stock is down fractionally be at that is it for "opening bell." thank you for being here everybody. this time for "varney & company." i can't wait to hear your opinion on the climate story. stuart: i bet. it is climate change week and the presiden president has a der you. we pay more for energy, so china can pollute even more. good morning, everyone. at the u.n. summit, they kick off the co2 debate. they will sacrifice, the world's biggest polluter will not. china not even coming to the meeting. india's leader will not take part in the debate. streets filled with protesters, these people want drastic curbs to fossil fuels but with 43 days to the elections, president obama had a political problem. when china does nothing.

♪ stuart: look at this, please, this is the trash left behind by the climate change crowd after marching through new york city yesterday. plastic bottles, cardboard posters, all over the place. these are the people most concerned about the environment? i listen to what the head of the world meteorological association said recently about carbon emotions. -- carbon emissions good we know without a doubt our climate is changing and our weather is becoming more extreme due to human activities such as the burning of fossil fuels. we must reverse this trend by cutting emissions of co2 and other greenhouse gases across the board. last one. we are running out of time. i've heard that one before. as you and caps off climate week in new york, we bring in meteorologist janice dean.

is there a link between human activity and severe weather? >> i don't think we are going to know. we can't even get a five day forecast correct. stuart: you are not prepared to know? >> how are we going to know what will happen in a year, 10 years, 100 years? this is the biggest concern we should be dealing with right now. stuart: they are saying sandy, this form that did a lot of damage, killed people, they say that was directly linked to global warming climate change human activity. was it? >> there was a big hurricane that hit 1938 that was bigger and stronger than sandy, was that because of climate change? they used climate change as a blanket statement for everything. we have been into a credo pareto drought for the last couple of years, we haven't had the numbers that we typically see

each and every year around the time typically see tornadoes. you see a tornado in massachusetts, tornadoes can happen in any corner of the u.s. at any time. now let's talk about wildfires. huge wildfire in northern california. that is something we need to cover, but the wildfire have been down this past year. haven't had the extreme wildfires we have had in the past. stuart: it is an argument that cannot lose. whenever you get a weather event, they will say that is global warming. too little or too much rain, that is climate change. >> i think that is wrong. is man doing something to our environment? there is some evidence, but what's degrees man doing that? that is still up for discussions. let's talk about al gore, didn't

he say the antarctic ice would be gone by this time? stuart: it is growing, i think. >> and leonardo dicaprio. doesn't he have private jets that he takes everywhere and isn't he wearing petroleum-based shoes on his feet? yes, we bring awareness to this, i want this environment to be clean as possible, but don't use this as an alarmist situation where the world is ending. stuart: there is an alarmist tendency, a scare tactic the link between human activity and severe weather is not formally there. >> it is going to take centuries to prove if the global warming is going to be as severe as they predict right now. stuart: last time you brought with you your new children's book. now you have a distant number

two. this is freddie the frog castor and the blizzard. there is no dissertation on the back about global warming. it is about freddie who is caught in a snowstorm and how he prepares. i am all about preparation if we can prepare in advance, that is the most important thing. president john f. kennedy said fix the roof when the sun is shining. that is important. they will just to get a nice lesson on how to prepare an emergency kits just in case there is a storm that blows through. stuart: you're going to tell my children how to prepare an emergency kit? >> in a fun way. i think the problem is parents don't know how to talk about what is happening in the atmosphere. this is a good way and a fun way to bring attention to why my blizzard's happen.

stuart: the control room just picked up on that. i am not called grandpa, i am grand daddy. >> how many do i need to get for your grandkids? stuart: seven. maybe more, we will find out. charles: i need to kobe at his stuart: i thought you only had one? charles: two. >> "varney & company" repopulate's the earth. charles: we are doing our part. >> nine books on the way to "varney & company." stuart: president obama is going to raise the energy prices, the war on call, and as we pay more, china pollutes even more. i think that is a rotten deal for voters, they are not going to accept this. charles: it is shocking they have to the degree that already have. think about how mild this summer was.

this is a relatively mild summer. it is absolutely amazing electricity prices necessarily have to go higher. that hits every single american and discriminates against people who are poor. you talked about china not being there, stephen harper is in new york and he won't even go to this thing. china, which is by far the largest polluter right now, there is no doubt about it. china says we will stick with call until we can make the transition. making no bones about it. multi-decade deals with canada, russia, indonesia, brazil, they understand what they need to achieve, i these other countries they wear on the back of fossil fuels. to stop the smaller nations from doing it we have to pay them a

ransom three will take billions from taxpayers and two african countries, don't build a plant but here is 5 billion to hold you over. stuart: they are indeed and this is climate week. charles: it should be climate "weak." i am feeling under pressure here. >> you have your own show, you are way ahead of me. stuart: you have so many shows in which you appear. in the next hour we will bring in bob dean, he cares about the earth so much he rides a bike to work, so what does he think about these environmentalists trashing the climate? no printing from china dragging the market a bit a bit lower, .3%. down .67.

