europe. a tough final for volkswagen down 20%, 30% the last couple of days. and they are saying we totally screwed up with the emissions. carlos ghosn says he has to know more. "varney & company," stuart, it's all yours. stuart: you won't like what janet yellen is doing to your interest rate. stocks are going way down at the opening bell. what's going on, the no single news for the selloff, if or when interest rates go up. if or when-- the tea leaf readers are running the show and the world economy is in trouble. a drug patent is bought and

it's up 5,000%. hillary clinton always it outrageous and plans to take on the drug profit tears. >> to the election, the g.o.p. versus trump as scott walker drops out. he's urging unity against trump. 28 years in prison for an executive who knowingly allowed the distribution of salmonella tainted peanuts and yes, another rumor about the apple car. "varney & company" is about to begin ♪ >> you're not going to like the look of this. down 270-odd paints -- points when that market opens up. the market knows it and the world economy is suffering. we're held hostage by the

federal reserve. and stock is down, oil is down in the early going, $45 per barrel. this is mightily good news compared to oil and stocks. the price of regular gasoline, national down a fraction, it's been down 36 days in a row. now this. goldman sachs chief lloyd blankfein disclosing he's suffering from a curable form of cancer. he will begin chemotherapy. during that time he'll continue to lead the company. >> we wish him the best. vw, volkswagen, acknowledging the ignition's cheating issue is related to 11 million worldwide. that's the information we got earlier. ashley: 11 million and they admit to rigging their cars and

the epa has been pressing them for a year to come out clean. you should present that some of the vehicles are diesel. that's where it could have an effect and the testing for this em has rush roomed. it's going to be a huge fine and i think that the head are going to roll. stuart: the vw chief said that they screwed up. ashley: there's a board meeting and i think he could be on the way out. stuart: hillary kramer is with us, a question i've got to ask. volkswagen under pressure, would you be considering buying it? >> i would, 20% yesterday and 20% today. ap it's not going away and put money on it. stuart: i can remember toyota

sinking and then recovering. could the same be for vw? >> that could be the case, but a lot of people losing a lot of money right now. stuart: that's very true. next up, martin skrelly is looking at the drug at 5,000%. it's touring pharmaceuticals and paid 55 million for it. they want to get their money back. so a tablet that sold for 13 hidden 50 is now $750 per tablet. and a quote from hillary. price gouging like this in the special drug market is-- >> well, that tweet sent it down 4%.

the problem is not about hillary clinton. there's biotech and the amount of money spent on these mergers and acquisitions, there's sooch of a premium that has been spent. the kwen is we do have to do something about the escalating prices. prices. i want more on that subject, it's an important one. and dr. ben carson, he doubled down on his comments about muslims. roll that tape, please. >> we have a constitution and we do not put people at the leadership of our country whose faith might interfere with them carrying out the duties of the constitution. so, if, for instance, you believe in a theocracy, i don't care if you're a christian. if you're a christian and you're going to run after a president and make it into a theocracy, i'm not going to

support you for president. stuart: he's explained himself. kathleen. call you kathleen. it seems to me, forget about whether he's right or wrong to say this. in my opinion saying it and i think he's going to have some support. >> i think what he said there is more acceptable. if he would have originally said that rather than making the blanket statement of i would not support a muslim for president. that's the kind of thing. -- there's something to be fade for being straight forward and a lot of things i like about ben carson when when you here that sound bite. do you think that he will lose support or-- >> it will vary, i think it will be different in people listened to his comments saying that he wouldn't support

anybody who wants to turn this into a theocracy. again, a blanket statement against a huge part of population wild wide and of course the united states and voters. i think tlesit'd be interested see the polls. what is his standing, after he was-- i've got a suspicion can goes up. >> i do, too. look at trump, and you're thinking it's the death of him and then he sky rockets. at the very piece, ben carson on others would put questions about muslims front and senior when it wasn't talked about beforement you couldn't talk about it and now ben carson has.

and cat, stay here. >> oh, great. stuart: good morning scott walker dropped off. roll the tape. >> we've announced 99 county shares in iowa. the first to get to that. it's all about turn yoet, literally a few thousands vogt vogt's-- >> joining us on the phone is anthony scaramucci. governor walker is out. how are you backing now? where does that mean go? you were giving it to walker, who gets it out? >> it's-- i wanted to explain to our viewers, there was a decision to go with the team and just like all the other 1 percenters

that pulled. >> and we heard him announce he's leaving the campaign. >> my fans is to dinner with the governor and talk to him about the directions they should be going. >> do you have a candidate that you might consider moving the money to? >> i'm going to be more on the establishment side of this for a number of different reasons. i like these other candidates, but i think these other candidates will not be the nominee for the republican party. we're going to do new things this year. stuart: hold on a second. you say these other candidates will not be the nominees, are you talking about everybody other than carly fiorina, ben carson and donald trump, non-poll significances? >> yes, i think the

non-politicians, i've not long in my roof. i don't think that the republican party is going to nom night for the most important political job in the united states and arguably in the world. we'll see what happens in the next 12 months. stuart: last one, who is the next one to drop out, ten seconds. >> it will probably be in the 1% pataki. stuart: let's call it speculation, surrounding a possible apple car. a lot of people are buzzing about that. lauren simonetti, what have we done here? >> they're clearly working on

their kid. 2019. what does it mean? the car itself will be ready so you can guay it in four years or the engineers signed off on the rain features. what do we know what the future or delts said. >> it's going to be electric and work with all apple devices kind of like an iphone on wheels and that a.m. was tripled to the number of workers that makes it, including ford, general motors, and tesla. stuart: if they've got a battery that holds the juice for long period of time. that's what it's all about. ashley: yeah. stuart: check it out, lauren and nicole on fbn. a lot of parents are second guessing whether their children

out of football. >> i have a son who took a son out of football. it's getting too dangerous a

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>> first off, a sign -- side of carly fiorina, she sings. ♪ please don't take a walk with me ♪ ♪ >> oh, all right. and ash, if bill clinton can play the saxophone and make it to the president of the united states, what's wrong with that. ashley: the sax made clinton cool. good for her. not bad, nice to see that side of her after the very stern-faced candidate during the last debate.

the last couple of debates and she had that intense -- into is to see that. stuart: after the second debate, people said that carly fiorina is fantastic, but she's got to smile, the human side. ashley: there you go. i think it's great. stuart: not bad. very serious subject now, that would be the new study on playing pro football. as you heard on this program several times, 96% of former players who donated their brains after death tested positive for brain disease linked to concussion. having that as a background i asked nfl quarterback fran tarkenton this. >> my son just took his son out of football. i would take my son out of football, it's too dangerous and it's getting worse and we were in denial for years and saying that the head contact, concussions didn't call cte.

we now know it's epidemic. stuart: and joining us is fox sports pete schrager. i think it's a serious thing and players will shy away from the kids playering the game and nfl-- >> that's a dilemma. when you hear fran tarkenton say that his grandson is not going to be playing football, that's a major red flag. they know this is coming. there have been a lot of changes in the rules that you mate not notice. a player goes down, they have independent neurologists on every game that can determine whether the player can play. and the ref can say get this guy out. we know it's not tennis or

golf, you've got two gladiators colliding. and you've got to worry about the youth, but advertising is going up. and fans like it. stuart: it makes it safer for the players, but at the same time don't turn off the fans that watch the gladiators. and fran mentioned the helmet and it's a missile. >> and there are some that say take off the helmets altogether and play head to head. they'll know better. when you have that helmet on, sometimes it feels leak you have an incredible weapon on your head, you're untouchable. when you hit head to head with the helmets you're feeling it pretty badly. there are questions what you can do. ashley: and fran brought up a

point, the nfl does a terrible job of looking for enhancing drugs and beefing up and more injuries. >> you get testing and maybe four games, but it's not every day you show up to work and a test to pass. once you're dinged one time then you've got a target on you. you're right, a lot of variables, the nfl, gladiators going after it, wow, gee wi willikers how did that happen? >> if the parents say my kid is not playing this. en happening in other sports. >> and people talk about baseball, it's a hard time for this one, friday night lights, people love it. stuart: they do, i've learned that. the executive of a peanut company sentence today 28 years from prison for knowingly shipping out deadly food. nine people died. full story next.

