>> thank you to be all-star panel appeared "varney & company" appeared stuart: we will take it. thank you indeed. the president takes a stab peer in an important foreign policy statement is ignored. good morning, everyone. that is what social media is for appeared that while the media can do, dismiss the successful asia trip your president trump is clearly stated in america first foreign policy. a parent or separable trade policy is different and is establish credibility in the face up at north korea. we'll call that a success here here's what you see today.

the president goes to capitol hill to address republicans appeared than the house debates and votes on tax cuts feared republicans believe they have a 218 yes votes they need. investors like what they hear it me. stocks will open higher today out maybe 70, 80 points. going up on the opening bell. a ubs analyst making a splash today that keith parker says the stock market is not even close to pricing in tax cuts. in plain english, he thinks stocks go up big time if and when we get those tax cuts. next, the senator to this point no certainty of a win on taxes there, but a warning from senator lindsey graham. he says the best way to destroy the republican party is to fail on taxes. he is dead right. "varney & company" is about to begin.

♪ >> i wouldn't vote the senate version. there is a real problem here in terms of the treatment of enemies. trade utah senator ron johnson yesterday. at that point he was considered to be a no vote. today, johnson says president trump called him, assured him that he will work his tail off to get the tax bill to what the senate wants it to be. now optimistic that the bill will get fixed. this is the sausage making my ladies and gentlemen. much more on that coming up. same-store sales at wal-mart way out. that is good. e-commerce sales up 50%. that's very good. the rosy forecasts, too. stock up five, 6%. different story at best buy. weak revenue in a fairly weak profit the stock is down 2%.

look who's here. the retail ice age guy otherwise known as bert flickinger. start with wal-mart. i just characterize that report is very good. you? >> very good. "varney & company" all year along with track are supplied in amazon. everyone making money, everyone will spend more for christmas, hanukkah, kwanzaa. stuart: is wal-mart the best brick-and-mortar to the runway amazon? >> ricky moran always said you want great leadership, offense, defense, special teams. wal-mart has become a target doesn't. >> does it go to 100 fairly soon? >> next we've got best buy down about 2%. you have a different view of best buy's report. >> different view. promotional category there's been some price erosion, but

ultimately the winner while others will lose including sears, which is again consumer-electronics. stuart: that's yesterday's closing price. look at sears, please. where it is now. up 4 cents. reducing added spending and they are in danger of going away altogether. >> they could financially reorganize, but they'll be irrelevant going forward where they were the most important retailer anywhere in the world their first hundred years. stuart: my what a change. amazon, testing stores with no cashiers. the price of the stock at the moment is 1131. do they go to a trillion dollars market value which will be $2000 a share. >> they lead a trillion dollars market value and hit 1250 in the next year.

stuart: last time you run at this about 10 days ago you said amazon goes to 1250 and it has gone straight up. >> since your show is set at 500 it would hit 900 to a thousand. stuart: you've got to shocked and amazed that the rest of us. >> you are talking about china, too. amazon, amazon, amazon. great business leadership in the outsmart everyone in the department of justice federal trade commission doesn't pay attention so they can lay waste across the world. especially across america. >> someone will stop crying foul. >> someone will start crying foul in the last 20 years. >> i'm not going to stop the stock. let's look at the overall market. were we going to open this thursday morning?

edi points for the dow industrials eight for the s&p. 28 to 30 on the nasdaq. smucker is making money. jams and jellies of course. folgers coffee, hungry jack, how to knows what else. you name it, and they make a appeared in higher revenue, viacom owned comedy central, mtv, paramount and others. heaven knows what else could the stock is down for .5% today. republican congressman peter king, new york not happy about the tax bill. he is voting no on this is what he said off camera we could lose all the seats in the northeast. everybody could be in a tough race. lee zeldin and another republican congressman from the northeast coming to europe to be precise. you agree that if the tax deal

goes through a phase you lose across the northeast? >> he's looking at things from a different vantage point. for me for my taxpayers for my home state, i just have too many who are going to see her taxes increase. it's not just hard-working middle income long islanders. you also look at the situation with senator johnson in the pastors editor at 3926% bracket and you have to pass the rules come you lose your mortgage interest go into 500,000, your largest itemization missile goes away. >> you a no vote on this. >> i would love to work with my colleagues to get to the bill close to perfect. >> i will be difficult. as things stand, we are told the republican would get 218 and more yes votes on the current

version of the house tax bill. you agree with that? >> that the impression i have today. the bill will go through a process for a different version will pass the senate. a lakota conference and conference and you have to come back to the house. some colleagues are voting yesterday believing they will get some changes is the process goes forward. we have another opportunity to improve this. stuart: that's an interesting opportunity. i want to turn to the voice more scandal. i will start with ivanka trunk. she says there is a special place in for people who prey on children. i've yet to see a valid explanation and a no reason to doubt the victim's accounts. congressman, you called worry more. this is your tweet. about that time for that creepy worry more dudes to exit stage left. he should step aside and let someone take a spot on the ballot who doesn't prey upon young teenage girls. however, i have to tell you

