map maria final thoughts, guy benson, gone grats on the new book. >> end of discussion. maria: dagen. dagen: trump tweeted more, we love it. maria: have a good day, here is stuart. stuart: i once called him pt bar numb -- barnum. elon musk does grab headlines and does live on tax credits but now emerged as a visionary and a successful one at that. what he has done a take a futuristic concept and turn it into reality. by the end of this year 5,000 tesla model 3 cars a week will roll off the production line at the plant in free month, california. 10,000 a week next year. advance orderers for 450,000 of

them. musk says he has no worry that he can meet the demand. middle-income car on the market and elon musk built it and the tesla company is now worth $53 billion. general motors, only 50 billion. just wait till you see where tesla stock is headed first this morning. you get it all on the program. the watch is enraged by the trump's immigration tramp and mr. trump will reveal new plan for trade with china. varney &company about to begin. ♪ ♪

♪ stuart: we are starting from record close yesterday. 22,000 and 16. tesla, that stock is going straight up at the opening bell. the official reason is that they lost less money than expected. i'm not buying that. they are building a revolutionary book for middle-income car and elizabeth mcdonnell is with me this morning. you heard me at the top of the hour, i have changed my mind on elon musk. only been profitable for two quarters about ten years ago, 2010. they need to get to mainstream america fully loaded the model 3, 60 grand. i don't know if mainstream

america can afford that right now. can he do it, can he pull it off? cash burn is high. they only have capital for the next three quarters. stuart: total concept and made it reality in manufacturing plant in california. liz: yeah. stuart: who the devil does that? liz: he has to keep the sales coming because he will need to borrow money. stuart: he's all right. liz: he owns 27% of the company. stuart: wealthy. less than 24 hours ago offered a radical immigration plan only let people in with skills we need and cut legal immigration from a million a year to a half million. doug, president of the american action forum is with us. obvious question, is this good for business? is this what business wants? >> i don't think so, stuart. it's on mark to changing visas.

10% are awarded for economic reasons. that's not a sensible approach. i like reforming the visa but i don't think they hit the mark with the reforms though. a proposal that doesn't increase high school immigration at all. labor market has a wide-range of skills and i would like a more market-base immigration reform that reflects the needs of the market. stuart: you don't object to the principle that we decide who comes in and those who come in shall not be a burden on the public charge? those are principles, you agree with that? >> i think we need dramatic reform. for honorable reasons, immigration has family unification and no economic policy anywhere. the reality is that the native-born population in the u.s. doesn't have enough babies for us to grow.

we are going to look like japan. undesirable path. picking immigration policy we will pick our future. that's crucially important at this point. i like the idea of a reform. i'm not sold on this one. stuart: fair point, doug. president trump has been tweeting about what i'm calling economic optimism, he tweeted this this morning, business is looking better than ever with business enthusiasm at record levels, stock market all-time record high, that doesn't just happen, you share that economic optimistic outlook, doug? >> i share it to a point but if you look at the -- you know, meat and pate -- potatoes of the economy, whether he get a solid number tomorrow. stuart: that's all. >> we are not seeing anything close to 3. yes, the stock market is up, that's fantastic, confidence

sup, that's fantastic, let's see it translate today wages. stuart: quit being so lukewarm. [laughter] stuart: 22,000 on the industrial average. >> stuart, i'm an economist. i exist to find the dark clause for every silver lining, that's what i do. stuart: last time we put you at the top of the show, that's a fact. thanks for being with us, doug. >> thank you. stuart: closer to a quarter million new jobs. that's a rash prediction. thank you, douglas. apple, pretty good pop yesterday. premarket today, down just a fraction. that's it. apple is going to hold in the mid-150's, better profits at aetna and raised forecast. i can't get a handle on the health insurers when you have obamacare up for grabs. aetna is up 4 and a half percent. go figure. dish network that lost money and

signed fewer subscribers. the look go down 10%. remember them? down 9%. wow there. we go. big breakthrough for gene editing. judge napolitano is with us. this is a radical thing. it opens the door, let's cut straight to it, open the door to designer babies s. there a legal problem with that? >> at the present time there's a legal problem with that. the congress can't tell the food and drug administration what to do because it's an independent

agency and has prohibited the food and drug administration to spending money on the registration of gene editing. it cannot be done commercially at the present time. if it is to come about and i have been cramming my brain with a lot of scientific material, not necessarily my strength, we are five or ten years away from that. but the genie is out of the bottle and if it doesn't happen here and a rich couple wants a designer baby, they may go to shanghai and have it done there and then come back here and have the baby here. i don't know where this is going end. maybe the beginning of a dark new world, we don't know. stuart: we need a legal framework, we will have to have one. >> we probably have a legal framework, will we be ahead of

the rest of the world or behind it? under what circumstances will the government permit gene editing because you want a baby with blond hair and blue eyes. think about the type of editing. the editing that was done and reported was to remove a mutant gene which would pass ininheritable disease, what if you tweak the genes to tweak the personality. no way to know where this is going toned up. stuart: you're a free market guy. do you favor a free market in this. if you can edit the gene edit and the government will get out of the way.

>> i don't want to punt on this. i haven't had enough time to think about it. these excerpts were dope by a union of sperm and egg in a pantry dish and not human body and the result was not implanted into a woman's womb, this was destruction of the union of sperm and an egg. if you believe it's immoral, then you think there's an ethical problem, if you think that a lot of good can come from this, a lot of suffering can be alleviating and life can be enhanced, then you lawed the manner in which it was done. stuart: pandora's box has been opened. >> exactly. you couldn't have said it better . it's rare that you've said something that i couldn't have said it better. [laughter] >> very good, mr. varney. stuart: we will open ever so slightly. remember, please, we are

starting from the record high 22,016 and we will be up a few points beyond that. here is your daily dose of outrage, actor mateen -- martin sheen, gets him out of the land of lunatics, that would be the united states. one of few conservatives, stephen baldwin. neymar transferred, $700,000 a week. >> that's half of yours. [laughter] stuart: very good, judge. wild scenes at white house. steve miller really getting into it with cnn white house reporter about the immigration policy. i think he went after cnn, i think it was deliberate and planned. you will see the fireworks aftee

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>> jim, i appreciate your speech. let's talk about this. jim, let's talk about this, in 1970 when we let 300,000 people a year, was that violating the law of the land? when it was half a million a year, was it violating or not violating the statute of liberty law of the land? tell me what years -- tell me what years -- tell me what years meet jim acosta of the statute of liberty home law at the land, do you at cnn not know green card policy? stuart: really getting into it with cnn's jim acosta. subject was immigration and the proposal they're on. we will deal with a lot more on that. joining us is the president next

-- the president's proposal on immigration branded by many as racist, your take, please. >> that's the kind of smear that's designed to prevent and examination of a horribly flawed immigration policy. the policy is a total mess telephone legal. i came to america as immigrant in 1978 as exchange student and then i became naturalized. if i had played the immigration system, i could have by now brought 40 members of my family, my cousins, their cousins under the family unification provision. i bring my mom, my mom sponsors brother and she sponsors parents and on and on goes. this is a ridiculous system. it was intended initially so husbands could bring wives to america. there needs to be reform. most other countries are simple about it. if they need nurses, they take nurses.

they need doctors, they take doctors, they need unskilled workers, they get unskilled workers. there's nothing racist about that. stuart: what about the preference for people who speak english? >> first of all, we are an english-speaking country. acosta in exchange imply that that implies racial bias. hi sounds -- he sounds like a guy that if he would meet me would be shocked. the vast majority of indians, sometimes better than the british. stuart: i lived in india about six months. that's another story. tell me about your book, it's called the big lie. >> the big lie, the left has moved from playing the race card, haven't moved completely to fascist, the right is the party of fascism and i take this onto book, fascism has been a

fen -- phenomena of the left. fascism has been centralized state but once fascism became stained in holocaust, let's try to take fascism from the left-wing column where it belongs and try to move it into right-wing column so we can use to smear political adversaries. stuart: do you believe with the democrat party has in recent years shifted sharply to the left, i'm not calling them socialist? >> how else could bernie, give hillary a run for the money if the party hadn't veered dramatically left. >> big lie and we like it. fellow immigrant. al gore, reportedly using more

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stuart: drug maker, whoa, is that thing going to come down at the opening bell? first of all, they lowered outlook. they don't think it's that good. botox maker, they are going to sell their stake. down 17%. that's premarket. we have big names in sports, they are coming in for big paydays, first off, that guy, neymar, soccer star, he's going to join the soccer team in paris, paris st. germane and currently works for barcelona. $260million. wait a second, you factor in his wages, his signing fee, his agent fee, his loyalty bonus, the net transfer comes out to over $600 million. that's soccer for you. floyd mayweather expected to make 300 million and mcgregor expected to take 100 million.