look at a price of gold getting close to $1200 per ounce. and silver, that is at a four-year low. $17 per ounce. the compensation fund has now received 675 claims, much higher than originally expected. 21 death claims confirmed eligible. and look at these lines at the apple store for the iphone 6 and 6 plus. this is from the weekend after they have gone on sale bid selling 10 million new iphones just over the weekend, a million more than the iphone a be last time around. look at apple stock $101 per share, not much movement today. the home builders, existing home

sales fell last month first time buyers not participating, investors backing off, the home builders are down three percentage points. alibaba up from when it debuted friday. where is it now? >> the world's largest ipo, with a debut friday. looking at it down over 3% today down for alibaba be at it gained a lot of attention, but today you are seeing it pulling back $90.16. it broke through below $90 on friday at $89.95. some people said the underwriters stepped in and hold it there. yahoo also to the downside, of course we know yahoo had a big stake in alibaba, and so we are watching that's the downside. 10 million in the debut, a record number surpassing the 9 million of the 5s.

those were actually available in china. so they probably could have sold even more if it were available in timeline them back china. i am inside the nyse fortress but on the way in lot of police officers. stuart: have our cameras inside the new york stock exchange. we will have to see what they are up to. you stay inside. nicole: i have been locked in here before, it would not be the first time. stuart: charles, coming on aó< !a. would you buy? charles: no, i would not buy. if you're interested in this, give it some time, let one or two earnings reports, out, see how it reacts as a publicly traded company. by do is $2739. at the crash went down to 12. there is plenty of time to buy that stock and write it up for 1000% gain.

i don't see urgency. stuart: many people think it could be the next google be a. charles: it could be. stuart: lois lerner says she has done nothing wrong, she is proud of her irs career. the lawyer targeting those tea party groups later this hour. next, two more companies heading overseas, and again america's high taxes take some of the blame. europe buys uggs because they have lower taxes. all rise, the judge is next. hi, are we still on for tomorrow?

tomorrow. quick look at the weather. nice day, beautiful tomorrow. tomorrow is full of promise. we can come back tomorrrow. and we promise to keep it that way. driven to preserve the environment, csx moves a ton of freight nearly 450 miles

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we help you shine every day of the week. stuart: it is monday morning, let's see where we are be it down 66 on the dow, .3%. how about the price of oil under pressure today, 91.71. barclays downgrading walgreens

and cutting the price target. they were looking for 92, now they are looking for 68, the stock goes down to 60. people are b buying new cars, nt fix the old one so much. two german companies buying big-name american firms. siemens, the germans, buying for more than 7 billion. they make fracking equipment. and if buying 417 billion. the ceo saying this morning it is going overseas by being bought out by foreigners they pay a lower tax rates. judge andrew napolitano is here. >> don't know what the reason would be if it is not a tax move and they shouldn't be ashamed of acknowledging it is a tax move.

stuart: they are fine companies in their field and the germans are paying a premium for them but it is a tax break they will get when they shipped overseas. that is what motivates them. >> it almost seems counterintuitive leadership of governments educated at the london school of economics would impose a lower substantially lower, 10% lower tax rate on corporate profits then we have here. how could the american politician to do this not expect this flight overseas? stuart: they went to left this princeton. >> i'm not surprised about it, the obama administration instead of trying to compete with europe by suggesting a lower rate here is going to attempt to get it

through the house of representatives to make these inversions as we call them unlawful. not only are they lawful, they are beneficial, beneficial to consumers, beneficial to shareholders, beneficial to anybody who engages in economic activity. stuart: the treasury secretary wants the defense around america, they want to stop american companies buying foreigners and jumping ship and going over there. this case is the other way around. and there is nothing president obama or jetblue can do about it. >> they will probably try to do it with the federa federal reser the treasury department to issue some regulation that presents an obstacle to this and some corporation will have to challenge it.

stuart: i don't see how they can do it. charles: i think we have been so focused on inversions that these are the kind of deal the no space morning are so much more worry some in my mind because these are not just great american companies, they are growing rapidly around the world be at last year 62% of their business was outside of america but only paid 45% of their taxes on that money. >> they are not going to dismantle the work laborers do here. charles: but when you move the headquarters. the biggest 500 companies in the world, 93% of them have terrestrial taxes, he only pay taxes where you are. you're not punish making money overseas and ringing it home. so now can bring that money back to the home headquarters which will be germany and all that cash is how you can create local

opportunities. stuart: we are pushing money out of america. >> walgreens chose not to do that and this morning they got the downgrade. it will go lower. >> but for a blinding ideology, why doesn't the government understand thi the simplicity ad wisdom of what you said? stuart: president obama wants to punish wealthy individuals and corporations. the last thing he is going to do is bring the corporate tax rate down. he does not want to do that. he wants to punish. >> those wealthy individuals who own those corporations employ millions of americans. stuart: of course. if the central idea behind your policy as punishment, you don't care how much money comes into the treasury, you want to punish. charles: the kind of society president obama envisions is expensive, you pay people not to work.

you cannot keep giving the money from the same sources, they must find a way to give to corporate america balance sheet. >> it may be in their minds, but not reality. stuart: inexplicable really. time is money, we said it every day, actually but in 30 seconds we have headlines for you. an update on ebola telling airlines to treat body fluids as infectious, even domestic flights not just once coming from africa. obamacare another broken promise, tax refunds for people who signed up for coverage may be reduced in some cases, some married couples could owe as much as $2000. the secret service would increase authority in and around the white house every a man was able to reach public checkpoints around the white house outside

the defense are now being considered. we were the first of the shows to bring you the story, cell phone towers that he is still all your information on your smart phone. now more of those towers are being discovered, this time 18 of them showing up in and around washington, d.c. after the break. you know what my business philosophy is, reynolds?