this. way more is around the republican party smacking you really can't get rid of him, can you? >> the fact he may be the same political party of me would only make me want to speak out more. i have an 11-year-old daughter myself. it's pretty obvious that as a grown man in his 30s, he was preying upon young teenage girls. i have a problem with that. dr. fuehrer same party as they come another part of me. we shouldn't be serving in the u.s. senate. stuart: just about everybody has weighed in against wayne morin said publicly he's got to get out. the exception is president trump. do you think president trump should weigh in on this and not a call to say time to go, sir? >> i don't know exactly what the president is planning to do, but the president has been involved in this race for a long time. he endorsed wayne morris

appointment in the primary. he's been working hard to get her burned her outcome along the way. as far as the president goes, he hasn't been silent. he's been outspoken on this issue since long before the "washington post" story or any other development sense. stuart: congressman lee zeldin, but that's a long time to the tax on process and we always appreciate your appearance. thank you. the three ucla basketball players detained in china for stealing sunglasses back home and they did think president trump are getting them out of trouble. he says they should be thinking xi jinping as well. big fight in the nfl. jerry jones the cowboys accused of conduct detrimental to the league. could the other owners get rid of him? we are now one. cisco, an electric car company working on an electric car that charges in one minute. that's a game changer.

a huge deal. big demographic shift. no longer having enough babies to keep pace with the death rate. millennial star to blame. i wish we hadn't put it quite like that. more "varney" after this. he kept spelling my name with an '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: the price of gold is up $2 announced that it had $1279.80. there you have it. cowboys owner jerry jones in serious fight with other owners, too. ashley: jerry jones, the owner of the cowboys accusing him of trying to sabotage the contract negotiations with the commissioner, roger goodell. they call his conduct detrimental to the league's best interest. they also say look, you are actually complementary of roger

goodell aniston is resuspended your star running back from ezekiel elliott over allegations of domestic violence, suddenly he turned on us. some of the owners accuse jones of being behind the papa johns comments because he is coownership. it's hard to see how much support he has now because a lot of them out there say he is meddling. he's also has this ad hoc membership on the compensation committee is out. he's definitely upsetting the league right now. stuart: headline, football, what a mess. nfl, what a mess. liz: talk about everything but the game. traded the house will vote on its version today. it is expected to pass. jimmy macy's, the tax writing committee is with us again. we should be paid a retainer i do believe. i'm joking. are you absolutely certain you wouldn't have the vote taken if

you weren't sure. you've got 218 votes. >> i'm sure we do. i was on the show with you a couple months ago. i told you this day was coming. we are going to vote for a lower corporate tax rate, 20% rate. you asked me that back then. we are going to lower taxes on middle america. this is all good stuff and that's why he will pass today. stuart: iou an apology an apology. to give you a hard time too many times of pressing a bit too hard. you are coming through for us. however, would you say to the lee zeldin and peter king of the world, northeastern republicans. they will vote no on this version of the bill. i know for a back in the lee zeldin was just on the show. hoping for a free version of it after it comes back from the senate and goes to the committee. is that possible? >> we will pass this out of the house. the senate will have a different version. there's going to the conference, but in the end we will have a

better package. we may look at some of those issues. quite frankly, it's still exciting to have the house tax plan, which cuts taxes already when you double the standard deductions 97%. 94% being touted as people that will not itemize any more. talking about 6% of the people affect it in new york and new jersey and not all in new york and new jersey. even in ohio some people will be affect did. because we lower the rates if you do the return i still think you have a lower tax rate. stuart: the criticism i've been hearing is to many of the goodies go to big business. not enough of the goodies go to individuals and small business. would you address that? >> this plan has been out for a couple weeks. people will pick on something that i think in the end could there be more given to individuals? sure. we have to tax rate down so they can stay in the united states and give those individuals more

goodies in the form of payroll, higher payroll or more employment. that's the key. we've got to bring the rate down so we can compete worldwide. stuart: the key to being investors is getting the corporate tax rate down in growing the economy. chairman kevin brady told me on this program that you're only going to get an extra half percentage point of growth in gdp at this plan is passed as is. that's a little disappointing because a lot of us were hoping for 4%, maybe 4.5% next year. >> i think we will get there. i think we will continue to grow. these are estimates. nobody really knows. if everybody knew, we'd be wealthy people because we be banking on certain things if everybody knew what the outcomes are. we look at growth. we hope to do is get 1% growth. chairman brady is very conservative by saying is that

their estimated growth would be. in the end, we are going to get growth that will grow the economy and that's got to be the key. we've got to move the number of. stuart: i want to thank you for being a part of this program for the entire year. you've helped us through the tax reform debate in the appreciate it. >> thank you. stuart: a good argument for tax reform. a new survey shows top of all the workers in america have not had a pay raise in the past year. more "varney" after this.