spell it out. liz: more data, his house burned enough energy to power the typical u.s. household for 21 years, so even to heat his mansion, heat his pools, swimming pools, would heat homes for a year. just the energy to heat the pool. ten years ago he did a big green makeover when he was criticized ten years because his house uses so much energy, he spent a quarter million to do that, just 6% of the energy usage in his home is green energy. stuart: well, he's made a lot of money out of the green business, if i can put it that way. >> he has. stuart: i believe 15, 11 years ago he was worth a couple of

million and now he's worth more than 20 million. >> that's correct. stuart: he's made that as part of green business, i think. he sold tv channel and made 100 million out of that, i think. >> do as i say and not as i do. last september his home energy usage enough to power 34 average homes for a month. i mean, so his house is taking up -- using up a lot of energy. stuart: ill call that an inconvenient truth. >> i would too. stuart: thank you very much. look at the futures market, we are pretty much flat now. we are going to open up for business at 4 and a half business and when we do open we will be opening from 2,000 -- sorry, 22,000 and 16 and we will open just right around that level, maybe ever so slightly higher. remember this, we hit -- we hit 19,000 in november, we hit 20,000 in january, we hit 21,000 in march and we hit 22,000 in

august. that is a dramatic rally. it's not coming down today and maybe not this week. we will be back

stuart: 20 seconds to go and we open trading this thursday morning, we will open from

22,016. we've had quite a run-up recently. let's see where we are go today. we are estimating when the bell stops ringing, stop trading, we should be dead flat, maybe slightly higher. let's see. the opening bell. we are down 8, down 6, down -- look, that's a pretty flat opening. that is not a dramatic move right at the opening bell. now we are down 2. that's 22,017. we are up 1 point. that's where we are. even split between losers, winners and unchanged thus far. you to check apple. big pop yesterday took it to 157, down a fraction in early morning. weak gun sales at sturm, ouch, down 11%. stronger sales and a smaller loss at this could be the stock of the day. this is tesla.

i have changed my opinion on tesla and elon musk. we will get to that in a moment. suffice it to say that a minute worth of business tesla is up 20 bucks, up 6%. elizabeth mcdonnell, team of analysts this morning. at the top of the hour, i walked back my long-standing criticism of elon musk. i see the guy as manufacturing visionary and not a pt barnum show type of guy. >> i root for him. we will look back in this period and driving local cars in the future, tesla pulled that forward ten years but 2017 was an awful time to buy the stock. it's possible that this can be a visionary person in an overpriced stock at the same time. it's a story stock, not self-funding, i don't like it. i'm rooting for them, don't buy it. stuart: scott martin, i'm saying

that musk is a visionary and has started to produce the middle-income cars, all electric, all american, i say i've changed my opinion on this guy and his position in our economic society, what say you? >> i agree, stuart, musk could be so crazy that maybe he's just so sane. it's funny, i like getting involved with these guys when it comes to stocks because it's like with our clients, when some of them own tesla, you have to know what you own, a volatile stock that moves around a lot. i will tell you something more interesting about tesla, biggest shortest stock in the market. a lot of people even though it sounds totally un-american, almost democratic or something the democrats would do, bet against it. the profits only come if the stocks go down, when you have a big pop like this, this shoot it is stock up.

in reality, there's a lot of haters against the stock and there's a reason why i would like to own it. stuart: tesla at this price is worth $54 billion, general motors is worth 50 billion. talk about discrepancy. liz: there's serious debate going on in the electric cars. the answer is, no right now. if you want to have the power to do it, right, you have to get fracking, upgrade. that would cap that market in a hot minute. stuart: check this out, please, on november 22nd last year that we hit 19,000, january 25th, 2017, 20,000, march first, 21,000. august 2nd, 22,000. and look at this, these are the big names which led the rally, actually, not so much the big five technology companies, it

was boeing, mcdonalds and apple. they contributed about half of the dow's 2,000 point rally this year. that's a heavy concentration in those three stocks, jack. >> as the wall street journal points out, those companies have a heavy portion coming overseas. but at these terms of the market hitting new highs things are looking slightly expensive. if i look over ten years, average returns are subpar, where are you going to beat them in bonds, no. stocks are the best bet. stuart: if you have money and invest it, stocks are the place to go. >> the dc swamp, all the dc chaos has shocked the dollar to 15-month low. so when international companies book profits from overseas, basically can use more dollars. it looks like the profits are

going up because that dollar has plunge today a -- plunged to a 15-dollar. >> i'm already on that limb. i told you a month or so when i was in town, which is wonderful at least for me, once we get tax reform through if it's going to happen, we are going to see dow 25k. i want to say something to jack's point. i get it about lower expected returns an he's absolutely right about avoiding bonds because that's where return isn't, don't you guys think given supply and demand in general, people are chasing stocks, guess what, we are getting returns because demand is going to push price. stuart: fair point. quick answer. >> if you're calling it the second leg of trump rally, you must call it 12th leg of obama rally. >> fair enough.

you changed your mind about musk. i'm giving it a shock. stuart: dream on sunshine. dream on. yesterday marked the 70th straight trading session without a 1% gain for the s&p 500. >> longest stretch in about ten years. is that a concern right now? is it? stuart: is it? >> low volatility. that's a symptom of all the money flowing in index funds. you can see selloff any time. i'm not worried about a crash because you usually get an economic recession that triggers that and i don't see recession right on the horizon. stuart: benefit for radio listeners, dow jones industrial average is going no where this morning, down 2 points, 2 and a half points at 22,011. let me go through the big tech names, all of them this morning

are down, not by much. apple, amazon, facebook, microsoft. all of them on the downside. look at avon, you threab name? i was brought up on avon, as a matter of fact? ding dong, avon calling. >> that was really good. [laughter] >> i thought that was back in the 80's, that was awesome. >> we are talking 1950's. >> come on, you're not that old. stuart: yes i am. avon lost money. the ceo is stepping down. pressure from inside and activist investor and that stock is down 10%. three dollars a share on avon. weak sales at yum brands, pizza hut struggling apparently and also owns kfc and taco bell. the yum brands is down 1%. got it. you say that restaurants across the board are a disaster, tell me why.

>> you had changes that were trying to cater like chipotle, local sources, that hasn't worked out too well with illness outbreaks. >> three words you demolished the industry hands on preparation. stuart: killer. i lost my shirt on boston market and i've never invested since then. i lost my shirt on people express. i never invested in airlines, scott martin, why are you laughing? >> because it's just a funny statement. i liked people's express. i loved the airlines, i don't blame you.

that seemed like a great investment although it was terrible. the food industry is really tough. diners are very discerning, tastes change. it's more impactful in food industry as well. food prices with back up and price any second, therefore you have trouble in the margins if you're in the restaurant business which is not easy. stuart: i can go to super market and carry it home and eat it, that's how it works these days. i have to talk about gun and specifically gun maker, people are no longer worried about the president taking the guns away and so demand for guns is down and sturm, a gun maker is down 12% this morning. would you buy -- scott, would you buy at 50 bucks a share? >> no, i really don't like gun makers from the standpoint of

stocks. they get overdone quickly and they take the elevator down. they climb up the stairs and jump out the window. to me it's an interesting take because you saw gun makers rally up what they thought the experts thought was going to be a hillary victory which wasn't and so therefore with the less gun regulation that we have now than proposed at least from hrc, you see a lot of gun makers pull back. >> contributing the democratic campaign, they need a good-old fashion gun scare. stuart: i think you're right. big pop yesterday up 5 or 6%, town a fraction this morning. fifty-four cents lower. you want to give me a price target in the future for appear snl where do you think it might get to on the upside? >> here. stuart: that's it. >> come on, jack. >> , no i don't think the stock is done but i think it was super cheap, it's fairly priced. the most exciting thing about apple is not the upcoming iphone

that everybody is looking at, it's the swelling service revenue that becomes a smooth annuity of profits that makes apple less dependent on hits and makes it worth more. stuart: 156 on apple now, where do you think it's going to on the upside? >> i think 200. i never heard anybody say the price target is here. >> this thing every week keeps going up in price. they are building the steam of this thing. it's going to cost like 1500 bucks. awesome margin for the company, i love it. stuart: dow dropped below 22,000. it's not down much, just a few points. we broke below 22,000. i have to say thank you to jack and to scott, gentlemen, thanks for joining us, we appreciate

it. back to the big board, where are we as of right now 22,006, okay, we will take that. from now and end of september, there are only 12 days when house and senate are in session at the same time, republicans could not get rid of obamacare, here is the question, can they cut taxes in that 12-day window of opportunity. we are going to ask the question. actor williams on a twitter rant calling out so-called social justice warriors, find out what he's been saying and why people are getting so upset about him, we will cover that in the 11:00 o'clock hour. latest development from venezuela, allegations of election fraud in favor of president maduro, we will deal with it next.

stuart: 15 inthoints the day and holding pretty much, give us the full story, nicole. nicole: the subscribers, revenue per user were misses. the stock is down 1 and a half percent for dish network today. they did see one bright spot over the top sling tv. that offset some of the losses that they have been seeing. revenue completely missed. the turn rate, the rate at which customers stop subscribing, that was slightly better. not so great. stuart: wall street doesn't like the expression slightly better. that don't work.