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stuart: have to say tesla's stock has been riding high this year but jpmorgan says it looks a bit expensive. these levels, so if you don't like it, down it goes. we keep a close eye on netflix down right now, but still up 45% this calendar year. ashley webster is in the middle of the new climate change protest. who are these people, ashley with mark? >> they are offering to walk down to shut down the new york stock exchange. an exchange of the climate march from yesterday.

about 2000 people wearing blue, they say it is symbolic of a flood of wall street, they believe the economic system puts profits before people and before the planet and they say unless something is done to unchecked climate change, all of manhattan will be underwater. that is the message, they told people if you want to come on the march he will be arrested because they plan to sit in, protest as close to the stock exchange as they can get and fully planne plan to be arreste. this march is getting under way about now. stuart: i just hope they pick up their trash after them. >> that is a good point and bringing traffic to a standstill causing all sorts of fossil fuels to go straight in the air. >> we will be back to you very shortly. we first brought you this story earlier this month. the makers of a phone found fake

cell phone towers capable of stealing your information. scattered around the country. kind of industry, nobody know where they came from or who installed them, and they are finding a lot of them. after driving around d.c. one day they found another 18 fake towers installed via the white house, capitol hill, fbi headquarters and the russian embassy. with the phone, director at esp america. your organizations, you're the ones who drove around d.c., you found these extra fake cell phone towers, who do you think put them there? do you think this is espionage of some sort? >> we really don't believe the federal law enforcement has them there. federal law enforcement has ability to listen to phone calls through the carriers that works directly. so these fake cell towers were put there possibly by foreign operatives or people looking to

capture information that could be of value to them. stuart: it is possible this is a criminal organization soaking up material on a mass scale around sensitive installations. >> that's correct. tuesday afternoon when we went by the senate body, they were on the isolation. who put these in direct line to intercept this information. stuart: what it be possible if i have the right equipment i could listen in to cell phone conversations better going on in the sensitive installations in washington, d.c.? i could drive around and listen in? >> if you have the right equipment, yes, you could. stuart: and you have the right equipment, i take it. >> we have the right equipment to detect if somebody's

excepting those calls, don't have the right equipment to intercept the calls, we can detective the calls are being intercepted. stuart: you are selling a product that can detect whether or not your cell phone call is being listened to and make sure your cell phone conversation is strictly private, selling a phone making sure it is private, don't you? >> yes, we do. it is absolutely ultra secure. the secondary ability of the cp 500 ability to detect if it is redirected to a fake power. stuart: i take it they are $3000 each, aren't they? >> in the general ballpark, yes. stuart: can you get the product down? >> writes now we are staying at that particular level.

stuart: tell us again when you drive around someplace, when you find something. >> we will be looking. stuart: lois lerner breaking her silence saying she did nothing wrong. >> i have not done anything wrong, i have not broken any laws, i have not violated any irs rules or regulations that have not provided false information to this or any other congressional committee. "hello. you can go ahead and put your bag right here."

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stuart: we are down 60 points. china will not send money printing into overdrive. that is dragging the market down both year and overseas. today it is pulling back 90%. apple sold 10 million of the new iphones over the weekend. it is up $0.30. lois lerner breaking her

silence. she says i did not do anything wrong. my career and the job i did for this country. the rise of isis. a threat we cannot ignore. lois lerner says i did not do anything wrong. can you give me a list of things which you think she did do wrong. >> let's look at her own e-mails. she talked to reporters. number one, she was part of the targeting scheme. she was one of the authors of it. she sent e-mails that clearly detailed groups. she called them radical groups. she used expletives in describing the groups. she made sure that the targeting

continued. we know also that she was in communication with other agencies. she had the fec involved. she was communicating with the white house counsel's office. this, you know, i did nothing wrong. i am proud of my services. go talk to some congressional visitors. i could go on for another 10 minutes. stuart: i am sticking up for our viewers. >> it looks like distraction of evidence to us. nothing ever really get done. it looks like this will drag weight on. what do you say?

>> i hope that is not the case. in addition to the congressional investigation, you are right. i think it is a serious problem. it will get to the bottom of it. we know what the tactic here is. the lake, denied. do not go back to far and keep moving your agenda forward. i know that from some personal experience. it just says to me that they

have not learned their lesson yet. this is a small legal group that got picked up in an audit for no reason whatsoever. i think the nature of what is going on right now -- >> i just think we should zero in on all of this. the potential that the president and his party use it against his political parties. >> you are exactly correct. they have been waiting. stuart: thank you. president obama and his war on call could end up hurting the

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the majority stock with down arrows this morning. taking a look at jeep. look at what is going on here. 230,000 chiefs will be recalled. dodge during that will be recalled. we are going to keep an eye on that one for you. blackberry out with a passport. $599. trying to be competitive. we will watch that very right now. of about 45% this year. the war on call. ♪ hey, how you doin'? it hurts. this is what it can be like to have shingles. a painful blistering rash.

