and i have global access 24/7. meaning i can do what i need to do, then i can focus on what i want to do. visit learnfuturestoday.com to see what adding futures can do for you. >> don't forget to catch dagen mcdowell tonight hosting "kennedy" at 8 p.m. eastern. it's going to be hot. it's hot right now. businesses take sides, celebrities rant and president trump stands firm. little impact directly on your money. good monday morning, everyone. let's start with this. confusion at airports, ban on visas from seven countries was badly implemented, no question about it. immigration authorities were not sure to keep out. the political reaction has been intense, and it started immediately with demonstrations at the airports where detainees

were being held. top democrat charles schumer was in tears. literally, in tears. nike, starbucks, apple, netflix, google, and uber among other major corporations publicly opposing the president's action. they have taken sides. last night at the screen actors guild awards, hollywood piled on and a parade of scorn piled on president trump. president trump unmoved, this is not a muslim ban as the media is falsely reporting. it's all about keeping terrorists out. reince priebus says that president trump is protecting america. investors unmoved. stocks pointing a little lower at the opening bell this morning. there you have it, the trump presidency is moving into the second week, doing what he said he would do and the opposition is extreme.

"varney & company" is about to begin. ♪ oh, yes, action monday in full effect. here we go, president trump right now, meeting with small business leaders, right there in the white house. what do we know about the meeting. liz: what we're hearing from the small business sector leaders, cut regulations 75%. there's going to be talk about the border tax, how it's going to hit their own businesses and we know that the russell has been up and small business confidence hit a 12 month high so we're tracking the story for you as it unfolds. he's having a breakfast meeting, trump with small business leaders. stuart: he's laying out what's delivered to small business if he gets what he wants. in canada, six dead after two gunman opened fire inside a

mosque in quebec city. the prime minister of canada is calling this terrorist against muslims. ashley: as you said six dead, eight wounded, more than 50 people are gathered at the islamic cultural center for evening prayers. they call it a coordinated an i tack and witnesses say they could be heard shouting allah akbar in a french canadian accent and some reports say one of the suspects is of morrocan origins and there were reports of three, but they believe it's two gunman. the motive what was behind this is still being investigated. stuart: we'll wait to hear the identity of the two suspects who did allegedly. ashley: one was arrested at the scene and another got away and later turned himself in. stuart: fascinating and it comes to canada. got it. let's get to the mark, please, a lower open for stocks right now, and down about 60 points. we're going to get to the reasoning behind this. let me show you oil, $53 a barrel, thereabouts. now, i want to get to the market decline that's expected

at the opening bell. market watcher jeff sica is with us. when i walked in this morning and saw futures pointing down, i thought, oh, that's a link to the executive orders and the political hysteria, but you have another reason why this market opens lower. >> well, i certainly think the political hysteria over the executive order is important when you have companies like microsoft and google saying that these executive orders will affect their operating margins. that's something to pay attention to. but on the internet now there's a lot of talk and there's a lot of talk out of washington, that some of the senior congressional aides are talking about these desperately needed tax cuts, especially for small businesses being delayed in 2018. stuart: whoa, whoa, whoa, hold on a second. there is talk from congressional aides that we won't get a tax cut package until next year, 2018? >> yeah, and our only hope is that these are rumors people

are talking about on the internet, but there are a lot of people talking about that and keep in mind, small businesses have been annihilated and they are desperate. they're the life blood of this economy and desperately need these tax cuts. so even the mention of them being delayed in 2017 is going to set the market off its course and that's something to be very concerned about. stuart: i'll have more on that later. thank you for bringing that to our attention, mr. sicca. protests nationwide against president trump's executive orders. demonstrations across the country. here is what president trump tweeted earlier this morning. >> only 109 people out of 325,000 were detained and held for questioning. big problems at airports were caused by delta computer outage. there's another tweet, here we go. protesters and the tears of senator schumer, secretary

kelly, in charge of homeland security, says all is going well with very few problems, make america safe again. one more tweet. there is nothing nice about searching for terrorists before they can enter our country. this was a big part of my campaign, study the world. judge napolitano is with us. i'm reading across the spectrum here, they're calling this a muslim ban. is it? >> no. if this was based on religion, no person shall be permitted to enter the country if they belong to any of the following religions, it would be absolutely, profoundly on its face unconstitutional and permanently enjoined, but it's based upon location, area specifically designated in the statute that authorizes the president to impose temporary bans. so, for national security and public health and safety reasons, the president can ban all human beings from, fill in the blank.

a geographical region or a country. president obama did that for six months with iraq and president trump is doing for. stuart: seven countries. >> stopping refugees for four months and stopping all from these seven countries for 90 days. stuart: kellyanne conway said 170 green card holders were appealed and they filed appeal and all have been let in. >> the green card holders were let in before their lawsuits were heard. there by rendering the lawsuits moot. i saw moot. there were four applications over the weekend, new york, boston, alexandria virginia and seattle, washington. they each ruled against the government. the with un one in new york imposed a nationwide bad of deportations of persons with

valid state department issues visas. she did not reach the green card issue because that had been by the department and general kelly involved in that. stuart: and president trump will reveal his supreme court nick. >> i've made my decision who i will nominate for the supreme court. live tuesday at 8 p.m. any insight? you've got to have insight who it is. >> i attempted to find out yesterday if i could get any insight and my sources, very, very, very close to this process either doesn't know or wouldn't tell me. the source telling me as of last night the president hadn't told anyone, even the nominee. now, that has apparently changed this morning. our colleagues in the media, based upon leaks from the white house have reduced it to three

finalists from among the 21 on the two lists that were released last june and july by candidate. stuart: it's going to be a conservative that replaces scalia, period, that's it. >> yes, depends which three it will be. there are various degrees of fidelity to the constitution, but all three, judge gorsuch from denver, judge hardiman, and all three fit the scalia mold of conservative republican limit the government in the space. schumer will have more than tears this time. stuart: and legally and implementation was a disgrace. >> it is valid constitutionally, it's probably not valid with respect to those with the green card and resolved and those with visas

not resolved. that's not what he's concerned. he's concerned about extreme vetting from anybody who comes in the country and he's going to get that and in fact, has that as we speak. stuart: we'll see you at the 11:00 hour. tennis fans watch this. rog roger federer won the australian open against nadel. we bring it to you for this reason, that man is 35 years old. gives heart to us all, does he not? >> that was extraordinary. what a performance. >> do you remember when you were 35 years old? >> just a blurred memory. [laughter] . liz: blurred >> speaking of stars, look at the lineup for you. nig nigel farage, is the queen of england going to welcome the president for the visit? steve moore, when will we see the tax cut, an important question this morning.

andy card, he was george w. bush's chief of staff on day one, anything like this for the first week for president trump, no. and joe theisman talking about politics in football. so many quarterbacks are conservative. why is that? and the wall, the attorney general for the florida joins us, she's a trump supporter. >> we're going to build the wall, believe me, we're going to build the wall. we have a trade deficit with mexico, they're going to pay for the wall. who is going to pay for the wall? >> mexico. >> who is going to pay for the wall? >> mexico. >> everybody likes the idea of the wall. [pony neighing] what? hey gary. oh. what's with the dog-sized horse? i'm crazy stressed trying to figure out thi so i brought in my comfort pony, warren, to help me deal. isn't that right warren? well, you could get support from thinkorswim's in-app chat. it lets you chat and share your screen directly with a live person right from the app, so you don't need a comfort pony.

oh, so what about my motivational meerkat? in-app chat on thinkorswim. only at td ameritrade.

>> we'll be watching the nasdaq composite index at the opening bell because it's coming off its ninth record high just in the year 2017. watch that thing at the opening bell. big name technology companies

are getting political over the immigration ban. they are, some of them, offering legal aid to affected workers. google is going to be down at the opening bell, look at microsoft, that also is going to be down at the opening bell, not much, just a fraction down for microsoft. both the companies are saying that the executive order from the president will hurt their bottom line. watch that at the open. now this, 16 at latest count, 16 attorneys general have written a letter to president trump opposing executive order on immigration. and the attorney general for florida is not one of the 16. why are you not one of the 16, attorney general? >> good morning, i believe in the president's executive order. we have to remember, this isn't a ban on religion, we agree, all attorneys general agree on religious liberty in our world. this is about radical terroris

terrorists and the seven countries were not chosen by them, iraq, iran, sudan, somalia, syria, libya. and one i want to talk about, we want to get to human trafficking. yemen. look what just happened. president trump issued an air strike in yemen and took out 14 al qaeda members. that had been approved by president obama, but carried out by president trump and our prayers go out to the seal team six member who lost his life, but that shows what's happening in yemen and why yemen is on the list. this is a temporary ban. temporary until we can get better secure measures in place. stuart: the implementation of this executive order surely leaves something to be desired. authorities at major airports around the country, they didn't know who to let in, who to keep out. they did not know. that was poor implementation. i think you'd agree with that. >> i think everyone would and i think about what 109 folks that got caught up in the middle of

this over 300,000 people, but, yeah, about 109 folks, i think that straightened out now, the part with visas is straightened out and green cards is straightened out to quote president clinton in 1995, we are a nation of immigrants, but we are also a nation of laws. look what's happened since '95. again, this is a temporary ban, robert gates, who was president obama's, obviously, national security director, he agrees with this. but, yeah, we have to take great caution. president trump said of course he shows compassion to our immigrants, and we need to get them here, but need to get them here the right way where they're safe and our priority for a country should be protecting america first and helping those true immigrants. stuart: i want to get to-- of' got breaking news, but first draw your attention to this. israel's prime minister benjamin netanyahu tweeted

support for president trump building the wall. he says israel's wall has stopped this and you're in support of that. >> i've been to israel and seen the wall, the wall works. don't forget the war on drugs we're fighting as attorneys general throughout our country. if you think about it, heroin is our newest epidemic, it's being manufactured in asia, but coming in through the traditional smuggling route of mexico. so if we can stop one child from overdosing from heroin, which is a plague in our entire country that wall is worth it, as well as human trafficking and it's human trafficking awareness month and one thing i wanted to tell everybody. stuart: i'm sorry, i have to-- please, i've got to interrupt you, breaking news on the executive order that president trump will sign later this morning. in fact, about 90 minutes from now. ashley: we will, this is to do, executive order for every new

regulation enacted, two must be rescinded. so you add one, you take two away stuart: he going to sign an executive order to thaeffect. >> it would do just that. stuart: it's the most unusual executive order in my life, but that's about 9 the 0 minutes from now. ashley: basically cutting them in half is what he's doing, his way of saying it. cutting regulations. liz: two for one. stuart: two for one. i pant to thank the attorney general from florida. i'm sorry i cut you off short, i i'll be back, that's a prim. and some are supporting regulation and support for refugees. we'll deal with that. and we expect to hear from president trump this hour and meeting with small business leaders. it's all action news monday.

>> big protest nationwide over the president's executive order on immigration. that's one side of the story.

here is another. some of the biggest names in corporate america are publicly opposing the president's action. they have taken political sides. nike, starbucks, apple, netflix, uber, among many others. peter morici, i say they've taken a risk. they've taken an explicit political position, that's risk, you say what? >> i think it's risky for them. starbucks, i think they're catering to their customer base. i understand you get a blue card as opposed to the card, they get a discounts. and they-- >> will they pay a price for it? >> i don'ten that i would be receptive to ms. romty from ibm if she came to my office. i don't think you can can stanley hammer at any man or

woman and listen to you sim thetically. businesses have things that have sympathy. and immigration is one of them. this guy says he's for slanting immigration policy in that direction. this is bad business to do this. stuart: peter, stay there, please. i want to bring you back at 9:30 when the market opens. joining us shortly, stocks will open lower this morning and they'll hold the 20,000 level, but will be down 50, maybe 60 points right there at opening bell. politics and money are very, very closely linked, as ever. that's what we do. that's our bread and butter. we're on it.

