maria: have a great day. stuart: half hour from now apple will likely push the dow industrial average above 22,000. good morning, everyone. let's start with money really big money. apple turned in another spectacular performance. world's technology is firing on all cylinders. we will tell you how many iphones and i pads are selling, a lot, and huge profit, staggering. here is the standout $261 billion. that's apple's cash, no company has accumulated a quarter trillion dollars in cash before and almost all of it is

overseas. what are they going to do with all that money? apple can buy almost anything. here is another question, will all of that money come back to america and stimulate our economy here? answer, not without a tax cut which brings us to politics. no tax cut for the 1%. in other words, they will not help the trump growth plan and washington post says there's just not enough time to get it done, tack cuts will be delayed till next year they say. i have more ugly politics. health insurers jacking up health care premiums, double digits again. president trump does not want to bail them out and democrats and some republicans do. politics and money, that's what we do and yet again we are in the sweet spot on money but poll six is as ever.

sit back, ignore the swamp and watch your 401(k) grow, please. varney&company is about to begin. ♪ ♪ ♪ stuart: you have to get right at it, don't you? look at this. premarket, whopping gain at this price apple is worth $800 billion. the most valuable company on earth and the stock run-audiotape will push the dow close to, i think above 22,000. step back a moment. do you remember when he made the bold claim on june the eighth? you're a brave guy, on election day you said -- the dow was at 18,000, here comes 20,000. we hit 20,000 and you said, here

comes 21,000, you got it right, now i've heard you say it, here comes 22,000 and beyond. >> if politics fall into line we will get there quickly because there's no where else to put the money right now. stuart: look at dow futures, okay. he was right. 22,000, here we go. dow futures suggest a gain of 40 of odd points at opening bell. that would be enough to carry us to 22,000. and look who is here, taking his victory lap, taking his vow, the multibillionaire himself, i'm just joking, don't want to give you the wrong reputation. >> i like that. stuart: you were write on 21,000, you were write on 22,000. where to from here? >> no where to go to but up. the leadership stocks are doing spectacular. they have growth, growth in revenue, growth in profits and they are leading, plenty of stocks behind them that can get picked up in rotation, there's

no headwind pushing the market down. if it falls 5%, if we are lucky to get that, that's a buy-in opportunity. i doubt we get a 5%. stuart: you advise people, wealthy people where to put the money. sometimes you wake up in the morning and get tad nervous, you have all your clients in stocks and you're saying get out and buy some more? >> i'm always worried. when the market tells you it wants to go up, you listen to the market. all the strenuous stuff is noise. it telling you what it wants to do, it wants to go higher. stuart: we read a story that there isn't enough time to get tax cuts this year. now, if we don't get tax cuts this year, do you still think we go straight up? >> i think we may stagnate a little bit but we should go up. the market will go up easily

10%. if we get anything, rocket ride-up. there's still the prospect of 2018, the market is going to hold onto. as long as earnings are good, this market as bid under it, period. stuart: would you stay there a bit. we will be back to you shortly. i want to move onto politics, okay. here is a switch for you. guess who is now involved in tun masking scandal? the scandal about revealing names that appeared in intelligence surveillance? the person is former obama white house national security adviser ben rhodes. a person of interest. judge napolitano is here. will you cut right at it, what's the significance of ben rhodes being the person of interest being close to president obama? >> the closeness to president obama advising him on the political impact of foreign policy decisions. now, senator chuck grassley,

chair of the senate judiciary committee has served subpoena on nsa. nsa doesn't like subpoena, the most secret of secret entities. the subpoena asks for every unmasking request sent by ben rhodes in his last year of tenure as deputy of national security adviser to president obama. are there two, are there 22, are there 220 and who was unmasked, donald trump, general michael flynn, who was it? stuart: do you know that? >> i don't. i'm glad you asked that. let me clarify, that's a hypothesis. we know that trump and flynn were unmasked. we don't know who did the unmasking. their conversations appeared in the washington post. the question is was the unmasking done for a legitimate national security purpose. ben rhodes was in the category that could unmask for legitimate

security purpose or was it done for political purpose? the use of raw intelligence data for political purposes against your enemies is a very serious threat to personal liberty in america. stuart: looks to me like it's swinging, we started out with russia, are russia, looks like we are drifting back towards the obama administration has scandals. am i right? >> republicans have been suggesting that bob mueller should be investigating what the democrats did to start in motion this entire mess, did the trump campaign collude with the russians, begin with unmasking, begin with nsa spying on trump and flynn, june 2015, what happened in june 2015, he came down the escalator, that's when it started. stuart: we hear that the administration plans to investigate china and its trade practices, cut to it again, do

we believe that china was stealing our intellectual property? is that the basis of this probe? >> i think that is part of the basis of the probe but remember the president has the power to impose tariffs on his own. congress has given him that power. he does not have to get the permission of anybody. we could wake up tomorrow morning and find out that everything coming in the country from china is going to cost x dollars more. stuart: that could be leverage on china. >> he has been threatening to do it. stuart: more opposition leaders arrested in venezuela and now something new from the secretary of state rex tillerson. what's that about? >> he's saying, we are evaluating all policy options to see what we can do to create a change of conditions where maduro decides he doesn't have a future and wants to leave of his own accord or we can return the government back to its constitution. stuart: let me read between the lines. >> they want him out.

stuart: regime change? >> sounds like it. personally responsible for the welfare of the opposition leaders now jailed at dead of night, dragged out of homes, 20 countries oh condemned what is going on in venezuela and now the uk is pulling diplomat families out of venezuela, telling travelers only essential travels. stuart: this should be front page coverage because that's on our doorstep. we are about to show you some video, the sports world calls this the baseball catch of the year. boston red sox ramírez, it's caught. see that, look at that. whoa. that is the catch of the year. the outfielder who did the catching austin jackson leaps over the fence. this is fenway park and he doesn't get the home run, by the way, the red sox won the game

2010, i think that's right. the red sox won that one, the catch, though. one more time. stay tune. you will get it again later. day two on dow 22k watch. we have all the fancy graphics ready to go once we get to 22k, could happen right at 9:30,i do hope you'll be there when it happens. i have a fact for you between now and september 29th, the house and senate are only in session at the same time for 12 days. you think we will get tax cuts by tend of the year? >> no. >> you think we will get a budget deal by the end of the year? >> no way. they like to borrow money, so, yes. [laughter] stuart: we will take you to capitol hill and that's a promise, the judge regardlessce of.

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stuart: this is happening, we are going to go up 40, maybe 50 points at opening bell. if we did that on the dow we would hit 22,000 right there at 9:30, stay tune. u.s. military successfully test launched an intercontinental ballistic missile it launched from california this morning. what's this all about? >> traveled 4,000 miles and landed in the pacific, three icbm tests, fourth so far this year. previously scheduled, not response to recent north korean action. stuart: if you're in a vicinity, it's a test. >> fourth this year. stuart: thank you very much, indeed. >> sure. stuart: let's get serious now. politics, 45 senate democrats have signed a letter saying no tax cuts for the 1%. congressman jim republican from ohio and a member of the tax writing committee is with us now. mr. -- >> sir, you're not going to get help from the democrats, are you? >> we haven't been able to get

help from the democrats all along, that's a problem. we can still move something forward. we get budget passed out of the house, reconciliation with a little bit of flexibility because we have to be able to maybe not be deficit neutral and we move that forward, we can get it done without the democrats and we have to. we have to be able to lower tax rates. when i'm here in ohio, people continue to talk about it, remember, stuart, they keep talking about 1 percenters. so many businesses pass income through on personal tax return. those are the 1 percenters because business income is on there. that's 60% of the business income in this country. stuart: we have to be able to do something, we must do something, i heard it. you know the calendar here. there are only 12 days between now and the end of september when house and senate are both in session together, 12 days, that's it.

you have to get a budget deal and debt ceiling in 12 days. i put it awfully hard if not impossible. >> look, i've often said in washington we wait too long. i was in the business world 30 years, we do that too often in washington. we can get this done. it's one of the reasons -- stuart: but how? >> we have to get it now out of the house and senate and then we have to do a reconciliation. stuart: congressman, we keep saying we have to do this, we have to do this, you have 12 days to do a budget and a debt ceiling. that's it. i mean, you could understand the skepticism on the part of most voters and say, you know, you're up against the wall here time wise. >> again, that's why i say we shouldn't wait till the last minute. i do agree and voters are concerned and i am concerned too. but i know we have to get it done. stuart: what happened to the

ending of the august recess, the house is already on august recess? >> i agree. i was willing to stay and i'm willing to go back early and i think many of my colleagues would be willing to get back early if we knew there was a path and i do believe there's a path, we have to get this budget passed out of the house and senate and we have to have the reconciliation and introductions giving us the opportunity to get something done with tax cuts. that's probably the best we are going to be able to do. there's no way to do comprehensive tax reform in 12 days. i agree with you there. we need to support what the president wants to get done and move this forward. stuart: there's something that you talk about, it has to be a very simple tax cut for individuals and that means small businesses and a tax cut on the corporate tax cut rate. you have to slim it down to that, is that doable? >> i am supportive of that. i am supporting of cutting taxes. we have to. we've had enough hearings.

i'm happy that we started to have hearing process. we have to cut rates. we have to make a territorial and we have to do it now. this is what's important about regular order, you hear this when you have hearings, so let's get tax cuts done. i do understand that and i agree, i'm on the budget committee but at the same time -- stuart: i thought republicans said we must repeal and replace obamacare and we didn't, now we are being told republicans all agree we must cut taxes. >> well, again, that's washington as usual. it's one of the frustrations i have. i voted multiple times to repeal and replace. i'm now signed onto a straight repeal which i thought i would never do but we have to do something. i have signed onto a resolution to get that done. i believe we have to do that as well but we can't wait any longer, we are now six, seven months into this president's administration, we have to be able to support the president and move some of the policy through. he was elect today get some of it done, the american people

wanted to get done and congress now has to do it. >> congressman, i always thank you for appearing on the program because i keep badgering and i know i'm a scept i, we appreciate your response. >> thank you, stuart. stuart: here is something big and it's happening at 11:30 eastern this morning. president trump with cotton and perdue. they are putting out a deal on immigration which would cut back on legal immigration, okay, cut it back by half. we allow a million legal immigrants now, the senators and maybe president trump want to cut it back by 50%. that is a big deal. whether he take you there when this happens. how about this? today is amazon's highly promoted job's fair, offering thousands of jobs at shipping centers across the country, some full-time positions include health benefits and tuition aide, we will have details on that for you coming up next.

