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tv   Varney Company  FOX Business  October 14, 2015 9:00am-12:01pm EDT

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the one moment which could have sparked real fire in the debate was about hillary's e-mail, but bernie sanders bailed her out of it. the country is tired about it. all right, some bullet points, climate change is the greatest threat freebies, government handouts galore and the rich will pay for it all. no word about growth and carson has caught up to trump. bush and rubio both on this show today. and then there is jeopardy, matt jackson, he's the champion. you watch? i do every night. winnings now up to $400,000. he beats everybody. the mets couldn't quite do it, they could know the clinch at home. cubbys did. if there's a cinderella team, the cubs are it.
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we have an all-star post debate show. "varney & company" is about to begin. ♪ all right. we are a financial program so we'll start with dow futures, not much happening. down 13 points, maybe, just below 17k. and that's confusing. we will be above 17k when we open. got it. how about j.p. morgan, disappointing numbers. we have a market watcher says that's not good for the entire stock market or the economy, going to ask him about that later, morgan is going to be down at the opening bell. the price of oil, another go nowhere day. $46 a barrel and that's been there for months on end. down 39 cents, the price of gasoline, down again, a tiny fraction of a cent. and that's the national average today. 230. right. when i said we have an all-star lineup. i mean it. two republican candidates will
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be joining us, marco rubio and jeb bush. you'll hear from them today. here is a brief teaser from jeb. >> i can beat hillary every poll shows i have. i have a proven record to give people confidence, not just talking about it. stuart: i said it was brief and it was. six seconds, the full story and interview 111:30 eastern today. later you'll get senator marco rubio's take on climate change. he's not a denier, but he says it's not our greatest threat. got it. let's get to the debate if you stayed up for it. all i heard last night when i was watching was freebies, which buy votes. >> go to tape. >> when you walk around the world you find every other major country providing health care to people as a right. >> i want to enhance the benefits for the poorest recipients of social security. >> every kid in this country
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should be able to get a high school education regardless of the income of their family. i think we have to say that is true for everybody going to college. >> i want to open up the opportunity for immigrants to be able to buy into the exchanges under the affordable care act. stuart: look who is here, strategist jessica, you're glowing after last night, but-- >> queen of the freebies, yeah. stuart: free public college, paid family leave, free health care, health care for children, prescription drugs, expanded social security, expanded chi childhood education, expanded for illegals. stuart: are you the party of give away and buying votes? no, we're not buying votes. we're speaking to an a n a majority, to those who struggle and those who are doing well.
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stuart: you're speaking to those doing well. >> no, it's not just about taxing and regulating. she was talking about expanding opportunities for small and medium sized businesses. stuart: how will she do that? will she roll back regulations? >> show -- no, it did not sound like she was rolling back regulations and she went off the pharmaceutical companies and i think that's going to be a big one with the cost of prescription drugs. and wall street, we know who her donors are. stuart: i read a long list of give aways and freebies. stuart: will that grow the american economy? do you think it will? >> i think it will have to be in conjunction with investment and other things that we have talked about before. we didn't talk about a pro growth agenda. stuart: spending. >> spending, we didn't talk about spending or. stuart: tax and spend. >> more from bernie sanders than hillary clinton. we saw the difference.
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she came back to her roots. she said she is a progressive able to get things done. the best line of the night for me. and issues that are important to her that she's been advocating for for 35 years. yes, it was a bit of a love fest. bernie sanders totally bailed her out on the e-mails and benghazi. stuart: on a political level she clearly emerged as a front runner, solidifying on a political level. on an economic level she did nothing about growing country and growing prosperity, period. >> this is the first debate. maybe five more if people who wants their debates, i think we should hear as much as possible to hear as many perspectives as we can. stuart: do you think you grow the economy with free college, family leave et cetera, et cetera. >> her plan would cost 50 billion, but she wants people to take responsibility for it. she's not for erasing them and
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making it easier for parents to help their children. she has a much more balanced approach than bernie sanders. he's talking about political revolution. while i appreciate that. and the outsider is working well on the republican size, that's not feasible and makes it unelectable to me. stuart: wait a second, i want to know how we're going to pay for this. bernie sanders took direct aim at the rich. tax them. roll tape. >> did i consider myself the casino capitalist process by which so few have so much and so many have so little, by wall street's greed and recklessness wrecked in economy? no, i don't. i believe an in a society where all do well not just a handful of billionaires. stuart: what happens to our society if they get everything. top the rich, tax wall street, tax, tax, tax. >> what would have made this
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more interesting, if someone had asked this and said bernie sanders, your policies are in france, how is it going? every rich person has left france, that's litterry true. it's dumping down growth and no one asked any tough questions last night. no one really pressed bernie sanders, how are you going to pay for all of the freebies that you're talking about and they were crawling up each other's backs to see who cou wall street? why not look at bernie frank, people pushing fannie and freddie to get people in a house and it's wall street. stuart: wicked again. another one for you, bernie sanders, he listed some countries he thought were great countries, we should be like them, including norway. he thinks that's a standout country.
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i think we've got the bite. roll it, please. >> democratic socialism is about is saying that it's immoral and wrong that the top 1/10 of 1% in this country own almost 90%, almost almost as much wealth as the bottom 90%. i think we should look to countries like denmark, like sweden and norway, and learn from what they have accomplished for their working people. stuart: ah, norway, it's the richest country in the world, a very, very small population, and how did it get all that money? off shore drilling, ladies and gentlemen, drilling for fossil fuels. well, bernie sanders doesn't like fossil fuels. >> i'm not bernie sanders, but we're not all the same and last night made that perfectly clear. there's bernie sanders democrats and hillary clinton democrats, i'm a hillary clinton democrat. stuart: address the question, norway, richest country in the world. >> and very happy people. stuart: and fossil fuel.
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>> they are very happy. and denmark, what, yes, they are, they rate highly in the polls-- >> off shore drilling. >> who doesn't like to off-shore drill. stuart: i don't doesn't do it, bernie sanders, hillary clinton. >> when pom does it, and bernie sanders does it and says the climate change is the greatest challenge we're facing, i hate it. i think it brings us back decades in advancement. income inequality you want to talk about that, absolutely. foreign policy, something that bernie sanders can't stand up to hillary clinton on. so he had this. he wanted to talk about 1% and casino capitalism, all of that. we saw a breadth and depth from hillary clinton. >> i think that her position was politicized and disincentive for joe biden to
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run. >> i'm all for hillary, i vote for her in 2008 and the trajectory of the country would have been remarkably different if she had been president. >> and happy, because i think that joe biden is a better candidate than hillary clinton. >> why? >> because hillary has enormous trust issues and she didn't conquer that last night. she is a practiced debater been in 18 or 19 major, important debates in her career, she's very good at it and she really did come through very well last night. joe biden has authenticity. people like him. people don't like hillary. stuart: the numbers were weak. >> and i have to say a bit of a one note wonder, but when he said one of the most important issues he side china cyber worker. nobody talked about cyber worker and i remember leon panetta-- >> you think that hillary clinton is going to talk about cyber warfare and hacking? >> if you want to own it you
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should be talking about it and that was the most discouraging part of it for me last night. stuart: next month, by the way, fox business network hosts the g.o.p. debate on the economy with all the g.o.p. candidates, of course. november the 10th, you are going to be hearing a lot about this one. >> the private sector is what creates growth not government spending. i heard one of the candidates say we have to get the economy growing again by building more roads and bridges and things of this nature. those are important infrastructure projects, but that's not going to grow the economy. you grow the economy to make america the best and easier place to grow jobs. stuart: that's my interview with marco rubio, available to you 10:30 this morning. and front and center was donald trump, stirring up a little trouble on twitter. jo ling kent, tell me what did trump say. jo: he wanted to steal the spotlight. live tweeting and saying,
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sorry, there's no star on the stage tonight and tweeted, notice that illegal immigrants will be given free college tuition and nothing for our veterans. rapid fire gave trump more twitter followers. sanders coming a little close, 46,000, according to data. and off stage, i want to he shoe you this. what about this guy in the audience, the white beard and serb media fell in love with him and jokes, maybe it was santa claus or vice-president biden in disguise. stuart: santa claus, i have no idea, but that stole the show on social media. stuart: what intrigued me, trump picked up 70,000 new followers, the most of all. >> the most retreated tweet, bernie sanders' on hillary
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clinton's e-mail. stuart: and the biggest threat to america is climate change? watch this and we will discuss it later. >> the planet that we're going to be leaving our kids and our grandchildren may well not be habitable. awe believe active management can protect capital long term. active management can tap global insights. active management can seek to outperform. that's the power of active management. you can't breathed. through your nose. suddenly, you're a mouthbreather. well, just put on a breathe right strip which instantly opens your nose up to 38% more than cold medicine alone. shut your mouth and say goodnight mouthbreathers. breathe right
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>> two candidates in last night's debate, martin o'malley and bernie sanders said the biggest threat to the united states is climate change. roll tape. >> climate change, of course, makes cascading threats even worse. >> if we do not address the global crisis of climate change, transform the energy system away from fossil fuel to sustainable energy. they will planet that we leave our kids and grandkids may not be inhabitable. stuart: the author of "doomed to succeed", ambassador, you know all there is to know about the middle east. here we have two democratic candidates saying that climate
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change is the biggest threat. i suspect that the mideast and what russia is doing is the biggest threat. am i way out of line? >> the question is immediacy. what is the most immediate threat. i don't deny that climate change is a threat obviously, but now we're dealing with something that's an immediate threat. the balance change, isis at one threat, looking at iran as another, looking at the russians working with the syrians, iranians and now even the iraqis in a way that's designed to redefine what are the rules of the game in the middle east. stuart: you've been involved in every negotiation about the middle east, that's what the book addresses, is there any immediate threat? it seems like we're in retreat and almost kicked out of the middle east. is that an immediate threat? >> in a sense, the administration and president are trying to suggest that the russians are sinking in a quagmire in syria and it could
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well be over time that the russians will pay a price. the problem is that everybody in the region looks at what the russians are doing as mattering. the russians don't think that they're losing, and the egyptians, saudies, jordanians are looking at what the russians are doing, making a calculation, whatever we have to do we're talking to putin. that's different than what we've seen in the past and fundamentally, it's not in our interest because the russian approach to the middle east is not going to promote stability. it's background to turn more of a refugee crisis in europe and even that is designed to having the europeans look at the russians differently. in a space of weeks, months, it seems to have changed dramatically from my point of view. as a financial program, we're looking at the threat to the oil patch, iran, iraq, russians, syria, that's an axis of power on the shiite side
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threatening the supply of oil on sunni side and the gulf is right in the middle. we think that's a huge threat. do you? >> i think it has the potential to create a lever on the saudies to try to affect the saudi behavior. is it going to cut both ways? on the one hand, sunnis make up the vast majority of muslims worldwide, if you're picking a fight with the sunnis, it's probably not a smart long-term bet. on the other hand if you're the russians, you're thinking short-term, putin is not thinking long term. people say he's a great chess player, he's playing checkers. stuart: your book is all about negotiating. i'm going to ask a supplementary questions, do you think you'd give lessons to donald trump? >> quite happy to talk to people about negotiation. the book is every american president, i do a chapter on every administration from truman to obama and offering a set of lessons for the next
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administration in the future. stuart: whom solver it might be. >> whoever it might be. shall obliged. >> thank you. stuart: how about russia as a threat? liz peek who is with us this morning, says that president obama should watch the latest tom hanks movie to learn about fighting the cold war. >> we've got the soviet spies. but there's a wrinkle, they've g got-- they've got information. is it our insightful strategies that make edward jones one of the country's biggest financial services firms? or 13,000 financial advisors who say thank you? it's why edward jones is the big company that doesn't act that way.
