is that? >> better be making more ads and selling products, thanks. time for "varney and company". thanks for being with us on opening bell. stuart: good morning, everyone. there is a market sell-off but let's put it in perspective. the dow is a couple hundred points from its record all time high and it is coming up a bit but the border crisis has to deal with it and so does the fund president's fund-raising bonanza. no troops to the border. new developments in the irs scandal. there's only one word. cap backs. "varney and company" about to begin.

hy was going to say it was the sea of red ink, it is more a pond. there are some greens in there. not entirely bad news but we had negative news on china trade and japanese investment. of portuguese bank is shaky and money printing will come to an end in october. although negatives contributing to a loss on the dow but it is not that big, 80 points down, that is 1/2%. there are some significant losers among those 30 dow stocks. home depot 90, goldman, they are all down approximately 1%. that is not a huge sell-off but moved to lumber liquidators, that is a huge loser. that cut its outlook down 22% and along comes home depot and several housing stocks down in sympathy with lumber liquidators. time for the housing sector.

the s&p 500 was down more than 1%. it is down less than 1/2%. going the other way the price of gold, the rally continues, we are at 1339, that is a $14 per ounce gain this morning but look at this, this is the interest rate barometer. look at the yield, 2.51%, that is a sharp drop in yields that implies trouble for the economy just ahead. that is the market. down on the dow, down on the yield of the treasury, gold is up. chaos on the border. tens of thousands of unaccompanied minors crossing into the country and president obama is on a fund-raising blitz, four of the mean two days. in the midst of the border crisis. this all started wednesday in colorado raising money for democrat senator mark udall who did not even attend the event. he is clearly distancing himself from the president and mr. obama

flew to texas, took money from any event in dallas at the mention of a trial lawyer. then he attended another fund-raiser hosted by director robert rodriguez best known for the film's sin city and machete. plenty of hollywood elite in attendance. number 4 another fund-raiser, today in austin, this time the home of a pro abortion activist, tickets for most of these events topped out at $32,400 per plate. monica crowley is here. online opinion editor for the washington times, this is backfiring. the fund raising in the midst of a crisis, he won't go to the border, looks bad for the president politically. >> i agree it said this is his normal pattern of behavior. remember the morning after the benghazi attack when we lost the u.s. ambassador to went to nevada, to las vegas for a fund-raiser.

this is the same pattern. in the past few was able to get away with it. this time not so fast. i agree with you that this particular set of fund-raisers with a crisis going to the border was affecting everybody because he is tens of thousands of children being flown almost into all of the 50 states of people across the united states are being indirectly or directly affected by this border crisis. him not going to the border and instead going to raise money for the democrats very bad for him indeed. stuart: interesting you raise the subject of optics. president obama's reason for not visiting the border, he is not that in to photo ops. >> there is nothing that is taking place down there that i am not intimately aware of and briefed on. this isn't a theater. this is a problem.

i am not interested in photo ops. stuart: he is not interested in photo ops. what about all of these? this is a rough cross section of some of the fatah what and there is more, with the boston red sox and a bunch of doctors, countless times you have photo ops. >> the presidency has been one giant photo what. getting usama bin laden the photo above him in the situation room, he puts out the photo ops he wants to put out. doesn't want to go to the border because he created this crisis, orchestrated it and is perpetuating it. he could end this with the executive order changing that law that allows those children from countries other than mexico to stay in the country and the process before they are deported. he could change that overnight to get these kids on the way back home but he will not do it. stuart: the reason is the hispanic vote. if he takes strong action to stop the influx of hispanics in to the unaided state he may have

a problem with the hispanic vote of people in the united states already. five months before the election. >> you wanted the chaos in order to try to put pressure on the republicans and others to get comprehensive immigration reform. when that couldn't happen we saw that that was did he went ahead with this so when he said he would act unilaterally to get the immigration reform he wanted, the chaos on the border you are seeing, that is it. that is exactly it. but he doesn't care. but he doesn't care because his primary objective is the fundamental transformation of the nation. if they flip texas blue it is over, you won't get ronald reagan or george w. bush again because once they turn texas that is the ultimate objective. stuart: i remember a book what the club lead to just happened, find out what it means. >> everything i said in that book two years ago has proven to be true.

stuart: i want to break away to the markets and tell everybody about an hour ago, the dow industrial average was down 150 points, dropped to 160 down at one stage. now we come back and i believe bank stocks have come back with the dow industrials. is that correct? >> let's take a look here. when we first kicked it off, you can see improvement here because we saw these banks down 1% and 2% and we see more fractional news, bank of america down 1/2%, jpmorgan down 3/4%, morgan stanley down 1.4%, that being said the markets of come back off of the lows much as traders thought would happen. they said listen it is a blip this morning, deborah concerned in watching portugal and the news out of europe, cautiously, they feel it was a buying opportunity and many said it,

the lows for 16,805, 90 points of the lows. stuart: it is nice when the market comes back just as you go on the air. that is good timing. president obama urging congress to approve $3.7 billion in emergency funds to deal with the flood of immigrants at the border. >> the best way to address this is for the house of representatives to pass legislation fixing our broken immigration system which would include funding by additional thousands of border patrol agents. everybody down here indicates is a priority. stuart: overtime for border patrol agents. dean heller, welcome to the program. >> good to be back on the show.

look at another issue here, can the republicans win the hispanic vote if they take a hard line on immigration? >> i don't know if that is the issue. we should not look at it that way. we have an issue going on right now on the border. the biggest issue is the president needs to leads cons this. we have hearings to figure out if there are any reforms to put into a package but bolstering the border patrol we have right now, right now i think it is about a crisis and trying to solve the problem we haven't had on hand. stuart: $3.7 billion is the president's request, all of that goes to take care of the immigrants that are already here. how much of it is going to the border to stop more coming? what i really want to get at are we in danger of an absolute flood coming, surging across the border?