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the stock is going to be up 6%. you don't hear that very often. here is another number that i'm picking. $261billion. that is the cash that apple has accumulated. liz peek with us this morning, $261.5 billion. >> yes. stuart: any ideas? >> most of it is overseas because of crazy tax system. they have not wanted to repatriate and either spend it overseas or bring it home. the interesting thing is i assume they will wait for tax reform to see if we fix egregious mismanagement, if they do, if we go to territorial system and they can bring it back, they will make acquisition here. look at all the streaming stuff they are doing now. it looks like they might look at content provider, netflix or disney, who knows. between stocks price they can

buy literally almost anything. stuart: they could, indeed. what do you think apple might do if they brought the money back to america? >> if they brought it back that's something else altogether. they will continue to borrow and return money to shareholders. they returned -- stuart: that means buy back the stock and dividend? >> $54 billion on dividends, over 151 software purchase promise. they are purchasing stock at $96, $108, $109. stock will open 159. they are hitting everything out of the park. >> eventually they need revenue stream. we are going to be talking about i pads. who would have thought that was a product gain. liz: services revenue is bigger but they could buy disney, new

zealand if they wanted to. >> they could buy us. >> they could buy uber, tesla, netflix, airbnb. that's huge. stuart: nobody close. >> the most exciting is private equity guy telling me last night that he had been to europe talking to ceo's, everyone wants to invest in the u.s. i don't think apple would be any different. this is place to be right now for a whole bunch of reasons, i'm really serious. stuart: i'm saying come on in. give us your money. if you foreigners want to come in, i'm happy with that. here is the amazon story of the day. they're holding a job's fair at their warehouses, basically the fulfillment centers. how many jobs? >> 50,000 jobs today. many of them on the spot offers,

40,000 of those jobs full-time jobs, talk about how they come with benefits, health benefits and also prepaid tuition plans. looks like the max out is 13-point -- 13.75 an hour. basically distributing jobs in the factories. stuart: does that mean you would like to buy the stock? >> yes, it shows that they are growing and needs more people. this is part of the plan to hire a hundred thousand people. they are also offering the plans and stocks. stuart: 401(k) involved. >> they have program and rewarding stock to some of the employees and how the program works. >> i actually think this is a political move on the part of amazon. i mean, if you look at the percentage increase in employees that they're talking about, has nothing to do with the percentage increase in business. i think they are coming under

increase pressure for basically destroying retail business. this is a very nice pushback on that and do they really need all of a sudden all of the workers to pack boxes when that's been done by robots basically in the past, i don't get it. stuart: really? wait a minute. >> i think amazon has been a very negative force in the retail industry obviously and has been disruptive, very genius, i would think this is exactly what i would be doing for public relations purposes. >> there wouldn't other e-commerce companies that would have taken retail ice age business anyway. stuart: come on in, we are hiring at minimum wage, there were lines around the block. we have our own jeff flock at one of the fulfillment centers to see if there are around the block as amazon opens up the 50,000 jobs. it is now 9:28, a minute and

seconds to go and the market will open. obviously we are going to focus right in on apple. we've already told you that that stock is probably going to go up 9 bucks, maybe 6% plus the opening bell. look at that. that's the premarket price. it's been trading at that level, 159.60, 9 and a half dollars per share, up and that's a 6% gain. if we get that gain in 49 seconds, it will push the dow industrials to 22,000, we closed yesterday at 21,963, with 36 points and small change away from 22,000 odds are we are going to hit -- look at that. futures show a gain of 40, 45, maybe 50 points at the opening bell for the dow industrials. we have the graphic ready. graphic on the screen, whether he hold it right there. >> maybe we shouldn't watch. [laughter] >> i'm nervous. stuart: if i'm wrong again, i

have egg all over my face. what's that a watched pot never boils. maybe we should get rid of that. 10 seconds to go. i can see at the corner of my eye, they are all clapping and cheering, here we go, folks, three, two, one, bang, we are open, we are off and we are up 22,000. thank you, thank you, thank you. [laughter] stuart: i was so prepared. [laughter] stuart: to be disappointed. probably draws back. we did hit it. liz: brief moment in time. stuart: did we have the balloons coming down. the dollar bills. there we go. >> confetti. stuart: we didn't spend a lot of money on that graphic. [laughter] stuart: 38 seconds in. we are up 38, backed off a little bit.

are we able to show the dow 30. yes, we are, regrettably there's plenty of red there. that's balancing out the little green there. you see apple in the top-left hand corner open with gain, i'm squinting, $9; is that right? >> yeah.stuart: who is going tot on momentous day. nicole petallides from the new york stock exchange and i see tom in chicago. let's go around the block. we hit 22,000, where to from here for the dow? >> the sky is the limit. there's no reason for the stock market not to go higher. fantastic, 70% of s&p companies have beaten expectations, revenue growth is fabulous, profitability is fabulous, all the big companies, all stocks doing well. stuart: by the way, with apple as a dow stock, the gain in that

1,000 stock is equivalent to a gain of 60 points in the dow industrials. it is indeed apple that has pushed over the 22,000 mark. liz peek, where to from here for the dow? >> i agree with sean. as long as earnings continue to go up, that's extremely bullish and, you know, the backstop obviously is trump agenda, if we see any movement on tax reform, that'll be further fuel to the fire. stuart: i believe that long-term, you're bearish on the market. tell me short term where is the dow going? >> good morning, stuart. i think that we might have seen the high this morning. i think that i'm actually bullish long-term. i'm bearish short-term. i think that the markets, i think there's too much debt in the system. i thinkthis we are seeing more contraction in companies that are buying back the stock instead of employing people and i do agree with liz. stuart: we have it.

22,010. if it wasn't for apple, we would be below 22,000. let's now -- look, apple has put up very strong numbers. that's the resulting stock price. 159.23, 9-dollar gain. let's talk just simply about apple. where is apple going from here? >> again, there's no ceiling. another record high for apple. revenues were up 7%. profits were up 12%, this is two consecutive quarters. it hit it out of the park, i pad sales were out of the park, 15% gains, the best they've had in 14 quarters. spectacular gains there. iphones 41 million on the heels on what's about to come the i phone 8.

liz: apple doesn't like that. apple, though, tim cook was talking about cars and robot cars, he said it's automation, we are pushing on software and automation, apple services, the services part of the business, the sales there bigger than facebook, bigger than capitol one. bigger than travelers, 27 billion is big. stuart: huge. >> by the way to talk about cars, tesla into the mix in terms of acquisition for apple. the other thing that's interesting is it all hinges on the next iphone. that's why they boosted the ipad sales in the quarter. heading towards the rollout, it better go-be -- be good. stuart: very powerful on wall street, david, tesla could run out of cash making the model 3. that's what you're referring to, isn't it?

>> that would be a pretty happy marriage if they need cash, guess who has cash? apple. tesla is booting up car production, huge percentage gains and huge number of increases in terms of output of cars and they may not have the cash to fund that, guess what, wall street has been accommodate to go tesla. i think they will continue to do that because it is viewed as a sort of visionary futuristic stock. it's never traded on current earnings or cash. stuart: apple could give them the money they need. >> great combo. stuart: i know you're a long-term bearer, i'm going to repeat that. >> i will sell it unless they get more government subsidies, i don't think they are going to get the money they need. they are going to have issues up here.

if not, they will have big troubles. stuart: okay. look at the car makers. first of all, retailer, let's look into auto nation down 4 and a half percent. remember profits were down 20%, i was surprise that had sales, ford, fiat chrysler all of them down year over year, what's with this? >> now it's 16.73 million. across the board, life car sales, suv sales were down, pickup truck sales were down, ripple effects of the problems with people not renting cars at hertz and avis, the car manufacturing selling to companies, no one is renting companies anybody. they may have to idle more factories at the big car maker. >> uber and the other one. >> got to really massive numbers

and i think that's been an impact. so auto loans are big. >> this speaks to scott's proposition that tesla is selling on the short here. i agree with them. sales are down across the board. i'm with todd in that respect. they have more than $9 billion in debt. it's not going to be good for the stock. stuart: the benefit of radio listeners, i know that for a fact. the dow industrial are up 56 points at 2 the -- 22,022. nicole, sorry to neglect you. any real excitement down there? nip nip -- nicole: absolutely. there's a lot of mystery.

in fact, there was one guy that was wearing the dow 21,000 hat prior to 21,000 and everybody was yelling at him. take it off, you're bad luck. we have to say thank you to apple. very reassuring for apple. loving it. stuart: nicole, i remember many years ago when people started wearing dow 10,000 hats and they were ridiculed. nicole: march of 1999, i was standing here as well. stuart: dow up 65 points. weak results results from amc, that stock is down. whoa. 26%. that's a new low by the way for amc. profits falling short of what was hoped for at the mining company, down 3%, no bounceback

for under armour shares. they took a big hit yesterday after they trimmed sales for the future. virtually debt flat at this point. how about snap, the stock near all-time low. the cofounders have decided to make all stock holder decisions, that's their quote and prevent from joining the s&p 500. what's all this about? >> no one has ever like to governance model of snap, frankly that's a red hairing, in their case it's all about number of users whether they are going to be able to compete or not but the stock right now is under pressure from the fact that all the people who were invested early before it went public are dumping shares. it's a huge numbers, 400 million shares and people are selling so chances are it might be a good time to buy at some point as selling wave takes place. stuart: maybe. [laughter] stuart: stuart you're bearish on everything, i take it you're

bearish on snap? >> i'm a tree farmer. stuart: i'm the tree farmer. >> apple is going to buy you. stuart: i'm for sale, by the way. if apple has the money, i'm for sale. another ipo that lots its sizzle, blue apron. i forget what it went public at. >> 10 dollars. 10%, got up to 11, fell to close around 10. down 35%. about a week ago a bunch of analysts say it's probably a buydown here. stuart: i will not buy it? >> i wouldn't touch it with a 10-foot pole. stuart: president trump wants to end what he calls bailouts for the health insurers, could cost millions health care coverage. you're familiar with the story, liz?

