thank you so much for joining us. "varney & company" is next. stuart has a huge interview with donald trump ahead in the next hour. stew over to you. >> it will be huge. [laughter] >> thanks maria. and good morning everyone. look, this is going to be one of those days, your money is going to take a hit. first, the fact. stocks down, oil, down. interest rates, way down. and gold -- safe haven going up. you may ask what is beginning on, here's the answer, number one crash in oil is reeking havoc on government and banks the world over. two, much of the world is in recession, and america is slowing down as well that's not good. three, the rush to safety, money pouring into u.s. government bonds that's why interest rates are falling so much, and number four, this question is this another 2008, you start asking that, and you know there's a problem. you add it all up and 30 minutes from now stocks will be down big time.

one last point, what does donald trump think about all of this? he's on the show in this hour. "varney & company" is it be to begin. >> all right everybody i'm going to give you a chain of events that produced what is going to be a big selloff a half hour from now. governments in europe and japan started keeping some of the money that you lent to them. give them $100 and you get $the 99 back that is bad. banks not make money with this going on. down go bank stocks way down. that's bad. but price of oil crashes to a new low. stocks take another hit. independent oil companies are insolvent that is bad. worldwide financial turmoil yes there's a flight to safety. that is what is going on. here's market watcher jeff seeker. all right jeff, here's the question everybody ising can ask

this. is this a repeat of 2008? >> i think there's a lot of similarities. i think there's things about market that concern me more than 2008. primarily because this is a market that has been built on this sense of desperation that the fed was able to satisfy by all of these different desperate measures, rates, negative interest rates, all of these precincting everything they've been able to do. but the problem is, we have a vulnerability in banking especially in europe and china, that is to me ownerrous on this. >> banks right at the very center of this latest turmoil that is just leak 2007. bank stocks going way, way down. explain the relationship here. why are bank stocks down so much? i've got european banks down 15% today. >> right here's the problem banks have been lulled into a false sense of security just like investors.

banks believe that central banks in europe and asia, and u.s. that their central banks bail them out. we initiated too big to fail. we have bailed out banks when they got this trouble. you would think they would have learned in 2008. unfortunately they have not learned. banks are joined at the hip. there's a dependent city in this global banking system if one bank suffered many banks suffer. that's what we have to contend with. >> starting with a bank really serious trouble. >> about the quality of their balance sheet and fact that the about guarantee for those -- i don't to get one key but convertible bongdz. basically guarantee that government was backing it up isn't there anymore is creating instability. >> banks at the center of the problem. you say the similarities, similar to 2008 therefore you believe stock market is headed way south, do you? >> i've believed it for a while. knee-deep in the european banks.

these european banks are in trouble and pus banks banks have attached themselves to them i think in the majority it has been a market that is 100% dependent on the fed. so when we got bad news, the markets took it as good news because fed would initiate this desperate measure that would create a scenario where stock prices have went up. thousand, investors have absolutely nothing to look forward to. from the fed except reality. now bad news is, in fact, bad news. >> nothing to look for forward o and nobody going for growth. democrats are not going for growth but nor taxes and spenting so no relief from the federal reserve or politicians but to the leadership. >> i'm running out of time. how far down are we going? >> i believe that dow is going to be in around 142. going down heavily.

here's one thing i will not discount that i have in the past. i won't this time. i will not discount the fed doing something truly december trait and truly stupid to try to stop the market from declining. >> like what -- don't tell us. [laughter] all right jeff thank you very much indeed. you've been right before but i hope you're wrong this time. hillary kramer is with us. i want to know safe havens we know treasury boppedz are safe haven. gold is. but you've got diffed end players that will pay me in times of trouble? >> utilities, the utility stockses that are still going to be in business and investors enough concern there and you can make three and a half -- 4% on those companies. >> that diff end is secure? a turn around three weeks from now rein say you can't do that? : it is secure and many of the inputs have dropped in price. so that cheaper for the utilities to operate o.

you can also look to some value area where is their companies here in the u.s. that do very well. they're sleepy companies there's a paper company. dome -- uss for example. i don't own, but it is also in the -- area. give me at&t what does it yield right now dividend? >> over 5% but too much debt. you want to look for companies with clean balance sheets that's why some of the companies in retail the kohl's, dillard's some of those companies have cleaner balance sheets some of the restaurants stocks are stills beginning to do well that's been a theme of mind. some of the diversified pharmaceutical companies as well they have fallen so much but they have an important role. >> to sum it up in other words you have a little debt. >> you don't want any debt in that environment. that's why you have to stay away

from energy. >> i want a dividend as well. clean balance sheet no debt pay me a dividend and in an aye where there's some growth possible. that's it. you've got it ?fnlgt you can make a lot of money coming out of this because the world is not falling apart. this is not financialarm armageddon. >> they tell a different story. world is really at trouble. : stuart this is where people end up making money at times like this. not sure if we're con vipsed but we do hear you. harping upon negatives today. how about this -- cheap ol, that means cheap tbas which is a dollar 70, stop is judge. stop it. >> where are you driving to fill up? >> that's had the national

average now cheapest? >>oklahoma state a gas station there with six locations for a dollar and 7 cents. state averages about 35 which is about best in the country as well. by the way seeing lowest gas prices in the midwest in 12 years and chicago even chicago we know about the guys at the cme complain all of the time but reported 12 straight days under national gas. so starting to come down but oklahoma god bless them. >> so iemg wait for 99 cents a gasoline. >> it's coming. they said there was a place in where was it -- in kansas 99 cents yesterday trying to confirm that it is today. here he comes. heard it first rights here. moving on with financial related but a political story. fox news tex collusive. that top secret intelligence only o hillary clinton's private server it passed through a dozen other e-mail accounts. in other words, top secret

information was out there. i'll get to the possible financial angle in a moment but right now he's judge napolitano to tell us how bad this rev revalatinon is potential >> it was greed an new revelations each week. i say revelations i believe that the fbi what i'm about to discuss that the gi is known about for a while that they are public revelations that i believe the deeper the fbi digs the more they find there's a need for further digging. but the latest revelations thanks to our colleagues katherine and pamela brown, and their contacts, and poem they speak with with -- between top 30 top secret from her private e-mail server.

>> that is a felony they lacked clearances to receive this. but she apparently regularly engaged in them in conversations in the e-mails about this information. u how does this harm her? this is really very bad for her. because now the feds know if they indict her aids for the failure for the rekroapt and use of top secret information when they didn't have a clearance, they trade with those aids a lesser penalty for your testimony against your former boss. >> if gives the feds leverage. absolutely on those aids against hillary clinton. >> absolutely. we know fbi has begun to interview those aids they, of course, would be qiez to have legal counsel. >> a financial angle to this. i think there is you're describing a grave situation legally for hillary clinton. which will have an impact on this election.

and at the same time we have bernie sanders that alternative democrat come on strong, leading the field and he's a socialist. and right now we've got a financial selloff across the board in the united states and impending recession so what you're saying about hillary may have indirectly a financial impact because of bernie sanders. >> it certainly having financial impact at the united states l naval observatory and mansion located on there and principle occupant. >> that is -- >> vice president biden. >> you're right. i can't believe he's sitting around doing nothing about about this. as hillary twist in the wind got to be answering the fray. >> that would be speculation judge glad you made it. wore part of it. watch this program and you'll see it unfold, and donald trump he's coming up only the show shortly.

and going to ask him what's your analysis of this selloff, and what would you do about it? back in a moment. at ally bank, no branches equals great rates. it's a fact. kind of like grandkids equals free tech support. oh, look at you, so great to see you! none of this works. come on in. this just got interesting. why pause to take a pill? or stop to find a bathroom? cialis for daily use is approved to treat both erectile dysfunction and the urinary symptoms of bph, like needing to go frequently, day or night. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex do not take cialis if you take nitrates for chest pain, or adempas for pulmonary hypertension,

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>> just joining us you're looking at a financial selloff on various markets right now dow jones average will drop 250 points that would be at the opening bell. what had you're looking at now, 1.60% that is the key barometer if you ask that will be in my opinion that's a flight to say treasury bonds up goes the price. down goes the yield. that indicates recession, really? >> certainly. indicates anxiety and fear. a long time since i saw 16 on the ten year. now look at that flight for safety price of gold up $45 as of right now. up 3.8%. highest in fact in the year.

this is financial tour mol that's you're waking up to more on that in a moment. i'm going to get to the election political outsider, trurp social test bernie sanders on two extremes right, and lefts extremes. my next best supporting, backing and encouraging michael bloomberg. his name is doug actually a fade advisory now is that correct? with michael bloomberg. >> willingly proud of it. >> is bloomberg a redistribution guy or a growth guy? >> he's squarely in the growth camp. ic e-i think ashley saying said photographed with british conservative party. bloomberg is per low taxes. he's not somebody who belove that you use the tax system to redistribute wealth. >> have a tax rate cut for individuals? >> i can't speak to what he would do in a campaign that is

yet to be launched but i can tell you this he doesn't believe you solve social programs with higher taxes on the rich. >> anti--- >> small part of who he is, he would tell you those initiatives save lives but he's a fiscal conservative. he's for environmental protection and for inclusive politics to bring people together to put ideology aside. >> charlie saying he's leaning against running. michael bloomberg leading against running. i've learned to never take charlie on but going through a process to ascertain the livelihood of the viability of the candidate. [laughter] because he hasn't made a decision so charlie may know things i don't. if so no decision has been made to the best of any knowledge.