that is the question. >> of problem we have and our viewers know this is we're seeing a lack of leadership in washington d.c.. we could have a president that comes within a couple hundred miles of this border and refuses to go down there because for some reason he is opposed to a photo op. i don't think that is the reason not to go down there to solve this crisis. i think you raise good questions and i don't know the answers but we have hearings in the senate and the house, hopefully we will resolve those issues but this is the major crisis going on on the southern border and the question is are we going to be able to solve that and a bigger question is will the president lead? stuart: i want to read a news item about the irs scandal and get your comment on it. lois lerner warned her own staff about what is written in e-mails, and also inquired with ibm fully maria hook about whether congress could access their messages. here is the exchange, quote, i

was cautioning folks about e-mail land how we have had several locations where congress asked for e-mails and there has been electronic search for responsive e-mails so we need to be cautious about what we say in e-mails. she then asked whether or not chat conversations were searchable. hook responded saying they, quote, are not set to automatically save but anyone could, quote, copy and save the contents to any mail or file, she recommends to treat conversations, quote, as if it could or is being saved somewhere. what is lowe's lerner's response to that? one word response. perfect. that is the response. senator gene heller, you heard than news announcements. what do you make of this? >> listening to that exchange, thanks for bringing the issue of. i can't find any other major media talking about this

particular issue and i am glad you grab hold of this. i listened to the back and forth in the house committee, listening to jim jordan and his concerns, this is a cover-up and they are pushing hard to make members of congress don't have access to this information. they have a lot to hide. i have no doubt they have a lot to hide and they will do everything they can. the arrogance of this irs is beyond the pale at this point and we need to get to the bottom of this and what you just expressed, what you just shared with me and the american people is cause to believe they have a lot to hide and find out what they are trying to hide. stuart: i know you are very busy but we do appreciate your time this morning. >> always good to be on your show. stuart: you call this the most dangerous scandal in our history, you just heard that exchange, lois lerner and the i t employer. >> every day or every couple

weeks we get more tidbits of information about this cover-up, the original alleged crime which was that the irs illegally used its fearsome powers to target regular americans who disagree with the direction of the country and president's policies as it was in the past. now you have the cover-up on the alleged crime and we are hearing more evidence all the time as to this cover-up. what needs to happen is try to get from lois lerner if she will give me one and try to see what to get from her if you were to grant her immunity. otherwise we are at stonewall, try to get a special prosecutor from this but eric holder won't do it and this president won't do it. when the president said he was outraged and wanted to get to the bottom of it, tough to get to the bottom of something when you were at the bottom of it. stuart: good last line. the obama administration wants to raise the minimum wage, says it will help close the income

gap. we debated that point with multimillionaire nick handhour and there was this. >> i'm a very well paid guy. >> not like me. stuart: i came more than half my income in federal state income-tax is. >> you are not rich. you are not rich. i am rich.

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virtually all your important legal matters in just minutes. now it's quicker and easier for you to start your business, protect your family, and launch your dreams. at legalzoom.com we put the law on your side. stuart: a couple stocks to check. look at those stocks, they are getting hit again. twitter, thick -- linkedin, yelp took a bite out of them. it is not a refuge sell-off but they are down. disappointing forecast from pot belly, the sandwich chain, disappointing forecast, don't do that. that will take a bite out of your stock down 24%, a $11. back to the economy. is a higher minimum wage what this economy needs? the guest we had on yesterday's said yes. roll it. >> i have been a huge advocate

of raising the minimum wage because one of the stupidest things i think in our economy is giant corporations making huge profits and paying workers so little that they need to -- people like me to pay for food stamps and rental assistance and medicaid. stuart: that was nick handour hmmm a ton of money as an early investor in amazon and wants to close the income gap. joining us from washington peter morici, old friend of the program, economics professor at the university of maryland. forget for a moment that he wants to raise the minimum wage. more importantly he also wants to raise significantly the capital gains tax rate. if we did that, what happens? >> we will have less investment in america. it would be wanting to get rid of the carried interest provision which permits these guys to flip stocks within a year of working on a company and not pay the kind of income tax the rest of us pay, he has the

option to do that. warren buffett, read compute taxes on the basis of no carried interest provision and make a contribution to the u.s. government. doesn't do that. even if we change tax laws to get rid of that and got rid of capital gains exclusions the president won't lower taxes on the rest of us, you are paying more than 50%, i have news for you. i am not as rich as you. i am paying more than 50%, i am paying a higher tax rate than that gentleman and jamie dimon. he is right, there will be people out there with pitchforks, they will be outside jpmorgan and they will be college professors. stuart: wait a second. i don't hear this offer from college professors but you are telling me -- obviously i agree with you. the way to reduce the need qualities sure the to get real significant economic growth. wouldn't that help america's middle-class? give me 6% unemployment -- i will give you a middle-class

that is doing better. am i right? >> absolutely. we would be creating 500,000 jobs a month that would really raise wages because of demands. there would be a demand for labor. there has not been any demand for native-born americans since 2001 the economy has created 5.7 million jobs and virtually every one of them on a net basis has gone to immigrants. if you raise the minimum wage you will have 500,000 to 1 million fewer people, you can't get this much stuff with fewer people working. as a consequence people at the very bottom may get more money if they keep their jobs. the ones that don't get nothing and it will come out of the hides of people making $60,000 a year so you are rearranging in the quality and the bottom 25% of the economy. stuart: when you are preaching to the choir. we are all with you but has the message sent in in america. after five years of all government all the time, big

government, big taxes, has the message sent in that you don't get growth that way? >> i don't believe so or hillary clinton would not be doing so well in the polls despite her acerbic personality. represents a continuation of mr. obama's handout economy. subsidized free health care, food stamps, rent income tax credit, and three kids, you are not living on 7 bucks an hour, you are living and 15 bucks an hour because of those benefits. the whole situation is absurd. he is paying people not to work. that is what is going on and why the economy is not growing along with other lousy policies and if we fix those, i am like jamie dimon who pays the same tax rate, i wouldn't mind getting rid of kerri interests. stuart: by the way i want to say thank heavens for tenure in some circumstances, professor peter morici. see you soon.

take a look at this young woman. attending the world cup. 13 may be out but she is coming away with a big win thanks to this picture as the camera zooms in on her. we will explain it all. stuart! stuart!

