intelligent technology can help protect it. the 2018 audi q5 is here. maria: welcome back, my thanks to great panel. have a great day. varney & company begins right now. stuart: by the way, we are getting nervous, anniversary of '87 crash. early on stocks went into a tail-spin. take a big deep breath. it's still not good, 80-point loss on 23,000 index, it's hardly a major selloff. the problem for the market overnight, catalonia and independence movement. the spanish government to

separatist barcelona, standoff. let's be clear, what we are seeing now has nothing to do with what we saw 30 years ago on this october 19th, that's when the dow fell 22% in one day. that's a crash. [laughter] liz: who is that? stuart: you could have gotten a better picture than that. >> how cute. stuart: i was fully functional. [laughter] stuart: the crash shook the financial system and shook me. look at the picture. ashley: look at the hair. stuart: i had hair in those days lou dobbs on this program today. thirtieth anniversary. all right, let's get to politics. this could help stocks, a vote on the budget is coming today and it's expected to pass. that would mean the republicans could pass tax cuts without help from senate democrats. now the president tweeting about this this morning, republicans are going for the big budget

approval today, first step towards massive tax cuts, i think we have the votes, but who knows. relax. varney & company is about to begin. spain moves to take over catalonia's government to stop the region's bid for independence. keep this short, ashley. ashley: they had a deadline today, catalonia to tell madrid, are you going to declare independence or not. madrid is getting fed up. they will meet in madrid and say we will start taking over, moving to catalonia, taking over the region's police and maybe financing, this is all gearing up to what happens next

scenario, but certainly you have seen the market reaction in europe. it's a big deal to the united states, that's always the question, only in the impact of what it can do to europe. the eu is wipes its hands of it, it's a spanish issue, but you can see from markets today, it could spread and have domino effect. power to the people as the judge said. [laughter] stuart: we will get to you later. liz: so much for democracy in the eu. they remain silent about it. >> don't let granny vote. use the police to stop granny from voting, that's what the king of spain did. stuart: moving on. [laughter] stuart: look at the stock market. we are going to be opening down 80 points, ladies and gentlemen, that's not much on a 23,000 index now, is it? yesterday we closed above 23,000, first time ever, jack howe is with us, ignore this

80-point loss, ignore catalonia, please. >> don't think of it of -- as a decline. stocks are more expensive than they usually are historically. the economy is strong. there's no sign of inflation. there's no competition for stocks because you can't get decent return on anything else and you won't get one until the fed raises rates and inflation is nowhere to be seen. stuart: that was pretty good. >> what if we look back on this period -- one more thing to think about. we always talk about every story being an amazon story, what if we look back and say the spread of e-commerce is help to go pressure consumer prices, causing price wars across retail, holding down inflation, keeping the fed from raising rates an contributing to the rise in stock markets. liz: jack is right. we reported on the show that the fed president of chicago said exactly that, that the amazon

effect and technology is keeping prices down. they can't get their inflation forecast right now at the fed. they are having difficulty. stuart: do you remember where you were 30 years ago? liz: yes. ashley: tell -- yes. stuart: tell us. liz: money magazine to cover crash. ashley: i was in montana. stuart: you were born, jack? >> i was born, i was in high school around that time. i had really cool hair. [laughter] ashley: we need a picture. stuart: i'm told -- all right. judge, where were you? >> i was trying a murder case. i was a brand-new judge. had been on the bench six months. i remember the crash as if it were yesterday. stuart: that's fabulous. >> somebody came running into the courtroom, i thought the place was on fire. stuart: interesting. scroll up on the prompter, i'm not going to deal with that. move on. politics, the senate votes on a

budget today that could clear the path for tax reform, but senator rand paul is standing on principle, roll tape. >> we as republicans say we are for budget cap ifs we will say -- do what we say what we are for, i will vote for the budget. but if we are not going to be conservative, i can't vote for it. stuart: all right, judge napolitano, libertarian, fellow traveler with rand paul, let's see now. i lost my notes here. he is saying he can't vote for this budget -- >> you want to blame him for the budget not passing? stuart: no. he says he's not going to vote for the budget because it contains $43 billion for extra military spending. he won't vote for the budget. maybe the vote won't pass and therefore we need 60 votes to get tax cuts through the senate. >> i think the budget will pass without his vote. stuart: what are you doing standing on principle standing again and again? >> if f you ask secretary of

defense and joint chief of staff, what's the greatest threat, they don't say north korea, isis, they say debt. rand paul doesn't want us to incur debt. he will vote for any budget or tax increase that does not require more borrowing, plain and simple, economics 101 which you in your heart of hearts can only agree. stuart: do you think that's legitimate? >> yes. stuart: you stop the budget process and tax cut process -- >> even if they needed his vote, his principle stand might result in a compromise that would actually work whereby the executive branch whose is appetite for cash would be tempered and spend less money and borrow less. stuart: absolutely do not have votes for any of the measures for which you or senator rand paul propose. we don't have the votes, which means the opposition wins and

you'll get less military spending and -- you won't get tax cuts, you will get tax increases. >> wouldn't it be better if we didn't have to borrow money to run the government. stuart: that's a question answering to another question. i asked the question first. a typical lawyer. you are a lawyer through and through. >> you're an economist. stuart: we have 90 seconds left. >> more? stuart: can you believe it. >> catalonia succession. stuart: look, i think that europe is falling apart. >> question. stuart: they're falling apart. look at the election in austria, hungary, hol. >> hollan, my objection

is -- significance for america. i don't think it has significance for america and i don't know why it's taken down our stock market. >> will the banks flee barcelona? >> they have already. stuart: 700 companies have left barcelona already. >> profoundly significant for the economy. stuart: spain is the fourth largest economy in europe. i can see the relevance. >> we came in agreement on an economics topic which you approved on national television. stuart: sort of. on am -- am i back on the 11th? [laughter] stuart: weak forecast. that's a big move. paypal report profits after the bell this afternoon. no change there. they are dead flat in advance of numbers. american express chair and ceo kenneth stepping down february 1st, he's been at the

top job at amex for 17 years, he's retiring now. the company also reported higher profits, higher billings, lone growth help jump-in cost, the stock will be down about a buck at the opening bell this morning. this is terrific news, more progress in the fight against cancer. this looks like a breakthrough, another one. fda approving a new treatment that uses the patient's own immune system to kill cancer cells, doc seigal will tell us how it works. jeff immelt, former ge ceo, reportedly had an empty second private jet following him around on business trips. even told his flight crews, don't discuss the empty jet, bad pr. bad pr is absolutely right. a scary warning from the top intelligence guy in the uk, head of mi5 says the terror threat in britain is higher than ever. worst in his career.

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stuart: oh-oh. down goes the stock. nearly $2 lower at 66. celebrations this week in the syrian city of raqqah, it was liberated from isis, looks like we have won the -- where is that from? ashley: that's in raqqah, public square. stuart: that's the isis guys. they've been run out of town. ashley: i think it's been captured. stuart: general, welcome to the show, sir. >> great to be here. stuart: same as general? >> it's all the same. stuart: close? >> it's all the same. stuart: we won, they are on the run. they have been squeezed into a couple of pockets in syria on the ground. the deal is done.

they are out of here. can mr. trump claim victory? >> i think the trump administration can claim victory because of the relaxed rules of engagement and because of the enhanced geopolitical maneuvers with the kurds, getting the kurds involved. two key things here, relax rules of engagement and the involvement of the kurds in the fight. the mosul fight and raqqah fight both involve the kurds heavily and that has helped push isis out of syria and libya and other places in northern tier of africa. stuart: what happens next is iran expands influence over much of iraq, parts of syria and iran itself. >> the key point that you're making, stuart, is discussioning about post conflict syria, iraq are so key right now, the whole kurd discussion, they have been influential in region. there's a case to be made for

having them as a -- a buffer to iran and assad and others in that area. stuart: of course, there's always the prospect of isis fighters there'sing back to where they came from, europe, united states. listen to this from the head of britain's intelligence service. mi5. he say it is uk, britain facing the most severe threat ever from islamist terror, roll that tape is we have seen a dramatic up shift this year, highest tempo i have seen in my 34-year career. today there is more terrorist activity coming at us more quickly and it can be harder to detect. the scale in which we are operating is greater than ever before, we are now running well over 500 live operations involving around 3,000 individuals known to be currently involved in extremist activity in some way.

stuart: woe, 500 live operations, 3,000 individuals involved in some way. that's a dire threat, indeed. >> it's, indeed, a dire threat because when you look at our travel ban that has now been, you know, pushed aside again, the influence and the influx of all of the immigrate -- migrants from syria into all of europe and into london and -- and great britain, that's -- that's how these folks are getting in, they are just using the documents that are fabricated to get inside the countries and like great britain influence the operations in there and so it has huge ramifications for us in the united states. stuart: so you're saying, look, we have to have the travel ban? >> for sure. stuart: much stricter vetting process for anybody. >> stuart, when i was in afghanistan as deputy general, we stopped three, four, five

different planned attacks against the united states back in '07. it continues on. there are bad people out there that want to do the west harm and we have to recognize that. all this feel-good stuff, we just have to recognize that there's evil in the world and they want to do democracy harm and they want to kill americans, they want to cel western citizens and that's what this is all about and we need to get tough on it. stuart: you're deputy commander in afghanistan? >> i was. stuart: you saw these plots unravel. >> we captured and killed foreign fighters that were planning plots against the homeland of the united states and that's why it's better to fight them on their 5-yard line than our 5-yard line. stuart: where do they come from? >> all over middle east. big cue for a plot that we would pick up on if we could find arabian peninsula folks in afghanistan or pakistan, then you knew something was happening and then we would further drill down on the intelligence and we

would capture a few or kill a few and then we would find thighs plots that were being developed and -- stuart: what a story. >> that is where 9/11 was planned. to think that people have decided to stop is ludicrous. it's picking up. stuart: you're a good novel, by the way. >> thank you. stuart: your next book is this, i liked it. direct fire comes out when? >> december 26th, day after christmas. all the amazon gift cards. stuart: general tata, thank you for joining us. a pyre state building lit up in amazon orange, all part of new york's bid to get amazon to build second headquarters in the big apple. one thing new york city is not offering to amazon a tax break.

i wonder if they'll come. ashley: go figure. stuart: we'll be back.

stuart: today is the deadline for submitting a bid to get the new amazon headquarters to your city. come in jeff flock, he's in chicago. you are going tell me, jeff, what is chicago doing to get amazon to go to chicago.

