question of the day, there's a stock price dipped. investors have bought every dip since the election. are you buying now? good friday morning. this is a time investors have to make a choice, sell and sleep well because you walked in or by the dip and hope the trump rally rolled on. if you watch this program yesterday you saw maria

interview steve mnuchin. when he talks about a 1-year delay in the business tax-cut investors sold. that was the dip in stock price and. are you buying it? apparently not yet. the dow will open lower again. where it closes we don't know but as of now the buyers have yet to return insignificant force. donald trump is in vietnam, trade is the focus, tough talk, america will not enter large agreements the tie our hands. he wants fair and equal trade deals. friday, november 10th, we honor our veterans, "varney and company" is about to begin. oh oh, slacks for the tax reform vote. allegations of sexual assault against roy moore, the republican nominee for senate

seat in alabama under a cloud before the december 12th special election. jury deliberations in the trial of new jersey senator robert mendez will have to start over keeping them away from the senate for a long time. it really complicates the tax reform vote or seems to me it does. liz: the senate could invoke a constitutional section that could say don't see him. not clear they will. they haven't done that in 150 years. it is part of the broader story. the gop retiree leaving the house not seeking the election. democrats need 24 seats to flip. stuart: in the house coming in the senate of roy moore has his problems and is not elected on december 12th, that means republicans are one vote shy. we have men and as -- mendez.

>> the corruption trial came out, was excused, we are deliberating this and it is a hung jury. i don't believe the juror said he is guilty and several others believe the same so interesting. the judge allowed the juror in this trial even though the juror said i have vacation plans and he said okay. now the alternate comes into the deliberations and back to the beginning. she says history is hung. stuart: he can't leave the trial or go back to the senate unless he is on a weekend. you have some snags here. ashley: allegations that this point. >> it is not good for the gop.

stuart: mitch mcconnell doesn't want him in. yesterday's 100 dropped. and john layfield. and when you buy this dip now? >> it is higher than i won't. and and you lost a lot of money. and tax reform is done. what form tax redone. >> the repatriation of money, the individual tax rate is negligible especially on the upper 1%, not politically

palatable to do that but repatriation, tax cuts, very important to the market. stuart: if you're sitting to you are doing what other people are doing, waiting to see. i want to know about safe havens. 5 big tech companies, the fundamentals are very strong. would you agree with that. >> carnegie, rockefeller and edison build the us economy and doing this on a global level, and most powerful in the history of the world and that will continue. >> disney going all in on streaming. a separate pay for channel that goes after netflix. stock is way up. >> not all this treatment service, streaming service, 27%

stake in who and espn 3 is one of the most digital -- and star wars and marvel, getting into a crowded market, netflix, $7 billion a year, amazon spinning 41/2. this is an incredibly complicated market to be in. i don't think they stream this service. stuart: you go straight to the point. we love that first thing on friday morning. i will take you back to tax reform. is it better to pass something or do nothing? package being discussed is it better than staying where we are? and economist and former senior capitol hill staffer. i said quite clearly something is better than nothing. >> it is not just an economic

issue but a political issue. 7 out of 10 americans say tax reform is urgency. and and and and it was always chaotic. and and let's decide what was passed. when i look at what happened so far, the house proposed the first draft, they have not been

able to that had so fitting is happening. the senate has been watching this. and improve on the house plan. and were heavily in favor of corporate tax reform which is important, corporate tax cuts but don't do enough for the pass-throughs and individuals. the senate is starting, and a modest shift. stuart: i am told some republican leadership is worried they lose some section for the party and voting public. this package is to put people off. >> talking about republican

losses in the previous show, in an off year election, that controls the white house over 30, seats losses. and republicans today they have an uphill fight. losing tax reform is essentially harry carey. they have got to make tax reform as important as the corporate side is, more people oriented. stuart: there is wiggle room to do it. 10 seconds left. by the end of the day, we get something. >> theresa may has set a date for britain to get out of the european union. ashley: 29th of march 2019 at 11:00 gmt, midnight in brussels to the t and hour laws once

again in westminster. stuart: tough to negotiate. the amazon story of the day puts pop up stores inside whole foods markets. you will be able to buy a kindle and walk away with that. that is on the script and you can get your -- along with your kale and all of that, sports fans. >> coming to vatican city, pope francis banning sale of cigarettes, to combine for you. serious stuff. the plague, the black death making a come back, and outbreak in madagascar, has gone airborne spreading to other countries in africa. the worst outbreak in 50 years, just getting started, dark

sigel coming up in this hour.

stuart: the car rental companies have a problem with huber, hurts has announced they got better profits, they also say they will spend more in the future, the market likes that, up to 10%. once drivers rolled in, obamacare. liz: we won't pay for your overhead. and you go by costly obamacare like everyone else. they are willing it out, help you sign up for obamacare, it is a big push, enrollment is underway for obamacare. stuart: if they provide

healthcare -- so way out on obamacare. stuart: they are independent contractors, very you are. liz: shouldn't have been so pejorative. stuart: it was funny. back to you. now this is serious, 196,000 job openings in september, builders and contractors, do you believe immigrants need to come across the border and fill these jobs? i don't think we have skilled people we need in america. >> our focus has been in areas with hiring veterans and individuals coming at disrupted industries looking for a second career, looking for those who deserve a second chance. stuart: you don't have enough workers to fill 196 positions

especially after the hurricane damage in texas and florida. >> there is no doubt in our industry we have an aging workforce and this is why we are working on expanding apprenticeships, focusing on educating parents, educating the public on a great career, over the next we 5 years i read we might have 1 million servicemembers coming out of the military. we are working on a pilot program, they are identified, and -- >> and at what time. >> when the economy grows.

>> and with -- >> skilled worker, and x-rayed certified welder -- >> that is pretty good. >> have you got these programs in place? >> we have them in place, abc has 800 centers, training and learning centers, these people have desire to come into the construction industry. stuart: last one for you. you like this tax plan weather is the house or senate plan, the idea of tax cuts? >> a lot of common themes are good for the industry but ceos need certainty so they can plan, invest and hire. stuart: you don't like delaying for one year the 20% top corporate tax rate. >> not my favorite idea. certainty is key.

if they are confident they could plan and investigation. stuart: thanks for joining us and congratulations on a fine program of apprenticeship for service members. appreciate it. a couple stocks we are looking at. lower sales at nordstrom, hurricanes affected foot traffic in puerto rico, florida and texas. stock is in trouble, a retailer below $30 a share. look at jcpenney, they did lose a lot of money but not as much as wall street they were going to use. ashley: same-store sales are up to present which shocked everybody, a better job liquidating their older peril, had lots of success with client sales but a huge challenge, too many locations. >> shoppers, hard to make sense of what they can find. it is the layout of the stores. stuart: a $3 stock is quite a

come down from a company that has been for a long time a retail icon. >> brought back their old ceo to bring back the plumber, to fix the problem. this is an iconic american brand. ashley: show me the big board. we were down earlier this morning, 40, 50, 60 points. ashley: that is the tax uncertainty. >> in the 11:00 hour the rear interview treasury secretary. and dow went down 140 points. >> tax simplification keeping 7 brackets, this is a tough sell corporate tax cuts for growth when individual taxes for many in blue states go up. stuart: the question we are asking, something better than nothing?

answer it. liz: is something better than a? no. ashley: yes. stuart: you agree with me. the stock exchange is about to hold a moment of silence in honor of veterans day which is being observed today, november 11th, we will observe that moment of silence with the new york exchange. [bell ringing]

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stuart: i don't think the story deserves much time that we will mention it briefly. the naacp chapter wants to remove the star-spangled banner from the national am calling it racist and anti-black. ashley: one of the most racist black -- anti-slavery songs, we didn't have it until 1931 so it won't tell us if it goes away. liz: it was written 200 years ago. i understand the sentiment but nobody sing the obscure stanza, i didn't even know about it. stuart: the naacp also wants to help the san francisco 49ers calling -- colin kaepernick sign with another team. we are in very good shape, see the market open this friday morning, that will be 5 minutes

time, we will open a fraction lower. the question we ask, all previous dip since the election to the presidency have been bought, and we are back in a moment. nah. not gonna happen.