>> the bad news when republicans took office early in the year already they were threatening to undermine obamacare with this basically taking money back from the insurers, money that made them whole and cause them to stay in the exchange. so as a result what should be a problem for democrats has become a problem for republicans. if obamacare exchange now fail, they can put it and in fact, "the new york times" put it this morning can put it directly in the doorstep of the white house and the president. this is a mess. another reason why the republicans were incredibly stupid, i think, to allow a chance to reform obamacare. it offends me. stuart: liz peek, all coming out today. >> i'm angry about this. we all should be. this is a terrible decision. stuart: it was. let's try this one. 45 senate democrats have signed a letter saying, no tax cut for the top 1% of income earners, does that -- that means basically, liz, that the republican party is not going to

get any help in the senate from the democrats, period? >> yeah, it looks like that. the budget deal and debt ceiling . they feel like he insulted them, he got orange hatched, alexander weighing in, jeff flake, so they're split against the president. they feel that he's insulted them so why push something forward. >> they can't get off the hook easily. they have commit today tax reform. my view is they are going to make important concessions, such as they won't be cutting taxes across the board, cut tax rates particularly on individuals making a certain amount of money. >> the clock is ticking. >> they are actually meeting on this every single day. i think you're going to see corporate tax rate cuts, you will see the system for -- >> the market doesn't seem to mind it. stuart: isn't that the story that we have been putting out endlessly.

sour politics, no success, failure constantly, that's the political world, it's just awful, look at screen, 22,027 for the dow. 9:42 and change. we've had our say. thank you very much, indeed, for joining us. it was an extraordinary day and we are glad you are with us in the opening bell. back to nicole, you are looking at a beer stock, are you going to tell us about that? >> the stock was up in premarket up about 4% right now 3.7% and they reported worldwide volume increase. 2.3%. but i have to tell you, here in the united states, stuart, the liquor makers are selling more spirits and beer drinks. beer volume had been falling and they've actually spent a lot of

money at molson coors doing advertising because everybody is going oh to craft beers. spirits are doing really well. stuart: nicole, thank you very much, indeed. drink up. democrats signing letter saying, no, if you want to adjust the tax code, you can't cut the tax rate on top 1% of income earners, that's what the democrats are saying, 45 in the senate wrote the letter. got it. good senator from the republican of alabama and member of the budget committee. sir, a lot of people are skeptical now because you are not going to get any help at all, it doesn't seem like it from the democrats in the senate, and the republicans themselves are notreally united on dramatic tax cuts. you can excuse us for our skepticism, can you? >> i can absolutely excuse you. no one is more disappointed as i

am as new member of the senate. i have been here less time than president trump even and i was shocked last week when we couldn't get 51 republicans to fulfill a promise. you're right to be skeptical and it doesn't help any that the democrats as always are in lock step with their leadership and are going to oppose everything we try and do to accomplish my goals which is taxes, economic growth, you know, wage increases, thoapción things that are critical. stuart: on the screen at the moment we showed three democrats in the senate, senators munchin, three senate democrats. they did not sign this letter. >> that's not indicative of future performance. they should care about this issue very much because there are states, the three you mentioned and others states that

president trump carried by large margins and i have been shocked that they have been nonresponsive to trump agenda as of yet. at this point their citizens are counting on them to provide relief. i'm going to hang my hat on that hope right now. stuart: i hate to pile on the negative, sir, but i am going to do it, 12 days between now and the end of september when both the house and senate are in session together and can get things done namely a budget and a debt ceiling and then taxes. you have 12 days. i mean, you are going to excuse skepticism, you don't have the time. >> that's why i've been arguing very publicly and privately with the leadership that we should stay here in washington and get the work done. people are working hard -- stuart: what happened to that? the house is already off in recess and you guys in the senate are about to leave too? >> it's inexcusable to me. i don't see how you can go home and talk to constituents.

i just don't understand it. i'm new to washington. stuart: is it some republicans in the senate just do not like president trump, it's almost personal and are styming the growth plan. per democrats haven't gotten over election. now you have with only narrow margin, if we lose three republicans for any reason, we can't get anything done, 51-vote problem, is what i call it. stuart: do you think it's personal. candidate trump vigorously insulted some members of the united states senate and just knocked them right out of the park, did they rescent that? is that part why you don't have republican unity? >> i don't think so.

people get used to entitlements from the government. some of the so-called conservative friends, our states have gotten comfortable with obamacare, maybe we don't want to be too quick to addressing it. it's the hometown issues that carry today. stuart: you have not been long in the senate, do you want to stay? [laughter] >> i do want to stay. the senate is the greatest institution in the country and has job to do. it's failing in the job at the moment but i'm optimistic person even though we got a lot of disparaging things to deal with at the moment. [laughter] stuart: you're struggling to be optimistic. you really are. >> i hope spring is eternal. stuart: republican from alabama, thanks for joining us, sir, we really do appreciate it. >> thank you very much. stuart: let me show you the big board. okay, let's move on. rosie o'donnell, she says women

should form our own party if democrats back antiabortion candidates. anymore on this, please? >> response to ben, there's not a litmus test for democratic candidates going to 2018 midterm elections when it comes to women's choice. she tweeted this out. you know, we will see what happens. stuart: that's not what democrats want to hear. they don't want a separate party hiding off the women's vote. nobody wants that. the republicans wouldn't want it either. >> i think you're right. stuart: check the market. we are just holding at 22,000 right there. that's where we are. a lot of red on your screen. that's the 30 stocks that make up the dow industrials. top left-hand corner, you can see apple blazing away up about 8 bucks, 50 points up for the dow. that's canceled out a lot by the

other red stocks that you can see there. they are on the downside. i'm trying to do the count here. nearly 18 dow stocks on the downside at this point. i've got a number for you, how is this? more than 22% of germany's population now meet migrant status. that's up a lot since last year. we will discuss that after this. ♪

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stuart: the moral of this story for this stock is as follows, if you make less, if you lose less money than you did a year ago, the stock goes up. that's what happened with groupon and it's up 3%. researchers found that -- this is something i find very hard to believe but this is accurate, one-third more than one-third of all american adults had an opioid prescription in the year 2015. liz, let's repeat this. more than a third of all adults in america in 2015, they've got on opioid prescription. >> it's shocking, 92 million people used prescription opioids in 2015. it's stunning, 92 million people

were prescribed opioids and used them, this as the number of debts from drug overdoses has quadrupled. stuart: we need a tighter definition of what is an opioid because i don't know. >> doctors criticized for overprescribing opioids. stuart: fair enough. here is the story on germany and immigration. the immigrant population, the people with a background of immigration in germany has risen to a brand-new high. what's the proportion of people in germany with an immigrant background? >> nearly 19 million people, immigrant background, nearly a quarter of them are first or second-immigration immigrants. 2.6million people in germany from the middle east and we know that angela merkel opened the doors to refugees. refugees are really spiking it higher, spiking the growth rate higher. stuart: that story is relevant of what's happening in america at 11:30 at the white house. two senators are going to

propose imgreación overhaul and that overhaul will include cutting the number of legal immigrants to america in half right now we admit a million a year, that's a big deal, indeed. next case, obamacare, yes, it is collapsing. the country remains totally divided on it and we are stuck with it, however, at least stuck for now, my take on that at the top of the hour coming up. it's time to rethink what's possible. rethink the experience. rethink your allergy pills. flonase sensimist allergy relief uses unique mistpro technology and helps block 6 key inflammatory substances

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stuart: obamacare is collapsing, got it, but what to do about it. the reform effort failed. so we have to deal with an implosion that is hurting a lot of people. here is an example just how divided we are. the governor of maine says the two senators from that state are quote, downright dangerous because, they both voted against reining in medicaid. the positive says, the expansion

of medicaid almost bankrupted the state of maine. there is is the problem. even a ruinous entitlement can not be trimmed. once the government gives something almost impossible to take it back. second story, 16 state attorney generals forced president trump to bail out insurance companies. a federal judge is letting that suit going forward. that is north problem, once the congress authorizes spending the money must be spent. even though obamacare is falling apart, democrat ags insist on outrageous bailout of insurance companies they used to criticize. oh, what a mess. we're stuck with it. you can blame the republicans for their failure to fix it. you can blame the president for failing to lead. but you have to blame president obama and democrat congress for starting down the socialized medicine road in the first place. this is not much comfort for millions who are stuck with wildly expensive, and a totally unsustainable system.

it is a very good example what not to do. please america do not be like europe. the second hour of "varney & company" is about to begin. ♪ . stuart: we made it. 22,000 and seven to be precise, up 43 points, right from the opening bell, 31 minutes ago, we hit 22-k, we're still there. individual stocks, some taking a whopping big hit. look at that, amc entertainment, movie chain. a big hilt. they're down 24%. weak profits. that will do it every time. price of oil this morning is hovering around $49 a barrel. that may change in a half hour when we get latest numbers how much oil is in storage, and how much we used in america. big tech, all of them down except apple which is going gangbusters. it is way up there. $8 gain.

even amazon, that actually just turned negative. just turned positive, there you go. 71 cents higher. the rest of them are down. apple's stock as you can see taking off literally eight points higher after a whopping great big profit report. by the way, it is sitting, this is the big number to me, apple is sitting on a cash pile, it is a mountain, the everest of cash. $261 billion. come on in, rob enderle, principal analyst at the enderle group. rob, any idea what apple could possibly do with over quarter of a trillion dollars in cash? >> if the tax treatment changes so they can repatriate it, the, what they plan to do is invest in autonomous cars. they have an automotive unit coming up. also home automation. they're making a run at amazon's echo with their homepod. they undoubtedly have a series

of products to wraparound that as well that will be under development. it will be cars and -- stuart: i hear you, but you know, we're talking $261 billion here. sure -- okay, they go towards autonomous cars. how much can you spend there? how much can they spend in the retail sector? that doesn't account for all of the 261 billion, does it? >> no it doesn't. a lot of companies with those kinds of cash piles have trouble getting rid of the cash, and investing. certainly can go out to buy companies. they're not really good at acquisitions. their best bet, put it in r&d and develop other products. they're pretty much living off the iphone which has been a risk up and down proposition over the last year so they need diversification. they need to try to diversify. i think a lot of money is going towards that. stuart: are you suggesting suggt people buy apple at $175 a share?