>> well, they have made available what was once the world's biggest post office and you talk about places going above and beyond, we are in the lobby of old chicago post office. we are flying a drone in here it's soas this site available, it has multiple other sites that we will be visiting throughout the day here on fox business, they say they have everything that amazon needs in terms of metropolitan area, public transportation, airport and the rest. here is the capper on this location, stuart, this was the post office built back in the 30's because of the amazons of

its days, sears and montgomery wards had male-order business, theyuart: you know, i understand that new york city wants amazon but they are not offering tax breaks, is that accurate? >> no, they are offering lights on the buildings, i think people thought the orange for amazon was actually halloween instead of amazon. [laughter] stuart: jeff, we will get back to you in the day. i know that you're going to other locations. watch out for the drone. the market will open lower this morning. down about 80 points but please remember although this is the 30th anniversary of the '87 crash, loss of 80 points on 23,000 index is not a big deal. the opening bell after this.

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...from godaddy! in fact, 68% of people who have built their... ...website using gocentral, did it in under an hour, and you can too. build a better website - in under an hour. with gocentral from godaddy. stuart: all right, we've got 30 seconds till the bell rings, it will ring shortly and the trading session begins thursday morning. everybody remembers, maybe half of our viewers were old enough to remember that 30 years ago today the dow dropped in one day 22%. it was the crash of 1987 and our

market coverage today will be discussing that crash and whether the market is significant between then and now, i say it's a completely different market. thursday morning, bang, it's 9:30, we are going to go down, how far down are we going? 50, 55 at the open. it'll probably go down a bit more than that the next couple of seconds. we do see green on the left-hand side and losses being held to what, 60 points. well above 23,000. actually pretty close to 23,100. that is not a selloff. down .2%. how about the s&p? let's see if there's a big selloff there, bit bigger than on the dow. down bit big%. looks like technology stocks in particular are down this morning. check out amazon, today is the deadline for bids for amazon's second headquarters, it's down

10 bucks. that's got nothing to do with the new headquarters, it's just been swept up in the tech downside move. a weak forecast from ebay, they are down sharply, 3 and a half percent. goldman sachs says a dividend cut at general electric is coming and that stock is down closer to an even $23 per share. thursday morning, 30th anniversary, joining us ashley webster. liz mcdonald, jack howe and scott martin. starting with the dow industrials, scott, right from the get-go, forget the 30th anniversary, forget today's modest selloff, where are we going from here? >> we are going higher, stuart. we are going higher because earning season is upon us. that's been a great driver of the s&p 500 prices and the fact that we are going get tax reform. i do want to make one comment about the big crash of '87, i barely remember by the way, because i was busy playing nintendo back in those days. i will tell you this much, remember what happened after the crash, stuart, a lot of economists got together and

suggested that the next several years the united states and the world was going to be as tough as it was in 1930's, dow recovered to all-time highs again in 1989 and we had a big run afterwards. panic is not a strategy when it happens like that. you have to keep your ahead and move forward. liz: don't listen to paul. >> never. liz: scott is right. the u.s. was growing at 7.6% that year. it did retrace 15 months later the dow did after the crash. ashley: the question is could that happen again? no. we have circuit breakers that allowed to come back which they didn't have at the time. the only markets, currency markets, at this point, i think the economy, the market may come and everything that goes with it, far more solid when we got up in 1987. stuart: back to original question. where to stocks from here? >> the economy continues to grow and no better deal to be found

among bonds, if you're concern about the market rally, if you don't like the share prices you see, look to crusty, old value stocks, was that gm that i saw higher all of a suddenly. wal-mart is running, is running, a lot of the names that haven't participated are doing well. stuart: fair point, only are 1 points on the 30th anniversary. it's been really a rough year for general electric stock and now it may get worse, goldman sachs say a dividend cut is coming. the stock is around $23 a share. scott martin, do you own ge, do you plan to buy any if it goes down to say 21-22? >> i don't own any. we don't plan to buy any time soon because we are concerned about the revenues there. the dividend from goldman is a kiss of death. if you remember when we got the oil shock a year and a half ago that was the big worry for the oil companies, was oh, my

goodness, if exxon or chevron was to cut dividend, what would happen. i would let the sentiment wash out of the name before i take a bite on it. this is a crusty stock and i think it's an avoid. liz: the dog of the dow. worst performer. stuart: $23 a share, 4% on dividend. if dividend is threatened so is your 4% obviously. is the problem is they were highly profitable and helped ge afford the dividend. ashley: good point. stuart: just start today edge a fraction lower. 23,011 is where we are. we are down 55 points, that's it. 54 points. 23,104. not bad. american express, chair and ceo ce beneath stepping down as of february the first, he's retiring. the company reported rete good results but nonetheless maybe news from ken is pulling stock

down nearly 2%. paypal are coming out with numbers after the bell as we walk up towards that the stock is down half percent. weaker profits at philip morris, that's taken them down 3 and a half percent. a weak forecast from united continental. that's taking them down about 3%. then we have verizon added more phone subscribers, revenue went up. they are up and the stock 3 and a half percent. ashley: leading the dow. stuart: got it. sea leading the -- sea world, they are cutting positions and attendance continues to decline. i have another amazon story for you, there's always one or two, the company has signed a deal to install lockers in thousands of apartment buildings around the country. tell me about buildings. liz: 850,000 buildings across the country.

>> listen, take a load off doorman, we will help you with cost savings. we are going to use empty storage space in basement and put lockers in there. residents for free with pick up bosses. amazon has an estimate subscribers. stuart: i think it's a great idea. ashley: brilliant idea. >> here in new york, do you live in doorman building or nondoorman building. i live in amazon building. >> think about what that does, guys, to get residents. jack is exactly right. you go to two apartment buildings and one has the amazon lockers and the other one doesn't, that may

push the renter over the edge to go over the one that does. stuart: a guest on the program, varney guest, nyu professor scott, apple, google and facebook should all be gone in 50 years, but guess which one has the best chance of surviving? >> well, all of us. [laughter] liz: he said in june amazon will not survive past 2020. he's contradicting himself. the only factual thing we can say in 50 years, none of us will be around. [laughter] stuart: that's right. netflix, the stock is still near record highs. it plays -- plans to release a slew of original movies next year. how many? ashley: 80. stuart: 80. ashley: one coming out with will

smith and with robert dye -- dinero. they say they will spend $8 billion on content next year and a big part with the movies. they have done very well with the tv series but big time into movie area as well. stuart: it worries me. >> what they will not produce is free cash flow not this year and not next year, everyone should subscribe because they are selling product well below cost. stuart: a lot of stocks down, maybe a percent or so. look at ebay, shares are down. they made a weak profit forecast and they are down, what, 3 and a half percent. does anybody use ebay any longer? >> they got killed by google which made changes, ebay blew up. make it more of a store, hasn't worked. stuart: you're not an ebay-type person?

liz: i used to be. i didn't like the product lines on it. [laughter] >> stuart, i think i finally figured out why my autograph head shots aren't selling, because they are on ebay. i'm taking them down. [laughter] >> that's got to be it, right. stuart: have to be. president trump will interview janet yellen i think again this afternoon for the job she already holds, there's five candidates that she knows of. janet yellen, gary cohn, taylor, scott, first, what do you like for fed chair? >> i have to be honest with you, guys, i don't feel like janet yellen has done an awesome job, but i feel she's getting a tough rap here. given everything that's going on around the world and, yes, the economy as jack said earlier are start to strengthen, i believe that consistency is going to be king here and i hope that he can work to janet yellen to keep her in the chairmanship. her i

think he picks kevin. >> yellen is running second. she's the safe choice but the betting markets say powell. ashley: better the devil you know. stuart: fair point. ashley: you know what you're getting. stuart: the stock market would react negative if it was john turner, taylor. too much fed talk. okay, okay. wrap it up. thank you very much, indeed, scott martin, thank you very much, jack. tough on that. we are down 83 points, that is one-third of 1% on this the 30th anniversary of the great crash of 1987. that's not a big selloff. california's governor jerry brown latest attempt to make the state more green signing a new bill that would make cremation

more environmentally friendly. yes, we will explain it and the 30th year anniversary of black monday, 30% selloff and yours truly along lou dobbs were there to cover it. boy, do we look different. lou will be coming back on the show. let's get better pictures, shall we? [laughter] stuart: more varney after this. at fidelity, trades are now just $4.95.

we cut the price of trades to give investors even more value. and at $4.95, you can trade with a clear advantage. fidelity, where smarter investors will always be. stuart: now we are down 90 points on the dow industrials, but little caution here, that's not a huge selloff when you bear in mind the big run-up that we've already had. by the way down 90, still keeps the dow above 23,000. adobe in the news, photo shop maker, they touched a record high earlier after giving a rosie forecast and they are still up very nicely, 8 and a half percent. 13 bucks high. we have blue apron, they are

laying, what, 300 of 5,000 workers and the stock down is 5 bucks a share. give me the full story, please, nicole. nicole: meal preparation company that went public in june, you sort of knew they were going to be under pressure specially when amazon spot whole foods and they were going to go into meal prep. this stock is down and they said they did review, had over 5,000 employees that 6% of the workforce, roughly 300 and it's going to cost them, it's going to cost them about 3 and a half million dollars in order to do these layoffs because they have to have the severance packages. you see it trading at 5 bucks and still under pressure and projections for numbers were not good last quarter either. stuart: thank you, nicole. amazon prime subscribers spend average of 1300 bucks per year,

nearly double the amount spent by nonmembers. 13 bucks per year on average. come in christian, he runs the specializes on online retail. 1300 bucks per -- on average for prime members, how many prime members does amazon have? >> massive amount. stuart: 90 million? >> 90 million and growing. this continues to expand and we should see more with whole foods purchase because we may see organic benefits coming down the pipeline. stuart: the whole focus of the company has to be on expanding pride, that's what they do? >> delivering value to customers, shipping, convenience, they are doing well in the cloud side and some other initiatives, entertainment but prime is where it's at for them. stuart: they are right in the middle of your fund? >> they are. stuart: only online retailers. that's all you've got and amazon is top of the list. >> they are, they are the poster child, innovating more than

anybody else. amazon is just at incredible growth story and it's going to go grow further with new second headquarters. stuart: no doubt about this? >> great mode around infrastructure and value you get as prime customer. stuart: it doesn't have -- makes no difference to the stock, does cincinnati. >> i think it could actually create another source of kind of championing in the amazon area, not just seattle now, coming into maybe the heartland, i have ideas where it could be, maybe my home state colorado could be in the running, denver area. stuart: new survey from global consulting firm, big name company, got it, 52% of respondents say there's a greater chance that they will skip black friday shopping. now, that means bricks and mortar shopping, 52% will just skip it entirely, they are going to go online i take it. that's a big deal. >> yes, it is, brick and mortar

groups are doing fairly strong hiring into the holiday season, that's going to hurt them. online retail deals are available almost any day, stuart, so i think it's going to hurt brick and mortar and they can't afford that right now. they've had such a decline in market share because of online retailers. stuart: i see you smiling. your fund specializes on online companies, right? >> that's right. customers are winning. we think increased selection, better pricing, convenience, consumer really benefits from this battle going on. stuart: tell me about ebay real fast, they are online retailers and they are not doing well? >> we hold them in fun but they have a pedestrian growth rate right now. in online retail world that's not well, if they were brick and mortar a party would be thrown if 10% growth. stuart: what do you want in terms of annual percentage growth, what does? >> best companies are growing at

