weigh in on the greek crisis and see implications here and athena reacting to the supreme court decision on obamacare. that will do it today. thanks for being with us. "varney & company" is up next. charles payne is in. >> thank you, maria, appreciate it. i'm here for stuart varney. the deadline is approaching fast and furiously, 6 p.m. eastern time. hopes for a last minute deal fading quickly and at least in the short-term perhaps longer it matters to your money. yesterday the dow had its worst performance of the year. we're going to have live reports from that and throughout the show. here at home governor chris christie could announce his candidacy for the presidency at his old high school in new jersey. sounds so good right? the teachers are going to be there, but they're going to be protesting and president obama pushing for changes for overtime pay. it could raise the pay for 5 million americans, but at what

cost? we're going to bring you the numbers because some of it's coming out of your pocket. and last headline. uber losing money and the target of mayor deblasio and others. stay right here "varney & company" starts charles: >> and in greeks the clock is ticking and ashley joins us. ashley: hi charles, we're in the square away from the greek parliament building behind me and there's a lot of last minute negotiations going on and also new headlines coming out and more speculation, more

rumors, but what we understand is that the troika the european commission, the ecb and the imf have made one final offer how much it differs from the last final offer, we haven't gotten the details, but we're told that the greek prime minister tsipras is coming under an agreement today. we're told his plane is fueled up and ready to take off to brussels for last minute negotiating later in the day and into the nightment is it too little and too late? you never know with the greek situation and with the european leaders saying they don't want the union to lose any members let alone greece. it will be interesting to see whether they can pull this off or not. the big political issue for the greek prime minister he's put all of his eggs in the no basket in the anti-as austerity

basket. if he moves, his political career could be over. and we have so much if urt to go and of course we're following it every step of the way. charles: yes, we appreciate that ashley we'll be right back back to you, right now i want to stay on greece. joining us now is jim and elizabeth mcdonald. everyone is connecting the dots and saying at this point it looks inevitable greece will be out of the eu. >> greece will not leave the euro zone or the euro it's going to get messy. >> going to get messy? >> you'll get maybe defaults on loans you could of defaults on loans and haircuts and the banks could be nationalized et cetera. they'll stay in the euro. this happened in cypress in 2013, they took the money and

they're still in the euro. charles: you're saying they stay in the euro, but it's not-- then that means they eventually acquiesce that they eventually do the things asked right now by their creditors then not necessarily, i have the greek plan here and ecb plan here updated a little bit. they're not that far apart. it's a negotiation, you have to play hardball walk away from the table, kiss and make up. charles: what's the big bone of contention? they want to see budget pension reform labor reform tax reform anti-corruption, public administration. what's the biggest hurdle between these two? >> it's the pension. the greek government says if you're retiring 65 70 years old. that pension is a promise to you. the rest of europe says we're not retiring at 50 and these benefits. >> i think they have to find

compromise because greece has taken many of the measures laid out for them shall the economy has shrunk drastically and the number of public employees is down considerably from five or six years ago. the problem is the country isn't growing and they were sort of on the brink of presumed growth when they elected this current prime minister who basically took them backwards. >> i think you're right, the end of the slow moving freight train will be a stay in the euro. i think the imf, and everyone is tired of the brinkmanship and they want to see some commitment. it will be interesting to see whether voters have voter remorse to elect this guy only to go into-- >> it's funny, e-mack spain's prime minister chimed in and says not only a yes vote from the greek people, but also a new government. a one-two combination. but is it pouring old wine into new bottles, greece and spain? so many cities in spain are

turning communist and you see that with mayor in madrid, communist politicians coming to the fore. what we're worried about here in the u.s. and how it hits us is greece and puerto rico those two countries are a leading edge of a high yield junk bond crackup people have been warning about in an illiquid-- >> we'll hit the humanitarian angle for both. but as far as the brinkmanship that you talked about, jim, greece technically defaulted in march of 2012 when the situation changed and european neighbors took over the debt that the banks held. how long before they go over the deadline before it's a real bona fide default that has to be dealt with? >> probably until the end of

july. the ecb owes billions to greece. now, one of the the things why don't you take the money you owe us and pay the imf. charles: how does the ecb owe greece money? >> because they bought the greek bonds and earned money. the federal reserve gives billions to the treasury and well, this is their-- >> the ecb is buying government bonds so they could step in in the event. charles: and the ela which has been the money funding the banks, which have been able to keep their, you know keep their operations going and ecb is playing hardball. we're giving back to you guys on that and let everyone know we're just about 25 minutes away from the opening bell and take a look the a the futures. they've been higher between a range up 100 and up 80 and don't forget down 350 points yesterday. also, there are a whole lot of other news stories here and here are some of the headlines for you, in case you missed it we're going to bring m lauren later, but the bottom line guys, it's not just about

greece. we've got new jersey governor chris christie announcing his candidacy for the white house and not too long from now and in fact have everybody live here for you and i can tell you right now, liz, he's in a pretty crowded g.o.p. field, isn't he? >> yes, i'd say so it's time for some people to start dropping out, but christie. >> just got started. >> i know u-turn at the entrance. i think the problem christie has is his moment may have passed. he was running on some terrific news out of new jersey the news out of new jersey now is not good. charles: yeah. >> either in terms of fiscal performance or his relationships with the legislature and his own personal popularity. i mean unfortunately for christie, he had a great campaign promise four years ago and i think it's really-- four years ago he could have been the most belligerent, the most charismatic and he doesn't qualify for any of those things now. >> keep your eye on joe biden, i think he's going to surprise a lot of people. charles: really?

>> and who should be allowed to debate, based on the money raised? what super pac is behind you and prove whether or not they're serious. >> they're going by the polls, the top ten poll guys and it's so bunched up you could have seven people at 8% something like that. and even that particular format may not work. i say they should do like the ncaa brackets. 24 on this side two at a time and work our way to november. you know i guess the thing is how are they going to differentiate themselves here? >> that's the issue, right? and the problem is that one way is by being, as you say, louder, brasher, more at the margins. >> christie loud and brash to announce at the high school and teachers hate him and call him a liar and a bully. charles: he feeds off that and we have other headlines for you in case you missed it and here

she is lauren simonetti. >> good morning, it's not just greece, but another deadline is loom being, it's puerto rico. a day away from economic collapse after the governor says the island cannot pay its $72 billion debt. the governor says he wants the law changed to make puerto rico able to file bankruptcy the same way that cities like detroit have. but puerto rico cannot because it's a territory of the united states. the constitution sates it must make debt payments before it pays any other government services, leaving it in fiscal limbo as it cannot make those payments. during the governor padilla's talk yesterday, assume quote, shared sacrifices to get on firm legal ground. a man in charge of helping puerto rico says it will soon run out of cash and its businesses will suffer as a result. charles: i'm glad they already had the puerto rican day parade. just joking guys.

this is a serious issue and may have a greater impact on the average american $72 billion floating around in hedge funds and mutual funds and triggering a bond crisis in this country, jim? >> the same thing with russian bonds puerto rican bonds? where are they? look in your 401(k) from merrill lynch or charles swab. charles: somebody put you on a nice tax-free bonds. >> an muni or whatever, but it will effect every day americans. if they file the law if puerto rico can file don't be surprised to see california and-- >> there's scuttlebutt that puerto rico may use this as a way to push to become a state. i think we should point out right now puerto ricans have a good deal they don't pay federal income tax in return for not having the right to vote on national issues.

a trade-off that people say many won't give up. >> i don't think the voters of the united states will be too keen on taking this wounded stock. that's not going to happen. and liz brought up an interesting point when you talk who owns the bonds? basically an enormous liquidity measures taken on in this country and the world have pushed investors to look for yield higher yields and what we have they've done is gone to riskier securities things like puerto rican bonds. puerto rico has been in bad shape for 40 years. it's not a new story it's gotten worse because businesses are fleeing the island. taxes are going up. nothing good happening there. >> 70% of people are getting housing assistance. and sorry, guys california lawmakers pushing one. harshest vaccination laws in the country and you will not escape it no matter what you believe. judge andrew napitano is going to speak on that.

when the moment's spontaneous, why pause to take a pill? or stop to find a bathroom? cialis for daily use is approved to treat both erectile dysfunction and the urinary symptoms of bph, like needing to go frequently, day or night. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain as it may cause an unsafe drop in blood pressure. do not drink alcohol in excess. side effects may include headache, upset stomach, delayed backache or muscle ache. to avoid long-term injury, get medical help right away for an erection lasting more than four hours. if you have any sudden decrease or loss in hearing or vision or any symptoms of an allergic reaction stop taking cialis and get medical help right away. ask your doctor about cialis for daily use and a free 30-tablet trial.

♪ ♪ ♪ (charge music) you wouldn't hire an organist without hearing them first. charge! so why would you invest without checking brokercheck? check your broker with brokercheck. super poligrip seals out more food particles. so your food won't get stuck and you can enjoy every single bite. eat loud, live loud, super poligrip. super poligrip holds your dentures tightly in place so you never have to hold back. laugh loud, live loud, super poligrip.

>> greece is just hours away from defaulting on a 1.8 billion dollar loan from the imf. tourists are stranded. and by the way, let's look at the dow futures on news. about 15 minutes away from the open. up 89, but we gave up 350 points yesterday. now let's shift gears a little bit to southern california. lawmakers passed their second votes on a much debated bill that requires all public school children to be vaccinated no matter what their religious beliefs are. judge, we're now looking at probably the strictest vaccination laws we should let the audience no most rely on religious exemptions and 20 states allow philosophical exemptions. here in the state they're saying we're smarter than you or for the greater good or combination of both?

>> one is the religious rejection mandated required by the first amendment. the first amendment says the government can't interfere with the free exercise of religion. if your religious belief, bona fide religious belief is against children being vaccinated against their will they're refired to give you an exemption. sot states give a philosophical objection. the right to raise children almost impossible for the government to interfere with that right. if the parent says i don't want the child to be vaccinated that's the philosophical objection states can go either way, but have no choice but to respect the religious exemption. the governor hasn't said one way or the other and this becomes law what happens if you don't want your children to

be vaccinated. they can't go to public school. charles: they must be home schooled. >> yes. they could be schooled in some nonpublic environment, but a school owned or supported by-- financially supported by the government will not take them. >> i'm sorry, what i don't get about the sorry, i don't see anywhere in the reporting who decides whether or not the vaccine is safe at the safe level, right? >> that's the question e-mack. the parents should decide in conjunction with the parents' physicians, as to whether it's this vaccination is appropriate for this child, rather than a blanket rule for everyone. and the reason the parents should decide is for the reason i said shall the right to raise your children as you see fit is a fundamental liberty, akin with thought and personality and speech. >> disneyland had the major measle outbreak, also last year we saw the highest cases, the number of cases of measles since 1994. >> yes.

charles: when does the argument for the greater good the protection of the masses of children outweigh the beliefs of an individual or two? >> there's no answer to that. there's no philosophical answer to that. there's no constitutional answer to that. there's no legislative answer, but the harsh draconian rule that california is attempting to impose on everybody. california is our largest state in the union in terms of population, simply is not going to work. they're going to fine-- find people rejecting in rule. and the government has to respect people consciousness and how they raise their children. how can the government know what's better for children than the parents liz: vaccine keep children safe. what's at issue, we see a lot of drug recalls, too, a not of contra indicators.

charles: people are worried about that and the vaccine, a lot of people don't believe it works. i've got to ask, do you feel like religion has been losing so much ground in this country that it may be a nonfactor with respect to how we live our lives? >> it can't be a nonfactor as long as the first amendment is there. the first amendment has religious causes and the government can't interfere with the exercise of it. sometimes the government needs to be reminded it's there. charles: thank you very much. appreciate it. president obama is taking his pen and phone and using them both once again. this time millions of people could get more overtime pay and it's going to be a big shocker for a whole lot of businesses, but it's going to cost you, too, more "varney & company" next.

