the law. let's bring in fox nation host tomi lahren. kind of hypocritical, do you think? >> absolutely. i'm wondering, no one is above the law, clearly they're referring to donald trump here, but why don't the moderators, i get it, it's msnbc, but why don't they say why are illegal immigrants above the law, why are they allowed to come into the country illegally? elizabeth warren wants to take down border wall where it already exists, by the way. she also told us that last night
and use taxpayer dollars to do it. yes, no one is above the law except for the 10 to 20 million illegal immigrants living in this country. they get a pass. stuart: you did not stay up late to watch that whole debate. i know you didn't. >> i absolutely did. we covered it for fox nation. stuart: oh, sorry. very sorry. >> it was dull. they promised us two hours. it went two hours and 20 minutes. i'm upset. 20 minutes of my life i will never get back. but yes it was a circus, kind of like the impeachment hearing. the democrats are running a giant circus. stuart: i didn't see a win. i saw no knockout blows. not that i could see. did you? >> there was some cat-fighting. kamala was mad that tulsi gabbard came on fox news. i think kamala is jealous she's not on fox news. that's neither here nor there. it wasn't really a debate, though. they kind of shout at the camera in all caps, especially bernie, then it's over and we lost two hours. stuart: i hope you don't ever dissect me. i hope i never cross you, because i would be eviscerated. >> you believe in freedom so you're okay.
stuart: that's why i'm an american citizen. you've got to tell me about kaepernick. he organizes this workout with all these nfl teams, cancels it at the last minute, goes to a high school, does his own little workout. what do you make of this? >> it's also a media circus. is he good enough to be a backup quarterback, perhaps. but no team, we are seeing it just from the workout process, no team is going to take a chance on that kind of liability and that kind of distraction as a backup quarterback. let's just remember, going all the way back to three years ago when this tantrum really started, he only started kneeling for oppression and to be woke when he was replaced by blaine gabbert as the starting quarterback. before that he seemed to be fine with the united states of america. stuart: you think he wants to come back to the nfl or make it all about himself and his position and look at me, look at me? >> that nike contract is probably running out so he's got to re-up his relevance. i don't think he wanted the play football for the last three years. i think this is a look at me,
i'm a victim, i need to get back in the spotlight and that's the way he's choosing to do it through this media circus. stuart: would you call yourself a conservative? >> absolutely. stuart: like a free market conservative? >> exactly. stuart: across the board? >> yes. stuart: is that what you put out on fox nation? >> of course. we have to defend freedom. even more than that, we have to defend our borders, we have to defend our nation, our national security and we have to defend our country against socialism which unfortunately, democrats would love to usher right on in. stuart: yes, but socialism to youngsters, you are a young person, wouldn't you find it appealing, say cancel that college debt, next time you go to college for free? you get free medical care, you get free stuff all over the place. isn't that appealing? isn't that the appeal of elizabeth warren and senator bernie sanders? >> maybe if you go to college and get a degree in underwater basket weaving or women's studies, perhaps it is great to have your college debt erased. if you work hard and get a job and a well-paying job, you don't want your tax dollars going to
fund who knows who. stuart: what's wrong with women's studies? >> nothing wrong with it but if you want a well-paying job afterwards, i don't see too many people knocking on the door looking for that profession. facts are facts. it's great to understand it and learn it but you going to get a job? probably not. reality hurts. young people don't want to wake up to reality. they want to be on instagram and on snapchat. they don't want to live in reality. stuart: like i said, i don't ever want to cross you. tomi lahren on fox nation. i'm on fox nation occasionally. good to see you with us. all right. let's see. look at the list of most expensive -- no. no. what this is, i've got a list of the highest median prices for homes, where they are, which zip codes they're in. where are they? liz: california, 91 of the top 100, 6 of the top 10 are in california. you're looking at the prices right there. interestingly enough, new york boroughs made it. brooklyn is in there, too. so you see, look at that, nearly
$7.1 million. stuart: that's the median. liz: median. stuart: half are above that, half below it. liz: i want to give you this new trend. we have never seen this before. now democrat candidates, 2020 democrats, elizabeth warren, bernie sanders, joe biden, are saying to california hey, your proposition 13, let's lift it for small businesses. in other words, increase property taxes on small businesses in some of these upper zip codes in order to raise money for labor unions there and their pensions. stuart: fortunately, tomi has remained with us. you are a california person. right? >> i absolutely am. stuart: you hear that? they are thinking of -- three candidates are saying you've got to raise property taxes for businesses in california. do you have any idea what the cost structure of businesses in california is already? >> that's why they're leaving. what they are trying to do here is trying to fund some of their
unfunded liabilities, trying to get the vote of the labor union but they will see companies that create jobs and wealth in california will head to texas, florida, arizona and then what will we be left with? very very rich hollywood liberals and the homeless. stuart: the democrats will still get 55 electoral college votes from combaalifornia because the can't lose in california. liz: have you ever heard on the federal level, presidential candidates say to a state, raise your property taxes? stuart: no. never heard that before. because they are sclabsolutely secure they will win california. you're a democrat in california, you can't lose. >> people are going to wake up. i firmly believe, give us maybe five years, california is saveable. even liberals are starting to wake up and say we don't like this anymore, there's homeless on our stoop, there's feces and needles on our beaches. fifth largest economy in the world and we have a million people without power because we had a fire? something's not smelling right. stuart: i will give it five years. >> five years. we will stay and fight. stuart: okay. i hope to live that long. thank you very much indeed.