>> tszuj on sight that the legal position is grave and getting worse. that would encourage i take it a bloomberg run. >> certainly i believe there's a former now retired lawyer that given that the legal standard is negligence secretary clinton does as judge said have very serious legal problems. i also believe that warming new the bullet pen and naval observatory is the vice president. but i believe uncertainty on both parties encourages and make hads more like a bloomberg type candidacy so yes that is u true. >> thanks so much for joining us. toapt go anywhere please. coming up in a few minutes 9:45 eastern, i'm going to have donald trump on the show right here on "varney & company." that is coming up, plus -- financial turmoil only on the markets. coming up. look at this. the dow jones average gawk to open down 250 points. oil is already down 55 cents at the 26 dollar level. below that earlier.

i say there's a global sense of unease aired the world. worried about growth. 216 continues to be extremely volatile for your money and what had, obviously, all over it. and then we've got hillary clinton she's making the south carolina primary all about race. her supporters attacking bernie sanders, saying he doesn't deserve the black vote. that's next. some cash back cards are, shall we say, unnecessarily complex. limiting where you can earn bonus cash back... then those places change every few months... please. it's time you got the quicksilver card from capital one. quicksilver earns you unlimited 1.5% cash back on every purchase, everywhere. doesn't get much simpler than that. what's in your wallet?

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>> the demands this country works for all of the us rather than the few. we will transform america -- >> all right you heard it. you heard it short on time so going to jump right in bernie calling for togetherness as prierls head south. hillary camp waste nod time attacking the record on race. here's what they had to say, quote, sanders has been missing in action on issues of porps to importance of african-american community and twilight of his career. e11 a.m. eastern hillary will get the u caucus endorsement. does that endorsement translate to more votes for hillary? >> maybe a few stewart but not really what it looks like.

congressional black caucus i won't discount the historical organization but they represent the old guard if you will. bit of the elite of the black community. so for many that are supporting or would be supporting bernie sanders more activist in nature that black caucus endorsement doesn't mean as much as you would think. >> give me a second. black establishment. >> they are black establishment we saw this by barack obama as well. congressional deborah lee, many of the old guards significant lack leadership positions they went for hillary clinton in the beginning after they saw president obama successful in early primary states did they come over to the barack obama camp. so i would expect maybe had mobility there. >> i'm reading between lines turnout among afn americans in 2012 and 2008 was astronomical. huge polling booth. will you get the same turnout for bernie or hillary?

>> i don't expect that, no. >> but if it was 100% -- >> i'd say probably 20% decrease but we can't discount enthusiasm there's questions about voting access so we'll see turnout. i don't know about the congressman -- >> in terms of black turnout that's a huge deal. that 20% is a huge victory in many states. >> that's an estimate stuart. it could be big. could be big. >> we're waiting your judgment. appreciate it. moments from now you'll see selloff unfolds on wall street. it's a selloff on the stock market, but a selloff in price of oil at 26 hillary clinton 82 but also a flight for safety. that means a flight to u.s. treasures that pushes interest rates down, and gold. there's a flight to safety. up we are going. up to 2 were 45 an ounce on gold.

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or old are you going to do on "varney & company" just now. what if you make from this financial turmoil we are seeing right now? the opening bell is about to rain. we're about trading on what is going to be a big down day. we are looking at a 250, maybe 300-point loss at the bell. the bell has rung. we are often running at 9:30 a.m. eastern time down 34.555 points come et cetera et cetera. jo ling kent, scott shalit e. two year affair spared to genocide still has something to do with this big selloff today? >> yeah, i think so. all it would've taken us for her to say we are not going to talk about negative rates or even rate hikes today. if she would've taken that off the table, not as far as the move in march or whatever she

think she might it, but merely giving those two things the thought. that kind of gave the market a little bit to worry about. number two is everybody said if you look at where the dow is when she went on at 150 higher and often only 20 higher and we continue after she left the stage, that was the reason for the selloff that started yesterday maybe midday. those two things that she would've taken them off the table as far as talking about them, not whether she would do or not we be in a much better place. true to adler janet yellen appears before the senate today. is there anything she could say? >> investors like janet yellen to show them a power suit. show us that you have these tools. we have been hearing about these votes are quite a while. when she showed up as a very delusional, a very disconnected testimony and what she showed us that they are added to a bigger

the power suit to investors. today, i think she has become so dependent on what the market does. i think she's going to hear a lot of what does or doesn't pay to let the market does not is that that investors look at >> is a tragedy for her to even venture into background is a disaster. >> identical to yesterday. today in front of the senate banking committee she may change based on what's going on. we shall see. stuart: down 164. i want to look at the gang stops because earlier today, there were bank stocks in europe that set off some of those big names down about four teen%, 13%. >> deutsche down 8%, since the beginning of the year. concerns about the strength of the european bank.

stuart: american banks with 2%, 3% down. ashley: a couple of things on the banks. with that said perhaps not raising rates, that hurts banks. a lot of money women today believe in rates would go up and get more money on their loans. more than $9 billion of extra money earned on loans for the banking sector as a whole. and about that. there is no rate hike. they don't give those revenues. stuart: scott shellady, comment, please. first thing i heard this morning in sweden if i get the government 100 bucks, they pay me back $99.50. that is a negative interest rate. i am told that is what happens throughout government bonds in europe. why is that bad news for banks? >> that is bad news for banks because ashley is right, they are not making anything on the reserves number one.

number two, the two year in switzerland is 100 basis point negatives. that is significant. that is what has everyone scared. what makes people more nervous as we have a fed that is still thinking in 1950s economic terms. they are worried about 4.9%. they are worried this will be some sort of 1920s germany with inflation running away. it ain't happening. they are so far as size. is so negative and the fed is so clueless that is what has the investors nervous. stuart: 20 seconds. what do you think janet yellen should do now? >> she says that we are not hiking rates anytime soon. the u.s. economy is better than everybody else and banks are fairly solid good stuart: egg stocks are a driver in the selloff. so too is oil. look at it now. area close to $25 a barrel earlier this morning. if you can say we stabilized at

26.95. that is still a very low level for the price of oil. it was $110 a barrel in 2014. 26 now. that has an impact on oil shocks, oil conglomerates. at sundown today $78 per share. how about chevron now at 82, down a bit more. transocean, how about that down today down 2% again. a marathon down nearly 4%. six but is the range for a marathon. fix bugs, way down. scott, do you think we can hit $25 of oil today i should mark the >> if we go through 26, .50, we can make a run at 25 because of the recent lull in that would be reaching the market. right now there's nothing to stop it. until we get something out of says production will be cut by

opec are some or some catastrophe middle east, there's nothing else to stop this except for the velocity: lord forgive us for months because we can't go to zero. 26.50. stuart: the dow jones average down 227 points. come back in again, just who is with us earlier on the show. we are going down to the 14,000 level, correct? >> yeah, old and that labor will have a lot of volatility around the 14200 level. keep in mind like i said in the last segment, don't underestimate the desperation of this sad. that has been so attached to let the markets have been doing that they want to initiate something truly desperate and in the end truly. the market goes down for more. the credibility is very much a date. if janet yellen decides to change course at a win because of a few hundred points or even

a few thousand pints down in the market, she has no diction. she is going with land and creating a vulnerability that is very hard to get through. stuart: let me look on the bright side and there is a bright side. the price of oil is down. how about the price of gas? that keeps on farming. who would've thought a year ago that we would be on the show them that you write about $1.70 as the national average. sure in 38 is going back to her. oklahoma has the lowest average in the country at $1.35. six or seven locations selling gas for $1.7. 711, going down. jo:@99 cents in kansas on twitter yesterday through gas buddy. a lot of excitement for that. stuart: that is coming i would've thought. sooner or later it will be more wide red than a couple stations in kansas.

i never thought when i came to america all those years ago. there were gas wars. that was a long time ago. jo: i remember when it was triple digits. stuart: keep looking for a bright spot. how about this. we have booked in fact expedia much higher. the stock is up 7% in overall big time down markets. how about this. cisco better profits in the share program. cisco is that the percent. strong sales at the shoe company. sketchers up 7%. there is more money coming in at you guys are up 17%. a big percentage loss almost across the board. some of them are going straight up in bed percentage terms. big-name tech stocks, here we go again. we are on the downside.

they spoke at 99, down about. google, a-alpha bit to get it right, 696 below 700. microsoft is now way down, but below the $50 level. about 1.5%. how about amazon, still below 500. yes it is. not much of a loss today. netflix $88 per share. how about apple? we are at 94 mbits up 9 cents. rough start to the year for technology. anybody going to argue with that? can i just will price of old, please could the price of gold last time i checked 42, $43. you say that it's say that is because they fit in right now. you are advising people to buy gold. >> away from gold for a while. they had to work for the most hated them back last couple

years. i couldn't even mention gold in public without getting your the bottom line is gold has been in its reverse correlation. i think what will happen is the more turmoil from a donor crisis you see in the banking sector, the moorish tribes of gold becomes. i believe, is as a guarantee of central bank policies and also concerned about the ability of the banking sector. when you hear talk about what's going on at deutsche bank and as i've said before, i have been immersed in this balance sheets. the institutions that hold our currency when they come into question, people go to gold. granted they are doing it now. europe $43. now we have another stock as well, the downside would be twitter. i don't know whether that is a

new low. jo: that is a new all-time low. earnings report after the bell yesterday in user growth was completely flat. that means they stay the same as the last three months. at 320 million monthly of people using twitter. what we learn here as they are also providing not a great outlook for what is going to happen this quarter in terms of making money and ad revenue. ceo jack doris e. on the call last night telling all of us, we are reverting back to higher user growth for the current quarter at the end of january. kept repeating that. he has now been in place since last summer and the stock has just tanked. stuart: the chart looks awful. how about xanga. we are putting it on death watch. $1.80.