nicole, thank you. take a look at this, the house and senate are together in session for only 12 days, that's between now and the debt ceiling deadline. come in congressman chris collins, republican from new york. that is -- good morning. stuart: that's such a tight frame, you to get a budget and debt ceiling done in a 12-day period, all kinds of people are saying, look, you can't do this, you are not going to get this done, i've heard so many times, chris, we must get it done, we ought to get it done, are you going to say that again? >> yeah, story, we will get the debt ceiling done. there's no question about it. i'm afraid 185, 190 democrats with 30 of us in the tuesday group, the moderate group of the republicans, it'll be clean debt ceiling increase that's what we always do, that's not going to be that difficult before the end

of september. we are not going to get a budget done by that point in time. as you noticed, 2017 budget wasn't passed until 2018 and we are going to be working 2018 budget as vehicle to do tax reform. we are not going to have to rush it through. i will hope we will get it done this year. the tax reform will be part of the 2018 budget reconciliation. we kind of blew it on health care with the 2017 budget reconciliation. stuart: okay, now about 24 hours ago president trump goes with a radical immigration proposal. complete overhaul in reform of the way we admit people in the country. was that a distraction because the president chucked it out there in the middle of a crowded agenda as things to get done? >> these are the stem employees, high-tech.

we have been talking about it actually for the last two or three years so he's brought it up. my concern with a very rural agriculture district we have to deal with the 10 or 11 million undocumented workers that are milking the cows and tending the fields. we've also have to make sure -- go ahead. stuart: chris, i want to hear you at some point we get aggressive. you've been defensive since the president was installed in the white house january 20th, you've been defensive, when are you going to go on the attack? >> well, defensive, i've supported the president at every turn. i think he's had one of the best six months of any president in history with the number of bills that he has signed into law that's way more than either george bush or barack obama. 800 regulations, stuarts that has been rolled back. that's one of the reasons of the confidence in the marketplace. they are seeing the president roll back regulations, optimism

that goes, pulled us out of tpp and paris climate accord that would have caused hundreds of thousand of jobs. it doesn't get covered. the press wants to talk about russia, russia, russia. so really when you look at the data behind it and you link in the economy, you link in the stock market and then you look back to see what we have accomplished. they are all interconnected. stuart: overall we are down 11. 22,000 this holding. president trump at odds with his top generals over afghanistan. the president says we are losing the war there and we need a better strategy if we want to win. general keane next on that

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have wal-mart, snap losing ground. this morning priced at $12 a share, down another 3%. not good. here is my understanding about the debate over afghanistan. on the one hand military, general mattis. he wants more troops to win the battle, the war in afghanistan but president trump doesn't want that idea. he doesn't want more troops going to afghanistan. with us now general jack keane retired, four-star general. where do you stand, general, what should we do in afghanistan? >> will, first -- well, first of all, as we have been talking for a number of weeks the war in afghanistan is not going well to the point we are actually losing, the taliban has momentum and won most of the battles that are in. i had the opportunity in 2006 as outsider brought to the oval office to talk to president bush

about new strategy to win in iraq. i found out that the best way to deal with something like this is put on the table is why are we losing, put that down first and then talk about what we are going to change. in afghanistan, the reason why we are lose asking simply this, in 2001 we took the taliban in three weeks after 9/11, secretary rumsfeld refuse today put resources. in 2003 we went off to war in iraq, from 2003, stuart, to 2008 afghanistan was on a diet, we never provided adequate resources. the taliban reemerged during the time frame and gained momentum. it wasn't until late 2008 that president bush because of success of the surge in iraq he

was able to put forces in and then obama put some forces in in 2009 and '10 but short of the commanders by 25% and pulled the forces out 15 months later. so we have never ever gone about this thing appropriately with the right strategy and right amount of forces and that is why we are lose to go this day. stuart: general, i have 20 seconds day. would you put more troops in afghanistan yes or no? >> yeah, absolutely. i would put considerable more than what they are recommending. the forces they're recommending is not divisive. stuart: i'm up against one of the hard breaks, whether he get you back real soon, that's a promise. general jack keane, appreciate it. >> good talking to you, stuart. stuart: 24 hours ago president trump outlined his immigration proposal. all right, i'm an immigrant. my take on what i think is a radical immigration proposal. that is next

. . . .

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stuart: 24 hours ago the president revealed new and frankly radical immigration plan i'm an independent my grant, what do i think about it? before i launch into my answer let me be clear. i have advantages immigrants do not often have. i speak english. i'm very well-educated on someone else's dime. i came from a country which is a close ally of the united states. americans have always made me feel very welcome. so what does this admittedly privileged immigrant think about the immigration plan? with a few reservations i'm for it. there is nothing wrong with demanding that immigrants be able to support themselves when they get here. half of immigrant households now get some kind of welfare. that is just not right. there is nothing wrong with america choosing who it wants to come in.

do you just let anyone come into your house? there is nothing wrong with pushing a assimilation, fit in please. have you seen what is happening in multicultural europe? badly divided. we don't want that here. i do have some reservations about a preference forking like speakers although i vigorously oppose bilingual education. i have strong reservations about restricting supply of seasonal labor for our farms. not keen on cutting legal immigration in half. this is a big country. there is room. the big picture, this proposal is a good starting point. choose who you want to let in, give a break to our own people and return to the melting pot, otherwise known as the great american middle class. one last point, for saying this i will be branded a racist. well, listen to me. in my immediate family there are three races, two religions, and five nationalities. we are the all-american family and i'm proud of it.

the second hour of "varney & company" is about to begin. ♪ mortgage rates, where are they now, liz? liz: flat, 3.93, up slightly from last week, 3.92, for 30 year mortgage rate. stuart: 30-year fixed-rate mortgages 3.9. liz: that is correct. stuart: no impact on the market? liz: that is correct. chief, back to you. stuart: thank you very much. check the big board. we're holding 22,000 level. just 22,009. how about the tech name made running for so long, where are they this morning, all of them are down. facebook, amazon, microsoft, apple on the downside this thursday morning. i have a big winner for you. its name is tesla, up 1dollars. -- $17.

up 5 1/2%, a big gain for the stock. the company is worth $54 billion. general motors? 50 billion. who would have thought, tesla more valuable than gm. walmart, a new two-year high for that stock. it is the winning stock amongst the dow 30. just hit 81. that is walmart. uh-oh, snap down again, 3% lower. snap down to $12 a share. we always check apple, let's do it again. 156 on that stock now. how about fitbit? a smaller drop in sales, whoa, smaller drop in sales? it was on track to launch its much-awaited smartwatch for the holiday season, the thing is up 14%. 5.80 a share. our next guest says president trump should address the nation from the oval office and push tax cuts. that is how ronald reagan did it back in the '80s. watch this. >> only if the congress passes all of its major component does it have any real chance of success.

this is absolutely essential if we're to provide incentives and make capital available for the increased productivity required to provide real permanent jobs for our people. and let us not forget, that the rest of the world is watching america carefully to see how we will act at this critical moment stuart: couldn't you say exactly the same thing today? joining us now, bill mcgurn, columnist for "the wall street journal" you want our president, president trump, to do exactly the same as ronald reagan did? >> yes. i think it was missing in the health care debate. we had a bill that i think was good, various bills, did a lot of good things but it was never sold and it was very unpopular. president has unique opportunity because of his stage to use it to sell things. president trump always talks about the deal. the difference in business, and in business a deal you sit down with a group of people. when you're president, you have to sell it to the american people. stuart: you have to say why we want --

>> not in the back room. that is what was missing in the health care debate. i think a full sales pitch to the american people. stuart: not just an oval office address, i know that is powerful, you want more than that? >> i want a full sale. i believe oval, ronald reagan used it 33 times. he was an actor. he knew what a stage is. think of the state of the union when the president addresses both houses of congress, usually supreme court justices sitting there. it is an awesome stage. when they turn to the opposition, he is always diminished because he doesn't have a stage that matches the president's. the oval is most intimate thing the president can do to bring american people inside the office, behind the desk, explain to them directly what's going on. stuart: i used to think president trump doesn't do well sitting at a static desk reading from a prompter in front of him. i don't think he does real well like that. although his state of the union

address earlier this year was very well-received. but that wasn't just pure prompter, the man ad-libbed left, right, and center. >> his speech in poland he can really do it this is about explaining in down-to-earth terms what republicans want to do and why. pushing back the narrative in the health care fight for the democrats is republicans are stealing from the poor, medicare cuts, medicaid cuts, to give to the rich, tax cuts. that will be the same playbook they run in this debate. this is the chance as reagan did no, that is not what we're doing at all. if you remember, ronald reagan in that speech at the end said, call your congressman and senator and tell them you want this tax cut. stuart: he did indeed. >> tip o'neill, that set off a bit they never seen before. stuart: you write speeches. you have written speeches for president, have you not? >> president bush. stuart: could you write a speech for president trump that he could deliver? >> i think so. i think he has a team.