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stuart: bank rate.com says half of all workers didn't get a pay raise this year. details, please. train for 38% got a raise. if you're higher can educate or had an income higher by the average got a raise. the thing is, what you do if you're not going to get a raise? tell your employer you want more job training our days off. people are getting 66% of workers are getting bonuses according to another survey. in an age of robotics, perfect to do with robotics it's tough to get a raise. stuart: this kind of survey points out something that working people have not kept up with more educated upper income

people. the gap whether we like it or not is grown. liz: love our worker training if you're not going to get a raise. stuart: come on, that's a flaky argument. headline, millennial are having fewer babies than it's causing a real problem. what is the problem? ashley: let's get into detail. it's a baby bust. basically, millennial star just not having kids. according to a survey, it is because they saw what happened to their parents during the great financial crisis and as a result, the baby boomers desires, marriage, children and home ownership are either being postponed or abandoned altogether. they are just not having kids. bombs right now having to .1 births to keep pace with deaths. that's what you would need to have. down to 120. in other words, not enough

babies to replace those who are dying. negative population growth. which is was his point. italy. stuart: japan? that may see now. we will open the market less than five minutes from now and it will be out. maybe 90 points. maybe 100. going up at the opening bell. s&p, nasdaq all of the month. we'll tell you why right before the opening bell rings. back in a second. at fidelity, trades are now just $4.95. we cut the price of trades to give investors even more value. and at $4.95, you can trade with a clear advantage. fidelity, where smarter investors will always be.

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sfx: mnemonic tran do before the market opens all tell you right now we are going to open higher. here is something that is a fact eric integer is trading. ups, big investment firm. this particular guy can make quite an impact. he said the stock market is not even close to pricing in tax cuts. again, in plain english. mr. parker is saying if we get a round of tax cuts successfully through, the stock market takes off on another leg up,

physically saying the 2000, smaller companies grouped in this one index is going to go up about 8%. that would be a huge rally. keith parker on the show tomorrow ladies and gentlemen. watch this. we are going. forget what you're seeing right now. up 103 points. up 102 points. we will take it. from the get-go up a half a percentage point thomas. the s&p 500 on the same wavelength. that is a .37%. the nasdaq up a half percentage point. i've roughly half a percent across the board. retail is big today because some of the biggest names are reporting their results. wal-mart's all-time record high results were good. we'll get into that in a moment.

then before coming $95 a share. best buy down good look at that small mayor. other retailers we will get to them later. general electric yesterday. north today 1843. going to be a big reveal later on today from tesla with their electric semi truck. the market kind of like that anticipation of $4. 1.5%. who's with me this extraordinary thursday morning. i am going to start with ups. i'm just going to repeat this. their analysts keith parker sing you get those tax cuts and a click on the stock market. is he right? >> till they went a mess which is why we are talking about it. they came for a long time and if we don't get tax cuts you'll see a pullback.

>> talking across the board. train to the cut in the top corporate rate to 20% will be significant value to telecom companies, financials and retailers. stuart: six by 5% to the s&p 500. train to what the man what the men as they investigate those tax cuts, up goes the market. john layfield come you've been listening to this. do you agree? >> i greatly benefit certain companies that are rising, amazon with a lot of money made inside the united states. i agree, 10% to 15% in the market due to tax cut taken away. that cover this in the market. stuart: right now up 100 dirty points. this is a rally. i also have to believe when the house votes today in the tax cuts, it's going to be a guest vote and that is helping the market. let's get back to retail.

best buy moving lower. weak revenue, we profit for the future still down 2%. look at wal-mart, the standout stock the retailer standout of the day. wal-mart says e-commerce sales up 50%. same-store sales up two points 7% looking to rosy future for the selling season. john layfield come and do you own best buy or wal-mart? >> i'm so happy i don't wal-mart because of this e-commerce story in the acquisitions. i think wal-mart is doing everything right. they are one of the original retail killers. it's bad for retail overall, but great for wal-mart. stuart: you said this throughout. wal-mart is the goal. liz: even though the profit margin is looking like amazon because they are investing more, look at what they do with cost cutting. as of wal-mart excels in. taking a look at plastic bags.

they are really driving the cost model here. stuart: best competitor to amazon. >> absolutely. actually moving more in a wal-mart direction. think that this head-to-head competition between two companies online and brick-and-mortar. ashley: there's room for both. not like one or the other. same-store sales have gone up dirt and for 14 straight quarters. trying to same-store sales is the best in many years. stuart: look at this. of course dori to tell because this is the company i grew up with in america. serious. reducing ad spending. they are in danger of becoming almost invisible. the stock is up a fraction. four dollars a share. does it stay around? >> they are more targeted without spending. they do want to do splashy ads. targeting online good when you cut ad spending in rdc sales throughout your in a death

spiral. not quite yet, but not long after. >> this feels like a bond payment vehicle. they have a negative book value of 4 billion. 13 bad, negative book value. less than a billion enough that. it's astonishing. >> the biggest story of the year for changes we've seen in retail. the rise of amazon, decline of the stores coming to kind of bricks and mortar. what a story. last word? >> what is surprising is how many people don't even care. stuart: it changes the way america looks and feels. check it out now. big word up 150 points. 23,400. back to that level. print ads free who lose service to its unlimited plan. the market doesn't care. smuckers is making money. genes to make jellies.

judith, crisco, hungry jack, anything to that? >> you name it. stocks up 4%. 111. higher revenue viacom, here we go again. comedy central, mtv, paramount amongst others. doubt a .5%. now listen to this. ford fires for patents on software for off-road driving. put this in your vehicle, off on the road you go and it will tell passengers, hey, get out of the truck if it thinks the terrain might be too dangerous. >> before it goes over the cliff. stuart: no way on gods green earth would i allow to be driven across open country. forget it. past that, big reveal coming this evening. the electric track from tesla.