>> now, we've got about 50 seconds before the market opens up again this monday morning. i must confess that when i was watching over the weekend, this political furor that greeted the president's executive order. i thought the market would take it on the chin first thing monday morning. disruptive politics i thought would have fallout on wall street. we are going to be down at the opening bell, 60, maybe 70 points, but that's not quite the fallout that i had been expecting. there is another factor in play in this market, we will get to

it later in some more detail, the gist is this, there is talk, unsourced, anonymous talk that we might have to wait until the year 2018 for that tax cutting package. that's a negative for the stock market. that is a factor today. bang! 9:30, here we go. we're off and running, it's monday morning. we're going to open 73 points lower. if you look on the left-hand side most of the dow 30, they are in the red, they are down this morning. but that's not a catastrophic, huge selloff. the dow is now down 74, holding right now, i should say, right now, at 20,000. i want to take a quick look at the nasdaq composite because that is coming off its 9th record of the year. it's down about 1/2 percentage point thus far this monday morning. take a look at google. it had been near its all-time highs, still is, but it's down this morning.

google is offering legal aid to those workers, its workers who may be affected by the president's executive order. same story with microsoft. near an all-time high, down a little bit this morning, not much actually. in fact, microsoft is unchanged. they, too, are offering legal aid. he is starbucks, he says he's going to hire 10,000 refugees worldwide. and ashley webster, liz macdonald, jeff sica and peter morici. we're starting down lower, 70 points down. i want to know how much is a result of the president's executive orders over the weekend? start with peter, is this an impact? >> i was interviewed on this over the week, i say no. we will have fluctuations, but

this executive order is a nonfactor in the mark, especially given its duration. stuart: now to the factor which may have well have a bigger impact, that's this talk, anonymous talk on the internet, about a delay until the year 2018 for the tax cutting package. please, this is just talk from anonymous sources. jeff sica, you're the guy that brought it to our attention this morning and you're saying that's a factor in the market decline? >> yes, investors have to be aware, this is a fragile topic, even rumors on the internet will set investors off because keep in mind small businesses off the radar for the last eight years are desperately relying on tax cuts and if they do happen to move them to 2008, which the rumor is, there are congressional aides talking about the potential that they're not going to pass as easily as people expect, that's going to have an impact. and it's going to have an impact in a way that the psychology of the market has

become the most important factor in the market moving forward. >> mr. shellady, come on in, please. because we're going to have clear what we're talking about here. this is anonymous aides, republican aides in congress, speaking anonymously, quoted on the internet that we might delay the tax package. that would be a negative, would it not, if this were to transpire? >> yes, it would be, and i think more to jeff's point. psychology can be a double-edged sword. the market had been giving donald trump a pass up until now because he hasn't been able to put all of his team on the playing field and a lot of euphoria is in the market. when you get little things like this, they're easily popped, the psychological euphoria to the upside. be wary of things like this. that would be a good reason for the market to be off. stuart: we've dropped just below the 20,000.

19,999, just below. technology companies have been vocal about the president's executive order. they said they would be affected because of the visa situation. scott, back to you. how big an impact would the president's executive order actually have on the bottom line of big tech companies? >> well, once again, i'm frustrated, stuart. i mean, the impact of the executive order over the weekend, compared to the impact of tax cuts, less regulation and a trillion dollar infrastructure spending bill is so small, i can't believe we're talking about it. if those three things come into effect and ultimately they will, it's not going to have any impact at all. they way outweigh over the weekend. they're complaining about the wrong things. if the economy is better, it doesn't matter. stuart: well said. we said it was technology companies going political here, it's more than tech. liz: it's goldman sachs lloyd

blankfein sending a note out to his staff saying we do not support this policy, ge jeffrey immelt expressing concern in a note to staff, but you don't hear from the other banking and health care and industrial players. boeing, ford, gm silent. tesla's elon musk says he's against it and he's on the advisory panel for businesses for donald trump. stuart: so technology largely against the executive orders, and others staying silent. ashley: these markets to be honest with you, they were down with asia and down with the political turmoil. it's a big week, massive earnings, hundreds on the s&p 500, including amazon and facebook, they'll be reporting their numbers. if there's lots of decent guidance a decent earnings, that will help the mood of the markets and then we have the fed, of course, hate to bring them into it, but they're talking mid week, they would have an impact on the market. stuart: it's a big week, huge reasons for investors. >> an issue with the tech

companies, they're setting us up. they've been affected by the strong dollar and that's going to become very evident and tech companies are very, very dependent on the manufacture of components outside of the u.s. so, they are going to side against trump in this every day. stuart: a theme this morning is technology companies on the down side, got it. now, i've got green arrows all around for the security stocks. now, this is since the election. for example, acon. that's a screening contractor, they're up. and osi, for example, that's the make systems that screen packages and people. so, i don't know where they've opened up this morning, but what you're seeing on the screen is how they've done so far since the election. would you buy that kind of stock? >> i would seriously consider buying them. the reason i would buy them, the construction of the wall is

only one step in this fight and there needs to be more focus because in the last eight years, as much as cyber security was needed, there wasn't a lot of interest in it that i saw. now i think they're just catching up so i think it makes sense to start looking at it. stuart: got it. check that big board, we're down precisely 100 points and carried us just below the 20,000 level. there you have it. 19,995 is where we are. delta, the airline, computer glitch cancels 150 flights across the country. some, i believe, 100 flights are still delayed as of today. the stock is down 2%. we've got fitbit reportedly going to layoff what, 10% of the work force, not a good sign. it's down 11%. amazon reports profits on thursday, holding around $830 per share. walgreens delays its rite aid deal again and cut the price of

its offer and rite aid is down 17% because of that. fair enough, you might expect that. now, take a look at a mattress company. temper sealy, why is it down 27%, nicole? you've got to tell you. >> and why is it down after it came out with fourth quarter numbers that were better than expected? that is because a controversy with mattress firm and now they've terminated the contract. mattress firm was sold out to an african retailing unit and they could not come to terms to renew and expand the contract. temper sealy says it's not in the interest of shareholders. we're terminating the contract. but this contract brings in about one-fifth of the sale for sealy mattresses, 3900 stores in the states and they're going to lose sales. but they did have a good fourth quarter. we'll watch that one and select comfort.

and that's likely, we'll see if they have a good quarter as well. stuart: here is another theme for the show, trouble in the mattress business this monday morning, down 17%. nicole: 27. stuart: how, we keep a close eye on the russell index because it tracks smaller companies, it's up about what, 13, 14% since the election and president trump is meeting right now in the white house with small business. so, we've done well thus far on the russell 2000 index since the election. is that the kind of index, the kind o has more to go, jeff sica? >> i think it's imperative, a little ways to go, but i think it's very urgent for small businesses. what i'm interested in knowing in this business today is whether trump is going to talk to the small businesses and make the banks start loaning them money again, because the small businesses have essentially frozen out of lending to a great extent and

in order for them to continue to grow, they need to access some of the credit from banks and that's going to be the main focus of what they talk about today. stuart: peter morici, what small businesses wants more than anything else, i presume, is a tax cut for individuals because a lot of small companies are run as a personal business and they pay personal levels of income tax, right? >> that's absolutely right and i think the big concern for small businesses is that there's going to be corporate tax reform, the border tax adjustments and a corporate tax cut, but it's the personal income taxes, that's where they pay the tacks are going to pushed into next year and puts them at an enormous competitive disadvantage. ibm is paying 20% and a lot of small businesses are paying 40%. that's absurd. also, regulatory reform is going to be a slow process. it's absolutely essential that they get a break on taxes this year, and i think that they're really at peril for the personal income tax reform to

be put off into 18 and maybe never, because that's going to be election year. stuart: i'm waiting for tape from the white house about president trump's meeting with small business. as i wait, peter, is there any chance that we get a real trade war in the immediate future? >> with china, yes. i don't think with mexico. mexico just can't afford to lose nafta. and i think just as, you know, they'll reconcile about the wall or the fence or whatever, they will about renegotiating nafta, tougher rules of origin. trade with china could be volatile. >> i have to interrupt. here is president trump meeting with small business. >> the last many years nothing got done in this country, but we're moving things along and moving them along fast. we actually had a very good day yesterday in terms of homeland security. and some day we had to make the move and we decided to get the move. it would be nice if we could

have our cabinet, our cabinet which is outstanding is going through a lot in terms of what they're being put through in the senate. jeff sessions, they made him wait an extra week and they did that only for political reasons, they just made him wait. i said why did they do that? just politics. i notice that chuck schumer yesterday with fake tears. i'm going to ask him who is his acting coach because i know him very well. i don't see him as a cryer. if he is, he's a different man. about 5% chance that it was real, but i think they were fake tears. we have a big decision that i've made, very big decision, on the united states supreme court that is going to be announced tomorrow night from the white house at 8:00. a person who is unbelievably highly respected and i think

you will be very impressed with this person, so that will be 8:00 tomorrow night at the white house, from the white house. and today, we have with us people who are very successful in the world of small business. and i love small businesses, started as a small business. my business got big, and i've dealt with the small businesses and the big businesses and i love you all the same. the big business folks have been fantastic, they're bringing jobs back. i say where was the outrage of the democrats when all of our can companies were fleeing to mexico, and to other places far away and leaving jobs behind? now they're all coming back. they're coming back by big numbers. bigger numbers than people have seen. you saw ford is announcing and has announced big plans coming back into michigan and ohio and different places. general motors has made big announcements.

fiat chrysler, the head, sergio, flew from italy just to make our meeting last week. you look at what's happening with lockheed. number one, we're cutting the price of their planes by a lot, but they're also expanding, that's a good thing. ultimately they're going to be better off. boeing is very much involved in new hiring and also coming in with good pricing. so, we're cutting prices, we all know about that. the people at this table know about that. you could have done that, but we cut approximately 600 million dollars off the f-35 fighter. and that only amounts to 90 planes, and when you think about 600 million, that was announced by maryland, talented, head of lockheed martin. i got involved in that about a month ago. a lot was put out and when they say a lot, a lot meant 90

planes. they were having a lot of difficulty, no movement and i was able to get $600 million approximately off those planes. i think that was a great achievement, but that really means much more than that, if you think about the fact that 90 planes out of close to 3000 planes, so, i appreciate lockhe lockheed martin for being so responsive. that will be appreciated very much. i appreciate for boeing coming in and competing and now they'll be competing during the process for the rest of the planes because there are thousands of more planes coming. we have a lot of planes coming. these are contracts that everybody knows about. the f-35 fighter jet, a great plane, by the way. i have to tell you. lockheed is doing a very good job as of know. there were great delays, about efrn is years of delays, tremendous cost overruns and we've ended all of that and we've got that program really,

really now in good shape, so i'm very proud of that. i actually started working on that when i was president-elect and the reason i was working on it, and you folks would understand it because we love doing that stuff. and somebody said why don't you take a vacation before you become president? because i love doing this. we will be saving billions and billions and billions of dollars on contracts. as you know we approved the pipelines, but as i'm sitting there and looking at the approval i'm saying where is this pipe made? these are massive pipes bigger than this room and a lot of it is made in other countries, including china. you mean, you can make pipe in china and other places far away, ship it to the united states on massive boats, put it on trucks and deliver it to the middle of the country and we can't make it cheaper, right?