all right. finally, coming up next, we have the man you have been hearing about all morning. the soup nazi himself. larry thomas is his name. now, he's talking festivus, soup and get this, goat yoga. that man on the screen joins me next. ♪ most people think of verizon as a reliable phone company. (woman) but to businesses, we're a reliable partner. we keep companies ready for what's next. (man) we weave security into their business. virtualize their operations. (woman) and build ai customer experiences. we also keep them ready for the next big opportunity. like 5g. almost all the fortune 500 partner with us. (woman) when it comes to digital transformation... verizon keeps business ready. ♪
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sir, welcome to the program. great to see you. >> thanks. good to see you again, man. appreciate this. stuart: first of all, when is the festivus celebration and what is festivus? >> so festivus was a holiday created by george costanza's dad as an alternative to christmas. it's festivus for the rest of us. i usually do get hired to do some kind of event but my wife has a budding company called the mending muse. we have a nigerian pygmy goat and she takes it to goat yoga events, to nursing homes, to all kinds of things. everybody is in love with him so we said how can we like create an event using wally, using festivus. so basically, the big part of the event that i'm excited about is the airing of grievances on a big screen television. i'm going to start with some soup nazi thing, how you eat
noodle soup with a spoon or a fork, it drives me crazy. everybody can air their grievances. i think that's going to be a lot of fun. of course, there were the feats of strength. we are going to incorporate wally into getting on everyone's back and seeing can you hold a goat on your back. photo ops and stuff. it's at the base camp pub and eatery in looyle, illinois. stuart: tell me again when is the festivus celebration? >> it's december 23rd. stuart: okay. now tell me -- >> 6:30 to 9:30. stuart: now tell me what is goat yoga. just give me an explanation. >> it's catching on like fire. it's basically people have realized that the goat has certain therapeutic qualities to it, and they are very
well-behaved and they see people doing yoga poses and will get in on it. they will stand on your back, they will go under you. like wally is three or four months old and he's already trained and people just love it. i mean, i read the reactions from people when they do a goat yoga event and they are just going that was so much fun. then in the nursing home, he sits in people's laps. stuart: i've got to go. you just entertained us all magnificently. larry, thanks for being with us. december 23rd, festivus. i will mark it down. larry thomas, thank you very much, sir. come again, okay? >> thanks to you. stuart: soup nazi. i'm a little more on the breaking news. president trump is expected to sign that hong kong bill, bill of rights for hong kong, passed by congress. that bill voices support for the protesters. this headline says he's expected to sign it. what that does to china trade, i don't know, but that's what we
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stuart: totally out of time. neil, it yours. neil: thank you, stuart. impeachment hearings are already underway. not much rocketing events. but we're following it. percent to blake burman at the white house with the very latest. hey, blake. reporter: neil, action on both ends of pennsylvania avenue today. of course the hearings up on capitol hill, over here at the white house, president trump is expected, if not already to meet shortly for lunch with republican senators. this comes as the hearings are taking place up on the hill. among headlines today is from david holmes, a top u.s. diplomat in the u.s.