tonight we won't have to look at this ridiculous picture which doesn't show anything at all. i don't think this is a game changer. do you? >> no, no think it's a game changer. i think it is a game changer as far as jobs in america. we go to the page coach of the railroad reopened on commerce. we're not opening up commerce. it's increasing the efficiency with fewer people. it's bad for jobs in america, great for future. >> here's what i think is a game changer. the car company fisk or has a new battery which promises a 500 line of electric vehicle going on a one minute charge. stuart: 500 miles on one minute. stuart: sister is a one minute

charge. let's be clear. it's not here yet. they think they can get here by 2023. >> a disappointment in the past. they were promised in the past. when technology becomes affordable to younger generations, they will buy it. they were excited about it. stuart: lets not forget. general electric or do you own it? what else did you want to say? >> i'm sorry. the game changer. the technology never came to market. i'm not sure if this driver had this come to market. not sure this technology will be buying. would you buy general electric at $18.13? >> yes. going on a chase here. i would buy general electric and i dated $18 at some point it hit

the bottom. i understand the explanation. i think right now slandering us a chance for reset button which rarely ever happens and that's what he's done. stuart: espn's eight losing subscribers, their president gets a big contract extension. do things like this makes cable subscribers map? ashley: if we got into the details that they are paying more and more for the subscription. stuart: disney down on this news. just down in general. i'm not sure what to make. i've no idea. >> they want to go streaming may just buy a pack. stuart: we are 10 minutes into the trading session and we have to say goodbye to brian, mr. brenberg, i should call you mr. professor you mr. professor. thank you very much. good stuff indeed. now up 131 points for the dow jones industrial average.

23,400 ratepayer. wrapping up what is a very successful trip to asia against china to put pressure on north korea with the whole budget of trade deals. the left talks about that. sip of water. we are going to talk soccer. the world cup loses brackets. when you watch a tournament that includes the united dates, italy and the netherlands. we will deal with it next. we started making wine in 1948... [sfx: bottle sounds on conveyor] one bottle at a time. today, we produce nearly 20 million cases a year. chubb has helped us grow for the past 30 years... they helped us prevent equipment problems during harvest and provided guidance when we started exporting internationally. now we're working with them on cybersecurity.

my grandfather taught me to make a wine that over delivers. chubb, over delivers. yes or no? do you want the same tools and seamless experience across web and tablet? do you want $4.95 commissions for stocks, $0.50 options contracts? $1.50 futures contracts? what about a dedicated service team of trading specialists? did you say yes? good, then it's time for power e*trade. the platform, price and service that gives you the edge you need. looks like we have a couple seconds left. let's do some card twirling twirling cards e*trade. the original place to invest online. that's why feeling safe is priceless. with adt, you can feel safe with an adt starter kit professionally installed for only $49.00. call today, and install an adt starter kit that includes security panel, keypad, key fob, entry and motion sensors and for a limited time, get a camera

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netherlands and the parent of this network is thinking about making a loser's tournament. wait a minute, how did this work? >> they'd be invited to play in this tournament. i'm not so sure that countries want to highlight the fact they're not in russia in the big tournament whatever it is. stuart: ambassador john bolton to the united nations and "varney & company" is correspondent. would you make of the losers contest here? mr. ambassador. >> i am sure there's some who would watch a and i'm sure it will be just as exciting as a live broadcast of tournament chess. >> that's good, mr. ambassador. president trump proud of his asia trip. roll tape. >> when we treat with respect they deserve, as there is treat

but to respect our country so richly deserves. during our travels, this is exactly what the world saw. a strong, proud and confident america. stuart: a successful trip to asia appeared were to stand on this? >> is a largely successful trip. clearly made the impression on everyone he wanted to. in japan, south korea and china, he's not noble chamberlain either. particularly in china, particularly with respect to the north korean nuclear weapon. on the trade issues and others come he's made it clear we expect people to work up to their commitments with the multilateral trade deals and he intends to follow through on it. stuart: there hasn't been a rocket launch and i'm guessing a

couple months, maybe more. >> i look at this and i hate to read too much into what the north koreans still because it is so opaque to us. really this is a testing time particularly for china because we are running out of time. there is no question within a very short period of time and getting the capability for nuclear weapons. the more idea there is room to have event today in beijing would be their preferences for use, its nuclear program, we freeze military exercises in south korea. but there's no time for it anymore. stuart: before we go, the ucla basketball players. here is that president trump treated to the three ucla basketball players i say you're

welcome. go out and give a big thank you to xi jinping of china major release possible and have a great life. be careful. many pitfalls on a long and winding road. i really like that. do it like this, young man. you like that? >> i think this was in the back of their mind on a warm hall by justice wants an excuse and ultimately leading to his tragic death. dealing with these authoritarian societies commend united benefits from strength the view that the president has strong views and is prepared to carry them out. honestly, we are close on north korea three decision on the use. i hope she jinping came without clearly. stuart: has an american