what are we talking about here? so, and these are big pipes. now, the only way i can imagine they'd do that, they must have to cut them they're so big, take up so much room, i can't imagine you could put that much pipe on ships, it's not enough, not long enough. so, i assume they have to fabricate and cut, which hurts the pipe, by the way. so i said to myself if they're going to do the pipe in the united states using the powers of the united states, including eminent domain for those of you who criticize me oh, eminent domain, i said did you ever ride on a highway before? they used eminent domain. during the primaries i was criticized about imminent domain. they need eminent domain for mrooirns. if they're going to use eminent domain, i want it made by united states steel. it doesn't mean the company

united states steel. it means steel from the united states, it will be absolutely a bidder and i want it to be fabricated in the united states. if we're doing massive pipelines, i want workers in the united states to fabricate the pipe and that sort of makes sense, don't you think so as small business owners? and so we're doing a lot of things, a lot of great things that we're proud of. the small business is a big part of american economic success, although lately there hasn't been too much success because we're having our products made everywhere in the world so much, but we're bringing that all back. it's coming back, coming back fast. you see the difference already, right? more than 28 million small businesses in the country. 28 million. small business equals fewer than 500 employees, that's what's considered a small business. anybody have over 500 employees in here? if you do we're getting you the hell out of here. [laughter]

>> 56 small business employees, think of that. 56 million. small businesses are really our biggest business. we employ 48% of private work force. the private work force, big percentages employed by small business. we read about general motors and ford and boeing and lockheed and great companies, but a big percentage of small business. we want to make life easier for the small business owners that's what we're here for today. last week we had the big businesses and this week coming, we have the really, really big businesses set up by steve schwarzman, great wall street person, man who's done a great job. we have some of the-- we have the greatest businesses they've set up and that's happening very soon. but these small business, we're going to simplify, reduce, eliminate regulations and doing that for big business, too, by the way. can't be any discrimination, right?

big businesses are thrilled with what is happening. the stock market is going up massively since the election. some say the market is going down. the business people know me, know what i'm about, the market went massively up. when i was elected, the really smart people went out and bought a lot of stock. they've been rewarded. we want to simplify and lower taxes unless you'd rather have high taxes, right? [laughter] >> so small business owners can spend more time and money, finding and responding to customers and expanded markets, they have more money and more opportunities to hire more employees. so, essentially, we're getting rid of regulations to a massive extent, could be as much as 75%, could be even slightly more than that. we're going to have great protection for the consumer, we have to, but we don't need 97 different rules to take care of

one element. there are individual economic success will support america's success. we want to end the unfairness between small business and big business. regulation has been horrible for big business, but worse for small business, plus, small business can't hire the kind of talent that the big businesses can hire so it's really unfair. big business so often can afford compliance with the costly new regulations, but i don't want them to, i want them to build new plants and sell more cars, we're going to be doing tremendous-- if you've seen the head of ford and general motors leaving last week, they couldn't believe-- one of them said one of the greatest meetings we've ever attended. the unions were here last week representing workers, whether union or not, they said it's the single greatest meeting they've ever had. it was a nice statement. i didn't tell them to say that,

but i understand what they mean. it's unfair to small business, small business has been treated very, very badly. as you people know better than anybody, it's almost impossible now to start a small business, and it's virtually impossible to expand your existing business because of regulations and because the banks don't loan you money. dodd-frank is it a disaster, we're going to be doing a big number on dodd-frank, so that's one big reason why i'm taking this action and taking an action later this morning. if you would like you can join me in the signing to begin the effort to dramatically reduce regulations and we'll be reducing them bigly and damaging affects on our economy, our entrepreneurial spirit, and it's been very badly damaged. so the american dream is back. we're going to create an environment for small business like we haven't had in many, many decades. this isn't a knock on president obama, this is a knock on many

presidents preceding me. it's a knock on everybody. it got particularly bad in the last eight years, but it's not a knock on anybody, it's a knock on many. so, i just want to thank you all for being here and now, let's talk. . stuart: president trump right there. and he said-- hold on a second, i think he will say some more. >> thank you, guys. stuart: that's it. you hear -- there's a voice from the background says, that's it, guys and it's over. you had 12 minutes there from president trump who has been meeting today with leaders of small business. the meeting took place in the white house. during his statement there, the 12 minute statement, he talked about many things, in particular he talked about small business. he says, look, 48% of the

private enterprise employment comes from small business. in other words, almost half of private sector people are employed by a small business. and that's the audience that he's addressing. liz: that's right, he said where is the democratic outrage that the companies have been fleeing the u.s. and leaving jobs behind. he says it's not a knock on obama, it's a knock on all presidents that this occurred and j.p. morgan chase out with a new report showing affected regulations, 30,000 per worker. that's a lot of money. stuart: peter morici, economics professor university of maryland. later on this morning the president will sign an executive order about regulations. he's going to say for every one new regulation you've got to get rid of two of the old ones. what do you make of all of this, peter? >> well, i sure hope he can follow through on that. it's very difficult to get rid of regulations. some impressed by executive order can be quickly reversed by another executive order, but others require him to go through the approval process of

drafting, putting them out for public comment and so forth and put in under the statute and by executive order. that's why it's difficult to do that. and it's important to get out of the block quick and fast on regulation. an area i'd like to see him move on quickly, employment regulations, the thing that makes it tough to hire people or expensive. one of the biggest growing areas of small business is single owner, single employee businesses, people at their kitchen table who will do anything to avoid having an employee because of the cost the government imposes in erms it of paper work and so forth. stuart: now, while the president was speaking and holding his meeting with small business people, the market dropped. we were down about 90-odd paints when we started to roll that tape on president trump. by the time he was done it was down about 140 pois. maybe this is because there is talk, ernl is-- certainly on the internet from anonymous sources, there is

talk that maybe the tax cutting package will be delayed until 2018, that would mean the stimulus for the economy will be delayed until 2018. maybe that's why the market is down as we speak. a lot more varney for you after this. 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, as this may cause an unsafe drop in blood pressure. do not drink alcohol in excess. to avoid long-term injury, get medical help right away

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stuart: you have to say this is action-packed monday again. the president just went public with a tape after his meeting with small business people in the white house. and it seems that again he has stolen the headlines. he is now redirecting the news headlines of the day. obviously over the weekend the media, just about everybody else, was consumed with his executive order on immigration. that's all you heard about are and largely negative to president trump. first thing monday morning i goes on television in series of tweets and he changed the subject. it is now all about small business. it is now all about deregulating

the united states. watch this. i'm sorry, i don't, in a moment i will have that sound for you but let me bring together what president trump just said. he is saying that he is going to have an executive order, he he going to sign it shortly. that executive order for everyone new regulation, two old regulations will be abolished. that is exactly what small business wants to hear. he is also telling them that we are going to get a tax-cutting package. that will help small business as well. lizzie. liz: here is the issue. donald trump just met with the republicans in philadelphia. there was a lot of talk whether or not to delay the tax cuts to 2018. trump is saying deliver, do it now. republicans, fiscal hawks, mitch mcconnell, paul ryan, say you have to pay for it. i don't know why the market is down 139.

that could be i impetus. stuart: that if you delay the tax-cutting deal until next year. anonymous talk on the internet, i got that. if you do that delay you do not stimulate the american economy this year. liz: how do you do tax cuts when you deal with obamacare taxes too? how do you implement obamacare and tax reform. that is tricky for them now. stuart: the schedule is a problem and market sees it as a problem. ashley. ashley: i have more delays one in, two out on regulations which is pretty interesting. it starts from now going forward. military, national security, exempt. any agencies can determine the two cuts they are going to make for every regulation they put in place. the white house can have input as well. creating a regulatory budget of zero dollars for this year. there is no such budget but they're putting in there, any new burdens have to be offset by something on the other side that

makes it revenue neutral. stuart: stealing, headline stolen away from the immigration executive order, it changes the subject. liz: this is about growth. his campaign promise, 4% annual growth, that is the standard he is setting himself too. he is trying to hit it. stuart: he has not got to beat up but negotiate hard with republicans in congress tell them, we want a tax cut. vital to it my program. ashley: he has doubters within his own party, no doubt. no doubt. stuart: tammy bruce is with us. he my prem his here is that the president just changed the subject again. do you think he has? the. >> well, yes, internally we know the importance of this. the difference that legacy media doesn't want to cover it. they want to keep talking about the immigration issue because it is easy to organize around. it is more dramatic to them. even opposition around donald trump remains bureaucracy, legacy media don't want him to continue to win. they figure this will impact at least maybe his approval

ratings. they know that the supreme court nominee is going to be coming up. they want him to be weak. they will fail. this is important to his legacy as liz noted what his agenda is. i think, so is keeping america safe of course. stuart: on your screen at the moment is the russell 2000 index, which has now turned negative for this calendar year. we're down 1 1/2%. the russell 2000 represents smaller companies. after the election, that index, that indicator did very well indeed, better than the dow, the nasdaq and s&p. that suggested small businesses would get a lost advantages. i think it is down because of the talk of dei lag the tax cutting package. ashley: that is all it is, talk. stuart: that's all it is, talk. as liz pointed out there is controversy between senate

senate republican leadership. liz: house leadership. stuart: house leadership is saying hold on a second we're not sure we can do the tax reform package this year. liz: i think that is what is driving it. >> this is again part of the element of bureaucracy wanting to slow down this momentum and donald trump's momentum, his winning, being successful is indictment of the entire bureaucracy including republican party. we will see resistance. we know there will be. president trump will have to push through it. stuart: one thing i really intrigued it when his president did his 12-minute eptape there, he was talking about the pipeline, the keystone pipeline. he said, this is great way of relating to people, how come you make the steel, the steel pipe in china? you ship it across a vast ocean, the pacific. you arrive in port in the united states. you have to break up the pipes, put them on to huge trucks, ship them all the way couple thousand

miles to the midwest. put them into the ground. how come they do that cheaper if you had steel pipe in america. ashley: that pipe is weakened. stuart: so big you have to break them up. liz: pipeline bursts. stuart: people around him, we can do better than that, can't we? we can beat them on the price. that is bully pulpit talking about. >> green aspect, energy it takes to move it to this country, the gas, the shipping, the trucks, this is a green climate change argument to build it lear. stuart: i want to bring in john bolton, former united nations, american ambassador to the united nations. mr. bolton welcome. >> glad to be here. stuart: i will backtrack to some degree. i said the president is changing the subject. >> losing your momentum here. stuart: how could you lose my momentum. i want you to comment on this executive order on immigration.

i, it seems to me that it is part of a huge shift in america's foreign policy. we have never seen anything like, well in recent months and years we've not seen anything like this before. i'm saying it's a big shift in foreign policy. you say what? >> well, i think the order is actually fairly limited. it goes back to system analogous what was in place in the george w. bush administration after 9/11. the whole point here there are some places on that's right can not provide minimal information about applicants for visas that allow us to make a judgment whether we're going to let them in or not. the seven countries which by the way were selected by the obama administration, not by the trump administration, are countries broken down entirely, somalia, libya, syria, or frankly governments i would trust as far as i can throw them, sudan and iran. stuart: this is not a new departure for american policy?