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>> what we've said about the new movie, it's called bridge of spies, tom hanks plays an american insurance lawyer, recruited by the government during the old cold war to rescue a pilot detained in the soviet union. liz peek is here and she thinks that barack obama could learn something from the movie. >> first of all, it's a terrific movie. it shows a slice of the cold war, the united states being the good guys against the communist states and eastern germany who are shooting people as they across the berlin wall,
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it's a dramatic moment in the history of this time. here is the thing, obama made a comment some time ago that the cold war was brought to an end because the soviet union decided to make a peaceful end of it. that's not the case. what happened was reagan pushed the soviet union upping the military budget and arms race and the country, economic corrupt and weak to begin with fell in on itself. ashley: the strength. stuart: that's reagan's point of view. president obama is peace through retreat and diplomacy, i'm being pejorative and diplomacy has not worked. i think you're right, liz. >> it's peace through talking and we're not putting out diplomatic initiatives. the russians' economy is shrinking not in great shape. push the buttons here. stuart: we are in the process of cutting military spending. >> discouraging. stuart: liz, thank you very
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>> i don't think that we're buying votes. >> no, i think that we are speaking to a majority of americans, we're speaking to
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everybody. we're speaking to those who struggle and we're speaking also to those who are doing well. stuart: that was jessica referring to the whole list of freebies which the democrats would hand out. at least that's the view from last night's debate. she said we're not buying votes. the opening bell has rung and we're trading and we are dead flat, minus 1.94. ashley webster is here, liz peek is around, shah galani is back and dan is in chicago. start with you, dan, last night the debate, absolutely no talk of growth. isn't that a little discouraging for you guys who trade stocks and stuff? >> it's absolutely discouraging. all you see is pointing fingers and wall street seems to be the big target. again, i want to find some strategies how we're going to get out of the malaise we've been in.
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we haven't seen anything for search years, i want to grow out of it. it seems easier to point fingers. stuart: malaise, that's a jimmy carter word. shah galani, no talk of growth last night. >> we don't have growth, not talking about it. the fed shot all its bullets. from here, who knows what is going to happen. stuart: retail sales up 0.1% for september. >> that's not good. stuart: take out automobile sales sales,.3. >> we're into the holiday sales season, all we have is conjectures, if they don't come through and the numbers are pointing in that direction. ashley: the fed is not going to raise rates, bad news-good news
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or the markets give up altogether. the markets are flat now. stuart: that's the truth, the markets are dead flat. we had a run-up and nobody knows what is the fed going to do. what's going on with the economy, we don't know. however, shah galani, are we going to hit 18,000 on the dow by the end of the year? we're at-- >> which year, stuart. stuart: this year, 2015. >> no, i don't think so. despite of this rally, october rally, i call it, no, 15,000 before 18,000. stuart: oh, dan, i know you heard that. shah galani, 15,000 before 18,000 and you say what? dan? >> i'm not sure about 15,000, but i agree with him on 18,000, we need to see fundamental improvement in our economy, we're not seeing it. the earnings season is upon us, not looking so good so far. let's see what happens. i'm not favorable.
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15,000, it's a possibility if we see a blip there. geopolitical risk. >> talk about disappointing numbers. we've got disappointing numbers from j.p. morgan. nicole, give me the stock price. >> the stock is to the down side. 60.49. the turns out the total assets drop town to 2.24 trillion. haven't seen that back to back for j.p. morgan since 2009. the revenue dropped and they talked about the skittishness of investors and the china situation. the cfo says they've kicked off this last quarter and it's been pretty quiet. >> ashley? >> shares of mcdonald's hit a lifetime high at 104.36 adding five points to the dow. so slightly lower. stuart: is that breakfast all day? >> i just had it, yes, it is. mcmuffin fueled rally. stuart: nicole, we're not ignoring you, i've got to tell
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everybody, that you're on the air on this network 5:00 every weekday morning and you start the day for a whole lot of people along with lauren. thanks, nicole. nicole: thank you. stuart: we'll talk later. shah galani, you heard j.p. morgan disappointing numbers. the biggest banks and shrinking? >> that's indicative of the banks moving forward. they're looking for high inr creased margins, that hasn't happened. they've got nowhere to go. the trading desk is down 16% for quarter and they had some growth in loans, but that didn't offset the number that they had. the bigger name that they came out with was 1.2 billion with a tax benefit. you strip that out-- >> the regulators are pushing them to strength and that's what they heard last night. they want to basically make the banks smaller. >> that's crazy. >> it's not good for the economy. >> you don't help the economy by shrinking the big banks, you don't do that. that's punishing wall street
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and not encouraging capitalism. >> and there's all kinds of ramifications of it, including, by the way, a fed policy including all of these mega deals going on. sort of safe things happening, cheap debt. and those things happen and people layoff workers. it hasn't been talked about very much. major depressant on hiring. stuart: i'm going to get to the big names. ash, mcdonald's, 104. ashley: new all-time high. stuart: a weak demand for personal computers and that's taking a bite out of intel and its profits. look at that, 3% down on intel. that's a big move. and then we have the chip maker. sandisk. it looks like it's putting itself up for sale and investors like that. up 12%. how about twitter, it's named google's new chair, and the price of the stock is shy of
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$30 a share, 29.49. shah galani, you wouldn't touch this with a ten foot pole. >> i wouldn't touch it, wouldn't need to. they've had internal problems, changes at the top doesn't mean the condition is going to sell itself or-- >> you're just-- take a look the trip advisor. it is up big. it's got a deal with priceline to book hotels. can you believe it? up 22% because it's got a deal in now, that's interesting. netflix, it reports numbers after the closing bell today, but everybody is going to be looking for, does it have more subscribers? that's the number to watch, number of new subscribers and where they are, by the way. in advance of that i see netflix up. >> they're hoping to add 1 1/2 million subscribers here in the u.s. 2.4 million customers internationally.
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there's definitely a momentum behind the subscribership. and streaming here, it's rapidly taking over and netflix is doing a good job of hooking in more and more customers. it's important to say how many subscribers they've added. >> of all the people around this table, we all have netflix. >> i do, take the pledge. stuart: 8.99 a month not the new. ashley: they're putting up their price $1 not getting negative feedback. stuart: only new subscribers. they've got to offset the-- that's a problem. >> there's always a problem. stuart: hook eke eke eke ekehoo- here is one for you. and elon musk, accuses of reporters ramming into the
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security gate at the gigabyte-- okay, i'm asking you about tesla, go. >> i think it's an unbelievably innovative company. i'm not going to be the first person on that electric plane, let me tell you. worried about battery life, et cetera, and mine. a brilliant guy, a brilliant company i think it's all very sort of imagery. >> pie in the sky. stuart: oh, pie in the sky. we called him p.t. barnum because it promotes vigorous stuff down the road. does it deliver? so far the stock has held up $200 a share. >> amazing. stuart: dan, you've got to come in on this. what's your opinion of tesla, electric planes. p.t. barnum. pie in the-- what's your take, please? >> everything's been said, i'm not getting in the electric plane either, guarantee you that. as far as tesla i've been on
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air and said many times, tesla is very innovative, no question this guy is genius. the fact is this is $220 stock? i don't think it is. right now, you have to-- if you own the stock, take your profits. i'm not going to get shorted right now. i've been proven wrongdoing that in the past. i don't think they have the fundamentals to keep their stock level where it is. >> he says it. >> it makes sense. >> he just doesn't think they have the fundamentals to keep the stock where it is. am i telling it straight. what's wrong with you, people. volkswagen making a big bet on electric cars, give me that one. ashley: it's funny a massive scandal involving your diesel cars, so what do you do? go electric. i guess that's the theme here. they're looking to expand production of the plug-in hybrids and all electric cars. is this too little, too late? it's a huge company certainly capable of coming back and
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interesting that they're going all electric. stuart: it's image polishing. >>. ashley: they're going to focus on the hybrid and electric market. stuart: i think it was toyota said no more gas powered cars by the year 2050, do the math, 35 years away. so that's not-- why don't we look at apple? eused to cover it every single middle of the show. we dropped it because it plateaued, did nothing and just lost a lout to university of wisconsin. it's fined and no impact, right? >> chump change. stuart: why is the stock sitting at $111 a share? got an answer for that one. >> in terms of not going up or down? it's not going to impact it. economically it's a
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reputational hit, but not much of one. >> there's nothing exciting coming back on the ap. this is the point it doesn't have many things. i don't like the fact that it's treading water here. >> you know, we've got a dead flat market again. i seem to be saying this every day, the last couple of days at least. we're down 10 points, 17,071. let's get to the debate. the democrats took direct aim at wall street last night, right at a target. roll tape. >> the greed and recklessness and illegal behavior of wall street, where fraud is a business model. >> i represented wall street as a senator from new york and i went to wall street in december of 2007 before the big crash that we had and i basically said, cut it out. >> coping does not regulate wall street, wall street regulates congress. >> the people of our country need a president 0 is on their side, willing to protect the
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main street economy from recklessness on wall street. stuart: he said you people, you're reckless and whatever else. >> this is not helpful. this group, these democrat candidates really need to talk about how they're going to move the country forth. they're not going to by hammering on a scene, it's over. things are more and more regulated and it doesn't change the trajectory. stuart: it doesn't. >> i could see bernie sanders going into attack mode if he's moving in the progress. hillary clinton has taken enough wall street money, taken anything. stuart: i was there in 2002007. >> and they used to be a big deal. >> i used to see barney frank.