♪ ♪ ♪ get excited for the 1989 world tour with exclusive behind the scenes footage all of taylor swift's music videos interviews, and more. xfinity is the destination for all things taylor swift.

>> banks remain closed and we are hours away from default. gaining momentum the highs of the morning, moments away from the opening bell. in another pen and phone push for president obama announcing that the labor department with propose overtime pay to 5 million workers. fox senior correspondent peter barnes is with us. lay it on us how much is it going to cost us?

>> here are the numbers that the white house is proposing, from 450 a week or $20,000 a year to a projected level of $970 a week or about $50,000 a year in 2016. the white house says that aside from a modest adjustment in the bush administration the thresholds have not changed since the 1970's and never adjusted for inflation, so if you add it up $250 billion more a week in pay for employers, but business groups say it could hurt job flexibility cut back hours and the chamber of commerce says it changes an example of the administration being completely divorced from reality. charles: and the pain in greece is not divorced from reality. and let's see how stocks are handling it. we're moments away from the opening bell.

don't go anywhere. this allergy season, will you be a sound sleeper, or a mouth breather. well, put on a breathe right strip and instantly open your nose up to 38% more than allergy medicines alone. so you can breathe and sleep. shut your mouth and sleep right. breathe right.

>> all right. guys, the opening bell is less than 30 seconds away. of course all eyes on greece and let's also remember yesterday, the biggest hit to the market the dow was off 350

points and there was no relief in too many asset classes, a flight to safety bond yields and in this country we're down a little bit, nevertheless a lot of anxiety as we go to the opening bell which is going to ring in three seconds. i want to take you right now here is the opening bell, it's ringing and let's check on the big board, it should be higher. three plus three plus 27 and probably up 100 points. ashley webster joins us now, and ashley what's the latest? >> well charles, we continue to get these headlines and perhaps rumors coming out of the building behind me the great parliament building what we understand, last night. the eu commission president, jean claude had a conversation and said let's make a deal. the offer was until midnight. it came and went and there was no agreement. from what we understand that discussion does go on today.

so who cares about deadlines? there are issues where it's unclear whether this deal is the same as the one offered last friday where greece walked away from the negotiating table. all of this continues to go on never say never, maybe something can be done by the end of the day, angela merkel says she's not aware of any deal and feels the offer given is fair and up to greece whether they'll take it or not. and about a thousand banks will open allowing pensioners access to their money. those without a debit or credit card letting them take out 120 euros. they're negotiating, never say never. charles: i guess we can't in this case. thank you, ashley. let's bring in liz macdonald and scott shellady and ralph

acomeain indianapolis. what does this mean? liz: what we know. we've been talking about greece as much as fed interest rate hikes over the last five years. what this means is basically, what is the recipe for growth? the euro zone is experiencing crab grass growth and puerto rico is tourism and gdp is about the size of nebraska. and greece is smaller than bangladesh and iraq when it comes to the size of their economies. is the imf prescription wrong? tax hikes is not helping greece's economy right now and by the way if greece defaults the euro which is denominated in euros, those creditors are going to demand they stay in euros and not go to drachma. charles: we know that greece is it not the largest economy, but

could be a linchpin and they're down 350 points yesterday. >> the best way to describe it where is the franz ferdinand moment going to come from? i don't think it's a black swan event the definition of black swan, we didn't see it coming. we've got a few things lining up, puerto rico problem with 11 million people in greek, small small, but an issue. a chinese slowdown and how we manage that. and european union is not growing as well as they'd like to grow and we have to turn to the fed and is the fed really going to hike rates with what i just said going on around the world? >> i hope it doesn't spark another world war, but certainly there are odds bets on it ralph, a lot of things going on and the market has been tope here you've been calling for a pull back could

this trigger what you're looking for? >> good morning, everyone i think before we even talk about what's going on on the last couple of days you have to look at what the market's been doing the last four months. you know we've had the key indices like the dow and the s&p and nasdaq and the russell. and they actually made new highs, but unfortunately, there was no follow through and i call them failed rallies, now, yesterday was a significant day technically, and i think we did some serious damage. so, i think the onus issen 0 the part of the bulls to get this going. not only that, woo he have to follow through and see that. i think the uncertainty about greece is a lot of speculation and i think the markets should be very volatile. >> to your point, we've also seen a whole lot of pullbacks without any follow throughs also, in fact buy the dip has been one of the most lucrative trades over the last year or so and anyone who bought the dip

at the close yesterday has not done too bad. something of a standoff? >> yes, that's a very good point. we've been in this tight trading range. i'll tell you, i'll give you one number. it's the dow's close, 17,068, okay? as long as the dow doesn't close below that we're officially still in this corrective mode, still in this trading range as you say and i'll give the market the benefit of the doubt. if it closes below that i'll say you give up a bear market. charles: that's one of the trends i've been seeing is the yellow flag if we're up 100 points and give that up into the close, how devastating would that be? >> that would be very bad. as we look at that small country called greece and you know, they've structurally defaulted. i think the rhetoric right now is going to be. do they get themselves back in

or-- back in, but is this the beginning of the end of the real euro or is this the beginning of how the european union handles problem companies that go into big distress? i think for the second one, they've structurally defaulted already and if they give up the gains, that's very bad. >> i want to head over to the new york stock exchange because nicole petallides has two things. >> one firm likes them. >> to look at that it's 7 1/4% at 35.68. you have an outperform rating by rbc capital. they've put a price target higher than what it is now. they see some upstart potential for fitbit the recent ipo. we are going to take a look at microsoft working on two things, handing over the advertising display to aol and some of the mapping technology over to uber. in the aol deal they're going

to use bing. so working and wheeling and dealing, a slight winner up about six cents. >> nicole on the floor, if you can ask around i'm hearing that microsoft may make an offer for nvidia, maybe you can get some feedback. and why wouldn't it be moving more? >> nvidia is up nice. we will be right back. the supreme court rejecting president obama's epa regulations and it's a big win for business. and joining us is the former epa attorney. it's a big defeat for president obama nevertheless the epa gloated afterwards because more or less almost everyone says the damage has been done to american coal. is this anything more than a moral victory? >> it's not -- it's not clear whether it would be a victory or defeat. it's the decision is fairly narrow in terms of construing of particular paragraphs within

a section of the law that pertains only to that particular source category. it's less a rule intent, but sent it to the d.c. circuit to decide what was going to happen would the rule be vacated, would the rule be stayed and epa is now going to-- >> here is the thing, vicky, again up until this point because of a prior supreme court decision with respect to the clean air act. the epa, i describe it as thor's hammer one of the impressive tools for president obama to inflict his will on industry, fossil fuels and coal. can the damage be reversed? can the american coal industry come back? >> the american coal industry is able to do-- to conduct its business i think, in the face of the rules. one of the issues that came up in this case was whether or not the coal industry was already

meeting the requirements in the rule for the rule to remain in effect and those businesses are intact. >> we're looking at a chart of a lot of the stocks i guess, e-mack, what i'm trying to say, the goal industry has gotten crushed. utilities make the moves, you know, which is different and as a consequence, coal down 97%. some of the stocks that was a 24 $50 stock? >> coal keeps the lights on and natural gas keeps the lights on. half the energy output from our u.s. power plants is now from natural gas. there's a lot of politicalization as to the greenhouse gases. coal happens to be a dirty fuel. obama is moving to clean up the atmosphere. we don't like pollution, we get that. nixon was thefirst-- >> the bottom line the

draconian measures taken. >> by unelected bureaucrats. charles: we're open dow up 99 points, and holding pretty good so far, it's still early. coming up the u.s. navy they're spending millions of dollars on old computer software. you can believe that's not a lot of folks anxious. plus, governor chris christie is preparing for his big speech announcing perhaps he will be a presidential candidate. more "varney & company" next. . >> did i stay on topic? are you stupid? on topic, on topic, next question. turn around get your 15 minutes and fame and maybe take your jacket off roll up your sleeves and do something for the people of this state. i can go back and forth with you as much as you want. let me tell you something after you graduate from law school and conduct yourself that way in the courtroom, your going to be thrown in jail, you idiot.

hint: it's not the one on the left. the speedy guy on the right is part of an intelligent system that creates the optimal trip profile for all trains on the line. and the one on the left? uh, looks like it'll be counting cows for awhile. so maybe the same things aren't quite the same. ge software. get connected. get insights. get optimized.

>> all right. guys let's check on the big

board. because we're giving up some of the gains. it's a knee jerk and the market is worried about events around the world. greece, puerto rico and general anxiety in this country. let's take a look at oil, it's down a lot. like the markets it's trading range bound. a look at gold. a lot of folks thought this was the key yesterday. it gave up gains and now gave up all of yesterday's gains. this should be a lot higher if there was as much fear as we would expect. nevertheless let's take a look at the greek etf. it's up today, but i've got to tell you it's down dramatically the last few months and years and finally, a look at the 10-year yield. this might be be the ultimate way of understanding what's going on. up four basis points and that means that the bonds are going down and the flight to safety is tempered a little bit this morning and touch and go every moment. we have breaking news for you right now. in fact just crossing the wire, the u.s. supreme court

agreed to hear a free speech challenge the union fees that nonmembers are required to pay. this is a significant case. we'll bring more as we get it in. number governor chris christie is expected to announcement his candidacy for the white house any moment or a couple of hours from now. we'll bring that to you live. starting at 11 a.m. this morning and jeri willis is with us. governor christie some saying he's late to the game. >> late to the game? 14th candidate out there to declare his candidacy and waiting until his numbers are in the toilet i have to tell you. only a 2% rating. republicans say they will not vote for him by 55%. here to me is what's so interesting about his announcing today. announcing amid greek woes and puerto rico woes and when you look at new jersey it's a financial mess. despite the promise he's going to fix anything 6.5%

unemployment rate well above the nation. >> it's a democratic state and a republican governor he in many ways got things done and listen, look at washington d.c. the last six years, right? very few laws have been enacted neither people can work with each other, maybe we think about electing someone who can get things done. the old ronald reagan and tip o'neill-- >> he's not getting things down. the state has been downgraded by moody's nine times. it's straight talk, but can he deliver liz: by the way, he said i fixed the pension system for the state of new jersey in the state of the state addresses. he was taking credit for that. you know he didn't do what he said he was going to do to fix the pension system. he underfunded it by 15 million to take care of pet projects in the state and we know that new jersey-- >> and talking about greece

right-- i just want to go on the pension thing. we're talking tough decisions when we're getting in financial messes. >> he didn't make the tough decisions. charles: and the biggest thing in greece their pensions of 16% of gdp and they have to cut it. at some point someone's going to have to run the country that says you've got to retire at 70 and scale back obamacare because there's another unfunded liability. we need someone who can do the unpopular things. >> his style would say, but the reality is just the opposite. moody's here is what they said the last time in april, that the state had the weak financial position and large structural problems and imbalance. this is a problem that's not been solved. he's promised the moon and delivered little. pensions are in deep deep trouble. >> debt is three times the size of the state's budget. chris christie said we know it's up against the wall there,

but his behavior and actions, have they-- >> i think he waited way too long and a lot of people will never forget the hug and the way he treated mitt romney either. >> there are so many issues we'll hear him at 11:00 so i'll be watching. charles: we'll come back to you after that. and apple suppliers reportedly started make a new iphone something called force touch. joining us from washington shana i don't know, listen it's hard for me to get excited all the time about the new feature on the iphone. i lost track of them all. i don't know how to use the features on my phone. is this really the kind of stuff that goes beyond geeks? should we be excited about this? >> a seems that apple is coming out with the new and latest and must-have technology so they're saying in advertising. i think that this technology what we should be aware of is that it's going to bring substantial changes to how you interact with your phone. it's not just a feature that you forget about.