>> it's a departure from the obama administration. i think a lot more could have been done selling diplomatically, explaining internally, the executive order there are gaps that are inexplicable like green cardholders which was fixed the night the order was issued but for whatever reason that was not included in the order itself. i don't understand that. i think obviously the communications had to do a better job. there was no doubt this would be controversial. it is a central point of the trump campaign. it was controversial during the trump campaign. no one could be under delusion when the executive order was issued it would be controversial. he changes subject on small business. he will change big league tomorrow with the supreme court announcement. stuart: yep. >> the issue of securing the homeland against the terrorist threat is only just beginning. stuart: is there a subliminal story which has not come out on

the surface, that subhimnal story the attempt to limit people come from europe? >> that is flatly incorrect. countries we're talking about, and sotherwhere there should be incrsed vetting are sources of terrorism. to say otherwise means you have to make the argument that an applicant for a visa from iceland should receive exactly the same amount of scrutiny as an applicant for a visa from syria. are they willing to say that? i don't think so. it has nothing to do with religion, ethnicity or anything else, it has to do with the level of terrorism and threat of terrorist activity. if you were concerned about as we are the impourtation of illegal drugs, you treat people coming from colombia a little bit differently in your examination than people coming from iceland, my favorite country. the fact you're entitled to look at people differently depending

on the circumstances you're trying to worry about. if you want to keep people suffering a certain disease out of country, you look where the epidemic is coming from. how bad is that? stuart: thank you, john. president trump also mentioned senator schummer. senator schummer over the weekend was reduced to tears because of what president trump had done with his executive order on immigration. roll that sound bite. >> this executive order, was mean-spirited and un-american. it was implemented in a way that created chaos and confusion across the country. and it will only serve to embolden and inspire those around the globe who will do us harm. it must be reversed immediately. stuart: that is senator schummer in tears. moments ago president trump responded like this.

watch this. >> i noticed that chuck schumer yesterday with fake tears. i'm going to ask him who is his acting coach because i know him very well. i don't see him as a crier. if he is is he is a different man. about 5% chance that it was real but i think they were fake tears. stuart: i never seen anything like that from president of the united states talking about the leader of the opposition in the united states senate. your reaction, quickly, tammy. >> in 2015 senator charles schumer, third ranking member, senate democratic leadership said it may be necessary to halt resettlement of syrian refugees because of siriusness what was happening. he was not crying then. he was asserting and suggesting what president trump has done just now. stuart: john bolton, you want to weigh into this one? >> let's confront the 800-pound gorilla in the room. the argument you treat

applicants and refugees from syria and same way we treated jews coming into the country in 1945. that is false analogy. they weren't terrorist threats because they had numbers steps silled on their arm and weighted 80 pounds. if you're a 20-year-old male from syria the chances are statistically high enough to warrant sir serious vetting. it is to fulfill our humanitarian mission. we're the greatest recipient of refugees throughout the world throughout history. what we're trying to do is protect americans as well as being humanitarian. stuart: john bolton, thank you very much, sir. a million people signing a petition to stop president trump from meeting the queen during his state visit to the uk. nigel farage is next on that subject. also get his take on trump's executive order on immigration. he says president trump doesn't need another lecture it on refugees, especially not from the europeans. farage is next.

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stuart: moments from now we'll show you tape of president trump signing the executive order on regulations. now we do know what that executive order says and ashley is going to tell us. ashley: very simply put, one in, two out. for every regulation you enforce you have to get rid of two others, basically cutting it by half, if you go by that occasion. this is going forward, every agency if they do put in a

regulation has to explain which two are going out. , the white house is happy to jump in and help. we'll not allow regulation as he said this morning with the small business leaders to put handcuffs on the economy and especially those people in small business. stuart: and that's exactly what small business wants to hear. ashley: absolutely. >> get rid of regulations please. liz: by the way this regulation exempts national security around military. it caps annually, for 2017 the regulatory budget at zero. they may, they will negotiate that zero cap. cost meaning of regulations. stuart: want one, get rid of two old ones. as this is going on, watch the market. it has gone straight down. we opened this morning with a loss of 70 points. that rapidly went to loss of 100 points. after 10:00 eastern time we dropped some more. now we're down 162 points as we speak. i have to remind everybody that there is a story circulating here of a clash between

republicans in congress and president trump about when we're going to get a tax-cutting deal. it is only talk. and it is anonymous talk at that. it is circulating around on the internet there is a disagreement. in fact we'll have to wait until 2018 for the tax-cutting package. that is a huge negative for the stock market. that is probably why we're down 160 points. there is a petition, circulating in britain, a million people have signed it. the petition asks the queen of england to withdraw her scheduled state meeting with president trump. nigel farage is with us. i don't want to get too far away from the market and the white house, but what do you mean of the queen withdrawing invitation to the state deal? >> it won't happen. a million people include people signed this from all over the world. the rest of them are the same

people who opposed "brexit." who can not cope with the consequences of elections that took place in 2016. they want to wind the clock back a couple of years. and i think i can say, with total conviction that her majesty the queen, who next week celebrates 65 continuous years on the thrown, will ignore this. stuart: now, the backdrop to all of this is essentially the issue is, muslim immigration. that's what this really is all about. is that what "brexit" was really all about, nigel? >> no. "brexit" was about open door immigration to the rest of the european union. about a country of 65 million having an open door to nearly 500 million other people. a subset of that was that what mrs. merkel did was to completely open the doors of the

schengen area, absolute free movement area to 1.5, 1.6 million people who came in, who were predominantly muslim but it is not the fact they're muslim worries people in europe. the fact that some of them coming are extremists. i think to characterize what trump did as being purely against muslim countries is a big mistake. stuart: okay. >> the five most populist muslim countries in the world are not included in the temporary u.s. travel ban and of course the countries from which these restrictions apply were drawn up by the obama administration. stuart: hold on. i have to break in. i have the small business people speaking at white house. >> order cutting back on regulations and that is very exciting for small businesses for sure. the mere fact that he cares about what our challenges are and what we deal with on a regular basis, on a daily basis, trying to grow our small businesses, is really extraordinary. he really cares about what our

problems are and how to come up with some solutions, to rectify those issues. >> can you identify yourselves please. >> joy wether, upstate new york. >> restaurant owner from las vegas, nevada. >> i would like to add that the president has been our president for the past week, and starting on his second week and what he is doing is a terrific job trying to listen to all walks of life, listening not just to large businesses but small businesses like us. and really being resilient in the things he wants to do to move business forward, not just large businesses but also small businesses. and that gives me a lot of hope. >> so my name is natalia, i'm chairman of emily's construction and products. we manufacture asphalt material, recycle material and perform

construction services for the public sector. i am, i am grateful today for the opportunity to have a candid conversation on some of the overregulation that impeeds our ability to be efficient and as effective as we can be. i think this is a huge step forward and we're looking forward to more to come. thank you. >> i'm dennis bradford. i'm from oklahoma and florida. i just want to say that the president was wonderful to invite all of us from what we call flyover country to talk about the issues out in the countryside instead of having just people from here in washington, and it was a very good meeting and the order he signed i think will really jump-start small business. and we're very happy to have donald trump as the president. >> i'm larry mckinney, from capital radiology, a maryland company.

it was fantastic in week two for the president to have small business and someone that really cares about the problems that we're having with regulations, with obamacare, the rules and regulations are actually crushing us small businesses in the health care field and putting physicians out of business because they can't keep up with the regulations. they're having to go to work get jobs at hospitals because there is nobody listening to the plight of the small business. donald trump the first person that put his money where his mouth is, stepped up and doing something incredible for small business. it was a great meeting. we look forward to working with him. >> i'm roger campus, chairman of the minority small business roundtable. what an honor to meet the president of the united states. all of us here have a seat at the table. that is something we haven't had before. i think we're in a new direction. i think the economy is going to grow. and i think that we should thank

the voters of america for putting donald trump in office so that we can have access to capital, access to credit, to help our struggling small businesses. the. >> chris, president of gold crust baking company. an honor to be hear today. it is great he signed that executive order to cut regulation. it will help us out tremendously. again it was an honor to be here today. stuart: you are watching a series of small business leaders emerge from the white house voicing clearly their support for president trump, what he is doing for small business. as that is happening the stock market is coming way down. we're down 176 points as we speak. number one, we have the mess over the weekend with president trump's executive order on immigration. now here is president trump. watch this. >> -- by far in terms of regulation.

these folks are small business owners. and they are great people. they have been representative of the community, the small business community. if you have a regulation you want, number one, we're not going to approve it probably in 17 different forms. if we do the only way you have a chance we have to knock out two regulations for every new regulation. if there is a new regulation they have to knock out two. it goes far beyond that, we're cutting regulations massively for small business and large business but they're different for small business and that is what this is about today. this will be the biggest such act that our country has ever seen. there will be regulation, there will be control but it will be a normalized control where you can open your business, expand your business very easily. and that is what our country has been all about. should i sign it?

>> yes. [cameras clicking] >> that's great. that's a big one. do you have anything to say to the press, anybody? anybody want to say something to the press? anybody? stuart: president trump signing executive order moments ago in which he says for everyone new regulation that comes on board, two old ones have to be gotten rid of. as the president has been signing that order and meeting with small business, the market has gone down significantly. we're now down 166 points. one negative is the mess over the weekend of the implementation of president's executive order on immigration. number two, we have talk, that's what it is, talk, maybe delaying the tax-cutting package until 2018. bad news indeed for the economy. that's just talk. number three, and i think nigel

farage is still with us there, nigel, i want to get to you on this. late poll mama la penn leads in the presidential election. she take. melissa: out of europe, europe breaks up for good and a negative for our moment. talk to me about le penn. socialists chose a hard left-winger, i think they will be out of running. april, the first round of presidential elections le pen will win. and up against francois, the candidate for the traditional conservative party in. melissa. they will go through to a runoff which takes place in may. at the moment, even though she is in the lead in the first round, opinion says that.

fione will pick up more of other votes ultimately beat her. i suggest it will be likely very close. if we saw anymore outrages along the lines of nice or paris she could win. if she does, well, short term, clearly there would be very severe market turmoil because it would actually be i think, effectively the end of a political project in place since the mid 1950s. i say this, after breaks sir, after trump, you would be a fool to say it couldn't happen. stuart: nigel farage, clean cut as ever. thank you. look at the market. that is a huge story today. in fact the president changed the subject in many ways with his executive order on regulations and his meeting with the small business people. ash, what else we go? ashley: i think personally what we saw with the messy implementation of the immigration reform really had an impact on the psyche of the

market, in as much i think it is fair to say investors are very worried about a not very smooth year ahead. how will other policies put in place. what we've seen, quite frankly something hurried threw, was not thought through properly. how does that apply to other policies market sees favorable and wonder how it will be played out. what does it mean for businesses? stuart: governor mike huckabee is with us. governor, we've been watching the president talking about deregulating. he has been talking about that with small business. he signed an executive order to that effect. surely this is all very good news for small business, is it not. >> it is great news for small business and great news for american consumers. some people don't understand. it is consumers that can pay for the regulation. every time they ask for the cost of regulation and taxes compliance, they tack it on to the cost of the product and consumer is ultimately one

shelling it out of their wallet. this is good news for consumers. i thought another way in which donald trump is saying to folks, hey, it is a new day in d.c. i campaigned on some promises. and he is keeping them. stuart: what about implementation. i don't know if you agree with me, that i felt the implementation on the executive order an immigration was not good in the least and maybe that clouds other major policy ideas the president has for the future. do you think it does? >> no. look, i got to disagree with you. i think implementation was exactly how it had to be. if he had given notice, by the way in week or two, we'll actually start enforcing something that the obama administration first put into place, then people would have rushed to try to pete the deadline. i think he did it exactly right. frankly i think the culprit here is how the media has totally, i mean totally missed what really happened and what that executive order was.