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ashley, that's a stiff sentence. ashley: yeah, but a lot of people are applauding this. and they knowingly shipped out this with salmonella-- i had salmonella when i was younger, it was awful. he could have gotten 108 years and he's appealing and his lawyers says it's effectively a death sentence, he's 61. 28 years you do the math and late 80's, but he-- this was he knew. stuart: a case, what the product was tainted with salmonella. he covered it up and let it go out. ashley: yeah, they produced-- prosecutors say they produced fake certificates that the food was safe and shipped it out knowing it wasn't. stuart: well, that's it, isn't it? that's it, it's not just a harsh sentence, he did it. he did it. ashley: nine lives. stuart: 22,000 people got it as you say it's sheer murder.

ashley: and his brother who helped run the business, 20 years as well, michael parnell. stuart: there would be some temptation to say this is beat up executives. ashley: knowingly shipped it out. stuart: did a deadly thing, not much more to say. and judge napitano, he'll be on the air on the 28 year prison sense for that executive. and the president is holding hostage again, my position at least. we have a deteriorating world economy and adds up to a minus 270 points. that's the way it looks like the market is going to open. we'll cover it for you. we'll take you there live in three minutes.

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>> it's a tuesday morning and we're gearing up for a big drop. it's a minus 250 and maybe a bit more than that. and we've got 30 seconds to go before we drop that market down. now, what's the reason for this? we could speculate wildly and people are, about the federal reserve. since the no decision on interest rates or unchanged rates last week, we've had

three federal reserve governors coming out and talking about maybe the next interest rate increase. so, we're back to fed watching, an extraordinary uncertainty and i think that's got a lot to do with this drop that we're about to see on the stock market. plus, the world economy is just not doing very well. is it? add it up and look at this. we're going to be down. we're off 41. any advance on that. it will open down, a couple hundred points by the time we really get rolling this morning. to comment on all of this, we have with us, ashley webster, cheryl casone and hillary kramer and larry levin. hillary, to you, is this all about fed, fed watching, uncertainty? >> this fed, of course, contributes, we know it's global weakness and it's volkswagen and the stock of volkswagen-- >> wait. >> this has an influence on market. it starts with europe unwinding. >> really?

>> all of these companies, all of the investments, everyone is so highly leveraged, margined up and i think it's kind of brightened the whole market, and-- >> you think that vw has something to do with the market? >> it does. and then we had elections in greece. >> we did. >> and winning again with-- and it's setting the term for our markets. larry levin out in chicago, what do you think is the reason is behind the big drop that we're now seeing? >> well, i think it's the world economy is something to do with it. that's driving the fed and what they're doing and happening behind hme, stuart and the cme is trading on what the fed is going to do with interest rates. now we're going to do fed watch again and that's certainly going to affect the market and i believe that's why we're down, and the s&p will be down several hundred on the dow. stuart: it's same old same old, nothing has changed.

we could have said the same thing last thursday morning before the fed meeting. are we going to see this forever, larry? >> we're going to see it until the fed starts raising rates and we'll see a knee jerk. instead of 300 on the dow it will be 5 or 600 and getting the economy better. globally are we doing better. if we're not then that kind of thing is going to keep bringing the markets down well below the highs where we are right now. stuart: i hear you, larry. i'm going to run through some of big name stocks. how are they doing after a couple of minutes of business in a sharply down market. the dow is off 180. let's start with netflix. down 171. netflix 98 this morning. and amazon close to 550 a share, down 6 bucks this morning at 541. not a major selloff. wal-mart at 63 a share, down

1%. caterpillar, that's an interesting economic indicator holding at 70 per share. that stock has come down a lot recently. mcdonald's 97, down only 50 cents this morning. all of those big name stocks not moving that much down in a very down market. hillary is still with us. that would be hillary kramer, ladies and gentlemen, don't get carried away here. blo blooming brands, what is this. >> blm, the blooming brands, owner of outback, attempting to sell off real estate assets and pay down their debt. why is this important. stuart: got to raise some money. >> exactly, if we're going into a higher interest rate environment, the company like this-- >> you'd buy it at $20 a share and down a couple of cents. >> it could easily be a $28

stock. stuart: hewlett-packard? >> they're restructured and meg whitman promised this is it and i believe that hewlett-packard splitting into two, and it makes sense. this is a value play, it's a value play. stuart: you're running against the market because both the stocks you like are down. do you either, by the way? >> no, i don't. stuart: let's get back to oil, shall we? when oil is down, stocks are down, that's what we've got this morning. one investment firm says it will likely kill more than 1 1/2 trillion worth of new oil and gas projects. larry levin, that would put a crimp in future oil supply if it's accurate, wouldn't it? >> for sure. i mean, it probably is. i don't know 1.5 trillion, but i don't think that inbound in really knows the exact number, but it's going to kill a lot of

stuff going on for sure, stuart. a lot of companies don't want a tight margin at $50 a barrel. the american public doesn't care. they want oil way below $50 a barrel and they don't care if most of them hurting. it's a good thing for the economy and a good thing for the earn m public. if you're an oil producer maybe you're not that happy, but you've done well before and hopefully save some money. >> i imagine the environmentalists are pleased about it as well: the dow has dropped more than 200 points. we're up 218 and we're five minutes into the trading session. let's get to the story which appears to be moving markets all around the world and that's volkswagon. they acknowledge that the emissions cheating issue is worldwide and it's a big number. ashley: the epa said fines could be 18 billion and they've set aside more than 7 billion

in the third quarter and we're hearing class action lawsuits as consumers want to take aim at executives and some could be out the door. >> when you look how this came about, it's fraud, it's lying, it's misleading, it's potentially lives at risk. i mean, look at what happened with general motors, with the earlier. stuart: this is about the potential fine, isn't it? >> yes. stuart: billions and billions of dollars. >> on the rotational side of the story, this is not good for automake automake automakers. ashley: we've got governments chipping in and yaip is going-- japan is going to get involved and others. >> volkswagen edged toyota out. that's lamborghini, bentley, porsche, and 2% of our market.

globally it's a huge, huge one. >> at the same time, in this environment, with the automakers in general that-- >> it wasn't about engineers, it was about a coverup at the highest level. >> that's the thing. stuart: put the stock up, i saw is down $5, about, a share. look at it yesterday, down 20%. down 18% this morning, $24 a share, but hillary, you say buy that thing? >> i do. volkswagen will come back. it will come back and this is some big huge drop. >> it certainly is. again, i want to repeat something i said earlier. toyota when they had that unwanted problem and low 70's, within a year it went back up to 100 and doubled from there. i wonder if vw can come back the way that toyota can.

>> it will. >> it's a buy they say. take a look at apple, the wall street journal says that apple is joining the race to get a car on the road by 2019. apple sets 2019 goal to build an auto. hillary? >> tesla better watch out here. >> no. stuart: i want to make a point. this is not about a car made by apple with a nice little look to it. it's not about the electronics in the car. this is about the battery. if you've got a battery that can store juice for a long period of time, a lot of it, you've revolutionized the industry. ashley: better than the iphone, i hope. stuart: i want to know does apple have a battery? does tesla have a battery? >> apple is working on. that's one of the biggest priorities, the battery plant out in arizona.

stuart: apple makes the tease about the car and tesla makes the tease about the battery factory. >> i believe they'll get there. the tech knowledge is there. stuart: the technology is not there. >> i think it will be there. stuart: you hope it will be. >> there's so much money spent on r & d, apples, googles. so gas prices will stay low to your point for at least the next year. i know what you're thinking, gas prices-- >> the most frequently used expression in my ear from the producers? move on. [laughter] >> the dow is down almost even 200. and we're down 201. goldman sachs chief lloyd blankfein says he has a curable

cancer, lymphoma, he says he'll continue to lead the company. >> one of the stocks to watch is goldman sachs. did react to the news. stuart: he is the man who guided this great company, goldman sachs, through the crisis, financial crisis, steady as she goes at the helm. ashley: they're in the period of changing, restructuring and important for him to be in charge of that. >> i'm willing to take him at his wordment i read the memo all the way through, he says it's curable. a curable form of lymphoma. i don't think he's the type of executive that would mislead shareholders or tens of thousands of employees if he had a negative cancer diagnosis. stuart: he has a responsibility to offer clarity about his medical condition. he must do that. >> i'm making this as a character point. stuart: fair enough. i've got to move it. >> sorry, hillary. stuart: disney investing in virtual reality movie. where is the stock?

>> i think it's very important as well, especially since i read more about it this morning. 1.4% to the downside, 1 # 01.91. when you say virtual reality, i think tv shows. this is a whole other thing. disney is investing 65 million into a company called john and they make cameras. and this is all about technology and while no one cared about this years ago, even maybe two years ago, now it's a billion dollar industry. they have cameras that take 360 degrees around you, it's taking in the full effect. whether you're on the top of a ski slope, you're in the desert. in a highway sort of ins and outs and this could be used for video games and it could take anybody anywhere. it's the wave of the future and tons of money is pouring in for this virtual reality. stuart: virtual reality. i think it's about the oculus

rift facebook, if you've got disney movies, that's a big deal 65 million. >> everywhere. stuart: see it all. check out the big board. we're coming back a little. i can hardly call it a could many back, we're down 183. the head of a peanut company headed to prison for 28 years for knowingly selling tainted food. it's basically a life sentence. judge napitano, here he is. ♪ management can protect capital long term. active management can tap global insights. active management can take calculated risks. active management can seek to outperform. because active investment management isn't reactive. it's active. that's the power of active management.