president trumka staked out his foreign policy, almost the exact opposite of president obama? >> i think so in visual terms. i think america was gravely damaged by the notion we were prepared to defend our interests and those of our allies. people think talk about trump being isolationist by not being willing to back up a strong american presence in the world. he was giving our adversaries the advertisement they needed to advance their own interests and we suffered right across the board. stuart: mr. ambassador, thank you indeed. the losers turn up for the world cup. >> i'll see you there, stuart. stuart: you will actually. still holding onto triple digit gain. up 125. 23,400 almost. the media company meredith is pursuing a takeover of time inc. and they've got a big and

important backwardness. what's going on, nicole? >> up 28% because this is very interesting. time may be moving more conservative thanks to the koch brothers. billionaire investors, and they are working with to try and strike a deal because that their private equities. this conglomerate could put together two huge magazine companies and has time and "sports illustrated." the equity from the koch brothers a huge conglomerate or a conservative agenda. whether it actually happens with the publishers together with the vacuum. >> we shall see indeed. the market scam. a sense of authority of where

they are headache, the answer is they are heading up a dow stock that is that. i only see seven in the red. seven how stocks are down. record-setting auction and then some. a da vinci painting titled savior of the world sold for $450 million last night. that broke the previous record which was for a picasso 179 million. what a story. back in a moment.

stuart: it is still laced triple digit rally. 23 minutes into the session up 131. back to 23,400. our next guest is a guy for a company who takes care of online orders and shipping for retailers like shoe carnival, or postell, he is with radio. he joins us now. thank you. trying to get my arms around this. you brand generic fulfillment centers could >> technology and fulfillment. we are the second largest provider behind amazon for e-commerce in the u.s. think of us as the company

people go to if you're a large company for like ralph lauren and don't want to sell on amazon. we let you look like you and your customers. stuart: you create the space, and the where -- if i say warehouse that's the wrong word. >> fulfillment centers. stuart: you plug that into an operation like ralph lorenz, estée lauder, for example. he worked with all those people. >> is actually how you take in order, and how you take the payment from the customer all the way through it even customer service. 3.5000 nations will answer phones and check to make sure these things work well for customers. stuart: you are not a publicly traded company. >> we are not. stuart: doing a piece of that? >> yeah. not meant to be that interesting actually. stuart: you're not when it's on me? >> no, no. stuart: my ex-wife is watching. i can't. [laughter]

stuart: you'll be back on this program. let me tell you. revenue about a billion. stuart: a little over a billion dollars. stuart: that should be rising rapidly. >> 14% or so this year. more of our picking up their forecasts as well. absolutely. a space which is growing rapidly. margins are definitely compress with pressure from amazon free shipping. it's a mixed bag. a lot of great tale when clinton had vince as well. stuart: are you helping bricks and mortar stores stay in business or are you killing bricks and mortar stores? >> we absolutely helping. i'm not good at all this stuff. stuart:.do? all you do is technology? space mac i'm just a tech guy. we have 25 warehouses across the nation. 7000 employees, 34,000 at peak

times. we actually run the software as well to send their products for the stores so not even going to warehouse. hundreds of billions of inventory sitting across the stores across the nation. technology allows a customer to buy something on the site and have the retailer should be direct way to distort or have a customer pick it up from the store which gives them rest for new. stuart: i'm not trying to get at you, but i want to know in the back of your mind in the other owners of the company as an ipo going public in the cards at some point in the future? not this time. we just had a great owners that want us to grow quickly and be cognizant of the perils that come with being a publicly traded company. stuart: you are fascinating and you'll be back. thanks for joining us.

maxine waters two-seater rate they're leading a chant. impeach 45. i think she showed pure and utter contempt for president trump. a small problem here. there are no grounds to impeach him. top of the hour. here we go. . . . .

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stuart: what you're looking at here, congresswoman maxine waters leading a crowd chanting, impeach 45, impeach 45. that is, impeach president trump. what you're looking at here latest for impeachment in congress. far left of the congress, identity politicians lined up to make the announcement. al green, louis gutierrez. there are no ground for impeachment. the what the left is doing is showing its utter contempt for president trump. they won't use the word but i will. they hate him. i want to see the far left given maximum publicity.

let's make it very clear just who the haters are. establishment democrats, they're worried. nancy pelosi knows her colleagues have gone way too far. that is why she says impeachment is not a priority. dnc chair tom perez is running away from impeachment too. we have to concentrate on jobs. where is this impeachment drive going? actually a lot depends on tax cuts. consider this, if the republican congress can't get a tax deal done, senator lindsey graham says the gop will be destroyed in next year's elections. that would mean the house, the place in charge of impeachment, will go to the democrats. you can bet, speaker pelosi, as she would become, will tagger full speed ahead to get rid of an criminal pip the trump presidency. in my opinion the impeachment brigade doesn't have a leg to stand on. impeachment is a highly political process. if the left is put back in charge, they will exploit their

new political power. let me repeat, if senate republicans vote no on tax cuts the gop is surely destined for defeat next year, hatred, contempt, impeachment, yes, will be unleashed full force. the stakes could not be higher. second hour of "varney & company" about to begin. ♪ 10:00 eastern time. we have the latest read on mortgages. ashley: 3.95%. up from 3.90% last week. still under the 4% level. still remarkably low. stuart: remarkably low. under 4% is remarkably low in my book. don't say a word. you have got latest on homebuilder sentiment? liz: really bullish. the sentiment came in at 70 better than expected. that is trending to levels of 2005 before the housing crash. so the homebuilders remain