on death watch of all, tell us all about it in the grim reaper there. don't you think. new all-time low. despite the fact they've done well with two games, words with friends. the truth of the matter is there leading for users. the monthly active users fell 30% to $68 million. 10 new games in 2016, but i'm not sure that will help. i would note number one in the s&p 500 as my other lives. the weak quarterly number make an acquisition for $7 billion for generic drugs. down about 15% in the s&p 500. stuart: number one loser down 15%. look at that. down 15% at 42. the mylan labs. ashley, which stocks are you looking at? ashley: one in particular. coal, peabody energy down 22%,

even though the supreme court said hang on a president obama's clean air program and whether they can go ahead and make the lives of the century would be the death knell for coal companies. they just put out their results. they are terrible. they call the current environment. whole production going down year-over-year by a large percentage. 40% is to be how much coal contributed down to 34% and continues to drop year-to-year. down goes peabody. stuart: what have you got for us? jo: cisco, the large tech companies have a percent right now. yesterday they reported earnings and saw demand and companies buying security products, routers. all of the gloom and doom about companies not spending on the tech side may not be necessarily true. they are forcing growth of 1% to 4% in the current quarter. that is not thought mr., but

also not bad. looking at this beating expectations, cisco have been in a state stuart: how about the automakers? ford motor co. at $11 a share, down a fraction this morning. general motors way below the $30 share mark hovering or d., 35 for some time now. fiat chrysler, where are we? under $6 a share down 3% today. tesla is up 7% higher. elon musk was out there yesterday and that stock is up 10 bucks as of right now. he says things would get better this year. ashley: yes, the last quarterly report they missed the outlook for 2016 from elon musk are impressive. 80,000 to 90,000 cars delivered up to a thousand cars a day of further production lines.

no need to raise any more funds. all of this sounds great. the model three, by the way can start making this at the end of march. this is supposed to be the mass produce affordable car tax public $35,000. the temperature ordering but wait a couple years before you get one. all of this sounds great. as people point out, elon musk has made many promises in the past. stuart: gases 99 cents a gallon. jo: you can see it move downward. stuart: what you want to say? >> i was baffled by the disclosures in the earnings report. this company is burning through billions of dollars. they burned through $3.2 billion in two years. if elon musk wants to come out and project that they are going to do at 80, 90 and these two models, that is what investors should hang their hat on.

he's also anticipating he will raise prices. last i saw, raising prices in a luxury good in an economy like this does not generate more demand. and as you said, gas prices are down. when you need to spend that type of money? there's also competition coming online. chevy bringing on competition with our new offering. stuart: the market believes him. they are up 10 bucks. transfer a lot of the investors are also people who own or have ordered tesla as well. and a negative good news than the stock going up because people are consuming and investing at the same time. stuart: but summarize. the dow jones average is down and eat about 200 points. a big drop in goldman sachs and other financial companies way down. 50 or 65 tao industrialist and we are down to 15. show the interest rates, please

because that is a key barometer here. the yield on the treasury is around 1.60%. 163. you can call is. it is still an indicator gioconda.very well. gold is up about $40 per ounce as we speak. he's got a fly to the safety of u.s. treasuries. a flight to the safety of gold and everybody's running away from stocks at this point. i've got a couple of winners looking hard. how about newmont mining, and gold mining stock. gold is at 3%. prudential financial down a new low. down 7%. kellogg, another name you know. they are improving their sales and they are up 3%. devin energy.

oldman sachs said it could be a winner if oil stabilizes at $35 a barrel for the next three years. the market doesn't think much down 8%. we are about to speak to donald trump. how much remind everybody, he's coming on the show very come very shortly. i will ask for his analysis on what is going on this morning and why it's happening. we are going to sell off worldwide. whenever donald trump to come to us from the trump tower just down the road fifth avenue new york and will be joining him very shortly. i'm sorry, i tell a lie. donald trump is in florida. is he with us now? is donald with us? i don't know exactly where in florida. ashley: he is at a breakfast buffet somewhere. stuart: donald trump is that the astronauts from florida. thank you very much. we appreciate it, sir. >> very good, my honor. stuart: what is your analysis of

why the stock market is selling off in turmoil around the world? >> because we have let china take over our economy as you've heard me say for a long time. we are very vulnerable. we are no longer controlling our own destiny. we are the big sphere of other countries all over the world that control us and they fear manipulators. they have a tremendous power over manipulation of the current season we are into that web and even though we are not manipulators because we are not smart enough to be manipulators, believe near leaders are not smart enough, we are nevertheless in the manipulation business because of the fact that some of the great moneychangers of all time are people that were wedded with them. china would be number one. japan is doing a tremendous number and japan is obviously doing a very good job they are in their current evaluations have been very serious. when they do that, it affects us.

stuart: what are we doing wrong here? china, japan, mexico, what are we doing wrong? >> mexico by the way of killing us. what we are doing here -- well, if you have about two days i can tell you everything. you know what, stuart, that could be one of the longest dancers oliver has to anything. we may need longer than your program. stuart: give me a soundbite. >> you start with the fact we are allowing other countries to take her businesses out of this country. if you look at businesses we have lost, it is fast. we have lost countries. we have lost millions and millions of jobs in the jobs we have now are not good jobs. i sigh you reported on the jobs numbers which are phony numbers because they were put out by politicians in order to look good, but they don't talk about the people who can't find jobs, which are the people unemployed.

stuart: you told o'reilly the employment rate is 25%. i've not seen that anyplace else. >> i've seen some higher than that. if you add up all of the people that have looked for jobs and cannot find them and now have given up looking, you are talking about unemployment rate as high as 25%. it's incredible. we are unemployed. we are statistically employed. when they say we have tens of billions of people and very bad jobs. we have an unemployment rate of 5% according to the phony numbers. the political unemployment rate is 5%. but they are very bad jobs and low paying jobs. now we don't have them.

i look at some of them converted to senior citizen housing. it is not a fact tour. that is producing 5000 jobs. stuart: what would you do about it? >> you have to bring the jobs back here. the united states has the highest taxed country in the world. businesses are leaving the united states, corporate inversions. the united states right now is going to lose tremendous numbers of companies. you saw where pfizer just announced. you saw where a very large respected companies are announced being. the pfizer is moving to ireland because they get lower taxes and other reasons.

and they want to get their money back. there is a lot of money outside of the united states that these companies can't bring back. it is their money and they can't bring the money back. some companies i'm even leaving. they are living to get their money if you can believe it. there are vast sums of money, they say $2.5 trillion. i think it is five. stuart: you could bring that back by lowering the corporate tax rate in the raid on individuals. >> or even lower the rate on the money coming back. friends is, now they have to pay a massive amount if you lowered it to 10%, it would come back into the country. stuart: what kind of growth rate do you think we could get? >> i believe we could get the 4% level. you know, if china has 6% or 7% growth, it is like they are in a depression. we have no growth. essentially we had no growth.

stuart: viewers after the election result. you are looking for one hands down. when you wake up on the day after, dear everything -- do you ever think about what would be like to lock into the oval office? >> i have to get the job done. i'm someone who likes to get the job done. i have a long way to go. we started off with 17. curly left and chris christie left yesterday as i understand it. that is to at last. rubio has been hurt very badly. he would have been. the last thing we need is another bush. this guy is total staff. stuart: he kind of took a shot at you the other day. he said he should get in the race because the public deserves

better. >> yeah, he did say that. he was a friend of mine get as far as i'm concerned is not a friend of mine anymore because he did say something to that effect. all he is seeing because i thought that was a nasty shock. i assume it was aimed at me. but when my friends say things like that, assuming it was meant to me, i no longer consider them friends. i knew michael very well. i would love him in the race to compete against him. stuart: do you think it would take votes away from the democrats? >> i think he would hurt the democrats, yeah. stuart: can i get your fast reaction to a couple developments here. pope francis is going to stand at the border with mexico, standing with the migrants. what do you make of that? >> i think the pope is a very political person. i think he doesn't understand a crock of their country has. i don't think he understands the danger of the open border we

have with mexico and i think mexico got him to do it because mexico wants to keep the border the way because we are losing. stuart: be said you approve of vladimir putin of russia going ahead and bombing and serious in iraq. and now you've got a new huge waiver of migrants making their way to turkey and then maybe to europe by backing the vladimir putin is doing, you have actually supported a big jump in the number of migrants living in north africa. but you say to that? >> i am not backing anything that putin is doing. he was very complimentary of me and what i want him to do is bomb isis. the one thing i want to do is bomb isis. everything else is secondary. i would like to see bomb isis more than he is bomb event. we could have somehow been knocking down isis because we do

have to knock down prices. stuart: you said kim jong un would disappear. >> well, china should make them disappear because china has total control even though they don't admit that. they are just toying with us as they always do. china has total control over north korea. china has a lot of power over him and china should take a disappear. i should be a china problem, not u.s. we are like the policeman of the world. that being said, something has to be done because you can't get back maniac missiles. stuart: janet yellen curvature of the federal reserve will be testifying on capitol hill. do you think any part of the financial turmoil worldwide or fall? >> well sometimes it is confidence. perhaps people don't have confidence in her. it is turmoil. i am very proud to say i never bought stocks, but a number of years ago i got a tremendous

amount of stock and sold in the year ago. at first i said i made a mistake. now i can tell you i'm way ahead. i'm a nonstop fire. in other words, at this into your program but not for stock advice. money was so readily available. it was almost every company should make a fortune and then i held them for a couple years and sold them and did really well with them. it is not right, but i saw this coming. i've been talking about a bubble. you sort of alluded to it. we are right now in a big, ugly bubble in our controlled largely by asia countries like china because of its vast size and we are controlled -- our destiny is largely tied into what is happening in china because we are so wired into china. they manipulate their currency and we don't and that gives them a big advantage.