>> 7% growth is not to me a stellar level of performance. i think the company much like apple, like microsoft was last decade a bit overvalued and is due for a correction so i'm nervous about the property because their financial performance and their valuations at least to me are out of line. stuart: that is interesting. i want to talk to you about snap. continues to hit new lows. so much that it will not be listed on s&p 500. we got blue apron also way, way down from its initial public offering price. i wonder about ipos in this climate. i mean i can't see why uber would want to go public when snap and blue apron have come so far done? >> looking at uber in particular the news surrounding them has been pretty bad. they really need to go public when they don't have that kind of a problem. no ceo. the last guy was booted out. serious issues with internal

operations. it would be ugly for them regardless. if you look at snap and blue apron their issues really have to do with snap and blue apron. the market itself is actually really healthy right now but one thing showcasing companies that come to market whose business plan was an afterthought tend not to do all that well. snap is a case in point. blue apron basically sells you food as a kit. i don't think the markets really come around to that. they either want to get their own or want it all cooked and ready to go. blue apron is in the middle. it's a segment but not a segment i would be happy being in primarily because people are not used to buying food in kits. stuart: rob, thank you very much for joining us this morning. you have a very interesting perspective, we appreciate it. thank you, rob enderle. >> my pleasure. stuart: this is an interesting story. the mayor of what is a disappearing island in the chesapeake bay challenged al gore in a town hall on cnn he

criticized gore's claim on climate change. watch this. >> i'm a commercial grabber. i've been working the chesapeake bay for 50 plus years and i have a grab house business out on the water. and water level is the same as it was when the place was built in 1970. >> won't necessarily do you any good for me to tell you scientists do say sea level is rising in the chesapeake bay, that you have lost about 2/3 of your island already. >> if i see sea level rise occurring i will shout it from the house top. i mean we don't, the land to give up. but i'm just not seeing it. stuart: i think grabber said it was beach erosion, not climate change. what do you say to that, tammy bruce? >> this is great stuff and i think what people like al gore and others from the ivy league framework, know it alls think a man like that is just dumb, that is their mistake. they mistake the american voter is dumb.

a guy who lives on the beach. he is a grabber. al gore is ready to patronize him. here is this guy who has a facility at the water, since 1970, knows the water level and it is not going down. it is not going up, it is not going down. it is not where it was. he said it is erosion, beach erosion. this is what is affecting it. this is what is valuable for americans to see. he wants a seawall because of the erosion. the problem is, because we all care about environment. we care about that island being affected. when you have nonsense like what al gore is spewing, we don't deal with maybe some real solutions we can provide and deal what this man is experiencing, what the island is experiencing when we get down to the truth of the matter that might not make al gore rich. he is not into sea walls. he is invested in other things. this is one of the problems. you have tsunamis. california trying to figure out how to predict the quakes.

there are things we need to do to deal with the environment to help planet that's right get put to the side because is somebody like al gore has a different agenda. that is a shame. stuart: sting in the tail. hold on a second. i have this for you. democratic socialist group. it is seeing a surge in membership. they have got 25,000 new members. that is a 300, 25,000 total i think. it is 300% up from last year. socialists are surging. this is, they claim to be the largest social it group since world war ii in america. i take it this is all about bernie sanders but, my question really is, what on earth is going on when america in this day and age moves towards socialism? >> yeah. look, we are a mixed economy. we understand, we want there to be safety net for americans. we do that with unemployment insurance and welfare. we do not want it to be a way of life. take this with a grain of salt.

bernie sanders received over 13 million votes which is really votes effectively against hillary. i think they should be embarrassed that with a nation of 13 million people willing to vote for bernie sanders and they have only got 25,000 members, according to them, we don't know what that standard for membership is of course. there is thing called church of the flying spaghetti monster. it is a real religion. it is non-profit. they since 2006 have had 15 million unique visitors to their website. more voters and more fans than who voted for bernie sanders. so while the numbers are disturbing, we have to keep it in perspective. the other issue is, when you have a group like that you can claim influence. we don't want numbers like that or individuals in that sense to have more political influence with politicians than they should. that is why all americans need to speak up about what is important to them. stuart: gets me nervous. i'm a refugee from european socialism. >> yes. stuart: i don't like it. liz: people in venezuela are saying it is wrong.

don't do it. look what is happening to us. stuart: that's right. little later this hour we'll have response from one of our viewers who is from venezuela talking about venezuelan socialism. it is strong stuff. stay tuned for that by the way. i want to talk to you, liz, real fast about this trade dispute with china. it is all intellectual property theft. liz: yeah. the white house is frustrated over china's recalcitrance over north korea, not slapping sanctions from china, on oil they ship into north korea. that is an issue. the trade representative may make a case shortly, china is basically stealing intellectual property, stalling patents, stealing trade secrets. i don't know if tariffs will be slapped on china but a big case they're trying to build right now. stuart: not what a lot of people say is a trade war. liz: it is not a trade war. stuart: dispute they might take action. if it was a trade war full-blown, this dow jones

industrial average would not be at 22,000. liz: that is correct. the president is frustrated, he tweeted over the weekend, over foot-dragging of north korea. stuart: sports catch of the year you call it. cleveland indians fielder austin jackson, what a catch. he jumps halfway over a wall in fenway park to rob the red sox of a home run. look at that. the man is an acrobat. catch of the year, case closed. by the way the red sox still won the game. got it. by the way, they gave him a standing ovation. >> very nice. stuart: rightly so. one of the senators working on health reform, bill cassidy, with obamacare unafter having, should the president give bailout money to the health insurance companies? i will ask that question. university of central florida booting their kicker off the

football team for keeping his profitable youtube channel. the ncaa says you not allowed. you can't make money. the school agreed. you're watching the second hour of "varney & company." ♪ potsch: you each drive a ford pickup, right? (in unison) russ, leland, gary: yes. gary: i have a ford f-150. michael: i've always been a ford guy. potsch: then i have a real treat for you today. michael: awesome. potsch: i'm going to show you a next generation pickup. michael: let's do this. potsch: this new truck now has a cornerstep built right into the bumper. gary: super cool. potsch: the bed is made of high-strength steel, which is less susceptible to punctures than aluminum. jim: aluminum is great for a lot of things, but maybe not the bed of a truck. potsch: and best of all, this new truck is actually- gary: (all laughing) oh my... potsch: the current chevy silverado. gary: i'm speechless. gary: this puts my ford truck to shame. james: i'll tell you, i might be a chevy guy now. (laughing)

stuart: alert from country of my birth. prince philip on last day fulfilling official duty before he retires. that gentleman right there is 96 years old. he is is the husband of queen elizabeth ii. liz: she is 91. stuart: thank you very much. prince philip. i hope i'm in shape.

not bad at all. prince charles is still waiting. thank you, producer for that kind note. we're up nearly 60 points for the dow industrials. we're up 22,000 and holding right there. under armour down again. it got a couple of downgrades. yesterday trimmed sales forecasts. not sure whether that is an all-time low or-year low but it is down. match group, online dating, announced leadership shake-up. made less money than expected. leadership shake-up. the stock up 4 1/2%. >> oreo cookies, mondelez, the ceo is stepping down. the company is under pressure from activist investors like bill ackman, get your profits up for heaven's sakes. mondelez not reacting to the change at the top. apple stock is riding high, up $6.62 at 157 and that is helping apple supplys like

cirrus, broadcom, ftn. they make parts for apple iphones and skyworks. taiwan semi, lg desplay. on the coattails of apple. look at tesla, it reports, i should say reports profit this is afternoon, 4:00 eastern, right after the close of trading. one big hedge fund manager, very important guy, he is warning that tesla could run out of cash. this is david einhorn. he is talking about the model 3. liz: yeah, that's correct. 2 billion cash burn. elon musk already said yes, two billion what we'll spend to ramp up production for the model 3. david einhorn is known on wall street taking a close eye at balance sheets. called lehman brothers before anybody else. now he has his eyes on tesla. elon musk also has been saying i am really stressed out. he admitted to being bipolar recently, but dialing it back. the cash burn is severe at tesla. it is only been profitable one

or two quarters in the last 10 or 15, ever since it was public. stuart: he needs a big new government tax credit. wonder if he will get it. liz: sure. stuart: who knows those things. we're not speculating on that. the cost of health insurance continues to sky rocket. look at this. in illinois insurers want to raise rates 43%. other states are planning to raise premiums 30% or more. joining us is senator bill cassidy, republican from louisiana. mr. senator, the president trump does not want to give the insurers more money so that they can keep those premiums under control. should he give the insurers more money? >> i think he should in the short term. it isn't about the insurers. it is about those families seeing premiums 40% and higher. short term congress can do something next two years. i'm still committed to doing something different after that but we need short-term protection for these families. stuart: the president is

threatening to take away your obamacare subsidies for you members of congress. i think he is threatening that as a way to get you to stay in down and do something. how you would feel about you taking your subsidies away? would it change your vote? get you on with repeal and replace? >> it doesn't change my vote because i voted obviously for something different. it will not increase my unction to get something done because i've been i can working on this for eight years. he could do it for all employees. he may want to introduce that legislation. i think it is a bad idea but the president is president. he can do what he wants. stuart: what happened to the idea that the house and the senate would stay and work through the august recess? the house has already gone home. the senate is going home shortly? >> because we did not get 50 votes the other night. that said i'm not personally giving up. i'm working with lindsey graham

and dean heller for a proposal we think could get 50 votes. until we get 50 votes it doesn't accomplish anything. once we have 50 vote, that is when we reconvene. stuart: have you time to do anything other than the budget, the did not ceiling and tax cuts? >> it would have to be pretty tied up, packaged ready to go. ideally it would be bipartisan but on the other hand we put a heck of a lot of work into it already and if we get 50 votes i suspect it will become a priority. stuart: a lot of people are skeptical you can do it. what is your opinion? >> nothing is ever accomplished by a pessimist. i got elected trying to take care of families as you described earlier facing 40% premium increases. we have to keep our focus on those families. we have to do something better. i am committed to working for that something better. stuart: senator bill cassidy, thank you very much for joining us this morning. we need something positive on a day like this and you gave it to us. senator, we appreciate it. thank you, sir. look at this. streets of miami beach, coral

gables, little havana, flooded after tropical storm emmedically hit monday night. inches of rain were dumped across southern florida. it got pretty bad. amazon hoping to hire 50,000 workers in 12 cities at its fulfillment centers. got this, 80% of the jobs will be full-time positions. we'll take you to one of the lines that are now forming around amazon. we'll be back. this lovely lady has a typical airline credit card. so she only earns double miles on purchases she makes from that airline.

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stuart: this is jobs fair day at amazon. they will hire tens of thousands of people, holding job fairs at 12 fulfillment centers around the country and our jeff flock is one of them at romeo, illinois. do i see big lines waiting to get the job? >> do you see big lines? this is a jobs festival, stuart. it is pretty amazing. we've been to a lot of job fairs. can i excuse me, thanks very much. a lot of job fairs where it is a few hundred jobs and don't call us, we'll call you attitude. this we're talking, thousands of jobs. 50,000 nationwide. we want to take you inside. that is the line outside. this is what happens inside. they actually are giving away amazon echos and tablets to the people. kind of dark in here, i hope you see what is going on. these are good jobs. we're talking in this location,

$16 an hour to start, overtime, which takes you up to $24 an hour. they're giving people tours inside of the facility is. they're giving away free ice cream. this is not a spartan jobs fair. this is a festival. because they need so many people. there is no guarranty they will get all 50,000 people that they need. and so, some of these folks have tickets to go on a tour inside of the facility. and, you know, it's, there is music. i have never seen a job fair quite like this. stuart: nor has anybody, jeff. that isabsolutely terrific yet again. amazon is the story of the day. jeff, i know you're staying there all day. we'll be back to you there later. thanks, jeff flock. ongoing theme of this program, liberal lunacy on campus. listen to this. incoming students at princeton have a choice of six different gender categories from which to choose. of course we're all over this one. university of central florida removing their kicker from the football team.

why? because he made money from a youtube page. we'll have his story after this. ♪ ♪ ♪ ♪ ♪

♪ stuart: don't you love it. liz: i love it. stuart: you hate it. i know you do. those are the beatles. check the big board. we're, we're still up 22 points. but we lost the 22,000 mark for the dow industrials. if it wasn't for apple we would be much lower. we'll get, we've got them i think. latest numbers on oil, how much in storage and how much the draw down. liz: 11.53 million barrels less, stuart. that is half what the market expected. this is the fifth straight week of a draw down. seven out of the last eight

weeks we have had less oil barrels in storage. stuart: oil still at $48 a barrel? liz: correct. stuart: thanks, got it. how about this, ferrari, didn't give a rosy forecast. investor did not like that. the stock is down though. the ceo rules out an suv from ferrari. he says you will have to shoot me first. that is dramatic, isn't it? that is garman, the gps people. they say robust demand for gps devices named at outdoor enthusiasts, that is gps devices. stock is up nearly 4% on the news. here is one i'm scratching my head over, students at princeton can choose from six genders when they identify themselves. look at them. here is is the choice. you can choose one of those six, okay? joining us now is ali stuckey, blogger at the conservative millenial, and host at "the blaze." welcome to the program.