30 to 40% a year. we want companies that have 70% or more of their revenue from online retail, so wal-mart is growing theirs 40% a year but only about 5% of revenue comes from online. so doesn't meet the material criteria of being online retailer. stuart: how much is amazon growing? >> over 30%. stuart: over 30. do you think they can keep that up, for how long? >> they are other engines that are doing quite well. fastest-growing businesses, cloud computing business. it's starting to get disrupted in terms of being a pure online retailer, but there's variety of engines that they are running on besides online retail, of course, that benefits their sales when they have a better cloud business. stuart: you're king of the hill, okay. [laughter] stuart: all you invest in online retailers -- >> yes. stuart: how do you make your money? >> we make fee on assets. stuart: okay. wait a second. if i buy into your fund -- >> yes. stuart: if i buy shares in your fund, there's a fee for me to

get in? >> that's correct. stuart: if i put a million dollars into your fund, what's the fee? >> the fee is 65 basis points. stuart: tell me in dollars? >> yeah, yeah, less than $10,000, $650, i think. stuart: 6,500 bucks. >> that's right. that's one of the reasons why they are so popular, fees are lower. stuart: yeah, yeah. are we are trying to give you a bargain, stuart. stuart: has number of investors gone up? >> yes, definitely has. stuart: you've made money on the show. >> everybody watches varney & company. [laughter] stuart: christian magoon, thank you very much for joining us. market scan please, dow 30, how does it stand, a lot of red, only a little green and the dow is down 88 points. nfl commissioner roger goodell players should stand for national anthem but he's

stopping short of forcing them to stand. varney, more of it next

>> we believe everyone should stand for the national anthem. that's an important part of our policy. it's also an important part of

our game that we all take great pride in and it's also important for us to honor the flag and to our country and we think our fans expect us to do that. stuart: that wasn't exactly dramatic, was it? nfl commissioner roger goodell, that was yesterday, didn't exactly lay down the law. ashley: didn't do absolutely nothing. he didn't change the language of players should stand for the national anthem. he could have put must stand but he didn't. we understand, we are trying to look at it from the players' point of view, what they are doing is driving fans away from the sport. >> how about protect viewership and stop showing on camera? come on. stuart: that's what they are doing. liz: staying in commercial break longer. ashley: that's avoiding the issue. stuart: right. it avoids the issue, prolongs the issue because everybody is aware of this.

it will be reported how many players actually kneel or didn't kneel, you can't get away from it. ashley: no. they didn't address it. stuart: they will migrate on college football. good thing too, that's my opinion. football remember the wall street, it fell apart. stuart: maybe. the wall street journal reporting that former ge jeff immelt used to fly with two corporate jets when he would travel around. liz: ge confirming that was in fact, the case. in case there was mechanical trouble. stuart: one was empty. [laughter] liz: so, you know, ge is in crisis mode, this is a shocking story that -- ge spent nearly 260,000 in just immelt's airplane travel alone and the new ceo has cut the use of corporate jets. this is an embarrassing story for ge today. stuart: stock is bouncing on the grounds that some people might buy it at the low. it's down 40% under immelt.

that's just since immelt. look, if -- >> investors haven't seen for years and years. stuart: quickly, look at apple, please. stock is under little pressure here. people are buying the iphone 7 rather than the 8. some people think it's a better deal. stock is down 3%, a 56. that's a big deal for apple. ashley: they are waiting for the 10. stuart: top of the hour, why would anyone in america want to become more like europe? that is what the left wants. we will tell you why the left is losing this argument. my take next. so let me ask you this... how does diabetes affect your heart? it doesn't, does it? actually, it does. type 2 diabetes can make you twice as likely to die from a cardiovascular event, like a heart attack or stroke.

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remember bernie sanders singing praises of denmark. they like a socialist economy, cradle to grave security, total job security. you can't fire anybody in europe these days, and they love the super strict gun laws and environmental laws. america's left is very much in sync with the oh, so civilized europeans. i beg it differ. have you seen what is going on in europe these days in in eastern europe, hungary, poland a czech republic is in revolt that germany insists migrants should run around the continent. austria just elected a 31-year-old leader who feels the same way. it is socially divided is an understatement. it is political divided. "brexit," brits want out. catalonia, wants out of spain. phlegms are not exactly united in belgium. welfare, the european system is not sustainable.

yet the left wants our medical system to be like theirs. they want open borders like theirs. gun laws like theirs, green laws like theirs, and of course rein in the military. the good news the left is losing this argument. as europe's problems become ever more apparent the attraction of europe clients. we're at the start of presidency that will redefine america's position in the world. it will redefine what america is about. good. it is time we made the case forcefully, america is the land of individual freedom, capitalistic economy that promote growth and prosperity. this recovering european is all-n the second heart of "varney & company" is about to begin. ♪ stuart: but first, don't go

away, mortgage rates, please. ashley: just recovering from your monologue. for the last week, freddie mac 30 year fixed-rate down to 3.88%, down a hair from 3.91 last week. no doubt interest rates are low. if you want to get a loan go for it. for many months now. stuart: that is pretty good. should we tell them again what we paid in the old days? 12 1/2%. ashley: 16 1/2%, imagine getting a mortgage. liz: not saying a word. ashley: should have waited. stuart: index of leading economic indicators showed a decline, .2% came in. that's taking the dow down a little bit more. we're off 100 points. still well above 23,000. individual stocks i note for you. ebay made a weak profit forecast for the future. they are down 3%.

adobe, big software company of course, they just hit an all-time high. still going higher right there. verizon added more phone subscribers. revenue is up as well and verizon is now up nearly 3%. as for the retail ice age, look at jcpenney. they are revamping fine jewelry department with fine watches and brands like samsung and garmin. the stock is down to 3.48 a scharre. big techs everyone of them down significantly. our next guest says, he likes them all. we have reza from peek management. you been promoting big tech stocks and promotes them still. >> stuart, thank you for being

here on show. we talk about names that have strong revenues, strong earnings, industry dissers they're making significant changes how we consume products, how we act on daily basis absolutely. stuart: a lot of people say the five technology companies have gone up so far, so fast they feel a bit like a bubble, a bit like the late 1990s. do you think that is not relevant? >> i don't feel that way at all. absolutely at the end of the day stocks had a big run this year. if you're an investor looking in stocks for next three weeks, three months, that is not the right thing to do. if you're looking longer term, five, 10 years, you're not going to think back what price you bought them today. as a long-term investor, part of your portfolio where growth makes sense, these positions need to be in there. stuart: look, i have owned microsoft stock, thin sliver of it, i owned it for 15, 16, 17

years. i've done well obviously. i bought it in the 20s. now it is in the upper 70s. what do you think sell half of my microsoft holdings and sleep peacefully at night? >> i love microsoft too. stuart: you say no? >> first you have take taxes. stuart: i do. >> hold on to microsoft, take dividend generated from microsoft, position those into some other names. you hold on to the microsoft shares. reinvest those dividend rather back into microsoft some other growth stories so you continue to get a diversified portfolio. stuart: big picture for a second. $36 billion was taken out of the market in the third fiscal quarter this year, $36 billion came out of stocks. small investors take money out. >> yes. stuart: does this make you think twice putting more money into the technology area? >> stuart, not at all this is positive sign. i tell you why. you don't want too much optimism in the market. what you want on short-term

basis you want to see signs happening. you want to see people taking money off the table. you don't want euphoric state of environment where people feel stocks have nothing to do but go up. long-term you're buying names like amazon, microsoft, netflix today. short term seeing money come out of the market last quarter i don't think is a bad thing. especially when you see foreign money coming in to buy the positions. stuart: raise is -- reza thank u very much we'll have you back. division 1 soccer player. >> division one soccer player. stuart: not bad, you will be back. let's get back to my editorial, top of the hour where i'm saying the left wants to make this country more like europe. i don't like it. joining us general jack keane. what do you say, general? would you like america to become more like those europeans? >> i think our voters spoke. the election i witnessed in

november was as much rejection of obama and his past policies and his movement of this country to the idealogical left. you know i'm very familiar with these flawed government systems in europe, so-called social democracies because what they have done is produced, i'm talking about western europe now. stuart: yeah. >> feckless leaders, entitled societies. there is low productivity because of the crushing taxes that they have. slow economic growth, and the people are final i starting to get fed up with it. and that's this movement you're discussing in the introduction. the other thing, stuart, they made some horrible bets, these leaders. they made policy decisions on open borders, massive immigration with no vetting whatsoever. multicultural neighborhood they thought would create harmonious neighborhoods. what they are is breeding grounds for terrorism. we just had the leader of mi5

stand up in the uk and say they are experiencing the worst terror and security situation they have ever had in their history. so, yes, there are serious problems there. stuart: okay. isis, clearly on the run, on the ground. u.s.-backed forces captured the capital in syria, raqqa. can president trump take a good deal of the credit for this win? >> well this policy was actually put in place by president obama and the military in terms of retaking iraq and lost territory there. retaking what took place in syria. what president trump did, he gave commanders a lot more authority to do what they needed to do, not ask permission. not be micromanaged by the white house. he opened up rules of engagement to be much more effective on the ground. he gave them considerably more

resources than in the past. apache helicopters, artillery, et cetera. yes, he kept the same policy, but made it work considerably more effective. as a result of that, we reduced the timeline that would have been to take this caliphate down. stuart: what we are seeing expansion of iranian power. in the back of my mind there is confrontation coming somewhere down the line with iran. what say you? >> i love the strategic review president did on iran. standing up the number one strategic opponent in the region. to be frank on it, you put your finger on a problem we have. we're clearing out isis in eastern syria. iranians, russians, syrians are moving in there to take control of all of syria. they own western syria. we should not let that happen. we should continue that, make certain that eastern syria does not fall into the iranians hands. as of right now, i hate to say this, we don't have strategic plan i see to stop that from

happening. hopefully the trump administration will come forward here, stop that from happening. stuart: general jack keane, thanks for joining us as always. >> good talking to you, stuart. stuart: yes, sir. next case, walmart and lord & taylor. what is this? teaming up? liz: lord & taylor would have its own space on walmart's website and people can shop for lord & taylor items. you can return lord & taylor items this is all about the anti-amazon strategy, with department stores saying walmart look to us, maybe we can join you to take on amazon. google is already doing it. come to us -- this is our anti-amazon strategy. come to us, retailers, we'll take on amazon. stuart: walmart is the team leader for the anti-amazon forces -- ashley: correct. walmart used to be the bully in the neighborhood for so long. it is teaming up with others to beat the bully that is amazon. stuart: investors pushing it higher.