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to what we're seeing now. we're seeing european markets shopping lower, and then of course, we have the volkswagen stories having an impact on our markets here. >> we don't appreciate how far it's taking down european markets. >> tens of billions lost because of the vw story. >> it continues to expand and get worse. >> it does. and that's stuart parnell. the peanut corporation of america. sentenced yesterday to 28 years in prison for his role in a deadly salmonella outbreak. nine people killed. i'm told 22,000 were sickened. judge napitano is with us on the case. when i first saw that, 28 years in prison, i thought, this is having a go at executives. ashley: right. stuart: it's beating up on private enterprises and beating up on executives. now that i've seen the details of the case, it seems like it's justified to me.

>> it is justified. the court found this was an ongoing criminal conspiracy in which mr. parnell was not only aware of the salmonella, but ordered the product shipped into interstate commerce anyway. his excuse was, i had the peanuts roasted a little bit longer, but roasting peanuts longer than is normally the process will not sufficiently kill the salmonella. stuart this wasn't just one shipment, this was shipment after shipment after shipment of knowingly contaminated peanut butter. so are' right 22,000 people killed -- forgive me, 22,000 people injured, nine people killed over an extended period of time. stuart: what is the liability of the peanut corporation of america? >> it's huge. i mean, they have -- i don't know the status of the wrongful death suits and i don't know the status of the personal

injury suits, but as a matter of law, they're liable for all the consequences of their behavior. they'll probably argue, it's interesting, their insurance carrier will probably argue that they have no liability because the act was a criminal one and they insure negligence. they don't insure against intentional criminal acts. so, that's how the insurance carrier will get out, which will mean that the injured parties are looking for the assets of the corporation, rather than a payment from the insurance carrier. stuart: so this will-- >> so this will for sure -- i don't know the capitalization of this company, but this will for sure put them, i would think, put them out of business if all of these people that were injured sue? this is according to the court, an organized criminal conspiracy of which mr. parnell was the author and chief. stuart: now, again, when i first saw it, i thought, this has got to do something with peanut allergies.

it's nothing to do with-- >> it's old-fashioned salmonella. you put an adullerated product in, you're liable criminal annaly civilly for the consequences of that behavior. stuart: there's a parallel, i'm sure you'll join the parallel between peanut butter and tarp. >> i've got to hear this. tarp, i want to hear this one. stuart: didn't they want to see a perp walk and go to prison. it's not happened. there's a parallel. you want accountability on the part of executives and with tarp we didn't get it. >> i thought you wanted a perp walk from the politicians to

gave us tarp because it was a miserable disaster and made everything worse. stuart: no, i want a perp walk for those who stand up in the situation by shoe horning people in mortgages and housing they couldn't afford. >> you mean fannie and freddie knowingly buyer they will and encouraging them. stuart: and the politicians, encouraging, go ahead, it's a great thing. >> you see how we found common ground? >> the media, and the voice of reason and calm. >> even in your silence you're reasonable-- >> just a raised eyebrow. stuart: i've got to go, i've got a show to run. will you back again. >> yes. stuart: i'll look forward to it. this is a serious story, this one. chicago is in crisis.

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>> we are down 200 points this thursday morning. back to 16-3.

and the price of oil is also down. they offer work in tandem. the order is down a buck-9 at $45 a barrel. how about tesla, the model x is set to roll out i believe next week. what do they have on tap in the x model. >> this is the model x and often delayed getting this thing to market. we understand there's going to be a big event next week in freemont, california where they make this thing and this is when it's going to be unveiled and available. it's got the big falcon, you know-- >> is that it? >> that's it. stuart: it has been unveiled. ashley: it hasn't been available for customers to pick it up. stuart: it will be. ashley: but the big issue is the model 3. that's going to be tesla's big, big test because that will be lowered priced and they're going to rely on volume because i think this model x is very up there as far as pricing goes, varney level. stuart: stop it.

and rahm emanuel with a historic increase in property taxes, a big problem with a budget shortfall. i think that budget shortfall is a result of union pensions? >> that's right, the shortfall. 175 million. property taxes, 65% hike. the largest hike in modern memory. they are desperate. their credit rating in chicago is just like detroit's, junk. they're looking to put fees on extra garbage collections, taxes on the sale of e-cigarettes and taxes on ride sharing companies like uber. they're looking to generate revenue. stuart: 65%. it will drive the middle class out and businesses out. that's extraordinary. . ashley: because they can't afford the union pensions. stuart: and the european crisis very much in, and hungarian

government okaying rubber bullets. and 11 million over a car cheating on emissions. the stock has taken a huge beating again today. i've been posing this question all hour, does this mean it's time to buy vw stock? second hour of varney is two minutes away.

>> here is the big board. the big board, the dow jones industrial average. it's down 190 points right now. no single news item to account for the selloff. you have endless speculation about the federal reserve and the foreign worldwide economy slowing down and you also have this story. volkswagen, more bad news for vw. that's tearing down european markets because of the vw story. they've been using technology to cheat on emissions tests and now, they've got to recall 11 million vehicles worldwide.

this is a very big story. scott walker drops out of the presidential race. second one to go along with rick perry. jeb bush now the man in focus because she's the guy with the money. and the apple speculation if you like. apple's building that electric car and it's coming sooner than you thought. my question is, do they have new battery technology which really will revolutionize the energy business? that's my question. "varney & company," hour two, starts now. ♪ > >> why don't we check the price of goldman sachs. it's down 2% as of now. the ceo, lloyd blankfein announcing he has been diagnosed with a form of lymphoma. blankfein says his cancer is curable and he says he will

continue on as gold's chief and expects to recover fully. he's been at the helm of goldman sachs, one of the most important investment firms in the world and he's been at the helm through the financial crisis and he says his cancer is curable. >> got it. check the big board, we're down sharply. off 1.1% to be precise and that's 193 points. it's all red for the dow 30. every single one of them losing ground as we speak. how about the price of oil. as we say this morning, it's moving in tandem with the market, down a buck at 45. the dow is down 192. joining us now, the president of provincial, providence financial. anthony, give me a reason, the reason of the day why the dow is down 192 points. what is it? >> well, i think the reason is because it was up yesterday and you know, you can't have it up two days in a row, right? it's got to go up and down and up and down. and i don't think there's a specific reason for the day,

but i think the bigger reason is absolutely the federal reserve. no question about that at all. >> we're back to fed watching, we're back to the speculation, will they, won't they, how much will they do it by? it's no different now from what it was last wednesday before the fed's announcement on thursday afternoon. so, what i'm saying is, are we looking at endless speculation about the federal reserve and endless volatility? because we don't know what they're going to do? >> yeah, i don't think it's going to be endless, i mean, at some point, it's got to come to a head. the reality is the government wants you believe something. unemployment, inflation is under control. the government wants you to believe this, but the federal reserve strongly told us that this is not true. we can't even raise the rates by a quarter of a point? i mean, that's ridiculous. how fragile is this economy? it was a mistake not a raise the rates. >> when i'm reading between the

lines and seems to me you're saying that this market is headed down, over the long run, we're going down, yes? >> absolutely. and if you look at history. history shows that it's going to go down as well. we're coming up on eight years of the biggest bull run we've had in a long time. the market has gone up several hundred percent and it's got nowhere to go, but down. i'm not talking another 10 or 12%. we could pass the 2008 levels as much as we don't want to talk about that. stuart: hold on, hold on. you think that we could get to the 2008-2009 levels? that was down at 6 of-- 6,000 for the dow. you're saying that? >> maybe not 6,000, but maybe the 8,000 range, i think that 35%, 50%-- >> are you selling? you're a money manager and selling if you think the market is going down that much, are you? >> i'm working with individual

clients and i'm recommending to my client keep your money aside. there's no rule that says you have to have stocks at this point. i'd rather see a crash and then get into the market. and very few of my clients have money in the market. stuart: who wants to sell and not pay. >> the only way is to take the loss, rare have you pay 15 or 20% of something than take a lost and in the have any capital games. most of this money is in ira's and there's no capital gains issues. stuart: if it's not stock, where do you put your money? >> a whole universe of options, shorter term investors, short-term bonds, maturities, not bond funds. >> if you have it in the bank and the market crashes, 30, 40, 50% you'd be better off earning nothing than subjecting your

portfolio to that potential loss. anyone where to put it than the stock market. stuart: i understand, steep well the night. thank you for being with us. good stuff. how about volkswagen? i'm calling that one of the biggest financial stories of the day. will you look the a the stock, please? down $5, 16% lower. it was down 20% yesterday and that's a tussle and and a half. and the company admits that issues cheating issue is 11 million vehicles worldwide. jeff flock at a dealership in evanston, illinois. no joy there, i take it, jeff? >> this just keeps getting worse and worse. and this is one of the dealerships nationwide and we've got a lot of reports this morning, the first one, this is unsubstantiated, a one source report that martin winterkern will step down.