this force touch feature is the way you operate your phone so that's going to impact an everyday user of an iphone the way that maybe improved ram or all of the other text words won't impact the average everyday user. charles: how does it work then? >> force touch is really an ultra sensitive screen so it will know the screen will know whether you're tapping the screen or pushing harder on the screen more firmly and that will change the way the phone reacts and maybe take you to the home screen if you push more firmly if you tap on it you'll look at the picture on facebook. this is in the apple watch currently and there are some of my friends out with the apple watch that say it's hard to get used to at first because you're pressing it and holding it and a difference between a tap and a press and confusing for the users. >> i've got a feeling that us fat finger folks will have a problem. if you get the wrong e-mail from me it's not my fault, it's the phone.

navy is using old technology windows xp and pay $9 million a year for the honor of doing that. i've got to tell you, this sounds like a serious security risk. of all the breaches that we've had, how do i know that a kid in china won't take over a nuclear sub any moment now? >> the $9 million they're pay is for support and patches that address some security issues that you're mentioning and it's important to mention that this is not land computers for the navy, but all the ships and submarines which are equally as important. windows xp came out in 2001 and commercial systems were bought off the shelf for the navy. they're building and developing on the old xp system so it's sort of you know a domino effect that they have the old systems running and radars and sensors and communication that are built on windows xp so they have to upgrade not only windows, but all the systems on

the ship and it's hard to get the ships back to port and make the upgrades. they're committed to doing it are targeting it by 2016 and by june of 2017. we've got to make the changes. >> i see the reports of them running battleships on vegetable oil and all of that kind of junk. they need to reorder their priorities and get this stuff. we've seen breaches. if something happens to the navy-- thank you, and you've got a great necklace to boot. uber, cabies have abouten upset with them and now the uber drivers are the ones going to be protesting. we'll tell you why when "varney & company" continues.

you pay your car insurance premium like clockwork. month after month. year after year. then one night, you hydroplane into a ditch. yeah... surprise... your insurance company tells you to pay up again. why pay for insurance if you have to pay even more for using it? if you have liberty mutual deductible fund™ you could pay no deductible at all. sign up to immediately lower your deductible by $100. and keep lowering it $100 annually, until it's gone. then continue to earn that $100 every year.

there's no limit to how much you can earn and this savings applies to every vehicle on your policy. call 1-888-438-9061 to learn more. switch to liberty mutual and you could save up to $423. call liberty mutual for a free quote today at 1-888-438-9061 see car insurance in a whole new light. liberty mutual insurance. we live in a pick and choose world. choose choose choose. but at bedtime? ...why settle for this? enter sleep number... don't miss the lowest prices of the season, going on now. sleepiq technology tells you how well you slept and what adjustments you can make. you like the bed soft. he's more hardcore. so your sleep goes from good to great to wow! only at a sleep number store. right now, find the lowest prices of the season with the c4 queen mattress set only $1499.98. know better sleep with sleep number.

>> uber, now they're offering free rides today, right, to new york city city hall. because they want to protest legislation backed by mayor bill deblasio. get this it would limit how much car services would grow in the city to limit congestion

and on one of the services. they've got a valuation that's near $50 billion. a lot going on with uberaround the world, always in trub uber and someone says he renewed his insurance and it won't be covered if he uses it for uber. an uphill fight liz: there are uber drivers in the city causing more pollution and-- he says they shaft people increasing in the storms and the like. and what's key for investors, is it sky high? we already have bloomberg saying that the 470 million bucks in operating losses at uber, with just 415 in revenue. so is that sky high valuation

justified? >> i don't care about their product valuation. these are smart people. someone puts in at 47 billion they have to be smart to get 1 is.5 billion. the risk and the reason why i like fitbit as an ipo when they go public the general public is asked to value them at 90 billion liz: that's interesting. when you've got states like california and the cities going after uber you've got to wonder and calling it the shafting economy, not the sharing economy, that the companies are basically operating illegally and doing things to bend them all. charles: i like what they're doing, but uphill fight. >> yeah, an uphill fight. charles: shaking up a lot of people. speaking of shaking up greece the clock is ticking, midnight around corner. at the top of the hour we'll talk about that more and another headline we're watching for you, governor chris christie is expected to announce his run for the presidency.

we'll take you there live. second hour of "varney & company" just two minutes away. that's why i have the spark cash card from capital one. i earn unlimited 2% cash back on everything i buy for my studio. ♪ and that unlimited 2% cash back from spark means thousands of dollars each year going back into my business... that's huge for my bottom line. what's in your wallet?

. charles: all right. the big story. greece just hours away from defaulting. they owe $1.8 billion, and a whole a lot of other money as well. banks there are closed, atms, are out of money and tourists, they're stranded, and live report from athens, coming right up. another republican adding to the race, we're talking about chris christie, he's going to make an official announcement today at a new jersey high school where it all began for him, we're going to bring you that in the next hour as it happens live. and uber offering free rides today to anyone that wants to join in protest against new york city mayor to limit their business growth. hour two of "varney & company" starts right now. ♪ ♪

. charles: breaking news for you right now. check the shares of apple. they're up slightly, but not because of this. an appeals court wrote panama quote orchestrated a conspiracy and now expected to pay $450 million in this space. and consumer confidence numbers also breaking in right now, coming in at 101.4, and they beat all of the estimates out there. not moving the markets yet at all. let's go right into the crisis in greece. ashley webster joins us from athens. all right ashley, give us the latest. >> it changes by the minute, charles. the last we heard is a possible offer from greece is a two-year agreement with the european bailout fund. that's the european stability

mechanism, that would cover their debt what kind covering their financial needs. the big question is would that fly with european creditors and how many other hoops would they need to jump through to get that money? it's just the very latest in the string of headlines that we've had and the talks are going on, especially between the eu commission and alexis, the prime minister of greece. whether we can get a deal done, who knows but we are being told that the prime minister's plane is fueled up ready to go, if he wants to fly off in the next several hours and start negotiating late into the night. but as you said, hey look, the clock is ticking. less than eight hours now before they are initially default to the imf and the payment close to $1.8 billion and their own bailout program expires today as well. so we really are at the end of the line. i know we've been saying that for years, but this really is the end of the line for greece.

what happens, will they cave in the pressure? he says he won't but, you know nothing is for sure in this story charles. >> yeah. he's a big proponent of game theory, so a lot of people think this is maybe part of it. >> yeah. charles: he's just pushing into the bigger end. great job we'll come out to you later. in the meantime chris christie is expected to announce about an hour from now but does he even have a shot? let's ask day of dave a lot of people are too willingness too late maybe four years, as a matter of fact. >> he could absolutely be a nominee, he checks a lot of boxes that voters want. he has executive government experience he's energized streamline government in new jersey he's shown he can win in a state that isn't always friendly to republicans. so as of today final days of june 2016, yeah, we're still many months away from the first. . charles: talking résumé we had gerri willis in here,

though talking commit accomplishments, and she said he had very few. that sounds like the obamaesque kind of thing do we want another president let's try but it's tough. >> well, the advantage the next republican president is going to have a republican congress to work with. and lots of good ideas are being talked about. look, the best thing chris krist would he be and air has very smart strategy this doing this, he's talking very specific ideas. and ideas are what rally people together around a common cause. chris christie is talking about raising the retirement age, and reduce college loans so that the millennials know -- charles: that's where i think he went to high school, that's where it all began for him big large crowd large american flag, you talked about his ideals on social security, testing them in some degree. i thought his neutrons were a

little too low. and i give him credit. but that also tell us who he is. this guy is on arrogant, employees jump on the third rail of politics out of the gate. he says i don't worry about it give me that third prame and then he comes up with a proposal that maybe helps people, but it makes a lot of people worried too. >> well, we're going to see what voters -- if they like his ideas and whether they want to rally around what he's trying to sell. that's great about politics. ronald reagan used to say let's get everybody in the room, tell them what we're going to believe, and see if they guy bye it . charles: someone who has been bashful about what he's going to do, donald trump making a lot of fans and enemies out there, nbc canceled a big project with them. is he in your mind going to at the present the overall gop brand now and for years to come? >> everyone likes a good opening act. but they come for the main

event. donald trump is not going to be in the main event. you can see . charles: so his opening act didn't rub everyone the same way. will there be lingering -- will the pros outweigh the tons. >> it's a long contest and as this field winnows and we got down to the final three or four that are legitimate contenders, people won't remember this . charles: how long should it take? because right now i've talked about the ncaa bracket system, you've got so many people in this thing that might be the only solution. how long should it took until we get down to two or three hard-core people, candidates with a chance so that they won't don't know the bruce each other and this becomes a circus. >> it will be on february 6th, that's the first, that will start doing it. but, look, we can see a lot of things about republican primary voters the one thing we know they like is order. and donald trump is anything

but orderly and we like nominees with experience. it hasn't been -- >> yeah. but for christie to say reform social security is like walter saying let's raise taxes when hillary clinton is going to do a give away every other week. so that's hard to start out of the box like that. >> a businessman who ran. >> lost to franklin roosevelt . charles: thank you a lot. >> thank you . charles: let's check on the big board here. the dow just drifting right now, we're drifting, it's going to be interesting to see how we finish out this day better ended than expected, but that's not enough to keep the rally mode going on, at least not right back. let's check oil oil on the range bound 58, 57 on the downside, just up slightly this morning. a lot of folks thought maybe yesterday was the day that gold was going to take off and for a moment it did it's given back all those gains and be and now down $9.