that is almost $86 a share. i remember it was puttling at 70. liz: is that is word? stuart: leave me alone. i'm an american. check this out. new york islanders hockey team surprising eight-year cancer survivor to all-access pass to practice sessions. given honorary locker for day. custom jersey. took part in drills. very nice story. we love this story. coming up bids for second quarters. cities have done -- look, the bids are due today in bidding for amazon's second headquarters. all these cities are competing, like kansas city mayor sly james. as you can see, we have full details. you know what they're doing to get them on board. the white house pushing tax reform. their big selling point? $4,000 back in the pockets of working families. former chief of the council of

economic advisors ed lazear, he will check the math later this hour. $4,000 per family. you're watching the second hour of "varney & company." ♪ six in the morning. she thought it was a fire. it was worse. a sinkhole opened up under our museum. eight priceless corvettes had plunged into it. chubb was there within hours. they helped make sure it was safe. we had everyone we needed to get our museum back up and running, and we opened the next day.

>> the opportunity to do something that may increase your job base by 50,000 good-paying jobs in a single fell swoop comes along once in a lifetime, even that much. >> that was the mayor of kansas city, sly james, on this program trying to get amazon to open its headquarters in his city. he was testing out a thousand amazon products. ashley: trying to get their attention. he liked them all. stuart: look, today is deadline day for cities to submit their

bids. now jeff flock is with us from chicago. an hour ago you were at the old post office building they're offering to amazon. now you're at a second location? where are you now? reporter: this is the old michael reese hospital complex. it austin, texas or the chicago. stuart: why? to thumb your nose at president trump, why pick chicago? reporter: austin for one, very liberal sanctuary town, but

chicago, president says this is hell hole, nobody wants to be here. this is terrible. most of chicago is actually in pretty decent shape. although doesn't look so hot at site i'm at. most of the city is pretty safe. it has a lot going for it. this is chicago. this is my town. tough defend it. stuart: jeff flock, we will not argue politics, at least not publicly. you will be back. i know you will, there are more locations you will go to around chicago. we'll see you shortly, jeff. thanks very much, sir. president trump as always pushing his tax cut plan to make companies more effective. roll that tape again please. >> in addition to simplification, the other pillar of our tax plan is reducing our crushing business tax so we can restore america's competitive edge. today our business tax rate is 60% higher than our average economic competent to. this is a giant, self-inflicted,

economic wound. that is why we will cut the corporate tax rate from 35% all the way down to not more than 20%. stuart: so if you get that big corporate tax cut, you come, the rate comes all the way down to 20%, will the companies which benefit from that tax cut invest in new factories, new plant, and hire new workers? will they do that with the extra money? let's ask, drew greenblatt a trump supporter and ceo of marlin steel. will you build new factories, will you hire new, workers, you marlin steel, if you get that tax cut? >> stuart, buckle your seatbelts. you're about to see a huge surge in manufacturing wages, manufacturing jobs, because all of the a sudden, people are going to be pouring cash sitting on the sidelines for years and years into this new-found optimism. stuart: okay. i repeat the question. i repeat the question, drew.

you know what the question is, will you at marlin steel, if you get this tax cut, will you be building a new steel plant or two? will you be hiring new workers? >> i told president trump himself that because of this tax reform plan we're investing over a million dollars into our factory right now. we have electricians in our facility this moment, drywall guys. we've ordered new robots, new automation. we're creating new jobs. we're hiring more people to handle all this enthusiasm and excitement because i know that tax reform package is definitely going to happen. our country desperately needs it. our economy will flurish because of it. not only the simplification, but it will be able, it is also going to cut our taxes for the big companies but also the little companies. their rates will go from 39% to 25%. so there will be a tremendous

amount of activity, positive activity, new jobs, new wage growth. it is exciting times for america and manufacturing in particular. stuart: now why do you say you're absolutely certain that we will get a 20% tax rate for corps -- corporations? >> because we listened to secretary mnuchin in private meetings. we also met with vice president pence, president trump. we met with senator mcconnell. we met with congressman ryan. they are meeting once a week to get this accomplished. kevin brady talked with us explicitly getting expensing done. which will be an amazing excitement for the economy. people are going to invest in their factories and their robots and their automation, giving our employees the best tools. they're meeting once a week so they have a concert is approach as opposed to having a, dealt with otherring arelations and

other policies. this one is going to be with a cohesive approach, and i think it is working. it is already passed some of the first hurdles. they will get this done by christmas. it is exciting. it will do great things for our economy, you answered the question. drew greenblatt, that is pretty good. i'm used to a lot of hedging, well we might do this and we ought to do that. that was definitive. drew greenblatt, marlin steel. thank you. that was good stuff. answered the question. coming up the weinstein company down and almost out. where's the money? we're back. ♪ nah. not gonna happen.

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stuart: headline. the weinstein company is broke. worst yet, an investor may be backing out, ash. ashley: that investor would be colony capital may throw a lifeline to the company but "tmz" reporting that sources are looking into the books of the weinstein company, and it is quote a horror story. this company has been out of money for 15 months. the 42% equity interest bob and harvey weinstein have in the company, completely worthless. now colony capital apparently looking to, maybe doesn't want to touch it with a 10-foot pole. the taint on this company is so great. some movie deals in the works have completely fallen apart. no one wants to touch it. stuart: ouch. ashley: yep. stuart: another item. this again from "tmz." amazon reportedly, wasting 40 million bucks on a robert

de niro show. i believe, more fallout from weinstein. liz: this would star julianne moore. this is $150 million for a 20 episodes for the project from the weinstein company. they did silver linings playbook, which was a big hit. apple scrapping a elvis biopic. people are just removing the weinstein name, words from "project runway" pulling back. this thing has collapsed. stuart: that is the right word to use i think. by the way, hollywood, they can't resist getting back into politics and more moral lectures. actors are making an anti-nra ad. you will see more of this in just a moment. at fidelity, trades are now just $4.95.

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♪ stuart: who is that? the ojays. i remember that well. ashley: no, you don't. stuart: we're coming back. we're coming back. we were down 100. now we're down 68. 23,088 where the dow stand. big tech names. all of the people taking profit there. if you look closely, they're all still pretty close to all-time highs. apple is down. there are worries how much demand there is for the iphone 8. continental. that would be united continental , they're down 6%. they look forward to the future. don't see profit margins very strong. so they're down sharply this morning. weaker profits at philip morris, the marlboro

people. now this, hollywood, just can't resist, they can't resist politics and moralizing. now they're teaming up against the nra. roll tape. >> all you have to do is text reject. >> text reject. >> reject to 64433. >> it will connect to you every town for gun safety. >> email. >> you get a call right back from every town for gun safety. connecting you with your lawmaker, giving you guidelines what to say. stuart: had enough. katie pavlich, "town hall" editor and fox news contributor. i'm tearing my hair out, i don't like moral lefties from the hollywood. >> hypocrites in hollywood. they're sitting in california where they have strictest gun laws in the country. they all live in high-profile gated communities with armed security guards. when they show up at fancy awards have armed security.

the rest of us who can't afford that, have to make sure our family, and our person is protected by us. they want to take that away. stuart: are you with me on this? no more moral lectures, no more politics from these people, are you with me on that? >> i'm with you. the i think the country is with you. this is exactly why donald trump won, even over people who really weren't big fans of him. they decided, i know what? sick and tired elites on the west coast, on the east coast, lecturing me about my freedom, what i'm allowed to do, when i am allowed to do it, how i protect my people. that hollywood video, the boring people, every psa looks exact same way. you guys are creative, right? they're supposed to be creative center of the country, yet all the stupid videos look exactly the same way whatever cause they take up. when all the people in videos write me and millions of americans a check for our own security, then we can have a conversation.

stuart: i like to see you fired up. liz: where is the sexual harrassment public service announcement ads in wake of harvey weinstein and everything going on in the swamp of hollywood. stuart: that was sar cattism. we like. -- carcass i am. question of politics involved in sport. nfl commissioner roger goodell, he says players should stand for the anthem. roll tape. >> we believe, everyone should stand for the national anthem. that is an important part of our policy. it is also an important part of our game, that we all take great pride in. it is also important for to us honor our flag and to our country. we think our fans expect to us do that. stuart: by the way president trump responded. he said there is too much talk, not enough action. but to me, katy this, is another example, please, keep politics out of it. >> what he just says means absolutely nothing, and this is why. because he is not willing to take a stand on either side of

the issue. either, either be for players standing or be against it, but this waffling in the middle is bad for the nfl. it is bad for business, and it is bad for the country. the idea that the nfl is not willing to take a stand based on their numbers alone in terms of business decisions, is absurd. roger goodell admitted yesterday that the players claim this has nothing to do with disrespecting the floridaing, disrespecting the national anthem. if that is true, then make a rule and tell them if that is not what this is about, then you shouldn't be doing it during the national anthem. end of story, period. stuart: well-said. another area where i think president trump has won. ashley: yeah. stuart: you could make the statement maybe he shouldn't have said s.o.b.s to describe players, you can make that claim, but in principle the man is right on this. get politics out. >> the nfl owes the american people a lot. they're a taxpayer-funded organization. they get millions of dollars in subsidies. the military has to pay them to

be patriotic. they don't do the things with the military because they volunteer. the military pays the nfl to do these things. they're playing in taxpayer-funded stadiums. the least they can do is respect the fact people want them to stand for the national anthem. you know what? in every area of work there are things we have to do we don't necessarily like. do it anyway. just behave. stand up, and do it. especially if it has nothing to do with the issue they say is police brutality. stuart: before we close, katie, may i ask you, do you remember the crash of 1987? >> i do not. i believe i was in vivitro. not in vitro. in utero. stuart: sorry i asked. >> nice history lesson. stuart: i am a veteran. that is very -- >> i can learn so much from you. stuart: katie, you're all right.