>> thank you for having me. stuart: i don't get it, i honestly don't get it. why is it that princeton sees fit to offer a choice of six genders for incoming students? >> this is the same considering who released a gender inclusivety language guide that warned students against using words like forefather or hurst and wife. so i think we're seeing this is not about inclusivety or acceptance this is indoctrination. colleges are supposed to be beacons of critical thinking or productive dialogue. things like this shut conversation down. stuart: yes. >> what it implies if you don't believe in non-binary gender non-come e conformity you're a bigot. we should have discussions about gender dysphoria but we're not. we're accepting reality when it isn't reality. stuart: i am totally confused.

i would have thought soxx alty of young people is tricky area, and you don't want to be messing with it. a very sensitive age, don't mess with it. this is exactly that. it asks the question, who do you feel like you are? i'm sorry, allie, i don't get it. >> you're absolutely right. you bring up a good point, that sexual identity becomes center who you are as person or at least the left pushed the idea you're defined by your sexuality whether sexual orientation or how you identify genderwise. that is why we're having such a difficult time actually discussing this. this is no longer become a discussion of science or the cultural implications of gender dysphoria it is a discussion of emotions, how you feel. this should not be premary emotional identity conversation. we should be able to remove ourselves from that and actually have a discussion about the implications this has on society. stuart: you're right. if you don't agree with this

you're a big got, you're out of it. that shuts down conversation. you're right on that one, ali. >> you're right. stuart: democratic socialist group it calls, claims to be the largest american socialist group since world war ii. they're gaining a lot of members. why is the word socialism, why is socialism itself so much more fashionable these days among people like you, millenials? what is going on? >> bernie sanders played a really big hand in that. he got more votes from people under 30 than trump and clinton did combined. he repopularized idea that socialism is not only logical but also compassionate. millenials are suckers for words like empathy and compassion. there is misconception among socialists and democratic socialists alike. that is that socialism works. it does not work. they love to cite countries in scandinavia, look, this is socialism working very well. scandinavia is a market economy. it is not a socialist economy.

means of production are controlled mostly by private individuals, not by the state. and so that is a misconception that social its and democratic social its have. by giving people free things we will somehow be more free and more safe. that is absolutely not true. and millenials need to actually start looking at countries like venezuela and north korea if they want to see consequences socialism. stuart: music to my ears. tell me again your blog please, what is it? >> yes. it is the conservative millenial blog. best to look me up on facebook. i have all my content there. find me at "the blaze." stuart: conservative millenial blog. got it. thanks for joining us appreciate it. >> thank you so much. stuart: our next guest was a kicker on the university of central florida football team. he has a profitable youtube page. the university did not like that. the ncaa didn't like it either. so they kicked him off of the team. joining us now is donald

de la haye, the player who was kicked off the team. who, okay, so you have a profitable youtube page. the ncaa says, he oh, you can't do that. and the university of central florida said, oh, you can't do that, so you're off the team. is that what happened? >> yeah. they offered me some conditions that you know, ncaa didn't really state too clearly as a paper. the waiver they offered me to sign, says i can't even, i can't even post unmonetized footage of me playing football. i can't be at the beach talking football with my friends. i can't mention quarterbacks nothing like that. a lot of people think they offered this and that, but they really didn't. i feel like it is a pr move. stuart: i guess it is all about getting paid while being a student on a team in college. do you think they should change the rules so that people like you could get paid by their own enterprise on the site? should they just change the rules? >> i feel like they should.

we're student athletes. the reason we go to college to learn you how to make money. an entrepeneur like myself should have the right to profit off his own business. stuart: what do you put on your youtube page? how do you make money on it? >> i make blogs about me practicing kicking, hanging around friends, things like that. my adventures around college since i'm a college football player. well, former college football player. stuart: more people who watch your youtube page, the more advertising revenue you get and you get paid for, that is how it works? >> yeah, yeah. so, based off of that, anyone with the same amount of followers views, and everything as me would earn same amount of money. i feel like that is very unfair. stuart: yeah. >> student with the same aspirations and goals and works as hard as me would be praised for what he is doing, no, ncaa says -- stuart: let's step it up a couple notches here. do you believe a student athlete

like yourself, who may go on to a big career in the nfl, should you be allowed to make a lot of money as a student athlete, change the rules completely? >> i feel like we should. i mean of course there has to be some monitoring on those rules and how much money we make but amount of hours we put in, i wouldn't say slavery, but we slave to the into the ball like to the sport we play, putting a lot of time and work, i feel like we should be compensated. stuart: what are you going to do now? you're no longer kicker on the team, what will you do now? >> like i said, i'm going to continue producing content. keep motivating inspiring people to watch my videos. i haveopportunities presenting to me i'm seriously considering. we'll see where life takes me, man. stuart: donald de la haye, after this appearance on this program you will get a lot more viewers of your youtube page. >> i love it. stuart: guaranteed. >> thank you. i appreciate that. stuart: doned a, come back anytime you like. >> yes, sir, yes, sir.

i'll be back soon. i will be back soon. stuart: got it. >> thank you. stuart: i have breaking news. this happened moments ago, president trump signed the russia sanctions bill into law. that just happened. i don't think he wanted to sign it but he did. now this. musician kid rock, getting a lot of support for his possible senate bid in michigan. is he on top of a poll? liz: he isp toking the republican side of it. stuart: really? liz: he is just eight points away from debbie stabenow. he comes in at 42% t was a telephone polling done by target insight. debbie stabenow has 50%. kid rock has 42%. eight points behind the democrat debbie stabenow. the michigan voters in the same poll, 49% approve of president trump. this is trump country. michigan went for trump in the last election. obama won the prior two elections. stuart: i think kid rock is

somewhat different whether he runs or not. liz: he has not announced, but he says his campaign website is quote, serious. he is flirting with it. stuart: we'll see after the poll. that could change a lot of minds. there is kid rock for you. president trump will announce immigration reform or proposal. next hour he wants to put a priority on skilled immigrants coming into the country. here is a question could that actually be bad for business? something else to that story as well. next though, we'll be talking to the man behind the effort to help conservatives move from california to texas. no income tax in texas, let me remind you. so many people, how many people has actual moved? we'll ask him. usaa to me means

peace of mind. we had a power outage for five days total. we lost a lot of food. we actually filed a claim with usaa to replace that spoiled food. and we really appreciated that we're the webber family and we are usaa members for life.

♪ >> republican congressman jim renacci, he says there is still a path to budget and getting tax reform done. roll tape. >> i'm willing to stay. i'm willing to go back early. i think many of my colleagues would be willing to get back early if we knew there was a path. i do believe there is a path. we have to get a budget passed out of the house and senate. we have to have reconciliation

structures giving us opportunity to get something done with tax cuts. that is probably best we're going to do. no way we're doing comprehensive tax reform in 12 days i agree with you, but there is a way to get something done what the president wants to get done. we need to support what the president wants to get done and move this forward. ♪

stuart: we hit 22,000 right at the opening bell. retreat ad little. we're at 21,982. stuart: still with a gain of 19 point. but it wasn't for apple we would be way down. how about this? our next guest helps conservatives move from liberal states to conservative states. how about that? the name of the company is or organization, conserve sieve move.com. they said they signed up 1500 families to make the move from california to texas! why am i not surprised. paul is with us. the founder of conservativemove.com. you signed up 1500 families in california, get them over to texas. what do you do for them? do you find them a job? do you find them a house? what do you do? >> we do three critical things. we help them sell their home in neighborhood existing community by hooking them up with conservative realtor.

in texas and other red states we help identify a home they could move to. the third aspect we found popular, finding employment or jobs or talking about the economy in these red states. make as natural fit for those working parents with families. unless you're retiree, you're not too worried about the job aspect. stuart: you are a recruiter for texas companies, aren't you? >> you know it is interesting, texas was doing this long before my wife and i came to texas with our four kids back in january. as we well know, texas does a very good job attracting corporations and businesses from blue states particularly california. toyota's main headquarters in california employed about 3,000 people. closed down. moved it here to north texas, about 3,000 jobs. many companies, corporations come here. texas is a beautiful state to do work in but also a beautiful state to raise a family. that is where conservative move.com comes in. it helps the families make that transition. stuart: do you get a commission

on the real estate transaction? you do? >> we do. there is really no difference on a business model between realtor to realtor. what we do on typical sale of a home a realtor averages a 3% commission. our agreement with our realtors is about 25% cut of their 3% commission on a sale or purchase of a home. stuart: how about when you get to texas, do you get any kind of commission from the companies that you line these workers up with? >> you know, no, not right now. i don't know if we're going to open that up into our business model. right now the stories we're hearing stuart from families in california and others they are pretty distraught. talking about working mothers, fathers working two, three jobs at a time in areas with high crime, poor schools. they're very frustrated. we definitely want to provide the service, at least linking them into the employment field. we would love to find more headhunters throughout the red states to work with us. there is plethora of quality people, tremendous job skills

and passion who want to work. they want good paying jobs. these red states have them. stuart: am i right saying look, taxes are one of the big motivators to get out of california and go to texas? you have very high taxes in california, on state income taxes? there is no state income tax in texas. am i right in saying that in california $50,000 a year, you pay roughly 10% in state income tax? is that accurate? >> it is very accurate. in california your low are middle class if you're making 50,000. you're largely house broke. what we call quite honestly in california. they continue to raise the cost living in california which is ridiculous. they just increased gas taxes 12 to 14-cent in october. they passed a super cap-and-trade bill which will increase gas taxes 60 to 70 cents per gallon in the future. raise local utilities 10 to 20%, harming businesses as well.