let's take a look at the greenberg etf. sort of stable, but if you looked at it, five-year chart of that thing, it would be an unmitigated disaster. all right., guys, now let's move on to china. we know technically they went to the bear market. but the fact of the matter is that the market is still up 100% over the last year. author of the coming collapse of china jordan chang. he joins us now. gordon, you know, you and i have had that discussion for a long time. no mattered what your opinion is of china and how they manipulate their economy, they haven't gone off the rails and they were supposed to go off the rails a long time ago. >> yes. but right now what we're seeing are really signs of serious problems. for instance, you have unprecedented capital flows out of the country. much of it hot money and also now with the stock market a loss of confidence. basically these markets are trying to go down, the government is intervening to

keep them up, and yes the government can engineer rebounds as it did yesterday in the stock market . charles: is their government that naïve that you can have 1.4 million new investors coming into your market every week and 70% of them don't even have a high school diploma and think you can keep keep that going forever? >> well, that just basically shows the desperation of chinese leaders right now. because monetary stimulus specially since last october has been ineffective. the most thing they can do is build more cities, but they've got too much debt that they can't pay back because they're not growing fast enough. >> they just drop the interest rate, so they're going to be building more ghost cities, and i respect everything you say, and i tend to agree with you. except we had this discussion in 2011, the coming collapse, in 2015, it's not come yet. >> yeah. and i said it would happen in the middle of 2011 when i wrote my book in the

beginning of the decade. so yes, i am out of time. but what we're seeing now though especially with the money flows coming out of china with the drop in the capital reserves, the financial reserves, it is really quite serious for them, and they're running out of money. >> we need them to buy our debt. >> well, we have -- i don't really think so. >> really? they're in the top three of purchasers. >> yeah. since the middle of 2011 they've reduced their holdings of treasure reeze and we've been -- charles: but they do own 1.2 trillion, give or take and things got really bad, and they did run out of money. what if they had to dump that? what would be the ramifications with us? >> i think other people would buy it. you know, the global markets are really big and really liquid. 1.2trillion is although a lot of money, when you consider the financial markets of $200 trillion -- charles: you have to be surprised, though, at how they've been able to tap the breaks,. >> sure. charles: slow down their economy, and almost get everything done that they want to get done. i mean, yeah, it may be some village that we're looking at here and, you know, amounting

tnt time bomb. does it make it worse that they've been able to do this? does it make the ultimate implosion even more dramatic. >> yeah. and that's an important point because by postponing these adjustments what they're doing is making the imbalances larger and the inevitable adjustment becomes more severe . charles: all right gordon, thank you very much. appreciate it. and other headlines we're watching, lauren simonetti has them. >> hi, charles in an hour, you can download apple music on your iphone or ipad. the streaming service is free for the first 90 days, and then it's $10 a month. apple is hoping to convert some of its 800 million itunes customers to streaming subscribers. and if doing so, they will have some of the customers that other services don't have namely taylor swift. well at midnight the entire

world will get an extra second's time. here's the reason to allow the clock stay in sync with your rotation. if might impact businesses and technology companies the last time it was added, that was three years ago. and if you remember mozilla reddit, and linkedin, they all crushed. and i want you to meet quasimoto, the world's ugliest dog. >> it looks like part of quasi is missing. it's kind of a stout little critter. >> yeah. she's born with a birth defect to her spine it's called sport spine syndrome and she's real impact and vertebra, and politic ault spine she has are fused together. >> she's ten from florida a mix between a pit bull and shepherd . charles: i think she came in second last year, she won this year. >> she won. . charles: a lot of people hate

that contest. i think it's great. well, the epa says that health benefits way outweigh the cost of the industry. unfortunately, the supreme court disagrees. so are the health risk really that bad? we're going to go back and see and probably debunk the epa's claims after this ♪ (piano music) ♪ fresher dentures, for the best first impression. love loud, live loud polident. ♪ ♪

fresher dentures... ...for those breathless moments. hug loud, live loud, polident. ♪ ♪

charles: let's check on the big board guise which is what we've been talking about, we were drifting, up 100 maybe 110 maximum now we're up 37 points and drifting lower. we're going to take a look at pep boys though, hitting a new high announcing that they may sell themselves. down a lot though, from where they used to be. and breaking news. it is official. chris christie just announced that is officially running for the presidency. a live look now where the governor's expected to make a speech in the next hour. this is his old livingston, new jersey high school, we will take you live as it happens. and now to the supreme court.

their ruling against the epa sent shock waves around the world, at least this country. we're going to talk about it more in depth though with patrick michaels, because patrick, their argument in this particular case was -- they tried to put on the money, but the broader argument is that mercury and other of these pollutants are such an immense health risk for people, and a lot of people are sailing there's no evidence. is there evidence that the amount of mercury we put into our atmosphere is hurting us? >> it's so small compared to the he omissions that comes from china, and then they created a hypothesis population of thousand women who hand caught 300,000 pounds of fish per year. [laughter] wait a minute. wait them, and their kids

according to the epa lost zero .00209 iq points. that's what they base their cost on . charles: right. and of course after all of that -- their total number came to 6 minimum. >> correct. charles: 6 minimum. >> right. charles: it's just crazy. and i mean the cost of of course 10 billion to make sure that -- but the other issue though, that they've continue to argue and obviously that's going to be at their for front for more decisions that this administration makes are on the health risk. now, they say okay. forget about mercury. what about the these particles in the air? they're causing 11,000 premature deaths, 540,000 lost man-hours at work. they're saying that this is real. is it? >> well, go and try and find a death certificate that says that somebody died from what's

called pm2.5 or 2.5-micron, which is what they're after. you're not going to be able to do it. this is pretty much like the 240,000 hypothetical women catching 200,000 fish. and yesterday justice thomas had a opinion that you could tell he was sick of the epa abuses of science. and he basically said, you know we normally don't do this. we normally defer to the agencies on matters like this, but it's getting so bad that we really have a duty to start doing it. this is a shot across the ballot of epa. you better get your science right because the supreme court's looking. . charles: all right. well thank you very much. unfortunately, there will be more cases from the supreme court. >> for sure . charles: because they're not going to get their science right because they live on fear they promote by fear and power. we appreciate it.

and 240,000 women catching fish by hand. that's amazing. [laughter] >> no, i couldn't even do that. maybe sandra smith with her flag nye fishing could believe of it. i couldn't do it. >> she needs a gun . charles: phil mickelson nearly $3 million to a associate who's part of an illegal gambling operation. we're going to give you all the details on this. one of the nicest guys in sports something unsanely, and chris christie has the next announcement in the hour, and the high school in new jersey that's where the event is being held. more varney after this. >> can i stay on topic? are you stupid? on topic. next question. >> turn around, get your 15 minutes of fame, and then maybe take your jacket off roll up your sleeves, and do something for the people of this state. >> i can go back and forth with you as much as you want. >> and are let me tell you something. after you graduate from wall street, you're your rear end is going to get thrown in

jail idiot when a moment spontaneously turns romantic why pause to take a pill? and why stop what you're doing to find a bathroom? with cialis for daily use, you don't have to plan around either. it's the only daily tablet approved to treat erectile dysfunction so you can be ready anytime the moment is right. plus cialis treats the frustrating urinary symptoms of bph, like needing to go frequently, day or night. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain as it may cause an unsafe drop in blood pressure. do not drink alcohol in excess. side effects may include headache, upset stomach, delayed backache or muscle ache. to avoid long-term injury, get medical help right away for an erection lasting more than four hours. if you have any sudden decrease or loss in hearing or vision or any symptoms of an allergic reaction stop taking cialis and get medical help right away.

why pause the moment? ask your doctor about cialis for daily use. for a free 30-tablet trial go to cialis.com usaa makes me feel like i'm a car buying expert in no time at all. there was no stress. it was in and out. if i buy a car through usaa, i know i'm getting a fair price. we realized, okay, this not only could be convenient we could save a lot of money. i was like, wow, if i could save this much, then i could actually maybe upgrade a little bit. and it was just easy. usaa, they just really make sure that you're well taken care of. usaa car buying service. powered by truecar. online and on the usaa app.

you pay your car insurance premium like clockwork. month after month. year after year. then one night, you hydroplane into a ditch. yeah... surprise... your insurance company tells you to pay up again. why pay for insurance if you have to pay even more for using it? if you have liberty mutual deductible fund™ you could pay no deductible at all. sign up to immediately lower your deductible by $100. and keep lowering it $100 annually, until it's gone. then continue to earn that $100 every year. there's no limit to how much you can earn and this savings applies to every vehicle on your policy. call 1-888-438-9061 to learn more. switch to liberty mutual and you could save up to $423. call liberty mutual for a free quote today at 1-888-438-9061

see car insurance in a whole new light. liberty mutual insurance. charles: and just a few moments, chris christie is expected to take the stage and announce his run for the presidency. fox news sean in livingston, new jersey where he is going to delivery his speech. it looks like it's starting to get exciting there. >> yeah. it is. the gym that is packed. charles, we're in a high school gym of the livingston high school here in livingston new jersey. you know chris christie was the class president here for three years in a row, and this is where a few moments from now he will announce that he's running for the presidency of the united states. let's take a look at live at this crowd, a lot of friends and family and former classmates for the outspoken

governor who is trying to recapture some momentum that he had at the beginning of the year. we will be told that it's a personal speech and not be using a teleprompterrer speaking from a round stage in the middle of this gym. the theme of the campaign is telling it like it is, which reflects his personality. they released a video of him the campaign did, which you talk about the trust that he had with his mother to speak freely and openly and say that's what candidates need with the voters. >> if you're going to run for president of the united states, and you're going to ask these people for their vote, that is the single most trusting thing they can do as a citizen is to give you their support. so you better tell them exactly what you're and thinking exactly what you're feeling. >> well, we expect the governor to come here, speak about 20 minutes or so at the top of the hour.

as i said he will be speaking from the heart, talking about his family, about the fact that his father was the first person to go to college and that he has achieved the american dream that he wants to bring the american dream to replenish it to the american people across the country. so christie expected here in the. >> yes, i am just half hour from now. charles: thanks a lot, eric, a new report shows that phil mickelson may have wired money, nearly $3 million, to a person who was part of an illegal gambling operation adam is here with us. not a good look, adam. >> it doesn't look good at all. it was espn that broke this story, and what they found in court documents in a case that essentially a bookie pled guilty a guy by the name of gregory, three counts of money laundering what they've seen is that money was transferred from mickelson's bank account to this bookie then transferred to other accounts and then the money was used

according to the man who has pled guilty as part of a plea deal diehl that it was used for gambling. now, mickelson has earned $77 million over the last -- charles: a lot more than that in endorsements. that was almost a year and a half in endorsements. >> yeah. so they don't identify the court documents apparently outside the lines do not identify mickelson it refers to a client. outside the lines is who is breaking this entire story. >> how do these guys think that the authorities weren't going to see it? why would you do that? >> yeah, transfer over $10,000, the irs would . charles: what did she based on the more revelations to pete rose. >> how can he keep lying? it's heartbreaking . charles: people love him. and china is expanding its muscle forget isis. is this the next national security threat that we should really be worried about?