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stuart: look at how big those marches on wall street are. they are headed to the stock exchange. we will take you back there shortly. it popped 38% in a debut day. down 4%. holding the stock at 90. it celebrated in style. a couple hundred people. jack mom, the start of the show. i believe that they went all out. >> i have seen ipo parties.

much more lavish than this. $25 billion. this is a so-so party. >> at one stage in your life, your formal or life, you went public. >> if popped. it popped big time. >> i was worth a lot of paper. stuart: i thought it was a cup a day. charles: 75 million. i was a crazy fool. >> god blessed me. he took most of it from me. >> every time the stock went up, everyone in the office was calculating how much they were worth.

one of those things that sounded better on paper. >> we had a big party. those kind of guys scare me. stuart: there he is. >> i am worried about all of these people. stuart: let's get to the presidents war on coal. it is a war that raises energy prices did those people will fall into poverty. now, the president of star parker. i want you to take me through it. you were on welfare for a long time. can you get money out of the government to pay your electricity bill?

>> you absolutely can. every dollar that these forces the economy to have to approve because they increase prices, they offset that on the backs of the poor. i am glad they are starting to push back. i get it. they love bugs. they like dogs more than they like cool. y always on the backs of the poor. they then tell the poor that they have a subsidy for them. if you call about the energy company, they will say if you have problems with this bill,

press five. we already have fit the million people below the poverty line. we certainly do not need a million more. >> you tax or make the utilities. you make somebody pay more money. you give a handout to poor people. you use green energy policy as a way to do it. that is exactly what is going on. >> these folks are just hard working americans. think about that sr. citizen. it gets very, very cold. they get an electricity bill for 400, $500 a month. that little bit is 10%. it is significant and not

household. these are the people that do not want to live off the hand of government. they want to have a comfortable existence as they age. don: that is good. [laughter] working on the ebt card to get free weed. [laughter] >> it will not stop until we get jpmorgan out of the ebt card business. >> star parker, you can come again soon. after the break, the nfl abuse scandal. then, there is the baltimore ravens. a rate rise cover up.

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the morning before it happened. along with support from ravens general manager. the ravens denied thi appealing. executive editor of forbes media is with us. do you think he will be pushed out just like that l.a. clippers? >> if it is true, then it means that he lied. he has said that he did not know what happened inside that elevator. that report says the opposite. there goes his credibility. it changes the whole game. all of it will stay in the news that he did not tell the truth.

>> news report suggest that the owner of the ravens lied because he had seen the full impact of that videotape from inside the elevator. >> that was described to him. absolutely right. that is what that report alleges. sorry for the lenient punishment of two games. you know, we did not know exactly what went down in that elevator. what happened was described to him. you talk about the brand of the team. >> porting it for $600 million. it is now worth approximately 1.5 billion. he grew the team. he might be forced out and forced to sell.

you are right. that is what he paid over two parts from 1999 to 2004. they have an older stadium. they sold for 1.4 billion. >> we have said on this program that it is a serious nfl scandal. so far, the advertisers have not withdrawn their dollars. we are saying maybe the nfl has weathered the financial stall. there is an independent investigation going on. if the investigation shows it

did not tell the truth, then i do not think that they will have weathered the storm. >> it is a big deal. all right. thank you very much. protests on june protests in manhattan today. we are live at the scene. and environmentalists that loves the earth so much. he explains how it could be so hypocritical to trash new york city while trying to save the world. the second hour is two minutes from now. ♪ [ breathing deeply ]

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stuart: the mob is gathering again. a new demonstrator has been called. they want us to pay more for

energy. they are pressuring the world leaders throughout the un to discuss a climate deal. most of the other big polluters are not joining the discussion. his regulation is only 0.18%. his policy means we pay more for energy. ♪ stuart: quietly starting the 12 noon hour. why not.

we've moved from battery park which is a very short distance behind me. this is the tail end of the march. it really signifies wall street. it has been surrounded by police not allowing these protesters to get anywhere near it. they have been barricaded off. we now have a standoff. i am sure some point they will get asked to move. i do not have any arrests yet. traffic is being brought to an absolute standstill. as this goes on, i have a feeling we will see more police

action. business cannot go on as normal here on broadway. stuart: all right. thank you, ashley webster. we will be back. ashley pratt is here. i've got to ask you. all of these protesters, they are from your generation did i am not holding you responsible for this. >> thank you. stuart: i always thought that people that work there it can learn about the environment and global warming were people that would protect the environment. they have trashed new york city. there was trash everywhere. they have trashed new york city. i want to know what is going on.