stuart: donald trump, it was a pleasure. thank you for being with us on "varney & company." >> thank you for being so nice. take care of yourself. stuart: reset the market. the dow jones is now down. we are up 158 points. one stage we have this thing over 250 points. we have come back just a little with a half hours worth of business. we reset the market. the first thing is that things have gotten hit in europe and they are right here in america. stuart: berkeley is down 6% overseas, deutsche bank down 8%, even though the german government cannot instead we have absolute faith in deutsche bank. that does speak to the uncertainty and anxiety about the strength of the balance sheets of european banks and some of that is bleeding over here in our system as well. stuart: you are following the big-name tech stocks.

jo: yes, facebook, amazon, twitter, those two companies reporting earnings in two different stories. also looking at tesla as well about how the stock is raised on into the production ended outlook for the future and how much money into spending. my eyes very much on twitter right now. all-time low. stuart: oil just turned positive a few moments ago. 27.37, down 8 cents. that is why the stock market has come back just a little bit. down to 50, now down 170 in part because oil has come back a little bit. do you want to say anything? you called this selloff. >> this attachment to oil i think is important, but it's not the only relevant. stuart: it is not the mover and shaker. >> today janet yellen has the opportunity to capitulate on what she said.

she can accommodate markets by throwing the parachute they're expecting. when you get these bums, 100% of the time. i can't even say 90% of the time there's a central bank somewhere, whether it is europe, the u.s. coming out and offering some sort of false hope to a market that needs to get back to reality. stuart: it is still all your fault. "forbes" media chair and editor in chief steve forbes is with me. i just had donald trump on the phone on the show for 15 minutes. he said we in america are being manipulated by china, japan and mexico and that's why we've got the financial turmoil in america and elsewhere. >> the most immediate problem is central banks. china has been a problem for a number of years. the media problem of central banks. they are in the name of stimulating the economy, hurting economies around the world.

big binding because they are being hammered by regulators. more and more capital put down there so the loan, small and new businesses are flat or declining. you see it with janet yellen talking about negative interest rates, which is another tax on the banking system. they have all of these big reserves, but they made sure they can't use the reserves. stuart: a lot of people are saying reminds them a little bit of 2007-2008. trouble with the banks, extraordinary volatility. is it a reflection? is it somewhat similar to a week? >> you have the combination of not knowing what it's doing in the government making mistakes in taking over companies and let them go under like lehman brothers. the inconsistency led to panic. what you have here is the central bank, especially the federal reserve not allowing credit markets to work.

it is the way of price control. the price control markets are deformed and they don't work. stuart: so can you say just like in 07-away, the federal reserve doesn't know what it's doing now? that is a similarity to 07-08. >> they don't know what they're doing. stuart: to some degree you are blaming janet yellen. >> i am not blaming janet yellen. i am blaming collectively what they've been doing in recent years is depressing economies. the central bank is so incompetent, stuart, that it can even create inflation. this is the first time in history or government doesn't know how to deface the currency. anything in the past could of told them how to do it. these guys can ever get 2% inflation. stuart: we were supposed to print a ton of money and that would create inflation. we did print a ton of money. >> and what they did was created an environment where the credit

went to government and the corporations. why would apple borrow for detailing what it's got $200 billion on the balance sheet and molineux businesses get started for credit. the combination of excessive regulation on the bank's not landing the credit markets were the suppression of interest rates, the deformed interest rates we have today. six years of failure they would begin to say maybe this stuff isn't working. stuart: here we are in america looking at the possibility and the leading candidate among democrats is a socialist. >> it shows how a lack of leadership leads to strange things happening. the fact he thinks the soviet union works. i hope somebody brings in the debate given the bad news for soviet union ceased to exist because of socialism. stuart: he went there on his honeymoon. >> he went there, went to havana

where the weather is warm and they have beaches. this got out. shows how crazy he is. stuart: if he were the president of united it today, what is the first thing he would do to fix this? >> fire genocide to realize for credit mark works instead of trying to manipulate the economy. stuart: and a flat tax. >> you've got to get the money. put those two together. but taxes, stable money always work without exception would stuart: donald camp agrees with you. that is why he won new hampshire. stuart: thanks very much. to recap of the dow industrials down 180 points. that's what we've got. i'm sticking with the election for a moment. with so much economic uncertainty, hillary clinton and bernie sanders want to raise taxes and spend more. the candidate. a democrat is with us.

her name is tamara holder. what is the case here? you've got to make that case they are taxing more and spending more creates growth. to claim how that's going to happen? you are a trump supporter, aren't you? >> iem. i am a trump supporter and it ernie sander supporter. stuart: why are you a bernie sander supporter? it away free stuff and tax the rich. do you really think that's going to work? >> you have to let at the fact that no offense that no thank you waterside appeared i am not saying you are old. i am right behind you on that. but my point is -- i'm sorry to offend you. you'll get over it. but anyway, the thing is the

youth of america, the young vote of america is upset because there are no jobs. they had to. they have all of these things that are not available. stuart: i've got it. i understand youthful idealism. >> how is that idealism? they don't want free stuff. they want a job. >> i want you to explain to me how taxing the rich and spending a ton of money which you don't have been running up the dad, how does that create growth in the economy and really good well-paid jobs? explain it to me. >> i don't have a degree in economics number one. number two, i do understand that all of the wealth is shared by a very, very small number of people and it's not even you. you are a poor man compared to the people who have all of this money. stuart: the wealth is concentrated in the top 1%, why

not take it off. this is what you say, spread it around and everybody gets more. that the argument. >> i didn't say that. stuart: i know you didn't. i'm putting words in your mouth. >> i'd rather have i'd rather have been mentioned a money than the nancy pelosi's in washington. the real question should be wise in the capital being put to more productive use? the reason is an unstable credit market, unstable dollar and high tax rates crushing tax code. we have other regulation. put that together and you have stagnation in the 1930s and the 1970s. reagan showed the way come to stabilize the dollar, cut taxes and regulation. boom, the economy grows. stuart: the united states economy is clearly slowing down. we may be going into recession. explain how it is if you spend a lot more government money and

you tax the rich, explain how you would get back to growth in our economy. >> because all of the money that has been going overseas -- there is no accountability here. you just had -- stuart: american corporations are making money. you are fighting -- >> you are finding cheap labor. >> our money is parked over there with the worst business tax rates in the world. >> that is anti-american to park money overseas. we are so rich we don't want to pay our taxes. we don't like the tax. stuart: how do you bring money back? $2 trillion over there. how did you get it back here? how do you do that? >> it's expensive. i don't know. >> lower tax rates. stuart: you think bernie sanders

is going to lower tax rates? >> i don't agree with every single candidate on every single issue. i do believe bernie sanders is antiestablishment just like donald trump and he's speaking to the people in america. the majority of the people in america who are hurting. that is what i believe in. i believe in fixing the pain and bleeding and not parking money overseas when we have people home who can't pay their bills, cap is school loans, can't go to school, houses are in foreclosure and they want to work. that is what is going on. >> you know fix the pain by depressing the economy even more. people get to rise again. reagan showed us. john kennedy showed us that. >> if you're a business leader, you have a duty to find ways to hire people and not that many overs ease. >> you have a duty and a global

company. apple gets a lot of their parts overseas. you say they shouldn't do that. >> i believe it is un-american that we have all of these children and young adults who are hurting. >> what do you do about it? you remove barriers to people investing and creating jobs and by golly, we grow. we did in the 80s and 70s. why don't we do it again? stuart: we are out of time. if i'm going to make some money for the show, at some point we have to take a commercial break. >> the congressional black caucus, i did all this research for you. but they are not going anywhere, so we'll talk about it next time. stuart: okay, i think we are done. back to the markets. down 200 points on the dow jones industrial average.

15715. nato has announced they are going to send ships, warships to the aegean sea as in the mediterranean to stop the flow of migrants. they are moving forward with an aggressive keep them out policy. that is what they have now. more "varney" after this. i think it landed last tuesday. one second it's there. then, woosh, it's gone. i swear i saw it swallow seven people. seven. i just wish one of those people could have been mrs. johnson. [dog bark] trust me, we're dealing with a higher intelligence here.