serve. in this an update please. ashley: we have been going through the latest headlines coming out from the building behind me, the big rig building the scene so familiar to was, perhaps the latest deadline, greece propose a two year bailout, a third bailout, two year deal that would provide stability to the banking system while allowing greece to restructure its debt. what did the e.u. would go for that remains to be seen. the germans have said everything we presented to you have a final offer, how many final offers we had we cannot recall how many but there have been an awful lot. what happens? we may see through the night,

negotiating going on and it comes down to whether the greek prime minister would indeed back down a of little bit, agreed to some of those terms he didn't want to agree to. one of those, the biggest sticking point is the european creditors want him to say yes and campaign for the yes vote on the july 5th referendum and he staked his claim on a no vote. it will be hard to see him doing that. without him doing that i don't think the europeans will allow greece to go forward with any new sort of deal so we are at the end of the game. it changes by the minute but we will see whether something can be worked out. charles: seems like it is getting a little personal. we will let you finish real soon. thanks a lot. all right. in the meantime let's go back to the supreme court because they had a bunch of rulings in the last week or so.

one affected the real-estate housing market. you no longer need proof of discrimination. paul miller joins us right now. layout how this works. essentially from what i understand you can have a policy as of lender or a builder that was not necessarily, was not intended to be discriminatory but someone else thought it was and therefore is this a desperate thing they talked about? >> disparate treatment is intentional discrimination, you had to prove intentional discrimination in of our housing case. with the court has said is disparate impact, if the impact seems discriminatory even if there was no intent is it affects blacks more than whites in some way you have a right to bring it to court under the fair housing act. in the sense let me sum it up this way it is like busing for housing. busing was about taking students from white communities and black

communities to diversify students in those schools. in this situation when it does is gives a leg up to those who will say i know you want to build housing that you are getting tax dollars for or what ever in the bronx why not build it for those in new york and garden city? the leaders in the bronx one might say but it will have a disparate impact and ultimately what you are doing is centralizing black communities giving them no opportunity when in fact i think we all agreed the market should determine where people live ultimately. it will have an enormous impact on builders and government in particular the use tax money to build low-income housing. charles: beyond people who use them if the administration made a couple weeks ago talked about the idea of integrating wealthier neighborhoods with 4 people in an effort to give poor people, propelled about of their situation, they would be able to

use -- with the end of being some sort of major weapon because when i read loretta lynch's comments it sounded to me this would be a weapon in the arsenal, a big arrow in their quiver to force builders not just of low-income housing but housing or major housing developments in will the neighborhoods to accept people who otherwise could not afford to live there. >> it is along the lines of what we are seeing, a social justice concept. it won't work because people moving to different neighborhoods and everyone can live in any neighborhood they want, go to garden city, if you can afford it. charles: you can't afford it it is unfair because poor people will always -- take a few, put them in a wealthy neighborhood, let them see how these people live and we are giving them a shot. >> that won't enhance their lives. will increase their income by working hard and do the things they need to do. what this comes down to is a negative impact, there will be less housing available, people will not want to deal with the lawsuits, municipalities won't

want to deal with lawsuits. >> we try to fix income inequality with housing over decades, it was expensive but the definition of discrimination gets shifted like a rubik's cube. we already have projects. charles: non housing projects, the the government can determine how the neighborhood looks. now we want to get back to china. they are building up military facility. a man-made island in the south china sea, china becoming military threat not just to the neighbors but the world. crisp armor from the institute of the study of word joins us now. i tell people all the time what i found fascinating was a year-and-a-half ago one of the highest-ranking officials in the philippines was pleading with the japanese to please read yourself, to think that the

atrocities japan committed, and china furrowing later rounds. a lot of times in our case. ultimately it will be a powder keg and i don't know the we can deal with it. >> thanks for having me. we are not able to deal with it because we don't have the political leadership to deal with the or the military force to deal with it. diplomacy in the absence of military options is useless. what we have in the south china sea is the chinese industry and chinese military joining forces to build man-made islands and unilaterally redraw territorial boundaries. these are resources rich areas of the south china sea and the chinese economy will benefit from that by squeezing out all the other competitors. if you look at it in strategic terms europe is america's past, the middle east is america's present and the pacific rim is america's future.

we need to be strategically and consequently engage with the pacific rim and to be a counterweight to chinese aggression. charles: having said that fact that we don't seem to have the political will to help our friends have current and perhaps future, would someone like japan have to take thing into their own hands, the constitution foisted upon them when they lost world war ii, what other nations have to start building? at the end of the day i think the japanese people not just for economic reform but to somehow say we want to make sure we can control and keep the peace in our neighborhood, doesn't look like will will be able to. >> great point. the japanese people need to get rid of the pacifist constitution. that made sense in 1945 when the rest of our asian friends and allies were worried about militarization of japan. today the problem is china. japan has a 70 year history of democracy and human rights, they are our partners and allies and we need to treat them as such

and these redhead is that children when won't allowed to participate in the military alliances that determine our strategic future in the pacific rim. one last point this is not a problem in the future. this is the current problem. the chinese allowance of cyberattacks, they are organizing and directing cyberattacks from china. this is cyber warfare happening now and we are losing. charles: we needed to hear this. this is a wake-up call. a lot times people we protested the front page, we need to hear it right now and you laid it out the right way. time for a sector report, keeping an eye on the big banks with everything going on greece. financial glassmaking a good rebound, all the names are a little higher. the deadline approaching fast, 6:00 p.m. eastern time. we will be all over it a new concede fox business sector report rebounding. the sharing economy under huge attack and the biggest name in it, uber fighting that giving away free rides today to anyone who wants to join a protest

against bill deblasio. sounds like a big party. more on that after the break. it really opens the passages. waiter. water. so why would you invest without checking brokercheck? check your broker with brokercheck. this allergy season, will you be a sound sleeper, or a mouth breather. well, put on a breathe right strip and instantly open your nose up to 38% more than allergy medicines alone. so you can breathe and sleep. shut your mouth and sleep right. breathe right. [dad]i wear a dozen different hats doing small gigs,side gigs...gig gigs. quickbooks self-employed helps me get ready for tax time. to separate expenses,i just swipe. it's one hat i don't mind wearing. [passenger] i work for me. and so does quickbooks. it estimates my taxes,so i know how much stays in my pocket. and that's how i own it. [announcer]stay in the flow with quickbooks self-employed. start your free,thirty-day trial today at join-self-employed-dot-com.

nicole: i am nicole petallides, they discussed greece in europe, yesterday up 44 points, 70,640 on the dow jones industrial average. the nasdaq gaining 18. don't forget june has been a

tough month for wall street. down movers watching home depot, disney and apple gaining pulling back some. financials which struggled yesterday, goldman sachs was down 2% yesterday, but up 3-4%, and out of style, look at these retailers, michael wars and coach getting downgrades, price target cuts under pressure, more "varney and company" coming up.

charles: a pretty good session here, a new high, they announced they may put themselves up for sale. another announcement from the president that the department of labor will propose extending overtime pay to 5 million workers, you are fired up about this. liz: the president wants to maintain the middle class salary. he basically saying we need to get back to the backbone of the middle-class salaries, things like overtime pay. what i find problematic is obamacare undercut middle-class wages by penalizing companies if

they don't provide health insurance coverage if they have 50 more employees, if they don't provide coverage they have to pay mandate tax and some of is it pushing companies to move more toward a part-time work force? you won't see this in the president's pushed to make more overtime. charles: you arguing it is up. point. autonomy. >> double the cap at which you get over time, 23,000, those middle managers will lose some of the benefits because they don't get overtime. companies would be cutting those benefits and that might be disincentive. charles: the way i understand it there are three ways. no one is going to go passive. no one will say you are making 49,000 or going to get a raise, you will make 51,000 but no longer eligible for overtime. at the bottom end you will lose

money, they will pay people less to start in the beginning and the people in the middle will work less hours. >> obamacare gave the employers and incentive to drop the work force hours below 30 hours a week. he undercut middle-class pay and the unions got upset about that so all the talk about overtime pay from the administration, put in light of the context of the other big move. before obamacares is full time is 30 years, this rules as 40 hours. use word of defeated the purpose. might get a few votes. uber offering free rides to anybody who wants to go help the rally outside new york city's city hall. is the sharing economy under attack. let's ask jessica, the company that lets you rent cars to strangers. jessica, i don't know if your company is in the cross hairs

yet but certainly uber, air bnb, forging this path it felt a lot of resistance. >> really great to be here. the sharing economy is creating new opportunities, it is shaking things up a little bit. we are seeing a positive result because we take cars off the road, we have a big partnership with cities, federal funding, today we are talking about our 40 partnership. we have seen a lot of great growth so far. charles: there are so in niches did this that are more palatable to the powers that be, but when you take on large industries like the embedded taxi, the taxi industry is huge, prolific, medallions when the in value better than the stock market, they get a lot of political power. a lot of clout. they don't go away quietly, unions don't go away quietly,

hotels don't go away quietly. there are other areas in this area you are, this sharing economy they are fighting back and maybe so far everyone is saying this is great. there is an environmental edge to. this business model is being attacked. >> for as we passed legislation where we have been able to protect and enable the company, we found great partners and with power sharing mostly everyone is supportive, we understand the sharing economy has a tougher time and i understand when it affects people's livelihood's that this innovation creates great opportunities, people are adapting, it is a service that people love and looking for. charles: does this go to the idea millennials in particular don't have a lot of interest in owning the?

they are ok renting everything from clothes to cars, being part time the owners, this is a cultural phenomenon more so than economic. >> there's a big shift, with get around, and 500 to thousand dollars every month so there's an opportunity to save money, make money and have a better life by sharing. charles: i have a jaguar in the driveway and the won't let anybody use it. i am not renting it out. if it comes back with the dense we have a problem. >> we actually have has luck, ford mustangs, all kinds of cars on their. if you don't want to share yours, we can -- charles: we will talk later. greece default deadline looming large but could we ever see scenes like this here in america? why chicago is starting to look a lot like greece right after this.

you pay your car insurance premium like clockwork. month after month. year after year. then one night, you hydroplane into a ditch. yeah... surprise... your insurance company tells you to pay up again. why pay for insurance if you have

to pay even more for using it? if you have liberty mutual deductible fund™ you could pay no deductible at all. sign up to immediately lower your deductible by $100. and keep lowering it $100 annually, until it's gone. then continue to earn that $100 every year. there's no limit to how much you can earn and this savings applies to every vehicle on your policy. call 1-888-438-9061 to learn more. switch to liberty mutual and you could save up to $423. call liberty mutual for a free quote today at 1-888-438-9061 see car insurance in a whole new light. liberty mutual insurance.