he gave a good speech in poland and so forth. i think he can. it is a explanatory thing. reagan used two charts. part of saying your agenda. part is pushing back on falsehoods they say. no one pushed back on idea that republicans were cutting medicaid when they were just slowing the growth. i think this is what he needs to -- other difference when you speak to rallies you tend to be speaking to your most ardent supporters. presidential prime time address, something even people that hate you sort of have to tune in. they're fascinating. they could milk this for a long time, lead-up, big deal. stuart: you ought to start writing that speech now, bill, and who knows the president watches the program -- >> use a lot of chunks of reagan's '81 speech and it would apply. stuart: i want a fresher tack. bill mcgurn. thank you. now this. as soon as president trump announced plan for immigration reform, you saw it yesterday, the left started to call the

whole plan racist. msnbc's joy reid tweeted this. combined, today's immigration bill and the anti-affirmative action push at the doj reveal that the gop's obsession with this idea that non-white people gained unfair advantage from the the civil rights and immigration reforms of the '60s, repealing the 20th century starts with that. joining us now, lisa booth, fox news contributor, "washington examioner" columnist. it was predictable. >> hi, stuart. stuart: as soon as you start any mention of immigration, you sir, mad many today, you are a racist, it was inevitable but i think that charge, you're a racist, i think it has been used far too frequently. it has lost its sting. >> exactly, stuart. if everyone is a racist, who is really a racist? it is sad, we've seen the left, particularly in the trump era, everything is sexist and everything is racist.

it really devalues terms and meaning behind the terms. look at joy-ann reid, is constantly injecting race into issues. even with the scalise shooting and attempted assassination of republican members of congress and she took that opportunity to take a shot at majority whip steve scalise over race, over issues like traditional marriage. that was her go-to at such a sensitive time in this country someone fighting for their life. it is really disgusting. stuart, if people have an issue with president trump's immigration policies, why don't you debate it on the merits? i think that is the problem with the left. they can't argue the substance of a lot of these issues. so their go-to, sexist, racist, xenophobic, label things with these terms as opposed to actually having a real policy and substantive debate over the actual issues. stuart: well, let me ask you this obvious question. in principle, i think that the

immigration proposal is reasonable. i think it is quite reasonable to say, to pick and choose who we want in. i think it is reasonable to say we would like you to assimilate. it is rannable to say when you get here, don't live on welfare. there is nothing unreasonable about any of that? >> right. none of it is unreasonable. what is unreasonable about having debate for these issues which exactly is what is going to happen. this policy will not go into law right now. it has to be passed by congress. there is going to have to a real hardy and healthy debate from a lot of diverse opinions on this issue. so what is wrong with taking a step back and reviewing policies, asking, what is the impact on the american worker and what is the impact on this country? are these policies benefiting the country? are we doing things the right way? can there be changes? i don't think there is anything wrong taking a step back and examining these issues, particularly one that does affect this country, does affect

the american worker. and there is going to be a really healthy debate on the issue as well. so it is utterly ridiculous to not have these conversations in this country to insure these policies are the best that they possibly can be. stuart: lisa booth, well-said. i think you agree with me. that is pretty good. >> normally we agree. sometimes we don't but largely. stuart: thank you, lisa. >> thanks stuart. have a great day. stuart: look at this. this man is a sock are superstar, neymar. he is brazilian. joan by one man. he is joining a soccer team in paris. he is leaving barcelona. the transfer fee? $260 million. you would be astonished what the man makes per week. next the house and senate in session together 12 days between now and debt ceiling deadline. we're asking a question, do they have enough time to get everything done? in my opinion no.

tesla currently losing less money than expected. one hedge fund giant warns the model 3 will be a cash drain on the company. tech inside are gene munster gives us his take on that. president trump heading to west virginia for a rally. our special coverage starts 7:00 tonight eastern with lou dobbs. we got you covered. this is the second hour of hourf "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. tsch: 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.

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stuart: i'm going to call it a dead flat day. the dow industrials, three points at 22,013. look at this. dish network cord-cutters hurting them.

they're down 1 1/2% at 62. higher profit at health insurance aetna, stock up 2 1/2%. i can't work out these health insurers. obamacare is on the rocks and stocks go up. i can't work it out. same with humana. a lot of people raised their target price on humana. the stock is up $3. that is up 1 1/2%. economic angle on the crisis in venezuela. they may be heading towards a default which is a big deal indeed, liz. liz: they are thought to have $150 billion in debt. they have only $3 billion in cash reserves. and they are thought to be owing, due this month, 725 million. but the real figure is five billion due by the end of the year. venezuela could tip easily into default if the trump administration says yes, we are going to sanction venezuela's pedevesa. they're going after maduro and 13 individuals.

boy, stuart, if the trump administration goes after pedevesa and oil sector it will tip into default. that is a serious conversation happening at the white house. stuart: rippling all over. liz: that's correct. stuart: thank you, lizzie. house and senate are in session together for 12 days, look at calendar, that is the congressional calendar, between now and the debt ceiling deadline, end of september. they have 12 days they're in session together. he had win fuller, president of the heritage foundation. i don't see, ed, how you possibly get a budget done and debt ceiling done in a 12-day period. i don't think you can do it, therefore tax reform is delayed even more, isn't it? >> that seems to be the real problem facing us right now, stuart. we view the debt ceiling as a smoke alarm. it is really telling us, hey, we've got to get spending under control. frankly that means looking at mandatory spending too, not just the discretionary side because

that is where the big dollars are. we have to do something on that score in order to get a debt ceiling increase through this year. we can't keep kicking the can down the road. stuart: but republicans are not united on a debt ceiling. a lot of conservatives do not want the government to borrow a whole more mountain of cash. >> i think most conservatives would come around on that, first of all, these are obligations of the government that have already been spent. the congress already said we'll spend this money. secondly, if there can be some constraints on spending going forward. we talk about mandatory spending. we're not just talking about medicare. we're talking about food stamps, up by 1/3 under obama. let's take a good look at that. look at other 80 plus means-tested programs out there and make some rational decisions what ones can be combined, what can be pared back and where we're really going with this whole business. stuart: you are one of the most powerful people in washington.

you run a huge organization. are you telling, are you laying down the law to the republican party, get this done or else? >> i think they will get it done because, as you know, i'm the congenital optimist here in washington and when faced with a real deadline like this, they will have to get it done. they will both get that done. i was very pleased to see just yesterday that the house has passed a homeland security regular appropriations bill, including $1.7 billion for the wall. so there is some regular order going on down here in washington. i hope there can be a lot more in the you few remaining days, both this month and into september. stuart: sounds like a threat ed, but i won't put that label. you are a powerful guy. don't cross ed fuller in, doesn't do that. i'm intrigued at mountain of cash this big name technology companies are running up. look at this.

apple has 2,611,000,000,000. microsoft -- look, there is a on the screen right now, that is enormous pile of cash. if we get a cut in corporate tax rate, you think that that money will come back from where it is now overseas? >> i think it is not only going to come back, but come flooding back, that gets economy up to 3% real growth it should have. that is what markets expecting to have happen. why we're at 22,000 as you reported in the dow. all-time record. let's really work on the tax reform but get the corporate rate down to 15 or 18%. stuart: if you get stimulus like that, a third of a trillion coming back to america you have to push the republicans for a very slimmed down tax cut. if you cut corporate tax rate, a lot of us would be happy. >> we sure would. of course 70% of that corporate tax currently being paid is

being paid by real average americans in the middle class. stuart: yeah. >> they are the ones end up paying it. companies don't pay taxes. people pay taxes. stuart: close as i ever seen you pounding the table ed, we appreciate it. thank you very much. mr. fuelner, thanks for joining us. >> thank you, stuart. stuart: check this out. here we go. called hyperloop one, hitting the fastest speed yet, 200 miles an hour. this was a test run. ceo rob lloyd thinks there will be a shovel-ready project approved by 2018. liz: using government speak, to get it off the ground. stuart: government speak. looks good. team of scientist were able to eliminate genetic disease from human embryos. that begs the question, are designer babies in our future? doc siegel gives us the details in a moment. ♪ whoa that's amazing...