i'm convinced most of them didn't read it. talk about the seven nations. only one nation was mentioned in the executive order. it was syria. the other six nations were dating back to 2011, put into law in 2015 and reiterated in 2016 under the obama administration. and chuck schumer wasn't crying about when that happened. in fact he voted for it. stuart: have you ever seen a president of the united states take on the leader of the opposition in congress and ask who is his acting coach? that is what president trump did this morning with senator schummer who had indeed cried yesterday at his news conference when describing the immigration order. have you ever seen anything, anything like this before? >> well, i don't know that i ever seen anything like chuck schumer saying that the president was unkind and he lacked compassion. he basically wasn't a human being. so the fact that donald trump is punching back, good. i'm glad he is doing it. about time we have a president

with a spine who stands up and calls out the just utter nonsense of washington. that's why he is the president. he said he was going to do it. he is doing it. and now a lot of people are wetting themselves over it. i tell you what i want to invest in, i want to invest in depend because they will have a record business just in d.c. from all these people who can't handle the president who does what he says. stuart: now just look at governor huckabee talking about depends. how about that? stay there for a second, governor. i will get back to you in a moment. we have to deal with what is going on in the market which is a significant selloff, the biggest selloff i think certainly of this calendar year. liz: yeah. stuart: probably the biggest since the election. we're now down 171 points. liz: deutsche bank saying volatility is back. we also this week, apple, facebook, amazon reporting profits. apple has seen three straight quarters of iphone sales declines. first jobs report of the year

coming out on friday. quite a week for markets. stuart: we have several negatives. let me list them for you. negative number one is the confusion over the weekend, in my opinion the poor implementation of the president's executive order. i don't think that goes down well on wall street. number two, there is talk, and i repeat just talk, that maybe there will be a delay in the tax reform package put off until 2018. that would be very bad news for the united states economy which relies upon tax cuts for 4% growth. we want that fairly soon. ashley: right. stuart: negative number three, let's think, it would be a breakup of the european union if marine le pen win the election in. melissa. she is now leading in the polls. do you have anything else? liz: you're right. stuart: trump rally fatigue as well. liz: last point is well-taken, if the dollar strengthens more, that means you have a currency

crisis somewhere as the dollar strengthens when the euro goes into crisis mode. that is a issue what is going on,. melissa, germany and the netherlands. stuart: i want to bring in sharine, is muslim reformer and maybe we can agree that the implementation of the executive order on immigration was badly-done but author of the book, why muslims back trump on radical islam, you i believe are a supporter of president trump's executive order over the weekend. is that correct, ma'am? >> good morning. yes, absolutely i am and it is something that should have happened in the last two administrations. it is something that really needs to be happening. we need to shutting off the valve on this fawcett of refugee immigration, rather than having all the people come here, many whom don't want to be here, we should be dealing setting up safe zones in syria an neighboring areas which is something trump is doing now

with saudi help. stuart: is your opinion widespread in america's muslim community? because i don't hear it very often. >> there are a lot of muslims like me out there. the article i published on musl lot of backlash. those muslims are going underground and not coming out as forward in the article because of backlash. i received a backlash as well. you see muslims support immigration ban and restriction and have to do so anonymously and vitriolic and hysteria among a large american population. our inability to have honest conversation what is fueling radical islam and hodoes i affect us really divisive r us as a nation, not just as a muslim-american community. stuart: would you describe the backlash against you? what happened to you? >> you just get hate messages. you have people pressuring you to take a certain stance and when you don't take a certain stance there is a backlash in

the community, whether it is online or person. for other people it can affect their businesses and affect their social standing. it really has dire consequences. for me it is not about the backlash i get. more about what i see in terms of the way the media at large is covering the event. there is a war against trump from the media we recognize that. so can we really trust the way the media is portraying the information. there was a muslim immigrant, iraqi citizen, who was contractor and the media had completely cut out half of what he said was pro-trump message. hysteria from the public and hysteria from the media is not reflective the larger conversation that american muslims and americans at large want to be having. stuart: would you hold on for a second. i want to get a update on shooting at a mosque in quebec overnight. i want to find out exactly what happened. ashley: six people killed, eight injured. two gunmen. local media in quebec city, the

two men, one of moroccan origin, were named as mohamed kadir and alexander bisnei. they were arrested after the shooting, expected to appear in court later today. this happened as 50 people gathered in a islamic center in quebec city. they opened fire, one of the witnesses said they shouted "allahu akbar!." six dead, eight injured now their names are revealed. stuart: you obviously heard what we're reporting from quebec city. your reaction please? >> i was following the story last night, just like with the immigration order there is a lot of reactions and a lot of fact news that gets pushed forward. late night fake news going on last night was about how this was an alt-right attack and it wasn't. first of all this attack happened during prayer times which is something the average white nationalist wouldn't really know b that was red flag number one. another case where we have to really be patient, wait for

information to come in. make your assessments from truth and logic, rather than hysterical emotional reactions. stuart: we appreciate you being with us. >> thank you. stuart: we think you're brave to stand up in public like this and say this kind of thing. i know there will a backlash. we appreciate your presence. >> thank you for having me. stuart: sure thing. want to go back to mike huckabee, governor huckabee, president trump says we, america, will prioritize christian refugees. i'm all in favor of that governor but they're saying that amounts to religious favoritism. what say you? >> well, it doesn't. stuart there is about 50 countries across the middle east and asia that are muslim countries but for christians who are being slaughtered, slaughtered throughout the middle east there is no place for them to go. so the obama administration had largely ignored pleas from many human rights organizations and relief organizations that said we have to do something about

the people who truly are being targeted whether in egypt or kurdish area of iraq. so i think what he is doing is literally trying to find genuine refugees in people who have no place to go. stuart: i think, one example of a very, very poor performance on the part of the media because the plight of the christians in the middle east who have been slaughtered as you say, governor, for many, many years, that is never brought out to the fore, not one person on the left who is criticizing the president for his executive order on immigration, they never point out if the refugees already come to america, 99.4%, whatever it is are muslims and only a tiny fraction are those christians who have been genuinely persecuted. they never point that out. last word to you, sir? >> well they never pointed out and i tell you what, if you want to see slaughter, let a hollywood celebrity go on award show advocate for taking care of the christians who are being

slaughtered instead of whining and crying about putting a temporary speed bump in immigration from largely countries where terrorism is rampant. let that happen and we'll he see the backlash. it is stunning. but this is not about human beings, this is about politics. and the sooner we accept that, the sooner we'll be able to sort all this stuff out. stuart: yes, sir, governor mike huckabee. thanks for joining us. appreciate it, thank you. we're dealing with several major stories this morning. the president meets with small business of the president issues executive order on regulations. the president tells us we'll get the supreme court nominee at 8:00 eastern time tomorrow night and look at that the dow industrials are down at low of the day. we're down 180 points. we'll be back. we can help guide your retirement savings. so wherever your retirement journey takes you, we can help you reach your goals. call us or your advisor t. rowe price. invest with confidence.

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if you take certain medicines. tell your doctor about all planned medical or dental procedures. eliquis treats dvt and pe blood clots. plus had less major bleeding. both made eliquis the right treatment for me. ask your doctor if switching to eliquis is right for you. ashley: donald trump issuing executive order on regulations earlier, let's listen in. >> this is largest ever cut by far in terms of regulation. these folks are small business owners. and they are great people. they have been representative of the community, small business community. if you have a regulation you want, number one, you're not going to i a prove it. -- aproved already in 17 different forms.

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stuart: i think this is the low of the day, certainly very close. we're down 189 points as we

speak. quick look at delta air lines, resuming limited operations after a system outage grounded a lot of domestic flights last evening. that was chaos at some airports, believe me. down 3 1/2%. fitbit laying off 10% of its workforce. the stock is at a three-year low amazon is down at $11, report on thursday. wall green's delays rite aid deal again. they cut the offering price. that is why rite aid is down 15%. that is a big drop for rite aid. outrage over the president's executive order, however, this is executive order on immigration, however, five years ago, president obama did something very similar. how similar? liz: obama never said it was policy to halt all applications.

what happened was basically in 2011, they started vetting more strenuously over a six-month peri refugees coming in from syria. stuart: okay. liz: it is different from what obama did. went over six months. slowed down to trickle at a time, war in syria was stepping up and about to use chemical warfare on its own citizens. stuart: there were no outrage from democrats or anybody else what president obama had done? liz: it was 27 a year range, refugees coming into the united states. it was very, very low. stuart: smaller number got it now. go back to 1995, talking ancient history. bill clinton in those days got a standing ovation during the sate of the union speech when he said he would crack down on illegals. watch this. >> all americans, not only in the states most he heavily affed but are rightly disturbed about

the large number of illegal aliens entering this country. we are a nation of immigrants but we're also a nation of laws. it is wrong and ultimately self-defeating for a nation of immigrants to permit the kind of abuse of our immigration laws we have seen in recent years and we must do more to stop it. [applause] stuart: my, how times change, tammy. >> yeah, indeed. i worked on the clinton campaign in '92 because specifically of rhetoric like that, keeping america safe, getting our back up to speed when it came to the economy. the burden in the state of the union speech was about the burden on taxpayers. what is shows you, yes, bill clinton's approach but how much the democratic party indeed changed. you had al gore back there, bill clinton, standing ovation. this highlights how marginal the democratic party has become. why they're an irrelevant club. the nature of what americans still want. they wanted it then. they want it now. they want our security so we remain the shining city on a

hill for refugees and immigrants to come to and we're going to get it. the democrats understood it in '95. the american people still get it. stuart: now the president signed the executive order on immigration. by the way we're down 200 points on the dow industrials. the president signed an executive order on immigration, friday afternoon about that time. by saturday, there had been real confusion at the airports who could come in and who could not. on sunday leader of the democrats in the senate, senator charles schumer, held a news conference was in tears about president trump's immigration executive order. this morning, president trump has had a few comment about the tears from senator schummer. watch this. >> i noticed that chuck schumer yesterday with fake tears. i'm going to ask him who is his acting coach because i know him very well.

i don't see him as a crier. if he is is he is a different man. it is about 5% clans it was real but i think they were fake tears. stuart: wonder how senator schummer feels right now, just to be held out there by the president. ashley: wonder if he is crying right now? >> he is probably crying. stuart: i don't know about that he will be seething. i don't think he will show it but i think the man is probably seething. i have never seen any president say anything like that about an opponent, political opponent ever. >> this is in a certain way kind of transparency. you know what donald trump, what you're getting right? look for democrats it is all about emotional theater. i think the president is right to call them out on it. stuart: now businesses, major league corporations are pushing back on the president as well. google is setting up a $4 million fund for immigration organizations. airbnb is offering free housing for refugees. starbucks vows to hire 10,000

refugees worldwide that is. so, business, emac, has become politicized. they have taken a side. liz: i don't think that is good. haven't we been saturated with politics? i have to say this, the banking sector, health care sector, industrials are pretty much silent what donald trump did, white house did on friday. goldman sachs lloyd blankfein said this is policy we do not support. ge's jeff immelt saying he is concerned. boeing, ford, gm are silent bit. stuart: that is a good point, industrial companies saying virtually nothing. financial companies with exception of goldman sachs, are saying nothing. the big name technology companies saying this might hurt us. liz: tesla elon musk, business advisory panel. stuart: what am i missing here? >> i don't think much. i don't think these technology companies are relying on syrian

refugees. we still welcome the most refugees, immigrants than any other countries there. is benefit having new americans come in. none will change. this is temporary and it is limited. what is troubling are these smaller companies, these sharing companies like bnb and uber and lyft they seem to be in their own bubble. the message something tone deaf, in order to run a business you have to appeal to the entire base of customers. stuart: there will a backlash. ashley: if starbucks hire 10,000 people, why can't they put americans back to work who love a job. liz: another point to make. half a million people overstay visas about a year. what obama did with refugees, iraqi refugees, in 2011, six-month delay. stuart: what annoys me that america is not a generous and welcoming culture.

that is absolutely none ends. ashley: couldn't be further from the truth. stuart: the left is saying, president trump is anti-immigrant. that is not true. he is trying to do something about illegal immigrants who commit crimes in america. those are the people he wants out. liz: yeah. stuart: if you asked anybody they would all agree on that. the market is down 200 points as we speak. there are lots of negatives on wall street out this morning. i believe i have breaking news on snapchat, is that correct? ashley: they are. they are planning to bring, this is so highly anticipated this initial public offering. they are indeed going to bring it to the new york stock exchange which is a big victory for the nyse over the nasdaq. they will bring in details later this week how it will play out. stuart: the news is snapchat will go public? ashley: they will. stuart: they will sell shares to our viewers if they want to buy them. that stock listed on

new york stock exchange as opposed to nasdaq? ashley: can yes. stuart: nicole, what is your input on this? >> i was listening to stuart. what is interesting we know the new york stock exchange has been wooing snap to get them to list here on the new york stock exchange. there is always the big battle between the new york stock exchange and the nasdaq, particularly for technology-related names. we've had so many tech type names here at new york stock exchange. we talk about the road show and then the possible listing in march. you had alibaba here to name a few. facebook is one that we watched over at the nasdaq. it has been a battle. we know the new york stock exchange for a fact has been wooing the snapchat executives and the like. in fact there was a huge banner on the new york stock exchange on the broad street side, they have been snapchatting from here on a regular basis as well. i guess they got them. stuart: the big board gets it. >> 25 billion-dollar market value. it will be huge.