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stuart: a writer in washington d.c. taken for a ride, wild ride. lauren simonetti is here with the detail. take me through this. >> high-speed chase and his name is conveniently ryan simonetti who gets in a car with his colleagues, sits in the front seat and notice the d.c. taxi inspector chasing the car, he is going faster and faster. the matter what the guys in the car did, went to jump out, it lasted eight ten minutes, send a tweet out, and anyway in the end everything is ok, the driver no longer working for uber but the

information attacks decenter wanted, he didn't want to face the $200 fine. stuart: is uber not allowed? >> i contacted the d.c. taxi commission on this story to find out because the plates on the uber car were originating there so it might have to do with where he was picked up or even if he was uber at all. stuart: was it the passenger's name? you are lauren simonetti. >> no relation but we are now friends on twitter. stuart: world cup final set. argentina beating the netherlands with the shoot down yesterday, setting up a championship match with germany, the game starts at 3:00 eastern time. tickets to the final event have face value between 440, and 990, the face value, but on the secondary market otherwise known as the black market tickets go for as much as 20 grand even if you have the cash, watch out,

that secondary market ticket is illegal because brazil has strict scalping laws to figure out. don't know how much team is going to win but this fan already did win. she is a 17-year-old young woman attending world cup match spotted on tv in the stands by a l'oreal executive. that young women won a modeling contract. do you have anything to say about this? >> she is stunningly beautiful, absolutely gorgeous, you never know when you will be spotted. ava gardner was spotted at the counter at the famous drug store in los angeles. you never know. and with costs everywhere -- free market capitalism and maria said let's go for it. stuart: is there room for

serendipity? stuart: well said. staying with sports according to reports tiger woods spent $200,000 in treatment from a doctor associated with human growth hormone treatment. tiger woods and the doctor denied he ever used performance enhancing drugs lose the treatment was for legal blood treatment. next one, also from golf an update from the scottish open. rory mcilroy on the thirteenth hole to par 4, he drove the green, that is a whopping 436 yards. do you know anything about golf, the true meaning of but 436 yards? >> the border crisis, those things i can talk about with some information. i know enough about golf to know that is unbelievable. of phenomenal shot. stuart: when they get 400 yards. >> i want to get some video.

stuart: we are working on it. i had a debate with mary kissel over illegal immigration, it got a little heated. she says open the borders. what does the judge think we should do? all rise. the judge is next. [ male announcer ] what if a small company became big business overnight? ♪ like, really big... then expanded? ♪ or their new product tanked? ♪ or not?

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stuart: you really cannot get away from a crisis on the border and debate and myself in the "wall street journal." we had a debate yesterday, it was heated, got a lot of responses from the viewers so for as well let me give you the highlights from the conversation. go. stuart: we were discussing heatedly before the show started you are an open borders person. >> was the journal editorial page has been free flows of capital and free flows of labor. stuart: on this day and age a cheap flight from latin america to the united states, you could indeed have 10 million people arrived here very quickly. >> you don't think the country

has enough room to grow and productivity? >stuart: you cannot reform it. it is we take a decade, you know what. >> absolutely not. with that attitude you will never be able to reform it. why 10 million, why not 20? why not 50? stuart: you would let them all in. >> we have open borders the first 100 years of our history, immigrants are a benefit, not a society. stuart: it was a good debate. not everybody was a fan of what mary had to say during that interview. here are some of your comments. "welfare states like america cannot have open borders, the well is dry." maybe mary would fly down to the border and take some of these people home with her. another viewer tweet this.

having more illegals exacerbates the situation. we have immigration laws, follow them. mary responded to that viewer and said this. if the g.o.p. were smart, they would use the flood of immigrants to force debate on welfare and the broken immigration system. we have another perspective on all of this because clearly it is the issue of the day, the week, the month, maybe the year. judge andrew napolitano is here. >> how did i get dragon to middle of all of this? stuart: because you are available, that is why. what does it say about an open border, and what is your opinion, you have an opinion of this. let's start with the law. >> the constitution is actually silent on an open border, but it does say that congress has the authority to prescribe for people entering.

it does not set the border because they change and it doesn't say congress may put troops at the border but it says congress may set the terms for people coming into the united states. stuart: if we want to say you cannot come in, we can say that. >> constitutionally, yes. morally, politically, it is a different story. one of the pieces of legislation was suppressing free speech but in open borders aspect saying we need bodies. if your adult white male, we welcome you. it was 1796. and long time ago. here is the problem with what the president did. the president has taken an oath to uphold the law, that oath is in the constitution itself. the reason the word faithfully is in the constitution is to

resist, to force the president to resist in force in the loss they like and not the ones they disagree with. this president by telling 11.7 million illegals present in the united states how they can break the law, how they can stay here and avoid deportation by doing the things he says they should do he won't deport them has sent a signal wittingly or unwittingly to people south of the border. sends your kids here an in the won't get deported. it will be an invitation for you to come. when the president said to do those things like get a job, get a high school diploma or its equivalent, learn to speaking was, get a social security number, pay taxes, when he says to do those things, won't deport you, his making up a law and failing to comply with his oath to enforce the law by changing it materially and substantially. that in my view is what has precipitated the crisis at the

border. he precipitated it intentionally in order to force republicans hands on immigration. on the way he can do that is by lamenting the crisis. playing pool and drinking beer virtually in the shadows of this crisis and attempting to ignore it. stuart: what do you think i would open policy when you have a welfare state in america? >> lie still be a regular daily part spent on this shona matter what my opinion is on this? stuart: no, i am selective. >> i am with the "wall street journal" completely, and terry and holy. stuart: even though we have a welfare state tens of billions of dollars. >> i condemn the welfare state, i condemn the security state. we're going to make it even worse for you and regrettably once those folks are here, they