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stuart: big medical break threw. scientists eliminating genetic disease from human embryo. big deal. dr. marc siegel joins us. let's get right at it, this opens the door to a designer babies, doesn't it? >> yes. this is slippery slope. we're still early in the game. i don't want viewers think this is coming tomorrow. we're still in the laboratory. the success rate by a group in oregon, was2, 75%. they're not about to try that on actual embryos. they took sperm and eggs and fixed a problem that caused sudden death in athletes because

of heart disease 72% of of the time. you can't do that to a baby unless you're 100%. stuart: could this procedure help charlie gard? >> yes. stuart: really? >> that was huge because charlie gard was based on genetic defect. this is very exciting. millions and millions of dollars going into this area. this study published in one of the top journals in the world is a major breakthrough. they took the gened he tore and edited out the bad gene and put in a good gene and dna was fixed 72% of the time. the national a academy of science, national academy of medicine, two august groups put together a panel on this. they said earlier this year, beware, this is for severe diseases only. do not touch this we do not want blue eyed babies only. do not want to choose girls over boys or boys over girls. this can not go down this

slippery slope but here is the question, stuart? how do we prevent that? stuart: how do you do it? >> i think we'll need regulations. we're going to need -- stuart: i wish we had more time. >> public disclosure along the line. china is doing this in embryos. that is where the problem is. stuart: wish we had more time. i will get cut off, doctor, come back soon. back in a second. she's nationally recognized for her compassion and care. he spent decades fighting to give families a second chance. but to help others, they first had to protect themselves. i have afib. even for a nurse, it's complicated... and it puts me at higher risk of stroke. that would be devastating. i had to learn all i could

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♪ baby you're a rich man, baby you're a rich man ♪ stuart: i'm a rich man? poor immigrant, fresh off the boat. i hardly think so. we turned around ladies and gentlemen, up 15 points. 22,031. check big name it being stocks. sorry to say they're all on the

downside. look at fitbit, their sales dropped. could have been a much worse drop. more importantly they say they're on target to market the smartwatch, their smartwatch for the holiday season. how about that, 11% gain. macy's how about this, macy's, retailer, in with a gain of nearly 3%. you don't see retailers doing very well these days. tesla rallying this morning. by the way i have changed my opinion on the company and elon musk. i used to call him a p.t. barnum kind of guy. now i think he is visionary and successful one at that. joining me now, gene munster, managing partner at luke ventures. gene, i was down on the guy. i thought he was p.t. barnum. i thought he lived on tax credits and going nowhere but i changed my mind. he is producing 5,000 vehicleses

a week in manufacturing plant in fremont, california, and going 10,000 a week next year. i like the guy. >> i had my concerns before i really started to do more work on kind of what his vision is. i would mention one piece that i i think is totally missed on these earnings and tesla story. i went to the model 3 handoff event last week and i went there to meet the model 3 car, but i left i felt a group of stakeholders totally on board with this mission of ramping production like you're talking about and changing the world. it wasn't just the employees, muscle from the factory employees to the engineers, but it was also investors and suppliers. so i think there is a stealth advantage that tesla has that is underappreciated, and it comes from elon musk. stuart: i have got to remind everybody that 63,000 people did cancel their order for the model 3. 63,000 cancellations. i know they're still left with

455,000 solid orders. what about this cancellation. is that important? >> i think that was the one blemish on the quarter is that they held that out to the end and @tribbed to oversight, gave number out earlier of 500,000. to put some perspective on that, it is 22% growth from about a year or so ago when they originally announced the model 3. so orders increased by 22%. but it is overall car market has been declining about 2% during that poured. and so -- that period. we don't like to hear this in total that is given impressive since no one has seen the car. stuart: i want to talk to but the cash mountain, big tech companies established. you are a tech analyst. apple has 261 billion. if you add together microsoft's money and google, all the rest

of them, you're looking at least a third, maybe half trillion dollars in cash they are sitting on. what are they going to do with all that money? what should they do, gene? >> i think they should do what they're going to continue to do which is acquire great technology and less on the brands. they did make one brand acquisition which is beats. they should make companies like magically or leap motion and that plays into vr and bringing your hands and perspective into those. company called pupil labs in germany does eye tracking. companies like that. what they are not going to purchase, there is 0% chance they buy tesla, the reason elon musk is dedicated to employees, he will not turn it over. there is 10% chance they buy netflix. chance of disney, netflix, tessa, is a little bit

misguided, it will be on other companies we talked about. stuart: the other companies you mentioned they are small scale. apple could buy them with chump change. i don't know how many bills they're worth. surely not that much. they would be left with a quarter of a trillion dollars in cash. what are they going to do with that? >> they may pay down their debt at some point. they do have a lot of debt, if you net out the cash, it is 180 billion. still a huge number. this company culturally will have a boatload of cash. i think they will be more aggressive specifically around the ar theme. the big x-factor not surprising is automotive. tesla is really not going to happen but i think they are or the things they can do in the automotive segment. that is area they have intense interest in. stuart: as far as the eye can see, apples of this world will hold on to tens if not hundreds of billions in cash, really? >> yeah. i think that, just, it's a big number.

stuart: yeah, i can't wrap my arms around it. it is so much money, i can't believe they let it sit there for a generation or even for three or four years. i can't see it. >> yeah. the problem with them doing something big, tim cook said they are interested in doing something big, it would require a shift in their culture and strategy. and so, never say never but i think that there is bigger reasons why they may not do those just blockbuster type of m&a deals. stuart: okay. we shall see how it transpires. gene, always a pleasure. thanks for joining us. thank you, sir. >> thank you, stuart. stuart: politics, president trump heads to west virginia tonight. he will give a rally-style campaign speech. no, campaign style rally. that is what he is going to do. i think he needs to do more to sell tax reform. congressman tom reid, republican from new york. tax writing committee.

i think the president has to sell, sell, pound the table. get out there barnstorm around, sell tax cuts the way he did not sell health care reform. >> totally agree with you. i think more president uses his pulpit to get out amongst the people and talk about what we're trying to do with the tax code and how we're reforming it, better middle america and get people back to work i think that would be a great suggestion. i hope, i think he is going to follow it? >> how he is going down in your district? you're a republican from new york, upstate new york. what is the general feeling of the president amongst your constituents? >> we're part of western new york. we're part of that rust belt area of the country where we had a great industrial base. now we've seen that be hollowed out a little bit. he resonates. he talks about our interests. talks about america's interests first. from my perspective that is good change in policy. i was one of the first eight to endorse him. we'll stand by him as he tries to promote policies getting

americans back to work. stuart: he needs a win. he needs a legislative win. as we've been saying on this program, there is only 12 days when the house and senate are in session at the same time between now and september. you have to get a debt ceiling deal done. you have to get a budget done in those 12 days. i got to tell you, i don't think they can do it. >> we're going to have to. i'm part of a group, problem solvers caucus. we put a proposal on table. a compromise position to take on destablized individual marketplace. 43 democrats, republicans come together on narrow issue of failing affordable care act to try to stablize that for the american people. as we go into september we have to take care of debt ceiling and budget. most importantly we have to lead on vision for america. stuart: so many times congressman appeared on program say we have to do this, we should do this, we ought to do this, so far we haven't done it. >> when you talk about the debt ceiling budget, government shutdown we're talking about defaulting on america's debt.

we can not cross those red lines in my opinion. we're going to do our part. stuart: will you need, i keep interrupting i'm very sorry. >> that's fine, stuart. stuart: will you need democrat help to pet this done? >> being part of problem solvers caucus, 43 split evenly on each side, republicans democrats, demonstrated even in health care we can take consensus position on sensitive legislation. of course we'll need democratic help in my opinion. that is where we should be going. solving america's problems we have to come together as a country because these problems are huge. stuart: i would love to see you get democrat support for tax cut. i'm not sure you will get it. we'll have you back another time to see if you can. tom reed. >> thank you. stuart: thanks very much, tom. gunmaker stern ruger way down. the stock is off 10%. they have lower profits. i guess people are buying fewer guns. liz: that's true. their profits were cut in half year-over-year. run-up to the election, polls show hillary clinton was going to win.

so 2016 was a banner record year for gun sales. people raced out the door to buy guns. now they're talking, like american outdoors brands, and dick's sporting goods, people are talking about how the background checks are down, about 12% for the month of june, year-over-year. so the trend has been down for gun sales in first half of the year. so you know, maybe see more discounts on guns as they get gun sales up. stuart: political question. liz: yes it is. stuart: i should tell you in new jersey where there is gubernatorial race this november, both democrat and republican favor gun control. so the requests for gun-owning permits is up in new jersey because it is a politicized thing. liz: that is really interesting. so state by state, right? that's interesting. stuart: president trump unveils immigration plan. left-leaning mainstream media responds. we'll play you heated exchange between cnn and the white house. that's next. ♪

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he says president trump's new immigration reform is bad for business. roll tape. >> i think it is on the mark changing the way we award visas. right now under10% of visas awarded for economic reason. that is not sensible approach in 21st century. i like reform of visa system. i don't think they hit the mark with reforms. this is basically proposal does not increase high-skilled immigration at all. it allows one skill in. high-skilled. immigration has a lot of skills. i would like market based immigration reform, that reflects needs in the market, not one type of skills. ♪

stuart: by the way, taco bell, kfc also owned by yum! brands. look at this. teva, drugmaker, israeli company, way down. it lost money. it lowered its full-year profit forecast. and maker of botox, allergan, is going to sell its stake in teva. 18% down for a big-name drug company. that's unusual. white house senior advisor stephen miller, whoa, in my

opinion he went right after cnn as j acosta over the president's immigration policy. listen to this wild exchange. roll tape. >> this whole notion they have to learn english before they get to the united states, are we just going to bring in people from great britain and australia. >> jim, i honestly say i am shocked at your statement that you think only people from great britain and australia would no english. this is amazing moment. this is amazing moment. you only think people from great britain or australia would speak english is so insulting to millions of hard-working immigrants who speak english from all over the world. jim, have you honestly never met a an immigrant from another country who speaks english outside of great britain and australia? shows your cosmopolitan bias. stuart: went down hill from there. joining us brent bozell, president of media research center. brent, i think that was preplanned. i think stephen miller, knew what he was doing, planned it in