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ashley: welcome back, everybody, as we follow the latest from the donald trump administration. we're keeping a very close eye

on the market, down 217 points at this hour. a little bit of market concern about, perhaps, what's going on with the trump administration. we have a big week for earnings, we're also looking at snapchat, we understand that snap is going to be going public and will do its business on the new york stock exchange and that, of course, a big victory for the dow over nasdaq. so as we say, most of the major markets are moving lower. let's go down to nicole petallides. nicole, what's the mood down there? >> reporter: they're really excited about this, and this is going to be a big one, estimated between $20-$25 billion, could go higher. they've got twitter here, alibaba here at the new york stock exchange, and they've been really trying to get this company to list right here. it's going to be one of the biggest ipos of the year, likely in march, so a lot of excitement and something to look forward to in the technology world, ashley. ashley: all right, nicole, thank you very much. that's the big news for snap or snapchat if you like, but the markets itself, the dow down 214 points. as we mentioned, we've been

talking this morning about the russell 2000, the small cap, generally domestic stocks. that index also hitting, going negative for the year. so something about the sentiment is just not sitting well with investors. we saw this overnight, asia finishing lower, then europe. the dollar has been mixed this morning. all of this on a very big week. we have donald trump and the policies and the controversy over the immigration reform that went into place this weekend. but then, of course, we have big earnings this week, the major companies, the amazons, the facebooks, they're going to be reporting. we're going to hear from the fed on wednesday x then we are going to hear from the jobs report on friday. stuart, you're back. stuart: i am. ashley: you are back, and we're going to talk about this, but a lot going on, and it's hard to pin it down to one mar reason. you've been talking that perhaps the tax reform, a rumor or a report out there that that could be scaled back and not even addressed until 2018. that would be bad for sentiments on the markets. stuart: well, look at this, talk

about bad sentiment on the market, you are looking agent the biggest selloff since the election, certainly the biggest selloff of this calendar year. we're down 207 points. again, it is the worst performance for the dow so far this calendar year. now, what are the negatives? let's list 'em, if we may. first of all, there is a travel ban from the executive order from president trump over the weekend. it was confusing, there was a great deal of confusion at the airports. the implementation of that executive order was not good. it was a mess. it's a negative for the market because people think, well, maybe other executive orders will be messing up in their implementation, so that's negative number one. item number two, we have talk -- and, again, i keep referring to this, it is talk -- that maybe the tax-cutting package will be pushed back until the year 2018. that would be very bad news if

you want to have real growth in the united states economy. it would be a real problem for the, certainly for the republicans who campaigned on the basis of getting some real growth. item number three, i don't think this is terribly important for the immediate future, but maureen la pen, arch nationalist in france, is now leading in the french president election polls. if she were to win, and the election is in a couple of months, if she were to win, europe is finished. the european union breaks up. that would have all kinds of market repercussions, so that is a third negative for this market as of right now. am i missing anything? >> no, you're not missing anything. i think the point's taken with deutsche bank and others saying on wall street with the border wall and then the travel ban, excuse me, the immigration ban with the refugees, that this is basically a restriction on trade and worker flow in and out of the united states, and that could hit commerce in the united

states hard. as for the tax cut issue, that came out of the philadelph in other words, republicans met with president trump in philadelphia. certain republicans saying maybe delay it through the end of the year or next year, and trump is saying deliver the tax cut now. stuart: now, that was the news that was delivered to us at 9:30 eastern time this morning from our, from market watcher jeff sika, this possible delay in the tax-cutting packages. roll the tape from jeff, please. >> and there's a lot of talk out of washington that some of the senior congressional aides are talking about these desperately needed tax cuts especially for small businesses being delayed in 2018. stuart: now, that was just before the market opened, between 9 and 9:30, that's why the market futures we're showing there. come on in trump economic adviser steve moore. what's going on here? >> i'm to not happy, stuart. stuart: i know.

>> i'm not a happy camper. stuart: we said, look, it's just talk. i can't nail it down other than anonymous sources quoted on the internet. what are you hearing of this? >> well, as you know, my buddy, larry kudlow, and i had a major piece in "the wall street journal" on friday arguing for an you are germ genesee in the tax -- urgency in the tax cut. something you've talked a lot about on your show, stuart, make it retroactive to the start of the year so you get a lot of this economic activity now. and i'm getting -- look, i don't know what the latest is from the white house in terms of what they're thinking, but i talked to a lot of hedge fund managers, a lot of people on wall street, they're getting nervous about the tax cut being put on the back burner. dumb idea. get it done now because i agree with your analysis of the market. i think this is spooking the markets a little bit. reagan learned this lesson, remember, he delayed his tax cut until the end of 1982, start of '83. it delayed the recovery we had in the '80s.

i think trump hopefully -- hopefully, i'm wrong -- but i think he may be making the same mistake. stuart: is this a standoff between republicans in congress, some of who say they are deficit hawks, you can't have a tax cut unless you pay for it, you can't have a tax cut that increases the deficit, is this a standoff between them and president trump? >> a little bit. and by the way, one of the lessons, again, to go back to the reagan years because the parallels are very interesting, reagan passed the tax cut first, then he did the budget. and to do the budget first, then you do the tax cut, you're putting the tax cut at very great risk if you do that. but i think the bigger problem is a lot of republicans i talk to on capitol hill say we can't do the tax cut right now, we've got to deal with obamacare or, and i'm like why can't you do both? deal with obamacare and the tax cut. they're both very high priorities. i think you're making a big mistake if you delay -- the latest i've heard is they're talking about maybe doing the tax cut in the summer months.

you've wasted six months. stuart: yes. i mean, the base is not happy about any delay in the tax-cutting package. it's not happy at all. here's another negative, steve, and i want to bring this up with you as well. president trump has just signed an executive order. it's about regulations. every one new regulation you've got to get rid of two old ones. >> love that. [laughter] stuart: i think business absolutely loves it. >> i love it, yeah. stuart: however, bearing in mind the performance of the implementation of the immigration executive order, there's a lot of people saying, well, the same thing will happen with this executive order on regulations. what say you? >> well, look, i think some of this criticism of, over the weekend of trump is a little unfair. i mean, look, the first week, i've never seen anything like the first week of this president, i mean, accomplishing so much with these executive orders, everything from, you know, bringing back the mexico city policy to allowing pipelines to pro-america energy

directives, these are very positive things. yeah, some things are going to go wrong, you're going to get some hurricane key jerky stuff here, but i think the fact is he's charging out of the gates. i think it was a productive week for the president for the most part. i think it was a great first week, actually, except for the implementation of that immigration provision that you were talking about. so i think some of those criticisms are simply unfair. everything's not going to go exactly smoothly, but this president has said i'm going to keep these promises. the only problem i have with every new regulation has to be, you know, replaced with two suspensions of regulations, it depends on how some of these things cost. you could have a major regulation that has a huge impact on the economy, and then they get rid of two that have no impact at all. i'd love to see in addition to this, why not just suspend all new regulations until we get the ones we've got under control. stuart: fair point. hold on a second, steve, because president trump did meet with small business folks at the white house earlier this

morning. there was a brief tape of what he had to say to them. roll that tape, please. >> we want to end the unfairness between small and big business caused by regulation. regulation that's actually been horrible for big business, but it's been worse for small business. plus, small business can't hire the kind of talent that the big businesses can hire, so it's really very unfair. stuart: that was the president using the bully pulpit, steve, to get small business going. they are on his side. but, again, you have to ask what about implementation? you've got to do better than you did over the weekend with the immigration executive order. >> no, that's true. and, you know, this -- learning comes from doing, and i think these things will run more smoothly as time goes on. it's interesting that trump mentioned in that clip, because i didn't hear the whole, you know, interview, but he mentioned regulation. absolutely, a big issue. the question is, did he mention the tax cuts? i missed that, stuart.

do you if he -- stuart: yes, he did. >> good. stuart: it was the carrot he was dangling saying, look, this is coming down the pike. this is really going to help you, so he did say it. but there's no mention of the tax-cutting package, only that the president was pushing for it. >> the other issue is the president has to make clear that not just corporate tax rates are going to be cut, which is important, but also these small -- you know, did you know, stuart, in the united states we have 26 million small businesses? stuart: yes. >> they are the backbone of the economy. you've got to do both, both the small business and the corporate tax cut together, or else your going to lose one or the other. if you do that, i think you've got a pro-growth package. i actually think you could get democrats to vote, i mean, almost every economist agrees that our business taxes are abhorrent, and and they're leading to companies leaving. how many reports have you done in the last year, stuart, about american companies leaving the united states through inversions? stuart: are you out in the cold, steve?

[laughter] >> what do you mean by that? stuart: well, look, you were on the inside -- >> yeah. stuart: -- of president trump's campaign. you were on the inside of the transition. now your ideas, you know, i'm not going to say they've been rejected, but you're on the back burner. you want an immediate tax cut, and you're probably not going to get it. >> well, you know, that piece that kudlow and i wrote on friday, that message was delivered loud and clear to the white house. i bet over the course of the next few weeks you're going to see the white house migrating to that position. we'll see. but i, it just makes so much sense to do it now, get it done. remember, obama got his stimulus plan done in, what, 60 days. why does it have to take six months to get a tax cut bill when this was the number one promise that donald trump made? i don't understand the logic of delaying it, i really don't. i just think it makes no sense. stuart: that question is what the republican base is asking

bigtime right now, and the stock market too. >> thank you, stuart. stuart: now this, president trump announced he will be making his pick for the supreme court nominee tomorrow evening, 8 p.m. eastern time. do we know who he's looking at? >> well, to pick up on what the judge was saying earlier, william pryor, that's one of the candidates on the 3 -- 11th circuit of appeals, calls roe v. wade an abomination. neil gorsuch also up there, as you can see, he's on the 11th circuit court of appeals, had often aligned himself with scalia, perhaps a candidate that's more palatable for senate democrats, not as conservative as william pryor. he also has a gritterring ivy -- glittering ivy league resumé. thomas hardiman, former blue collar family from massachusetts, the first in his family to fraught from college. donald trump would like that

story, it's a great perm story. but is he conservative enough. and then judge diane sykes as well from the 7th u.s. circuit court of appeals. we understand that he will make a decision 8 p.m. tomorrow night. and those are the four candidates we believe he's picking from. >> change in the headlines again. stuart: exactly. demanding, commandeering the headlines, so to speak. >> yes. stuart: coming up next, here's what we have for you, someone who worked in the labor department under president reagan. his headline? instead of building the wall, president trump should rebuild our inner cities. we will ask the obvious question, who pays? >> in this present crisis, government is not the solution to our problem; government is the rob. thanks for doing this, dad. so i thought it might be time to talk about a financial strategy. you mean pay him back? so let's start talking about your long-term goals. knowing your future is about more than just you. it's how edward jones makes sense of investing.