much obliged. new story. the fda approved a new gene altering therapy to beat cancer. it reboots your immune cells to kill the cancer cells. dr. marc siegel is here to explain. let me see if i got this right. the doctors take cells out of your body, fix them, doctoring them up, put them back in and they fight cancer, is that it? >> that is basically it. head of fda gottlieb calls it a milestone paradigm. i agree. this is a home run and game-changer. this is paradigm, it is one-time treatment. you do it one time, 50% of people resistant with chemo, have killer lymphoma end up in remission. 50% success rate. stuart: it works right? >> the reason it works, takes our most powerful immune cells in the body, known as t-cells, reengineers them to fight the b

cells causing the cancer in the first place. this is implications for more canners. not just lymphoma that has thousands of new cases every year, 75,000 thousand new cases, it has to be your t-cells engineered. one by one we have to go. that brings up the question how we'll cover it. it is $375,000 for a treatment here. stuart: whoa. >> but it is successful. how do you put a price tag on something that saves lives. it is called yes hcarda the company that makes it kai pharmaceuticals was bought by gilead, which now looks like a tremendous deal for gilead. stuart: gilead is the company that has the technology. gilead is at $80 a share. we don't have a chart available but that stock continues to go straight up. >> it will continue because this has huge implications. stuart: 375,000 for one treatment now but surely the

price comes down and the technique made available and worked down better? >> competition of other players in the market. this is the second type, we call this car ht. again again -- genetically engineering your cells to fight cancer. that is the way it will be treated. stuart: put the chart up, gilead. i can see a point they bought the company you're talking about and the stock went straight up. there we go. july last year, june, july last year. the stock was down at 60. they bought the company. up they go. they're up 80 bucks a share. >> now the headline is the fda approved it. they are on the market. start with 15 centers. they will build a plant in europe. they will gradually gear up it is available for around the country and around the world. right now it is for people that fail conventional treatment. eventually may be first out of the box treatment. stuart: we always put on this

program what we think are breakthroughs in the treatment of cancer. this sounds to me like a very significant breakthrough, this one really is going places. is it? >> yes, because the immune system is what you need to recognize cans every and kill it. we have to genetically engineer cells to get there. this puts everything together about our best technology and it works. this is probably the most important type of discovery in the fight of cancer we ever discussed it on this show. stuart: really? >> absolutely. game-changer. stuart: that is very important stuff. dr. siegel, come on back and tell us more about it, later. >> i will stay on it. stuart: good stuff, doctor. check this out please, christian bale in makeup and playing former vice president dick cheney. liz: amazing. stuart: the film stars steve carell and the.

liz: amy adams, the actress. unbelievable. stuart: that is christian bale. >> they deserve credit for that. stuart: coming up, white house pushing tax reform. talking point, $4,000 back into working families pockets. former chief of the economic council of advisors ed lazear. he is with us to talk about $4,000 back. ♪

ashley: the dow closes up over 23,000 first time ever. jake hough from baron's says. >> there is no competition for stocks. you can't get decent return for anything else, and you will not get one until the fed raises rates quickly. until there is inflation. inflation is nowhere to be seen. stuart: that was declarative answer, jack hough. >> what if we look back, every story being amazon story. what if we look back say the

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stuart: nike on, well, just gained 30 cents, 52 bucks a share. nike has not been performing well, recently.

they just got downgrade from goldman sachs. surprisingly the stock is up 30 cents but only at $52 a share. president trump and the white house taking the bull by the horns on the tax plan. roll tape. >> this change, along with a lower business tax rate, would likely give the typical american household around a 4,000-dollar pay raise. >> there is big literature how lots of countries done the same thing and how their economies responded. we take conservative edges of that literature and apply the trump tax plan and it raises american workers by $4,000. >> it would increase average household income by $4,000 a year. stuart: that is the major talking point, and selling point. $4,000, extra, in the pockets of working families. ed lazear with us, former chair

of the president bush's council of economic advisors. ed, great to have you back with us. >> pleasure to be with you, thank you. stuart: that 4,000-dollar number, kevin hassett justified it yesterday. went through the math. are you with it? are we getting $4,000 in the pockets of working families if we get the tax rate down to 20%? >> the question of course is whether we get enough growth to generate that earnings increase over time. kevin's numbers are based on the end of the period. essentially saying when all the growth numbers are in, which can expect $4,000 and that's not too far out of line with the numbers i came up with. in my "wall street journal" piece i had numbers that were a bit smaller than that, about half actually, but, the difference was that i was looking a at the average over that period. he is looking at the end of that period. so, it is quite possible. i mean, we're not, reality is we're not that perfect at predicting these sorts of

things, but the number is not a crazy number if we get -- stuart: i'm sorry, if you want to sell something, and want to bring it down to the level everybody understands it, you say i'm going to put x-thousand dollars in your pocket if we get this tax cut, that is a pretty strong selling point if you ask me. >> well it is. again i think the tax plan is pretty good even as it stand right now. i had some suggestions for some modifications. even as it stands right now, it is definitely a step in the right direction and i do think it will grow the economy. and it will affect the middle class primary in two-ways. first direct tax cuts. we don't know exactly what they will look like until we see how the brackets play out and how the rates play out. but the second thing of course. when you have economic growth, that translates into productivity growth. productivity growth turns into wage growth. some of that, at least a significant fraction of that is

passed on to the middle class. so i think that the administration is actually not spinning this tale. this is actually something that is consistent with kinds of numbers we've seen in the past. stuart: heavy very much forbid. >> i'm pretty much on their side. stuart: heaven forbid the republican party reject as tax cut like this but we'll move on. listen to what rand paul, had to say about his vote on the budget. hold on a second. roll tape. >> we as republicans say we are for these budget caps. if we say and do what we say we're for, i will vote for the budget. but if we're not going to be conservative i can't vote for it. stuart: what do you say, ed? senator paul standing in the way of the budget which therefore stands in the way of tax cuts? >> first of all i think it would be disaster to refrain from passing any kind of tax reform right now. that would be terrible. we need to get the economy moving. we had very slow growth. this is probably the most important thing we can do at

this stage to enhance economic growth for the next few years. so i think that would be a terrible thing to do. i do, i am sympathetic to the senator's view. we obviously can't blow up the budget but i think that he is focusing on the wrong thing. the reason is this. if we look atout, let's say use congressional budget office numbers, cbo numbers, we know in a couple of decades we're going to be at a point where we have debt-to-gdp ratio of 150% of what it is right now. all of that, almost all of that is on entitlement side. it all has to do with increases in medical expenditures and retirement expenditures. and, so, the kinds of things we're talking about are essentially rounding error relative to that. in order to get the budget under control, we have to deal with the more significant problems. and these kinds of issues are second or third order at this point. i'm sympathetic to the point of

view we have to control the budget, no question about it. this is just not the right way to do it. i think it is counterproductive. stuart: just get it done. ed lazear, thanks for joining us. we'll see you real soon. >> my pleasure. thank you. stuart: here is what is coming up for you. 34,000 people still under evacuation orders in california. firefighters getting more wildfires under control. we'll take a live look at it in just a moment. (ch(baby crying)eat)

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>> an update on the california wildfires. robert gray is there. robert the conditions are improving but i'm sure the recovery will take quite some time? and apparently he can not hear us. too bad, the picture looked good, but we do hear cooler weather, winds are dying down. that is good news. the real job, stu, to go in there to find out how much has been damaged, particularly in the wine industry, which generates so much jobs an money in the area. how much has been taken out. how soon can they recover. it will be a while. 5,000 businesses affected. stuart: all kinds of questions. another one is, what does this do to california's budget?

ashley: right. which is already in tough shape. stuart: already in tough shape. now you have to fight these fires. it is going to squeeze california's budget significantly. ashley: yeah. stuart: but i don't want to dwell on the financial side of this. that is not nature of story. this is human story. ashley: 42 people reported dead. stuart: terrible. ashley: many people still missing. 20,000 evacuees. all told this is not a story over by any means. stuart: we can't let this drop aside, almost forget about it. ashley: there are still fires burning right now. the key to keep them away from populated areas and structures and from the wineries. five wineries were destroyed completely. the wineries can be replaced, the buildings. the grapes on the vine is different matter. it can take several years to replant and mature to bottle them for wine. so that is a huge impact.

if you're running a winery, and you lost your vineyards. that is devastating. stuart: that is beautiful part of the country. i used to live there. i think we got robert, no, we don't have robert back. i lived in san francisco five years. frequent visitor to the whole napa area. liz: i have a lot of family up there. this fire is so big, the word it would engulf major cities. numerous major cities .