advance, went right after cnn am i wrong? >> oh, yeah. no, i agree. it was a slam dunk for stephen miller. no matter what you think of the issue. what is even worse than this was, that after it was over, jim acosta went on one news program after another repeating this, while being interviewed as a news reporter. rush limbaugh is right. it is now been reversed. it is now the democratic party that is is an appendage of the liberal media. i thought it was very interesting that while jim acosta was reporting this on the chiron at bottom of cnn, it said, new plan to slash legal immigration sparks fierce debate. who is doing the debating? reporter for cnn. stuart: do you think though that stephen miller should have done that? i do think it was preplanned. should a white house spokesperson, whom so ever it is, just go right at, deliberately preplanned to a reporter? that is not what you're supposed

to do, is it? really you should do that? >> yeah, i think he should have done this because jim acosta was way, way out of bounds, as a reporter. he got into a fight with this white house -- that is fine, close your eyes, close your eyes, what you were hearing was schumer. you were hearing nancy pelosi speaking, and this guy i think is being dishonest by calling himself a reporter, and then doing that. i like what miller did. stuart: we really have come to a total standoff between the white house and the press corps. i mean it is, it is a really hostile environment, isn't it? >> yeah. they despise each other. no two-ways about it. stuart: that's true. >> each is out to get the other. stuart: never seen anything like it, ever, not even close. never seen anything like it, have you? >> no, no. i haven't seen anything like it, nor have i seen the level of dishonesty on the part of the

press. again, if you want to be a commentator, you want to be a debater, you want to be a liberal activist go at it, but to call yourself a journalist. than cnn says over and over again they're objective. they're not. go to our site, news busters.org, look at that story. there is is no human being who will say what jim acosta did was in any way objective. stuart: brent, one more for you, you're not happy with senator jeff flake, his new book, the title is "conscience of a conservative." why are you not happy with republican jeff flake? >> because i think, in my opinion he is a fraud. he is as dishonest as can be on two levels. one, he appropriated a book that is the largest-selling poe lemm i can in history carrying barry goldwater's name. everyone knows my father wrote it. he takes the very title and

steals artwork. i will show you. here is the original, conscience of a conservative. here is jeff flake's book. there is no way that this man should have any right to take a name like that. secondly, jeff flake is is the exact problem that republican conservatives have in congress. he has no right. here is a man who voted for legal amnesty. he is "gang of eight." he is a man who wanted the garland nomination to go forward which would have given far-left supreme court. he has voted for $1.6 trillion in additional debt. it goes on and on. he undermines mike lee and ted cruz in the 2013 defund debate. i was there, and i saw it happen. he goes on and on and on. how -- guess what, he is running for re-election. it is same game everybody is playing. jeff flake, you run as conservative, governor enas liberal. he has come out with a book

stealing someone's title, and that is my opinion and i just showed it. calling it his own, calling himself a conservative. in my opinion, that is intellectually dishonest. in my opinion, that is fraud. by the way, i challenge jeff flake to a debate anywhere, at anytime, but i warn him, i will -- stuart: we got it all on this program. brent bozell. you're all right. thank you for joining us. we appreciate it. >> thank you, stuart. ♪

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for a free quote today. liberty stands with you™ liberty mutual insurance. >> thank you, mr. president. good afternoon, everyone. stuart: fundamental change that is being proposed here for the immigration system of the united states. outlined by the president. we're going to a skills-based, a merit-based immigration system. you saw it. that was me cutting in during yesterday's news conference. the president, republican senators, they were talking immigration reform. in i came breaking in with a breakdown of what was happening. and some of our views didn't like me breaking in like that. this is from john. as a long-time viewer and dedicated fan i'm finding it very difficult and hard to stay tuned all three hours. zooms that each and almost every time the president and others standing beside him delivering something important for america,

you insult your viewers by cutting in and explaining what was just said. it appears that you think you are more intelligent than we are by having to explain what we just heard. and you cut out the other speakers. well, liz, what do you say? liz: i thought you were supposed to cut in, just like the rest of the d.c. media beltway, where our thoughts are facts, our opinions are facts. everything you say is backed by the bible. stuart: thank you. liz: the book of varney. stuart:revelation. liz: revelation, right. stuart: we look for clarity. i don't like to see politicians of any stripe droning on which confuses an loses our viewers. i want to tell everybody, this is happening this is happening now. this is what we talk about. liz: every week we cover paul ryan's thursday press conference. it is dust storm of words. it is white storm blizzard of words. you're trying for clarity

through the fog. i commend you. stuart: take that, john. we'll be back. ..

..

>> economic optimism, haven't seen it in the news recently, there are plenty of reasons why the financial future looks encouraging, first the market, stock prices do not reflect what is happening now, investors looks we 6 months down the road, that is optimism for the future. and the growth rate of the economy almost doubled for the early part of the year. a $10 billion plant in wisconsin to amazon hiring 50,000

yesterday alone, the job's picture is brighton. we get the big picture tomorrow. we may see, i'm repeating this, we may see a quarter million new jobs created last month. the trend is your friend. they are making more money than ever before. all of this without a deal, they without your the president credit for crossing the street, just think what would happen if we really did get a tax-cut. the third hour of "varney and company" is about to begin. ♪

♪ stuart: great voice that guy. that is a strong voice. you lose that voice in your 60s. check the dow 30. we are up on the upside. the dow 30 shows an even split but there are more winners and greens and losers in red and the dow is up 17 points. we are up more than that at an all-time record high. john layfield, fresh off the beach, ceo of the layfield report. you are coming to us from bermuda but from your vantage point, do you see the same mood of economic optimism that i am seeing in america? >> i do. i travel the country every week, i am all over the country, every

major market at least once a year. i do see the economic expansion continuing to take effect. the only problem we have, jamie diamond was right. 103% gdp the first time in its we 10 year stretch in history but imagine what we would do if congress worked for the american people. stuart: just imagine. the dow hit 22,001st time yesterday, a lot of people are very concerned that if we don't get a tax cut this year we get a big pool back for the market. are you worried about that pool back if we don't get the tax-cut? >> you don't have a bull market this long, we don't get tax reform, it took years to be able to do. they are starting from square

one, don't know what they have done the last seven years. we won't the comprehensive tax reform, a tax reduction, it greatly helps the market. the biggest thing in the market is there is no concept out there. not a huge rate but growing, the best market in the world because yields are down, real estate is down, and problems in the rest of the world are worse than the united states. stuart: i am told foreign money is pouring into america. is that accurate? >> absolutely. it is the they facto bond markets, the yields are better than most bonds around the world, negative government bonds in germany and europe, foreign money pouring into the stock market. stuart: tesla up big today, up 20 odd dollars, $21, 6.6%, without getting to the

background of tesla, would you buy tesla now, 347? >> the only guys in the last hundred years, steve jobs or thomas edison, brought america to the front of the space race and electric vehicles and the lithium battery rechargeable battery. i own general motors and ford because they have a huge dividend, and more fairly valued. elon musk is unprecedented. the company is overvalued. >> i used to call him pt barnum. we have sparred about this. i called him a showman, pt barnum, i think the man is a visionary and he has succeeded in putting his vision in place.

>> and in the pocket, we have advanced manufacturing in the united states, not old-school manufacturing -- >> do you know what pt barnum set on his deathbed? what were the day's receipts? he said it, he did. thanks for being with us, see you again soon. politics, money and politics, donald trump unveiling a radical plan on immigration which gives priority to people coming into the country to skilled workers. andy partner is with us, former ceo of restaurant chains c ke restaurants. doesn't our society still need a lot of low skilled workers to work the farms? the meatpacking plants? that is missed out on his

immigration reform. >> all we have been hearing about from the left for the past few years is income any quality, working-class wages haven't increased, lower income americans aren't seeing their incomes increase, upper-level income americans, and to artificially raise the minimum wage to $15 an hour would kill jobs, reduce hours, terrible solution. the president is saying when wages go up, when employers compete for employees, they don't go up when employees are competing with each other for jobs. we are bringing in 1 million people a year, and low-wage jobs, we are going to see wages stagnate. if you want to see wages for working-class americans go up, reduce the numbers instead of 1 million people coming in, we will have half 1 million people coming in and should make it easier for working-class americans to participate in economic growth. a lot of people don't have jobs,

5.6 million americans, 5.7 million job openings, and this is a good program. stuart: you have to address this argument, immigrants do the jobs which americans will not do. there is an element of truth in that. >> one of the reasons is those wages are so low. if we let organic economic for working-class jobs, getting off of government benefits and government welfare, it is almost an economic decision not to take a low-wage job because of the benefits you lose, don't want to see it happen through government compulsion and mandates. the immigration bill would move towards that in a meaningful

way. reducing income any quality and issue of the progressives have been raising. stuart: a great subject, thanks for joining us. >> later this hour, stephen baldwin, one of donald trump's earliest and biggest supporters joining us shortly. for us coming down the hallway fox news superstar sandra smith, see if she can remember her humble beginnings on "varney and company". ♪ ♪ want you to be everything ♪ ...it starts a chain reaction... ...that's heard throughout the connected business world. at&t network security helps protect business, from the largest financial markets to the smallest transactions, by sensing cyber-attacks in near real time