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stuart: snapchat is going to go public soon. we have news on where they're going to go public, and nicole at the new york stock exchange

has it for us. tell us. >> reporter: well, according to "the wall street journal," snap inc -- because they changed from snapchat to snap inc -- will list here on the floor of the new york stock exchange which is a huge get for the nyse. i can't even remotely try and give you what a big deal this really is, because the new york stock exchange and the nasdaq battle this out regularly. nasdaq got facebook, but don't forget, new york stock exchange got twitter, got alibaba, just to name a few, and now this one which is likely, the estimated value of $25 billion for snapchat could be the biggest ipo of this year. snapchat is something, the messaging app for the young people. it created dj khaled, its founder or someone who's front and center, and now they'll go on a road show and likely have the ipo in march. talking to the traders, they're pretty excited about this one. stuart: well, they chose the new york stock exchange because you're on the floor, nicole. >> reporter: oh, yeah, right.

thanks, right, it's because you're going to come down for it. the truth is nasdaq can offer -- they battle it out, hey, we'll put you in the nasdaq 100, so what is it that the nyse provides a company, you know? obviously, a safe place to trade, they handled alibaba and twitter beautifully for the opening, and that's the idea behind it, to get this thing up and running and out, and it's going to be huge. the ipo of 2017. stuart: i think that's correct. nicole, thanks very much, indeed. our next guest says president trump should focus on rebuilding america's cities but not necessarily the wall. be come on in, former assistant labor secretary under president ronald reagan. wait a minute, wait a minute. you're saying rebuild the inner cities before you mess with the wall? >> number one priority. stuart: why? >> rebuild the inner cities because no modern president in history's been able to do it, and president trump, the master builder, has a unique opportunity to do it and win the hearts and minds of black and

hispanic voters for re-election in four years. stuart: who's going to pay for this? >> let's start with the trillion dollars we're going to spend on infrastructure -- stuart: you mean concentrate all on the inner cities? >> no. let's connect a portion of it to inner city job creation, particularly apprenticeship programs in the building trades. stuart: so you're taking a political line here. >> yeah. stuart: the political win for president trump is in, is going to the inner cities and rebuilding that. the political win is not in building a wall? >> no-brainer. start with -- stuart: really? >> -- inner cities. the wall, it's a promise, and he's going to do it -- stuart: he won the election on the premise he was going to build a wall. that was the first thing out of his mouth in june 2014 when he announced, i'm going to build a wall. he didn't say i'm going to rebuild the inner cities. >> it's a question of priorities. the wall won't vote. he has those votes. he needs to move the black and hispanic inner city vote over into the republican column with the money that he's going to spend on the infrastructure, and

he'll win the hearts and minds of those voters that weren't sure about him. stuart: who's with you on this? >> well, i would think, quite frankly, that a lot of people are, it's just not getting the attention it should, and i'm glad you're putting a spotlight on it. stuart but i don't get it. i mean, he didn't stand for this in the election campaign. i mean, he said repeatedly he's going to wild a wall. -- build a wall. if he now abandons that and says it's the inner cities for me -- >> i'm not saying abandon the wall, i'm saying do the wall next. this is a unique, historic opportunity for a master builder. to go into our inner cities, take some of this money -- particularly the infrastructure money -- create apprenticeship jobs like we did in the reagan administration. we did some of that but not enough. stuart: wait a minute, what about the rest of america which says we have been pouring money and resources into our inner cities for two generations? we don't have much to show for it. why should we now pour a trillion into our inner cities

and not do the wall and everything else? >> because we've got a guy running the country that knows how to do it. he's a builder, he knows how to do these things. let's direct -- he gets a trifecta here. he gets jobs, he gets to rebuild our inner cities and gets our infrastructure spent all in one bite. stuart: and if he did that, what proportion of the black vote do you think he'd get? >> he'd move from 7% to 33% in the next election. stuart: well, that's not a huge movement, is it? >> if he keeps everybody else, he'll win by a landslide. stuart: al, look, it's a very interesting grid, and you're -- idea, and you're putting it out there. i'm not sure of the response. >> you're giving me a great stage. [laughter] stuart: thanks for joining us. >> my pleasure. stuart: okay, good luck. now, several headlines creating a sharp drop for the stock market. first of all, we have mr. trump, president trump meets with small business leaders, and he's also signed an executive order limiting the creation of new regulations.

that is a plus for the economy, it's not helping the market. number two, we have president trump is going to announce from the white house his pick for the supreme court tomorrow night, 8 p.m. eastern time. we'll find out who it is at that point if not before. these things tend to leak. now, the market down 187 points, well below that 20,000 mark. what's the problem? number one, the implementation of the exive -- executive order on immigration over the weekend, the implementation was poor, it was shabby. there was confusion. there's a great deal of nervousness that that confusion will carry forward into other executive actions that the president may take. that's a worry. item number two, we have a talk -- and, again, i keep referring to it as talk and that's what it is -- that maybe the tax reform package will be put off until 2018. that's probably the biggest negative for this market as we

peek. a small -- as we speak. a small negative coming to us from europe, marine le pen leads in the french presidential election polls. if she were to win the election in a couple of months, the european union is kaput, it is no more, say good-bye. there would be enormous market repercussions from that. so you've got three negatives affecting this stock market. what am i missing, liz? >> i think you hit 'em all. you hit the regulation one, right, about small business that was a plus? stuart: i would have said that's a plus. the executive order, one new regulation means you've got to wipe out two regulations. >> correct. stuart: i would say that's a plus. >> yeah. stuart: the negatives rule at the moment because we're down 180. all right, everyone, we promise to be back after this.

stuart: up until now it's largely been technology companies to opposing president trump's immigration executive order, but now, ashley -- >> now we have another huge american company, ford, the automaker. industrial company, says it does

not support the trump administration's travel ban policy or any other that goes against our values, it says, as a company. that from ford just a short time ago. stuart: okay. now, earlier we were listing the negatives for the stock market which have pushed the dow industrials down at this moment nearly 200 points. we listed three. i believe we just found another negative, it's breaking news, and it's about iran. liz? >> folk news has learned that iran conducted a ballistic missile test yesterday, 140 miles east of tehran. it went 600 miles and exploded. this is at least the second test since july that we know of. it's another apparent violents of the u.n. resolution -- violation of u.n. resolution that barred iran from conducting these kinds of tests. it said in september it will start production of ballistic missiles. stuart: range, 600 miles, they tested it, they did it. the market went lower -- >> in direct violation of the u.n. resolution that came following the iran deal that the united states backed. >> in 2015.

>> so they're snubbing their nose, continuing to test -- >> there could be more, at least two we know of right now. stuart: i would have to list that as another negative for the stock market. >> sure. stuart: i mean, when there's that kind of provocative action from a foreign rival and hostile power directly aimed at america, not the ballistic missile, but the snub -- >> testing, yeah. stuart: i'd say that's a negative for the market, and wee are, indeed, down 180 points. this is action monday. president trump has met with small business leaders at the white house. we have stocks at a low for the year, lowest -- biggest selloff, i should say. is and we have a new executive order from president trump about cutting regulations. it is all happening, it's action monday, we're on it. back in a moment. your insurance company won't replace

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stuart: check that big board, you are looking at the worst day for the stock market in in this calendar year. a couple of individual stocks are moving bigtime. rite aid down, walgreens has delayed its merger with rite aid again, and they've cut the price that they are offering. rite aid is down 17%. temper seally says it's

terminated its contract with the mattress firm. 30% drop. and here are the big tech names which have done so well for so long, all of them down this morning. facebook, amazon, microsoft, alphabet, netflix, all of them down 1% or more. breaking news this morning, president trump signing another executive order, this one's on regulatory reform. earlier he met with small business leaders in the white house. you really can call this action monday again. our next guest served as white house chief of staff under george w. bush, and he was the man who told president bush that the 9/11 attack was underway. that is andy card, and he is our guest this morning. andy, good to see you, sir. >> good to be with you, stuart. it's a busy, busy day. stuart: i'm glad you're with us, sort this stuff out. i'm critical of the implementation of the president's executive order on immigration. i think there was mass confusion, and i think that was a mistake.

now, a lot of people are saying that that clouds the implementation of future executive orders and that this clouds their future, that there will be confusion when they're implemented as well. as a man who sat right there in the oval office, what say you? >> well, first of all, i hope this is a learning opportunity for the trump team. clearly, the consequence of the executive order on friday was different than the president had expected. and anytime you have unintended consequences showing up -- and they almost always do -- it means that the process in the white house didn't allow for a full discussion of the full ramifications of what the policy might be. they need a better process to have more people engaged so that they limit the number of unp intended consequences -- unintended consequences and get the main policy done. i'm con convinced this is more than just an implementation problem, it also represents a policy process problem at the white house where they didn't

discuss the potential of unintended consequences. if you discuss them, then they're no longer unintended, you can decide whether you want to have them or not, know how to deal with this 'em. and that's -- with them. and that's a very important process responsibility to take place at the white house especially on executive orders. stuart: andy, on that subject the process may be a problem. we have -- and, again, it's talk this morning -- that the tax reform package could be delayed maybe into the year 2018. that's a huge negative for the stock market. now, is that another example of what you're calling process problems? >> well, what you have to do is have, understand the consequence to your actions. and the consequence, if you understand the consequence and you still go forward, this' one thing. it's when you don't understand the consequence of your actions and, therefore, there are unintended consequences that you have to worry. i suspect in the debate over when to push for tax reform is a function of a lot of moving parts.

number one, the ways and means committee in the house. no tax bill can pass congress without originating under our constitution in the house, and that's in the ways and means committee meeting. so you have to have those people involved, and what is their capacity to have tax reform done this year. and that requires a lot of peripheral vision, discussions beyond the oval office to the people that have to actually start it. the president can't start a tax cut effort. it must begin in the house of representatives, and that's what the constitution says. stuart: you know, it seems like everything is politicized these days whether it's friendships, whether it's your facebook feed, whether it's watching an awards show, whether it's watching a sporting event, for hens sake, and -- heavens sake, and now we've got big tech companies and a couple of industrial companies, google, apple and now ford taking political sides on the president's immigration executive order. you ever seen anything like this before?