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>> the question will be answered, are you investing in the united states of america? are you going to buy this dip? we find out in four seconds. here we go. it is 9:30, a lot of red as well. losers among the dow 30, the loss is a mere 1716, not a big drop by any means. the s&p 500 is down, the nasdaq composite, is that down but not by much. 0.2%, stock of the day, and the

star wars movies. watch out, netflix, disney is on a roll. the story is they lost a lot of money. >> it is up to present. much to the chagrin. nordstrom, and and david dietz joins us, and and we go to you first because the camera is on you. >> this is an infinitesimal dip. to call it a dip is an insult i

would not touch this, it is not contingent on tax cuts, tax reform which they find a way to mess up, so i would not touch it. >> i would be buying this dip, we will not see tax reform. i've been studying the hospital and senate bill. they realize they have to get done this year, it is the midterm election so we will see real tax reform when we wake up january 1st. stuart: you would buy this dip. >> this is a black swan event, irony of ironies, stumbling and bumbling on tax reform, the eu, break up or brexit. >> you can't underestimate the incompetence that we are this close to the end of the year, talking about details putting off elements of it. shocking to me. stuart: it is not competency

but confidence. david dietz, we always think of big tech companies as immune and a safe haven because their fundamentals are so good. is that a safe haven? >> just like money market, they are not a safe haven. as much as i love apple, it is 75% over the last 12 months, there is a mismatch -- stuart: you would not be buying into it. >> 70% versus 75%. ashley: not amazon because it is expensive. >> it is not impacting dollar stores. liz: getting into furniture. stuart: david dietz says he would buy the debt but not the big tech stocks.

look on the left-hand side, that is walmart reaching $90 a share. that is an all-time high. walmart probably doing better against amazon than most other retailers. >> walmart is the king of brick and mortar, they will continue to be the king. they are following through with amazon. the amazon plan, but they will keep their dominance. ashley: at 90? >> i would not. stuart: let me get my word out. disney is going all in on streaming which they say will be cheaper than netflix, and another star wars trilogy. is this the way to go after netflix and amazon? is in a success? >> disney owns three iconic brands with marvel, pixar and lucasfilm. netflix is the king of content,

content is king but disney has tremendous library, they find a way and the opening price to get in is a teaser rate. and they will be more in line with netflix. liz: so who is 799 a month. >> this increases the disney dynasty. ashley: they haven't done this before, late-night party to be honest. stuart: a star wars series, tv series. they are all in on streaming, they don't have much choice. >> streaming from disney won't come for a a while, facing tremendous picture, espn leg people off. don't expect quick rebound here. ashley: you wouldn't by 104. >> i am really thinking about

it. if you look at the films that make money, the big marvel films that make money, disney dominates, netflix is getting into those types of movies. and 104 to 105. >> it does include the senate side does include the restoration, the $1 million mortgage interest deduction. is that good for homebuilders? >> is that going to pass? is a compromised between the 500 and 100 million, be cautious here. stuart: you don't know how that will shape out at the end of things. homebuilders are down a little bit. down industrial down 48 points.

23,415. nvidia much better profits, better revenue, a chip themaker, up it goes again. stock has tripled, a record high, since the election. ashley: a favorite among hedge funds. stuart: a chart up there says one of these straight up. it makes graphic chips in data centers and look at that. it is that 213. we will take it. don't forget ge going the other way. we will find out monday if the company will cut its dividend, close below $20 a share again, hasn't struggled to that letter, $0.03 shy, better profits at hurts, they have to spend a lot of money in the future, doesn't matter, investors like this, it is up 9%.

big day for ali baba, single day in china, 1111, you get it? not by much. $.30 on 185 stock. jcpenney lost a lot of money but same-store sales went up. we have to bring in jeff zika, i am being unfair. you have to be honest, it

a massive amount of inventory >> there are very few losers, people are selling them for tax reasons. in the first half of next year you will see a rebound. stuart: if you are day trader you will only see at 15 sent -- your in and out real fast. >> so happy you have david on. stuart: how would you like to buy a kindle, hold the thing in your grocery shopping or whatever you do. amazon is open and pop up shops in whole foods markets. is that a good strategy? >> great tie in with the

purchase foods. stuart: i am thinking of buying a low. not good at this stuff. the dow jones industrials, just because i eat a little tale, i'm a greeny, down 46 points on the dow industrials, it is 9:40, good morning, everyone, say goodbye to david dietz and you are all right today. is your mom watching? i like the guy. starbucks chairman howard schultz getting political again. this time he is going after republicans tax-cut plan saying it is fools gold. donald trump talking trade in asia because he wants fair deals and will always put america first, more varney after this. no matter how

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>> 12 minutes worth of business, no serious buying of the dip just yet. and a 52-week high at $90 a share. the chairman of j crew says his company approached amazon about a possible sale. does that mean he wanted to sell the company to amazon? >> he thought these retailers needed more creativity and that would be a good idea. he met with jeff bezos, and

walmart should have done it, as they moved online, and amazon has moved into fashion. and that was behind the whole thing. and he would have preferred an outline sale. they bought whole foods, and other amazon acquisitions. stuart: thanks, the chairman of starbucks is howard schultz slamming the geo he tax plan. >> companies don't need a tax cut. watch starbucks itself, an effective rate of 33% so the same howard schultz, what would you do if the tax cut went

down? he said i would do more for veterans and employee benefits. so there is a disconnect from what he is saying and the reality. starbucks effective rate is 30%. stuart: he is confused about the best interest of starbucks shareholders and the profit line. ashley: he wants to run for office. stuart: now you are talking. donald trump continues his tour of asia talking trade and putting america first. >> from this day forward we will compete on a fair and equal basis. we are not going to let the united states be taken advantage of any more. i will always put america first the same way i expect all of you in this room to put your country's first.

stuart: we held the applause. steve hilton, the host of the next revolution. great to see you back with us, welcome back. >> when donald trump was elected to office they said he would start a war, can't put them on the world stage, he will make a full of himself, you are an observer of the scene. >> over the past year. and hands with emerging crises and projecting strength. no one has seen many years. the specific question of trade

is important, for decades we have been told something that hasn't been true, and it lifts all boats. when you look at the actual impact of it opened trade, that is lifted people in poor countries in poverty, poor people in poor countries benefit and rich people in our country benefited, working people in america locked out and no one has been saying that, he is resetting the rules about trade and it is incredibly important and what he is talking about is countries standing up for their own interests and negotiating with each other to make sure the rules are fair to each other and that is important, all of this has been handed over to these multilateral institutions and everything

gets lost in international language of mush by the bureaucrats that i'd the impact, affected by all this. stuart: tell us what you feel? he did say, the president did say we won't enter large agreements that tie our hands. teresa may set a date for britain getting out of the european union. the date is march 29th greenwich mean time. that is a long way off. >> i don't think it is going well but the fundamental point, in relation to trade, everyone is far too concerned, what happened the real truth is what

happens to the uk outside the eu is not determined by the bureaucracy and rules of engagement between the eu and the uk depends on british businesses being free to compete and engage with customers and markets around the world, that is education policy and training policy and tax policy. last thing to do is play your game, something better than nothing on the tax plan here. and mustn't tell them that. to deliver the number one thing they are supposed to do which is tax cuts to get the economy moving by delaying it a year in 2019. that is a disaster. if they do that, the fury that will be unleashed is something like they have never seen before. stuart: get fired up. i think you should watch the man show, steve hilton's show

was called the next revolution. sunday, 9:00 pm eastern time on the fox news channel. see you again soon. look at the market, specifically market scan, all the 30 dow stocks up or down are unchanged, down and the dow is off 39 points. the plague has returned, the black death itself, this time it has gone airborne. nine countries on high alert about this, there are fears it could go global. we will deal with it next.

stuart: plague continues to spread, quote, the worst outbreak in 50 years. some fear it could go global. doctor mark siegel is with, how bad is it right now? >> it is bad. stuart: how many cases? >> 2000 cases, 150 deaths in madagascar which is an island off of east africa. it is spreading because of the practice where they dig up the

dead bodies and dance around and do a ritual after somebody dies. if you don't treat it right away it spreads to the lungs and you have pneumonic plague antidepressant of these cases are pneumonic. people cough, spit, sneeze and spreads it that way. stuart: at the moment how many of these cases were spread by air, by airborne? >> 90%. it reached that level, that is why the world health organization declares a national emergency telling 9 countries off the coast you better watch it because someone on a plane might spread it here. we are worried about it especially with the rainy season coming up where it continues to spread. it is a bacteria, literally these huge infected boils but it also can spread pneumonic lee. stuart: you are not seriously worried about it's pretty to your for a major america or

much of asia? >> we have antibiotics, we didn't have that in the 1500s. that will cure it but it can also kill you with 24 hours. could somebody get on a plane from madagascar and spread it to europe, it is possible. stuart: a dreadful situation in southeastern africa. >> you could be coughing from something else. stuart: it is a mild risk. >> very low risk is going to spread beyond the east coast. it is not a low risk will continue to spread in that region. stuart: a very difficult subject but we appreciate you being here. >> health officials are on it. stuart: maria bartiroma sat down with steve mnuchin, all about the tax plan. what was the result? the market moved. foxbusiness moved the market. you watch us and we watch your

money. our second hour is next.

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stuart: our own maria bartiromo interviews treasury secretary mnuchin and carried live on this program. the interview was all about tax reform. when it started the dow was already down 95 points. within minutes the dow was down 140. fox business had moved the market. investors had listened as secretary mnuchin talked after one year delay for the business tax cut. when he said that on our air many investors sold. now this is not the first time that what is said on this network dramatically affects your money. the point is, fox business has changed the way the world of money is covered on television. you may have noticed we don't spend a lot of time discussing the fed, or qe3 or a bitb aft, whatever the devil that is. we don't confuse people. we know you are turned off by

that elitist jargon. we go to the heart of the issues that affect you directly. we're big on the american tech companies changing the world. we thrive on trump's growth plan, if only he could get it through the republican congress. america is unique. europe is museum. we innovate. they don't. i am in a position to say that with conviction. in short we're the new guys on the business news block and our audience is growing. that is why what is said on this network can and has moved markets. stay with us, please. you don't want to miss anything. the second hour of "varney & company" is about to begin. ♪ stuart: here we go, breaking news for you. see if it moves the market. latest read on consumer sentiment. liz: still sticking at multiyear highs. the outlook is still positive. the mood on main street still

optimistic. basically looking at expansion to continue for maybe five years. sorry, 97.8. 97.8. trending near 13-year highs. stuart: 98. stuart: don't care, don't care, bottom line didn't move the market. we're still down 50 points. check the tech stocks, all important of course. we have the tech stocks this morning, mostly lower with the exception of amazon, which is only up 40 cents. they're not big losses. the big five tech companies are holding very close to all-time record highs. nvidia is at a record high. they made more money, better profit, better revenue. boosted by demand for their graphic chips which are used in gaming and data centers. look at it go. another $9 higher, 214 bucks a share. that is nvidia. it tripled in 18 months. a downgrade for finish line shares from an investment firm.