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>> you ever been to a cabela store? they are gigantic, they are posting weaker sales because gun

demand is down and stock is down, not much, $.77 but try going to cabela sometime. same story with a gun maker storm ruger, people buying fewer guns with donald trump in office, no rush to buy them, it is down 9%. we have to revisit snap a couple months after their ipo, down to an all-time low stock price at 1233 as of now. another 21/2% down. look at this. we will show you a calendar, 12 day depth between the end of september when house and senate are in session and they have to deal with a budget and a debt ceiling in those 12 days. and they can move on to tax cuts. sandra smith is with us in the earliest days of "varney and company" and she is a superstar. and i finished the intro please? >> see how i get treated here? stuart: she is one of the host of the wildly rated and well

rated outnumbered on the fox news channel. >> or producer pointing out the we match, we planned this turquoise ensemble this morning. stuart: 12 days house and senate together doing a budget and a debt ceiling and -- >> i carry a -- why do they have to do that before tax reform? stuart: you can't do anything with tax reform until you have a debt ceiling in place. >> there is an aggressive timeline for tax reform, mark meadows, freedom caucus leader saying if they don't get it done by november it will get difficult, doing something in an election year will be difficult. he is concerned about corporate tax rate and any negotiations there. he is saying he would aim for a corporate tax rate lower than 20%. if we go into an election year it is tough to do anything more bold than that. stuart: if you have to do a budget and then a debt ceiling and -- >> a daunting tax. stuart: you can do tax-cut until you have the budget and the

ceiling. >> the president of the board, his administration says it is going to get done by the end of the year and if you don't believe them look at the market. they certainly believe something is here to get done. you have been doubting this 22,000 all morning. stuart: i think you are putting me in my place. >> is it going to close up on the day? we had to make a prediction. will dow finish up or down on the day? >> are you asking me? the role has been completely reversed. my show, my name on it and i asked the question but not today. the dow will end higher than it is now. it is a 22,030 now and ends higher than that. any other questions for me? stuart: yes i do. donald trump threatens to take away the obamacare exemption from members of congress if you don't get on it and get me

obamacare reform. should he do that? >> a columnist on the "national review," interesting piece, there has to be a bold change here, a drastic change in tactics, hit them in their wallets. nothing would better focus congress's attention on changing obamacare than being trapped in it like other americans. good point. whether or not anything will happen, mike pence was asked about this by tucker carlson, pretty typical for there to be one set of rules for the american people and another for the political class in the nation's capital but wouldn't say if they were willing to go forward with that. stuart: john said that first on this program, then followed by an editorial in the wall street journal teeing off. >> i see the lovely printed edition on foxnews.com. stuart: on your show you are a coanchor, you have three other anchors and it is a one hour

show. >> two other permanent coanchors, you ever watch? you are invited, would you be our hashtag one lucky guy sometime? stuart: yes if they let me. that show should not be called outnumbered. that show is called ambushed. if i was ever the lucky guy in the middle of you lucky ladies i would be ambushed. >> we have a first timer today who you know well, steve cortez. stuart: if you rename outnumbered to call it ambushed with stuart varney i would be delighted. >> i will consider that a yes. . are we done? are we done? >> i mean that sincerely. be good, sandra smith. >> who is getting the last word? stuart: i am, thank you sandra smith. by the way donald trump heads to

a rally, campaign style rally in west virginia. foxbusiness has special coverage. lou dobbs live at 7:00 eastern, kennedy 9:00 pm eastern, we will follow the president in west virginia. here is your daily dose of hollywood outrage, martin sheen is in canada filming a pbs series. he says he is thrilled to be in canada. it gets him out of the land of lunatics, the united states of america. one of hollywood's few conservatives, stephen baldwin will respond to that. before that, check this out, the owner of the catskills resort that inspired dirty dancing is seeking government health, the property is contaminated, he wants help cleaning up the more on that in one minute. but first there is more. don't distract me. this is video. candid home movies shot by

former first lady lou hoover. i'm not sure. have emerged. the earliest color amateur footage taken of the white house. that is it, you are looking at it. back in a second.

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liberty mutual insurance. stuart: iconic music. i had the time of my life. i know it well. famous lyrics aid fancy by the movie dirty dancing. the resort that inspired the film in the catskills in new york has been closed since 86. the land had been contaminated by underground fuel tanks and cleaning chemicals. the owners are now asking the state to provide money to clean it up. they want to build a new property. donald trump selling his

caribbean getaway a huge discount, four acre compound in st. martin, 11 bedrooms, 12 efforts, heated pool, fitness and, tennis court, outdoor bar, went on sale 12 months ago, $20 million, the most expensive home on the island. they cut the price from 28 to $16.9 million. the high pollutants hit a milestone, successfully completing its fastest test yet. $192 an hour, the pod, which you are looking at from the inside traveled for to have times further, 2.7 times faster, experienced 3.5 times more. a shovel ready project should be approved by 2018. >> with you get on that? stuart: yes. i don't have a problem with that but i don't see it coming to reality. the left apoplectic over donald trump's new immigration plan.

next you are going to hear the heated exchange between jim acosta and white house senior advisor stephen miller. we will be back with. ♪ horseheadswivellychair.com

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stuart: i know what this is. thunderstruck. that is what we want on this program. we play ac/dc. any objections? check big board, 22,000 and counting, up slightly, 22,019. plenty of green on the left-hand side of the screen. politics, the left in my opinion apoplectic over donald trump's new immigration plan. listen to this, and exchange between cnn's tom acosta and white house senior advisor

stephen miller. role tape. >> the whole notion where they get to the united states they have to earnings are we just going to bring people from great britain and australia? >> i am shocked at your statement that you think only people from great britain and australia would know english. this is an amazing moment. this is an amazing moment that you think only people from great britain or australia would speak english is so insulting to millions of hard-working immigrants who do speak english from all over the world. have you honestly never met an immigrant from another country who speaks english outside great britain and australia? it shows your cosmopolitan bias. stuart: with us today, still a democrat, fox news contributor doug showing, wall street journal deputy editorial page guide and hettinger. i think stephen miller went into that press conference knowing

what he was going to do. he was combative, went after cnn and it was deliberate. >> it was and it was a big mistake. i have been there, before being done about scripting the president, scripting appearances. you don't want to send policy guys to get into needless fights with media where there is no benefit. it is distracting. it led the news and most of the cable and some network programs just a dumb mistake from where i sit. i have been there and done it. stuart: you say what about that exchange? >> obviously i agree stephen miller knew what he wanted to say but the whole immigration thing is something stephen miller, jeff sessions, steve bannon, concerned about what happened to the culture, the american worker, the english language, part of all that and

it gets wrapped up into something like this immigration bill which at the end of the day sound as though they do not want immigrants coming into the united states. this bill is going nowhere in the senate and i would love to talk about the issue of low skilled and high skilled immigrants in the united states because there are certain jobs and industries not performed by anybody else but those people. stuart: should the debate be held in the white house press briefing room between reporters and a representative of the administration, that is not the right place for it. >> it isn't but i think the white house is concerned about shoring up their base as we call it. people who are concerned about these things, the approval rating of 33 to 38%. he will have another big rally in west virginia. i think it was done for political effect. stuart: i want to talk about the immigration proposal we saw yesterday. do you think this helps the democrats? it is probably not going to go

anywhere but the proposal has been made. does it help democrats next year? >> marginally so because it allows the democrats to bring out their base on the left, some minorities to say see, they are coercive, they are against us and what dan did was different, he spoke about the policy benefits of bringing in lower skilled workers for jobs, higher skilled workers, a substantive benefit but the way it was positions was exactly as you said, keep immigrants out, which i believe next year will be a net negative for trump and the republicans. stuart: i don't see anything wrong with we americans deciding who we want in. i don't see anything wrong with putting a number on how many we want him. i don't see anything wrong with demanding the people who come in

can support themselves and i don't see anything wrong with suggesting assimilation, fitting in is a good thing. what is wrong with all of this? >> there is nothing wrong with assimilation. that is very important for any culture, any country in terms of its own sovereignty and self identity, that is a good thing. you know as well as i that you come in with skills, there are so many industries in this country, whether it is working in the hotel business, working in fish counters or landscaping, jobs that simply will not be performed. one thing bringing this to the surface is if they are going to achieve something like this, let us find out if there are americans out there who are unemployed, who will cut lawns, paint houses, work in fish counters and make beds in hotels. i would like to know that once

and for all. if there are i will be the first person to be happy they got those americans those jobs. stuart: maybe they would take those jobs if the wages go up and wages go up and there is a shortage of supply of people who can do those jobs? >> if wages go up price level for all those product goes up so middle-class, all americans, if you want to make that social contract we all agree the price level is going to rise, the minimum wage can rise and provide work for all those people again if they could take it, that is a debate worth having. stuart: doug? >> the discussion you and dan were having is one that lends itself to thoughtful consideration, potential bipartisan support with democrats who want a pathway to citizenship for those illegal immigrants which you are not going to support but to get something done here needs to be