his contract was up on friday, there are reports he'll step down unconfirmed. 500,000 or so in the u.s., a million worldwide. i've been told that an expert in engine design, it will be impossible, impossible for them to fix these without changing the engine. this will drastically reduce the value of the cars. they'll have to buy them back or compensate these folks and today they took a $7 billion dollar set aside to try to pay for some of that. and i should put this into perspective, vw made 15.6 billion, and they set aside 7 billion. it's a mess. and angela merkel weighed in on this today and saying it's going to get straightened out.

we got a statement from fiat chrysler which says it does not use these defeat devices and gm and ford, very limited diesel so that may not be a problem, but i leave you with one vote from u.s. boss for vw, last night in new york was unveiling a new car could incidentacoinci passaten i quote him now, we totally screwed up. i think that's-- >> that's why the stock is taking a beating. jeff flock, good afternoon, we appreciate that. i have to come back to you. you said that mr. winterkorn would be leaving. ashley: and mr. -- >> i'm sorry, we' get to that in a second. and jeff flock pointed out. if you sold a car saying it gets x number of miles to the gallon and it doesn't, it's your fault that it doesn't. you're liable. ashley: did u.s. taxpayers help

to pay for some of the green subsidies liz: reports are coming in now, there were subsidies for that. boy, this involves criminal activity potentially, potentially. you've already seen volkswagen market cap wiped out. they've lost a third of their market cap. stuart: volkswagen is the biggest car company in the world. >> europe is bearing down on it. stuart: we've got the story. the latest on the migrant crisis, hung ga arery authorizing the use of rubber bullets, tear gas and net guns to keep people out. people in macedonia, physically abusing my grants and trying to get them out of the country. and bret stevens, let's get straight to the big picture. i've got a strong opinion on this. i say that the migrant crisis is going to split europe and it's going to ultimately change europe forever and i think it

would destroy any concept of the european unit as in unity, am i going too far? >> if they don't get a handle on it and a handle on it quickly, you're right. i wrote a column a couple weeks ago it's the era of end of no fences. i was in europe on holiday with my family, we drove through germany, through austria through italy. it was like driving from massachusetts to new jersey, you barely noticed the national boundaries. now, that's changing very quickly and you see the fence going up in hungary. there are internal borders. and there's something, an agreement which allows for the free movement of people, passportless, visaless travel. inside this zone. it doesn't include great britain, but most european countries. that's over now because all of these countries are going to want to have controls. >> that's one of the greatest achievements, the internal free movement of labor and people.

there was no frontier or border control, you walked across it. that you say is gone and the thereby goes european unit. stuart:. ashley: getting a handle on it. stuart: that means keeping them out. >> no, a regular system not having the masses-- we're going into the fall, water is going to be cold and people are not going to risk crossing the mediterranean the way that they are. then it's going to be spring and you'll have a new surge of migrants. is europe going to be able to handle them and okay, we'll take 300,000 migrants a year and we'll have a system and also a system to keep the traffickers out? that's the challenge to this. stuart: what happens if there's a terrorist incident and it's conducted by a muslim who is in europe already? what happened then? that changes the-- >> no question even though the overwhelming number of these

migrant are in a desperate situation it's going to be salt and peppered by extremists and terrorists. and when that moment comes, it's going to empower politics like france or others on the extreme right and say we're going to put up fences. stuart: can you have a cradle to grave welfare system with mass immigration? >> no, it's already crumbling under the existing population, europe could assimilate immigrants if it was assimila assimilating into a growing economy that wasn't dependent on the largess of government. this is going to bring it close to a breaking points. stuart: i think it's bad news for everyone, period. do you agree with that? >> i agree. stuart: thank you very much, sir. there may be hope for farmers who are worried that their birds could contract bird flu.

lauren simonetti has this one in case you missed. >> farmers might get relief after a vaccine is approved to help keep chickens from bird flu. it's been given a provisional license, if the regulators deem a future bird flu outbreak severe enough. they would get this-- it's not clear, but in the future it could be. one million moms, with a conservative mothers in media, calling for a boycott of abc's new muppet's tv show tonight. the group says the show is no longer family friendly because it makes jokes about sex and drugs. and target robot workers fortune is reporting that the retailer wants to use them in a concept store slated to open in

the next 18 to 24 months. target is getting hope with the robots in the store with a company, a start-up, tech starts. stuart: if you tune in early to the day, look at this. lauren and nicole, 5:00 every weekday morning. >> i love how you remind how early toss. we don't know. stuart: i did that for many years. all right. up next, an ample rumor, i'm going to call it speculation. the long awaited electric car in the works, we are told, could be on the roads sooner than you think. we are told. check this out, a robot dog that could launch a drone off its back. [laughter] you might get had a tomorrow morning if you're wide away. and we'll tell you what they're using it for after the break. i'd like to know myself.

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the dow industrials. that will be 1.3% as we speak. the 30 dow stocks are all in the red and that means they're all down today. now, look at go-pro. that's a 15 month low, i'm sorry, the price of gold is 1122, down $10 today. gopro, 15-month low, touched it earlier. that was the 15 month low. a barron's article over the weekend says that this company is overvalued because it's got a lot of competition from the likes of apple and sony. and barron's actually suggested it would go down to 25. holding at 31.99 as we speak. how about hewlett-packard, where is that today? remember, presidential candidate carly fiorina has been taking a lot of flak for the company's performance under her leadership. liz mcdonald's is here, crit six say when she was ceo of hewlett-packard, the stock went straight down, and thousands of

people were laid off and she walked away with a 40 million dollar parachute liz: i was covering this, the stocks were trending down because stocks were flat during the tech boom. stock goes up, tech crash, dot-com crash, and you have to look at the economic recession and the crash then. a highly dysfunctional board. after carly fiorina was ousted in, no less than six were there and they lasted a year, a dysfunctional board. the profits doubled from 1999 to 2006 when she says she doubled the sales though, largely because of the merger with compaq, which she pushed for. stuart: she's mounting a strong position. >> i'm not a cheerleader, it has to be between the tech

bubble and the dot-com bubble bursting. stuart: thank you, liz. researchers in switzerland are developing a new four-legged robot it looks like google's big dog robot. this can launch a quad copter drone off its back. retchers say this thing can be used for search and rescue, the walking robot can crawl over rubble in buildings and send the smaller flying drone into places where it's too large to enter liz: military application. stuart: put a machine gun on the top of that thing. check the price of apple stock, please. the wall street journal says that apple is joining the race to get into the electric car business and says front page, apple sets 2019 goal to build an order. 2019. not doing much for the stock, by the way. christina warren is here with mashable and she knows all about this.

look, i don't care about apple building a nice chassis or a nice red looking car or doing all of the-- why care. all i want, and everybody wants the same thing, is a new battery. a battery that is capable of taking a huge charge and keeping that car running forever. are we going to get it. >> i don't know if we'll get it from apple, but it will be a beautiful battery. stuart: very good, very good. i do think that's what this is about, it's battery technology. you know what i mean? >> i think it's battery, sensors and i think it's about them looking at what's the next big place where connectivity is going to take place and that's the automobile and they want to be on top of that. they see what tesla is doing and google is doing. as steve jobs used to quote wayne gretzky, skate to where the puck is going to be not where it is. stuart: is there that much money in redesigning the electronic dashboard of a car. >> if you think about where

we're going to a place that is driving cars. if you're driving in your car and it's almost a secondary workplace, having had a running your app and services and eco system might be beneficial. especially if you spend a couple of days in the car. stuart: you're killing me here. battery, battery, battery, you're saying, no, no, no. >> i don't know if we're there with a battery technology. stuart: is it a big deal if it's a new visual display with a car? >> it is a big deal. we'll be talking about this for the next five years, 2019. i'll be on the show the next five years. stuart: the stock is down today though. thanks very much indeed. a hedge fund manager buys up the rights to a prescription drug and then he jacks up the price of that drug 5,000%. i is an i that's giving capitalism a bad name.

we'll talk about that guy in a moment. ♪ every auto insurance policy has a number. but not every insurance company understands the life behind it. those who have served our nation. have earned the very best service in return. ♪ usaa. we know what it means to serve. get an auto insurance quote and see why 92% of our members plan to stay for life.