one downgrade. look at it go down. i don't know what finish line does? ashley: running shoes. stuart: sneakers, thank you very much indeed i like to know that the price of oil right now, $57 a barrel, virtually unchanged the. joining us now scott shellady with tjm investments. i think he is still in london. developing that british accent and taste for warm beer but he is with us now. the question we've been posing to everybody is this, are you buying this dip? wasn't much of a dip yesterday, down 100 points on the dow. are you buying it? >> it is not a dip. i think market is the market it is okay. think about it this way, stuart, we talk about 3% correction, 5% correction, or maybe 10% correction. 1000 points from this level is roughly 4%. look how many people got their underwear in a bunch over the latest move. can you imagine if we did have a

4% correction which we talked about? no. this really isn't a dip. this is business as usual, if you ask me. markets should do this. right now so far, with earnings that we're seeing everything seems to be hunky-dory. really we have to talk about the fact that quantitative easing, and all the stuff the government is putting out there as far as cash is beating volatility in the market. volatility at record lows. it will continue to be that way until we have some sort of an event. right now it is status quo. >> did you listen to my editorial at the top of the hour where i said explicitly we don't go into quantitative easing. [buzzer] >> the markets, the markets had, everything beaten out of it right now. so we don't see anybody getting scared anymore. we had a nuclear war threat happen in the market. we've seen all failures with republicans in congress. we still can't get the market to go lower? stuart: interesting. i will ask you the questions about the tax plan. do you think, now big picture

here, really big picture, don't go into details, is something better than nothing? >> answer is yes. but is something, getting something done going to happen. i don't think that we'll see anything this year. i just think that as a trader and an investor we look at trend, stuart. we haven't had a food outcome when it came to the travel plan. we haven't had a good outcome when it came to health care. so i'm not going to get excited about anything happening real soon on the tax thing. you seen research, bank of america believes the market will be okay if we don't see anything happen with taxes when we think we should get them. something is better than nothing, i'm not sure we'll get that something. stuart: interesting, stay there, please, scott. i have more for you in a moment. i want to bring in kristen tate, contributor with the hill. kristen, i ask you exactly the same question, with the tax plan, regardless of details, i

don't care about details, is something better than nothing? >> absolutely something is better than nothing but unfortunately to the senate tax bill it just keeps getting watered down. now the senate doesn't want to phase in corporate tax cuts until 2019 which is absurd. the bill does not include repeal of unpopular obamacare mandate. but, yes, something is better than nothing. quite frankly, stuart, i'm worried that nothing is going to get passed. i really think that could doom republicans in the 2018 election. the gop has given voters no reason to get excited about them. they have full control and they're doing nothing. i place the blame squarely on republicans like bob corker, john mccain and jeff flake. these are republicans who are actively working against the trump agenda that voters came out for last year in record numbers. we expect this from the democrats but, we want republicans working for the agenda that their voters want.

stuart: okay. i'm with you, there is a lot of concern that nothing will impact get done. i hear that listen to what house minority leader nancy pelosi had to say about the gop's tax plan. here it is. >> clearly they do not want the american people to know. that's why, so much secrecy, such a short fuse, because time is their enemy. stuart: i'm a little confused, not exactly sure what former speaker pelosi had to say about that, but do you have any comments? >> i have to laugh at this. this is the same woman who told us we need to pass obamacare immediately to find out what is inside of it. hypocrisy is over the to, stuart, it is comical. this rhetoric is the norm among democrats. if a republican exhibited this kind of hypocrisy, the mainstream media would be all over it. because nancy pelosi is symbol of the left, she gets away with it. ultimately i don't even think it

matters what kind of bill the republicans try to pass. the democrats have become so predictable, they will always try to resist it. people like nancy pelosi seem more concerned about obstructing trump and republicans than any progress they are trying to make, then they do about working for the american people. that is just sad. stuart: hold on a second, kirsten. i have more in a moment. talk about amazon for a moment. we spent a lot of time talking about amazon. they will open shops inside of whole foods stores, real shops. we actually put your hands on something and buy it, like a kindle for example, a tablet, other devices. you can buy them in whole foods with the pop-up stores along with groceries. come on back in, please, scott shellady. do you think that is a good idea? >> when i knew about the tie-up a lot of things came to my mind, stuart, but i have to admit this was not one of them. i'm not quite sure you capture

those two markets in the same venue. we'll see what comes out of it. but at end of the day, i heard other folks say, it is not really going to be get a head of lettuce and a kindle at same time. maybe you have two people in your household will go shopping at same time, go two different areas of store. coy see that but not the same person. stuart: i don't know. i think spur of the moment purchase is not out of the question. kindle is relatively cheap. not like a huge expense. it might catch on. it might be something worthwhile, for those of us who don't particularly like buying online. that is different story. retail ice age, here we go. jcpenney lost a lot of money but same-store sales are actually up. so the stock is up 17% this morning. it is still a $3 stock. it's a trader's stock, isn't it, scott? you can buy into that for a 5-cent move, make some money that is what it is all about here? >> yeah, when we get to the low

prices percentages are so great, the return on money is better. everything, if you think there is any life to that stock, old trader say, you can only lose 3 bucks, which would be 100%, when you get to the low levels it doesn't seem so much f you think there is any life, there could be a good gain to be had. people competing against amazon. only store that i think really come up with anything halfway decent of late kohl's, they agreed to put in echo and fire in some of their stores. for that you could take amazon purchases back to kohl's they would return them for you. that is only retailer tried to think outside of the box, still have something to do with amazon, rather than go down sinkhole of the retail ice age. stuart: while in london, scott, listen to this, britain's prime minister theresa may, set a date for "brexit." that is when the brits actually get out of the european union. when is it? ashley: set your calendar for this date, march 29, 2019,

11:00 p.m.gmt. that would be midnight in brussels. see you later this is part of the divorce legislation theresa may has been putting together. this has to go through parliament. they will look at legislation. this is complicated divorce evident with brussels. she wanted an end date. those believe some opposed to "brexit" will drag this thing out. no, we're setting a date and that is it. stuart: scott, the "brexit" vote set off that populist wave. do you think it is calming down a bit? are the brits having second thoughts? >> no. they're still fighting the battles. tony blair being one of them. one of those, old adage like we have in the state with the hillary versus trump, we're going to keep having the election or referendum until we get the outcome that we wanted. they're still fighting it on daily basis. i think it is good she put a date out there, something to focus on. even again today, there was more

headlines about the person that wrote article 50 which triggered "brexit," that said we can rescind it at anytime. so every day, there is the trip, drip, of news we can get out of this. ultimately the people voted. that is what theresa may is doing. she wasn't for "brexit" in the beginning either. she is going with what the people to say. that is very good. something to look forward to or focus on something people will want to have. stuart: british politics, watch out, scott. i will tell everyone what we've got coming up on the program very shortly. some veterans, boycotting the nfl this weekend. all because of the kneeling controversy. a former nfl coach will join us later this hour on that subject. senate republicans unveiling their version of the tax plan. coming up, one manufacturer who says he is on board with it. he is ready to put that money, extra money he will get to work. much more on fbn, on our network moving market. stocks falling as maria

interviewed steve mnuchin later this hour. we ask an eternal bear if this is the beginning of a correction. you're watching the second hour of "varney & company." ♪ i think it's terrific. your kids go to college and you start trading. >>yeah, 5 years already. 5 years, hmm. you ever call your broker for help? >>once, when volatility spiked... and? >>by the time they got me an answer, it was too late. td ameritrade's elite service team can handle your toughest questions right away- with volatility, it's all about your risk distribution.

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stuart: come being back a bit. we were down 60. now down 40. not a big change this friday morning so far. big change at roku. they make those streaming boxes. you plug them into the tv, watch netflix, amazon, et cetera,

et cetera. yesterday roku was selling a lot of their boxes. yesterday the stock popped 55%. look at today, up another 11%. that is a record high. roku. don't ever forget general electric. come monday, we find out if it maintains its dividend which currently yields 4% on a $20 stock. let's see what happens monday. we're walking up to the big event, monday for ge. alibaba, singles day for them in china. that is a huge day. they reported 17-pointing $8 billion of sales in one day. 140 brand were part of the big sale. the stock is moving up. it is official now, yes, walmart did hit all-time record high. earlier today was at 91.23. dropping back to 91.13. still way up there. tax reform, can't ignore it. the senate released details of

its plan yesterday and it does differ from the house version. the senate deal includes seven tax brackets, the top rate being 38.5%. it lowers the corporate rate, but, and here is the big but, there is one year delay. that is in the senate version. drew greenblatt is with us. ceo of marlin steel. drew, you have been on this program and in the past where you said the house version, 20% drop in the tax rate, you thought that was fine and dandy. now you're looking at a one-year delay. how would a delay affect you? >> a delay is not good. we want to is being -- accelerate to benefit beating countries like china, germany, faster. we want sales now to hire more people now. the bottom line, pass of this throughs, the llcs, they're getting a $400 billion cut.