compromised. even if it is not compromise you like. there are not enough republican votes to do this bill as you yourself acknowledged. rather than slamming reported let's have this conversation. >> it would need 60. >> more republicans oppose it. stuart: you have a piece today in the wall street journal, the subtitle is words on heard from anthony scaramucci, coherence and consistency. is general kelly the new guy, the new sheriff in the white house. will he put an end to this stuff? understand he called attorney general jeff sessions and said you are okay, you could stay. that is power. you tell the attorney general you can stay, that is power. >> at this point donald trump is going to accord a substantial amount of power to general

kelly. we have been hearing how he closed the door to the oval office and everybody will go through him. that is an overstatement. this is donald trump. he likes to pick up the phone, he likes to talk to a lot of people, he like a lot of input blues not a bad thing but what general kelly understands, the southern commands, if you succeed with big complicated organizations, a lot of political forces, you have to have a coherent strategy. and it will help the president stay on message, stay on target. russia holding military exercises, the north korean situation is off the chart. the president will form a strategy for those kinds of issues, there has been too much friendly fire, they have been shooting at each other. >> don't shoot at each other

under the same tent. as for staying on message how is it staying on message to have the progrowth tax-cut, divergence with this immigration legislation. >> will mark zuckerberg run for the presidency. >> upholster used to work for me. i must tell you this. this is philanthropy. it is more likelihood than not that he will seek to consider a run. stuart: you are democrat. you want him for run for the presidency. >> given how weak our bench is i will take anything. is he old enough now? stuart: you got to be 35, i think he is just. barely as they say. thanks very much. individual stocks making news and moving, that is a big two

year high. it touched 81 moments ago. it is one of the dow leaders at the moment and that is a two year high. apple, not much of a downside, set at 156. the drugmaker way down. it lost money, it lowered its full-year forecast and the maker of botox says they are going to sell their stake in tether. 20% down on a big name drug stock. avon, remember them? lost money, sales are down, the chief executive is stepping down, pressure from an activist investor, $3 a share down 9%. the cheesecake factory down after it broke it streak of 29 consecutive quarters of same-store sales growth, it is down 5%. cord cutters, they are

everywhere, hurting dish network and it is down nearly 2%. now this. actor william shatner is on a twitter rant calling out so-called social justice warriors. martin sheen in canada is thrilled to be in canada because it gets them away from the land of lunatics, the united states of america. look who is coming to deal with this, actor producer director stephen baldwin. full response in a moment. more varney in a moment.

>> i'm nicole pedallides, fitness tracker fit bit having a great day, stock is up 15%, better than expected quarter, beat the street and fit bit saw his sales jumped to 3.4 million in the second quarter. that is up 14%, down, year over year. remember when fit bit went public in 2015? june to be precise, down 82% since that time. this year, 2017 it is down 66%.

they are happy with what they have seen, and they have a timeline for the holiday, it is profitable by the end of the year.

stuart: kid rock teasing a potential senate bid in michigan, a new poll shows he is the republican front runner. our next guest is a star in his own right, actor producer

director stephen baldwin making a return to the show. what do you make of these celebrity outsiders, big-name, name recognition and in a come, you like this? >> when hollywood folks or celebrities believe that honestly in their hearts they want what is in the best interest of all americans, constitutionally, that is the gray area because it seems hollywood is now having its own sensibility and perception of what that means the constitutional interpretation of things. i'm going off on a tangent because it explains why guys like martin sheen and everybody else are going wild about this but shatner is kind of in the same boat as me. he has his opinion, he wants to be able to say it, can't think too much because they are going to hammer him so cleverly using his twitter account like donald trump, he will go and voice whatever opinions he has. i think he is terrific.

stuart: bill shatner, what you are referring to is i will call it a twitter rant where he goes after social justice warriors and says these people, social justice warriors, stands for any quality. here you have got another well-known name coming out in the conservative bloc. mi accurate in saying that? >> i would say so. stuart: martin sheen who is now in canada says he is happy to be in canada because he left the land of lunatics, america, behind. >> i said this before and i will say it again, the hollywood folks for the most part believe intellectually in my perception that they are smarter, therefore they know what is best for all those people that voted for donald trump through the electoral college. they know what is best for the coalminer, they know what is best for the middle-class person

paying for the obamacare now that is being given to people who afford it. unfortunately most of the time they are wrong. the president of the united states is the proof. stuart: there is an advantage if you got name recognition like shatner, and kid rock -- >> the captain of the uss united states of america some day. imagine eight years of trump, eight years of mike pence, eight years of captain kirk as president. stuart: some people shuttering. what do you make of mark lederberg? he hired upholster, more than his philanthropic stuff. he is only 33 years old but he will be 35, eligible for the presidency by the time the next election rolls around.

>> can't wait for martin sheen to endorse him. back to the video about the electoral college, it meant somebody qualified, if hollywood thinks a guy like zuckerberg is qualified, good luck to you. stuart: you have a copy of the wall street journal scrawled on it. hold it up. >> the misinterpretations here. stuart: a graph of the stock market. >> powered by trump. stuart: just like hollywood is smart enough to correct politics, to correct corporate america. stuart: not a profit driven rally? >> profits written all over it,

the trump rally. actor producer director stephen baldwin, thanks for joining us. fbi director, james comey, the clinton email investigation and trump russia probe, how he will get a big dollar number and how much he gets for that book. emails from huma aberdeen show friends of the clinton administration asking personal favors from the state department while hillary was in charge, the judge is next. we check our phones 85 times a day.

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stuart: former fbi director james comey cited the hill for a book about the trump russia probe, getting to million dollars as an advance, judge andrew napolitano is here. stuart: it cannot be a tell all book. judge napolitano: he signed an agreement with the justice department is that they will review any materials he is going to publish because certain things he agreed he wouldn't tell about, certain national

security secrets he learns. there will be a lot to tell about his conversations with donald trump which he has characterized but can't reveal classified materials. stuart: i wonder if he will come on this program with his book tour. judge napolitano: he will have me here with him. no one wants to be in the same room with me. don't make me stand next to him. stuart: the russia sanctions bill is unconstitutional, he signed it with reservations, that it is unconstitutional. you are the constitutional guy, what is going on? judge napolitano: it is profoundly unconstitutional. this is not me, this is supreme court jurisprudence, interfering with the presidential management of foreign policy. the bill says the united states government will not recognize

the expansion of the territorial border by force. that is not for congress to decide. that is for the president to decide. was the expansion of russia into crimea legitimate or not? i think it was a legitimate, immoral and unlawful but i'm not the president and congress is not the president was the state the authority away from him and to receive ambassadors from countries congress doesn't want him to receive ambassadors from even though the constitution says he can. stuart: doesn't he say he doesn't have to obey every single cause in the bill which he is going to sign? judge napolitano: the laws he disagrees with. stuart: which obama got away with and donald trump will try to do the same. judge napolitano: you are probably right but this is a rubbed raw issue with congress and they are watching him. stuart: emails obtained from huma aberdeen so friend of the clinton foundation asking personal favors from the state

department while hillary clinton was at state. judge napolitano: this is not new. what is new is there are new emails that were obtained by a lawsuit filed by judicial watch which the state department in the barack obama administration and the donald trump administration declined to turn over. stuart: where is the media? hillary clinton, secretary of state, huma everything, close associate. judge napolitano: we are the only ones talking about this. is this enough to cause jeff sessions, to present the evidence against her for the misuse of state secrets to a grand jury? absolutely. do they need a special prosecutor? no they don't. i they bound by jim comey? absolutely not. they can make their own decisions. stuart: do you think jeff sessions will say yes, i will investigate? judge napolitano: i wish he was.

he doesn't have to investigate, he has a truckload of materials the fbi under jim comey, a picture of a mountain load. stuart: you are doing your best to light a fire, well done. see you tomorrow, thank you, more varney after this.

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stuart: president trump speaks in west virginia tonight, and he has just said it's going to be a big announcement. any -- we don't want to guess? >> what will it be? stuart: i don't know, what do you think? >> i don't know. i know he's a master charmer and producer of crowds, and this is one of his means of doing it. stuart: i think i've put you on the spot. >> yes, you have. stuart: first time ever. [laughter] would you like to speculate, elizabeth macdonald? >> his new communications director -- stuart: you think. >> i have no idea.

stuart: you know what would be bigger? judge napolitano to be head of the federal reserve. not going to happen. [laughter] we are dead flat at the moment, right at 22,015, and my time is up. neil, sir, it's yours. neil all right, stuart, thank you very much. we are following up on what is coming tonight from the president of the united states. we know he's going to be in west virginia, and he is going to have a big announcement. we have no idea what that could be. it could be a lot of drama ahead of the fact sometimes these things aren't that big a deal. but we do know all eyes are focused on washington and what, if anything, gets done in the precious few weeks and months ahead of everyone wanting to see at least a tax cut. the senate is going to be out of town despite promises of working through mid august, a lot of them are gone, little opportunity to do anything in the next couple of weeks. so are they blowing it? gop fundraiser noel -- and a.b. stoddard, ned ryan. no well,