>> breaking news out of washington.

president obama is meeting with the president of brazil announcing the u.s. and brazil will increase use of renewable energy by 20% by the year 2013. greece isn't the only place suffering a financial crisis. chicago faces a deadline on debt payments it can't afford. chicago is america's greece? joining us is jeff flock, a we talking the city of chicago or the public school system or are they one and the same? jeff: it is payment from the city of chicago to the public school system. you follow this as well as anybody in terms of the amount of debt out there in terms of pension funds around the country. today is the deadline in chicago for $634 million payment from chicago in to the teachers' pension fund. the mayor of chicago rahm emanuel has said we don't have the dough. he said, quote, if we train our checking account, if we max out our credit card and use cash set aside for other project it

sounds on my last wife, we will not cover the pensions and payroll as well. the governor of illinois, the republican has offered to advance chicago money to make this payment from funds that it would get later in the year but the mayor said essentially that would take next year's money to pay this year's bill. he wants the state to come up with the funds but as you know illinois is in worse fiscal shape than any other state over $100 billion in debt so there's no money there either. at some point you run out of road on this. in greece they are running out of road ends in chicago may be too. >> incredible when you consider the public school system will borrow $1 billion and kick the can to the taxpayers. i wish we could keep this discussion going but we have breaking news. this is coming out of iran. so-called major powers and iran have agreed to extend the nuclear talks until july 7th. negotiations over iran's nuclear

program will continue. >> we have two hours of "varney and company" in the books, more varney justin to minutes away. >> worry now we are seeing signs of serious problems. for instance have unprecedented capital flows out of the country, much of that hot money. also now with the stock market is a loss of confidence. >> taser california and cities around the world going after, you got to wonder, they're calling it the shafting economy, not sharing economy these companies are operating illegally and doing things to bend the law. >> diplomacy in the absence of military options is useless. what we have right now in the south china sea is the chinese state, the chinese industry and the chinese military joining forces to build man-made islands and unilaterally redraw territorial boundaries.

usaa makes me feel like i'm a car buying expert in no time at all. there was no stress. it was in and out. if i buy a car through usaa, i know i'm getting a fair price. we realized, okay, this not only could be convenient we could save a lot of money. i was like, wow, if i could save this much, then i could actually maybe upgrade a little bit. and it was just easy. usaa, they just really make sure that you're well taken care of. usaa car buying service. powered by truecar. online and on the usaa app. . charles: and here is the big story. expected this hour new jersey governor chris christie should

announce his candidacy officially for president at his old high school. teachers there unfortunately we're going to take you live as it happens. and the plasty greece, the deadline approaching fast, 6:00 p.m. eastern time. food gasoline, selling out empty atms, and it's been one of the -- it's been one year since isis announced and what kind of progress are they making? they're making amazing progress for the jv team. stay right there. hour three of "varney & company" starts right now. ♪ ♪ . charles: more on those headlines in just a moment. but first some more news out of the supreme court. the u.s. supreme court agrees to hear a free speech challenge to public sector, fox news is in dc. this is a big -- this is huge. >> it is, charles. this is a case that union

leaders openly acknowledge could seriously weaken their power, and they're not happy that the supreme court has decided they'll hear it starting in the fall. the case involves a group of teachers from california who do not agree with their union's positions. they say they don't want any part of supporting it. they're hoping to convince at least five of the justices that their first amazement rights are being viled every time they're being forced to pay do you see to the union. this joint statement this morning quote we are disappointed that at a time that big corporations and the wealthy are rewriting their rules in a favor knocking our american families and economy off balance. the supreme court has chosen to take a case that threatens the fundamental promise of america. that if you work hard and play by the rules that you should be able to provide for your family and live a decent life. well, the teachers who are the plaintiff's in this case want the supreme court to over turn a decade old precedent that makes it okay for unions

to require pay fees, as long as the fees are for nonpolitical purposes. . charles: it's difficult that falls apart wow unions are in big trouble. thank you very much. really appreciate it. >> you've got it . charles: let's get right back to this crisis in greece, ashley webster is there what's the latest? >> well, charles before we get to the latest proposals and who says what, just to comment on what we've seen since we've been here on the streets of athens. relative call calm to be honest with you be the atm lines were longer, but now one or two people standing there. they are getting their money out, although there are concerns that cash will become king very soon here. but overall, yes, there are long lines at the after markets gasoline is harder to get but overall i don't know whether it'sress nation or just calm, but certainly no panic in the streets. most of the streets are full of tourists, in fact, the only

people in front of the greek government building behind me are large group of tourists clicking away their cameras. so that's an encouraging sign for greece, but it blinds what's going on as far as the financial status of greece as it tries to desperately hang on. they also want edit creditors to extent for a short period of time with their own bailout, and it depends don't understand what the eu leaderrers are willing to bend. they're not as of right now and they're going to have a tell conference at 7:00 tonight, that's just about less than an hour from now to get the latest request from greece. it is the nitty-gritty, so we'll have to wait last second last ditch deal, reaped, charles . charles: all right. thank you very much. here at home, new jersey governor chris christie is about to take the stage at his former high school, new jersey. any moment now let's bring in politics editor chris.

chris christie, a lot of people saying late to the game obviously he's confident that he can make this happen. and let's face it, no one has the commanding lead amongst the gop and the west best i've seen so far is 15% for the jeb in one of the polls. >> well, look, chris christie isn't late in this cycle. he's probably four years late, because if you recall it was in the previous presidential cycle that he was new exciting, and the republicans said this is the blue blue-collar tough talking guy and remember the problem for republicans is much more about economic identity than it is about ethic identity or anything else. it's about how do you connect with middle class voters. mitt romney failed. they thought this might be the guy who would do it. christie passed saying he was too soon, and maybe he was right. but this time he has a lot

more badge as he shows up, and not just the focus on the new york medium market about bridge gate, but other badge. hugging it out with obama around -- right before the election with super storm sandy, and other have things convinced republicans he's not really their guy guy . charles: so how do you see this all playing out? because it feels there are certain people running -- maybe although they say they're running for president it seems like they're running for a niche. in other words, i want to be the president of the fundamentalist, it seems auto people are carving out their niches, and then that will be the group that they're the leader of. >> i think there's part of that. i think there's message candidates, people like lindsey graham, who is highly unlikely to be in the final mix. but a guy who wants to talk more about national security to use race and increase profile on national security. that's not chris christie. chris christie is talking about him the leadership he can bring, the thing that he

can do. the problem for chris christie is that unlike 2012 when the republican bench was empty this time jeb bush filled almost all the space that christie would have normally filled in this cycle or would have otherwise filled in this cycle. but if you want blue-collar you've got marco rupe i don't and scott walker in wisconsin . charles: right. >> if you want tough talking governor you've got john kasich, and it's touch. . charles: and then there's the other category, and that's donald trump. what do you make of what's going on with him so far? >> well, trump has talked a lot about the miss usa pageant. he has talked a lot about his complicate with nbc and univision. he's talked a lot about these things. i don't think he's talked about things that are going to make him -- and this isn't all his fault. but i don't think that the discussion that he's been in will solidify his support among republicans. so it will be hard -- he and chris are in a unique category, they're in a

category that though they are well known high percentage of republicans say they would be unwilling to support . charles: shanks very much. appreciate it. >> you bet . charles: and major powers in vin agreed -- surprise. they're going to extend the nuclear talks. this time to july 7th. after that, the secret letter sent to iran, new reports claim that president obama sent a secret messages to iran, about the pending nuclear deal, the white house denies it. fox news military analysis joins us. well, it wouldn't the first time that i letter was sent, and certainly this hasn't been the first time that a deadline was pushed out, making it greater for us in my mind. why does it continue like this? it says to the american public that they're going to make something happen one way or the other no matter what. >> well, i think your assumption is correct. i mean it's widely believed that president obama and his letters to the supreme leaders are far more in those letters

than he is publically in trying to make a tough deal. look, united states has given into just about every major concession that iran has made leading up to this point. and that is not closing the under ground sites. not completely eliminating the infrastructure given in on research and development issues and also sanctions themselves. so we'll see what this final deal is, but -- i like many others are highly skeptical of this thing coming out in favor of the united states, and it's going to be much too far in favor of iran, and i think it's very dangerous in terms of security for the region and also security for ourselves, and it's likely to lead to nuclear proliferation in an arms race in the middle east, and that will be tragic . charles: and having said that, it feels like no matter what the deal is, the clock officially startings the moment that iran can -- in the face of the world, go ahead and pursue nuclear weapons.

that no matter what, once they sign the dotted line, the clock starts. and sooner or later one way or another they will have these nuclear weapons. >> well, yeah, i totally agree with that. i mean they've been on this journey for 15 years, they've been watching very closely they can't tell what it north korean's did, they were in negotiations just like this with the united states, the united states came to a agreement with them, and then they continued to build a nuclear weapon at secret sites that we did not have knowledge of and we didn't actually know it was taking place until they had the weapon. and i think most of us believe that's where we are with iran. you cannot trust them, and we'll see what comes out. pay attention to the inspection regime that comes out. will the un be able to go unfeted where they want to go, not just the sites that currently exist. because if iran is going to build a nuclear weapon, they'll do it at a new site, and we have to be able to go to that site based on information that we receive

from informed sources . charles: thank you very much. really appreciate it. >> yeah. good talking to you charles . charles: you too. thanks. and let's take a look at the big board. the market is really lackluster, we lost 350 dow points, we got 50 of it back so far. oil under pressure yesterday again something of a knee-jerk bounce not a whole lot going on there. here's a look at gold. gold yesterday yeth, yes had its moment it could have broke out about $11 now today it's down $11. and it relieves a little bit of relief up 5%, but in proper perspective, this is down a whole lot and does not necessarily business and profession code well, and then of course yesterday there was this flight to safety. everyone still sends money into the bonds and yields. all right. guys, the greek situation getting very dire. some say it's now becoming a humantarian crisis to our role next

super poligrip seals out more food particles. so your food won't get stuck and you can enjoy every single bite. eat loud, live loud, super poligrip. super poligrip holds your dentures tightly in place so you never have to hold back. laugh loud, live loud, super poligrip. hi, i'm henry winkler and i'm here to tell homeowners that are sixty-two and older about a great way to live a better retirement... it's called a reverse mortgage. call right now to receive your free dvd and booklet with no obligation. it answers questions like... how a reverse mortgage works how much you qualify for the ways

to receive your money... and more. plus, when you call now, you'll get this magnifier with led light absolutely free! when you call the experts at one reverse mortgage today, you'll learn the benefits of a government-insured reverse mortgage. it will eliminate your monthly mortgage payments and give you tax-free cash from the equity in your home and here's the best part... you still own your home. take control of your retirement today!

charles: pep boys, oh, please, someone come buy us, they put themselves up for sale, the stock is that new 52-week high. now take a look at sony. they plan to raise $4 billion, they're going to have a new bond offering. and here's the bottom line. they want to put a lot of this money in centers, this is what they're going after the market though, taking a hit and then there's fitbit, public now for a couple of weeks. found a trading range vc says belies a lot, and their target is $45. now, let's focus on a human atarian crisis. joe griffith is with the corporation. and an analyst says everyone's overlooking this. it's easy to talk the numbers but there are always faces behind these numbers and what's going to happen in greece it's going to be devastating. the human consequence is going to be a huge toll and it's

going to be something of an embarrassment to the world. what do you think. >> it's definitely going to be an embarrassment. you know, this problem coming to the for front today is a problem that's been underway for years, and with the so-called reforms that are implemented we've seen government spending in greece skyrocket since 2006 to accounting for nearly half of the greek economy now. and at the same time taxes have skyrocketed as well to almost an equal share. this is devastating but greece has no one to blame but themselves on this . charles: you know, listen, we understand that, and we see that a lot here in this country too where people get to the point where they have the self inflected wounds, and it feels like the more self inflected wounds, the more they propel their anger among someone else, and it creates a death psych. some politician could step in and say, hey it's not your fault, despite what joel says. these guys are mean to us, they don't like us, generally

workaholic kind of guys -- you know joel, hold that thought. chris christie is now taking the stage with his wife. that's livingston, new jersey, the crowd is pretty amped up here, and that's his old high school he's going to announce he's running for president. >> yeah. it's going to be really tough whether or not the the politician like this who brings a lot of badge out of new jersey, his social security ideas not playing well with the republicans so far. >> thank you. thank you new jersey. thank you. and thank you. thank you livingston. you know lots of people have asked me over the course of the last week why here? why here? because everything started here for me.