you have two components. families that can't make ends meet. businesses saying simply look, i can make a better living for my company, my employees in these red states likes texas. stuart: last time we talked to you i don't think you had anybody signed up. have you signed up 1500 families, 1500 people in a few months? >> that is just from california. over 2500 families collectively in about three four weeks. the business model has completely exploded around this country. it is really just working average american who is frustrated in these blue states. not just california but new york, washington, oregon. there is common theme. they want a better life for their kids. in our area we have four of the best cities in america in north texas. the graduation rate is 94.2% wonderful jobs, low crime. california is opposite. many parts look like third world country. tent cities are popping up.

violent crime is on the rise. good-paying jobs are hard to find. they are taxing people out of their home. they don't believe in homeownership. they're more into rental market. here in texas we believe in the american dream, homeownership is is critical to strong family. stuart: paul, thank you for coming back on the show. we'll see you soon. >> thank you for having me. i appreciate it. stuart: i couldn't believe this when i heard it this morning, between now and september 29th, which is a deadline to raise the debt ceiling, the house and senate are only in session at the same time for 12 days, 12 days. that's it. how much time is that? my take, top of the hour. ♪ ♪

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you won't have to worry about replacing your car because you'll get the full value back including depreciation. switch and you could save $782 on home and auto insurance. call for a free quote today. liberty stands with you™. liberty mutual insurance. stuart: the left is staying silent on venezuela but pushing socialism light for america. bernie sanders introduced legislation for socialized medicine, single-payer. elizabeth warren continues to rail against capitalist enterprise. you didn't build that she says. yes we did. our constitution gave us individual liberty. we should remember that. yes we should. that was my take yesterday. i think democrats have been real quiet on venezuela. as i said there they are pushing socialism light in the united

states. our viewers picked up on this big time. this came in from david. socialism is simply the economic means to an end which is communism, nothing democratic or progressive about it. jose says, this is interesting, jose, i'm from venezuela. democrat party in the usa uses same tactics and rhettic as chavez did in venezuela 19 years ago to win elections. learn from other people's mistakes. don't let it happen to this great nation. socialism is cancer. they hypnotize people with free stuff in order to get votes. thanks very much for that. we appreciate that. i'm all in agreement, jose, believe me. but my question to you, liz, why is bernie sanders, democratic socialist nonetheless, why is he popular so much in america? liz: free stuff paid for by somebody else. meaning u.s. taxpayer. all of his economic myths are out there. they have been he debunked, what bernie sanders talks about. watch what bernie sanders said about venezuela.

he has said basically the american dream is more apt to be realized in places like venezuela. he said in the past food lines, food lines are a good thing. then he said to univision last year, hmmm, you should learn more about the violence of venezuela, didn't know what was going on there. people in venezuela saying you, bernie sanders, you, bernie sanders you are flat-out wrong. bernie sanders is poison. he is poison to the american body politic. his theories and ideas are flat-out wrong. they have been debunked roundly time and again. stuart: well, liz. liz: sorry. stuart: i am not going to follow that at all. glad you got it off your chest. it was good stuff. liz: bernie sanders act the like there are more sinks in socialist governments than all christianity. there are human beings who are flawed who make horrible decisions when they start controlling other people's lives. stuart: hard break. liz, thanks very much. i like that, that's good. liz: sure. stuart: we'll be back.

..

>> we would hear it again on top of that. we must get tax cuts done this year. we have 2. we really should. the congressional calendar. it is congress that has to act. and they have to approve a debt ceiling. they have to get through all of that by the end of september. and they are only in session together for 12 days between now and the debt ceiling deadline. that is it, 12 days. that is it. what happened to keep in congress in session throughout

august. and and it is hard to believe congress can do this, democrats blocking everything. and we won to see america grow, be prosperous, that calendar, that congressional calendar does not look good. headline in the washington post, action on trump's tax-cut plan could be delayed until next year. we don't often agree with the post. this time it looks like they have a point. the third hour of "varney and company" is about to begin. newn

aimed at creating a skills-based immigration system and reducing the number of illegal immigrants that come into america. check the big board and the dow 30, 22,000 from the get-go early this morning and come back down. and all of that gain is accounted for by apple which is sharply higher. keith to its is with us, chief investment strategist, you said there is nowhere to go, we had

22,000. >> we are going to die just a little bit. traders want to self induce a little panic before the end of the summer and take it hire into 2018. stuart: what happens if we get something on the growth agenda like tax-cut with your, change your forecast? >> it will change the timing. we will see panic because that is how they separate people who don't know what they are doing from their money and take it hire, growth is all about the future. we get the tax-cut those things line up. 5% to 8% on the upside. stuart: that would be a big gain. when i looked at apple's results, they are selling more ipads. 261.5, that is how much cash is on hand. no one has accumulated a quarter trillion dollars in cash. what might they do with it. >> i spend a lot of time thinking about this. coke is playing an end game, and

positioning apple again. amazon, facebook and alphabet. they all want content and big data. he will make some buys here, something like tesla or netflix or supercomputing company but i think that is what he is going to do and there are building plans in america too. stuart: if we lower the corporate tax rate and apple brings some of its $260 billion back from overseas, if we reduce our tax rate here and that money comes back to america, surely some of that apple money, buy back its own stock or raise its dividend. that would be a single to buy stocks more. >> i think so. people view dividends as cash flows but what they are is

implied promise for management that we think we will deliver what investors expect. if they did do that, that would be a huge vote of confidence for apple and tim cook in particular. stuart: do you think they would do that? >> there are a lot of things that have to get changed not least of which is healthcare, congress has got to get out of everybody's way, torching the american public to prove a point and i'm tired of it like lots of people. stuart: have you wrapped your arms around $261 billion cash? i have not. i can't imagine a pile that big. >> it is a humongous number and even i am having trouble wrapping my mind around it. more than most countries have on hand. stuart: it would be one of the biggest countries in the world. liz: they could buy finland or new zealand. stuart: they could buy new zealand. i have problems with that. thanks for joining us, see you again soon. i want to take you to last friday.

we have a guest who said donald trump should end congressional exemption from obamacare. make congress members and their staff pay like everyone else. the next day that is the next day he tweeted to do this, if a new health care bill is not approved quickly bailouts for insurance companies and members of congress will end very soon. look at this. the top wall street editorial today, obamacare for congress, trump can change a rule that exempts members from the pain from the law's pain. let's bring in the man who started this, master review columnist john son. you can take a victory lap if you like but do you think this is likely? do you think the president will do this? >> everyone in washington will say he shouldn't do it but donald trump is the one person who doesn't listen to everyone in washington and he might just do this because it would bring

congress back into session very quickly and they would have a new sense of purpose because it would be members and their staffs who would be facing the crushing weight of obamacare which they cannot bear. stuart: that is a very cynical view of congress, isn't it? >> it is human nature. you only do something when you have a deadline. this would give them a deadline. stuart: this is your idea. i have to ask the question seriously. you threaten congress. you have to pay like everyone else, you have to cover the pain like everyone else, you think that is a big enough reason, a big enough threat, big enough stick to beat them with the they would actually do something? stay in dc and get something done? do you think it would work? >> two things are being done that are illegal. the insurance subsidies being given through the exchanges, a federal judge, rosemary collier ruled those are unlawful, therefore, the obama

administration giving those abilities without course of law. congress, i have a proof right here, congress filed for this exemption with the dc exchange for obamacare claiming it was a small business under 45 employees, state and local government, that is how they got is a living. judicial watch filed a case uncovering this. it is before the dc court of appeals, congress had lied to the american people committing a fraud. regardless whether or not it is a big enough stick cannot stand, they cannot get this through fraudulent means. senator cassidy. i love senator cassidy but his staff gave him that information maybe because they are worried about their subsidy. he was engaged in alternate conceptualization of reality when he was on your show. stuart: we did talk about this issue. what is the next step? where do we go from here? >> donald trump has to sit with members of congress and say the american people expect you to do

something, we expect some kind of a bill. i'm sitting here with two laws the don't have any force, they are not valid. the insurance of these were declared invalid by a federal judge and you lied or somebody lied claiming congress is a small business and that is why you get a subsidy for members and staff worth $12,000 a year for 85% of their premiums every year. people and the exchanges are not supposed to get contributions from their employers, this is a fraud on the american people and congress until it fixes itself should not do this. if they want to fix it, if they want to keep their exemption they can vote on it but they don't have the political courage to do it. stuart: fascinating, you set the wheels in motion, didn't you? you are a bomb thrower. >> people can look it up, they have all the information on this and people can find out, contact your member of congress, vote yourself the exemption the doesn't apply to the american people or stop breaking the law.

stuart: very strong case, good stuff. thanks for being with us today, we appreciate it. an update on two major storms we have been following. tropical storm emily downgraded to a tropical depression, but still lingering over the miami-dade area. it brought four to seven inches of rain way down south florida and in the downtown area of miami as well, some drivers abandoned their cars, used kayaks and paddle boards instead. more rain is expected today. it will filter, it is coming. typhoon nauru southeast of japan, disrupting shipping in the area, 26 foot swells, if you know anything about the sea that is big, making waters more dangerous for swimmers along to panic southern coast, it could track closer to land this weekend, that picture you see,

satellite images of the storm, we will stay on top of that. a lot more ahead this hour about 20 minutes from now, donald trump makes an announcement on immigration reform, wants to restrict legal immigration. he will join in at ever by tom cotten and david perdue but first we will be joined by fox news sunday host chris wallace and he is coming up next. we are watching the market, the dow hit 22,000 history once again, made right here on "varney and company". ♪

stuart: snap hits new lows down $12 a share. that ipo a couple months ago did not go well.

snap will not be listed on the s&p 500, it is down 3% today. a week forecast from the movie theater chain amc taking a great big hit, 23% drop for that stock as of now. we are waiting for donald trump's announcement on immigration joined by two senators, tom cotten and david perdue. big news on immigration later this hour. we are all over that news development. here is what we know so far. the senators propose and the president backs legislation that would restrict legal immigration and they want to focus on skilled workers coming into the country, skills-based immigration system. fox news sunday host chris wallace joins us. maybe it is because they legal immigrant but i picked up on that cutting the number of legal element of immigrants from 1 million to a half-million, that is a bombshell, isn't it? >> it is quite substantial.