are entitled to the process of the constitution so you want deport them, you have to have deportation hearing for each one of them. there are already 75,000 here. you can't have it in the next five years with the present system. we are also entitled to all the welfare. they are human beings. natural rights to travel as they see fit. it is not diminished in the place their mothers were barbie it stuart: they have a natural right? speaker that is a p are. the counter argument is he simply afford the welfare. it will bankrupt us if 10 or 15 or as mary said 50 million. stuart: the counter argument is every up and it is safe who lives and who doesn't live here. are you telling me we don't have that right? >> yes. libertarian argument good

stuart: what does the constitution say? the constitution says i don't want you in here, you can't. >> this is odd coming from one of the most accomplished immigrant. >> either a nation of long or not. still love you. stuart: with open arms. i have to go. free agent lebron james holding up the nba entire season until he decides where he is going to play next year. i am told this is unprecedented. a former nba player coming up on the show after the break. but what do i know about basketball?

stuart: what position did you play? >> i played small forward, shooting guard, i was all the place. stuart: what is a small forward? >> you haven't played much.

>> we have a reading on weekly jobless claims this morning. through her 4000 people filing first time a plymouth last week bringing a number 12 the lowest levels since before the

recession. forecast a jetliner market of 37,000 planes, more $5.2 trillion over the next two decades. expecting 3 billion people to travel by air this year and more than 7 billion by 2033. their coin demand strong and resilient. shares are pretty flat. unit pc shipments rose a tenth of 1% in the second quarter. the big three pc makers all showing sizable shipment increases. for maybe a player jonathan bender weizen on king james up next.

stuart: a slew of emmy nominations for netflix. nicole, tell us. nicole: amazing how competitive netflix has become in just a short time. hbo's with my guess a lot of nominations but right now netflix down three quarters of a percent but they got 31 nominations for tv emmys. this is huge calling, looking at names like "house of cards," "orange is the new black." it is really a big deal for netflix. they say they're using the hbo plan of big budget for their shows just to get nominated for

the emmys and are doing exactly that. really competitive with those other names. stuart: that ain't bad. thank you very much indeed. the basketball world is still waiting for lebron james to make his decision. he still hasn't decided where he will play next year and until he does, all the other nba free agents won't decide either. jonathan bender joins us now. jonathan, always good to have you back. i don't know what i'm talking about when it comes to basketball, but i do know this one, i'm telling you have never seen anything like this in any other sport. this one guy is dominating the entire league, the entire sport, and nobody makes a move until he does. have you ever seen this before? >> he is a different caliber guy

on the business and ended with the sport itself. it is crazy what has been going on. stuart: any idea where he is going to go? i am told is a tossup between the heat and who else? cleveland. >> come on, stuart. stuart: i should have done my research, but i didn't, so you tell me, where is he going to go? >> it is tough because he is a different type of mind and that caliber of player thinking on the business end could be two different things you thinking about. every player things about a championship, but on the other end other business aspects of it he could really take advantage of for the long haul. looking at the comments the owner made after he left, it has

to be something outside of just the game, the money and basketball that is going to pull him back into that situation. stuart: so whatever he decides to go, lot of other star players will want to go as well because they will be on the team with the greatest player of the age and therefore likely to win a championship, that is what is happening here? >> absolutely. outside endorsements, wherever he goes, that is the rockstar team. stuart: what do you think about the world cup, argentina or germany? >> last time we sat down you said you knew nothing about basketball. so let's reverse this. i know nothing about soccer. stuart: had you not been watching the world cup? did you not watch team usa, young man? >> he only world cup i had was the cup of hot chocolate that was really big the other night we have not watch the world cup, i am sorry, cannot comment on that. stuart: what is wrong with

soccer? >> there is nothing wrong with soccer. i played kickball when i was 12 but it was never organize, never kick the ball. you got me on that one. stuart: you are 7 feet tall, you'd be a fantastic striker, you can be a star. >> me and you are going to play now. we're going to get out, we are going to one-on-one soccer if there's anything called that. stuart: it is a deal. on 48th street. you are a good man and annoy your company is doing well, we support you on that. thank you so much for joining us as usual. cs again soon. i have some good news for you after the break. according to one report, gas prices are about to go down. not up, down in the next few weeks. you're going to find out by how much they're going to go down in a moment.

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stuart: a national average price for gas down slightly overnight $3.63. gas buddy exciting gas prices to drop maybe up to $0.20 per gallon in the next two weeks. joining us right now, patrick, welcome back. you are forecasting a significant drop. mr. down even $0.10 per gallon in the next two weeks that is a significant drop and you have to explain why this is likely. >> finally can share some good news instead of the bat news. california is going to among one of the bigger decreases over the next couple weeks. national is still a good picture, national average will publish had 10 to $0.15 per gallon over the next weekend half. looking at 11 consecutive day decreases, that would be the biggest slide in five years.

really good news when it comes to americans hitting the pump. stuart: is that the story? oil prices come down there for gas prices come down? is it that simple? >> this time around it is but a lot of moving parts behind it of course. iraq is not a story anymore. it is just good news, the dow is taking a beating today, so that is kind of representative there are some concerns here. we will see if oil will break through a resistance point. if it does i could open up the door for some even bigger decreases for motorists swear watch not carefully. stuart: usually have you on to talk bad news. you have a new suit, shiny smile. >> i get dressed up for the good news. stuart: thank you very much for joining us. we hope you are right, it is that simple. thank you very much. time is money. three headlines. after the huge loss the supreme

court, streaming service aereo says they deserve the same copyright license that cable companies have. aereo service remains suspended. maybe the pc's and quite dead, not yet be a worldwide up .1%. that is a miniscule increase but it comes after two years of declines. i look at this, the world's tallest waterslide opened today in kansas city. 168 feet tall, 17 stories, they can't 264 steps to the top of the top speed, just think, any idea? 60 miles per hour. surely there is an age limit. more coming up 2 minutes from now.