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train to develop the film plays. 45 minutes into this training session. down about 200 points. the dow 30, only one of them is up 29 of them are down. the price of oil beginning to move over again. now we're at 2683 down 60 cents. this is a flight to safety. the price of gold. this is a safe haven these days. 1239 an ounce, up $44 today. can we quickly put up the interest rate barometer, please? i'm telling you now the 10 year treasury is a very important indicator. it yields 1.6%.

that is an historic low. when that kind of thing happens, you know you've got 4.63. 1.63%. this is important because that is where money is going. this safe u.s. treasury securities pushes the yield on the way down to 163. back to twitter. pretty much close to a new low. fourteen dollars a share. trip advisor which is leading the s&p 500 to the upside, looking for winners. we have got them. 15% up on trip advisor. nato is moving the north atlantic treaty organizer. they are moving ships into the aegean sea. you have got some details. ashley: i do. turkey's e.u. ministers saying 50,000 hearings now on the roof towards the turkish border.

he says this number could reach 1.5 million if the city of aleppo falls. we've been talking in the last several days it is under siege from troops as well as hezbollah and others than not will turn into as one person said, a blood bath then you will have well over tens of hundreds of thousands tried to get out of the city while heading to turkey. stuart: 50,000 or so. ashley: germany, turkey and greece called for help. this whole stream of refugees coming and, looking for human traffickers, which is a huge problem. hundreds of people on the kiddie boats, the navy -- the nato help is there to stand out. 75,000 people already arrived on greek shores in the first six weeks of this year. stuart: we are going to show you the drone video of this theory

in city. we are showing it to you again because this is the result of russian bombing which has bubbled the city and forced out tens of thousands of migrant who are now trying to get into turkey and from there to europe and maybe on to the united states. come on in. the author of the book, undercover g hottie, a former extremist who now provide expertise to the u.s. government is welcome to the program. good to have you with us again. >> thank you for having me. stuart: you provide advice on how to counter domestic terror. we just heard tens of thousands of migrants trying to get into europe. what are you telling the pentagon, the american government, what are you telling them to do about this one they are here? >> yeah, well we are looking at a number of things that i'm also doing work with u.s. special operations command on countering the isis narrative. this is part of the plan.

it has been the plan to send operatives there is refugees into europe and other areas. there have been some progress. there haven't been any major arrest, but i assume we will be seeing some of that shortly. stuart: as a former g hottie, do you know for a fact that isis is to liberally inserting terrorist into this migrant flow? and if so, how many? >> i was engaging with individuals all of 23rd 10, all of 2014 and part of 2015. i had a lot of conversations with a lot of people in the idea and the topic of migrant been sent was mentioned a long, long time ago. i thought with my own eyes the merit putting the situation. if you are looking at the russian side of things, this is also a way for russia to tease table as nato and the countries

by sending migrants into turkey and europe. number two, the flip side is course in europe you have anti-systemic rallies but you also see russian flags flown at these rallies. they are actually doing to raise. they are creating disturbances domestically so agencies are left either chasing the isis kings or far right extremists and their own operators are left without deprivation. stuart: we are glad you saw the light and we are glad to have you on the show today. we have a big stock market selloff as well. thank you for joining us. appreciate it. >> you are most welcome. thank you. there is a flight to safety. stocks are down, oil is down. 1239 is the price of gold. it is up $44. i believe that is a one-year high for the price of gold.

it was the forgotten investment or his longtime but that is what they're doing. investors looking for a safe place. how about this one. passengers on board the royal caribbean cruise ship battered by the storms are safe on land now. but they are not happy. more on that after the break. >> this was absolutely horrifying and i will never go on a boat again my entire life ever. they knew about this for days in advance. they put our safety at risk.

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takeover deal. how about this. remember the crews from? they are back in court in new jersey. jo: at the company who owns it says they will strengthen their storm of reagan's policy. they are basically going to listen more closely to the forecast, which was actually given ahead of time. we were talking about the miles per wind, furniture flying. a lot of first-time cruisers out there saying they are never going again. stuart: they set off knowing that the hurricane was down at sea. jo: passengers are complaining about it. the first day it was great. they got to do the fun stuff in the day and and a half then, things started getting bad off the coast of the carolinas. stuart: a lot of them will take a cruise again. i don't think they'll take it. dow jones average is down 205 points. a lot of global turmoil in the market. people have looking for a safe

haven. one of those safe havens is gold, which is up about 40 odd dollars -- $46 down 1241. gerri willis is on this flight to safety. it was inflation. >> you typically do. this is the flight tosafety and this isn't panic selling. this is panic buying. i went back and looked at what happened the last time gold topped this much. september 19th 2013, guess what, it was a fed announcement. we are going to be doing more bond buying, extending the program. the message was of course the economy was not that great. yesterday we had the exact same thing. gina gallant said the economy is not that great. we may go to negative interest rates. this is just replay the 2013 scenario all over again.

this is true financial instability. what is going on in the european banks, everyone is worried and upset about it. stuart: can we put a guilt on the 10 year treasury. another flight to safety. that is where a lot of foreign money pours into america's debt because it is safe. you would get paid in dollars. >> this is very frightening. i think a lot of people out there say to themselves, where can i go for help? i liked what hillary said earlier in your show. she said look, this is when people are aggressive, people who have the stomach for it make real money and find things they actually want to buy. i am wearing red today. things are going to get better at some point. i think it's a day to be looking around. stuart: hillary is hilary kramer, not the other hillary. thank you very much indeed. check out the big word because we are approaching the lows of the day.

we were down to 50 and now we are back down about 230. that is a sellout. there it is. how about twitter? zero user growth. that hurts. 14 bucks on twitter. more "varney" after this.

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stuart: we are indeed closing on the low of the day. how about the price of oil. down $0.80 a barrel. that does not help stocks. $1.70 is the national average on regulator. an average of $1.35. down to $1.07 in some places.

stuart: that is true. road trip. the cheapest gas in all the land in several stations in michigan and oklahoma. we are keeping an eye on your money. will oil go to $25 a barrel today? if it does, that stock market takes another leg down. >> i do not know if it will go down to 25. inventories were down a little bit yesterday. until we figure out how to get this inventory window down, the prices will be whittled down for some time.

>> not a driver of the stock market decline. >> it is absolutely not the driver. more oil prices do not cause recessions. people worried about a lot of this going on in the out and about world. oil happens to be a good correlation. that is not what is causing our problems. stuart: the imf has come out with another statement. thanks be in down something awful today. that is cause for concern. i think you agree. >> i do not know if it is the first time in history. i happen to agree with them. we've really have to keep a close eye on economic conditions

around the world. >> take you. david dietz is with me now. here is the question that i keep getting, david. is this similar to what happened in 07 and 08. >> only three possible answers and one correct one. they will overleveraged. over capitulate. stuart: european banks are sinking. down 15% today alone. you can understand the question. can't you. >> certainly can understand the question. there are parallels. some of the same people saying by the banks. margins are expanding. it changes really quickly.

someone else is buying it. american banks. way, way down. loading $100 to a european government. they only give me back $99. that is a negative interest rate did banks cannot make money in that environment. it is a very serious situation for the world financial situation. you are telling me that you are not sure? >> giving me high quality merchandise that i can talk to you about how far can prices. stuart: you told me that you would buy boeing, exxon and walmart. you buy them today. >> absolutely. it is one of two. i do not take so. they control the skies. paying a dividend.

it will yield this year. 3.7%. stuart: i do not have time to go into it. i love it. come back soon. how about tesla. a bright spot today. the stock is up. look at that. tesla is up. $10 a share. >> they say that they will be able to produce more cars. this despite the fact that the nest loss has doubled. it was a big mess on profit. a big mess on revenue. a lot of the leisure out there.

going to unveil the new model three. the $35,000 affordable quote. a cell with a profit. about one third of what the model as costs. >> i am not buying no tesla. >> look at the crude chart. it kind of booze in tandem. it is a very rosy picture for tesla right now. >> he is painting a rosy picture. >> their work comp lanes about the new suv. i try to do too many great tings at once. >> what a guy. look at twitter. that company is suffering from zero user growth. down $14 a share.

social founder and ceo. all friends of the program. i will put it to you. here is my story. if they do not get dave buyer, if twitter does not get a buyer, they are sunk. they have a really powerful business. they grew revenue in q4 by 50% year-over-year. doing pretty well. increasing the user growth. it is something that they are fully aware of. turning around and increasing this. you set out a very clear vision for that.

it is the nerve center of the world. making it easier for new users. it is not working, is it. it is not working. whatever they tried, it is not working. i get nasty stuff. all down the line. [laughter] it is a negative. facebook is a positive. you have to tell me. they use the growth in the next year and say that company. do you think they can do it?

>> yes. three months is far too short of the timeline. one year ago, they are innovating extremely rapidly. coming out all the time. they were not really changing anything. it is a very exciting time. they are really pushing the boundaries. even in san francisco. josh marsh, everyone. thank you very much, josh. appreciate it. jack dorsey. he has been able to figure this out and schedule his time wisely. he is trying to bring some

people on board to help them out. donald trump. the clear front runner. dominating new hampshire. he was on the show earlier. we will tell you what he said in a moment. ♪ none of this works. come on in. on the floor! everybody down! hey, do something!e floor! oh, i'm not a security guard. i'm a security monitor. i only notify people if there's a robbery. there's a robbery! why monitor a problem if you don't fix it? that's why lifelock does more than free credit monitoring to protect you from identity theft. we not only use proprietary technology to detect and alert you to a range of identity threats, if you have a problem, we have a u.s. based team

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downside. 1.8%. the s&p 500 down 29. financials are being hit hardest. taking a look at some of these names that are the big lacquers. look at the s&p 500. about half are hitting new 52 week lows. on the other hand, everyone swapped to safety. 1.59%. gold is surging. the biggest move to the upside. you can see 10% move there. when or lose, tesla and twitter. tesla up and twitter down. start your day at 5:00 a.m. see you there. ♪

stuart: breaking news. there is a riot at a mexican prison. there was a fire following that riots. at least 52 are dead. that story developing as we speak. the big board. the dow jones industrial average. how about the price of oil. that is a safe haven. all kinds of things are breaking loose on the big board.

of $51 gaining ground as we speak. that is interesting. going up to stocks. boeing. that is a two year low. it will face an ftc probe into the dreamliner. it did in the last 10-15 minutes. always some chance of a recession. she cannot make that judgment. fed officials will be meeting in march. they will make that assessment. she will not say that we are not heading towards recession. it is the vagueness. watch this, please.