all the focus has been on illegal immigration but this is the president and a couple republican senators including tom cotten of arkansas talking about sharply restricting legal immigration over the course of the next we 10 years and focusing less on family unification, humanitarian issues and more on a skills-based immigration system to help boost the economy and create jobs. stuart: another huge item in the agenda along with obamacare tax cuts budget that feeling, just checking stuff in there. by don't see how you can get it on. >> they will not get it all done and that is a question and a serious question. you hear the president talk a lot, people around him, about focusing on tax reform. some people are still talking and i saw your last interview

about obamacare repeal and replace and two things they have to get done by the end of september, these are things to some degree discretionary. they have to raise the debt limit and they have to pass a budget or the country goes into default for the first time in its history and the government or part of the government shutdown because we have run out of funding october 1st. those are items one, and one a in terms of priority. stuart: you are at the center of this, you know this already but we are picking up on it between now and the debt ceiling deadline. there is only 12 days when the house and senate are in session at the same time. you are going to get a budget and ended up feeling done in 12 days. i'm on the verge of saying that is impossible. >> it is a little bit misleading because they are both in session more than 12 days, just not in session at the same time and they don't have to be to get something done but it is a lot

and they are talking about a budget since march and a lot of that is still very much in doubt, tremendous divisions just within the republican party as we saw on health care and when you get to raising the debt limit, steve mnuchin, the treasury secretary is calling for clean debt limit just like barack obama and his team called for clean debt limit but a lot of conservatives especially in the house who say this is one of the times we can force a cutting of the budget and they want to pair raising the debt limit with domestic spending cuts and a lot of democrats say that is a dealbreaker for us, this is very -- you want to talk about the economy and the dow jones at 22,000, you default for the first time in history on the debt limit and i don't think anyone can predict the impact that would have on the economy and the stock market. stuart: it would be dramatic. for joining us, see you again

soon. 10 minutes from now donald trump makes the announcement on immigration reform. we will take you there, detail it. while we wait, check this out. a historic, 6 bedroom mansion in new jersey, that is up for sale. can you imagine the price? it is $10. that is it. of course there is a catch, a huge catch and we will tell you what it is in a moment. before we do that, look at this. boston red sox hanley ramirez hits the ball to center field, that is a catch and a half, cleveland indians, austin jackson leaps over, look at that, the man is an acrobat. the boston red sox fans gave that man a standing ovation after a catch like that and he deserves it. much more varney ahead.

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saving you money wherever you check your phone. yeah, even there. see how much you can save when you choose by the gig or unlimited. call, or go to xfinitymobile.com. xfinity mobile. it's a new kind of network designed to save you money. won't replace the full value of your totaled new car. the guy says you picked the wrong insurance plan. no, i picked the wrong insurance company. with liberty mutual new car replacement™, you won't have to worry about replacing your car because you'll get the full value back including depreciation. switch and you could save $782 on home and auto insurance. call for a free quote today. liberty stands with you™. liberty mutual insurance. stuart: last hour we brought you the news that donald trump

signed the russia sanctions bill. and a statement the president said, quote, in its haste to pass this legislation the congress included a number of clearly unconstitutional provisions which my administration expects congress to refrain from using this flawed bill to handler our work with european allies. before the break we talk about the six bedroom mansion in jersey up for sale for $10. what is the catch? if you buy it you have to move it to an address that is a quarter mile away. the city is planning on building a subdivision on the current property. the seller contributes $10 to the moving costs but the buyer, you, have to pick up the rest is not a bad deal. would you stand on a piece of glass hundred 3 stories off the ground at chicago's willis tower? a glass box that sits 1353 feet above the city, if you're brave enough to step inside you see 50 miles and four states.

attracts 1,000,007 visitors per year. willis tower is the tallest building in the western hemisphere, the eighth tallest building in the world and there they are, glass box way up there. this is what we are told the first flower on earth looked like him a cross between a waterlily and magnolia, scientists reconstructed the flower using data from a new study, breakthrough for biologists. they believe all living flowers shares a single ancestor. the evolution of flowers has puzzled researchers for a long time because they developed so late in history of life. there weren't any flowers on earth until 140 million years ago. i do not subscribe to the view that all of this started with two blobs the jumped out of the is in 1 billion years ago. are you? liz: no. intelligent design is what you are talking about. stuart: minutes from now donald trump will make an announcement on immigration it is going to be radical stuff and you will see

it.

stuart: what music is? tell me. motley crew. of course. we have motley crew right here. silence onset. any moment now donald trump is going to unveil a new immigration legislation, joined by two senators, tom cotten and david perdue, an immigration proposal, this will be radical stuff, a big deal. meanwhile look at this. the market coming back a little, we had 22,000 the opening booklet dropped below moments thereafter, now we are back up again, 47 point gain putting us

at 22,011. let me bring in doctor napolitano. judge napolitano: yesterday he called me senator. stuart: proposal we are about to hear as i understand it, they want to go from 1 million legal immigrants every year coming to america to half 1 million legal immigrants, that is radical stuff. judge napolitano: what is equally radical, they want to reduce the basis for entry from countries to the economic need for your skills in this country. all legal immigrants can come from one country theoretically if that country could generate skills that are needed here and they are high end skills, not low end skills which we know the

economy needs, needs a continued supply of. i don't know what they went through if it is politically motivated or if they have a study, subject to serious challenge across the board. republicans, democrats -- stuart: stay there for a second. i am going to put you in the conservative column, chad perkins, there is mercedes. we are talking about immigration reform, proposal coming up shortly, 1 million legal immigrants a year. >> a bold step by my conservatives in the senate who want to push the immigration bill, we have seen for decades the comprehensive immigration reform failed and this is an

approach where focusing in, and the healthcare in the senate. i suppose many of these moderates in the house and senate will reject this concept. while they are starting with a bold plan it could come out more something in the middle and could be challenging for it to pass. stuart: the judge mentioned something important. we have the president checking in a relatively i would call it a pretty radical suggestion on immigration. that will be added on top of a debt ceiling, health taxes, there is no room for it and if it is defeated it is another defeat for the president. >> it is not going to happen in this congressional cycle during

this time. when you look at mitch mcconnell's gala, paul ryan's calendar they are on tax reform and i think the white house mentioned tax reform could get done by october. that is very optimistic. we know congress moves very slowly especially in the senate. i don't see a tax reform bill being passed as signed by the president, it is something at the end of the year or possibly next year. stuart: the judge is still with. do you think america wants this? this is directly opposite what america has been doing for the past generation. judge napolitano: i agree with everything mercedes just said. secondly i often wonder if proposals like this aren't done to gin up the base, donald trump's base and the base of the two senators, senator perdue of georgia and senator cotton of arkansas for some political benefit of their own because these folks are way too smart to think this will be seriously considered it has the remotest

chance of passing. stuart: senior producer on capitol hill for fox, chad, we have various suggestions that it is a radical idea, this immigration reform, that it is not going to pass, it will be another failure for the president and he is just laying down the good stuff for his base. what do you make of this? >> there has to be the political will. we talked about immigration reform for several years. when you talk about it through a business lens there is definitely a call for this, bob goodlatte put out a statement a minute ago, only about 5 to 12% of workers admitted to the united states on immigration policies are here because of their skills. this favors english-only workers, workers with higher skill, workers who would not be a drain on the social safety network. they are looking at this through a business prison. the question is where do they fit this in?

they have to raise the debt ceiling by september when steve mnuchin, treasury secretary, is aiming for. he had a meeting yesterday with, the majority leader and minority leader chuck schumer, they have to keep the government open and if they are going to do tax reform this is an in the weeds issue, you have to pass a budget. they can't get tax reform through the senate by breaking a 60 vote threshold for filibuster. they have to use this unique process, budget reconciliation which lowers the bar, not that it helps with health reform but can't use budget reconciliation, a number of house republicans holding up this budget in the house of representatives, to see the package on the debt ceiling and see something concrete on tax reform before they release their votes to approve a budget. stuart: i will put you in the skeptical column. we are not going to get a tax-cut this year. >> you can only put so much in

the pike. stuart: got more from you shortly but right now, before the formal announcement we do have details, some of the details on what the proposal will be and you got it. liz: some level of education, english-language capability, looking to get high-paying jobs offered, if you are an immigrant, this is what you are about to hear, canada and australia have a merit-based system. in 1970 there was a little recess test for immigrants, we did away with that, in the 60s returned to family oriented if you have family members you can come in here if you are an immigrant. they are about to hear from the president. one of 15 immigrants have skills, and cut in half to 500,000. the number we let in is the equivalent of the population of san francisco. half of the immigrants get

welfare benefits versus 30% of nativeborn individuals. stuart: mercedes, do you think i would get in if there were these new rules imposed? >> how high are your skills? what is your skill set? i am questionable. stuart: i have a questionable skills background. i am a painted actor by most names. seriously, we don't expect this to pass as is. we don't expect to get any action this year, too much else going on. basically laying down a marker for his base but this really is a revolution in immigration policy. almost the direct opposite of what we have had in america for the best part of 30, 40 years. >> innovative thinking about innovation policy. what we have seen it in immigration policy that is quite stale. it doesn't fit our times anymore. the other problem is all we are

talking about, the merit-based system which is where we need to be going in terms of immigration policy is not even going to touch the elephant in the room which are the 12 million or more illegal immigrants who are in this country and that is one of the big issues for the trump base, which is what we going to do with individuals who are here in the other option, the other situation is building the wall, something not being discussed. stuart: liz told us half of these immigrants that are coming in are on welfare. liz: 50% get welfare benefits according to what the president said. stuart: the base will of the idea we are going to stop that. the base loves it. >> i agree with you on the part of welfare benefits going to half of these immigrants who are here but -- stuart: the president is at the

microphone, let's listen. >> thank you very much, great to be here to unveil legislation that would represent the most significant reform to our immigration system in half a century. i want to thank senators tom cotten and david purdue for their tremendous work in putting together this historic and very vital proposal. as a candidate i campaigned on creating a merit-based immigration system that protects us workers and taxpayers and had is why we are here today, merit-based, the raise act, will reduce poverty, increase wages and save taxpayers billions and billions of dollars, by changing the way the united states issues green cards to nationals from other countries, green cards provide permanent residency,

work authorization and fast-track to citizenship. for decades the united states was operated and has operated very low skilled immigration system issuing record numbers of green cards to low-wage immigrants. this policy has placed substantial pressure on american workers, taxpayers and community resources, among those had the artist in recent years have been immigrants and minority workers competing for jobs against brand-new arrivals and it has not been fair to our people, our citizens, our workers. the raise act ends chain migration and replaces are low skilled system with a new point based system for receiving a green card. this competitive application process will favor applicants who can speak english, financially support themselves and their families, and

demonstrate skills that will contribute to our economy blues the raise act prevents new migrants and new immigrants from collecting welfare and protects us workers from being displaced and that is a very big. they are not going to come in and immediately go and collect welfare. that doesn't happen under the raise act, they can't do that. crucially the green card reforms in the raise act will give american workers a pay raise by reducing unskilled immigration. this legislation will not only restore our competitive edge in the 21st century but it will restore the sacred bonds of trust between america and its citizens. this legislation demonstrates our compassion for struggling american families who deserve an immigration system that puts their needs first and puts america first. the reforms in the raise act will help ensure that newcomers

to our wonderful country will be assimilated, will succeed and will achieve the american dream. i would like to invite senator cotten and senator purdue to say a few words, thank you very much. >> thank you, mister president. i'm very excited to be here with senator purdue and donald trump to introduce a new version of the raise act with our legal immigration system shut, two main goals, it should help american workers get a decent pay raise and have a higher standard of living and should help promote economic growth, make america more competitive. our system doesn't do that. it is over a half-century old. it is an obsolete disaster and it is time for it to change. though first, we bring over 1 million immigrants into this country a year, like adding the population of montana every single year that in the population of arkansas every three years.