stuart: just a few short years ago to be the ceo of general electric was to reach the summit of american business. and ceo jeff immelt played the part. he stepped into the great jack

welsh's shoes and ran an industrial and financial giant which did business in just about every country in the world. strangely, immelt got close to president obama. the top business guy was in with the most anti-business administration in decades. immelt went green. famously, he was sitting next to the president when mr. obama declared that perhaps all those taxpayer-funded, shovel-ready jobs were not so shovel-ready after all. that was an embarrassment for ge and for the president. it got worse. ge's financial business tanked, profit margins slipped. immelt made a bad bet on energy when oil was $100 a barrel. and perhaps worst of all, the stock dropped sharply just as the rest of the market went straight up. now, after immelts has stepped aside, some of the successes of his era are being revealed. the "wall street journal" reports this morning that a second empty corporate jet frequently followed immelt

around. it was in case of mechanical problems on the jet that immelt was flying in. all six of ge's corporate jets have been grounded. this will be an unpleasant moment for the millions of investors who, for years, trusted the company's stock to teach them safe in retirement -- keep them safe in requirement. it's an important lesson for all businesses too: keep your costs in check and, oh, be very careful getting close to politicians who think business is bad. the third hour of "varney & company" is about to begin. ♪ ♪ stuart: i sense a comeback in this market, yes, sir, i do. we're now down a mere 47 points, 46 points. we'd been down over 100 the

first half hour of business, now we're down 46, and we're holding at 23,111, that is not much of a selloff on this, the 30th anniversary of the great, crash. and look who is here. john layfield, fresh from the beaches of bermuda and the layfield report, he's with us today. and john fund, national review columnist also with us here in new york. welcome. first of all, are you skeptical of this overall rally, john layfield? >> those who were skeptical lost a lot of money. i'm not skeptical. i think the rally is sound, i think it's based upon corporate earnings. when president trump first got elected, the first two months was a trump rally. i think now it's based on sound fundamentals and because of lack of competition worldwide. you have bonds that are very expensive, there's no yield. i think the rally continues. stuart: so the rally continues, you're still in. >> yes. stuart: okay. john fund, what to you say? >> the rally continues, but the trajectory flattens. because people look at the tax

bill, and they see real obstacles in the senate. you have john mccain who wants to vote against anything donald trump proposes. you have senator cochran, politico.com had a report this morning that was very sad, the man is completely confused, disorring cented, not being able to find rooms, bumping into things. so he may not be able to vote on key issues on the tax bill, he may have to retire. other senators are in play. the democrats, no democratic senator has come out yet and said he will support the tax bill and, in fact, some of them are further distancing themselves. stuart: so you're skeptical we'll actually get a tax cut -- >> i am, no -- stuart: therefore, you're skeptical about -- >> we are going to get a tax bill, but it may be way pared down and watered down. stuart: for you, john, $36 billion pulled out of stock mutual funds in the third quarter. that's the little guy taking the money off the table in the stock market. what does that tell you?

>> it tells me that the market is the second longest bull market we've ever had, and people are getting nervous simply because the market has run up so much. i think it's normal, i think it's profit taking. people saying i'm just going to get out and keep my money safe. stuart: is that a buying opportunity? >> ge, i think that the yield is probably going to be safe. but i'm not buying new stocks, but i'm not selling either. stuart: okay. i'll get to that in a second. where were you, october 1987? >> i was playing football. stuart: were you really? >> absolutely. stuart: do you remember the financial crisis? >> i remember it very well. we were sheltered in texas -- [laughter] we'd already seen oil and cattle prices crash, so we were in our own recession anyway. stuart: john fund, were you born? >> i was the junior reporter at the "wall street journal," and i and all of the other editors, we found each other in the public bathroom splashing cold water on our faces frequently throughout the day, we couldn't believe it.

stuart: it was that bad? >> it was frightening. stuart: i remember getting a pit in my stomach -- >> money magazine, people in editorial rooms panicked -- stuart: we didn't know if it was another 1929. >> exactly right. yeah, and people feared what was going to happen on the tuesday after the monday. it went down a little bit on that tuesday too, and then panic was really setting in. but by today's standards it would be a drop of about 5,000 points. to put it in perspective. >> so you're talking 17,900 if it was an equivalent drop today. it has to be noted the dow -- yes, it would be -- >> take it down -- >> clearly a 22% drop today would bring it down to 17,900. but, you know, you have to mention too that the dow did retrace 15 months later, right? in 1987. stuart: yes, it did. it was back to a new high by 1989.

>> right. stuart: john layfield, whilst we've got you here away from bermuda, i know it takes a toll on you, how about the big name technology stock? are you buying any of them? >> i'm not buying any right now, but i didn't want buy them on the big runup before -- stuart: you didn't, did you? >> no, i didn't. i've owned apple for quite some time. but, look, facebook with two billion monthly users, netflix with 100 million subbing scribers, these are economies of scale. we're not seeing companies like these when you had rockefeller, carnegie and those guys. stuart: you did guy ge just recently -- buy ge just recently. [laughter] >> that seems to discredit me, doesn't it? stuart: no, it tells me you think there's a rebound for ge. >> i think the repatriation of money is huge. they have $36 billion in cash parked overseas, $83 billion in marketable securities parked overseas. that changes that company's

balance sheet completely. stuart: that's good, okay, now i can see why the thing is up over 1% today -- >> one thing i did buy was walmart because of the tech the, and it's proved to be right. a little defense there -- stuart: very good. all right. [laughter] john fund, ge. what to you say? i know you're not a stock analyst, but -- >> i'm a political economist. stuart: yes, you are. >> i tell you, immelt made all kinds of trendy bets. i'll add another rule to varney's rules. if you go with the trend, you may be slapped in the back because i think that he picked green, he picked obama, he picked political correctness, he picked high-flying chinese deals which often the contracts were very, shall we say, badly written x. the intellectual property of ge has been compromised in a couple of cases. i think he was a famous ceo but not necessarily a great ceo. stuart: okay. it was a difficult position

taking over from jack welsh. okay, got it. next case, the president, he's pushing that $4,000 tax promise. now, the promise is you get corporate tax rates down to 20%, that sets up growth in the economy. that results in an extra $4,000 per year in the pockets of working families. are are you buying that, john layfield? >> no. i don't think it's going to happen. i think you're going to see tax cuts, this math is very fuzzy. i think you're going to see some types of tax cuts. the white house themselves have already dropped the term tax reform. i don't think that's possible. stuart: john fund, are they going to get $4,000 in the pockets of working families? >> i think that is one of the parts of the tax bill that all sides can agree on. president trump wants to appear as a populist defender of the middle class. that's probably the safest part of the tax bill along with some reduction in the corporate rate. stuart: johns, both of you, thank you very much, indeed. all right, yes, it is the 30th anniversary of black monday.

that was then, the largest percentage drop in the dow ever. look at those dreadful pictures. [laughter] did i really look like that? apparently, i did. >> you look great. stuart: we have better pictures, but we can't use them, because they belong to somebody else. [laughter] lou dobbs, my colleague back then and my colleague now on the show later on this morning reminiscing about 1987. and actor john o'hurley, well known for his role on "seinfeld" citizen jay peterman, remember? he's now the voice of the national dog show. he's with us later this hour. that's perfect programming for thanksgiving, in my personal -- >> that voice. stuart: first, though, we've got to deal with rand paul letting his libertarian principles get in the way of the trump agenda. the rnc's kaley mcinerney is with us after this break. ♪ ♪ nah. not gonna happen.

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stuart: today a "wall street journal" editorial titled "rand paul eastern reality," how he's willing the kill tax reform to make a point. look who's here, kayleigh mcenany, rnc spokesperson. welcome back to the show. >> thank you, stuart. stuart: what have you got to say about rand paul messing up the budget and the tax cut? >> it's time to be team players in washington. i thought tax reform was the one principle that bound our party together was putting more people, putting more money in people's pockets. i should call it tax cuts, by the way, because that's what it is. stuart: are republicans in the senate, are you ganging up and having a quiet word with rand, hey, knock it off, we want a tax cut here? >> i think there's quite a few people having a word with him. he was a big supporter of the executive order, the one that

the president put out last week, the several executive orders, rather, on health care. that was good for senator paul. we have hope that he'll get onboard for the -- and the budgeted today. stuart: he says he's not going to vote for it. >> i know. we do have the votes, it seems -- stuart: are you going to walk off this set and call senator paul and say, you know -- >> i don't have that kind of power. [laughter] i wish i did. >> come on. stuart: i'll move on. i will, okay. democrats have raised, what, $9 million more in the third quarter than republicans. >> well -- stuart: what happened? >> what matter is the the money that you have in the bank, and right now the nrcc has $13 million more than the democrats, so that's encouraging. i'm going to use this opportunity to tout our record-breaking fundraising, $104 million since the beginning of the year. and our chairwoman has attributed that directly to president trump. to president trump fueling the base and grassroots. stuart: are you bringing in a lot of money from small donors

in. >> absolutely. 98% of our donors are small donors. it's really encouraging. somewhere near a third of our direct contributions are $200 or less. so it's all small donors, and that's directly attributed to president trump. stuart: do you raise any money in california or new york or new jersey or connecticut or massachusetts or illinois? do you? >> we raise money all across -- stuart: come on, come on. you do not raise money from those states, or at least not very much of it, do you in. >> we raise it from all across the nation. our chairwoman's -- stuart: are you going to tell us yes or no? >> we do. stuart: you get a lot of money out of california? >> we pride ourselves on getting a lot of money from the heartland and -- stuart: you've got a tough job. >> but it's getting easiered today, we will have a budget. stuart: thanks for joining us. john layfield and roger goodell says players should stand for the anthem.

roll that tape. >> we believe everyone should stand for the national anthem. that's an important part of our policy. it's also an important part of our game, that we all take great pride in. and it's also important for us to honor our flag and our country, ask we think our fans expect us to do that. stuart: all right. he says you should stand, but he won't make you stand, and what does john layfield -- football mare -- say about it? >> former professional football player. i've also spent a lot of christmases in iraq and afghanistan with the soldiers. i have a strong feeling about the anthem and the flag. i agree with what they're protesting. i believe there's inequality in the judicial system and incarceration rates against minorities, i just wish they had a different way to protest. stuart: it's not the venue. >> right. stuart: it's not the kind of place to make that protest. >> i agree with that, and the fans are speaking. some of the games they put on monday night are not very good, so it's hard to make a one for one correlation, but america

does not want to see these protests at football games. it's been shown in the numbers. >> especially in the age of cord cutting. >> that's why college football is doing so well. people don't want to be reminded about how -- >> exactly. and merchandise sales are down too, which doesn't speak to big matchups. i think there's a general feeling of, you know, upset with the nfl, put it that way. stuart: kayleigh mcenany, the president shouldn't have said s.o.b.s, should he? >> the president is standing up for our troops,, and if he wants to do that vehemently, by all means, do it. they deserve it. stuart: thank you very much, indeed. two recalls to tell you about. ford says there's a problem with the latch on the side doors on more than a million of the f series trucks, could prevent the doors from opening or closing, it will cost an estimated $267

million. i don't believe it. frankly, i do not believe that. people don't take their stuff back to the dealership to get these things fixed -- >> depends what needs to be fixed. if your brakes are going to fail, you might do it. stuart: get out of here. [laughter] toyota's recalling more than 300,000 sienna minivans because they can shift out of or park and roll away, shares down a buck at $123. the university of florida-gainesville bracing for protests ahead of richard spencer's speech scheduled for today. and very soon lou dobbs, he'll join me right here on set as we reminisce about black monday which we both covered 30 years ago today. but first -- [laughter] check this out. a man in ohio decorated his yard for halloween with "star wars," a "star wars" creation. [laughter] aren't you glad you're not his neighbor? we'll be back. [laughter] ♪ ♪