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>> let's not-- >> keep him in the conversation. we have another two hours and 18 minutes to go on the program. you'll hear two interviews with two republican candidates. marco rubio and jeb bush. we are going to talk about history and the class. >> and filing a lawsuit for a broken wrist. it was thrown out. i have a bone to pick with judge napitano, why was this even brought?
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we'll do this again, trip advisor because the stock is up. they've got a deal with hotel bookings, it's up. pretty good, so much for the e-mail scandal, bernie sanders basically bailed hillary clinton out of that prem-- problem last night. lessen to this. >> let me say something that may not be great politics, but i think the secretary is right. and that is that the american people ever sick and tired of hearing about your damn e-mails. >> thank you. thank you, thank you. stuart: guess who is not over it, not sick and tired about ank e-mails. judge napitano joins us now. bernie sanders took that issue out the debate? >> for the two and a half hours of the date. i guess they had a nonaggression pact over this particular issue, but beneath
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the surface of this issue is the core of who is qualified to be president. a deceptive narcissistic liar, a person who doesn't think that the laws ply to her, as we speak the federal bureau of investigation is investigating her for obstructing justice, deploying e-mails, espionage, failure to secure national security secrets when you have a top security clearance yourself, perjury, telling a federal judge under oath you'd surrendered all your e-mails and some showed up on sid blumenthal's server that you hadn't surrendered to the department of state and now perhaps racketeering, corrupt organization depending how deeply she was involved in the shen --
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shenanigans of the clinton foundation, she and bernie sanders laughed. stuart: and that-- >> she can make that argument with record to the benghazi committee. i believe that gowdy is a serious investigator and the committee's work should be view that way. she should not politicize or gain say the fbi. stuart: i'm going to challenge you on this. >> you're going to blame me, crock pot, connecticut. stuart: a woman sues her 8-year-old nephew and the boy jumped into her arm and broke her wrist at a party. the jury threw it out. judge, this is ridiculous, why didn't that judge throw it out in the first place. why was taxpayer money wasted on an issue like this? why do we have the english rule
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so when the people bring nonceno nonsense to court. >> you want the answer? [laughter] i'm not crazy about that, but she had $127,000 worth of surgery on wrist. three surgical procedures and the insurance carrier refused to pay for that until a judge or a jury found liability. so she was suing for the medical bills to have those paid. stuart: i feel a little better. [laughter] >> are you telling me there's a little softness underneath that hard london school of economics shell? [laughter] >> no comment. judge, thank you very much. we'll see you at the 11:00 hour. >> be my pleasure. stuart: hillary clinton, i say she was coronated by last night's debate. we'll talk to someone from the draft biden committee next. you both have a
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>> you have to say that hillary clinton emerged from the debate last night in a very strong position. she really didn't have that much of a channllenge from the other candidates on the stage. come in, steve shale, he's with us because he's with the draft biden committee.
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steve, if hillary emerged stronger last night. does that mean that joe biden is less likely to run? >> stuart, she obviously had a great night last night, not going to take that away from her. somebody made a point, really only on one stage to be president and that's hillary clinton. and joe biden i don't think he was looking for signs if she's strong or weak. you have half of democrats that want to see him run. stuart: he's watching. no way the man was doing something else in the middle of the debate. he was watching and surely would come away from that maybe having second thoughts about running, wouldn't he? >> well, here is the thing. he's the vice-president of the united states. a man of his stature is not sitting around like a chamber of commerce president figuring out if he would challenge somebody from state legislature. he would enter the race with national name i.d. and doansers. the minute he entered the race we'd forget about this debate.
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if you're like me, the marketplace of better idea, competition is a good thing. frankly there's a lot of space on the debate stage for vice-president biden. stuart: in what area would he occupy? in what area does he radically disagree with chinn? >> where does any party disagree from-- >> wait, hillary clinton put a good deal of distance between herself and president obama. when asked the greatest threats, nukes falling into rogue hands. you could say that that is a slap at president obama and the nuke deal with iran. there's space between the two. would joe biden and fix that space, be much closer to president obama? he would, wouldn't he? >> well, i mean, clearly, the vice-president has been involved in this administration, arguably as involved as any vice-president in recent history. he'd be largely sort of running on a third term. that being said, this is a guy,
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you know, four decades of public service, largely respected in washington and getting things done. he could build bridges in d.c. and helping solve the problems. i think there's room for that. stuart: we thought he was meeting with his family last weekend. we thought we would get a decision, run or not run. when will we get the decision? >> i'm not privy for his thoughts, he may have made a decision this weekend and waited to tell. everyone is well aware there are ballot dead lines in november. i think we'll know soon e do you think he'll run? got to tell us. >> i hope he does run. if he doesn't it's for those reasons with the family. stuart: steve, good luck, thank you, sir. >> thank you. stuart: and hillary and politics, vote for me because many' a woman, a grandmother.
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next a carly fiorina supporter, janine turner, she'll join us on what hillary said. and we'll have marco rubio on climate change, and bill clinton attacking him. yes, the second hour of "varney & company" is two minutes away. why put up with that? but the quicksilver card from capital one likes to keep it simple. real simple. i'm talking easy like-a- walk-in-the-park, nothing-to-worry-about, man-that-feels-good simple. quicksilver earns you unlimited 1.5% cash back on every purchase, everywhere. it's a simple question. what's in your wallet? [ that's a good thing, eligible for medicare? but it doesn't cover everything. only about 80% of your part b medical expenses. the rest is up to you. ♪
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. stuart: it is precisely 10:00 eastern time and let's get to the democrat debate. it was -- shall we see dull? no talk of economic growth, a lot of talk about climate change, it is our biggest threat, you know. new numbers on the republican side, ben carson, donald trump. they're in a dead heat. and ruby and jeb bush both on the show today. "varney & company" hour two starts now. ♪ ♪ >> hillary clinton is a relic of the past.
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her ideas are all ideas from the 20th century, the mid-20th century, they don't work anymore. we're going to be the party of the future. stuart: that was senator rubio you have to hear my interview with him. later jeb bush says he can beat hillary, and he's got the numbers to show it. it is a jam-packed show today. look what's going on on wall street, not that much but we're not down, up slightly 11 points higher. i've got to tell you, he said we will hit 15,000 before we hit 18,000. what a guy. take a look mcdonald's. what you're seeing now is a new high for that stock. 104.50 -- maybe all-day breakfast worked. liz: yeah. ashley: the egg mcmuffins. liz: are we going to see you there, stuart,. stuart: yes. i'm a mcdonald's customer. ashley: free coffee. stuart: i can buy a seniors black coffee to go for 53 cents. liz: are you kidding? that's nothing.
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who knew. stuart: they're saying keep it moving. [laughter] look at jp morgan. disappointing numbers, that stock down 2%, nation's biggest bank down 2%, not a good sign, oil 46 to be precise, not much movement, gasoline, 2.30 is your national average. and let's get to politics and last night's debate. throughout several points throughout the night, hillary clinton used her gender to -- i'm going to call it identity politics. >> to be the first woman president would be quite a change, the grandmother of a factory worker and the grandmother of a wonderful child. i remember having a baby wake up who was sick and i was supposed to be in court because i was practicing law. i know what it's like and we need to recognize the incredible challenges that so many parents face,
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particularly working moms. stuart: actress economist turner joins me now. you are a carly fiorina supporter, but i don't hear calorie talking about her gender, talking about identity politics. am i wrong on that? >> you are correct. and, you know, leadership transcends gender. so this -- you know, and she even -- hillary let's not atalk about going to the bathrooms, the bathrooms are different, i thought that was pretty lame as well. stuart: but it was identity politics. >> it was. stuart: we gave the audience a few examples of i'm a woman, a grandparent, et cetera, et cetera. i hear about 60 references to it all. did she over do it? >> well, she -- it's one of the main cards that she has because she lacks with integrity and many other issues, so he's going to play this card because it's a lot of cards that women want, the first female president, she knows that's a power chip for
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her but it's not going to last. but i've got to tell you, the one candidate i can't wait to see on that stage debating clinton is carly fiorina, she will not back up. last night was a love. stuart: did he say, yeah, that's true. can you explain this to me. if you look on the democrat side and there's a minority candidate or a female candidate, that's what they stress. i'm a female, i'm a minority. if you look on the republican side, you have a female candidate or a minority candidate, they don't say anything with it about it. ben carson doesn't say anything about black, carly fiorina doesn't say anything about being a woman. why is that? can you explain it? >> well, i think we're all americans and everything that we deal with in our country whether it's finances or the future of our country, our security, our health care, those don't have -- that's not about gender and those not about race or color. so i think republicans really understand that the issues that are really important to americans don't have anything to do with gender politics or
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race politics. stuart: i want you to check out the latest fox poll. this is on the republican side. we've got donald trump and ben carson in a virtual dead heat followed by cruz, rubio, bush, what do you make of this -- the fact that the two obvious outsiders are way out front with 47% of the vote there and that it's tightening? ben carson is now catching up with donald trump. what do you make of that on the republican side? >> well, both of them and i believe carly is in that mix as well, of course i have to say that, i think all three of them really represent throwing politics aside. let's deal with the issues. let's deal with really important -- and americans are tired of this wooden figures like hillary clinton who get out there and talk from the playbook, the handbook, the things they know they're
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supposed to say, wear the right color and have the right hair due and americans are tired of that, and he said that the party system would be the demise of america because people would care more about their party than being an american and things like truth and honest and integrity and things that really matter to us when we were dealing with nixon on the democrat side don't really seem to matter anymore. these things do matter. if we're going to continue as a republic, we have to make sure that we keep these things in the forefront and that's what donald trump and carson and fiorina are doing. they're saying, look, let's talk about the integrity of the country. this isn't about gender, this isn't about race, this isn't about party politics, this is about america and about americans. stuart: last one, jeannine, are you supporting carly fiorina because she's a woman and you are too? >> no. no, i'm not. i have to tell you i am not. and it may be hard to believe that but i'm not. i really believe -- last night
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no one held hillary clinton accountable. it was this love fest where if you see carly on that stage, all the candidates on the republican platform that we have right now as candidates, it's going to be carly that's going to not back off when it comes to holding hillary clinton accountable and someone needs to hold hillary clinton accountable. stuart: you know, what, jeannine? if carly fiorina had been on that stage last night, she could have charged cnn $5 million for the extra ratings that she would have brought in to that show. i guarantee you. jeannine turner, everyone. >> it was fireworks. stuart: yeah, i think so. thank you. >> thank you. stuart: well, hillary clinton did address the economy in last night's debate. let's roll some of that tape. >> if you look at the republicans versus democrats when it comes to economic policy, there is no comparison. the economy does better when you have a democrat in the white house and that's why we need to have a democrat in the white house january 2017.