>> we started off with 17. chris christie left as today, as i understand it. that is too less. rubio has been hurt very badly. you know, we will see what happens. the last thing we need. >> did you hear all of that? "wall street journal" dan is here. they hate them, don't they? >> a lot of people that love donald trump. the canaries, the old coal miners went down. if the canary died, it meant that toxic acids were coming in and it was time to get out. i say the voters in new hampshire, the system is killing us. we have to get out.

we are going to sanders. stuart: how do they do that? i have not read your article. i must confess. what can they do? >> they have to understand what they cannot do. a basis of the motion. anger at washington. this sort of rockstar model that he is running is working for him. they have to go where i think he is the weakest. that is on his knowledge of policy. i have said this many times. go deeper on policy. just so people can understand. he will not do that. the other candidates have to start criticizing him in detail.

stuart: to that point. china is exploiting us. it is mexico doing the same thing. japan doing the same thing. >> that is 35% of our global trade. he was on bill o'reilly last night. o'reilly did ask him directly. they retaliated. he said they will not do that. it would cause the biggest, deepest depression you have ever seen in china. meanwhile, they hate him. a lot of people love him. my pleasure. thank you very much.

look at that date board, please. that puts us at 15,600. the price of oil. we are down again. that is that 3%. we are in the midst of a global economic slowdown. in my opinion, now more than ever, we need the government in america off our backs. i will say that more forcefully in a moment. ♪ i have asthma... ...one of many pieces in my life. so when my asthma symptoms kept coming back on my long-term control medicine, i talked to my doctor and found a missing piece

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janet yellen testifying on capitol hill. it is day two. anything different from yesterday? janet yellen is sticking to her guns on this second day. she said that despite the ongoing drop in the global stock market and concerns about slow economic growth, the fed remains committed. the market declines. changing the economic outcome. the fed policy plans. stuart: thank you. thank you. stuart, take it away.

stuart: what would you do if you let the government $100 they only gave you back 99.50. odds are, you would not lend the government money. you would lend it to someone else that would pay you interest. they do not want to take out a loan. you are in trouble. you cannot make your money work for you. that is how it is in much of the world today. we are close. if you lend uncle sam 100 bucks today, at the one-year gules earned $0.48 in interest. that is not much. you your $100 is not exactly working for you. this is at the heart of the financial turmoil. adding it all that.

you can talk all day about two is to blame. here is my opinion. you grow the economy. you do that by taking the government off of our backs. stop attacking capitalism. unleash america. that is not going to happen here. it is all government all the time. your money just is not working for you. if we have the courage to embrace our heritage, we can have bonds that paid interest again, thanks that made loans, companies that hire, wages that go up in property would no longer be a dirty word. bring it on, please. ♪

stuart: it is almost 11:00 o'clock on the east coast here. 8:00 o'clock in california. look at that. that is almost the low of the

day. down 300 points. gretchen carlson here for the hour. a world sense of anxiety. they had this since last august. we found bad loans. plunging oil prices. what can central banks do? all the interest rates are near zero. it is down another 4%. gretchen, welcome to the show. ashley just mentioned it seems like 2008. >> that is scary. does anyone want to talk about politics. stuart: we will get to it. we have the selloff on wall street. we have a selloff in oil.

we have a selloff all around the world. where are people putting their money? the price of gold is now up about $50 an ounce. $52 now. moving up as we speak. that is a direct flight to safety in a time of crisis. >> under. fifty-eight. 1.58. if you are not a financial kind of person, 159 does not mean much to you. it tells you an awful lot about where this economy is going. just purely for the safety of doing it. that yields go down. that yields go up. stuart: i want to ask you a question. if you were a government and i

let you $100, but you only pay me back 9950, you would be -- [laughter] that is what is happening in europe. that is what is happening in japan. we do not want your money. do not give it to us. >> i hope that you are wrong. >> i do, too. we are anticipating, what is the market going to do. bernie sanders winning in new hampshire plays into it. >> you are absolutely right. >> passing us by billions. there is no way that can be good for the market. >> right up top there. we will go to politics now. a reading at the congressional black caucus. the caucus is caucus is expected to announce its endorsement of hillary clinton.

bret baier is here. does that mean anything in terms of votes in the upcoming primaries? >> some of that southern southern strategy that they have been talking about. she has problems. not only with the african-american community, but across the board. it has a book out about incarceration. it came out today. democrats should support bernie sanders. he is better position to deal with the issues. obama coalition. to office in 2000 day. bernie sanders is well-positioned. their next stop is nevada. stuart: the african-american vote split them lose a little bit away from hillary clinton in south carolina, bernie sanders

could do very well indeed. >> she is in big trouble if that happens. the congressman has said that he will get into this race. obviously well renowned. well-respected. he will make a decision. he may endorse one way or another. that could move the needle, two. honest and trustworthy. eighty-point difference between bernie sanders and hillary linton and sanders. that is not a good deal. >> it is also wall street. not putting out the transcripts. that is also factoring into that number. stuart: we will be watching tonight as always. have a good one.

you are here for the hour. hillary clinton is about to be endorsed by the congressional black caucus. will that translate to votes for hillary? >> endorsing her. clybourn will be huge. remember those 3:00 a.m. phone calls. guess what, she is getting a 3:00 a.m. phone call. she is answering it if it is going to be from clybourn. people were already in nevada in south era lineup. they were already hedging. well, i do not know. i may want to look at bernie sanders. stuart: i am staying on politics. look who is here. montel williams.

a friend of the fox business network. welcome to the show, sir. what do you make of this? is that the establishment of the black community? endorsing the establishment democrat? >> we are forgetting somebody. stuart: he has brought you back into the republican party. always a republican. the time in the military. i started feeling that this party did not representation. no matter how conservative i am. no matter how many countries i go trying to pull people out of prisons. this party does not really open its doors to me.

stuart: it will not work. what way is he different from the rest of the republican field? >> i will stay on this. until they start growing up, looking at the playground in the backyard, two of the people have been reaching in my pocket and stealing from me. one of them tried to trip everybody when they came in the day. the other has little pieces of paper writing notes. leches go to john k said. she only adult in the room. he has also demonstrated how to bridge the gap along the minorities. the media has not given him a shot. shocking everybody on monday.

throwing snowballs. unbelievable position. and then you watch donald trump monday afternoon. you understand that there is a movement coming. when election day happens, no matter who wins, they only get 25% of the vote. they need to be led. stuart: okay. let me ask you this. recent presidential elections. the vote has gone 85-90% to the democrats. let's suppose that john k sick is the nominee. what percentage would go for him? >> doing the right ink and giving people the voices that they all collectively need i would say that you would see it rise well above.

african-americans, hispanics, not liberal, but i would say, less than extreme conservatives. stuart: would black voters go 50% to the republicans if john kasich was the candidate? >> when led by the right people. black, white, hispanic. we step up and tell the story of john kasich other people will follow. stuart: we did hear you. we like that. >> i think the rest of the country, if he stays until october, march 15 when ohio goes down, the whole game changes. stuart: we have to break away. i have a development on the stock market. we are down. we are big-time down. the hundred 30 points now.

janet yellen. negative interest rates. >> i would not take them off the table. that is not good news at all. >> interest rate. >> sometimes he told me that. it is okay. a combination of rachel and gretchen. >> they only give you back 99. janet yellen is not ruling that out. >> it hurts the market. it hurts the economy. the theory is if forces banks. it is to give it to the economy and small businesses. pushing that money out. it does not work. market watcher michael ball is with us. i will pose the same question to you. this negative interest rate. janet yellen has touched upon

it. it sent the market straight down. negative interest rates are bad for stock. >> theoretically, lower rates are going down. one thing you have not talked about is when you push rates to negative, you push away the incentive for people to push for bonds and things like that. one of the fundamental things that keeps markets falling is going to be put into greater and greater danger. it has not worked in japan and it has not worked in europe. it is not necessarily a recipe that will inspire markets right now. you are paying or you are taking money off the lender. they cannot do it. you are with us on this? a big negative for stocks. are you with me on this?