>> they actually made cups and they were part of ones that were left there. why aren't they finding a receptacle. this is among those liberal left is people that believe they are saving the environment. we all need to do our part. are they biking? are they carpooling? i would like to know. they want to mandate everything to everyone else. stuart: it is your generation. it is your generation that is out there on the streets. the climate crowd, the idea that

we have to restrict co2 emissions. is that a strong conviction. >> young people like to eat healthier. they like to think they are doing good for the environment. they tell you a lot about the co2 emissions. there is a lot of carbon dioxide in the world. they are using these jet streams. stuart: thank you for joining us. this is an opinion show.

it is based on facts. i think that president obama has a very difficult political problem here. he has to convince americans that we should pay more for energy. we should sacrifice. >> ranking the issues for the american people. this is not an issue for the vast majority of the people. you know what their top concerns are. jobs and the economy. >> he is an al gore kind of guy

on this. >> this is a good way to do it. if you ask american people, 80% say yes. then you ask them if they are willing to pay more for you like the city. hell no. this is the problem for the left. you raised a good point. if we cut our carbon emissions and we decapitated our coal industry and stick a knife in our back, let's say there was no united states. let's just say we were off of the map. the climate would be almost zero. you are right. it is purely symbolical.

stuart: a carbon tax. if they ever did, and money gusher. >> raises hundreds of billions of dollars from our government spending. a massive tax that would split the right. you are right. the american people reject that. do not forget, president obama is unilaterally trying to get these new standards in place. >> it will happen. >> if they want to step in and stop it, they can. >> always a pleasure.

thank you very much indeed. >> 17,200. china, by the way, will not switch on the money printing. that is worrying a lot of investors. down more percentage wise man the dow. up almost 1%. we are back down below 2.6%. the yield is falling today. this draft below $90 a share. do not forget yahoo!. we will ask fitzgerald what you should do with these stocks later this hour. please look at microsoft. it has delayed the launch.

did not give a reason. still at 47. not going to complain. long lines for the apple iphone six and six plus. they could have sold more, but it didn't change supply. first-time homebuyers and investors not buying homes like they used to. existing home sales down by 2% last month. the script says a silver lining. can you point to it? >> there are a couple of things that are wrong. investors are backing off. they only made up 12% of sales for the month of august.

we are seeing that number declined. investors are really backing out of the real estate market. you do not have the first time real estate buyers stepping in. there is no income to speak of. it looks like they are all out causing traffic issues in new york city. they are not buying new homes. go ahead and buy a home. >> if i was a realtor, absolutely. we wanted to buy a house and get going on the american dream. i looked at the numbers. we are selling existing homes. that is not a robust rate. >> it is still 29% for the month of august. >> first-time homebuyers.

>> a horrific number. it is flat. you have interest rates still reasonably low. they are looking to loans for this first-time home buyer. >> mortgage originations are down. we also just got that data released today. the rates for 23rd team are higher. we absolutely want a loan. you show me the numbers, that is a different story. the numbers are not there. stuart: the isis threat. leon panetta says he told

president obama to arm those rebels two years ago. we will talk with a former cia operative this morning. an alarming report that shows just how easy it is to scam the government. the biggest ipo ever, we have the man that is warning amazon and white ali baba will be a serious competitor. the climate protesters in new york city. just another example of environmental hypocrisy. all of that coming up, too. ♪ (vo) you are a business pro.

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i'm looking for a phone plan. it has to be a great one, and i don't compromise. ok, how about 10 gigs of data to are, unlimited talk and text, and you can choose from 2 to 10 lines. wow, sounds like a great deal. so i'm getting exactly what i want, then? appears so. now, um, i'm not too sure what to do with my arms right now 'cause this is when i usually start throwing things. oh, that's terrifying at&t's best-ever pricing. 2-10 lines, 10 gigs of truly shareable data, unlimited talk and text, starting at $130 a month. stuart: jpmorgan raises a red flag on tesla. this is why they put out a cautious note. the concern is they believe that this rejection is maybe a little too high. the stock has ran up over the last year or so.

they have a neutral rating. they did raise their target for year end. again, they do see the growth and think it is a little bit ahead of itself. much like what we heard from elon musk himself. last year he said it would not stop and it dropped about 20% thereafter. morgan stanley is reiterating. is it just running in one direction too far too fast? >> it sure stirs up the interest. stuart: you could tell where the greenies were in new york city yesterday. it seems like they should care more about the environment.

look at that mess. a true environmentalists. he rides his bike to work every day. he is back. i am not trying to flame you guys or anything. i was shocked. they treat things well. >> this is one where i will agree with you. the biggest march in history. we had 300,000 people in the streets. we should expect them to clean up their mess. stuart: i just want to raise what i think is a political problem for president obama. he will state his case in the

united states knowing that will raise the cost of electricity and energy for some people in the united states. he will say we have a sacrifice. we have a sacrifice. he has a difficult position here. china is not sacrificing anything. anything that we do is completely ruled out by what china does. >> first, i think what he has been called for is leadership. the united states is leading. we are reducing our carbon footprint in this country. here is the thing about china, you know this as well as i do. they are taking hundreds of millions of people. moving them from abject poverty. they are doing it in a spam of one generation.

the chinese are doing and enormous amount right now. we are trying to help them along. >> it is a political problem. they had a carbon tax. they repealed the carbon tax. i think you have a political problem. >> we have an obligation. >> i will suggest this anyway. america has reduced its co2 emissions more than any other in the democracy.

we did that by fracking for natural gas and producing a lot more natural gas by replacing. >> we need to continue to invest on wind and solar. it is a good story. we need to take certain places. >> i have property in the catskill mountains. i know all about fracking. i know all about jobs.