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>> wisconsin's governor scott walker has become the second republican candidate to drop out of the race. field is dwindling. the question, will the g.o.p. candidates now stop attacking each other and start taking swings at the democrats. tamara holder on that after the forth coming break. and the drones, crashing into sporting events and flying too close to jetliners and even attaching guns to them. what the government is doing to regulate the drone market. 10:45 this morning. and this is how you get capitalism a bad name. a hedge fund manager pays 55 million dollars for a drug patent and immediately raises

the price of the drug from 13.50 a tablet to $750. the drug is daraprin approved by the fda in 1955. the buyer is a 32-year-old hedge fund manager. he's considered brilliant and, yes, brash. that's for sure. at a news conference, he called a journalist who questioned the price hike a moron. legally he's within his rights. he bought the patent and to stay in business he has to raise the price. legally he can do it. what has he done here? number one, he's treating a life saving drug as just another product. you own it you charge what you like for it because to him daraprim is no different from any other product, an iphone or a pencil, no difference here.

you could give him an argument on that point, couldn't you? second, he's giving capitalism a very bad name. counselless patients who use this drug are now priced out of the market because he wants to get his $55 million back. you're asking for a political response to it. and third, that's what's happened. hillary clinton used the daraprim price hike to go after all drug companies and says it's outrageous. he's given the left a priceless opportunity and they will use it. everyone will lose and in the long run, so will he. ♪jake reese, "day to feel alive"♪

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you and is of some significance. officials say the sage grouse does not need endangered species protection. this is a big deal. i see that as a win. ashley: we are talking about the greater sage grouse. you would think this would open up more land for oil exploration and so on. there are other land-use plans in place put in by the obama administration that restricts a lot of exploration. this is a step in the right direction but some excitement tempered among republicans and the oil industry to say the land-use plan still prevent a lot of exploration that should be allowed to go forward. stuart: it is a big step. this is 11 states. how can i species be endangered if it's spread over 11 state and there's millions of these birds. ashley: they are not endangered. stuart: i'm a big fan of the

sage grouse. check the big board. we are down 236 points. all 30 of the dow stocks are in the red. stop laughing, ashley. ashley: impeccable timing. stuart: chinese president xi jinping visiting america this week. his plane touches down today for a seven-day tour included a formal state dinner at the white house thursday followed by a big speech at the united nations in new york. the collapse of china, gordon chang is with us. china's leaders here. what does he want to get out of this seven-day tour? >> one of them is he wants legitimization. he will get that with the south lawn welcoming ceremony, 21 gun salute and the state dinner. he wants us back to china so the chinese people can see we are

honoring them. he wants to re-create the china business lobby. that has been decimated and congress because of predatory trade actions and said they are not really carrying beijing's water anymore. these two days in seattle at the most important parts. washington is not important. he wants bill gates and tim cook and other people on his side. stuart: what do you mean on his side? they want to sell their products in china get paid for them. >> they also complained a lot about china and that has upset the chinese because these guys are not doing what beijing wants them to do in congress. the issue is cyberattacks by the chinese pair the chinese want to marshal them so they will go to the white house to prevent the president from imposing

sanctions on chinese companies. the issue of cyberespionage or corporate purposes. stuart: he wants to get together with the leaders of america high-tech. borden, he wants them to get together and represent china, be pro-china and congress. >> and also at the white house. stuart: china has been stealing products with software all over the place. >> that's where the china lobby is not affect it. these companies are not carrying beijing's water. nonetheless they see big markets especially apple. therefore they will go some way in helping beijing. stuart: that is what he wants us to come here. what do we want? >> we won a ton of things because china's behavior is unacceptable across the board.

the very minor deliverables is going to be in agreement on air to air encounters and the other thing is the commitments by chinese provinces on climate and that was in l.a. summit. stuart:.tommy this is about climate change. >> again swerves because this chinese provinces contraction of manufacturing, they will put less carbon in the air whether or not we have an agreement with them. it's the nature of the chinese economy and the poor state of manufacturing. stuart: who wins in this encounter? >> they are getting much more out of this pit expectations for a china-u.s. summit have never been lower. this is really ridiculous. we should talk to these guys, but not be legitimizing them and imposing cost and we haven't been doing that. stuart: you are in the score in

the scorsese has come over for a big visit but don't do the state dinner. >> we should be getting a big mac if we are feeding him at all. stuart: thank you indeed. coming up next hour, congressman paul kosar will not attend the pope's address to congress, does someone here congress, doesn't want to hear his views on climate change. people make his case on this program at 11:00 this morning. let's get to the presidential race. vice president joe biden feeling the pressure to run. tamara holder is here. welcome back. >> and for having me. >> it seems to me joe biden is being called to run. he has a sense of duty to help his party in this election. at the same time i don't think it's harder than it because of what has happened in his private life. >> i think it is hard with the regard to age a bit.

it's all been very concerned. he is a career politician. he wants to spend time with his family. he's had a lot of tragedy throughout his entire life. he is tired. i think he thought eight years ago were seven years ago he was going to do this and get out of finally be done. i don't think anybody expected the situation. stuart: on the one hand, hillary clinton is in trouble, but they know that. the other hand, they no joe biden is 73 years old. he said personal tragedy, he? the emotional energy to get going. how do democrats feel because they want a candidate who will win. >> at the end of the day, that's what everybody wants. chicago politicians deep-rooted in the democratic party to family members.

people are very not excited about hillary. the question is does joe biden have the energy it takes? not necessarily a scandal of whether he can do it, but does he want to do it? stuart: answer the question. do you think joe biden if he runs good when? >> i would like to hope so. i think so. i think he can win. stuart: can hillary win? hillary is the candidate. can she win? >> i think she can win. ashley: you can't have it both ways. >> if she escapes the e-mail thing everybody else thinks is a big deal, though she hasn't serious legal issues, and maybe she can escape it. stuart: she's not a very good candidate. she's not been introduced to

america in a very good way. >> no, but she's working on it. stuart: you are an camera with that facial expression. it now concentrates the republicans that the field is spinning. they can go right out of the democrat whether it's biden or hillary clinton. they can concentrate effort against the democrats. >> i have a theory. there's a hot crazy matrix pitch he can be too hot and too crazy. by this calculation, to the republican party -- ashley: now you tell me. stuart: men have a different matrix. good looking and rich. how crazy can the republicans be and where did the poll numbers go?

the crazier they are come it goes. he brought up this weird muslim should be president. the carly fiorina in the planned parenthood video. so how crazy can it be and where to poll numbers go when are they too crazy and do they fall off of the scale? stuart: we are out of time. interesting. it is. 30 uninterrupted seconds. here we are. that was interesting. come back again, please. it is time for the sector report. big news from apple. "the wall street journal" suggest is working on an electric car could hit the streets in 2019. that is actually not having anything -- no positive impact whatsoever. $113 a share.

the other electric carmakers, leading maker of electric taking quite a hit. down eight bucks. 3%. those google self driving cars have some competition coming up. it's the way down market, google is suffering because of that. by the way, the market has taken another leg down. everybody sees this thing down 267 points. that is 1.6%. there is no doubt drugs can be dangerous. a crash in the sports events, some people attach handguns do it. we will tell you what is being done to rein them in. ♪ at mfs investment management, we believe active management can protect capital long term. active management can tap global insights.

active management can take calculated risks. active management can seek to outperform. because active investment management isn't reactive. it's active. that's the power of active management.

>> im nicole petallides victor fox business fox business brief. volatility is back. pressure on the market, the dow jones industrial average down 265 points right now. right now you are seeing selling across the board. let's take a look at the movers with all sorts of stocks throughout this morning. goldman sachs with the news of

lloyd blankfein with his curable cancer. we also see the auto makers under pressure after volkswagen under investigation and criminal investigation pertaining to gm right now down 2.7%. the stock is down 2.3%. selling across the board on wall street. fox business at 5:00 a.m. with "fbn:am," lauren simonetti and i kick it off. s information, wherever we are. information for an athlete's medical care, or information to track their personal best. with microsoft cloud, we save millions of man hours, and that's time that we can invest in our athletes and changing the world. 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.