bullish on u.s. economy. stuart: that might help the market. we're up to gain of 140 points on that. that is bullish sentiment. "new york times" is reporting that charles and david koch, the billionaire brothers, they're backing meredith corporation's bid to buy "time." "time" is at a six-month high. the point, "time" which i think is a liberal organization may be changing hands to more conservative ownership. we shall see. don't ever forget about ge. a stock in the news. unchanged at $18.25. strong numbers at walmart that stock is at right now an all-time high. we'll get more into that a little bit later. there are very good numbers. an analyst at ubs says tax cuts are not baked into the market yet. when we do get tax cuts, if we get them, the analyst at ups says the market bows straight up

for another leg higher. scott martin, kingsview asset management is with us. if we get a tax cut and market has a second leg goes up all over again? >> i agree that it does, stuart. you see a lot of things happening with the tax cut. more money in the consumers pockets or in the businessman and businesswoman's pocket. you see more spending and efficient use of capital. what is interesting, stuart. if this isn't baked into the market, i will tell you a little scary when you see stepping back on the tax cut proposal as we've seen with the senate bill, let's say and market, s&p, pull back, five, 10 points as reaction to that. tells me though that some of this is already baked in. if we see the cuts, if we see what trump proposed come through, i think you will see the market get a nice boost but i think we've already seen some of that boost already. stuart: i understand where you're coming from but keith parker, this is the ubs analyst, he is looking almost entirely at

the 20% top tax rate for corporations you get that he says, telecommunications retailing they will do very well with much extra profits. are you with him on that? >> i am. capital will go where it is best treated. i always believe capital will do its best when it is in the hands of a businessman or businesswoman. you mentioned some sectors he highlights will perform well. i agree 100%. don't forget trillions of dollars sitting overseas waiting to come back to the united states via repatriation, be back in stock dividends, stock buybacks, other capital expenditures that companies want to have here. stuart: on same issue, scott, mark cuban says, tax rates have no impact on corporate investment. now what do you say to that? >> it is kind of wild. he talks about the main driver in his investment philosophy as a is corporation is competition. i believe it is right.

when you get competitive with other people in your industry it, drives your spending and drives your r&d but i think he is losing sight of the fact that small businesses in this country, not the big s&p 500 companies, the small business people here, are the ones, stuart, creating most of the economic growth and most of the hiring going forward. a small business see as tax cut, that is relief from the high tax rate we've had so many years here in the states, that tax cut will be very helpful for businesses as far as growth. stuart: i have got to talk about walmart. surging sales. we got their numbers earlier this morning. e-commerce up 50% and the stock is at an all-time high. it is at 96, scott. do you think it gets to 100? >> yeah, stuart, i bet it is at 100 by end of the year. what is funny, john layfield been on the show, talking about how much he likes walmart. i give kudos to him. i didn't believe it. the world is big enough for walmart and amazon. the problem is the world is big

enough for walmart and amazon, as you see from best buy and target, not a lot of others. i think they can coexist with each other. we have a position in amazon, we're happy wit. walmart looks like a decent buy. stuart: you're happy with amazon? >> understatement after the day, i guess. stuart: of the century. scott martin, thank you very much. appreciate it, sir. house votes on the tax plan. joining us claudia tenney, republican from new york. we always appreciate you being with us. >> good morning. stuart: straight up, are you yes or a no today? >> i'm turned to a yes today. stuart: why? >> first of all i want to get process moving forward. as you know this is our proposal. it is our version of the bill. it is not perfect. there is a lot i like about it. there are some things i don't like. we fought things and got concession on state and local tax deduction. as my district, 95%, 99%, when

you add in tax credit, child care credit and tax credits back in, you move the property tax deduction up to 10,000, that pretty much covers most of my district. and remember something, deducting the income tax, the high new york state income tax, is something that is going to affect high wage earners but my district consists of a lot of state employees, public employees, teachers, corrections officers, police officers, and fire, those people don't pay income tax at all. they're waived on retirement. corporate rate going down to 20%. i heard you discuss in the other side of this block, also bringing personal income tax rate and pass-through rate down for entrepreneurs and small businesses who create almost 70% of the new jobs, who are the dynamism of our economies. we need to bring the rust belt back up in central new york. the pros outweigh the cons. i want the process to go forward.