so this is a big cut for small business. overall still a good deal. the instant expense something standing in line as well. that is also going to happen right away. people will be buying tools and equipment for their employees. so they will have the best equipment in the world. this will be very good for american manufacturerring and small business in general. stuart: you put your finger on something very important, drew, i'm glad you brought it up. there is 100% expensing. that means come next year, you buy a computer system for your business, say you spend 10,000 bucks, whatever it is, you can immediately deduct that $10,000 from your, income to the company, immediately, 100%. have i got that right? >> actually it started this year. it started in september. i forget exactly what day. there is a day in september it actually started. so that is why marlin steel has been going ahead full steam. we bought over $1.2 million

worth of new equipment, new investments into our factory. we'll have to hire people just to run the new robots, because we will win a lot of new jobs because of this new technology. this is already starting. we are very excited. stuart: i'm glad you brought that up again, drew. i did not know that. i didn't know it was backdated that is the senate version which is not the final version, but that version says, backdated to september. now you know why there is this proposed delay in the 20% effective rate for corporations. there is a delay of one year. so they could get some money back in order to give it to high-end individuals and lower the top rate for individuals from 39.6, to 38.5. are you happy about giving up some of your gain to help out the 1%? >> i think the bottom line is, is that we'll have the house and senate sit down and have negotiations and when the smoke settles, small manufacturers, medium-sized manufacturers, the average american citizen will be

much better off than what our current civil is. our current system is 30-year-old system, so outdated, so antiquated, china, canada, mexico, germany, they all have better tax systems than us. no matter what is resolved, whether it is the house or little bit like the senate, the bottom line big win for the american economy and american factories. we're going to be hiring a lot of people and middle class is going to get a tax cut. this is a huge win for our team. we're so excited it is happening. we're investing now. stuart: okay. >> you will see huge optimism coming on. stuart: drew greenblatt, you answered question of the day, which is, is something better than nothing, and your answer is? a flat-out yes, it is. >> we have to do this we have to close the deal. stuart: that is another story. got to have it. drew greenblatt. thanks for joining us. former president of facebook

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stuart: the former facebook president, sean parker, is slamming facebook, wait for it. he says, it harms children, and exploits human weakness. lauren simonetti will explain. won't you? reporter: a lot of people post something on social media. then they're not just able to walk away from the computer or their phone. they have to go back and see if someone like or commented on the post, because that social validation that we crave, we need. sean parker that night at an event essentially saying that validation acts like an addictive drug. listen.

>> it's a, it's a social validation feedback loop because you're exploiting a vulnerability in human psychology. so the inventors, creators, you know, it is me, it is mark, it is the, kevin at instagram, all of these people, understood this consciously, and we did it anyway. god only knows what it is doing to our children's brains. stuart: vital question, can i, as a parent sue? >> you can sue for anything these days. that would be difficult to prove though. what is the point, of course facebook wants to make money. this is what marketers want to do, suck you into the site. spend average hour a day on facebook. stuart: you have to get to used to new technology, incorporate it into your life in meaningful way. reporter: sean parker made millions off facebook. give it to those families whose kids have been hijacked by

facebook. stuart: that was good, lauren. well-done. thank you. the senate unveiled its own tax plan. over the next 90 minutes, that something, whatever it is, something is a lot better than nothing. we'll be back. ♪ traders -- they're always looking for advantages. the smart ones look to fidelity to find them. we give you research and data-visualization tools to help identify potential opportunities. so, you can do it this way... or get everything you need to help capture investment ideas and make smarter trading decisions with fidelity for just $4.95 per online u.s. equity trade. fidelity. open an account today. ♪ approaching medicaret today. eligibility?

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maria's interview with treasury secretary steve mnuchin, it did move markets yesterday. listen to what he told her when she asked him about this delay in lowering the corporate tax rate. roll tape. >> we're sticking with the 20%. that's critical. >> the 20% rate is critical even if it's a year later? >> again, we rather sooner, but we'll work with the house and senate on rollout. stuart: so he didn't dismiss the idea of a one year delay, he did not dismiss it. scott hodges with us, president of the tax foundation. big picture scott, i say something, whether the senate version, house version, mishmash between the two. i say something is better than nothing. what say you? >> i think the senate plan looks very strong right now. it compliments a lot of proposals already in the house plan. i think the senate learned a lot by watching the house go through its process and they fixed some issues that really most concerned the house.

it will be interesting to see how they compromise these two plans because, house members have different political vulnerabilities and worryies than senators do. we'll see what wins the day. between the two plans we have very, very pro-growth tax reform on the horizon. i think they get it done. i think they get it to the president's desk before christmas. stuart: you say pass it. >> yes. stuart: don't do obamacare, don't walk away from something like this, pass it, no matter what the final bill looks like? >> we're on the cusp, we're on the cusp here. stuart: "wall street journal" this morning, editorial says, tax reform momentum. they say look, you are moving on. it is getting better than the house version. i take it you agree with that? >> i do, i do. i think the senate learned a lot. they made some corrections. this looks like extremely pro-growth plan. they're accelerating writeoff for buildings and structures. they have the bonus

depressure -- depreciation and bonus expensing provision, combined with the delaying lowered tax rate, is more pro-growth than one over other. i think end of the day this be extremely pro-growth plan. the markets will be very happy. stuart: okay, so far, not exactly ecstatic, not exactly a selloff either. what rate of growth do you think we will achieve next year, if something close to the senate version is passed this year? can we get to 4% next year, do you think? >> no, i don't think so but i think that it will be in the nature of, instead of 2%, we'll have 2.5 to, 2.8%. stuart: that is disappointing. >> well, there is only so much you can do with tax policy. some of that growth will have to come with regulatory reform and other things. stuart: okay. last decision. are we going to get something done this year? >> i'm very confident. i think that the momentum is

there. i think that the republicans are absolutely committed to getting this done, especially after the political troubles they had in virginia and elsewhere. they're extremely committed to this. i think fear is playing a big part of this. and they want to get it done by christmas. stuart: got it. scott hodge, thanks for joining us of the. >> thanks. stuart: stocks are down again today. we're off 50 points. yesterday we were down over 100 points. damage schaefer with us, permanent bear, this guy. okay? he has a big smile on his face. he thinks the stock market is going down. president and ceo of schaefer asset managements. obvious question, is this the start of the big correction? >> with my analysis and i believe that the 23,700 level was a hard level so get through. i think that we are, ending stages of this super cycle rally, induced by three central banks around the world to get growth.

stuart: this is it? >> this is it. tell you why. stuart: we don't have to fall off a cliff tomorrow morning? >> i'm not a crash monger. stuart: you're a correction? >> it will not be a correction. it will be a long period of time that people will remember that this market went up the way it did, and there was nothing behind it to really support it. stuart: okay. >> then it comes down. it will sit in the lull like 1950s and 1960s for a period of time. stuart: that is nasty long period of time. mid 1970s, sat and did nothing. >> 73, 74, dropped 50%. stuart: it was disaster. you think the same will happen now? >> let me tell you why. i just doesn't want to say this to your listeners. cycles occur. ancient greeks, going political for a second, ancient greeks, they fell apart kept infighting in the government. stuart: dan, i will not sell nye stocks because of ancient greeks. >> not telling you to sell your stock.

you don't have a car without brakes you have to have an exit strategy. that is the answer. at this point we have some things lining up. we have crop lineups. we have interest rate lineups. we have currency lineups. let me tell you the scenario so you can see the bigger picture. stuart: make it fast. >> the dollar will get very strong. that will be a big headwind for corporations in america. the second thing is, i don't think this tax package is going to pass. it doesn't make sense. it really doesn't. bless you. and really feels like it is going, taking money out of one side putting in the other. it will not solve the problem. if things are so great, why do you need tax reform? so they're all infighting about this tax reform about where they're going to save money move it around. if the government stops spending, it will slow doesn't economy. deficit is out of control. where is the stock market going with this? it just not will be able to sustain these levels. stuart: okay. a lot of people think it will pass. some version of tax reform will pass. >> yes. stuart: you think it won't pass.

a lot of people think it will pass. will you change your analysis, will you change your timing of a big selloff if it does indeed pass? >> no. i will tell you why. if it does pass, means government spending less money. government is a big player in the gdp number they're trying to get above 3% some that right there alone makes it not going to work and the government can continue to keep borrowing money. that eventually will blow up. either way, arguments, looks great on paper but is it really helping the economy. my answer is no. stuart: give me advice. i think i'm not, not typical of our viewers but a lot of our viewers are in the same boat. i've owned microsoft for a very long time. i made a great deal of money. >> yes. stuart: gone up, whatever. i made a lot of money on it. are you telling me i should sell it. no, i'm not telling you to sell it. stuart: what should i do? >> you need an exit strategy,. stuart: what does that mean.