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stuart: just about at the lows of the day down to 67 for the dow jones industrial average. that would be 1.6% down 162. yesterday, hillary clinton went after a hedge fund manager for jacking up the price of a specific drug by 5000%. today, hillary clinton announced a plan to keep drug prices down and gerri willis has the plant. >> you're expecting creativity and innovation, do not look to this plan. recycled ideas from previous campaigns. if you want to help, this is not the plan. so number one, she wants the federal government to negotiate drug prices. the problem with that, medicare,

medicaid, hhs has all the power in the world. the reality is the reason other providers, pharmacy benefit managers have powers because if you give us the price on the drug won't touch her drunken or formulary. medicare cannot say that without a major problem with the nation's seniors. their ability to negotiate is limited. >> medicaid can do it. stuart: i'm being wrapped to my air here. allow americans to report from abroad. we tried that before and had major problems because the drugs are bad, full of bad things from china so that hasn't worked very well. stuart: at doesn't sound like a great plan. you are right. not much new and not. it might be a political winner.

when you got a guy who buys the drug patent and jacks up the price you've got yourself a guy who's giving capitalism. >> the pharmaceutical industry needs to comment that the guy down. the jury, that is interesting because hillary is going right against archive. there's a lot of talk about how to regulate drums as well. look at the video on your screen. people can attach guns to a drought. -- drones. i believe he says with god as regulation of the business. my question is how do you rein it in? what laws the most you want to introduce to the business? i'm not sure he can hear me.

here's the question. what rules -- what laws do you want to see enacted to rein in the business? be specific. >> some drones regulations we haven't had a whole lot of them begins where regulation of weaponization has been necessary. it hasn't been that big of a technological threat again. some thinking about trying to head that off. if we think about how to do that, it is some kind of protection for the public that regulates the use of these technologies, of these drones. stuart: how do you do that? what about a jetliner in an airspace? >> right, one of the issues is a lot of users are not aware of what regulations are. we have a lot of ignorance

amongst users. there are technologies being put in a place that prevent them from getting into the airspace. around washington d.c. so there are protections which then can serve as a weapon without having to put a gun on it or pepper spray or whatever we think about loading them down with. trained to do this protections around airports, doesn't knock it out of the sky or locate the owner and put them out of business? >> the concept of geo-fencing triggers a chip which will stop it from proceeding any further. launched within the area will not take off and flying into the area will not penetrate the airspace. stuart: you can see that coming. david, we appreciate you coming with us because those regulations are coming.

coming up, china's president arrives in america today. but the talks began. cybersecurity and reaction both on the table. controversy says ben carson doesn't want an american president -- muslim president. we'll have that next. straight talk. multiplied by 13,000 financial advisors it's how edward jones makes sense of investing. hi mi'm raph. tom. my name is anne. i'm one of the real live attorneys you can talk to through legalzoom. don't let unanswered legal questions hold you up, because we're here, we're here, and we've got your back. legalzoom. legal help is here.

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ashley: the chinese president xi jinping arriving in the u.s. today. his first stop will not be in washington. it will be in seattle. peter burns joins us. what is he trying to accomplish? >> these are an attempt at peace talks with the american tech companies. they start with a big dinner for president xi jinping and he will give a big speech and he meets tomorrow with a whole group of american ceos including many tech executives. a lot of bad blood between china and u.s. tech companies, censorship in china on the cheney said after that the closures of edward snowden.

they accuse them of spying on behalf of the u.s. government can ban them from doing business in china. they worry about cyberattacks and hacking which the administration has threatened with sanctions. then there are chinese business practices that demand intellectual properties in exchange for access to the chinese market. >> when china forces firms to hand over technology as a condition access, it discourages innovation. >> here's a quick look at executives president xi jinping will be meeting with tomorrow. warren buffett, tim cook of apple and others. actually, back to you. ashley: the chinese will say don't steal our stuff. our three of "varney & company"

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stuart: pope francis is no fan of capitalism. he is extremist anti-capitalist views. he sees a system where the powerful food on the powerless where they have no work and no escape. capitalism kills. the holy father is rightly reaching out to the downtrodden of the world. don't let to the extraordinary successes of capitalism and the failures of socialism. hundreds of millions of people in china lifted out of abject poverty by precisely the dog eat dog competition the pope so dislikes. simmons south korea, taiwan, chile. it is actually liberating. contrast that with argentina were francis was born and

raised. has been right by the pair and he says. or another country ruined by the anti-capitalist. capitalism isn't always ready but socialism just keeps them down. there can surely be no doubt pope francis is a good and sincere man. he lives humbly, is frugal and inspire christians the world over. politics is not his strong suit and shouldn't be its territory. those who oppose the policy are turned off. it is divisive and hours the spiritual message of christianity. minister to the soul, not the vote. ♪ pretty close to the load today. we are now down 1.63%, 268 down

for the dow industrials putting back 162. price of oil is down as well as we said earlier. they often move in tandem. 45 bucks a barrel with $1.29 lower. the national average for gas down another fraction overnight. down for 36 straight days. look at goldman sachs. lloyd blankfein discloses he suffers from an curable form of cancer. he will begin treatment for his lymphoma and will continue to lead the company. the stock is down. is what it is a difficult time the crash. my take on the pope's visit to america. my next guest is a catholic congressmen planning to boycott the pope's appearance before congress this thursday. welcome republican congressman paul gosar. you are a catholic. why don't you want to sit down and listen to what the holy

father has to say to you? >> the thing about it is the priority we find ourselves in. an administration in world treating the symptoms of the disease and the one person who can speak clearly as the pope in regards to calling up a tolerance, sanctity of life and doing it right now. it doesn't appear that's what he'll talk about. stuart: he is going to talk about climate change. >> income inequality and everything else under the sun. as such a point in time in history, this is the one person that can collect islam and governments around the world to look at the mosque am a christians lost around the world and speak up about it. stuart: he is the leader of the catholic church. you are a catholic. he's been invited to speak to congress. it seems disrespectful if i can use that word to walk out and

not listen to what the man has to say. >> the point we are trying to do is have his holiness review the time and climate in which he speaks. he's going to washington d.c. we can say the administration has been helpful to christians around the world. they've passed a lot of the islamic militants around the world. >> is this a protest against what he pope is going to say? >> the thing about it is he has been very pointed about climate change, immigration. he's talked about income inequality and he doesn't deter from those applications. i think at this point in time coming in to washington d.c. particularly at the front of all these transcendent issues, but more importantly the sanctity of life and religious intolerance around the world, he has the

duty to look at the world in college now. stuart: two points i will make. number one, i don't think christian people, ministers, popes, priests, i don't think they should be preaching politics. i don't think religious leader should be involved at all. number two, i definitely agree the pope is anti-capitalist and that's a grave mistake on his part. for those two reasons i can understand opposition to the pope, but you've lost me in not attending his speech. it is disrespect going on in the american tradition quite frankly. >> i think we've made our point. we have a right to fundamentally not agree with the pope. yes, we will listen but intolerance he will listen to the fragments i represent that

they keep the politics out of here and represent the triage. what is so important in regards to tolerance and the sanctity of life. stuart: before we leave you, are there any other members of congress who will follow you out of the chamber? >> i don't know. i think everybody has to look at their own soul in their own actions and stand up about that. that is the way i look at this in the way i stand. stuart: paul gosar, thank you for being on the program today. >> thank you, stuart. stuart: check that market again. we are down to 55. ashley, cheryl, spell out the reasons for the big decline. >> ashley said the same thing about the overseas story. the chinese president coming to town. i they've been honest with us, things like that. we saw a lot of weakness in europe. that's the market side of it.

on the sad side, i'm not sure the fed even knows what they are doing anymore. such a huge amount of debt with our federal reserve. these markets have been hanging on every word. sorry to say we been hanging on the wrong word. ashley: the fed is the federal reserve. like you said this morning, we now found out that inflation and unemployment we are worried about the wind direction and it's confusing. a lack of clarity in all those things you want to say is true. don't forget the impact of vw, volkswagen and how it's tracking down the european market. >> we do have to make it now. stuart: i will check this thing, too. there is so worried about competence in janet yellen's leadership of the fed.