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stuart: well, that was interesting. no mention of prosperity or growth virtual anywhere last night but there was a theme they kept hitting, freebies, giveaways, extending more government giveaways. now, we're going to scroll through the freebies that were mentioned in that debate in just a moment. come on in indeed.com chief economist tara. all right, tara, i don't know which side of the political spectrum you're on but i want your answer to this. if you tax more, and you spend more, do you get economic growth? >> well, that's an excellent question, stuart, and honestly economists are somewhat divided on that question. but it really matters what sort of incentives we set up for firms, we want to be able to set up the right kind of incentives so that they do want to create jobs, so that small businesses aspire to be big businesses and that's an important key.
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stuart: on the side of the screen, i don't think you can see it but we're scrolling up the freebies that were offered by various candidates, all the way from free college you name it, it's going to be free. if they did that, if they put out all those government giveaways and they tax the rich and wall street and corporations to pay for it, if that's the plan and they put it in place, i want your opinion. would it give us 4% growth? >> well, you know, 4% growth is challenging at this point in our economy. but we do need to go back to thinking about what does -- no, come on. wait. wait. i can't do this. i can't do. i can't do it. i've asked you a question. if you spend all of that money on all of these freebies and you tax the rich and wall street and the corporations, tax big spend big, i want your opinion. do we get 4% economic growth? >> okay. well, i think the key question is exactly how
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that's done and exactly how that comes out and how it's set up. but i agree with you that we need to. stuart: thank you you can't do that. you can't do that. i'm going to ask the question again. i want an answer. >> okay. stuart: if you spend all of that money in that way, and you tax all of that in that way, and you do all of that,. >> that's not creating jobs. you're right. stuart: do you get 4% growth? >> well, 4% growth would come from creating jobs and that's not creating jobs. i think i've answered your question. stuart: why can't you say that? i know you're an economist, why couldn't you answer the question? >> well, i think we need to think bigger picture on this. stuart: no, we don't. it's the big picture. >> the specific policies we're talking about. stuart: okay. here's another one. real fast. if we cut individual tax rates, if we cut the corporate tax rate, if we reform social security and medicare, we cut all those tax
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rates big time like reagan did, would we get 4% growth? >> i don't know that that's true either. so i think that we are in a challenging spot. if we set up the proper incentive so that companies feel they've got certainty of the structure of the economy, that they aspire for small businesses to become big businesses, that they feel comfortable creating those jobs and creating good jobs, that gives us the best chance of creating 4% growth. but that's going to be a challenge no matter what type of policy we implement right now because 4% is high. . stuart: okay. it is. got to have it. tara, thank you very much for joining us. we will see you again and i'll press the question again. don't forget market calendars fox business is hosting the republican candidates for the debate on tuesday, november the 10th. the economy, taxes prosperity of course will be among the topics. major news from twitter this morning. they've named a new executive. jo link content has details in -- roll that graphic.
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thank you. >> in case you missed it, this is breaking news, has a new board executive chairman, currently googled chief business officer where he's overseeing revenue among other things. jack dorsey tweeted that quote a proven and experienced leader who will help directly and coach him and their leadership and help them recruit the best folks to come to twitter. and facebook. going after google's youtube, the social media giant its suggested video, it will allow facebook to show videos after the user has watched another one in the news feed and they will put ads in between the clips. and companies who need insurance on hackers are having a harder time getting insured why? going up. have capped policies at $100 million and that means additional costs could be
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passed to you, the customer, do you remember that market cap in 2013? that cost $264 million, would not have been covered in full. that means target customers are paying the bill. stuart: oh. now, that hurts. >> it hurts. stuart: . stuart: all right. thanks very much, jo. i'm going to say that the democrat field looks like the jv squad compared to the republican candidates, that is my value judgment okay? does that mean they need joe biden in the race? we will have that question. we have already. plus tesla accusing reporters of trespassing at their gigafactory battery lab. full details after the break at ally bank no branches equals great rates. it's a fact. kind of like ordering wine equals pretending to know wine. pinot noir, which means peanut of the night.
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stuart: how flat is dead flat? it's when this dow jones average at 17,081 is down .06. that's flat. enough of that.
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disappointing numbers. what's the pronunciation on that? they make diagnostic medical tests, down 17%. john smith and company. ashley: there you go. stuart: tesla. it claims two reporters were caught trespassing at its new gigafactory in reno, nevada. that's their new facility where they're going to be making lithium batteries. there's a mystery. ashley: like area 51 for battery production but two reporters for the journal got into trouble. they were allegedly trespassing. when they were told to leave, they did not and according to tesla, they rammed their car, their jeep into two tesla employees. the driver is now being charged. but there's a lot of mystery about this. they claim this is not true and one of the seatbelts in the jeep was cut in half.
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not quite sure how that happened but apparently tesla says these types of intrusions are quite common. people wanting to find out what's going on, trying to sneak in, they've beefed up security. stuart: i've got to say. that is understandable. >> of course. stuart: because if that factory does indeed produce a revolutionary factory, sky's the limit for that stock. >> elon musk wants to cut the cost of the car by up to 30% or more. this is real keystone cop journalism. they won't identify themselves even though they're wearing ids and the fence around them said no trespassing. stuart: the reporters, looks like to me they're out of bands, but what they did was understandable, because if something is really big happening at that battery plant and they've got a revolutionary design, that opens up all kinds of and things there's huge money involved. liz: and tax credits involved.
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now have to pay more taxpayer money for security for tesla, do you know who that that; right? stuart,. stuart: whatever. it's an interesting story, though. going to get to last night's debate. two of the candidates, they said that climate change is the biggest threat. emily, come on in. now, i think you're to the left of center? you're democrat essentially. what do you make of that? two candidates say climate change is the big threat. a little embarrassing maybe? >> sure. that was coming primarily from bernie sanders, who has been running all the way to the left. sanders really knows his audience with every answer he gave last night, he was talking about domestic policy for the most part and talking about the influence in money and politics. he was very strongly on message and if his goal it to make that issue part of the national conversation, he's doing a pretty good job with it. stuart: hillary clinton is right there on climate change. she's only a couple of steps
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behind bernie sanders and martin o'malley. she's right up there. now, she didn't say that climate change was the biggest threat but in the past has implied that it is a huge threat and president obama said exactly the same thing. as a democrat, are you not a little worried that your party is saying climate change, climate change, when we've got the russians in the middle east, china in the south pacific, it goes on and on and yet we've got climate change from these guys? >> look, climate change is something that needs to be taken seriously. stuart: not in the immediate future. >> it absolutely does. stuart: really? >> what many have been saying on the right we wouldn't act until china acts on climate and china is. stuart: no, they're not. got to be factorially accurate, they're not. china has agreed to start maybe reducing its emissions in the year 2030. if that's action on climate change, i'm sorry it's not. >> well, i think that we are at that moment. we do need to move ahead on
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it. but i think overall in the debate last night what we saw climate change, all the issues they spoke on, it was positivity, a very different tone in the debate last night. people weren't attacking each other, they were very positive and encouraging people to come into the process, which is where they were. stuart: it was a core nation of hillary clinton. she had no serious challenge, when the e-mails came up, bernie sanders bailed her out. >> he bailed her out, but that was the big moment, the crowd was up on their feet, and he said enough with your damn e-mails. that's where people are on this. stuart: do you really? >> i really do. break out the moment of the debate. stuart: that's as well. because the fbi is looking at hillary clinton for all kinds of things. you don't think that's going to bite her in the future? >> look, she's going to
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testify in front of the benghazi committee on october 22nd, that can come out. the thing that i think is dangerous for her about the e-mails is that the way the judge they be ruled out is at 7,000 at a time. every couple of weeks, every couple of months. so for the average voter, they fear, oh, e-mails. there may be something fishy there. there really has not been but the way they roll out could definitely imply to someone there is. . stuart: okay. thank you very much. >> thank you so much. stuart: sure thing. the democrats -- look, this is my opinion again. all about big government. tax and spend. i think it was on full display last night. the list of freebies that they want to give away to buy votes, we'll have that list for you in just a moment. and about eight minutes from now, marco rubio on climate change and the attack on him from bill clinton. this program moments away you both have a
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liberty mutual insurance. stuart: wow. just crossing the wires. volkswagen, vw just disclosing additional suspect software on 2016 diesels. its delaying new models. that's very bad news for the company, i don't think it has stuck into wall street yet because the stock is up 20 cents, but if you can't deliver your problems next year, you've got a problem. let's see what happens when the market realizes what has happened. marco rubio joins us in a couple of minutes, i'm going to ask him flat out is climate change the biggest threat to our country? wait for it, five minutes from now the answer from marco. and the deal that would combine the two biggest beer makers in the world, a beer says that is bad for beer drinkers.
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that's 11:15 this morning. if you listened careful to the debate last night, and you stayed awake until the end, you would have heard an extraordinary list of giveaways. the democrats offered a long list of freebies. elect us and look what we will give you. free public college. free education in early childhood. free prescription drugs. medicare for everyone. expanded social security benefits, family leave, in state television for illegals, that's my list, if you managed to concentrate, you may have heard more, but i think you get the point. democrats running on the platform of giveaways. that is buying votes with other people's money. i understand there has to be a good deal of political postering, i got that. it's interesting, though, to look how far the democrats have moved to the left of president obama. and he's a pretty far left going guy anyway. the guys on the stage last night would give away a lot more than mr. president obama
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and now tax even more as well. they say they'll pay for everything by taxing the rich, the 1%, big corporations and those wicked people on wall street. no, they won't. they can't raise enough for those freebies, they'll borrow it and ignore the debt. after that debate, it is clear the modern democrat party has shifted way to the left. they are government on stair resides. government will take it from this group and give it to that group. we have a vibrant democracy and these debates show it. at the end of the day we may be warn out, but we have a clear idea of who stands for what. my take on the democrats first debate is this. freebies for everyone. vote left, and you'll get stuff. you buying that?