>> well, you certainly do see it occasionally. but i think this is unprecedented. the executive order was done without the benefit of a discussion from people who understood potential ramifications. and i think that's what's scary to industry. it's also terribly unsettling to people who have played by the rules on green cards and immigration and whatever. so there was an unintended -- at least i hope it was an unintended consequence to what the president did on friday. i think his overall mission was a good mission. he wanted to tighten up the way people come into the country, and that's a good thing to do. but the unintended consequences undermines the value of the objective that he had. and it is unsettling to a ford motor company and to others that employ a lot of green card workers to help them do their job, who are multi-national businesses that have lots of people moving in and out of this country. and we want them to have the ability to manage a global

company from the united states. we don't want to say if you're going to have a global company, you can't work in the united states. stuart: we should tell you though, andy, that the green card problem has been totally fixed. they're not stopping genuine green card holders from coming in -- >> yes. but the initial challenge of compliance created unintended consequences. stuart: absolutely. >> and that should have been avoided. stuart: yes, it should. proper communication from the top would have helped. andy card, we value your experience and thanks for joining us, sir. appreciate it. thank you. >> thank you, stuart. stuart president trump continues to sign executive orders, in one today. new regulatory reform signed moments ago. judge napolitano is with us. you know, president trump as candidate trump and the republicans -- >> right. stuart: -- criticized president obama for ruling via executive order. now i see president trump doing something somewhat similar. what say you? >> i think the criticism to which you refer was president

obama's orders on immigration when he effectively ordered a change in the immigration law that he had asked congress to enact, and congress declined to do so. in that respect, the president is doing on his own what congress is supposed to do but chose not to do. donald trump's criticism was correct. you and i joined it as well. stuart: right. >> in connection with how severe the vetting is going to be, in connection with the statute we just looked at on your iphone which specifically gives thee ao restrict individuals or a class of individuals who he deems to be dangerous, he has the authority to make those choices on his own, and he's making them. in this case, the executive order goes to the people who work for him in the the executive branch. let me talk about the one he just signed this morning. this one is truly brilliant and utterly, totally within his control, and congress has nothing to do wit. regulations -- with it. regulations come about but federal agencies, the fda or

executive departments, health and human services. thigh write a -- they write a regulation. an example, they post it for 30 days. if both houses of congress fail to nullify it, it becomes law. he's basically saying you want to make these regulations to help further your goal under the laws, do it, but you've got to get rid of two for every new one you make. can he do that? yes. they work for him, and he has the right to tell them how he wants them to do their job. stuart: so there's nothing unconstitutional about the executive orders he's put in place thus far. >> correct. stuart: but he gives the appearance that you're ruling by executive order and not as you're supposed to, through congress. >> quite frankly, from my pre-presidential exposure to him, i think he's happy to give that appearance -- [laughter] because it's an appearance of strength. stuart: yes. and he's doing it. >> it's an appearance of doing something, it's an appearance of energy and, very important to him, it's an appearance of

complying with the promises he made in order to get elected. stuart: we're going to put on the screen the four people who are reportedly on the short list for the supreme court nominee -- >> okay. stuart: -- and president trump will make the formal announcement tomorrow night, 8 p.m. eastern time. can we get those four on the screen, please? >> okay. stuart: now, all of them would be a replacement -- one of them, the nominee, would be a replacement for justice scalia. >> all of them adhere to justice scalia's basic philosophy of originalism which means the meaning of the constitution was fixed at the time of its ratification, and the only changes came about when it was amended. justice ginsburg and her colleagues have argued the courts can expand the constitution and change its meaning to fit the government's political needs. justice scalia rejected that argument. every single one of those four judges rejects that argument as well. stuart: does that mean that every single one of those four

judges, whosoever is the nominee, would reject roe v. wade? you don't know specifically -- >> i don't know -- stuart: do you take their voting history? >> i don't know specifically, but i would be stunned if donald trump would appoint someone who would vote to uphold roe v. wade. however, you'd be changing -- you'd be exchanging one pro-life justice, the late antonin scalia, for one of these who's pro-life. that would not change the 5-4 majority that is still there to uphold roe v. wade. if a pro-roe v. wade justice were to leave office and were to be replaced by an anti-roe v. wade nominee, then you've got roe v. wade, the existence front and center. stuart: that would be possible in the next four years -- >> yes. stuart: -- if there is one more vacancy pops up on the supreme court. >> yes. stuart: big stuff. >> yes. [laughter] very exciting. stuart: thanks, judge. hold on a second. we've got news on goldman sachs and their ceo, lloyd blankfein. what's he done? >> yeah. he sent that message to his

staff saying the travel ban is not a, the immigration ban that trump passed on friday not a policy we support. we see it as the disruption to the firm and our people and their families. i should also point out that rasmussen just came out with a new poll of likely voters, 57 percent support it. they say, yes, there should be a temporary ban on refugees from these countries until the federal government improves its ability to screen out -- stuart: that's a rasmussen poll -- >> a new poll just taken over the weekend. stuart: ah, so it's relevant. >> it equates to the same number, 59% supported it back in august. stuart: is that an online poll? >> no, phone call and online. stuart: okay. 57% approve of the president's executive action on immigration, okay. what a day this is turning out to be. point being, we've got a stock market selloff, not quite as bad as it was just a few minutes ago. we've got a new executive order limiting and, indeed, cutting

back bigtime on regulations. the president has met with small business operators this morning in the white house. they came outside and said how much they really liked president trump and his suggestions. but again, we do have a stock market selloff. up next, what have we got? i'll tell you, super bowl champ joe theismann. i'm going to ask him, why are all the best quarterbacks conservatives? [laughter] good question. we'll be back. ♪ ♪

>> i'm nicole petallides with your fox business brief. the dow dropping 170 points right now, we're seeing down arrows across the board. the s&p 500 down 20, and we're seeing stocks down for the dow and the s&p, most since october. there are some jitters in the market. we're watching also the russell 2000 which has erased 2017 gains. by the way, just with about everything is to the downside, chevron, caterpillar, dupont, goldman sachs, we just heard about the ceo, chief lloyd blankfein, the dollar is lower, gold and treasury yields are moving higher, the safe havennings. walgreens/rite aid, we're seeing rite aid down bigtime, down about 17% because they won't be getting as much for that deal. and gold,s that is a safe haven

trade, it's up $7, and the gold stocks are up along with it. more "varney" coming up. ♪ ♪

stuart: what? what? we just put sears on death watch? well, it is down 12%. what's the story, ash? >> listen, this is hitting an all-time record low, as you say, down 13%. s this is a company, much like other retailer ors, very much struggling right now.

they came off a poor holiday season in the fourth quarter, they're laying off people, looking at shutting down stores. this is an example, you know, one of the key examples of the retail ice age. stuart: i think we've been in front of this one because we have said that some major retailers will be disappearing this calendar year, and sears was one of those on the list. >> it burned through $1.5 billion worth of cash last year alone. stuart: that's a lot of money. >> yeah. stuart: 12% down, sears, death watch from us. got it. here it is, sports fans. joe theisman recently speaking on this program, he predicted the patriots will play the falcons in the super bowl. watch this. >> i believe it'll be atlanta that will wind up going there, and i think the new england patriots will represent the afc. so it's and atlanta. i picked them a long time ago, and i'm still living with them. stuart: well, by popular demand, the man is back, joe theisman himself, nfl quarterback, super bowl winner. joe, this is my show, i'm starting with my opinion. [laughter] >> all right.

stuart: i think the falcons will win the super bowl. that's my prediction. however, i want the patriots to win the super bowl because i like tom brady's politics. do you have anything to say on that? >> well, first of all, stuart, you seem very conflicted in your choices. neither one, you know, one of them's going to win. and you give very good reasons as to why you think both should. i think atlanta is certainly capable from a talent standpoint to be able to match everything that new england can do. you wonder if their presence for the first time in a long time and a lot of the guys that have not been there, how it's going to affect them. on the other side, the patriots understand what the preparation is all about, the way the game is played. i think both of these football teams come in with a ton of talent on the offensive side of the ball. the question is which defense will be able to control the other team's offense, and that will probably determine the outcome of this football game. but, you know, like you said, i think it's two great matchups, two great personalities.

you know, matt ryan, i think, will be the mvp of the national football league. tom brady has been, and he's going for his fifth super bowl, so there's a lot of great stories that are going on as well. stuart: fox will have great ratings too, let's never, ever forget that one. [laughter] >> that's right. stuart: how about this? this is a headline from the huffington post, and it criticizes tom brady for his political views. here it is: tom brady's politics are more un-american than colin kaepernick's have ever been. would you like to make any comment on that whatsoever, joe? >> well, first of all, i think that you -- if you listen to tom brady, and, as a matter of fact, giselle, his wife has basically said stay away from politics, tom really makes no comments about his political choices in his life. he basically is a guy that, he's a friend of president trump's. he's an acquaintance of president trump's. they've been together. and that's really the extent, i think, of his politics. if you look at his press conferences, he continues to say let's talk about football, let's focus on the game, let's focus

on preparation. but he never really gets into politics, so i don't quite understand where that headline comes from. stuart: okay, how about this? peyton manning spoke at the republican conference in philadelphia. he was there, he spoke. why are so many quarterbacks basically conservatives? i'm trying to get you to talk politics, joe, and it's not been successful so far, but try that one. [laughter] >> i'll try this one on for you. how's this one? i think we're so used to taking hits and bouncing back that it's just become a part of our nature to lean towards the conservative party. [laughter] stuart: that's good. that's very, very good. do you miss it? would you love to be back in the action? i'm sure you would. >> absolutely. i mean, it's -- especially this week, you know? i even wore my super bowl ring for you today just to get into the mood, i guess you could say. but, yes, there's nothing like running on that football field and knowing that it's an opportunity to play for the biggest prize in the world of professional football and some

say in sports. not demeaning any of the other sports that are out there. but the super bowl has a special nature to it. and having played in two of them, both winning one and losing one, i understand the emotions on both sides. but if somebody would give me a chance to put a helmet on and the uniform again, i'd go in a heartbeat. stuart: joe, i'm pleased to say you agreed with me on every count. that's what i'm going to come away with. mr. theismann, it was a pleasure, and we hope you'll join us again. >> i look forward to it, stuart, thank you very much. stuart: we're down 60 points. -- 160 points. well, we had been down well over 200. lots of negatives in the area for the market today. we'll be back. your insurance company

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stuart: well, president trump has been calling another world leader who is -- >> he has. he's been calling canadian prime minister justin trudeau to express condolences about thes mosque attack overnight in quebec city. don't forget, the prime minister, trudeau, was very oftical of donald trump and his travel ban for muslims. and those coming from those seven terror countries and was, basically, throwing open his country to refugees who could not or people who wants to come to the -- wanted to come to the

united states and couldn't. stuart: six dead in quebec city, two arrested, one with a moroccan background. >> check this out, jamie colby, host of "strange inheritance," met relatives of john nasmish who inherited what could be considered the magna carta of basketball. he wrote the original rules of basketball, didn't he? >> it's actually james, and he was a coach and a mentor and a chaplain, and the only reason i tell you is because a lot of people know about the rules, but they may not know about the nasmith family and what they went through to take them from a tacked-up bulletin board in springfield, massachusetts, in the late 1800s and carried them through generations of nasmiths in order to now find them where they are in their resting place at the university of kansas which is so appropriate to not only learn

about this heritage, but see where dr. nasmith actually ended his professional career. he became a doctor, he became a coach, and he was very much esteemed there as are these rules. they are the magna carta of basketball. stuart: you've got them on your show in the next edition of "strange inheritance," i take it? >> that will be tonight at 9:00. there's two episodes, that and one about a dinosaur park, a man who abandoned his career as an accountant to build dinosaurs. but the basketball episode is really special. this is a family that not only wanted to share their inheritance, but also make sure as many people who love sports know that it started by tossing a ball in a peach basket. stuart: ah, there you go. >> and it ended with a global sport and an olympic sport at that. stuart: jamie, thanks very much for joining us. see you tonight. more "varney" after this.

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stuart: to say it was

action-packed monday, is understatement. we had a market selloff to boot. my time is up, but, neil, sir, the time is yours. neil: when all said and done possibility the tax cuts are delayed, if they come at all is unnerving these guys. stuart: i think so. neil: we're looking at a continued selloff here. there are a lot of factors. get this in with my buddy charlie gasparino. goldman sachs leading the selloff in the the dow. this is the largest selloff this year. keep in mind stocks are up appreciably since donald trump's election. there are earnings worries and concerns this back and forth over folks who visit here, that is something that's weighing on the administration's apparent agenda. whether we'll get to it or whether it will be stymied or stopped and