the vast majority of those immigrants come here not because of their english language ability or job skills or job offer or educational attainment. only one in 15, only one in 15 out of 1 million immigrants come here because of their job skills and ability to succeed in this economy. it puts great downward pressure on people who work with their hands and work on their feet. some people may think that is the symbol of america's virtue and generosity. i think it is a symbol that we are not committed to working-class americans and we need to change that. second, we lose out on the very best talent coming to our country, the most ultra high skilled immigrants who can bring their entrepreneurial spirit and innovative capabilities and make a higher wage, create new jobs for other americans and new

immigrants, speak english and contribute to our economy and stand on their own two feet and pay taxes and not receive welfare and not drive down wages for working-class americans. the raise act will change that by reorienting our green card system towards people who can speak english, who have high degrees of educational attainment, who have a job offer that pays more than a typical job in the local economy who are going to create a new business, outstanding in their field around the world and i am excited and look forward to working with senator purdue and donald trump to pass the legislation through congress and make this kind of very fundamental sweeping change for the first time in over 50 years to our immigration system, thank you. >> thank you, tom, thank you, mister president, good afternoon. stuart: fundamental change that is being proposed here for the

immigration system of the united states outlined by the president, we go to a skills-based, merit-based immigration system. we pick and choose who we want and let them in, they have to have skills and the numbers coming in will be vastly reduced. the senior producer on capitol hill, i suspect this will be demagogue to death from the get-go. it is racist. >> we wonder what democrats are going to say about this. they have advocated something very different. this is something that is partisan. one would wonder if this could get through the senate. you have to get 60 votes to move a piece of legislation, garden-variety build in the senate and there might be some republicans who might not be for this proposal. you have to get some democrats on board. you might find moderate democrats especially those up for reelection in 2018 who are for this, joe mansion of west

virginia, the most vulnerable democrats this cycle, getting from 52 republicans to 60 votes in the senate is a very high bar and that is why a lot of people think this wouldn't go anywhere. stuart: i can do the math and think you are right. i put it to you from what we just heard, business will like this because business wants skilled workers to come in. the base will like it because they want fewer unskilled workers coming in, and we can -- two constituencies will be for this. >> businesses will like this but there are businesses who like to have the low skill workers. for example in the agricultural industry, in the service industry, the hotel industry. i don't those businesses will be particularly happy with this type of legislation. i think you will see a divide

when it comes to businesses in terms of how they respond to this and with that being said that is one big question. there is a need for employees in service industry. stuart: hold on. >> as you have probably noticed, the stock market hit an all-time record high today over 22,000. we picked up substantially more than $4 trillion in net worth in terms of our country, stocks, companies, we have a growth rate, gdp which has been much higher than anybody anticipated except maybe us. it is going to go higher too. you are going to see jobs pouring back into the country. factories and plants coming into the country, we will make product in america again and that is happening all over as i mentioned yesterday, fox con is going to spend $10 billion in wisconsin and other places and i think the $10 billion will end

up being $30 billion, making iphones for apple and it is a truly incredible company. today, the stock market hit the highest level that it has ever been and our country is doing very well. i want to thank you all. tom and david will be outside and speak to you at length about what we are going to do with respect to this aspect of immigration. it will be very important. the biggest change in 50 years, thank you very much. stuart: president concluding his remarks by pumping up and talking about the economy and linking the immigration proposal to economy. senator cotton said you put this new reform program in place, you will raise the wages of american workers and encourage american growth for our economy.

you saw it happen, pretty radical proposal, the judge is with me and i want to know. judge napolitano: push me in a box. stuart: what is wrong with pushing for assimilation by the immigrant to come here? for example pushing for them to speak english. judge napolitano: nothing wrong with it. my grandparents came over not speaking english and they were pushed into speaking it but having it as a requirement would keep somebody like einstein out for werner von braun who helped with the us missile system, people who were brilliant in their home countries but didn't speak english, there's nothing wrong with encouraging it but requiring it will never pass common understanding of the first amendment. stuart: is assimilation a worthy goal of the government? judge napolitano: yes it is. stuart: i didn't think you liked it. judge napolitano: i government can encourage assimilation but commanding it is not going to work, the courts will not permit that and the numbers are even

worse than chad program indicated. for me to second-guess him, he is the world expert on county noses in the congress, you won't from 52 to 60, it will go from maybe 40 to 60 because there are 10 or 12 moderate republicans in the senate who will never endorse this and that crowd will be led by john mccain when he returns. stuart: do you think this is a good strategy, a good tactic to come out with what i call a radical proposal and i don't think it has less chance of passage in the immediate future. just took this on the table like that? >> you speaking with but have to learn to speak american. judge napolitano: you go, mercedes. stuart: quiet on the set. if you're not careful i will deliver the rest of this program with an american accent and you won't like it. >> i will state my answers in spanish so we are even.

i have to say, i am perplexed by this announcement. we are supposed to be talking about tax reform, we are supposed to be talking about legislation at hand. the president needs to use the bully pulpit selling this to the american people, selling it to members of congress and all of a sudden we are talking about immigration reform. this bill that will go nowhere in this legislative cycle. there needs to be strategy around this where you go and talk about the immigration bill but then you bring in a third party members, bring in the third-party groups, talk to different congressman, senators, see where you have support, just throwing a bill out there to throw a bill out there is not going anywhere. if i were part of the white house team i would say we need to be talking about tax reform today and until the bill is signed. liz: mercedes is right and even the president in the middle of

his comments talking about this immigration push brings up the economy, how the market is doing, how the jobs are coming in. that is all in the guardrails, the highway lane of tax reform and tax cuts getting the growth agenda back on track. it feels like a distraction. judge napolitano: is this anybody's front burner, this type of legislation? stuart: not to my knowledge. in our studio i am surrounded by monitors on which i can see other competing channels. there is one left of center channel which always attract my eye, i don't know why. they are apoplectic about this. english is preferred, merit-based system, this is outrageous was back to chad for a second, the voice of reason in this. repeat please, this has not got a prayer of getting through congress. >> this could be a big challenge when they have so much on the place. talked about getting 60 votes

but here is the ones we are not talked about it. remember the tweets the president sent out saturday morning saying we need to a limited the legislative filibuster, 60 votes to do that, a simple majority for that. right now you have eight democratic senators who can control the agenda. i asked mitch mcconnell again yesterday if there is the appetite to aluminate the legislative filibuster. he said no and reiterated that yesterday. what you could conceivably have happening here is the president of the united states teeing up something they can't get through the senate because of that 60 bar threshold and strike hammer of congress and in particular hammer mitch mcconnell and hector him and say why aren't you doing something about that? stuart: realistically, realistically do you think they are going to abandon, force mitch mcconnell, abandon the filibuster rule, get rid of it,

50 votes? >> let's go through the mechanics on this. to aluminate a filibuster on a rules change in the senate you have standing rules in the senate, in order to eliminate the filibuster, 67, then you need 60 to make the rules change but there is a way to do this call "nuclear option" 3, "nuclear option" one was lowering the threshold for filibusters on most executive branch nominees, democrats did that in 2013, "nuclear option" 2 was one mcconnell and the republicans did this last april to russell neil -- .16 out to the supreme court, newly option 3 is illuminating the letter saying 51 votes cut off. that is an issue i talked to a lot of house republicans, they don't have to deal with filibuster in the senate, it drives them batty, drives them up the wall, why they can't get things done in the senate. this is what founders talked about when the senate is the sauce where the hot coffee cools and that would be a fundamental change in american democracy.

stuart: spelling it out like it is. i inadvertently cut you off when the president was talking, make your point please. >> speaking about the filibuster itself, here is the reality. if democrats were to win a majority in the senate, that is it. they could pass whatever legislation they want. mitch mcconnell not only looking at the fact it makes it difficult to change the filibuster, but he is not inclined in any way to move in that direction. he is fine with it on the nominations but he is going to stay firm are not changing the filibuster rule. stuart: is he a senate guy steeped in senate tradition? >> there is a bit of that in terms of mcconnell being respectful of the senate institution which he also views the fact from a political, he puts on his political had, democrats take a majority in the senate and what can they do? if you change the filibuster will they will be able to significantly change any law

with 51%. stuart: would it be true to say some republicans in the senate have not forgiven donald trump for what candidate trump did to some senate republicans in the campaign? he wiped the floor with meant they were knocked out of the campaign. is their personal resentment? >> there is no natural relationship with some of these senators, one being john mccain and we saw this play itself out in the healthcare reform debate. mike pence has a good relationship on the hill, i think the white house is struggling to find its footing on how it is dealing with congress so i those are the two components at play. stuart: i want to thank you one and all for being with us on a very important day when there has been a radical proposal, a

proposal on immigration reform. the president added that little ending to the immigration proposal talking about the economy, the strength of the economy, the growth in the economy and jobs and mention the stock market, he likes to see the dow jones industrial average at 22,000, that is where it opened this morning. it is still there. the dow is up 40, now it is up 40, what he said had no impact on the market but he was talking a lot about it. any comment? >> apple stock. you were talking about jobs, tim cook did not address what donald trump said, tim cook promised to build, build three factors, here's the point on this, apple is investing, expanding,

growing, corning, kentucky, building out new factories tim cook was silent yesterday. stuart: the judge is still with the. i did say goodbye to him a minute ago but he hangs on relentlessly. judge napolitano: it is the yellen rally. cheap cash. should be thanking her for this rally. stuart: i want to go back to apple very briefly. $261 billion cash, apple holds it. you don't object to that at all. stuart: who could object? i don't object to you holding cash. they can do what they once with their cash. you are talking about seizing cash like chris christie tried to do with the rise of blue shield blue cross, too much money, the constitution was written to prevent that. stuart: if the government ran up a surplus of $261 billion, that

is outrageous, pay back to the people. judge napolitano: i can avoid dealing with apple, i love their product that can't avoid dealing with that. stuart: the government can do nothing right and private enterprise can do anything wrong. stuart: -- judge napolitano: the government can do some things right, closing down. stuart: time is up for this show. it is yours. neil: i wish i could be part of the discussion especially the point when the judge pointed out i don't mind you holding cash because that cash would never go. it would stay. he could try to pry it from you. stuart: lou dobbs is a friend and i have known him 40 years. do you know what he said 40 years ago when stuart: varney, i know are you still have the first dime you ever earned, you cheap so-and-so. that is what he said 40 years ago. charles: you