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stuart: in that debate last night, there was no mention of economic growth. a lot of mentions about freebies. giveaways. climate change being the biggest threat to the country. marco rubio, welcome to "varney & company." ray to have you with us, sir. >> thanks for having me on. two candidates said that climate change was the greatest threat. what do you say about that? >> i think that would be a shop for national security folks. the greatest threat is a combination of thing. the lunatic in north korea, the rapid expansion of chinese military power, the constant cyber intrusions against our government and businesses, from china, russia. it is the gangster in moscow.
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it is the g hottest groups across multiple continents. the $50 billion that the iranians are about to receive for a long-range missile. i think those are much more serious. especially in the short term and any changes to the weather. stuart: does climate change appear on your radar screen at all? >> the climate has always been changing. there has never been a time where it has been the same over and over again. the climate is always changing. how much of it is due to human activity. all of the proposals that they send up would do nothing. absolutely nothing to have an impact on the climate. a genetic impact on our economy. that is why i cannot support those. they do not do anything to
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change climate. they will have an immediate impact on the cost of living in america. that is why it cannot support their proposal. there is impacts to the climate that are measurable. sure. i am for issues to adapt to that. i want america to lead the world in energy efficiency. including in renewables, loyal and when. stuart: very little talk last night about stimulating the hair. about renewing growth in the economy and restoring prosperity. in 30 seconds, can you tell us what you're growth plan is. >> the growth plan begins by recognizing that the private sector is what creates growth, not spending. more roads and more bridges. things of this nature. those are important. it will not grow the economy.
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you grow the economy by making america the easiest and best place to create jobs and expand businesses. that is why i talk about regulatory reform, entitlement reform, repealing and appealing obamacare. modernizing our higher education system. we will have an economic renaissance in america. you will not achieve that there just government policy. b-2 bill clinton reportedly said we have to destroy him, that is you, before he gets off the ground. any comment? >> that is what their specialist said he had the clinton campaign and the democratic party are specialists. they have done this for years. we will continue with our policies. we will point out the differences between my opponents both in the primary and general election.
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hillary clinton has ideas from the 20th century. they do not work anymore. we will be the party of the future. we will show the american people how we can achieve. stuart: you are on the go from the crack of dawn until midnight every day of the week. what drives you? why are you running? why are you putting yourself through the ringer like this? >> because america is not just the country i was born in. it gave me the opportunity to allow me to be do anything my talent and work would allow me to be. this is possible because of this country and the sacrifices my parents made. i want america's to still be a place where people can do for their children what america did for me. not just to survive, but reach more people and change more lives than ever before.
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i do not want my children to inherit a country worse off than my parents left for us. stuart: there you have it, marco rubio. jim bush says he can beat hillary. he has the poll numbers to back it up. either way, the top of the hour, the fourth comedy hour. what actually is the biggest threat to our country. you said climate change? [laughter] stuart: that was just a joke. back in a moment. no. no. keep going, they say. sorry about that. vw is closing and additional suspect software. 2016 he so models. do you like those new models. as the news filters air, then, the stock is starting to calm down. we broke this news five minutes ago. our stock was up $0.30.
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it is down. i think that it is a negative for the company. south, you are a millennial, are you not? >> i am. stuart: okay. what did you think of the debate last night? >> i thought that the debate was great. explaining how a capitalist economy works and drives. i thought they missed the mark on a lot of issues important to millennial's. we did see them focused a lot on important issues. i think that they gave the wrong solution. a huge issue for millennial's. just came out with a poll that said one third of millennial's paying off their loan debt.
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if that does not tell you what a serious problem this is, i do not know what will. these solutions, and 0% interest rates on student loans and being able to clear your student loans from bankruptcy. stuart: i think that that is a democrat position. i do not hear a republican saying forgive student debt or 0% interest rates from student debt or let them go through bankruptcy. i do hear the democrats offering some kind of solution here they are addressing your key issue. if we look at the cost of education in this country, the past 20 years, the energy has risen 150%. the cost of education 750%. republicans are focusing on the economy.
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what is important to realize is the bureau of labor statistics just came out with a report by 2020, the number of college grads will rise. that is the issue we need to talk about. growing the economy. bringing it back to the united states. all of these graduates can afford to pay off their loans. stuart: we should be talking about economic growth. new jobs. how do you do it? >> no jobs out there for millennial's. working in the job that requires a less than a high school diploma right now. that is insane. something that we cannot afford to keep doing. stuart: the democrats come up with a partial solution. some kind of bailout. some kind of giveaway. that is a very powerful political tool. is it not? >> it is.
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i do not think that it will be a winning issue. they want to put those taxes on wall street and successful millionaires and billionaires. a majority of millennial's belief that the corporate income tax is the right amount or too much. they do not want to see taxation increase. they want to see common sense reform that will grow the economy and grow jobs for college graduates. stuart: were helpful in the future when we talk to youngsters like you. we appreciate you being with us. >> thanks for having me. stuart: fox business. mark your calendars. the republican candidates face-off tuesday, november 10. it will be here on the fox business neck work. i think cheryl is in the building. dennis: yes. or it is my evil twin. i am not really sure.
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they had a new story out this morning. they will have video out now. 4 billion videos are watched on facebook every single day. now the company will make sections for that. i am thinking advertising revenue. let me show you something. shares of facebook.twitter. that is a big difference. anyway. the stock. where it has actually been. this could be a stock to actually watch. >> okay. the facebook thing. >> the seasickness. i would buy that. >> how would your family like to
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see you in that? [laughter] stuart: next. as klein. author of the book him likable. he is not the only one that does not really care for hillary. >> joe biden running. >> i do not like hillary clinton. stuart: what is wrong with her? >> the rules do not apply to her active management can tap global insights. active management can seek to outperform. that's the power of active management. spending the day with my niece. that make me smile. i don't use super poligrip for hold, because my dentures fit well. before those little pieces would get in between my dentures and my gum and it was uncomfortable. even well fitting dentures let in food particles. just a few dabs of super poligrip free
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nicole: i am nicole petallides with your fox business brief. stocks selloff across the boards. down about 71 points at the moment. we watch treasury bond yield. also moving low. the greatest economic news. a little soft. pushes off that fed rate hike until 2015. earnings out from names such as intel and jpmorgan. weighing on the dow jones industrial average. cutting revenue growth. down 2% right now. we're taking a look at mcdonald's. mcdonald's hitting a new lifetime high. delta, the profits soaring there. lower fuel costs. october 1%. we want you to start your day every day on the fox business network. lauren simonetti and i.
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stuart: the dow industrials are taking a leg down. look at sandisk. may put itself up for sale. the price may go up. twitter.
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google's former chief business officer. the new executive air. twitter is down at 28 on that. check the share prices. trip advisor is up to. they have a deal with priceline. 19% up for trip advisor. cannot get away from that debate. i am joined by ed klein. the author of unlikable. the problem with hillary. [laughter] you watched the debate last night, obviously. was there anything in it that makes her more likable? >> i did not think so. you do not have to be so likable to be electable. she came across on top of her game. very confident. all of those things. she got it across in a very powerful way. stuart: not more likable, but certainly more electable.
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likability is a very big deal. you will be using that person on tv for the next four years. >> the electorate media -- [laughter] >> i love that. that is exactly what my book is about. let me agree with you. i think she has been taking likability lessons. look at what she did last night. she was smiling at the camera. she was composed. that is all preparation. my sources tell me it is behind the scenes. she is screaming. carrying on about her campaign aides not doing a good job. she is very unhappy with a lot of the things that her campaign manager has been doing. she has been telling him answer in terms start getting yourself together. stuart: what is wrong with that?
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you are running your campaign for the president. is there anything really wrong with that? >> no. a young aide does not do her job and you get a letter, she turns around. you do not do what hillary did which is grabbed her arm and twist her arm. that it's out of control from time to time. stuart: i smell a lawsuit. bernie sanders essentially bailed out hillary clinton. the country does not want to that. does that take the e-mail scandal for what it is worth off the table? >> not entirely. hillary was telling the republicans you have had it all wrong all this time. you support that i am a goose. i am not. i am very formidable.
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if you do not get this message, you will be very sorry that you have not taken me seriously. stuart: evade the e-mail scandal. it is all politics. that is all it is. >> i do not think that it will be that simple. based on reporting from criminal defense attorneys, it will be very hard to prove that she intentionally did something illegal. stuart: my bottom line from what you said is that she is stronger after this the bait and joe biden less inclined. >> i think that he was one of the losers last night. that door seemed to close more and more last night as hillary showed that she was really in command. stuart: i have an apology for you from me. i brought up the report that though clinton said we have to destroy this guy before he gets
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off the ground. that was you. that was your quote. >> it was from my book. your book, unlikable. you are a welcomed guest. thanks for coming back. a radical idea. a strict mandatory 40 hour week. once you leave the office, no more phone calls, e-mails. for some, it is becoming a reality. this afternoon on this network, o reilly factor host has a new book coming out. killing reagan. 2:00 p.m. eastern on thisken a a network. the wanted to touch base. we came to manage over $800 billion in assets, local it's how edward jones makes sense of investing.
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remember, medicare doesn't cover everything. the rest is up to you. call now, request your free decision guide and start gathering the information you need to help you keep rolling with confidence. go long™. ♪ stuart: how about this. a strict 40 hour workweek. seems like a crazy idea. maybe not. let's bring in elizabeth macdonald. liz: it was not long ago that we did have a 40 hour work week. we were talking at the break. you give us 40 hours, you know, everything else is yours. at the end of the day, you go to your kids soccer is a, your doctor appointment.