stuart: nothing has changed, the border is still wide open. children still coming across. nothing has changed part two. the president blames congress, president raises money for rich liberals. here is something new, stocks down sharply. welcome to our second hour. ♪ stuart: all right, thursday morning headlines, put the national guard on the border. the calls for that are growing louder. on a terror watchlist. stocks take a tumble. what did lois lerner say when told her e-mails could be erased? one word, perfect. watch out, we have an economics professor who is why tell us how do raise income of poor people. he think he might want some of your money? and i will offer a restrained

opinion a president obama's fundraising bonanza on a few miles from the still open bord border. and look at the market right n now, go to the dow industrial first off. what's to worry about today. bad trade news from china, japanese investment lagging, portuguese banks in trouble and the money printing operation by the fed ends in october. the selloff not as bad as it might, down half a percentage point, that is it. the s&p 500 also down a little down a half a percent. that is not panic selling. 10-year treasury, the yield down to 2.51%. that is perhaps bigger news, and interest rate barometer, down goes that yield. not good news for the economy. here's a big name you know, it is home depot. a leading loser in the dow. it is lower because another

housing sector is down. overall housing sector is lower. more news on this from nicole. teltoss about london lumber liq. nicole: i would hope you made the coalition you did. lumber liquidators down 21.5%. and what happened was they saw less traffic in the store, and also had to cut their earnings outlook. that in turn hit anything home related including home depot. this was the real winner. the stock nearly $120 in march, and look at it now. really a new 52 week low and i was a down almost 50% this year. stuart: i want to bring in larry 11 from chicago. have a laundry list of market worries stuart: about this

morning but before we get to all the worry, you sent me a note yesterday with a gentleman who made $100 million as an investor in amazon and he wants to narrow the income gap by raising the capital gains tax. you were really upset about that, and you let me know what in an e-mail, tell me what you think. >> i said if i see that guy in the street i'm going to punch him in the face, he will probably see me and have another $100 million. i thought you were a cool cat how you handled yourself, it just did not make sense some capitalist like that, he can't disburse his own wealth. it was a really strange thing to me. >> we are down 100 points on the dow jones industrials. japan, portugal, the fed, et cetera, et cetera. i do not see this as a huge selloff, do you? >> he almost woke up this

morning like the sky is falling in the world is coming to an e end. but it really is relative. the s&p down 10 points, the dow down barely 100 points. it has traveled and found support. that is really what the market wants to do. finally got one, people are stepping and buying today. stuart: we like that, we really do. good stuff, thank you. let's get to the immigration story. it was reported three illegals on the terror watchlist were detained attempted to cross the border in california and mexico, border. texas governor rick perry said he urged president obama to beef up security at the border. listen to this. >> i said you can secure the border, we will show you how to do it. but you really can't do it unless you allow the national

guard to play a very prominent visible role. and he agreed with this fo philosophical thing. >> he wants the national guard on the board with mexico. i believe, general, good to see you again, i believe you agree with that. you want the national guard down there on the border, right? >> absolutely, stuart. it is a number one thing the president should do immediately. i support the governor in what he is trying to do, but there are other things we ought to be aware of. general john kelly said this is next essential threat to the united states national security. you have a combatant commander responsible for all the area south of mexico or the mexican

border south into south american, central america and says it is an x essential threat, it means we have to act promptly. i strongly support putting a guard on there. even suggest we ought to stop until this influx, this massive influx seizes on the border and mexico can do that, if we suspend that i think we will get their attention. stuart: the president i don't believe will put the national guard on the border. i don't think he will do that, do you? >> i don't know. if you are saying he won't, he is encouraging this influx. the only way we can stop it is getting the national guard out there, stuart. so if he doesn't do that, it means he is encouraging this influx, and if he doesn't go down to the border, it further adds to that encouragement and so we must hold the president

accountable. stuart: i'm going to express the opinion, he is encouraging this, think he is doing it for political reasons. i think he is doing it because he wants the hispanic vote, he wants to solidify it before november. this is entirely politicized situation. i think the hispanic vote that the very heart of this, not the security of united states, but the hispanic vote. do you share that opinion? >> i do. i think your analysis is very correct. he is putting politics ahead of our national security and that is a very dangerous thing. and i can assure you those of us involved in analyzing national security are very troubled aga again. the southern commander saying it is an x essential threat, so the american people have got to look at this if they're going to have an x essential threat against

the united states and the president doesn't do anything, we have to hold the president accountable. stuart: thank you for joining us, sir, always a pleasure. let's get the latest on the irs. lois lerner warned her own staff of what they say over e-mail last year. her response, perfect. how to spend jim jordan us now. congressman, just wants to explain the e-mail chai change a little bit better there. she was told you can erase e-mails, you can do that. her response was perfect. shortly thereafter the e-mails were erased. what do you make of this latest release of e-mails and the chain that we have got going here, what is going on? >> first of all, when she first

new congress was inquiring about this, 10 days after that in 2011, eight computers mysteriously crash, hearst being one of them. she already knows her e-mails are gone. on march 282013, she gets a draft from inspector general saying we know targeting took place, 12 days later she sent this inquiring in fact these incident messaging, these chats and things within the irs are those things saved, are they traceable, are they trackable and when she finds out they aren't, her response is "perfect." we have an e-mail exchange were she is saying let's make sure he keep things congress, make sure these instant messaging component that we have is not traceable and congress cannot get and more importantly the american people cannot get a hold of it. stuart: there is a very strong suspicion that the machinery of government was used to interfere in the presidential election of

2012, the irs get it we have not gotten to the bottom of it yet and we're five months from the election. our viewers are really annoyed about this, we are really angry about this and are we going to get the full and the whole story before the november election? can you answer that question? >> we are prepared to do that. they had a duty to produce lois lerner documents, a duty to preserve them and to disclose when they couldn't do those two things. they had the computer crash, they didn't produce what was subpoenaed and did not disclose to congress. they had lost a significant portion of the evidence and they didn't tell congress until two years later. it would be nice to the justice department investigation were a real investigation. stuart: it won't be, real it done will it?