what do you mean trail it with a level. >> 10% stop, 5% stop. i followed it with you. i know what you have done. stuart: i call the broker, i say if this thing goes below 80, sell it. >> that is your number. stuart: stop loss. you hit 79, you sell this thing, that is what i should do? >> yes, with the market where it is at these levels, that stop orders, even though sometimes they get a little out of control when the market gets volatile, are a safety net that if you're not there, you can control your risk. stuart: suppose you're right, and selloff starts. i have my stop loss in. i sell all my microsoft hits 79, if it does. i have a lot of money on my hands. a lot of cash. >> exactly. stuart: what do i do with it? >> i glad you ask me that right now we're in beginning stages what i think will be a super cycle growth in commodity agriculturals, cocoa, sugar, coffee, corn, wheat, soybeans. this cycle has been dormant for the last couple years because people have been hunting into

the stock market. i also think that the bond market will have one more big rally, and interest rates will go down. i say that between the spread between two year and 10-year is getting to recession level. recession level. stuart: i sell microsoft. the cash i put into treasury bonds? >> short 10-year treasurys i think good investment. i'm long 10-year treasury for full disclosure. there is a lot of commodity exchange traded fund out there which you can get into all individual commodities. stuart: dan, you made your case again. we appreciate it. thank you very much. >> thank you. stuart: now this. new video of president trump and russia's president vladmir putin, greeting each other at a summit in vietnam. they shook hands. this is the asia-pacific economic cooperation summit. they shook hand earlier today. but the two leaders, will not have a formal meeting. there is breaking news on the mueller investigation. former white house national security advisor michael flynn,

involved in the latest details, what have we got? ashley: they're looking into an alleged plan involving mike flynn, who at the time was national security advisor. it involves turkey trying to get the extradition of a muslim cleric by the name of gulan. this is a cleric that the turkish president erdogan believes is the mastermind behind the coup attempt in turkey. they wanted him for some time going back to the obama administration. now the mueller investigation is looking into whether mike flynn, who was at one point of course the nsa advisor to trump, and his son, met with turkish officials at a restaurant here in new york, and discussed a plan to get this cleric shipped to turkey. in exchange for up to $15 million. now mike flynn actually represented the turkish government in issues in the united states before he became a member of the trump administration this is all alleged but an interesting, by

the way the cleric has not been moved to turkey. he is continues to live, alleged statement he was involved in plan to force the cleric to turkey in exchange for a lot of money. stuart: that would have been improper given his position and improper given the money is? ashley: correct. stuart: we'll see how it works out. veterans boycotting nfl this weekend because of kneeling controversy. sam ywyeche, former nfl coach join us. thank you, veterans for your service. ♪ [phone ring] hi anne. so those financial regulations being talked about? they could affect your accounts, so let's get together and talk,

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♪ ashley: now. david smik, former capitol hill staffer says republican have an uphill battle but tax reform is coming he says. roll tape. >> talking about republican losses in the previous show in the house. look, in off year election for the party with controls the white house it is always over 30 seats losses. you can only lose 24 if you're republicans today. so they have an uphill fight anyway. but, losing tax reform is

essentially harry kari. i do think this. they have to make tax reform as important as the corporate side is, a little more people oriented. i think they can do that. stuart: okay, there is still time, wiggle room still to do it. quickly, 10 seconds left, do you think the by the end of the day, before the year-end, we get something? >> i do. stuart: okay. we couldn't live there. mom: our first concern was the kids. this was going to be hard on them. chubb got us a place to stay in the same school district. otherwise it could have been a nightmare. dad... chubb turned a disaster into an adventure for our kids. mom... and no one missed a day of school. ♪

stuart: disney could be stock of the day. look at it go. they are all-in, on streaming, setting up separate streaming channel to take on netflix. by the way they have a new "star wars" series coming up. that is why the stock is way up there, 3% gain for walt disney is a big deal. it's a dow stock. that movement there adds 21 points to the dow. if it wasn't for disney, the dow would be down 60. walmart hit all-time high. we have a new high for you. it is 91.61 reach ad moment ago. it backed off since then but close to a high. the nfl still dealing with the anthem protests. many veterans will boycott the nfl this weekend. our next guest is a former player and head coach of cincinnati bengals, sam wyche. he joins us on the phone. sam, i have to conclude this controversy is not going away anytime soon, and i don't think you're happy about this, are

you? >> i'm not happy about it. as a former player and as a head coach and assistant coach, been there at all levels, the teams all work together in pretty much peer pressure in the locker room is extreme. so you're right, as long as there is a group that want to protest the national an them, or do anything else, even though it is their right, it is not always the right thing to do. stuart: now dallas cowboys owner, jerry jones, reportedly gotten ahold of a lawyer. he is threatening to sue the nfl if roger goodell is renewed. you are a friend of jerry jones. are you with him on this? the point really is, sam, would it do any good to sue and stop goodell from getting another contract? >> i think a lot of people feel like there are really no grounds to sue. i think today, i believe today is the day that the compensation committee, not the competition committee, the compensation committee, which is a six-man

operation and jerry jones is kind of been ad hoc addition to that, taking his advice and so forth, he is not happy with the new contract that is being offered to roger good deal, which would -- roger goodell extension of five years. he has one more year left. that extension might be $45 million a year is speculation. stuart: what would you do, sam? >> take the job for 40. [laughter] stuart: that's good, sir, that is very good. >> leave a little. stuart: apart from that, is there any way out of this thing? >> i think there is. i don't think this will go to court. this is one of those things in the past jerry jones has thought it would be better to have more owners okay any extensions or any contracts offered to a commissioner. right now 2/3 of the owners have to okay it.

jerry would like 3/4 of it. this may be one of those ways working into a negotiating position where you get 3/4 vote of extensions or increases in salary but, jerry jones keeps saying, he wants performance-based contract, in other words do a better job. i think the national anthem is in his craw. the fact that one of his players was suspended for six weeks, ezekiel elliot, number one draft pick out of ohio state, running back. wasn't happy with some relocations of teams. this, both guys, are pretty good, i know jerry jones is a very nice guy. i don't know roger goodell as well but he does do good job with negotiating of labor contracts which is what the nflpa is. it is not a players association. it's a union. stuart: sam, i'm not really part of the football world obviously, but i know a lot of people are very angry about this and don't watch nfl games on a sunday.

>> right. stuart: i take it you know people feel that way as well. i think this boycott nfl is gaining some ground here? >> i think you're right. i'm disappointed so many things happening and responses to those things, that i, i don't watch a lot of pro football anymore myself. stuart: whoa, sam, that is really something. >> yeah. stuart: you made your life in football. you stopped watching it? that is extreme. >> well, i haven't stopped all together but i only watch teams where i have a personal interest. i just don't follow the teams like i used to at all. i live near clemson university. so, i'm, believe me, i got to be all-in with dabo sweeney. stuart: i'm a clemson fan. i do watch that on saturday. i love college football. it has not been tainted with what is going on in the nfl. sam, i'm out of time. we really valued your opinion on this we appreciate your input. thanks for joining us, sir.

>> thank you for having me. i watch you every morning. give me -- stuart: don't change the rules of game. if you told me that earlier, you get an extra five minutes. get out of here. >> i was going to give you a shameless plug i'm a heart transplant recipient, trying to get everybody to sign up to be a donor. if you could push that a little bit, we'll be even. stuart: sir, you will come back on this program next week, we'll push for that. guaranteed. yes, sir. >> thanks. stuart: british psychologist -- by the way, christmas music bad for your mental health. liz: really? stuart: constant reminder of all the things you have to get done before the holidays. we'll dispense with that. have a big guest coming up. mark stein -- mark steyn. wonder what he will say? he put out a cd on christmas.

ashley: good for our mental health. ♪ is this a phone?

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ashley: well look at this. since 2000 the federal government provided about $3.2 billion in tax breaks for sports stadiums, but, those subsidies could soon end if the house gop tax reform bill passes. william la jeunesse in l.a. with the details. william? reporter: ashley, nfl stadiums and most sports arenas are built in large part with federal tax money, subsidies in effect. because they're financed with tax-exempt bonds, meaning federal government collects no tax on interest of those bonds, say like a court bond. example, yankee stadium costs more than $2 billion, built in part with tax-exempt bonds. federal taxpayers lost 400 million in revenue. so in the last 15 years, federal taxpayers helped build 36 stadiums, losing 3 to $4 billion. but city and nfl officials argue that these contribute to economic growth. so right now, ashley, i will tell you, that it is, this tax

break is in the senate bill but not not house bill. so they will have to work that out in conference committee. it is controversial. back to you. ashley: as with everything else, william, more "varney" after this.i . but it's bryan with a 'y.' yeah, since birth. that drives me crazy. yes. it's on all your email. yes. they should know this? yeah. the guy was my brother-in-law. that's ridiculous. well, i happen to know some people. do they listen? what? they're amazing listeners. nice. guidance from professionals who take their time to get to know you.

stuart: is something better than nothing? we're talking the tax package now. put aside personal feelings. is it good for america? or would the country be better off staying as is on taxes? my answer is, yes. when it comes to taxes, some change is better than no change. both the house and senate proposals fall way short of what we were hoping for. these are not reagan-style tax cuts. i got that. but i have two reasons for saying this very limited reform is better than nothing. first, the vast majority of middle americans will get more money in their pockets, and businesses big and small get a tax break. and some of that mountain of money overseas will come back to

the united states. that means we can expect a little more economic growth. a little more. that's disappointing. we expected big cuts for everyone and an economic boom, but even a little something is surely better than staying where we are and drowning in obama's world of tax, spend and borrow a. second reason for saying yes, politics. the republicans and president trump are desperate for a win. if nothing is done on taxes, both lose. that would mean a big democrat win in elections next year, and that would mean absolutely no further progress on the trump growth agenda. politically, something is better than nothing. notice the lack of enthusiasm here. it's hard to get onboard with a republican party that seems to have forgottennen what its brand stands for, and it's hard to be gung ho for such a watered-down mishmash. this something is disappointing. it's knot what 63 million people voted for. it's not what we were promised.