i hope some of the things we're fighting for will continue to be added in, so i have the rest of my new york colleagues join me. i understand new york city, it's a tough road for them now. in my district where i get elected, it is looking good for us and bringing back the rust belt. stuart: i think you have 218 votes, there isn't any doubt. if claudia tenney says yes. there is no doubt. >> okay. stuart: i have to change subjects in a second. i think you know what is coming. a former capitol hill staffer who spoke about harrassment on capitol hill. >> right. stuart: to our own laura ingraham. roll that tape, please. >> during that time, harrassment, during that time i didn't even know what i was harrassment. i called it inappropriate experience. >> were they comments? >> i experience ad conversation, where a person basically offered me an opportunity to flirt with him in order to excel in my career. that was the gate way for the

harrassment, me realizing i have to get out of here. if i don't, i only have one option that is to comply. i don't want to participate in that. so i have got to leave. stuart: claudia, could this expand further from this, and become truly ugly and widespread in congress? >> you know, how i look at it is, these people who are victims are finally going to get the chance to be heard as one farmer presidential candidate said. i stood up as member of the new york state assembly called out resignation of sheldon silver who covered up sexual harrassment in the state assembly, using a secret slush fund, looks very much like we're seeing today in congress. i will do the same thing, putting forth a bill, working on legislation to try to curb that. why are taxpayers funding this secret, slush, shush, fund? i saw the laura ingraham interview yesterday. this is something that has to happen. i'm glad democrats finally waking up, finding out this is something happens in congress and stop shilling protecting

people who have done this on both sides of the aisle. this is important topic. it is right in my wheelhouse after my term in the state assembly. i was threatened after i came out against sheldon silver. guess where he is today? he is convicted of corruption charges. back in 2012 this was covering up sexual harrassment in the house this is something we stand up for, especially as woman member of congress. stuart: claudia tenney, always a welcome guest on "varney & company." >> thank you, thank you, ma'am. check this one out. leonardo da vinci's portrait of jesus christ, selling at auction, wait for it, $450 million. most expensive piece of art ever sold. 500-year-old painting, estimated about $100 million. but the bidding war, only 19 minutes long, took it all the way up to 450. liz: what did it sell for recently? stuart: i don't know about recently. in years past it was 15-pound,

45 pounds. 60, 70 bucks. ashley: that is good investment. stuart: i would say so. president heads to capitol hill in our next hour. the house will vote on the tax plan. every angle covered for you. you're watching second hour of "varney & company". my experience with usaa has been excellent. they always refer to me as master sergeant. they really appreciate the military family, and it really shows. we've got auto insurance, homeowners insurance. had an accident with a vehicle, i actually called usaa before we called the police. usaa was there hands-on very quick very prompt. i feel like we're being handled as people that actually have a genuine need. we're the webber family and we are usaa members for life. usaa, get your insurance quote today.

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stuart: all right. look at this. close to the high of the day, up nearly 150 points. have you got market scan? there you go. ashley: wow. stuart: there are 26 dow components up in the green. there are just four or five that are in the red and down. up 146 as we speak. now cisco, that is a dow component. they came in with better profits. the stock, by the way, at 16-year high. judge roy moore losing by 12

points in the latest poll against democrat doug jones. he is 12 points down, and six women have accused moore of sexual misconduct at this point. newt gingrich is with us right now. newt, i don't think there is anything you can do about roy moore, short of him losing the election and the democrats win the seat. i think that is what is going to happen. what say you? >> well, i would say that he has had no clear answer that explains away these charges. and the people of alabama are going to render a verdict. that is the way it should be. it shouldn't be the u.s. senate. it shouldn't be the the "washington post." the people of alabama have to pick their senator. these are serious allegations. he clearly doesn't have an answer. there is judgment coming against him. the republicans will lose the seat they have, it is unfortunate but it's a fact. it is probably unavoidable at

this stage. i don't think under alabama law there is a practical way for him to get off the ballot, but does strike me is almost certainly going to lose and may lose by the kind of margin you're describing. that is unfortunate. go ahead. stuart: sorry to interrupt you like that. look, as we move closer to a senate vote, i have to say i find it absolutely unbelievable that a republican senator would cast a no vote and kill the tax bill, kill the president's growth agenda, frankly, kill the gop in next year's elections. i can't imagine that happening but it might. am i right? >> well, it might, but it would be a tremendous mistake for any republican senator to think that they can kill this tax cut bill, again, it is one thing to raise the issue as senator johnson has on behalf of small business. can they tweak it? can they get an amendment to it. that is part of the legislative

process. but in the end every small business will have lower tax, more money in their pocket, frighter ability to hire people. bill may not be perfect but it is important to get to conference. would i hope every republican senator would look very carefully and frankly number of democratic senators in very pro-trump states ought to be looking carefully at this bill. this is a lot to vote against. you want to go back home, tell your voters, you want them to have a smaller deduction? you want them to have more of a complicated code? you want to punish small business? you want to cripple job creation? i think a no vote may come back to hurt people in the general election, in ways they can't even imagine yet. particularly when they get done negotiating, i hope senator johnson and others will decide they're a yes vote. it would be tragic for any senator, any republican senator, to kill this bill. stuart: do you think we have three who are on the fence or

leaning no. that will bob corker, senator mccain, and jeff flake. all three of them have had personal run-ins with the president. all three of them will probably not, i hate to be pejorative, corker and flake are leaving the senate. do you think it is personal? are they opposing this deal because it is personal? >> look, i know all three of these guys pretty well. they're not going to, in the end, make a decision which affects millions and millions of americans, affects american job creation, helps every small business in the country, they're not going to make that decision out of personal irritation with president trump. they got lots of ways they can fight each other by twitter and elsewhere but i think in the end these guys are serious senators. they want to do a serious job. and i again, i think you're in the process here of seeing us legislate in public, it's a new

world, between twitter and facebook and 24 hour television and talk radio, everything getting negotiated out in public. i think that is fine. but in the end my hunch is, all these guys are going to put the country first. i think that they are probably going to vote yes. stuart: okay. thanks very much, newt. you are the author of, understanding trump. you know what you're talking about, and we appreciate that. newt gingrich, everyone. he will be back. >> good to be with you. stuart: thank you. coming up, actually, in the right-hand corner of your screen, we're up 160 points, high of the day. now this. have you seen, doesn't tell you that much, does it? that is tesla's way of teasing the new electric big-rig. they will finally unveil it tonight. the stock is up. we're on it. ♪