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the longer time you spend at work -- stuart: thank you very much. the third hour of arnie is three minutes away. ♪ ♪
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. stuart: last night the bernie sanders and martin o'malley said that climate change is the biggest threat. i think that's a stretch. i think that is a huge stretch. now, i guess they're shoring up the base, that is politics but, you know, it is not serious policy, is it? president obama said almost he says he's showing leadership by leading on climate change. again, he's shoring up the base and staying true to his green principles but with the world in flames, it's laughable. hillary clinton think so nukes falling into rogue hands, that's the biggest threat. was that a slap at the iran nuke deal? was that a slap at the president? probably.
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but it was probably also an evasion. invading the truth, and it opens us up to an obvious terror threat. now bring it back home. is climate change a bigger threat than a shrinking middle class class? than unpayable debt, and unentitlement society? no, it is not. an unproven theory that forecast disaster way down the road is not a real threat in the here and now. a terrorist bomb is. military humiliation is. when force is good in the world, that's us america, when we're in retreat, that is a threat. political pandering, shoring up the base is part of the political game. i've got it. understood. but when it's an evasion, a distraction, when the real obvious threats are ignored, it is politics at its worst, and it is flat out wrong. ♪ ♪
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♪ >> climate change of course makes cascading threats even worse. >> if we do not address the global crisis of climate change, transfer our way to fossil fuels, the plant that we're going to be leaving our kids and our grandchildren may not well be habitable. >> it has continuing threats from the spread of nuclear weapons, nuclear materials that can fall into the wrong hands. i know the terrorists are constantly seeking it and that's why we have to stay vigilant and also united around the world to prevent that. stuart: rob o'neal is with us. rob, two candidates last night in the debate said that climate change was the greatest threat. what do you make of that. >> thanks for having me, mr. varney. i think that a lot of -- i can't see how someone could believe that's the greatest threat. i think that's pandering to the base, climate change they're saying that scientists are pretty much onboard with
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it. right now to me, the major threat is the instability in the region just south of the former ussr. you know, we've got -- they did mention the instability in syria, and they blamed it on the invasion of iraq, the arab spring and then some of them said the iran nuke deal, none of them said we pulled out too fast. stuart: that's the other side of the coin, isn't it? instability. got it. but it's our reaction to it, our nonaction to it. maybe that's the threat. >> yeah. right now there's a lack of leadership in that part of the world and generally the united states needs to lead from the front and that's how we get a line of solidarity. some people have said that president putin from russia is trying to add leadership, he's not. he's looking at his own agenda, he's trying to find -- he's trying to back assad, bomb the moderate sunnis that are there, even the ones we have backed because ultimately what he wants to do is make it so it's assad against isis knowing that we have to take the side of the russians and
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fight isis. stuart: in military terms, have we lost? >> we haven't lost, but we definitely of an a change our strategies. the one we had recently spent $500 million to arm soldiers, i'm not sure what that was, but they backed off and they said we need to try something new, but they need to get smart about it. hopefully get some sunnis that can go and arming the curves, we don't need to go through baghdad like we are because the arms we give them, the government in baghdad keeps them. they have no interest in a big army, so we need to get face to face with the curds army and probably what we're doing with the russians whether we like it or not. stuart: how does the country feel? do you think america at this point wants a rebust military posture? >> people are force fed that we're war wary and if less than 1% of the country has been to war, if you've been to war, you can't be weary but i
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know given the proper funding, this military's ready to take anybody on and every country know that, the problem is who believes us? . stuart: are you tired of being a civilian life? >> i miss the guys, it's nice to be a around a group like that, even though there's 20 guys standing there, 20 guys are all saying different things and they're all right. stuart: rob o'neal, thank you for joining us. >> thank you. stuart: let's get straight to the stock alert, will you look at this? that is walmart. that is the largest retailer in the entire world, and it's down 8.5%. i think that's the biggest drop in more than a decade at this point. we're down $5 at 60.93. walmart is a dow stock and helping take the dow down 70 points. what else? ashley: the worst trading day for 17 years for walmart. the reason for all of this a very negative outlook from walmart cfo basically saying that they're cutting the
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revenue projections by $15 billion for fiscal 2015. they say that revenue sales are expected to be flat next year. they're saying that the higher costs felt wages, the wage increase is going to cost them 2.7 billion over the next two years over a billion dollars alone this year. 75% of the reduction in their earnings forecast they say is attributable to the higher wages. so pretty pessimistic words from walmart. stuart: what i'm picking up on that is this is a economic indicator. when our chief financial guy comes out and says next year, 2015, sales will be flat. >> yes. stuart: down $15 billion. >> right. stuart: that's the shocker. >> it will get even worse and they say in fiscal year 2017 economists are expecting growth of 7% and now they're forecasting a decrease 6 to 12%. stuart: sharp drop in profit. ashley: yes. >> and that's what's weighing down the stock here. stuart: i'll see.
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it's an economic indicator. they're the largest retailer in the world, one of the -- i think the second largest employer in the united states, private sector, largest of all, and they're saying flat sales next year, lower profits in 2017. ashley: and to add salt to the wound, the strong dollar is also killing them as well. stuart: okay. but they did announce a $20 billion stock buy back. ashley: yes, they did. >> over the last couple of years. stuart: normally that would be one. ashley: you're taking away shares from the markets, so you should add value to the share price. not working but based on this fiscal outlook account has been but this also raises a bigger debate to higher wages that they have promised a lot of their workers; right? ashley: uh-huh. >> you see the higher wages will make up 75% of that earnings per share reduction. stuart: oh, okay. >> so there's a lot of pieces at play here. stuart: hoist by their own -- ashley: yes, exactly. stuart: but the big deal is flat sales next year. ashley: yeah,. stuart: come on in, jason,
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market watcher, please. this is a terrible blow to walmart, and i think it's indicative of a problem of the overall economy. what say you about the stock, please? >> sure. well, you know, the thing is when i hear you guys telling everybody that walmart is pointing the finger at higher wages. well, when you point one finger out, i think walmart has to look at is it really the higher wages or their model? i'm going to compare walmart to blockbuster, i'm not going to say that they suffered the same fate as our old friend from the past blockbuster, but blockbuster got crushed by netflix, is it true that amazon is taking market share from walmart? so i think walmart, it needs to, you know, up their model or else suffer the fate of blockbuster in the long term. so it's really not a buy right now. stuart: okay. that's the stock. just change your hats for a second and look at the economy. >> sure. stuart: if they've got flat sales, walmart, the biggest retailer of the lot, flat
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sales in 2016, that implies to me a slowing economy. go. >> i agree. i mean the thing is -- stuart: hold on a second. ashley. ashley: maybe jason can speak to this. walmart says part of the reason they've got a three-year plan where they're going to invest heavily in their stores and e-commerce spending about $11 billion alone in fiscal 2017 and another roughly 1 billion on e-commerce and digital initiatives. it's almost they're pushing a reset button and because of that they have to downplay their expected revenue over the next several years while they make investment. stuart: so, jason, they're investing, trying to change, trying to shift the model maybe. does that make any difference to your assessment of the stock? >> if there was no other company doing what they were investing to do, i would love walmart. but amazon's been there, done that, amazon's light years ahead of walmart. so, unfortunately, for walmart, it's not going to go higher over the near term unless they can prove that they're doing amazon's not doing. if they're playing catch up,
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what's the point? amazon's there. stuart: i want to ask you again. is it an economic indicator. >> yes. stuart: that the whole economy is slowing down all over again, is this part of that slow down. >> sure. and you know what? for two main reasons. and, again, no doom and gloom from this corner, no end of the world, but i do see a stagnant in the s&p, in the dow for two reasons. number one there's going to be an interest rate hike in the near term, adds a lot of uncertainty, a lot of volatility, number two. it's an election year next year and, again, the more uncertainty, the less confidence people have to buy, buy, buy, since they've done since '09. so i don't see a downturn. stuart: one thing i find interesting here is the decline in walmart stocks takes about 35 or 40 points off the dow industrials. so right now we're down 88 on the dow. take out the 40 points that walmart accounts for, and you've only got a drop of 48 points. now, if walmart really is an
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economic indicator pointing south, you would have expected a bigger drop for the overall market with that kind of news coming in. want to comment on that? >> well, case and point. you just essentially proved my whole point that the market isn't concerned about a crash, another 10% correction but unlike the past six years, the market is not just blindly buying because of a stimulus or qe, that's no longer here, so we need to see more proof in order to continue higher. stuart: all right, jason, thank you very much for joining us this morning. very crucial time. we're going to keep this on the air, we'll keep you looking at walmart, keep you looking at the dow because this is a big development, and it's happened just in the past few minutes. now, we are saying walmart is an economic indicator. got it. which brings us to the debate last night. democrats didn't say much, if anything about growth or prosperity. bring in fox news digital politics editor chris. now, that's my reading, chris,
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that they didn't mention prosperity and growth. they didn't. they talked about freebies and giveaways and more government spending and higher taxes. am i reading the debate correctly? >> well, you've got to see it through their eyes, and you have to see it through discussion about whether or not which scandinavian nation has best model for welfare state. if that's part of the discussion -- so if you believe that the way to create growth is by increasing taxes on the wealthy, taking that money and as they were saying last night investing, spending it on programs that will benefit the middle class, like, free college and other things, then, yeah, they were talking about growth. in the transitional sense, the common sense about how things grow and how americans have transitionally understood things to grow, then, yeah, they were. but i will say this. for hillary clinton, the effort to embrace a man who is self described socialist, bernie sanders for her to embrace him and his ideology
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but push back in some way that mix her still palatable to voters is a very tang owe to watch, it will continue to be a problem for her because the center beam in the democratic party is so far left now on these issues that it's awful tough. stuart: i read that debate as being a victory, a win for hillary clinton because she's. >> yeah. stuart: because she's not seriously challenged, she's strengthened her position, and i think this makes it less likely that joe biden runs. what say you? >> right. if joe biden was waiting for -- if his decision was contingent on this debate, he probably wasn't going to run anyway, but if it was, he definitely isn't going to run. i think this. joe biden was going to wait to see if hillary clinton is going to implode, which she might, i think the chances are less that she'll experience catastrophic full failure and she will somehow find a way to survive on the end and not get
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blown up on scandal. but whatever the case, biden is just waiting to see maybe he'll blow up in time that he can jump in the race and still make this a thing but he's pretty much out of time. stuart: chris, we gave you less time today because we're all consumed all of this news for walmart, we do apologize. >> no sweat. stuart: we are a financial program,. >> my pleasure to be here. stuart: pleasure indeed. ashley: keep an eye on the stock price, down almost 9.5% after the initial news came out, now coming back a little bit. stuart: okay. but that's the news of the day. the financial news is walmart and the dow both down. back in a moment you wouldn't take medicine without checking the side effects. hey honey. huh. the good news is my hypertension is gone.