but -- and there's always a but -- can you imagine the consequences of another failure like obamacare reform? please, let's not go there again. something is better than nothing. the third hour of "varney & company" is about to begin. ♪ ♪ ♪ ♪ stuart: louder. >> brooks and dunn. stuart: mark steyn is with us. have you ever heard of brooks and dunn? >> yeah, yeah. that's from their great album gung ho for mishmash. [laughter] it's the album of the year, you've got to get it. stuart: you're pretty good at this, aren't you? all right, guys, stay quiet for

just a few brief moments, please. we're down 44 pointings as we speak. more losers than winners on the big board. let's get right back to that editorial on taxes. i'm going to say it again, something's better than nothing. mark steyn is with us now. do you agree with me in. >> well, you're right. something always beats nothing. this is a teensy weensy something. but a legislature has to be able to legislate, otherwise there's no point to it. and the self-indulgence of the senate in particular, you know, we're all waiting for that one republican senator who'll decide to kill the tax bill. and we don't know who it is, but there's going to be one of them who wants to do it, because these guys -- i mean, like john mccain, susan collins, lisa murkowski, all these guys are basically the president for like the republic of themselves, and that's what they're all about. stuart: you're raising the issue of problems in the senate, and here's one of them.

roy moore, the republican nominee for the senate seat in alabama, he's facing allegations of sexual assault. you also have, as you said, john mccain's health issues. it's a bad time for all of this to happen when there's a tax vote probably coming later this year. >> yes, that's true. and i don't think john mccain's -- he, john mccain has basically said this guy should go regardless of whether there's any truth to the allegations. i don't know why he felt we needed to hear from him at that point. that's very -- stuart: because i don't think he wants roy moore in the senate. >> no, none of them like roy moore, and they want to write in the guy -- >> luther strange. there are pretty heavy allegations against roy moore. there's three other women too. >> well, wait a minute. just to be clear on this, the three other women are, were between 17-19. i've got a teenage daughter. if a guy in his 30s wanted to date my daughter, they'd be dragging the lake for his body 20 minutes later. >> right. >> but let's not forget in the

country you abandoned, stuart, when the prince of wales got engaged to lady diana spencer, he was roy moore's age, and she was 19. and that was the -- >> okay, but there's a 14-year-old involved. >> no, no, i'm saying, i'm saying -- >> it's terrible, these allegations. >> the 14-year-old is what's at issue. the other three are just the way these things are. >> i don't know about that. stuart: i've got ten seconds, mark, do you think we will get something this year, yes or no? >> well, i would like to. but, you know, to be honest, i'd bet on no. stuart: you're betting on no? okay. britain's prime minister, theresa may, she has said a date for brexit. that's when the brits actually leave the european union. march 29, 2019, 11 p.m. greenwich meantime which will be midnight brussels time. you're grinning, why? >> ten years ago a big economist

at george mason bet me $100 that no nation with a population of ten million or more would leave the european union by january the 1st, 2020. so i just won $100. >> nice. ♪ it's beginning to look a lot like christmas. [laughter] >> make the check out to mark steyn enterprises, cayman islands limited. [laughter] >> that's funny. stuart: i'm going to move on. you could dominate the show. wonder why i'm here. [laughter] disney, this is important. disney's going all in on streaming. their going to come up with a new service, a channel basically, that's going to be cheaper than netflix. by the way, they've also announced another "star wars" series on television. lenore hawkins with us, i believe you're in san diego right now. is that correct there, yes? >> yes, i am. stuart: yes, okay. would you buy disney at $105 bearing in mind that they seem to have bet the farm on

streaming? >> oh, i think that's definitely the right way to go. that is part of our connected society investing theme where people are demanding their content in different ways. to even call these things television shows doesn't really make sense anymore because the younger generations and increasingly even the older generations aren't watching these things even on a television. they're watching on a phone, an ipad or even on their pcs. i wouldn't be going for disney quite yet, because i i want to see how they're going to do this. it's a complicated thing. netflix is definitely going to suffer as a result because content creators are going to say i think we can do it on our own. stuart: you know, i can never pin you down. i always say would you buy it, would you buy it, and you say there's plenty of reasons why not. [laughter] >> i'm an economist. i have, you know, three other hands. [laughter] stuart: sorry. you need several hands to be an economist. okay. here's the other question i've got, and i want a definitive

answer, lenore. are you buying on this dip? now, by "dip," i mean yesterday's 100-point drop for the dow and today's 39 -- i know it's not a huge dip by any means, but it is a pullback. are you buying it? >> this is -- we're not really dipping yet at all. this is nervousness, and it really just started because of what happened with japan. because we've had no volatility whatsoever. then on thursday in japan the nikkei went alling wobbly, and that started to get people concerned. plus, we're seeing the dollar get stronger and stronger, and that's really going to be a problem for -- stuart: okay. i got the analysis, i got it. i want the decision. >> no, no, it's not a pullback, so i'm not looking at this as a dip that i can take advantage of. stuart: i'm still not clear. >> it's a no. stuart: i don't know what you're going to do with disney. i want to know what you're going to do with your clients' money right now. you represent very wealthy people, lots of them in europe. are you telling them, hey, sell, sell now. this is a nasty dip, it's going

to go all the way down, or are you saying, oh, take advantage, sports fans, let's go to the moon? what do you say? >> i'll say that any investor or who watches the market and makes moves day-to-day like that where a tiny pullback is going to have them have a meltdown, you need to go into a different business. [laughter] stuart: okay. >> we have protection that makes sure when things do get wobbly that we're covered. stuart: okay. i've got some advice. >> we've got a long ways to go. stuart: earlier this morning we had a super bear on the program, dan schafer, and he thinks this is the start of the big correction. so i said what should i do with my microsoft stock. everybody knows i've got a little bit of microsoft. should i sell it. and he said, no. what you should do is put a stop-loss on it. it's currently $84 a share. he thinks i should put a stop-loss at $79. so if it really does start to come down, i'm out, i've got the cash. would you say the same thing? >> that's one way you can do it. i'm a little bit more in favor of using options as protection.

if you put a stop-loss at $79, it could go 78.9 and go skyrocketing back up, and that's -- stuart: so how many of our viewers hedge with options -- [laughter] may i ask -- >> that's why i get paid. [laughter] stuart: so when do we hit 25,000 on the dow? last question, easy question. [laughter] >> that is not something that anybody should be predicting. stuart: you know, i tried. i'm trying. [laughter] >> you tried, i give you that. stuart: i'm trying hard. it's a friday, so i'll let you off, okay? >> have a great weekend. stuart: lenore, i do think you're all right. thank you very much, indeed. i tried, mark. >> yeah, no, that's gung ho unequivocated. [laughter] stuart: if you were in this chair, you would have got something, i know you would. >> no, no, that was impressive. that was impressive. stuart: okay. on my part? no. >> no, on lenore's part.

stuart: jam-packed hour. fcc chair ajit pai is joining us, all these merger deals and how the future of media ownership may change under president trump. that man on this show later today. and we're going to be joined by ihop. they're giving away free red, white and blue pancakes for veterans and active military people, and they're also helping military families. they are on the show with that product. first, this man. his name is jocco, he's a former navy seal, tough guy. he fasts for up to 72 hours. why, why do we have this on the program? >> not with the pancakes. >> veteran. >> right now the american flag being raised at the new york stock exchange. watch it, sports fans. ♪ ♪ life happens.

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stuart: this is the day when we observe veterans day. november the 11th, of course, is tomorrow, but we observe veterans day today. we honor all who serve. look who's here, jocco. i'm going to start with something a little unusual here. we read in your book that you fast, no food for up to 72 hours. why do you do that, and what do you get out of it? >> well, for one thing, stuart, it's important to know that just because there's doughnuts in front of you in the office when you show up at 9:00, you don't

have to eat them. in fact, the human being can live for 30 days without food. so to think that you've got to have those pastries that are sitting in front of you is just not true. a lot of times people get tempted by food sitting there, but you don't need -- stuart: so you exercise discipline, that's what you say. that gives you freedom? >> yeah. well, absolutely. discipline does give you freedom in every aspect of life. i mean, you talk about finances all the time. if someone wants to be financially free, they have to have financial discipline. yes, absolutely. discipline does equal freedom. stuart: that's very good, okay. i've never thought of that, but we appreciate that thought, and is we're going to hold it too. now, you're a navy seal. i think you took part in the battle in fallujah, if i'm not mistaken -- >> actually, the battle of ramadi. >> i'm so sorry, jocco, i do apologize. >> no problem. stuart: it looks to me as if isis is beaten on the ground in the middle east. they are toast.

is that accurate? >> well, i think "done" is a strong word and, you know, we defeated these extremists before in that area. but there's little embers that will continue to smolder, and if we don't keep an eye on those ember withs, that fire can start up again and cause real problems. but, yeah, absolutely. the iraqi forces, the syrian forces, the u.s. forces that have been over there in ramadi, in mosul, in raqqa, they've been doing an outstanding job, and they've crushed them. stuart: i should tell you that the security people in america have just issued a warning about maybe isis using drones to attack us. would you discount that completely, or is that a viable threat? >> i think that you've got to remember that these people will use any means, and they'll be very creative. we saw that when we were overseas face to face with them. they'll come up with very creative means to impose destruction. and so, absolutely. if they can figure out a way to weaponize drones, they'll do it.