they will do anything they possibly can to avoid it. the full story coming out. there's not much you can do about this, is there? >> 26 democrats voted with every single republican that we need a special prosecutor. they had the courage to step forward and say what is going on relative to the scandal about your most fundamental person, what is going on is wrong, investigation where somebody is impartial, not a contributor to the president's campaign. there is at least some positive there. we need somebody to step forward and say i think it is time for special prosecutor as well. and then we can have a better chance of getting to b the truth in a timely fashion. stuart: one last question, do we have firm proof the campaign to reelect president obama or the white house had any role in this

going after the president's political opponent? can we prove that they >> we don't know that specifically. the president high-ranking democratic officials were 20 irs to look into this, do this and lois lerner was all too willing because of her political beliefs to target conservative groups and therefore diminished impact in the last election. we do know that took place, but was there something specific? we don't have that. remember when the president called out his supreme court on the citizens united decision and the letter they sent to the irs demanding they do something so we had that but we don't have any direct medication to say to target conservative groups. stuart: thank you for sharing your expertise, we know you are on top of this we appreciate the time you spend with us this morning. thank you, sir. it is no secret, w know the nia thand isa spider people, but now

the details. one of those people will join us next.

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stuart: you've got to call this a buzz kill for the first guy to buy legal weed in spokane, washington. interviewed by the local news after leaving the pot dispensa dispensary. his boss was watching, called into work, asked to take a drug test and fired. liz macdonald is here. pot, legal, he buys it, she uses it and he is fired, what is going on? >> in washington state and colorado, state by state law companies are still allowed to do drug testing is still allowed to let their workers go if they find drug use in the blood system in marijuana. saying we will leave it up to the discretion on a federal level we will not chased down

and prosecute people as criminals if they are smoking pot. stuart: is this widespread? we know colorado is legal, washington state's legal now, is this widespread employer say it is legal but you can't do it in my town? >> in terms of the states, yes. we are seeing sporadic cases so far of workers being let go by companies because the state law says you're not allowed to have marijuana or anything else in your system. that has yet to change, so it is interesting on the one hand the federal government says we will not prosecute for pot use, but you can still fire people and do drug testing based on the results of the test. stuart: full legal marijuana like full legal alcohol, marijuana side of things is still a ways away. >> you're not allowed to be

drunk at work either. stuart: that is true. new documents leaked by whistleblower edward snowden revealed the names of five americans targeted i the nsa. one of those people is an attorney, and he joins us from washington, d.c. welcome to the program. a little background, i believe you aren't attorney who worked with the bush and administration, is that correct? >> yes it is good >> any reason as to why you are targeted and spied on? >> that is million dollars question for me. i have no idea what is in my background, who i have connections with or what i did that would cause anybody to be suspicious i was involved in any of those type of activities. stuart: i believe you are a muslim? >> yes, i am. stuart: do you think that has only to do with it?

>> i would like to think it doesn't, but for right now that is th only information i could e up with. i am muslim and was involved with muslim groups prior to joining the bush administration. i am puzzled, trying to find next donation, but i am sure it has something to do with it. i would like to believe that is not the only case, but don't know what other explanation that could be. stuart: have you been given excavations the extent of the spying on you? all the ways in which we communicate electronically these days, did they look at it all? >> my e-mails were definitely being monitored from 2006 through 2008. whether my phone was tapped for the tax were monitored, that i don't know be at the only documents that they had my e-mail address written down on them. stuart: how do you feel? >> i am just in a state of shock, trying to figure out what it is i did. that is my big emotion right now

is trying to figure out why. stuart: i got that. if the same thing were to happen to me and i found out the government had been reading my e-mails or listening to my phone conversations, i would feel really upset because i value privacy, i really do. i am sure you do too. >> no question. you look through your e-mails and say what did i say? medicating with your friends and loved ones and your wife and intimate things, so clearly that is something that upsets me why are they might try my, but that is overtaken by the sheer surprise of it all, especially in light of the statement of the doj putting out after the story saying there is something there, the only reason they do it is reason to suspect people are involved with foreign governme government, that puzzled me even more. stuart: do you have any legal

recourse at the moment? some money out of this or to find out why they were doing it? >> taking on a government is always a task. there are people who have filed lawsuits before when they're being monitored without warrant and they did not fared well. but i'm trying to do is see if congress would exercises oversight authority and review this process, this program, see what safeguards can be put in place for people like me are not being monitored. stuart: we appreciate you being with us today, a very interesting story. would you come back if there are any developments and you find out more about what they were looking at and why? >> absolutely. thank you for having me. stuart: thank you. tens of thousands of illegal immigrants flooding across the border. meanwhile the president gets out there and raises money. my take on that is next.

stuart: a disappointing forecast from potbelly.

the sandwich people. down goes the stock, 22%. another big name, you notice one, down three and a quarter percent. i'm not sure the reason for that, but down 3%. the keystone pipeline will be pushed until after the november election, will it ever be built up? we will deal with that in just a moment. the president goes to taxes in the middle of a virtual invasion at the border. but he doesn't go to the border itself, so what does he do in texas? he is down their fundraising. wednesday july 9 in colorado, president obama raises money for democrats but he is becoming toxic and the senator does not show up. on to texas for another fundraiser. at the dallas mansion a trial lawyer mark stanley, $32,400 per

plate. late wednesday a fundraiser at the home of movie director robert rodriguez made sin city and "machete." today i get in austin, texas, a fundraiser with an abortion activist, $32,400 per plate. there is something wrong here. the president takes money from the liberal elites but will not go couple hundred miles to look at the misery. he demands taxpayer money just as he takes campaign money from the rich. this is not new. where was the president the day after our ambassador was murdered in benghazi. where was he? fundraising. and when iraq fell, fundraising this time in california. he doesn't suspend operations even if times of crisis. now in texas he won't even go to

the crisis point, three fundraisers, no visit to the border. so far mr. obama has attended 393 fundraising events, the same point in the bush presidency, 216. it occurs to me the president has found something he is good at, and incompetent manager, failed leader and blinded by his leftist ideology but he raises buckets of money. that he can do, it is always the same people who pay $32,400 per plate. they will always find a leftist because they don't like america. they will always let you down.