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stuart: now we're down 105 points on the dow industrials, why are we down so much? well, there's one story that dominates all of that at this moment and that's walmart. a huge decline, over 8%, i've not seen a drop like that for that stock and here's why.
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they're forecasting flat sales for next year and sharply lower profits for 2017. on the line economist professor of economics at the university of maryland, peter. i'm interested in this story, peter as an economic indicator. if walmart is saying flat sales next year and they're the biggest retailer of them all, does that imply that this economy is slowing down dramatically? >> no. i don't think so. i think the economy is changing just like the globe is shifting away from china. well, guess what? what walmart does is not a consult, and other retailers are doing how to do it. meaning amazon prime, young people get their netflix that way and on top of that and premium for free virtually they get overnight or second day delivery on so many products that are priced as good or even better than you can get at walmart. stuart interesting, peter. i took this as a flat-out economic indicator, we're in trouble, you're saying, no, it's a shift in the whole
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nature of retailer toward the online guys like amazon. that's very interesting, peter. what do you make of walmart as a company and its profitability? go ahead. >> can it get back on track? yes, but it's going to have to improve its shopping environment. let's face it. going to walmart is not like going to target. and while target may have its problems as well, you can get prices that are very favorable in other stores and the experience is not as torturing. also with all the pressure about treatment of workers, minimum wage and so forth, walmart has to treat its workers a little bit better these days and it is. that raises its cost, all of this is cutting not only to the margin between sales price and cost, but the margin between their cost and those over at target and other retailers. stuart: fascinating. peter, thank you very much for joining us at such short notice. all good stuff. we appreciate it. ashley.
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>> and to peter's point, walmart announcing today they're going to invest $11 billion over the next several years in technology and people to quote enhance the shopping experience. so they're well aware of the problems they face. the question is can that be enough to draw people back in with amazon. stuart: joe, they said that walmart is going to raise the wages. >> yes. stuart: and a drop in profitability; right? >> exactly right. $2.7billion it will cost walmart, so the higher wages are 75% of the eps drop. so that really is the math, it's pretty significant but the three big themes -- four big things that come out of this situation, wages going up, sales are flat currency stronger dollar and fourth can walmart defend its turf or are they going away in brick and motor? can they compete with amazon? of course they can be many
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different players in the game. ashley: here's the problem. they're operating -- that's exactly right. the operating expenses are greater than the sales growth. never a good combo. jo: how do you turn that around? a very tough thing to do. stuart: show everybody the dow industrial. down 121. a further drop, walmart pockets about 35, 36 points of that drop, that implies that the overall market is taking this as maybe a sign that the economy is slowing. ashley: negative sentiment. stuart: okay. we've got it. down 122, walmart down 8%, not seen that in a long, long time. we'll be right back the only way to get better is to challenge yourself,
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stuart: do we have a big story breaking in the last half hour and it's taking the dow industrials down 121 points, the story is walmart, that stock is down really big, now it's down 9.5%. all kinds of stuff going on here. let's bring it all together about ert, a retail consulting guy and, bert welcome to the program, i know you're saying that this walmart news brings it into i aretail ice age for america. explain that, please.
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>> yes. it does, stuart, with the disappointing u.s. department of commerce numbers this morning off a bad month last month and a bad quarter and soft year to date, what you're seeing is too many stores chasing too few shoppers with too little money as they shoppers are squeezed with high costs from health care to rent and at this point walmart's doing a lot of things right but at this point they've run out of road and now amazon is taking a part, the biggest and best retailers starting with walmart. stuart: so is it a shift to online selling and a shift away from brick and motor. this is part of the story; right? >> stuart, you're completely correct. shifts from before this accident and motors on land, online where amazon and the others with lower cost and robotics are dominating. . stuart: now, is it also
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something of a economic indicator. not just walmart the story itself but as an economic indicator but they're saying that they're sales are going to be flat in 2016. what do you say? >> stuart, you're raising a point. it is a leading economic indicator that this retail ice age is indicative of really rough economic times as we get into the new year 2016 and the back half of this decade through 2019. stuart: now, you studied walmart and other retailers and walmart is saying today they're going to spend $11 billion on technology and on people to try to get back in the -- maybe into the technology online game. have they left it too late? >> too late to your point. this is the 5th time they've tried in 15 years and following walmart for over 30 years and being a walmart shareholder for just this long, wish the company the best but a concern that it's much tougher times ahead. stuart: as a retail consultant, are you saying
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that the game is really changed and now we're seeing it and the place to put your money is online? >> definitely online, stuart, it's -- we forecast with your fox business team earlier this year and there are some good before this acciden bricks and motors but retailers going from multiregional to national, to the retailers built out like walmart, there's nowhere to go no matter how good they are because the competitions to unforgive. stuart: and you're a walmart shareholder yourself. >> yes. and have been since the early 1980s. stuart: you might have to sell and pay that tax. >> i've given 99% of the shares to cornell university where i teach marketing. stuart: you are a good man. thank you very much. >> thank you. stuart: . stuart: ashley, what wesley do we have? ashley: just going over the
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reaction, but i can tell you they've lost about $21 billion in market value on this week forecast with the shares down now close to 9%. so that just gives you the sense of the of the enormousity. jo: the national retail federation says holiday sales are going to disappoint, 3.7% in holiday sales, that's down .4% from last year, americans really feeling torn between the ability to spend versus the desire to spend. so it's a real economic indicator in itself. ashley: low gas prices would put more money into peoples pockets and they would spend, but higher rent, higher health care cost and retails have been suffering. stuart: i believe we have brian on the phone, economic correspondent with the street; is that correct? brian, are you there? >> hey, stuart, how are you? . stuart: i'm better than walmart at this moment in time. now, on the show so far we've
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looked at walmart, had an analyst say, look, they're losing the bricks and motor game and the online people are winning. that this to some degree is a economic indicator because walmart says flat sales in 2016. what do you have to add to this? >> well, what's happening to walmart stock is the very foundation of walmart the company is being rocked. rocked because the poor people that go to walmart are not spending as much as they used to because they can't. they just don't have the income growth. and secondarily walmart was founded on keeping low prices low and beating employees over the head with cheap wages. those things are fundamentally changing for this company and investors are finally starting to wake up to that reality and one key point that's getting lost today in the headlines, walmart is now evaluating its portfolio. i think you'll see big changes for walmart in the big years such as spitting off sam's club and closing hundreds of stores in the. stuart: what did you say whoa.
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brian, you're on dangerous ground. that's interesting. i do want to ask about walmart as an economic indicator. because sales 2016 flat. >> uh-huh. stuart: now, we've had other indicators that the economy is slowing down. what say you on walmart as an economic indicator? >> oh, i do. i think walmart when they come out and lower their sales again and keep in mind august company yet again lowered their sales guidance and earnings, they become a disappointment in retail in the large fact, one of the large contributors is that their shoppers are not shopping the stores as frequently as they used to and as i look at walmart news today, about the holiday season may not be shopping up as strong as walmart, target, other retailers would like it to. stuart: okay. earlier this morning i think it was one of the -- the government said, look, retail sales in september were up .1%. but if you took autos all of the deal, they were down. retail sales in september down .3%.