everything started here for me. the confidence. the education. the friends. the family. and the love that i've always felt for and from this community when i decided to make this announcement, there wasn't any choice. i had to come home and livingston is home for me. [cheering] and i want to thank sheila, a dear friend of my mom's and a wonderful representative of this town for welcoming us here today. and i want to thank my friend lynn. now, listen, this is -- some of you may be confused, you know it may be that you thought she was being bo (o) by her high school classmates, she was not. for reasons that i will not explain, lynn's nickname in

high school was the juice. hence it's not a boo. it's the juice. and, lynn, thank you for being here. i'm also here because this is where my family raised me. you'll hear a lot and have heard a lot about me from my mother and father. all of us know from good and for bad where we come from is from our parents and so you heard sheila and lynn both talk about my mom today. i'm here in livingston because all those years ago my mother and father became the first of either of their families to leave the city in newark and come here and make this home for us. my mom isn't with us today but i feel here, and my dad is with me here today and i'm really really privileged to have him. [cheering and applause]

they raised my brother and i brought us here to livingston when we were four years old and two years old, and then our sister, dawn, joined us a few years later. and this is where we grew up. these are the fields we played on. these are the playgrounds we played on. this is the school we built our friends with and came and learned with. and up until i left to share a room with marry pat i shared a room with todd the entire time, it was a smooth transition. [laughter] and my sister dawn and todd are as big part today as anyone else, and i love them both. thank you. [cheering and applause]

everyone think so i'm the politician in the family. we did a coin flip when we got married. i called tails. tails never fails so i'm the guy who ran. but the politician just as good as me in the family is the woman that i met all those years ago at the university of delaware from a family of ten people people say why aren't you shy in a crowd and i say you should see the family i married into. my wife has been an indispensable . charles: okay. obviously we're having some did he like difficult, we'll get there. we're going right back right now. >> for the four amazing people you see standing with her. [cheering and applause] and ever since i've been governor, i've been happy to use the veto at home too and so far so good, i have not

been overridden there either. i'm glad they're here today for andrew, sarah at rick, and bridget, i couldn't be prouder the four children than i am of them. [cheering and applause] i told you my parents moved to livingston, and they moved to livingston to make this part of their fulfillment of their dream, their version of the american dream. they boston lost their fathers at a young age and were raised by extraordinarily strong women under really difficult circumstances. my dad, one of the best students in his high school class admitted to columbia university because his father past away, he couldn't go. they didn't have the money. he went to work, and he got drafted into the army and came

home and went to work at the briars ice cream plant in newark new jersey. and then decided after he met my mom that it was time for him to make more with his life, and he went to school at night at ruckers for six years while working those jobs during the day to get his degree in accounting, and my mother, one of the proudest pictures she had was the one she called my first family picture. it was my mom and day dad the day he graduated from ruckers the first person in either of their families ever to get a college degree, and it was the first family picture because she was six months pregnant with me. [laughter] and the smiles on both their faces that day were indicative of what -- not what they had accomplished but what they saw coming ahead of them. their smiles were about the fact that they thought that

nothing was out of reach for them now. they had each other, they were building a family, they worked together, and then with the help of both of those strong women, they gave them $5,000 each probably all the money they had in the world to put a down payment on a house in this town to give their children a chance to take the dream they had started to build and to make it even bigger and even better. so i not only think about my mom and dad today, i think about my two grandmothers. women who raised children largely on their own women who knew how to work hard and knew that that hard work would delivery something for their children, and i know that both of them are watching down today and that part of today is the fulfillment of their dream too. i'm thinking about both of them. [cheering and applause]

one of the things my mother used to say all the time for me was christopher, if you work hard enough, you can be anything. god's given you so many gifts. if you just work hard enough, you can be anything. and that story is proof. it's proof. parents who came from nearly nothing, except for that hard work. parents who brought little to their marriage, except for their love for each other and that hard work. and that hard work not only produced the great life for me and my brother and my sister, but think about how amazing this country is. that one generation removed from the guy who was working on the floor of the plant of the briars ice cream plant his son is the two term governor of the state where he was born and raised. [cheering and applause]

>> that's not only what my parents have done for me, but that's what new jersey has done for us. see this place this place that represents the most ethnically diverse state in the country we're all different, and we're all on top of each other like you're on top of each other in this gym. [laughter] and what has come from that, what has come from that, is the absolute belief than the only can all of us achieve whatever dream we want to achieve because of the place where we live and the opportunities that gives us, but we not only can do it together but we have to do it together. we have no choice but to work together. this country needs to work together again not against each other. [cheering and applause]

when i became governor six years ago, we had a state that was in economic calamity and 11 billion-dollar deficit on a $29 billion budget, a state that had taxes and fees raised on it 115 staples in the times bring became governor, i state that not any one person could make a difference in the lives of the people of our state so we rolled up our sleeves and went to work, we balanced budgets six years in a row,. [cheering and applause] we made the hard decisions that had to be made to improve our education system. we reformed tenure for the first time in 105 years. [cheering and applause] we made the difficult decisions to reform pensions and health benefits and continue that fight today.

we have stood together against each and every person every cynic who said why are you wasting your time? this state is not governorrable, the last six years we proved not only can you govern this state, you can lead it to a better date i -- day, and that's what we've done together. [cheering and applause] and now we face a country that's not angry. when i hear the media say that our country is angry, i know they're wrong. last year i went to 37 different states across this country in one year. i met people in every corner of america, and they are not angry. americans are not angry. americans are filled with anxiety. they're filled with anxiety because they look to washington d.c., and they see a government than the only doesn't work anymore, it doesn't even talk to each other anymore. it doesn't even try to pretend to work anymore. we have a president in the oval office who ignores the

congress, and the congress that ignores the president, we need a government in washington d.c. that remembers you went there to work for us, not the other way around. [cheering and applause] [chanting christie] . charles: and both parties have failed our country. both parties have stood in the corner and held their breath. both parties have led us to believe that america a country that was built on compromise that somehow now compromise is a dirty word. if washington and adams and jefferson if compromise was a dirt word, we would still be under the crown of england. [cheering and applause] and this dysfunction this lack of leadership has led to

a economy that's weak and see has recovered the way it should. its led to a educational system that has the 27th in the industrial's world in math and 24th in science. its led us to weak leadership around the world where our friends can no longer trust us and our adversaries no longer fear us. this weakness in the oval office has sent a wave of anxiety through our country. but i'm here today to tell you that anxiety can be swept away by strong leadership and will decisiveness to lead america again. [cheering and applause] we just need -- we just need to have the encourage to choose. we just need to have the encourage to stand up and say enough. we need to have the encourage to coerce, to put a new path for america. america knows that new path, tennessee's where we need to

go. telescopically start with this. we must tell each other the truth about the problems we have and the difficult of the solutions. but if we tell each other the truth of everybody we recognize that truth and hard decisions today will lead to growth and opportunity tomorrow for every american in this country. [cheering and applause] what are those truths? those truths are that we have to acknowledge that our government isn't working nympho us. we have to welcome can just that and say it out loud. we have to acknowledge and saying say it to the b leaders in washington d.c. who no longer listen to us and no longer that they're supposed to be serving us. we have to acknowledge that all of those anxiety and those failures are not the end they're the beginning. the beginning of what we can do together. what we need to decide.

it's how we can make a difference, that we can stand up and make a difference in this country. that's why i love the job i have. that's why i love my job as governor request kids and me all the time, the 4th graders who come to the statehouse every week, they ask me the two questions that are always asked. one what's your favorite color. [laughter] always. second. they always ask me what's being the best part of your job. and i always tell them is that i wake up knowing that i have an opportunity to do something great. i don't do something great every day i'm human. but every morning i wake up with a opportunity to do something great. that's why this job is a great job and that's why the president of the united states is an even greater job for a greater number of people. [cheering and applause]

i have spent the last 13 years of my life as u.s. attorney and governor of this state fighting for fairness and justice and opportunity for the people of the state of new jersey. that fight has not made me more weary, it has made me stronger and i'm now ready to fight for the people of the united states of america. [cheering and applause] america is tired of hand ringing and indecisiveness and weakness in the oval office. we need to have strength and decision-making and authority back in the oval office and that is why today i am proud to announce my candidacy for the republican nomination for president of the united states of america. [cheering and applause]

[cheering and applause] and now and now as livingston and new jersey turns its gays to the rest of america today what do we see and what do we have to confront? we need a campaign of big ideas and hard truth and real opportunity for the american people. we need to fix a broken entitlement system that is bankrupting our country, we have candidates who said we can't confront this because if we do, we'll be lying and steeling from the american people. let me fill everybody else in. the lying and steeling has already happened. the horse is out of the barn, we've got to get it back in, and you can only do it by force.