>> absolutely. when we look at japan, they, at the end of january, moved to negative interest rates for the first time. the market reaction has not helped stock investors over there either. >> thank you for joining us. we have a lot of stuff to do with this morning. if you are just joining us, the news is janet yellen said she would not take negative interest rates off the table. the market starts to fall more. down 320. let's get to hillary clinton. the top-secret intelligence. through one dozen other e-mail accounts. we have that one coming up for you. the judge is next. ♪

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stuart: write about the low of the day. janet yellen. testing before congress. not taking negative interest rates. we are taking a look at them again. it does not exactly instill a lot of confidence. >> no, it does not. elsewhere, there may be some financial indications on this. more damaging evidence coming out of hillary clinton's e-mail. handling the top secrets. those were on her side. one is political. stop saying classified material.

there are at least 22 materials. remember that she received them at the time she sent them. far more serious problems than bernie sanders. how does this hurt her? it enables the fbi to ask the justice department to indict them for mishandling of top-secret materials. then, use that as leverage to get information from them about hillary. her worst nightmare would be an indictment where the evidence against her is coming from people that are former aides. we now know that there was a culture in the upper state department. utterly reckless. reckless in its concern. grossly negligent. it is clear they discussed them

on their black very. she passed this stuff off to her aides that did not have the same security clearance. this is a type of thing that resulted in an indictment. i think it is smart for them to address. serious challenges about her honesty. the case looks grim. the front runner -- the stock markets are down. we are facing a recession.st thd be the next president of the united states. >> it is a total disaster for

the stock market. any american. a middle-class taxpayer. >> joe biden may actually do the country a favor. stuart: would mike hilberg to the country a favor? >> i do not think it is feasible. i do not think that it is feasible for a third party to win. >> he has enough money to get lawyers on the ballot. in france, they are trying to change the constitution so that anyone convicted of terrorism can be stripped -- i did not say guilty, i just said stripped of their citizenship. i am now an american citizen. under what circumstances can i be stripped? >> it has not happened. establishing the circumstances.

>> the american constitution protects persons. it is not limited. stuart: in the likely event that someone of my age goes to fight for the terrorists overseas and i actually do go and fight for them, can you, judge, say, no, stuart varney, you cannot come back to america even though you have an american passport. >> they would probably prefer to indict and punish you them let you stay. stuart: why waste time with the court system. you do not have the evidence. >> the constitution prohibits punishment without conviction. not letting you back to one of your numerous states in the united states. >> i think it is interesting that france is considering this. they are also brand by a socialist. >> that mentality has change

whatever log you want. who cares about human rights? [laughter] >> thank you. look at this. we are only down 310 points. we were down 350. okay. pope francis is planning to visit mexico. part of that plan is that he it goes to the border to stand with the migrants. donald trump said he is out of touch. more on that in a moment. ♪

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see car insurance in a whole new light. liberty mutual insurance. ♪ stuart: down we go. off 341 points. moments ago janet yellen said i will not take negative interest rates off the table. ashley: yesterday she was asked to mention this again, i do not know legally whether we can do that. today she said she is not aware of any legal restriction did we have not looked closely at the legal side of this. she is changing her tune a little bit to make it more plausible or possible. stuart: we are almost there now. if i give $100 to the united states today, in one year, i get back $100.48.

we are paying $0.48 interest on a $100 loan. >> i would think psychologically that that is well above $0.48. >> yes, it is. you are not holding your own because of inflation. you are right. it is not quite negative interest. it is almost close. pope francis. visiting mexico. he will go to the border. the u.s. mexican border. he will stand with the migrants. showing solidarity with them. i spoke to donald trump earlier. he said that the pope is out of touch. >> the pope is a very political person. i think he does not understand the problems our country has. i don't think he understands the dangers of that we have with the open border. i think mexico wants to keep the border just the way it is because they are making a fortune and we are losing. stuart: gretchen, what do you

say? >> people with religious constitutions should stay out of politics. i do not think the minister should get on the pulpit and say who they want to vote for. maybe he does not understand what is costing america. i understand he is polling at the heartstrings, the emotions of wanting to help everyone. argentina from italy. i understand the emotions. i do not date that religious leader should get involved with politics. stuart: i agree. i would not go to a church where politics are preached from the pulpit did. >> you always offend somebody. stuart: [laughter] down 353 points now.

the flight to safety has gone even further. the price of gold is up about $54 an ounce. stocks down, gold up. coming up next. hillary clinton losing to bernie sanders in new hampshire. the president may be getting his way. monica crowley may have called it. >> i think that there's only one person that really matters on the democratic side did that is the president. i do not believe that the president wants her to be the nominee. ♪

. . . .

stuart: dow jones average now at the low of the day. that is 380 points down. here's the news. janet yellen on negative interest rates. roll that tape. >> i wouldn't take those off the table but we would have work to do to judge whether they would be workable here. stuart: you heard it. wouldn't take negative interest rates off the table. jim awad is here. now, negative interest rates, i lend the government 100 bucks. they only give me back $99, negative interest rates. >> right. stuart: why is that so bad are to the market? >> it is a frightening thought. we're only now just learning about all the negative by-products of easy money and zero interest rates with all bad loans that were made. just imagine, i think you could freeze up economic activity.

what businessman is going to see, when he sees deflationary psychology, what business person will invest and build a new factory, savers getting negative returns, what are they going to spend? consumers if reading that we have deflationary interest rates, will they go out and spend? we don't know the by-products and implications. i think it's a dangerous experiment. what we need, what you said before what this country is growth. fiscal reform. regulatory reform. inspirational president to give people confidence. negative interest rates doesn't do that. stuart: there isn't anything that janet yellen can do about negative interest rates because the markets may force it on here. i'm hearing this all over the place especially today, this looks a lot like 2007 and 2008. >> i think it is unlikely. it fill feel like it. it is unlikely to get that bad because we put in place regulatory reforms and restrictions.

it will feel like it and stops overshoot on the downside. this country always gets through it. in my 50 years in the business what we've gotten through. we'll get through this. like growing to the dentist. we have to sit there experience the pain. i'm frightened at thought, what does it do to banks and financial institutions negative interest rates? we just don't know. i think the best thing the fed could do right now is nothing and let the markets work. >> i was going to say can janet yellen do anything. you spike of inspirational president, can president obama do anything. >> no. he is lame duck president. he is not trusted by business community. stuart: we'll have to wait until the election to get somebody that goes for growth. >> is a long time. >> that is the hope here. somebody gives people the confidence to invest, spend, build factories, buy things and, this campaign is not shaping up that way. stuart: all well and good, jim. we're down 400 points. and you won't get political change for at least one year. ashley.

>> when we came on the air 9:00 a.m., gold was up 40 bucks. it is up 68, $69. huge amount of money going into gold. stuart: spiraling down stocks. spiraling up gold. control room, please at some point get me quote on 10-year treasury. >> 1.57. stuart: 57 now. as that, yield comes down that indicator of a, a flight to safety, money coming into those bonds. and the outflow for the economy is not good. that is a key indicator. welcome to the show. >> thank you. i need a pepto bismol. stuart: back to politics. donald trump on this show earlier today, he says he is not worried about the other republican candidates, oh, no. roll tape. >> we started off with 17. i guess carly left. and, chris christie left yesterday as i understand it. and so that's two less. we're getting down to very

manageable number. i think rubio was hurt very badly. that was a bad hit. and you know, we'll see what happens. bush is a stiff. i don't see how he can -- last thing we need is another bush. stuart: a lot of invective. donald trump, okay. he was on the show. monica crowl i loy is with us now. you know i thought you were with a trump supporter. >> no, i haven't endorsed anybody. from the moment he announced his candidacy i understood his appeal and i understood the movement that has created around him. stuart: kind of favor him, don't you? >> no. i don't favor any of the candidates, believe me but i get his appeal and i understand the trump phenomenon. it is very real and other candidates, i think have really put themselves at a disadvantage not understanding what he has tapped into. the only candidate who has is ted cruz. >> totally. stuart: at this hour the congressional black caucus is meeting in washington d.c. we're expecting them to endorse hillary clinton for president. what do you have to say about that? >> that is the establishment black community.

you have black activists like the former head of the naacp. danny glover, black actor. a young hip black activist who wrote a best-selling book, they're all behind bernie sanders. "the nation" magazine yesterday came out with this huge article, polly based, attacking clintons for quote, decimating black america. this looked like coordinated attempt to undermine hillary clinton as she goes into south carolina where there is heavy black vote. remember if my theory is right, and president obama seeking to take her out via the fbi investigation, what they have had to do is weaken her at the polls first. because if she were winning all the states it would look like coup d'etat. they couldn't have that. weaken her, hemorrhage her at the polls. then you go in for the ultimate strike. stuart: you're ultimate position is still president barack obama doesn't want hillary clinton at scenes and work behind the scenes? >> that is my theory. a lot of bad blood but idealogically, bill clinton

moved the democratic party kicking and screaming to the center and was rewarded for that. barack obama has moved the party to the back to the radical left. he can not and not countenance turning party over to the clintons. stuart: joining us critical wright, author of the book, there are you are, "con job." crystal, come on in please. i want to talk to but the congressional black caucus looks likes it will endorse hillary clinton. from my perspective it seems like this is the black establishment supporting a establishment candidate amongst the democrats. i'm not sure how much good it will do. what do you say? >> i think this is absolutely insulting we're talking about black voters like we have no brains and we're stupid and we have to be told by so-called black establishment members of congressional black caucus who to vote for? where is the white caucus endorsement? i mean i'm insulted by. this is not, you have no other

race that democrats pander to in this way and democrats have no record to run on. neither bernie nor hillary have a record with black people. they do absolutely nothing but fight for black leaders to tell us dumb black people what to do. stuart: wait a second. that the congressional black caucus tends to be older people. is there a real split in the black community between older people and younger voters? i, that is what i sense? >> yeah. i think you have a lot of younger voters since the election of barack obama who say, look, we don't look to the so-called black leaders. we'll make up our own minds. our black minds like white people make up their own minds. you don't have white members of congress caucusing we'll get behind a one white candidate. this is the problem. stuart: okay. bernie sanders met with al sharpton yesterday. i call them kind of the odd couple. what do you make of it? >> it was, you know, like desperation, right? bernie is running one of the whitest campaigns.