stuart: i want to ask you about the naacp chapter in california which wants to get rid of the national anthem. why? they say it's racist. on this day when we honor veterans, i want your opinion on that, please, jocko. >> well, i'm not sure about their stance or why they would take that stance. all i can tell you is this: i've stood proudly listening to the national anthem with my brothers and sisters and comrades in arms from the armed services from -- that are every race, every ethnic background, every creed, and we all stand proudly for that, for our national anthem, absolutely. stuart: it's great to have you on the show, jocko. your book is "discipline equals freedom." that's very important. i've got mark steyn nodding along with me next to me. jocko, it's a pleasure and honor to have you on the show. thank you, sir. >> thank you. stuart: yes, sir. mark steyn is with us. still with us. he's right here. first of all, i want your reaction to the naacp.

california says no to the star spangled banner. >> no, this has got to stop because basically they're saying there is no country, that basically this is -- america is just like gate 27 at lax. and it's just like a holding pen of whoever's in it. and the part of that is to demolish the entirety of the past, including statues not just of robert e. lee, but of george washington and benjamin franklin and whoever. and killing the national anthem. and that's what it is. it's basically to leave you unmoored, living in the present tense as if everybody is basically -- even if you came with the mayflower, you're basically an undocumented immigrant who just got here yesterday. that's the whole point of it while destroying the past. stuart: i'm with you entirely, 100%. thank you. earlier today we talked about ihop teaming up with military families.

on your screen, haley hartwick. her dad lost his life in the military. she is with us later this hour. listen to this, please. a new poll has revealed a very large percentage of trump voters have no regrets. we'll tell you the number in a moment. [laughter] ♪ ♪ 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. fidelity. open an account today. fidelity. if you have medicare parts a and b and want more coverage, guess what?

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♪ ♪ stuart: oh, no. [laughter] did we put that on our air? that's mark steyn. that's his voice. sweet gingerbread man, is that right? >> yeah, sweet gingerbread man. stuart: did you know, by the way, that a british psychologist says playing christmas music too early -- and we just did -- makes you depressed? >> yeah. no, this psychologist says christmas music can impair your mental health. and certainly if you're looking for a christmas album that impairs your mental health -- [laughter] mine does the trick. actually, the pentagon plays it

to the detainees at gitmo to make the suicide bombers even more suicidal. [laughter] so you can't really go wrong with it there. stuart: would you mind if i ask a stuart varney question? you know what's coming. dud you make -- did you make any money out of that? >> oh, yeah, i did, actually. and i made even more out of my cat album which was, at one point, outselling megyn trainer -- megan trainor. ted cruz introduced me at the united states senate as a number one best selling jazz artist. [laughter] and the democrats, perfectly synchronized, the democrats -- like the radio city rockets -- all rolled their eyes in unison. [laughter] stuart: did you know that the british psychologist who said the music was depressing? do you know what her name is? linda blair. >> oh, my gosh. stuart: all right, this is not a selloff. we were down 100 points

yesterday, down 50 points right now. you can hardly call that a selloff. it's a minor dip, shall we call it that? people think we are going to get something out of the senate on taxes. we shall see. 23,000 -- no matter what mark steyn says. almost called him klein. 23,411 is where we are, and we will return. ♪ ♪ must

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the platform, price and service that gives you the edge you need. alright one quick game of rock, paper, scissors. 1, 2, 3, go. e*trade. the original place to invest online. ♪ ♪ stuart: simon and garfunkel. >> yeah. stuart: i knew it. that reference to new jersey got me. >> i should be careful, his bow tie is really a camera. stuart: do you remember that? >> yeah, this' from that -- that's from that song. i spent a couple of weeks with paul simon out at his home in montauk on -- >> well. >> he took me to the end of the garden and said on a clear day you can see dick cabot's house. [laughter] stuart: we haven't got that scripted, mark. [laughter] check the big board. it's not as bad as you might think. a little toing and froing on the tax plan, and we're down 55

points. plenty of red, but bottom line, this ain't a huge selloff. back to what i said at the top of the hour. i do say and i will repeat, when it comes to taxes and the tax plan, something is better than nothing. john lonski's here, moody's economist. what do you say? i do say, look, i don't care what's in it. getting something done is better than doing nothing. >> that's exactly right. it's important you get that top tax rate down. it's also very important that you change the tax treatment of business investment spending. stuart: i think that's the big part that comes out of the senate plan, the fact that as of september of this year you could buy capital equipment for your business and write it off, 100% immediately. >> that's going to be great for the u.s. economy. what we want are higher quality jobs, and if we have more capital spending, we'll have higher labor productivity, and real wages will increase. stuart: so you think this is a good deal.

>> that's a great deal. you're improving business flexibility. they can decide to write off capital spending as they choose. that's the way it should be. stuart: what about the one-year delay as proposed by the senate? do you like -- >> not good if you're a republican. you want to get this thing in as soon as possible, get those taxes down and perhaps create more in terms of jobs. stuart: all right. what rate of growth? let's suppose that the house and senate get together, they come up with something rather similar to the two proposals that we've got now. fairly similar. what rate of growth do we get next year? >> you would get 3% growth. you want 4%, 5%, but i don't think a change in the tax law is enough to bring about these changes. we've first got to get that capital investment in place, we have to improve labor productivity in order to start growing those wages. stuart: wait a minute, look, we've got 3% growth now, don't we improve -- >> that's a big impree. over the past ten years.

we're making progress. we have problems with the growth of the labor force. it's not growing as rapidly as it did in the past. stuart: yeah. but i want better growth than 3%. we've got that already. if we're going to make these tax changes, i want a whole hot more growth. i'm not going to get it? >> not unless you get that underlying rate of productivity growth higher. that's of critical importance. that's barely growing right now. if you could jack that rate of growth higher, that's going to be a great benefit to the u.s. economy and especially that middle class american. stuart: so on the one hand, we have economist john lonski. on the other hand we've got mark steyn who knows nothing about economics but is going to tell us what rate of growth we get next year. >> no, i know nothing about economics, but i do agree with you on the capital spending thing. i do not like the concept of amoretyization -- amrityization. i'm in favor of direct, immediate writeoffs rather than -- stuart: that's what they're getting. >> yeah, yeah.

but i'm not in favor of delaying for a year the cut in the corporate tax thing, because that is ludicrous, and it's killing us. stuart: stiep's onboard. okay. watch that market go. now, starbucks chair howard schultz slamming the gop tax plan. he calls it, he says it's fool's gold. what do you make of that one? >> i think he's running for president, isn't he? >> exactly. >> throwing his hat in the ring, so to speak. i think he's wrong, he knows -- i think he probably knows that he's wrong. a lot of companies want this tax cut, they need it to go ahead and expand operations in the united states. they have less of an incentive to have operations overseas, headquarters overseas if you bring the top corporate income tax rate down to a level that's commensurate with what you have in the rest of the world. stuart: i'm not sure why he would take this position, mark. i mean, a cut in the tax rate on -- >> well, because -- stuart: it would help his business. >> no, but everybody thinks business means super

multi-nationalings. when they talk about the corporate tax rate, i mean, i'm a corporation. you were mocking the sales of my christmas album. nevertheless, my pathetic christmas album sales are enough to support my corporation. that's -- corporations are very small -- stuart: so they should get a tax break. >> mark's bringing up a very important point, and that is the tax law is going to benefit small business. >> that's right. >> some small businesses have small coffee houses that compete with starbucks. and my understanding is that starbucks is losing business to these boutique, localized coffee houses. so he's nervous about this. stuart: so he should be in favor of a tax cut. thanks very much indeed, sir. >> my pleasure. stuart: i want to get back to the issues hanging over the senate gop right now. there is roy moore, the republican nominee for a senate seat in alabama. he's facing allegations of sexual assault. john mccain has health issues too. you could say that this is a

very bad time for all of this to happen with the tax plan and a vote probably coming up. lawrence jones is the host of the blaze, and he joins us now. what do you make of this roy moore situation, lawrence? >> it's a mess. don't mess with kids. and although these are just allegations, it's very troubling, you know? he has to make the case that he didn't do this. i'm going to find it hard to believe, i served a couple of years on cps boards and the child welfare boards. i hate when people mess with kids whether you're assaulting kids or sexually assaulting kids. it's a no-ball game thing for me. stuart: i don't think the republicans, look, the republicans in the senate, i don't think they want him. mitch mcconnell has already said the allegations, you know, count you out. they don't want him. >> well, of course -- i don't think any republican wants him if he did this. and i think we've got to be quick to condemn it. we've got to figure out what's

going on. why wasn't this brought out sooner? who else knew about this? i mean, did we -- are we not vetting our candidates to figure out their past before we put them on a gop ticket? that concerns me. stuart: okay. one more thing for you, lawrence. listen to this. according to a politico/morning consult poll, 82% of those who say they supported trump last year would vote for him again if they had to do it over. 82%. you surprised at that? >> i'm not surprised at all. donald trump is very in tune with his base. he noses his people. -- knows his people. he communicates with his people on a daily basis, and this is why the press and many establishment on the right don't get donald trump. he has a relationship with his people. and until the republican party can do that on an individual basis, candidates that are running for elected office, we won't be able to get stuff done. donald trump is safe with his people right now. now, the question is can the senate get with the program and

start passing some bills. stuart: okay. quick word, mark. >> yeah, i agree with that. the democrats have a base, trump has a base. i don't think the gop establishment in congress has a base. [laughter] stuart: very well put. you are right, sir. i've got breaking news for you too. netflix cutting ties with the comedian louis c.k., they've released a statement. the allegations made by several women in "the new york times" about louis c.k.'s behavior are disturbing. louis' unprofessional and inappropriate behavior with female colleagues has led us to decide not to produce a second stand-up special as had been planned. netflix stock as of now, it's down $3, 1.5%, $190 per share. all right. red, white and blue pancakes free today at ihop for active military people and veterans. they're going to be with us in a moment with that. it's on your screen. but first, fcc chair ajit pai, i'm going to ask him about the

at&t/time warner deal. is spinning off cn, in the key to getting the deal approved? he is 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." what if... "people" aren't buying these books online, but "they" are buying them to protect their secrets?!?! hi bill. if that is your real name. it's william actually. hmph! affordable, fast fedex ground.