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to -- this is all to test drive their self-driving cars. the fake city is called almono, and it has the mannequins jump out into the street without warning. okay? [laughter] does that make you feel better about finish. >> exactly. >> that's a bit disturbing, actually. [laughter] stuart: the private island on the north shore of long island hits the market. it was developed in 1919 by the grandson of. >> p. morgan, comes with six houses, ten acres of underwater rights and a 28-acre pond. the sellers want $125 million. the $1,000 bagel back to the new york city. the westin new york hotel offering it ten years after it was introduced, it has alba white truffle cream cheese topped with berry-infused riesling jelly and is flaked with leaves of gold.

that's in new york. [laughter] stocks making news, ebay -- if anybody uses it any longer -- the stock's down 2%. they made a weak forecast of profits in the future. adobe, they've hit an all-time high, still going up. 169 on adobe. and then there's verizon. they added more phone subscribers, revenue is up. the stock's very close to $50 a share. retail ice age, jcpenney revamping its jewelry department. they're going to sell smart watches for the holidays and brands like samsung, lg. nonetheless, jcpenney, down she goes, 1% at $3.48. breaking news, the ride-sharing company lyft says its valuation is now $11 billion. that's after closing a new $1 billion round of funding led by alpha bet's capital g. at last check, uber is valued at nearly $70 billion, but it's nowhere near worth -- >> it feels like a mini bubble.

stuart: certainly was. white supremacist richard spencer is scheduled to speak today at the university of florida-gainesville. remember, governor scott declared a state of emergency in the county ahead of this speech. judge napolitano on that. and it is the 30th anniversary of the crash of '87. you won't want to miss lou dobbs and i reminiscing about that day 30 years ago today. we were both on the air. believe it or not, we looked like that. can you believe it? [laughter] can't you get a better picture of me at least? >> i think you look great. stuart: we'll be back. ♪ ♪ alerts -- wouldn't you like one from the market when it might be time to buy or sell? with fidelity's real-time analytics, you'll get clear, actionable alerts about potential investment opportunities in real time.

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♪ ♪ stuart: no clue. >> i say james brown. stuart: james brown. it is james brown, thank you very much, indeed. and we have settled that one. the market is coming back. not much, but we're back a little bit. we were down 105 at one stage, now we're down 49. look at that level, 23,107. that's not much of a selloff on this, the 30th anniversary of the crash. dan henninger is here, he's got a piece in "the wall street journal" -- comes out every thursday -- the title this time is "generation y takes over: how one country, austria, turned the

future of their country upside down and handed it over to a 31-year-old." what's your explanation for this generation y taking over austria? >> well, especially since sebastian kerr is the 31-year-old and looks about 19. i mean, it's really shocking. yeah, i mean, france, emmanuel macron is 39, the prime minister of ireland is 39, prime minister of estonia is about 38. what is going on? and i think what you're fining here is a lot of these electorates want one thing, stuart, and that is change. change from the status quo. now, i understand that in europe, places like austria, france, germany, they say there's one issue, immigration. stuart: yes. >> i think immigration is a subset of something larger that you have talked about on this show. the biggest economic event of our lifetime here was the great recession of 2008. it was called great because of its extraordinary effects on unemployment and underemployment. stuart: okay. >> in both the united states and in europe. and what happened after that is

that the elites said low growth is now the new normal. low growth is permanent. we're never going to get back to the prewar average of 3% that we had for 60 years. we now have to settle for 2%. the effects of a low-growth regime like that on society, on people's relations, on their anxieties, on their job prospects is quite dire. and i think they feel that in countries like france, ireland, austria and certainly in the united states. they're saying we refuse to accept a new normal regime like this, and is we're going to vote for young people because we think they -- at least they're committed to the idea of not accepting that new status quo. stuart: fair point, dan, but it'll take a revolution to get rid of socialism in europe. and that's their basic problem. in my opinion. >> well, that is what emmanuel macron is talking about in france. he's trying to revive the word entrepreneur in france. there are all sorts of bright, young french people -- most of

them here in new york city or out in california because they can't get started in france. he wants to liberalize labor laws over there. sebastian kerr in austria, wants to cut taxes. ireland is also talking about cutting taxes, they've already cut taxes. and i have to say i'm going to pull donald trump into this. trump, ultimately, was another political outlier who was elected because he somehow promised change. and trump is delivering on that. stuart: that's interesting, the idea of change, real, real change. not same old-same old swamp nonsense. no, real change. >> not accepting the status quo. stuart: do you think it's going to go anywhere, or is this just another false alarm on the end of socialism? is he going anywhere? >> you know, let's think about it. the great recession of 2008 was followed by eight years of the obama presidency and the obama economic policies which really did contribute to a lot of this may laze, if i may call it that.

if donald trump, through the deregulation that he's doing, through what's happening to the stock market and ultimately passage of a significant tax reform, can turn things around, it will pull europe in its wake. i think canada will benefit as well. and these leaders then will have the prospect of the wind at their back from the united states to make these kinds of changes. stuart: so to dan henninger, hope springs eternal. >> yeah, it does. [laughter] i'm glad to say. stuart: would you pass judgment on roger goodell who says, yes, players should stand, but he won't make 'em? what's dan henninger's point on that? >> well, my point and position is, of course, i don't watch the nfl anymore. the nfl is tied to these players. they are the product, and it's a little hard for them to criticize the product, because they, you know, keep providing the action on the field. but the players have been so bullheaded. i mean, these are guys who spend their lives running into each other like all the time, and they just aren't going to

compromise. and i think roger goodell and those owners are concerned that this situation is really damaging the nfl long term. it has done it short term, and it's just going to cost them millions and millions and millions of dollars in revenue. stuart: you know, i don't know why i asked you about football because you are a cleveland indians fan -- >> yes. stuart: -- and they lost to the new york yankees -- >> they did. stuart: the yankees, if they win tonight, go to the world series. tomorrow, they play, that's right. >> as a resident of new york, i will accept it, but i'm still in mourning over chief wahoo going down. stuart: okay. just stay there, will you? we've got more in a second. serious subject happening today, white nationalist speaker richard spencer, he's going to speak tonight at the university of florida-gainesville. judge napolitano is here on that. all right, judge, i've got a number here -- >> it's an unbelievable number. stuart: $500,000 pent by that university -- spent by that university for one night's

security, tonight. that's a lot of money. >> yes. it's actually being spent by a number of state agencies. the governor of florida has mobilized state resources, the likes of which i have never seen, for one single hourlong event. he has authorized police to engage in their law enforcement activities across county lines, those that are restricted to towns and cities and counties, and he's brought tremendous resources down there -- stuart: brought a lot of people in. >> his greatest fear is another charlottesville. so the question is, do they have to spend this kind of money to allow this person to speak. stuart: well, are you suggesting they could cancel it on the grounds they can't afford security? >> they probably could if they truly couldn't afford security. now, florida's a wealthy state, but how many of these could they tolerate? so here's the law. it's a government university, they certainly can't suppress speech because of its content, and the university exists for a free exchange, among other things, of ideas, even hateful

ideas. so the basic principle is the government has to give him a platform, protect him from the audience, protect the audience from him so that he can say what he wants and they can hear what he says. that's the ideal. may not be able to reach the ideal if there's criminal elements in the audience like there obviously were at charlottesville, or if the cost is so burdensome. could they do this once a week? could they do this three or four nights a week? would they eventually run out of cash? these are questions of fact that would be are resolved in a judicial setting if the university said no and he sued. stuart: you know, i, i'd like to know what happens to those violent protesters who are arrested, what are they charged -- >> you know, that is a great question. stuart: i want to know, you know? >> good question. stuart: if you -- >> there is a murder charge pending in charlottesville because of the crazy, murderous person that ran a woman over. stuart: yeah, but that's a

separate deal. you're talking here about protesters with weapons, masks and -- >> they're not allowed to wear masks. it's against the law in -- >> different in different states. i don't know what the law is in florida. stuart: i want to see them arrested and charged and thrown in prison. >> i think there were a fair number of arrests in charlottesville but not enough. remember, the police abandoned the scene -- >> they did. >> could you imagine if this happened in new york, the police abandon the scene because a they thought it was too dangerous for them? stuart: no. >> i don't think that's going to happen in florida. stuart: dan henninger, "wall street journal" -- >> except for charlottesville, whether it's florida or berkeley, the threat has come from antifa, thugs, basically a mob, that come to these events and basically commit riot. you should be arrested for committing riot. >> the police ignore it. they do not touch them. they let them get away with it. >> well, they really shouldn't. there's a concept called the hecklers' veto.

that's where the crowd prevents the speaker from speaking and effectively vetoes his speech. >> yes. >> believe it or not, it's the duty of the police to get those people out of the crowd so that the ones who want to hear him can hear him. it's very, very technical and complex, and often violence erupts. stuart: $500,000 -- >> that's an extraordinary amount of money for basically 90 minutes of security. stuart: it was $600,000 at berkeley -- >> that's california. everything's expensive in california. stuart: stop making a joke. [laughter] all right, judge. i want to alert everyone, president trump will interview janet yellen this afternoon for the job she already holds. there are five candidates we know of on your screen right now. that will be an important decision when it is made. very soon we're going to be joined by actor john o'hurley. you might know him from his role on "seinfeld," jay peterman. but now he's the voice of the national dog show. now, that's intriguing. i kind of like that. that will be thanksgiving

entertainment. i like that. and today marks the 30th anniversary of black monday. lou dobbs and i were both on the air on a different network, of course. he's going to join us next. we're going to reminisce about the good old days when we looked like that. oh, dear lord. [laughter] stay there, please. ♪ ♪ [fbi agent] you're a brave man, mr. stevens.