rat, hackers are using viruses to hold your computer hostage. i know nothing about this. >> it is basically cyberattackers get into your computer and open an e-mail attachment and hold your files hostage and demanded money from you. this has infected hundreds of thousands of americans after the $300 each to get there information and files back. the fbi thought they solve this

problem and stop this team back in may. not only did they not stop it has gotten bigger. this is a security issue for a lot of people. don't ever pay someone. stuart: they bussed into your computer, steal your information and sell the information back to you. >> it sounds ridiculous but some small-businesses and other people say $300 is probably cheaper to get the info back instead of bringing in the i t experts. not saying that is the right answer but it has been done. stuart: you make an economic decision, easier and cheaper to pay the $300 than it is to do all you got to do to get it back otherwise. good report. thanks very much indeed. the nebraska supreme court announcing it won't even begin to hear arguments in the case which could decide the future of the keystone pipeline.

we won't hear them until early september. doesn't that guarantee the project is delayed until after the november elections? the man and institute's robert bryce is here for more. the keystone pipeline is dead, is it not? >> it is until after the midterm election. this move by the supreme court is another delay and for the obama administration and leftist groups that are fighting at a delay is a win. for them delay is as good as killing the pipeline. stuart: why is this? i don't understand why the president will not have this? almost all his major constituents from the unions to everybody else want to build this thing. the environmentalist's by him or something? what happened? >> this is clearly political calculus of a piece where the democrats renewed push to talk about climate change. they are not proposing any real policies but they are talking about climate change and this is

merely part of their effort to mobilize young voters, young likely democratic voters ahead of the midterms. is as simple as that. stuart: when you think it will work? it you are a good judge of politics. you think that works? >> it will be remarkable if it does. it is so cynical to me that they continue to say climate change, be worried, they continue to repeat the same message of fear but dare not provide or give any clues as to what policies they would follow particularly given how draconian some of the cuts would have to be if the world were to achieve these dramatic reductions in co2 they claim are necessary. am i right in saying america has cut emissions more than any other industrial country because we have been fracking for natural gas and substituted natural gas for cold? we are winning? >> it is exactly right.

exactly right. look at the last ten years, germany was held up as a model by the green left, they spent $100 billion subsidizing renewables. they have cut their co2 emissions by 67 million tons. over the same period in the u.s. marginally due to natural gas displacing coal the u.s. reduced its co2 emissions 400 million times. six times what the germans have done, we're showing how to reduce years to emissions and all we hear about is the u.s. is doing the wrong thing. we are leading the world. stuart: another issue to talk about and that is the epa. they claim they have the power to garnish wages of people they suspect of violating their rules. no court approval, no guilty verdict needed, they say you broke the rules, pay up and we will take your wages. >> it is an example of

bureaucratic overreach. we have seen the epa each to a new clean power plant, 645 pages of regulations on the electric generation sector, they implemented a tax on the coal business without legislative approval. it is what bureaucracies do, try to increase their power. stuart: you study the environmental music, you study global warming and climate science. can you give us 30 seconds on where we are in the debate and where we are going with this thing? people are very confused. >> here it is what is happening. we can talk about the debate and which side is winning publicly or ideologically but the reality is co2 emissions are rising and continue to rise very rapidly. the obama administration wants to cut 700 million tons of co2 from electric generation by 2030. last year global co2 emissions rose by 620 million tons.

the u.s. is leading the world on reductions. reality is the rest of the world is turning to coal in a big way and co2 emissions are rising regardless what we say and regardless of the debate. stuart: that was -- the follow-up question is obvious. if co2 emissions are indeed rising do you think that means the plan that will warm? >> i don't know. when it comes to co2 emissions i am a resolute agnostic. tell me co2 is good or bad what we have to do now is we're going to have to adapt. regardless whether we see more extreme weather or the same whether we have to adapt and that is a good debate, that is the discussion we need to start having. how do we adapt to increasing climatic variability, whatever the cause, because we can say it is co2 or natural, the reality is whether hurricanes hit new york or whatever else we have to harden our cities and be ready and that is where the discussion

should be going instead of a lot of tribalism and name calling. stuart: always a pleasure, thank you very much. you wanted to get into that. liz: the environmentalist's some of the mine nipping and natural gas as the way to go. no public statements by environmental groups but you do see comments in the media that they are starting to move toward natural gas as the way to reduce co2. stuart: we in america have reduced our co2 emissions all the way back to the levels we had in the early 1990s. nobody else has done that. we have done it by putting out a lot of natural gas, taking cold out, we'll out, natural gas in. liz: how do you make fracking environmentally safe? stuart: it has been around for

40 years. are you in the camps -- you have that look on your face that you're going to give me a hard time. liz: earthquakes in places like oklahoma and california. that is the debate for another day. stuart: let's go to a break. all right. president obama is in texas but not going to the border, tens of thousands of illegal immigrants are crossing the border from. we will go to dallas in a moment next. friday night, buddy.