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but it's bryan with a 'y.' yeah, since birth. that drives me crazy. yes. it's on all your email. yes. they should know this? yeah. the guy was my brother-in-law. that's ridiculous. well, i happen to know some people. do they listen? what? they're amazing listeners. nice. guidance from professionals who take their time to get to know you.

stuart: now this, the at&t/time warner merger. we might just find out how much cnn is actually worth if time warner has to shed cnn. look who's with us. ajit pai, fcc chairman, a notable guest. sir, welcome to the program. >> thanks for having me on. stuart: why would time warner have to get rid of cnn? >> well, i have to say this is not within the -- stuart: i knew that. [laughter] >> handled by the justice department, so i have confidence in the individuals over there to make the appropriate judgment.

stuart: would you like to have a stab, a guess as to how much cnn's worth? >> given the limited time, i'm afraid i don't have -- [laughter] next time. stuart: thank you very much for being on the program, sir. okay. [laughter] i do want to talk to you about the way the media is changing so rapidly in the digital age. seems to me that the legacy media companies -- radio stations, newspapers, for example -- i think they're at a disadvantage. it's not a level playing field for them, is it? can you change it? >> i think we can and, hopefully, next week we will. one of the things that is notable about the 21st century is there's all kinds of competition that could not have been conceived when the fcc established these media ownership rules back in 1975. our rules should match the market mace in which we're in. -- place in which we're in. if the fcc has rules on the books that don't contemplate anything like the internet, we need to -- stuart: you would open it up?

you'd say okay? >> absolutely. if a silicon valley giant can buy a newspaper and nobody bats an eyelash, why should a radio station be prohibited from doing the same with a newspaper? that's good for local coverage as well. stuart: a facebook, for example, would to you just let them go at it and buy what they want? >> well, obviously, there's still going to be antitrust laws that cover these types of situations. but i take the position of regulatory humility. it doesn't seem a government regulator should preemptively say these potential pro-competitive combinations should be outlawed because we know what the marketplace is like now and what it always will be like. that's not something the government is well positioned to do. stuart: regulatory humility from a government -- i'm not saying you're a government guy, but you are in the government, and we're not used to that kind of talk from government people. >> i understand that. i hear a lot. to me, at least, i look at it from the consumers' perspective. they want as much news as they can get, and the last thing the government should do is stand in

the way saying, no, we demand that the marketplace be as it was in 1975. that's simply not the way it is now. stuart: this is so refreshing. [laughter] tell me more. do you know who that is? that is mark steyn -- >> of course, yes. stuart: he's a big gap of yours, and -- fan of yours. >> no, i'm a big fan of that because i think what's interesting is, as you say, we're regulating the stuff from two generations ago. a guy comes along, he invents facebook, and you think, oh, that's great for lonely losers to put cat pictures on, and next thing you know it's actually making it's and distributing television. >> right. >> and so to go back to the radio station in topeka, kansas, i mean, people are doing an end run round the regulated sphere that you have no say over. >> and the other great irony is these are particularly the outlets that are struggling. newspapers are struggling especially in smaller towns. broadcast radio and tv. we single them out for onerous

regulations while ignoring cable channels, online platform, all types of media in the fcc never thought about in 1975 because it didn't exist. stuart: what have you got in store in the immediate future to open the stuff up? >> two big things. number one, modernizing our regulations to match the marketplace in which we're in and, number two, trying to promote more competition. we want all companies using all technologieses to have a fair chance to compete. stuart: yeah. because competition comes from all different sources these days. it's not a discreet, linear thing. it's all over the place, people are competing. >> exactly. technological neutrality is important. i don't care what technology is being brought to bear, we want all of them to compete for the consumers' eyeballs and wallets. stuart: when you walked in the door at the fcc and you talked about regulatory humility -- [laughter] >> i think a lot of people have said it's about time. some of these rules have been on the books, not just this one from '75 --

stuart: sir, with due respect, the bureaucracy that was in place at the fcc when you turned up and said something like that -- [laughter] i can't believe that they would approve. >> no, the fcc staff has been, actually, tremendous. they've been helping us do the leg work, the nitty-gritty work behind the scenes to help this happen. we've gotten rid of regulations that dated back to the telegraph division in 1936. some of these rules might have been worthwhile back in the great depression or beyond, but they aren't relevant today. we want to make sure that we have an agency that's worthy of being relevant in 2017. stuart: sir, you can bring back regulatory humility to this program anytime you like. after after ajit pai, thanks for joining us. >> my pleasure. stuart: i also have to say good bye to mark steyn. i'm going to have a set full of people, but thank you very much, indeed. oh, no, stein comes back at the very end. >> oh. do i get any pancakes? i'm only here for the pancakes. [laughter] stuart: special on veterans day coming up after this.

we'll be right back. ♪ ♪ ...at t. rowe price... ...we've helped our investors stay confident for over 75 years. call us or your advisor. t. rowe price. invest with confidence.

♪ ♪ stuart: oh, yes. veterans day, we are observing veterans day today with some great stories for you. ihop treating veterans and

active military people to free red, white and blue pancakes today. by the way, second story, ihop has teamed up with the children of fallen patriots foundation to raise money. and with us today devon rabelles, you are the president of ihop. we also have david kim, ceo and co-founder of the children of fallen patriots foundation. >> that's correct. stuart: and we also have with us haley hartwick, that would be you, and you lost your dad in the military, i believe. >> yes. my father was michael lee hartwick jr., and he lost his life serving in iraq in 2006. stuart: in iraq in 2006. >> he was an apache helicopter pilot and lost his life when it was shot down by enemy fire in iraq. stuart: and have you been helped by david's foundation? >> i have. stuart: what have they done for you? >> they have been more than a scholarship to me.

they've been a family. they've been a community that has supported me through the good and bad because they wanted me to succeed and earn the education that i deserve. stuart: you look like you're doing okay. [laughter] >> we're really blessed that she works with us now at fallen patriots as well. stuart: why did you start this organization? because you're the co-founder, i think. >> i am. we started in honor of sergeant delaney gibbs. he and i served together in '89 when we were sent down to panama to remove noriega from power. unfortunately, he was killed in the fighting. that was a few days before christmas, and he had a baby daughter due in march. so we thought about those years later how could we help that little girl, what was going to happen to her. this is a way to honor the sacrifice of those who die for our country by investing in the people they love most in the world. tart stuart and it's more than just scholarships. it's support, as haley was suggesting, a much more broad-based approach to helping these youngsters. >> it is, that's right. we want to have a holistic

approach of not only supporting college needs, but also being a friend, a counselor, a mentor. that's why we have fiver different graduates -- five different graduates helping their peers. stuart: may i ask how much you've raised? >> $19 million to about a thousand students going to school. stuart: that is terrific. $19 million to a thousand students. >> yes. stuart: good lord. is in your full-time job? forgive me. is it? >> it's not. i work on wall street, but we have a fantastic team of about a dozen people in virginia, and it's been growing quite well. stuart: that is terrific. that is flat out terrific. and darren, now, you brought in ihop. we've got the pancakes in front of us. i'm not going to eat on camera -- >> you sure about that? [laughter] stuart: now, for every one of these dishes that you sell, what happens? a dollar goes to david's foundation? >> that's right. so for any red, white and blue combo that we sell in any of our 1650 restaurants nation wild, ihop will donate $1 to the

children of fallen patriots. stuart: and that's today only? >> that's throughout the month of november. stuart: whoa, i didn't know that. >> our franchisees are passionate about supporting families and particularly children in their communities. and so over the last decade our franchisees with our guests have donated over $30 million to different charities around the country and children's causes. and so when they heard about this, they were really passionate about it, so now we have a nationwide effort this year. stuart: well, i think you should all be very proud of this. you're doing a fine thing. i'm from a military family. i lost my brother in the service, and i really appreciate anyone who supports the military the way you are doing now. congratulations, sir, and lady. >> thank you. stuart: there will be more "varney" after this. another musical treat, of all things, from mark steyn. ♪

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♪ [laughter] jo did we put that on "varney & company"? that by the way is mark steyn's music video, from his hit album, feline groovy. >> decided to do the song in a style of a 1980s rock video. that is where the -- what are you laughing at? stuart: that is so cool, mark. ashley: i love the raincoat. stuart: the show has a friday feel to it, you know what i mean? >> it does now. >> if amazon announced remaking loony tunes as '80s rock video it would take the dow to 27,000.

this is what it is all about. streaming in your head. it is in your cerebral cortex, when i do it, take loony tunes an do it as '80s rock video, that is the sears roebuck catalog of. stuart: taking neil can view toes's time. you are taking neil can -- cavuto's time. neil: hold on a second. steyn want to tape the video with varney. he is not happy. [laughter] not happy at all. wow. stuart: see you later. neil: i liked having steyn on as a guest. fon are those days. thank you very much. meantime, we've got house vote next week on the gop tax plan. we have the senate plan, really big time diverging. but they're already, to mark that thing up in their own camp next week.