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♪ ♪ >> i'm nicole pet lee tease with your fox business brief. the cities are battling it out, who will get the next amazon headquarters? this would be headquarters number two. some of the criteria is it has to be a highly populated area near an international airport. also 500-1000 plus square feet for the initial building. those are just some of the criteria. some cities offering upwards of $7 billion of incentives. where will the amazon headquarters actually locate? today is the deadline, and that is the major piece of news here. here's some that moody's is anticipating, austin, atlanta, philadelphia, rochester, pittsburgh are some of the leading contenders to actually get amazon into their city which would create about 50,000 jobs. here's a look at amazon, it has been a stellar performer, up 33% this year. ♪ ♪ just like the people who own them,

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i'm vern, the orange money retirement rabbit, from voya. i'm the money you save for retirement. who's he? he's green money, for spending today. makes it easy to tell you apart. that, and i am better looking. i heard that. when it's time to get organized for retirement, it's time to get voya. stuart: quick stock story for you, targ, they're announcing they're opening 12 new stores across america, and they're also planning to remodel their current stores or at least some of them. the stock's up to 60. now, very important item, here it comes. thirty years ago today -- [laughter] october 19, 1987, i was covering the stock market's chronic fall.

that's me on the left in case you don't recognize me. the man on the left is lou dobbs, and he was the man who first called it correctly a crash. it was only lou dobbs that did that, and he was the only one in a position to do it, and he was absolutely right. lou dobbs is with us now. >> here he is. stuart: he doesn't look different at all. [laughter] it's true though. you were the one who said this is a crash, and we had to be very careful about the language we used. you didn't want to talk this thing down. you called it a crash. you were right. >> well, we were right. and it's very kind of you to say that. but, i mean, the reality is there was so much pressure not to call it a crash even though the indexes had blown through 10% which is the classic definition -- >> right. >> and we knew something was going on beginning the 12th. what many people don't realize is that on the show, the evening show a week earlier elaine

garzerelli -- do you remember this? stuart: yes, i do. >> she actually called a crash. >> yeah. >> and, i mean, it was an extraordinary call by any analyst, and she was a quantitative analyst, did a brilliant job. then we watched the thing start unwinding in foreign markets. in tokyo, i asked our people in tokyo to alert me as soon as they had an early read. we didn't need to wait for that that because thursday we saw a selloff, we also saw a selloff going into our friday. tokyo was beyond itself. europe was a little more stable, but we knew -- that's why we were positioned and ready to go monday morning from jump street. stuart: yeah. >> and what unfolded was -- [laughter] as only you -- stuart: i was on the air at 6:00, and this is on cnn, way back when. >> right. there, you said it. [laughter] stuart: it's out there. the clinton news insurance netw. i had to say that too. i was there at 6:00 in the

morning. you joined later in the afternoon or mid-morning, i think it was. >> mid-morning. stuart: you had to be very careful about the language you used, because you could be a accused of really talking this thing down and edging it down. you could be accused of that. i'll tell you, lou, to be absolutely honest with you, i distinctly remember when we dropped 4 or 500 points, i got a pit in my stomach. >> yeah. stuart: where are we going with this thing. >> it was -- talking about, there's been no parallel like it in the financial markets because precisely the reason you're saying. there was, no one had any idea how low does low go. we didn't have circuit breakers that were design. >> right. >> we also had indexes, and options were an important part of the market. but those indexes, it wasn't clearly understood by many including the people who devised them and traded on them what would be the impact of not knowing how far these prices would fall as you're looking at the options you're trading in

the major market index, for example, which at that time was the american stock exchange. and played a key role, by the way, in the recovery. because some of the geniuses -- and there were two on wall street -- who knew that if they manipulated the index on the following tuesday, they could recover all of that -- >> through the chicago futures exchange. >> chicago and american. >> yeah. stuart: you're getting kind of weedy on me. >> sorry. [laughter] stuart: here's one thing i can remember. at the time we were on cnn. at that time we were the only global news network. so the only way to follow this developing crash was through cnn. >> right. stuart: and i think you, you had members of the federal reserve board -- >> right. stuart: -- and central bankers overseas calling you -- >> and ceos. stuart: and ceos, what's going on, lou? they were asking you. [laughter] >> it is really a remarkable moment in history. >> yes. >> we didn't have the internet, obviously. >> right. >> we didn't have the level of communications. cnn was the only

globally-distributed network. and is so we've got -- and so we've got the folks calling in who normally we would be calling to say what in the hell is going on? >> [laughter] stuart: now look, today this is a totally different market. it's a totally different rally from what we saw in '87. the solid profits underlying this, i don't think there's any risk of a -- >> so i should -- stuart: -- crash in the near future. >> so i should invest and hold with impunity? [laughter] stuart: you're getting stock market advice from me. you're going to be on the air tonight on the fox business network right at the time when they're taking a vote on the budget. >> right. stuart: and they'd better vote yes. >> it looks very good for it right now, i have to say. it looks -- i am surprised. >> despite rand paul. >> i'm sorry? >> despite rand paul and his comments. >> well, i don't think his position is entirely -- i don't think visibility is going -- [laughter] it's subject to change. stuart: you're such a diplomat.

>> oh, thank you very much. you're so kind. [laughter] you're the only one who would call me a diplomat. stuart: true. i'm the only one. hey, dobbs, thanks for being on the show. >> you know what's really great? to be with you 30 years after that amazing event, you know? a lot of people would have placed bets that wasn't ever going to happen. [laughter] stuart: they did place those bets. thanks for being with us, lou. see you tonight. >> great to see you. stuart: actor john o'hurley, known for his role on "seinfeld," he's with us. he's going to walk down the hallway, he's with us. stay right there, everyone. the dog show, next. ♪ i don't want to sound paranoid, but d'ya think our recent online sales success seems a little... strange? na. ever since we switched to fedex ground business has been great. they're affordable and fast... maybe "too affordable and fast."

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stuart: breaking news for you coming tos from the white house. president trump meeting with the governor of puerto rico. some headlines from that meeting, he says so much has to be rebuilt in puerto rico even before hurricane maria, he also says he's not looking at designs for a new power plant. we expect to hear more from the president in the next hour. he's meeting with the puerto rican governor as we speak. now, here's an interesting item for you. that man there, that's john to o'hurley. he's known for his role as jay

peterman on "seinfeld." he is now the voice -- and what a voice the man has -- behind the national dog show. john hurley is with us on the set. >> nice to be with you. stuart: what a voice. >> oh, thank you, thank you. well, truth be known, mine was the last one to change in high school, so -- [laughter] >> little known fact. >> i had a voice like this. i was 16 years old, and all of a sudden one day it just changed. stuart: the national dog show is an absolute institution. it's broadcast on thanksgiving day. it comes right after the parade, is that right? >> yes. let's talk about it from a business standpoint -- stuart: yes. >> -- because it is what i believe the most perfect piece of programming i've ever seen. let me give you the genesis of how this all went down. for years they always ran reruns of "it's a wonderful life." so they'd go from the high ratings of the macy's thanksgiving day parade to a 1.0 and then have to jump back up for football. so there was this two-hour gap every year, and they were scratching their heads and could never fill it with anything interesting. so john miller, the head of nbc

sports at the time programming and now the head of nbc sports, did something, he went -- he took best in show, that wonderful -- >> great movie. >> -- wonderful movie that was the parody of the westminster show, he takes it home on the weekend, he watches it and is just howling laughing. he comes into the morning meeting over there at sports and says i'll tell you what we're going to do. during that two hour spot, we're going today a dog show. -- to do a dog show. by that afternoon he'd contacted the kennel club of philadelphia, purina as the sponsor, he called me the next morning, and i'm in l.a. i pick up the phone and i say, hello, and he says woof woof. [laughter] and that's how it started 16 years ago. i'm sitting there, you know, you want to talk -- i'm an actor, and now i'm taking this leap into the abyss. [laughter] as a dog show host. stuart: you get 30 million viewers, don't you? >> it's -- we had 19 that year, and we knew we had something special, and we've grown now with the subsequent viewings

about 30 million people. stuart: all it is, the if i'm not mistaken -- i don't want to tread on any toes here -- all it is is interesting breeds going around in a circle being led -- i'm looking at it right now. [laughter] interesting breeds. >> no one has ever reduced it to -- [laughter] to its fundamentals like you have. stuart: am i accurate? >> dogs going around in circles. well, it is, it's more than that. every breed, and there's over 200, about 200 recognized by the akc, every dog had a form and a function and a written specification for what it was because this is all celebrating the rich history of breeding dogs. dogs were never pets. you know, 4,000 years ago you couldn't afford to have a dog as a pet. it was a function. it was part of your life. it was herding, it was ratting. remember those hausian days? stuart: i do. [laughter] >> misspent youth. and it supports this whole rich history of breeding. so in order to keep these breeds

alive, intact to celebrate the form and function, we have these, we have the akc and we have the shows to show them off -- stuart: what time on thanksgiving day? >> 12 til 2 nationally. stuart: i've got 20 seconds left, and i've got a last question for you. do you still get a little piece from the "seinfeld" reruns? >> oh, you bet you, baby. [laughter] i live in your shadow. stuart: john, you're all right. thanks for joining us. >> thank you, stuart. stuart: there will be, and i promise this, more "varney" after this. ♪ ♪ . .

. . six in the morning.

she thought it was a fire. it was worse. a sinkhole opened up under our museum. eight priceless corvettes had plunged into it. chubb was there within hours. they helped make sure it was safe. we had everyone we needed to get our museum back up and running, and we opened the next day. jo moments ago lou dobbs and i was talking about what it was like 30 years ago. that are our pictures 30 years ago, lou dobbs on the right,. ashley: two young bucks.

stuart: back in the days at cnn. my colleague neil cavuto was broadcasting. he looked better than i did. liz: much better than you. ashley: handsome devil. stuart: look at the hair. compared to what you're seeing now. and compare this is 12 noon, neil cavuto. put hill up. where is he? thank you very much indeed. neil: i enjoy that trip down memory lane with you and lou. it is like the "cocoon" club. that was awesome. let me complete the trifecta. seems like yesterday. can it happen again? we don't even know. a lot of people hone in on a day like this. market never experience ad, losing quarter of its value of the single session. the equivalent today would be the dow tumbling 5200