he has young white millenials voters behind him and other millenials. but most of his supporters are white. he comes from a white state. he won the white state of new hampshire. i mean, i think we know why he is meeting with the race hustler and the profiteer, you know, sharpton. i don't know if it will help him. i don't think sharpton -- i wonder if money was exchanged you know? stuart: okay. >> interesting things. there are no polls recent in nevada or south carolina to show where any voters are right now, white, black hispanic. any color. until those polls come in we don't really know where people are migrating too. >> gretchen is right. i will say this, gretchen, in south carolina polls done before new hampshire showed that hillary clinton was locking down that black vote. so we'll see, right? stuart: we shall see. famous last words right there. we had a good roundtable discussion. i thank everybody. monica crowley, crystal wright, jim awad. >> pleasure.

stuart: all good stuff. we heard what the presidential candidates have to say, but what about their body language? what is that telling us? we have analysis coming up. a look at the price of gold. yess it is the safe haven today. it is up $61. charles payne said couple days ago buy this thing. he is up next. watch this for a minute. >> make sure you stick with weak dollar investment strategies. gold, and some blue chip names.

reporter: i'm nicole petallides with your fox business brief. stocks are under pressure all day long. dow jones industrial average is down almost 400 points a time ago. down 344 points at is a thousand 571. a loss of -- 15,571. gold soaring 5%. everyone is rushing to treasury yields. 1.58%. boeing 100 points to the downside. this is on sec accounting probe. they declined to comment on this certainly weighing on dow jones industrial average. the other dow losers worth looking at, biggest losers, financials led the way to the downside. goldman sachs down nearly 4%. visa, jpmorgan, dupont other big laggards. trip advisor up 15%. cisco up 8%. mylan down 19%. tesla up 8%. starting your day fox business, 5:00 a.m., we get you started then.

nobody move! get on the floor! do something! oh i'm not a security guard, i'm a security monitor. i only notify people if there is a robbery. there's a robbery. why monitor a problem if you don't fix it? that's why lifelock does more than free credit monitoring to protect you from identity theft. we not only alert you to identity threats, if you have a problem, we'll spend up to a million dollars on lawyers and experts to fix it. lifelock. join starting at $9.99 a month. stuart: you want a safe place to put your money when the dow is falling out of bed? at gold, up about 60 bucks. that is a significant gain. guess who called this, our own charles payne a couple days ago buy gold. are you still saying buy gold? >> absolutely. we started in august nibbling. i got very aggressive last two

weeks on gold and tlt, play on bond yields. >> there is no inflation. usually buy gold when you have inflation. >> also a store of safety. and you know, you know what? a couple years ago in india they found this big empty graveyard and it was packed with gold. the gold was worth maybe, 5, 600 million. if they packed it back then with the local currency it would be dust. only reason i'm saying that, very uncertain times where we're heading right now, it is amazing store of value. and, it has had a huge drubbing. it was really very, very much oversold. stuart: last time i played that was many years ago. i played bullion. i actually bought gold bars. kilo bars of gold themselves. i did not buy gold mining stocks. what should i do this time? >> gld is easiest thing for me to do which is etf. i'm like you. i have the bars. i love every now and them holding them and looking at them. stuart: feels good.

>> i have them hidden all over the place. >> the fact that you buy gold does that hurt stock market? or just doing it rebound effect of the stock market? >> doing it as an insurance policy. stuart: as a hedge. >> no, the stock market is getting hurt for other reasons. i'm going to tell you guys here is big thing going on. at this very moment janet yellen is testifying. she testified yesterday. earlier this week, let me tell you how disconnected federal reserve is. earlier this week, economic report, wholesale data came out. what this number came out, federal reserve increased first quarter estimate, 2.3 to 2.5%. you know what goldman did. lowered theirs to 1.3% from 1.5%. something is wrong with this fed. people are afraid. stuart: always remember, charles, gold bullion is fine estate planning vehicle. i will not get into that. >> that is for you and tax expert. stuart: don't forget "making money with charles payne" 6:00 p.m. eastern on the fox business network.

got to watch. politics, sort of. tonya reiman is here. she is body language expert. i want you to analyze body language of various candidates and what implies. first of all, ted cruz. he waves his arm when he starts to speak. he waves his arm around a lot. i don't know why we're showing that. >> we can talk about ted cruz in general. ted cruz is very manipulative when he turns on body language. when he is off, he is more natural. but on the playing field he knows exactly what he is doing. the problem with ted cruz some of his facial gestures, some of his facial movements give an indication he is more disparaged than he is happy. that is not the message is trying to give. trying to give off one of happiness but he doesn't. he needs to change the smile. lift that mouth up and needs to change his eyebrows. that would make him look like

much happier candidate. >> i hear that a lot actually about ted cruz. how about donald trump? >> oh, donald trump. stuart: when he speaks he is pretty animated. he has his hands moving around. >> he has gotten better though. watch. the reason i say this he has gotten better this is what we're seeing now. if you looked at donald trump a few months ago, gestures were big. he was overanimated and so excited and not tamed. what i mean by that i'm the guy i want to be. now he is learning he has to be politician he needs to be. big difference. a ton. stuart: really? >> what you find is during the debates, first hour he is very toned down. he is, even say like mon tone in movements. next hour autopilot comes back and real trump. that is who he is, the big guy. stuart: how about me? we taped me during an interview earlier. >> always to look at the host of

the show. so much fun to do that. bring it on. stuart: bring it on. this is me arguing with tamara holder earlier today. that is not me. >> and with bernie sanders. stuart: i wasn't arguing with bernie sanders. have we we got the tape meme gesticulating. >> i can see even from here, you're gesticulating and it is normal. what i saw from you a moment ago was mower important. >> there you go. >> whoa. >> yeah, you had some big movements there. yeah. [laughter] was that real? stuart: i was mocking her. >> you had to be making fun of someone. what i saw earlier today during conversations you closed your body language a lot. just like this, this is closed non-verbal. >> what do you want me to do? >> you know the normal position that you have, charismatic non-verbal that you normally carry. stuart: carries mat i can. i take it. end of interview.

>> end of interview. >> carries mattic. stuart: what do you make of that? >> awesome. thumb's up. only here in the u.s. don't do that other places. stuart: it's a selloff. i don't know what my body language tell tells you. we're down 360 points. that ain't good. back in amendment movement ♪

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stuart:down330 points. close to the low of session, not quite there. i want to bring in market watcher brad mcmillan. i will ask you same question i asked everybody else. people say it feels like 2008. is there any >> there are similarities. the market's pulling back but it is not 2008. the differences are bigger, much bigger than the similarities. stuart: okay. give me the differences that make it a lot better than it was in '08. >> we've got job growth. we've got a job growth at level that was better than at any point during the 2,000s. we have job growth approaching level of the 1990s. we don't have recessions when we get job growth at this level. second, we don't have imbalances we have. we don't have the housing market. we don't have consumers borrowing money they don't have. now we got consumers saving this

is what is going to keep us from going into recession. without recessions we don't have 2008 events. stuart: wait a second. we have yield on 10-year treasury all the way down to 1.5, something like that, way, way down. that's a recession indicator. that's a flight to safety indicator. doesn't that worry you? >> it does worry me, frankly. that is one of the biggest problems we have out there. i don't think it is driven by the u.s. i think it is driven by problems elsewhere in the world. if you want comparison, i think comparison is 2011. not 2008. there were enormous problems elsewhere in the world but u.s. came out okay. stuart: okay. we hear you, brad. you answered the question directly and 15 second sound bite. that's very good. good stuff. >> thank you, stuart. stuart: dow down 300 points. >> he gets to come back. stuart: he does. don't miss real stories with gretchen 2:00 p.m. eastern on fox news channel. what do you have for us today?

>> we'll talk about mike bloomberg. i know you're poo-pooing this. we'll show a new poll out who wins with head-to-head match up with bloomberg, sanders and trump. stuart: you have to tell us. >> not telling you until the commercial break. vets very important in south carolina. which republican candidate has best program for the vets. what people endorse who have dropped out. stuart: please tell us. >> that is called a tease. stuart: fox news network. more "varney" after this.

>> i saw this coming. i've been talking about a bubble. i think you sort of alluded to it but i've been talking about a bubble. we're right now in a big, fat, ugly bubble controlled largely by asia and by countries like china particular china because of this vast size. stuart: all right, that was donald trump. he was on this program early this morning. he did indeed say it is a vast bubble and he said that foreigners, china, japan, mexico, they are largely to blame. any last comment, gretchen?

>> i want to know if this is ashley's tea or yours? no, no. i'm nervous about the market today. i like the last guest who said it was 2011 and not 2008. stuart: interesting. ash, gretchen, neil, it is yours, take it away please. neil: big news item, do you serve your fests tea? >> yes. neil: that is british set for you. you can't let go, can you, varney? thanks, guys. we're focusing on on the big selloff, what is driving it. oil goes down, these guys go down. we're really keeping a close eye on nasdaq, in and out of bear market territory which would be a tum he -- tumble of about 20%. we're looking at highs from 19%. netflix is dragging down technology. this has been really the swan song of technology stocks but a couple of some of the other bigger names, they kind of held