>> either way here in washington, i am fortunate to have those options. >> i have a conservation easement and i am not allowed to do that. >> thank you, sir. stuart: thank you very much. the dow is now down 78 points. it is not a huge selloff. we picked a series of record highs. about two years ago. a former cia operative joins us on that subject next. >> i pledge to bring the war in iraq to a responsible end. shortly after taking off, i announce our new strategy for iraq and transition to full iraq the responsibility.

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stuart: this is just in the last hour the dow losing about half a percentage point, just right at 17,2. look at this, dow component

disney says the lyon king music call -- lion king music call came in and broke, brought in $6 billion worldwide. it's been running on broadway since 1997. disney's stock not affected by the lion king news, after all, it's hit a series of new highs recently, and lion king was part of that. leon panetta on "60 minutes" last night says he told the president, arm the syrian rebels. he said do that two years ago. roll tape. >> the real key was how can we develop a leadership group among the opposition that would be able to take control, and my view was to have leverage to do that, we would have to provide the weapons and the training in order for them to really be willing to work with us. we paid a price for not doing that in what we see happening with isis. i really thought that it was important for us to maintain a

presence in iraq. stuart: that's pretty tough talk coming from an ex-member of president obama's inner circle. former cia covert operations officer mike baker with us. mr. panetta said two things there, he said we should have armed the rebels in syria two years ago, and we should have kept a presence in iraq two years ago. do you believe that had we done those two things, kept troops in iraq, armed the rebels, we wouldn't be dealing with isis now? >> well, we wouldn't be dealing with islamic state and the configuration they're in, meaning they wouldn't have seized and held, had the territorial integrity and been able to point to this building caliphate they've got with provides them with advantage in terms of striking at the west. let's not think it would have been happiness if we'd just armed the syrian rebels. frankly, the problem is leon panetta, he's saying the same thing robert gates did. they were both secretaries of

defense and former heads of the cia, a lot of experience with those two gentlemen. the problem is, he's right. president obama's right. when he says we didn't know who we'd be handing weapons to, that's absolutely true. we didn't have any clarity even at the very beginning. now, here's the catch, catch is we still don't. it's not as if something's changed other than political expediency and poll numbers between then and now. we still don't know who we're handing these weapons to and what their agenda's going to be down the road. stuart: i'm not going to ask you where and what you did, but i want to know what's it like trying to hand over weapons to people who you know in the back of your mind, you've got a strong thought that maybe six weeks or six months down the road they'll turn and fire at you? what's it like in those situations? >> yeah, it's -- first of all, it's a real big logistical lift when you're talking about building a program where you're arming and training opposition.

regardless of where the opposition is, but when you're talking about as much a volatile place as syria and iraq, there's really no border there anymore, it is an enormous lift. part of the problem is, of course, vetting and understanding the backgrounds of the people that you're dealing with all the way down to, you know, to the basic troop level. not just the commanders. and to do that sort of vetting, it's tough enough doing background checks on people in relatively difficult environments. in a place like syria and iraq, you almost have to be into the villages talking to tribal elders to understand who are these people, what are their agendas. and, yes, you always have in the back of your mind, a, there's a massive security concern because you're happening over weapons to -- handing over weapons to people, but maybe in the short term they're happy to take that because, yeah, they'd like to defeat the islamic state, but that doesn't mean our interests are aligned 6, 12 months from now. stuart: i said i wasn't going to

ask you, but i'm going to ask you, have you done that kind of thing? have you been on the ground literally talking to guys who are a little sketchy trying to give something or get something back from them? you've been there? >> yeah. and it's not oftentimes a pleasant feeling. you're doing, essentially, what you've been tasked to do. the cia and, obviously, the military, we take our marching orders and move on. oftentimes you're doing things you think, well, maybe in the back of your mind perhaps this isn't going to end well whether we're talking about missile systems, antitank weapons to syrian opposition it's not necessarily a comfortable environment. stuart: i'll bet. >> and, you know, you do have questions of the motivations of the people you're dealing with. stuart: i'll bet. i can understand that. it sounds glamorous from a distance, but i bet on the ground, it's anything i but. >> no, there's not a lot of

glamour involved. stuart: after the break, two updates on the irs. first off, lois lerner says she is proud of her track record. and this, there's a worrying report that shows just how easy it is to scam the irs and get fake -- get real money that you're not supposed to get. get a fake identity, falsify some paperwork and get bogus tax refunds. it's happening, tell you all about it after this. opportunities aren't always obvious. sometimes they just drop in. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets

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stuart: dead even, we've got no change for the dow in the past half hour to an hour, we're down about 80 points. it is, though, day two for alibaba's stock. straight up on friday, coming back 4.5% today. apple sold ten million iphones over the weekend, that's a big number. the stock up three cents, that's it. surprise drop for existing home sales, first-time buyers not participating. investors backing off as well. mortgage lending down last year. home builders, all those stocks down today. lois lerner finally breaks her silence. she had an interview with politico. the former irs official says,

quoting now: i didn't do anything wrong. i'm proud of my career and what i did for this country. no apology, to admission of guilt. jay sutt low had this to say in our last hour. >> she sent e-mails that clearly detailed how she wanted these groups targeted, the information she wanted. she called them radical groups, she used expletives. this, you know, i did nothing wrong, i'm proud of my services, i'm going to talk to politico, then talk to some congressional investigators and convince them she did nothing wrong. stuart: a new report finds criminals were stealing billions of dollars by filing fake returns and getting bogus refunds. liz macdonald, that is the story, isn't it? >> it is. stuart: billions in refunds. >> 14 billion as of last year. and the irs can't find lois lerner's e-mails, boy, they are sure having a heck of a time trying to stop fraud. and this program has been around

nearly four decades, stuart. it's the earned income tax credit. it's really literally money that goes out the door. so, you know, miami is this identity theft fraud capital, that's what "60 minutes" was reporting, but the story runs deeper. these thieves have the business model up and running. they know four out of ten times the irs will say, you know what? we will give immediately that refund. this is literally cash out the door. stuart: so you make the bogus claim, you get the refund check pretty quickly -- >> that's right. stuart: the irs doesn't check, you leave town. >> they go to tax preparation sites and get the earned income tax credit refund, and not only is it money out the door because the irs doesn't do a good job in stopping this money out the door, it also messes up the individual, the innocent victim. social security benefits because it screws up their income, and it screws up their own personal income tax refund. stuart: that irs.

>> but this has been going on for four decades. stuart: i feel so much better now. thanks, liz. climate change protesters making their bay through new york city -- way through new york city right now, this is the second day. they're trying to stop all action down on wall street, trying to shut it down ahead of theup climate change summit that -- the u.n. climate change summit that starts tomorrow. mark moreno joins us right now. welcome to new york. >> happy to be here. stuart: now, it seems to me president obama's got a political problem here because he wants to lower carbon emissions, but that will make us pay more for energy. he's got to convince us that it's worth it, and i'm not so sure he can. >> yeah, this is a problem. obama's own epa regulations, not only would they not impact global temperature or storms, they won't even impact global co2 levels because we're being dwarfed.

. >> in 1992 george h.w. bush signed a u.n. treaty, and and they're going to basically say this treaty's updating an existing treaty. in the meantime, it's going to be a sort of voluntary commitment, and it's going to be left to the next president to deal with. he's going to have his moment in paris next year. john kerry wants a legacy on climate, president obama needs this legacy. he's bypassed congress with the epa regulations, and now he wants to bypass the senate with this u.n. treaty. stuart: it's good to see you in new york, mark, not good news. thank you much for joining us. watch out amazon, there's a new kid on the block, and according to one report, amazon should really be worried about alibaba. but, first, the numbers are in. apple says they have sold ten million iphone 6 and 6 pluses in just three days. that beat last year's launch of the iphone 5s and 5c by a

million units, double the 2012 launch of the iphone 5. not bad, huh? ♪ ♪ are we still on for tomorrow?

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♪ ♪ >> i'm nicole petallides with your fox business brief. right now the dow jones industrial average down 73 points, 17,206. the s&p 500 below 2,000, that's a loss of three-quarters of 1%. the nasdaq is the worst of the bunch, down 1.3% at 45.20. we'll keep a keen eye on automakers. chrysler's jeep doing a recall, 2011 jeep grand cherokees as well as the dodge durangos will be recalled. this is because of a fuel pump issue, delay this that relay, and so they are recalling these vehicles. you can take them to the chrysler dealers, they will replace it for free. call in to chrysler, they are working on that. apple, record-setting weekend, right? ten million iphones sold and some moversover wall street, chlorox and also bank of america. (vo) rush hour around here

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alibaba as an american home group stock. would you buy yahoo!? >> i've recommended people buy yahoo! for the same reason you just pointed out. the trick is, it's not worth anything without the alibaba stake. that being said, alibaba is a monstrous undertaking, and it's about the future of the internet, stuart. stuart: you think that alibaba has a rosy future as the internet company of china. that's where you're going with this, right? >> well, the internet company of the world. you're talking about 600 million users in china alone, 800 million by 2015. you're talking about an internet space that is going to be larger than the united states, britain, france and the e.u. by 2020 combined. so this is really not just about china anymore, this is about how the world views the internet. stuart: is it a monopoly? does the chinese government -- i know it's not a monopoly, but did they restrict competition for alibaba? >> you know, i've not seen any

case of restricting competition openly. there's certainly lots of discussion that that's taking place behind -- they're pretty annoyed that they picked new york to do their ipo. there's a lot of discussion in that area, ironically enough. stuart: okay, you like it. now tell me about oracle, is that a buy now that ellison is stepping down as ceo? >> you know, i've got the opposite opinion on oracle, stuart. i think anytime you have a powerful, charismatic, aggressive ceo like larry el soften step away from a company -- ellison step away from a company, it's a sign to lighten up or sell entirely. because the period of transition that occurs from one powerful ceo from the next is a time of up certainty, and the -- uncertainty, and the markets don't like uncertainty. stuart: our next guest says apson should be very worried about -- amazon should be very worried about alibaba. matt crans joins us from "usa today." make your case that alibaba is so much more powerful and going