[cheering and applause] we need to get our economy growing again at 4% or greater and the reason we do is we have to make this once again the country my mother and father told me it was. that as hard as you work, that's as hard and high as you'll rise. that's not the case anymore. we can't honestly look at our children and say that top of my because we have a economy that is weak and doesn't present them with the same opportunities that marry pat and i were presented with in the mid-1980s when we graduated from college. when we graduated from college, we didn't worry about getting a job, we didn't worry about whether we were going to be successful, we knew if we could hard we were going to be successful. this country and its leadership owes the same thing to my children and yours and i'm ready to give it to you. [cheering and applause]

we need a tax system that's simplified and we'll put cpas out of business. we need to get the government off the back of our people and our businesses with regulation and we need to encourage businesses to invest in america again. not overseas, invest in our country, in our people. and in a world that is as dangerous as dangerous as frightening as any time i've seen it again in my lifetime. there is only one indispensable force for good in the world and it is a strong unequivocal america that will lead the world and not be afraid to tell our friends we'll be with you no matter what and to tell you tel our adversaries there are limits to your conduct and

america will enforce the limits to that conduct. [cheering and applause] well here it comes after seven years after seven years i heard the president of the united states say the other day that the world respects america now because of his leadership. this convinces me. this convinces me, and it is the final confirmation that president obama lives in his own world not in our world. and the fact is this. after seven years of a weak and feckless foreign policy run by barack obama, we better not turn it over to his second may the hillary clinton. [cheering and applause]

in the end, in the end everybody, leadership matters. it matters for our country and american leadership matters for the world. but if we're going to lead, we have to stop worrying about being loved and start caring about being respected again for our home and around the world. i am not running for president of the united states as a elected to be prom king of america. i am not looking for the guy who looks into your eyes every day figure out what you want to hear, say it, and then turn around and do something else. when i stand up on a stage like this in front of all of you, there is one thing i know for sure. i mean what i say, and i say what i mean, and that's what

america needs right now. [cheering and applause] and unlike some people who will offer themselves for the presidency in 2016, you're not going to have to wonder whether i can do it or not. in new jersey as governor, i've stood up against economic calamity and unprecedented natural disaster. we have brought ourselves together. we have pushed back that economic calamity, and we are recovering from that natural disaster, and that's because we've led and we've worked together to do it. [cheering and applause] as governor, eye i've proven that you can stand up and fight the best interest that this government has to have, and reach across the i'll to

our friends in the democratic i'll and say if you have a good idea, i'm willing to work with you because that's what our country needs. [cheering and applause] and as governor, i've never wavered from telling you the truth as i see it, and then acting to make sure that you know that is the truth as i believe it in my heart. you know, as a candidate for president, i want to promise you just a few things. first a campaign without spin or without pandering or focus group tested answers. you're going to get what i think whether you like it or not or whether it makes you cringe every once in a while or not. [cheering and applause] a campaign when i'm asked a question, i'm going to give the answer to the question that's asked not the answer that my political consultants told me to give backstage.

a campaign every day that will not worry about what is popular but what is right because what is right will fix america, not what is popular. a campaign that believes. that believes in america. that is as great as the hopes and dreams that we want every one of our children to have. not a campaign that tears people down, but a campaign that rebuilds america to the place where you and i grew up and where we want our children to grow up in again and where we want free people around the world to grow up in their countries as well. that's what america's always stood for, and that's what this campaign will stand for. [cheering and applause] and all the signs, all the

signs say telling it like it is but there's a reason for that. we are going to tell it like it is today so that we can create greater opportunity for every american tomorrow. the truth will set us free, everybody. [cheering and applause] all the years all 52 years that i've spent in this state with our people have prepared me for this moment. we have no idea where and how this journey will end. but we know that it's only in this country only in america where someone like me could have the opportunity to seek the highest office the world has to offer. only in america could all of

you believe that your voices and your efforts can make a difference to change a country as big and vast and powerful as this one. only in america only in america have we seen time after time after time the truth of the words that one person can make a difference. you see the reason that's true is because it's the only thing that's ever made a difference in the history of the world. one person reaches reaching out to another to change their circumstance of their for their children and grandchildren. i don't seek presidency for any reason, but because i believe in my heart that i am ready to work with you to restore america to its rightful place in the world

and to restore the american dream to each one of our children, whether they live in livingston or newark, patterson or jersey city, no matter where they live across this country, we need to make sure that every one of those children believe that they have a president who is not only speaks to them, but who hears them. who hears them. and understands that their voices, that their voices is what makes any american president great. if you give me the privilege to be your president, i will wake up every day not only with my heart strong and my mind sharp but with my ears open and my arms open. to welcome the american people no matter what party no matter what race or creed or color, to make sure that you know that this is your country too. we are going to go and win

this election, and i love each and every one of you. thank you very much. [cheering and applause] . charles: there you have it. governor chris christie of new jersey now wants to be president of the united states. hard hitting very emotional speech. i think it was very successful. let's say just the words that i let would be unequivocal, i want to bring in charlie your assessment of the speech and what do you think here? >> the best announcement speech so far. it proves why chris christie is an amazing retail politician. he speaks his mind, he speaks well. he hits the major themes that republican voters want. i think he could have brought in his appeal out in new jersey . charles: yeah. >> fighting for new jersey, he maybe could have seen boise idaho or something. now, the problem that he faces is that he's getting in late.

he's had a lot of problems back home in jersey. and, you know, the money really isn't there for him. his major supporter, a guy we know well at this station he can't do it alone. he'll have to go to to go out and what makes ken such a great fundraiser, is he can goes out and gets other money. you name it, the people at blackstone committed to rubio rubio has a lot of money jeb bush has an amazing fund fundraising apparatus what's his endgame? maybe vice president, i don't know. . charles: it sounded like his announcement was also going to the general election. he talked about not tearing people down, he talked about being inclusive. >> uniter, . charles: being able to complies. >> you want his campaign slogan? i mean what i say, and i say what i mean.

he was talking to new jersey, but he talks about the midwest, the congress that ignores the president, and the president that ignores the congress and both parties. he is speaking to people as he referred to that were anxious not angry but filled with anxiety and desired leadership which we don't get from our current president but who also will address problems which are difficult and people don't want to hear. like, reforming entitlement . charles: well, he said the horse is out of the born, but we may have to put it back in by force. >> yeah. by force . charles: so this jersey guy had a we all fell in love with years ago is till there. >> yeah. try to by force, and it really didn't work. his approval generating is at 30 net worths state of new jersey. and the republican primary voters 55% said they would not vote for chris christie. and, you know, the real thing is that he's mixture of compassion and insults too. it was one of his better

speeches . charles: but he did say look, i'm not trying to be the prom king. this is a double-edged sword it works for him sometimes and not other times. >> he's the most practiced politicians out of all of them. and that will matter going forward. who gives the best speech? who can rattle off the talking points and do it contemp rageous, unlike donald rump. i mean chris christie did not. . charles: it sound like chris took a couple of jabs at donald for your has just a more positive, i'm not going to call anyone stupid or loser or rapist. >> look at his records the state of new jersey is 48th in job growth; right? i mean that's not going to be -- that's something he's going to have to overcome. >> he's going to have to address that, but he'll address that by saying listen i knew a democrat ledger. i did the best i can within the confines of insanity.

>> and he got confines, they weren't able to colin but he got confines on the pension reform against the teacher union and the labor unions in new jersey. but the argument he will make when they throw that at him is you have to deal as a leader with the issues. when they did pension reform two years prior we're not going to make the about the same time repayment . charles: so about a week ago i guess now donald trump announces, he skyrockets in the polled. again we talk about a battle of brashness the polished politician versus the unpolished businessman. >> he's in the middle of that right here . charles: right. >> christie gives you the both he understands. . charles: does he take away from trump? >> i think so i mean listen here's the thing. i don't know. we're handicapping this thing at such an early stage, i know that. >> 20,000 republican candidates at this point .

charles: i don't think can't kentucky raise the type of money he needs to compete against walker, rubio and bush who already have the fund-raising that will poll maybe did you believe digits. >> he's got to get enough poll the top ten in the polls. charles: right and it maybe 17, tied at 8. who does he move out of the way? does he move a trump out of the way? does he take away -- >> i hope not. i think donald trump and chris christie at a debate would be -- charles: it would be phenomenal. whatever he wants to get out there, will be out there. >> how many people are going to be in the first debate? . charles: i think ten is the maximum. >> i think he's going to get in there. i'm not going to say he's going to get double digits . charles: that's another great story, though; right? his father the first one to graduate college, i know some people didn't want to hear that. the american people want to be

that the success is possible. >> yeah. and they want to know who their president is. >> they want leadership that will talk honestly to them . charles: already guys, we'll be right back. more "varney & company" up next

we live in a pick and choose world. choose choose choose. but at bedtime? ...why settle for this? enter sleep number... don't miss the lowest prices of the season, going on now. sleepiq technology tells you how well you slept and what adjustments you can make. you like the bed soft. he's more hardcore. so your sleep goes from good to great to wow! only at a sleep number store. right now, find the lowest prices of the season with the c4 queen mattress set only $1499.98. know better sleep with sleep number. charles: checking the big board. certainly around 100 point charles: checking the big board. certainly around 100 point rally down to 32 points, not a

lot of enthusiasm there. also let's take a look at oil prices right now a bounce this morning of 56 cents. again, not a whole lot going on in gold. disappoint a lot of people thought that maybe yesterday was the big day for that spark quarterback up $11 then, down $6 now. and remember the clock is ticking every seconmorn we'll get closer to that default, there's some hope, although that's genthk to drift up almost 5%. and the ten-year yield today not so much of two bases points. the yield is 2.34. isis marking its one year anniversary, which is a form of islamic government is from a so-called jv team to the world's preimminent terror organization, a lot can happen in a year. so let's go to former cia officer mike. mike are we making any progress because it feels like every time i penthk up or read anything, isis has carved out another chunk of the world. >> yeah. we're in

essentially -- i don't want to call it a stalemate because they are making some progress. but, you know, for the white house to claim that we are gaining venthtory against isis is not correct. they have been experiencing some push and pull there. better on offense than they are on defense meaning the islamic state is much better at taking territory than holding it for the long term. but they are improving in that category. they've had some advances up north in syria and so, yeah, i mean overrule if you had to scale it, i would say right now the scales are tipped in isis's favor . charles: now, from what i'm reading, it feels like syria you think is okay with just what they call a rump state one 5th of the country and perhaps the rest is up to grabs. maels l ie isis is in the best position to take that. and also isis giving the taliban a run for their money in afghanistan. so we could be talking about iraq syria ahat.hanistan

libya. >> yeah. charles: these are large parts, and they will be controlled. >> yeah. this is some issue where they aren't drawing the curtains that's not the point of the physical manifestation that's want. the point of the torertion. the exercise is world domination. now, when you say that, people roll their eyes, you're crying wolf you're being pair need, but that's their perception. that's what they want. so all of the time that the white house says, well, they're not true muslims or david cameron in the uk says, well, this is not islam doing this. yeah, talk to isis. talk to al-qaeda. that they believe they are the true musli of th in this fight. so it doesn't matter what we think. it matters what they knowledge. we are ie got to combat reality not our perception of reality . charles: and of course these large areas become launching pads for further gains. are we -- m il g we've got 20 seconds left, are we going to do anything to stop them?

what is the endgame for us. >> you've got to take away the territory. you know you can't kill your wear out of this, but we've got to make the effort to. and at the same time we've got to work harder to combat their efforts on social media. we've got to work closer with the muslim communities here in the u.s. charles: all right. tha they s a lot, buddy, we really appreciate it. more varney after this

>> we have candidate who said we cannot cold front this. we'll be lying and stealing from the american people. lying and stealing has already happen. horse is out of the barning. we have to get it back in and you can only do it by force. >> chris christie making it official he's in the race one more chip in the big board coming down, 100 points almost erased that is because greece deadline looms large in the clock ticking, and anxiety is wrapping up. people are worried. neil cavuto. take it away. ferlg all right bud did you thank you very much. if you think about it this was like a day in news that was

wrapped antid with a bow, and all of these stories are joined at the hip. chris christie announcing today he's running for president one of the biggest issues new jersey debt and fact that it is fewer than nine time and got greece still trying to get over this hump. prime minister saying that he thinks that europeans will poll and keep greece in the poll. that the president momentarily about to have a meeting with the president joint press conference. country that was in debt. hyperinflation and ills we've seen abroad things have called down but not out of anyone's way to put it mildly. you have chicago right now getting dinged credit rating getting dinged. teacher's union there in a whole heap it have financial trouble.