>> we saw that in the press conference. stuart: thank you very much. back to politics. then chris and doubles down on comments about muslims. roll that tape. >> we have a constitution and we do not put people at the leadership of our country whose faith might interfere with them. not the duties of the two shouldn't. if for instance and theocracy, and you run for president want to make this into a theocracy, i'm not going to support you in support you an advocate of being president. stuart: clean-cut statement from bench are sent. let's bring in city just there. then prices as low, no muslim should ever be president. that would include you. how do you feel about that person statement? >> listening to that clip, i

don't think is doubling down. this is a very important question. the way the president of the united states, commander-in-chief he is that's happening in the muslim world around the world that this time in history is important. the current president has been an apologist that has been completely major obstacle in our strategy. for the new president is important to distinguish between islamists and muslims are the first remarks a few days ago turned us as allies, those of us reformat them unpatriotic and believe we want to destroy theocracy, we are on the side of america. the aircraft that are part of the organization and our enemies that is what dr. carson was trying to hone in on and i think he did. stuart: do you live in fear -- i asked that question because you're obviously a pitcher out of american.

he served in the navy for 11 years. are you living in fear if you speak up and say ben carson has a point there, it is up to us moderate muslims to stake a claim to being patriots in america. if you speak of, are you worried you come under threat? >> americans in order to shed the fear of muslims, the time for fear is over. i said in a live securely and try to be safe. the bottom line is they see her family dodging bombs with enemies of a safe in syria. what i do pales in comparison to what they are doing. we have to be courageous against the corrupt leadership of the muslim world and leadership in america part of the islamic movement. stuart: they are demanding an apology from ben carson. he's not qualified.

he can't be the president of the united states. that's not what a lot of americans want to hear quite frankly. >> exactly. i couldn't agree more. i want him to revise an immense, but to make him step down is absurd. the same groups with de facto blasphemy laws in america that they called devout codes. they question the role of muslims in fighting theocracy and are we doing it and that's a valid question. i hope as we move forward this begins a conversation and not a stifling from either side, the apologist dominating community and those who think that every possible terrorist or islamist is not true. stuart: ben carson put the issue in place. thanks as always for joining us. we appreciate it. congress announcing plans to did the debbie's alleged

manipulation of emission tests. an estimated 11 million cars affected by all of this. jeff flock at a vw dealership. reporter: the u.s. justice department opening a criminal probe as well. vw cd report says he will step down by the end of the week end it now had ceo of porsche will replace him. no comment from anybody yet. i haven't gotten a shootdown. mueller is said to be an emergency board meeting for vw. we may have a change at the datsun. there is another one. shatter in the korean community about other automakers. some say this would not be the first time automakers have tried to maximize abilities for cars to for cars surpassed epa fuel efficient task. vw has alleged to have done here we don't know there's talk that

other makers may have said similar sorts of things and been sanctioned. can't substantiate that at this point. four just got back thing we don't use devices in vehicles and fiat chrysler has issued a similar statement. where it goes from here has expanded well beyond what we thought could be even worse. stuart: jeff flock, thank you. vw stock was down about 18%, 19% yesterday. up another 18% today. coming up, a plan to accept 100,000 refugees in 2017 could be blocked by congress. some say we don't have the resources to filter out extremists. more "varney & company" in a moment. the >> authority crumbling under the existing population. europe could assimilate them into a growing economy that wasn't largely dependent on the largess of government.

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stuart: down 259 points, the state of play on wall street this morning. 1.5% for the dow. staples, an even bigger drop than 7% on reports the merger with office depot may not go through. , but cruise line down 4% posted at third straight up in quarterly profit down fighters. european governments struggling to do with the massive number of migrants across europe. hewitt on the administration's plan to bring in 100,000 refugees. there's an effort in congress to block that. jeff sessions is the camp that unchecked to refugees. there's a danger muslim extremists would get through. former covert cia officer mike baker is with us. is that a realistic question that we don't have the racers is

to check them out, so keep them out? >> at not realistic, but with senator sessions is trying to point out once again the white house is in reactive mode. they make decisions based on emotion and the way it will be perceived by the world and pressure from europe as opposed to singing with got to do our part and figure out how to help the people coming out of war-torn areas as opposed to economic immigrants. let's work with congress and figure out how to observe individuals. it shows the overall cost of the effort. stuart: if 100,000 people and they're some kind of terror instant emily to some of those people is enormous risk.

i am surprised the administration doesn't see that rest quite frankly. and to downplay the humanitarian problem overrides security problem. that's the calculation is made. >> for now. we are tracking behind europe. the immediate response is we have to do something to help. shortly after receipt germany and hungary another site now. we can't do this. we can't tell everybody to come on in by the way, here's some free stuff. that's not going to work. we know for a fact that we've had a problem. all you have to do is look at the operational is due back in trains syrian opposition fighters.

the reason we didn't jump in years ago was because they couldn't figure out how determining who we could and couldn't hand arms too. it's not as if suddenly we get that right and develop a background check in process. and millions of people streaming out we see who lives in us and the threat. you are correct should something happen down the road and was thrown open doors, we have improved our ability to understand who we are bringing and get those consequences. stuart: looked on the road if you make it easier for people to common coming really to open the floodgates because there are tens of millions of people in latin america and africa would love to escape the polar date of their background. i don't see this being contained. i see it exploding. last 20 seconds for you. >> absolutely. we've taken a million and a half

in the grand from the middle east since 9/11. depending on who you talk to, streaming out of the refugee situation are not from area. here in the u.s. and europe was all the syrian refugees coming out of this war-torn area. it is what you're talking about. people from mali to, libya, admittedly looking for a better life. we have to have a process. we can't do these things based on emotion. stuart: it's an absolute conflict between the humanitarian and natural self-preservation of this great country. if i was eloquent, if i were to it.

stuart: we appreciate it. see you later. .walker jumping out of the presidential race. now the obvious question, who is next. just like eddie, the first step to reaching your retirement goals is to visualize them. then, let the principal help you get there. join us as we celebrate eddie's retirement, and start planning your own.

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a minus 270 for the dow industrials. governor scott walker out of the race. the second candidate to call it quits. it was the next one to go? charlie gasparino. ground rules here. below are down candidates, the george pataki of the world dismiss them. how about the higher a candidate? >> you're asking me my prediction. it is a little more difficult, but if you talk to people who raise money up there, these are the names you talk about. when paul, for how?

is bush not knowing in order to do where do you did other, but not enough. if not distinguished himself enough. they say he stays in and of viable vice presidential candidate. obviously anything can happen by the left to raise money. look at how much money is raised so far or whether his campaign is in deficit by end of the month so we'll know where he stands. he's got him positive but i forget the gentleman's name, the car dealer in florida who apparently likes them, rich guy. blackstone backing him up. when roaming, head of his finance committee. that's pretty good. walker has similar attributes and had a hard time raising money. rubio hasn't had that great of a time raising money is a period

stuart: jeb bush has $100 billion. >> you know, i never thought money would be a problem. there's so many rich guys that want a republican in the office. one thing donald trump has done is he's caused such a promotion that everybody's questioning the viability of candidates like walker, lake rubio and christie and ran paul. the big donors are not throwing good money. those are commissioned this is an -- stuart: i do have to ask you about lloyd blankfein. our viewers know he's put out a statement it is suffering from what he calls a curable form of cancer, lymphoma, staying on as he undergoes treatment.

>> i've taken shots from him -- at him from a business standpoint, but he's a decent guy. companies do this. jamie dimon hot day. he disclosed he had cancer. if you own shares of goldman, you should remember you can't really live in these statements. you can't downplay the severity. i don't think you'd put out a statement that says it's curable, going to work. >> this is not a steve jobs situation. initially he was how the law. stuart: if you are the key person of any publicly traded company and you have a medical problem, you must be truthful. the head of bear stearns almost died. its sepsis, some sort of infection. we reported that when i was at cnbc. they did not disclose that. it was during a financial is, at

the beginning of the financial crisis. now that would be an issue. stuart: we wish them well. those was a bit and hillary clinton are pinning their faith and joe biden were bernie sanders. >> i recently launched a snapshot account. i love it. those messages disappear all by themselves.

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on 261 points, 1.6%, we are back 16-2 for the dow, down the price of oil, $45 down 2.5%. the price of regular gasoline averages $2.28 nationwide, and 36. now this. kathy would joins us. tell me in no uncertain terms with clarity why this market is down 270 points. >> i think they should have kind. >> all this fed watching. >> a lot of friends gasping out

and if they did move interest rates up, let the market work again, people would get off the fence and started investing. >> what about the global economy? we are here and it is slowing down badly. >> i am seeing a turn in china, the last few months. we are seeing signs of improvement. >> this is all janet yellen's fault. >> there was a big fake out at jackson hole, more hawkish talk at least. we didn't even get that. >> back to fed watching, haven't seen, we don't know what they will be won't be. >> let the markets work again. they are stepping on the markets and let it work. of the one that won't come until the next month for december. >> the market will discounts.