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and apply online. creditcards.com. >> good news for netflix. original shows house of cards and orange is the new black have more and nominations including best actor in a drama nomination for kevin spacey and best actress for robin wright. and weekly jobless claims, 300,000 people filing for first-time unemployment benefits bringing of the number to its lowest level since before the recession. market research firm gardner says shipments rose 0.1% in the

second quarter so it increased finally in the big three pc makers, and hewlett-packard all showing signs of increases. and the broadcast network. stay tuned for the real halftime report.

stuart: time for the real halftime report. ed butowksi, liz macdonald in new york, you first, bad trade numbers from china. investment numbers from china. what is dragging the dow down 70 points. >> what is driving it down was portugal, and the headline should be printing of money can be dangerous to the health of your economy and when you look at portugal, the bad numbers out of germany those things really got me. they were negative number is out of england, the world is slowing drastically. even the price producer index number out of china was negative. when you start seeing these negative things around world is going to impact earnings in the u.s. market. buyer beware. do not be buying into this market.

be concerned and start shedding those positions right now. stuart: direct and to the point. next up is microsoft. please remember i do own a stock. lessee e o says a shake-up is coming. >> there's a 3,000 word e-mail the new ceo sent out to the employees, and bill gates and steve ballmer, really trying to make for microsoft, in this, we are going to hunt the union strategy and have different devices from the original devices and saying throughout july, revealing some news, we will hear more on the engineering and organization teams that are needed. what kind of organizational changes are needed. i think this is one we have to key in on and july 22nd there could be an announcement. stuart: on a down market is up

$0.20. that is interesting and i love it because i own the stock. and lumber liquid agents went out and said we are going to make less money in the future. that is bad for the stock but is it a bad sign for the whole housing sector? >> the answer is yes. for home-improvement industry, the existence of home sales for the majority of home sales are flat year-to-year. and liquidating investor portfolios more than a one billion dollars since november, we're seeing a number of home improvement related housing stocks dragged down by that so we will be watching this throughout the morning. half of the stocks that play in this space are in negative territory. >> the president attends four fund-raisers in a couple days that won't visit the border. you live in texas.

what do you say about this? >> it is embarrassing. i have been down there, what is more interesting is the fund-raisers he went to in dallas, i know the guy whose house she went to filled with plaintiff attorneys that make a huge amount of money out of asbestos lawsuits. the president decided that was more important than seeing a real tragedy going on in this country. it is embarrassing. stuart: mark stanley's house is a trial lawyer, asbestos bar but. >> almost every attorney in dallas was there, and they act so high and mighty, and suing investor lawsuits, what you have is a lot of money going to president obama and the democrats. stuart: let's move on. you have the honor. that was good. aereo not quite dead yet.

liz: it is u.s. district court to be what it wants to be which is the true d b r service in the crowd where does not simultaneously broadcast tv content but acts as the d b r. it will have to pay a lot in no read transmission fees. survival hangs in the balance. stuart: come back in because he manage money for professional athletes. what do you think of lebron james oil and everything opinion be a? >> he is an early draft pick, and it is not easy to talk to him about his contract. wants to make the decision will fall into place. hope the goes back to cleveland because i'm not a big miami fan, he loves the cleveland area. everyone will start signing. it is bad for the image of basketball, the fleet gets resolved soon.

>> thanks for being here. a guest says raising the minimum wage won't do much to help the poor so what will? economics professors with us in a moment.

stuart: our guest says the

higher minimum wage does not help poor people. and economics professor in california, welcome to the program. i read your article in the wall street journal. you say the best way to help poor people is to make the earned income tax credit more available to more people. let me tell our viewers the earned income tax credit is a check from the treasury every year to those people who work but don't make much money. you say give them more money from the treasury in a check and that is the best for the poor. is that your argument? >> that is not the entire argument. the key point of the minimum wage is it targets low-wage work, you can't pay less than a particular wage. this is not a subject of dispute. it is in the data. being a low-wage worker and being in a low-income family are not the same thing. obviously they are related but what of low-wage workers in high

income families and a lot of families are for because nobody works at all. the minimum wage won't held those workers and a lot of the benefits go to higher wage workers. low-wage workers -- stuart: you want to give a bigger check to more people who have not paid any kind of federal income tax, you want to give them a bigger check. you do know -- >> i'm not advocating one policy or the other. i am saying if we have a goal of putting more money in the hands of poor families and do it with 4 people working the income-tax credit is a way to help low income families. stuart: when you are not ideological on this, you are not saying take it off the rich people and given to this one. this is pure economics. if you want to help poor working families this is how you do it but i would come back at you and say surely what we want is

economic growth, isn't it? give me 5% 06% growth and i will give you much more money for poor people. is that the way to go? >> no question. it is the best anti-poverty program. stuart: hold on a second. one of the strivers of this world, i am not rich, not wealthy inherited guy, i am not striver. the way to get economic growth is not to raise taxes, more economic growth, you are an economics professor, you lower taxes, put more money in my pocket, strivers pockets and we will spend it and we will create jobs. >> we are not talking as increases in tax rates and modest increases or decreases in tax rates don't have much effect on growth, the economy, the

world has shifted against low-skilled people no question about it. technological change, if you are a low-skilled worker in the u.s. you're doing worse now than you used to do. we could say we are not going to do anything about that, people at the bottom did very well in the second part of the clinton administration so i am not in the advocating business. diane in the economic and business. if we want to do something about that, one solution if we want to do something to do some redistribution of these people, their policies out there that we already use that are far more effective than minimum-wage. stuart: i am sorry to cut this short but i am flat out out of time but it is a good debate and i want more of it. will you come back please? thanks very much. almost out of time. back in a second.

really... so our business can be on at&t's network for $175 dollars a month? yup. all five of you for $175. our clients need a lot of attention. there's unlimited talk and text. we're working deals all day. you get 10 gigabytes of data to share. what about expansion potential? add a line anytime for 15 bucks a month.

low dues... great terms... let's close. introducing at&t mobile share value plans... ...with our best-ever pricing for business. stuart: my time is up but here's dierdre bolton. dierdre: i cannot talk that but

chinese hackers broke into the computer network of a key u.s. government agency, one that keeps personal information of all federal employees. that is according to sources, cybersecurity beach for international take investment is speaking of tech overseas google ventures going across the pond. london just as hot as silicon valley, we have a quick list on $100 million may be spent. botoxmaker has been fighting off hostile takeover bid. ceo omega creative defense move. we will tell you if it is enough to check valiant and activist investor pershing square, first let's check secretary of state john kerry and jack lew in beijing right now. the economy is on the agenda but with charges and countercharges of hacking tensions are high. jim has been doing business in