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that suggests, i don't want to go overboard, but that suggests a rotten holiday season. >> well, it helps forecast -- helps forecast the demand for goods during the holiday season and the way i would read this, back to school started off with well for many tee teen companies, and just as the employment market cooled and the stock market got rocked and right now if you're a retailer planning your inventory you're concerned you may have to offer more discount. stuart: real fast. didn't we see this coming? all of a sudden they got news at the top of the hour, walmart goes way down, the dow goes way down, nobody saw this coming? >> there is a lag effect and right now what you're seeing in the retail sales data is consumers reacting to what happened in the summer and they may continue to react as a result. retailers have to plan their merchandise six months in
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advance so for them they're still kind of hurt by how things moved so quickly. stuart: brian, top economist there at the street. thanks for joining us, sir, we do appreciate it. io. jo: i am wondering. we have november 17th earnings will come out from walmart, we will get more information from the company on its outlook and i also wonder what will happen to all of these new initiatives they've put forward to compete on different playing fields. i'm talking about the smaller neighborhood market stores,. ashley: right. jo: plus the online grocery service, same day delivery. these are expensive tests that walmart is trying to deploy. ashley: also desperate too. they also announced they're going to raise their minimum wage to $10 an hour by next year. what's the federal minimum right now? . stuart: 7.25 so i haven't it's well above and those costs just as we've been reporting cost well in excess to 2-$3 billion. jo: plus $1 billion in training cost as well for the employees. ashley: right so that's a big
quote
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investment and really hurting the bottom line. stuart: this guy a big story, let me recap where we are. walmart maybe 45 minutes ago came out with their forecast for the future and a statement about the company basically that's what they did. sales flat next year. big deal for place like walmart. profits down in 2017. big deal for walmart. they're going to spend 11 billion trying to get back up to speed on people and technology. essentially we've had analysts on this show saying, look, walmart, bricks and motor going down online sales amazon going up. on the phone with us right now, katherine deck an economist. welcome to the program. >> thank you so much. stuart: if you're an economist i want you to tulsa about walmart as an economic indicator, not the company itself but its position itself in the overall economy. is this a sign we're slowing down? >> well, i don't think so much
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that it's a sign that the overall economy is slowing down more than it is a reflection of just the incredibly tough environment that walmart has found itself in trying to serve the median consumer where wages are really not growing even though employment is much, much better off. stuart: their announcement today is a function of the squeeze on middle america and the squeeze on poor america as well. that's what's going on. >> there's no doubt. and so when you look at walmart key consumer, there just hasn't been any wage growth to speak of. and at the same time that there hasn't been any wage growth to speak of, all of these other things that you talked about on your show have happened. we've seen change in buying habits, online be such an important place, we've seen walmart suppliers, you know, being in a hard place to give walmart that everyday low cost they need to give everyday low prices to people. so all of these factors are there so when walmart says
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it's going to invest and make these plans in the future without the kind of revenue growth, of course there's going to be a squeeze. stuart: so walmart itself will be squeezed, its future operations. could you see stores closing, the abandonment of some of the programs that they've started? >> i think it's a little bit too soon to say abandonment. i think walmart's key strategy is meeting its consumer where the consumer is. so that's why they've been paying such close attention to small format and online, trying out new delivery functionality to its customers. so walmart recognizes that its customers preference is changing and trying to make sure where those consumers are, that's a expensive proposition. stuart: thank you very much for joining us, you know what's going on here, you're an economist in arkansas. good stuff. may i introduce a political angle to this? ashley: you may. stuart: stay out of the conversation if you wish. i want to do. kathryn deck and other other gusts have
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been saying walmart is being squeezed by the squeezed income of middle america. ashley: right.uart: that was pol overtones because we're squeezing middle america and we've got a presidential election in 14 months, doesn't the party in power have some of the blame for squeezing. ashley: the gop would jump all over this. another example of how their policies have led to squeeze on the middle class, how wages have not risen and because of that they're falling behind. stuart: but the democrats would say we're going to legislate higher wages. we're going to have much higher -- the debate last night. much higher minimum wage, do everything they can to legislate higher wages for workers. i don't think that works. ashley: no. well, look where it has gotten us so far. stuart: not much. jo ling kent, would you like to come into this debate? jo: look, the economist in arkansas made a great point, wage growth is notthere. so you couple that low labor force participation, not
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enough people working and getting the jobs they want, given up on the economy and that does impact how things are purchased around the country, it's a very simple, clear concept that is a good forecast of what may be to come for walmart in 2017 and 2018. stuart: okay. our bookers have been scrolling through their to come up with experts and people of authority to know what they're talking about in this situation. on the line now, susan, a personal finance retail analyst, have i described you correctly, susan? >> no. actually, stuart, i'm a small business expert. so it kind of falls in the same thing there. stuart: i'm stuart varney. charles payne is on another show. >> i'm sorry. stuart: you may be used to working with charles. >> i am. i love your show. i love your show. stuart: okay. what's your take on walmart's statement that sales are flat next year, profits are down in 2017, they're going to try and spend a lot of money to get
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back on the online game. what's your take? >> well, i think one of the things is they want to try to compete with amazon and that's a tough thing to do, especially when you look at their online sales online compromising about 2.5% of their total revenue. so i don't see this as their saving grace and i don't see that they're going to effectively compete with amazon. you know, in any business when you are jumping on the bandwagon, you're probably too late and i think the sales for walmart. not that it's not going to be an important part of their business model, just not the saving grace. stuart: if you've studied personal finance, perhaps you agree with our other analysts say it's the squeeze that's really hurting walmart. do you agree with that. >> it is absolutely the squeeze on middle america. looking for even less expensive resources and they're not spending as much. but also i mention small business. you know, for small
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business owners who come up with a product and then they get this opportunity to present to walmart and they get it in the walmart stores, it's almost a good news bad news scenario because if someone else was saying they're squeezing their vendors so much that is it really the right step to try to sell to a company like walmart where your profit margins are almost minimal. so that's another issue and then finally i think that all of the concerns that people have had about the way walmart is treating their employees and quite frankly i don't always buy into the propaganda about how horrible they've been to their employees and not paying them a living wage, after all you want to be a greeter at walmart the rest of your life? i hope you would aspire to something more. but i think that brought them a lot of bad press, and it also presents a huge amount of potential litigation. stuart: it certainly did. susan, you used the proper word there, propaganda against walmart. very interesting stuff. susan, thank you so much for
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joining us at such short notice. >> thank you. stuart: to recap, 40 minutes ago we got the news from walmart, an extremely disappointing outlook for the future in terms of sales and down goes the stock, taken the overall market with it. back in a moment so what about that stock? sure thing, right? actually, knowing the kind of risk that you're comfortable with, i'd steer clear. really? really. straight talk. now based on your strategy i do have some other thoughts... multiplied by 13,000 financial advisors it's a big deal. and it's how edward jones makes sense of investing.
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to build something smarter. ♪ some come here to build something stronger. others come to build something faster... something safer... something greener. something the whole world can share. people come to boeing to do many different things. but it's always about the very thing we do best. ♪ >> i'm nicole petallides with your fox business brief, we are seeing down arrows across the board, the s&p 500 down a quarter of 1% losing about 5 points, the dow jones
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industrial average off its lows of the day, had been down over 125 points, down 90, 16,992, everyone continues here on awall street to focus on walmart. the biggest selloff in walmart in 17 years and the strong dollar will cut its revenue and sales will be flat in 2016 also technology investments weighing on the company. and trip advisor and priceline over 20% on the partnership and that is a winner today. netflix, after the bell the reports of quarterly numbers options traders are betting a move of roughly 14% either way. the biggest movers of 42% gain in january 2013 when the company report prized profits. fbn a.m. starts at 5:00 a.m. you drop 40 grand on a new set of wheels, then... wham! a minivan t-bones you. guess what: your insurance company will only give you 37-thousand to replace it. "depreciation" they claim.
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and so you need to take an idea that you have and go for it. you have the opportunity to say, "i've been part of the creation of over 27,000 units of housing," and to replicate this across the entire african continent. stuart: we've got a retail story and a half. walmart about 45, 50 minutes ago came out and gave a disappointing forecast to the future, and it was really disappointing. flat sales, they can't sale what they used to sale and that has had an enormous fallout. listen to this, po one down 5%, target down 4.5%, best buy, 4.5% down, dollar general, a direct competitor, down 3%.
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the others on the screen right there. retailing is suffering and so is the overall market because this may be somewhat of an economic indicator. down goes the dow off 100 points. welcome to "varney & company," governor jeb bush. good to see you, sir. >> great to be with you. stuart: in the debate last night, two candidates said that climate change was the greatest threat. what do you think is the greatest threat? >> i think the national security of our country is threatened by islamic terrorism and by nation states that his our weakness and our exploiting it and are running wild in effect and trying to reestablish their power and influence in the world and creating the potential of real conflict and whether that's in the middle east or other parts of the world, we're seeing it play out, we need a strong america and then focus on how to create high sustained economic growth. stuart: yes.
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>> where more people can have rising income. climate change. worrying about the declining income for peoples pockets. stuart: is climate change on your horizon, on your radar screen at all? >> well, i mean in the sense that the climate's changing, okay. we've got that, and we can adapt to that reality but the simple fact is you can't hollow out your industrial core to deal with this. you have to grow the economy. we need rising income for the middle class. we need people lifted out of poverty. in all of the programs from the left are top down driven programs that suppress wages, suppress job growth, suppress investment in our country, and we need to do the exact opposite. we can solve our climate problems over the long haul and just be prepared for them by growing our economy to far, faster rate and that should be the priority of the next president because we've had eight years now of serious decline, and it's changing who we are as a nation. you've got a tax plan, released it in some detail.
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but you didn't get that much traction. how do you react to the -- trump's view that you're a low energy candidate and that's why your tax plan didn't get much reaction. eye got to get a reaction from you. >> yeah. look, not about the personalities on the stage. my tax plan allows for -- calls for a reduction in the corporate rate to 20% and full deduction of all capital investing. that's a high energy idea because that would grow our economy at a far faster rate that what we're growing now. we limit the number of carve-outs and shift power back to people is what we need to do. the proposal we put out sustained economic growth at a far faster rate and you put that in rere: peel in obamacare with the regulatory proposals. we could grow at 4%. particularly if we embrace the energy revolution, growing at 4% would change everything about our psychology, how we feel about ourselves, our country, and it would grow more importantly income for the middle class that hasn't
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had a raise in 15 years. that should be our mission. all the politics around this is just completely irrelevant . stuart: okay. we know your schedule. we see you running from dawn to midnight every single day. we know how grueling it is to run for the presidency. no question about it. so my question is to you is why are you running? what's the fundamental driving force to make you want to be the president of the united states? >> well, first of all i'm in a position that is makes if he feel privileged and honored to be running, and i love this country, and i do it with incredible passion and commitment because it's a serious endeavor. but my motivation to run relates to the fact that we're in decline right now, and because my practical experience as governor, i know how to fix the things
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stuart: they found a new problem with their software. different device. different software. they cannot deliver their new models in europe and elsewhere in the world because of this new problem. leaving after just three weeks after taking the position. at the center of it all. nonetheless, volkswagen stock is up $0.25. we will be back in a moment with more news. ♪ people talk about "deals"
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choose, choose, choose. but at bedtime? ...why settle for this? enter sleep number. don't miss the columbus day sale. 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 save $600 on the #1 rated bed, plus 24-month financing. hurry, ends sunday! know better sleep with sleep number. stuart: the big story of the day thus far in money is walmart. flat sales next year. lower profits in 2017. an economic indicator. a squeeze on middle class middle income americans. they cannot stop that walmart.
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they do not have the money. $21 billion taken off that companies of value. now, let's get into hillary clinton and integrity. look who is here. former lawyer. >> a reformed lawyer. stuart: what do you have to say? >> right now, that trade deal is an important trade deal. it was a trade deal on her watch. she supported it. it is important for our country. right now, it is cheaper to produce a mercedes-benz then it is in germany. trade deals in europe and trade deals with asia. it is important for our economy. stuart: she was for it and now she is against it.
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>> politics over principle. she has not had the luxury of sticking the principal. she has had problems within the party. stuart: you are a high-ranking guy. you are questioning the potential integrity in the months to come? >> do not put words in my mouth. i am noting that this risk based on trade deals. that is important for our country. going forward, i think the road is clear. she has to stay on principle. stay on principle otherwise it will hurt. >> very tough to do that. >> always what you believe in. i believe that always serves politicians pass. she can do that. stuart: mr. ambassador, you got it all in and about two minutes. that is pretty good.
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thank you very much for joining me. >> all the best. stuart: today at 2:00 p.m., they'll hello riley. do not miss it veered we will have more varney after this. ♪ it's more than a network and the cloud.
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stuart: i do not want to give away any of your time. it is yours now. neil: what a fantastic show. you probably heard from stuart what is going on with walmart. in a world of hurt. the biggest daily drop ever. connell mcshane on what is ailing retail. connell: it is a real mess for walmart. no doubt about it. looking at flat sales growth. it is blaming a strong dollar. cutting into revenue out walmart. $15 billion. you look out further than that. the earnings will not be so great. analysts have been projecting

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