right before the director of the market was going up anticipating a move towards tightening. we are back in never never land. >> you are honest and direct and to the point. surprise to hear someone in the financial business saying that those rates up. >> get people off the fence. people are holding back, thinking we are in a deflationary bust, if you look at ten year treasury yield you know we are not completing year treasury bonds bottomed in july of 2012 at 1.4%, we are over 2%, of gone through capering, we are fine. >> you heard it, you can come back, direct answer to the point. where have you been? we like that. let's get to politics. not just the undecided voters tiring of hillary clinton, so are some of her supporters

including purple strategy's's senior director, erica, we hear your support for hillary is waning. i know you are laughing but you tell me why your support of hillary is waning. >> like most americans i don't like the coronation. i want a challenge. on want the debate, the choice is. the republicans have all the fun with their primary, we need a little drama on our end. >> come on, not just her last name that is the problem but that e-mail scandal, quality candidate, does that have something to do with it? >> right now a lot of it has to do with a couple things, one is the joe biden buzz, joe biden is a sitting vice president beloved by a lot of democrats like myself. wikipedia when you support him? now you support joe biden? >> i am staying with joe biden in the race that draws my attention, the second is bernie sanders. i loved watching bernie sanders on the floor. he talks about real policy,

issues, bernie sanders, excited to see that. >> this is a financial program. >> don't have to agree with his policy. >> do you really want to see a president who insists on a 90% tax rate? really? >> no. the excitement of having choices. before all you have this hillary clinton was easy to not have to think about why. >> the choice is between a 90% tax rate and a 20% tax rate, you know, i will go for the 20% tax rate and grow the economy 4% or 5%. >> are you hillary clinton support? >> a 20% tax rate. we want to bring it up like this. you are waning in your support for hillary and joe biden looks increasingly attractive that you go for bernie sanders, is that the state of the brenner is --

the republican party? >> it is not about an e-mail scandal but having choices and wanting to take a primary seriously. i don't want to just vote for someone because of we are supposed to but to vote for someone because they are the right person. wikipedia when you are a bright sport, answering questions from the likes of me. we will see you again soon. when joe biden runs. hillary clinton called out a hedge fund manager who bought the rights to a drug, then raise the price of that drug by 5,000%. earlier today i said that gives capitalism black guy. mr free-market himself. >> to test my fidelity to the free market. from the london school of economics bashing socialism. they are going to take back your diploma. >> don't digress. >> it is an unhappy event when something like this happens but there are financial reasons for

it, whether it is the need to invest in new technologies or whether it is that need to derive -- don't you believe you should be able to do what you want with your own money? economics or not? >> shall keep or something, he paid $55 million for the patent on this drug which was approved by the fda in 1955, he doesn't have to develop this thing. so now he charges 5,000% more so we can get his money back. those who have to take this stuff are up the creek. andymac you are presuming though original price was market based, the original $10s was market, it was grossly undervalued if this guy can charge $5,000 of.

and to sell it. >> i used to going to make -- >> should the government interfere and say it is too much? we the government can deliver the mail or decide what the medicine is? >> would come in and it would be out of israel. >> after it this question, does this fellow give capitalism black guy? andymac depends on how you frame it. he has raised it 5,000%. of course it is a black eye. if you frame david it was undervalued to begin with and he is utilizing the free-market to the edge of his investors it is not a black eye, it is a nice shining bright -- >> next one. >> he has security on his front door today because he is going to needed. people are furious. >> a life-saving drug just the

same as any other product like a pencil or cufflinks? andymac yes. somebody else will come by and make a comparable drug for less, he is gone and you are happening. >> cancer patients taking the drug. andymac government power comes from forcing someone to sell the drug they don't want. >> coming up, ben carson refusing to budge, doubling down on comments regarding muslims. he is next. we live in a world of mobile technology,

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nicolmac diane nicole petallides, sell-off continued throughout the day, just under 280 points, 1.7% loss on the dow jones industrial average net nasdaq the worst of the bunch 2.1% lower and as we look at the ten sectors we see all ten sectors negative curley's this morning at of europe, metals and mining weaker, materials are weaker, 2.2% industrials under pressure, take a look at your biggest dow losers including united technologies, goldman sachs and boeing, watching the biotech index once again falling after more than that four percentage loss after comments made by hillary clinton. once again under pressure,

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>> looks like we are holding without loss of 260 points, that is where we are, 16-2. ben carson is not backing down after saying he doesn't want to see a muslim in the white house. here is one of veteran, a muslim, a man who served in the american military for 11 years

had to say about that. >> the way the president of the united states our commander-in-chief use what is happening in the muslim world, around the world at this time in history is extremely important. the current president has been such an apologist for islamists that it is completely a major obstacle in our strategy. for the new president it is important they distinguish between islamists and muslim. >> a frequent guest on this program, good to see you back again. personally i have absolutely no problem with anybody in the white house as long as they share american values as enshrined in the american constitution. how about you? >> couldn't agree more but i think it is important for us to understand the distinction dr. jackson made which is brilliant. between political islam or islamist and those who have to have faith of islam and practice it within their private sphere

or not bring it, and what dr. carson was talking about, up the recognizes as off. -- dr. jasper recognizes, the president of egypt recognized when he talked to the islamic world and said there is a strain of thinking with islam that is antagonizing the entire world against us and we must have a revolution within islam to eradicate that type of thinking. >> i think what is happening here is a lot of people privately are talking about muslims and islam and dr. ben carson has put that right out front into the campaign. not that he made it an issue, people are talking about it. what is the standing of dr. ben carson in the black community? >> he is a hero. well before he was a presidential candidate because of his rags to riches story, true or ratio alger, picking up

by his own bootstraps story, he is an absolute superstar and a hero in the black community. obviously he is a conservative republican and is running unapologetically as a conservative republican and not everyone in the black community is a conservative republican but i would venture to say that ben carson is still very popular in the black community. >> would you hazard a guess as to what proportion of the black vote dr. ben carson would receive if he were the republican nominee? >> if he with the republican nominee it would be a revolution within the republican party and i think someone like ben carson could get up to 40% of the black vote which would mean revolutionary. >> i don't believe that has happened ever before that i can remember, republican candidate getting 40% of the black vote. >> not in recent history but as recent as 1972, 1-fifth of black

americans voted for nixon. >> you are a conservative. who is your candidate in this republican race? >> i like them all. just about all of them. >> we always appreciate you being on the show, thanks for being here. coming up for head -- edge fund got raises the price of the cancer drug by 5,000 person. guess who is angry about that? is name is dan price, he is the ceo of gravity, he is the guy who promised a minimum salary of $70,000 for all of his workers. he is here to explain why he is so enraged about the hedge fund guy, back in a moment. ♪

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stuart: my next guest in the headlines over the past year raising the company's minimum-wage to $70,000 a year for all his workers but that is not why he is here today. he is here to tell us why he is so angry over the hedge fund manager who bought the patent on a drug and raise the price of the drug by 5,000%. and price is here, ceo of ready. you are trying to contrast yourself, nice guy, giving all this money to all of his workers and that rotten guy, that hedge

fund manager gotten people with this drug, you what a contrast between you and him. >> siriusxm it here. i know you love free markets. if you look at this individual he is actually going to create more regulation. there is going to be a backlash. there will be politicians addressing what he is doing. on the other hand, something where the private sector is trying to address a social issue. i want to have a different score card for business. i think money matters the way red blood cells matter your body but nobody doesn't exist exclusively to create red blood cells. exists to host this show and do all these other -- stuart: would you stop him from buying it and putting up the drug? you can't do that. >> i don't know how you would stop it but i think we can. the reason why i started my company is i saw these individual little guys some small-businesses being taken

advantage of. they are in a tough situation and the system is rigged and it piles on the little guy and the wealth condenses and goes in one place. stuart: if you have it ministrations the doesn't support small business you have a problem. are you interested in politics? >> not at all. i value my lifestyle, high-value having an influence. >> you are in the bernie sanders camp? >> i don't having so. i value trying to find a solution, the way we could stop this guy and there are 1,000 out there, we could unite and actually stand behind companies that put humanity first, that not only about profit but consider the human impact and for me the profit is a mechanism to allow us to have a greater impact on humanity and why am i doing this? i am a selfish capitalist. i want to have a fantastic white, i want to be really happy

and when i have a business that operates this way i feel happier and if we all would realize this together we could solve these problems, you would get your way because the government would be smaller, there would be less need for regulation. stuart: got to break in with breaking news. listen to this. the ceo of volkswagen issue in net new apology for trying to get a video of this in german, quote, i am -- this is a british accent. i am very sorry, the violations of those diesel motors by our company diligence everything volkswagen stand for. i don't have the answers to all the questions. that is from martin wintercorn who we believe is going to be out fairly soon. we can't confirm that. will get the stocktaking of beating of its rate to break, back in a moment.

stuart: my time is up. one check of the big board, we are without 250 points. it is yours, ago. >> i talked for a moment with the pope arrived in your interviewing jesus. stuart: it looks like it. turns out that was not. had me going, how do you on vote that? all right, thank you very much. we got it going, stewart is pointing outcome is biblical guess did as well on a day the pope is arriving in the united states we got a sell-off that is taking all sorts of prisoners. connell: a high-profile visit to the united states, as we see this market sell-off we will hardly blame pope francis for it but the chinese president is a different story. he gave an interview to the