places better than amazon? >> we would all love it if alibaba would just quietly stay in china and keep doing what they've been doing, but the fact is they have global ambitions, and this is very clear as your previous guest stated on the ipo. they listed this in new york. this is a message that this company's not going to be satisfied just taking the bits and pieces from china, as big as they are. this company has the world in mind. stuart: but amazon's already there. they've been ten years in the field. they're tried and true, they've got a great system. why should they be so worried about what is essentially an upstart from china? >> well, that's the point. they've been there, and look how quickly alibaba's come on? this company that you've probably never even heard about a year ago is now one of the 15 most valuable companies in the world. this happened overnight. this is an amazing story, and this company has other advantages that you may not paying attention to that give it an each bigger edge. -- an even

bigger edge. stuart: okay, what other bigger advantages? spell it out for me. >> one of the things they did a very good job in not drawing attention to is its tax rate. alibaba's tax rate is only about 12%. 12%. compare that to amazon. they have a tax rate of over 30 over the past 12 months. this is an enormous edge, and if we think that this isn't a big deal, we have to remember all the great efforts these companies have been making to get their tax rates down. so this is a great example of an edge that a company overseas has that really should be getting the attention of people here. stuart: okay, matt, stay there for a second. i want to bring back in keith. a lot of people want to think alibaba is the next google. buy it now, that thing just takes off for a couple of years. do you think it's that good? first to you, keith. >> i don't know about takeoff, but it's certainly going to gather strength, it's going to do so quietly and then, boom,

one day there it is, and it's going to be a huge, fabulously wealthy company. i said apple, i thought, would be the first trillion company. i'm switching horses, and i think alibaba's going to take that role. stuart: matt, what about you? this is a company that's coming on with a head of steam, and a lot of people say, well, you know, they're not direct competitors with some of these companies, but the internet has been very clear that no one stays in their on sand box for long. look at amazon. amazon because it's competing with other companies. linkedin, facebook, they're all bumping up against each other. amazon even sells a phone. i don't think it's a good assumption that alibaba's going to stay nice and safe where it's been. stuart: matt, keith, thanks so much for joining us. we've talked about self-driving cars on this program. now take a look at this, a self-driving big rig, as in truck. could this be the future of trucking in america?

we get an exclusive first look at our two p.m. hour, by the way. melissa with, that will be "money" with melissa, the self-driving truck. 2:00. how about this? next, the weekly barron's bounce segment. bank of america, that's the stock pick this week. let's see what's happening to it and the guy behind the story. they're custom made trains.

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stuart: there is more trouble for the already scandal-plagued 2022 world cup in qatar. first there were allegations that officials paid bribes to secure the rights to the games, now the a fifa official cited concerns over health risks to the players and fans because of the heat over the summer. a 50% gain in -- well, we'll get the time frame in a moment. here is phil roosevelt who writes this for barron's. welcome to the program. >> thank you. stuart: why and what's the time

frame, 17-25? >> two years. they are finally coming out of all the problems. they got slammed in the financial crisis. there have been heavy legal costs quarter after quarter, year after year. they are finally reaching the end of that, and their businesses are already showing increased profits. stuart: so in two years from 17 to 25, that's the barron's bounce prediction. >> plus their dividend will go up in that period -- stuart: doesn't warren buffett have a special deal with bank of america? >> something like that. stuart: he gets a guaranteed very high rate of return? >> something like that. stuart: and he can share those shares if they reach, like, $9 a share or something? the guy's going to bake a -- make a billion dollars on this, isn't he? >> now it looks finally like it's clear and safe to go in there. stuart: you haven't had a failure, have you? every week you have a barron's stock that you like that you

think is going to go up, and you haven't had a failure yet, because every monday morning you're on this program to tell us how much the bounce was for the stock you recommended. >> well -- stuart: you've not had a failure yet, have you? >> some of our picks don't do as well as others -- stuart: has a stock ever gone down on monday instead of up? >> not for long if it's. stuart: extraordinary. you've got to keep that a closely-guarded secret, obviously. >> we do. [laughter] stuart: yeah, you do. phil roosevelt, thanks again and congratulations. great success record. >> thank you. stuart: more varney up next. you know what my business philosophy is, reynolds?

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stuart: regret write, we're out of time. but deirdre bolton is here to carry it through. deirdre: thank you so much. here are the alternative asset stories we are following for you this hour. even without selling the iphone 6 in china, this year

apple pulled a record of more than ten million iphones. context on what that means for the company and its competitors. hedge fund elliot management taking a big state in emc more on its strongly-suggested break-up plan for the company. and a family that built generational wealth on oil sees its heirs abandoning investment in fossil fuels. the rockefellers' business case later on. first up, alibaba went public on friday, it is the largest public offering in u.s. history. the chinese e-commerce stock bolted out of the gate 38% jump at the close on friday. here's where the stock is trading now, slightly lower. jo ling kent working on this story for months and months and months. she was on the exchange for it all. she spoke with the co-founder, jack ma. so, jo, who are the winners and losers besides jack ma? >> well, big winner, obviously. some people