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a new kind of network designed to save you money. call, visit, or go to xfinitymobile.com. stuart: tonight tesla reveals all, you can't see much. that is all they're giving to us. that believe it are not is electric heavy-duty truck. it comes out tonight and we'll see it all. is that right, liz? liz. that is the heavy 18 wheel truck, will be a lithium battery, not a hybrid battery. the tesla models take 40 minutes. will it take hours to charge it? will it drain the battery system grid the size of the san francisco bay area. it will be sleek and slippery looking t will be really high-tech stuff. don't know the cost yet. will it upend the trucking industry? will basically be used by companies between two points on factory sites or lumber sites for example, to haul goods? that is the future right now.

stuart: well the question is, will it mean lots of job losses? liz: yeah. stuart: we have actually a new report, i think, what is it from goldman sachs. ashley: that is exactly right. stuart: it is kind of alarming how many jobs they say the self-driving trend will kill. how many? ashley: i'm glad you asked, stu. 300,000 jobs they estimate. starting though, this is according to goldman sachs, in about 25 years. others say it could be sooner than that. put it this way, the self-driving semis are coming along faster than the self-driving automobiles that you and i would use, because they are such tremendous cost savers. if you get away from the human drivers, get these things automated. plus it is easier, a lot of trucks are out on the open road. they don't do as much city driving. perhaps get the get technology to work faster on huge commercial trucks. they will spend a billion dollars this year, alone, trucking companies on autonomous software for trucks. stuart: i find this fascinating.

what they're saying over the next generation, 25 years, we'll gradually move towards self-driving trucks and 300,000 truck drivers will be out of -- ashley: huge industry. 700 billion-dollar industries. the trucking industry. liz: less overhead and accidents. stuart: i get the point. you figure out the jurisprudence, who is guilty and not liable. once we get tax reform if we do, we could see one big rally, another one. our next guest thinks we'll go the other way. he will join news a moment. ♪

♪ neil: bruno mars, isn't it? liz: how did you know that? ashley: look at you. stuart: the producer. just trying to get me to smile. dow is up 160 points. we will take that i think that is the high of the day just about. 23,400 is where we are. all big techs regaining ground. all very close to all-time record highs, every single one of them. sprint adds free hulu service to unlimited plan. no impact on market. best buy, forecast disappointing holiday season. you know what happens then, down they go. 6% for that retailer. dan shaver is with us, permanent bear, shaffer asset

management president. >> thanks for having me back. stuart: we're having you back on the day with the dow up 160 points. you're forecasting a crash, not a crash but a slow slide. >> right. stuart: all morning long i've been talking about this analyst at ubs. his name is keith parker. he says we get ourselves a tax cut, you get another leg up, another big leg up for the stock market because he says it grows the economy and grows the profits. what is wrong with his analysis? >> the analysis is not quite clear that the monies will spend the corporate tax cut and could be a delay in the corporate tax cut. the current plan is net neutral. it will not help the economy. it doesn't make sense. why not lower tax rate, keep all the deductions same. that would lower my taxes. don't take out the lower dough deductions and net tax rate. stuart: that is you. >> that is middle class. stuart: middle america will gain from this they will have more spending power with tax credits

factored in, doubling standard deduction. >> maybe, but it is so slight. it is so slight. that will lower revenue to the u.s. government. that is a problem. stuart: businesses will get a lot more money. and a lot more money will come into america from overseas. you don't think that produces any growth at all? >> i don't think that in this part of the cycle, that companies are going to invest just because they have more money. they are going to invest because they want to grow their companies and compete. and, just look at example of japan. japan can not get growth. they have done everything they can. when people don't want to spend money, they don't want to spend money. the velocity of money has collapsed. we're not spending way we used to. if people get the extra amount, $1000 or whatever, they will pay down the debt. consumer debt is huge. the extra money will it go into the economy or pay down some of their debt?

my bet is they will pay down some of their debt. stuart: you're echoing mark cuban, tax cuts are have no impact on the amount of money a company invest. you're agreeing with cuban? >> agree with cuban. all years i've been investing i don't want to he will is the stocks at these levels because i don't want to pay tax. don't make a decision based on tax implications. same with corporations. they will not change the way they behave because they have a lower tax rate. it will not change behave are i don't. people's behavior, social behave year, it is the way it is. corporate behavior is the way it is. if they don't see opportunity they will not invest. i don't care what the tax rate. stuart: aren't you being proven wrong what is going on in the market today and recent sessions? we're up 164 points. 23,400. that never, that is at strength of likely tax cuts. likely growth. that is what it is. >> if that is what you believe

is putting the market up today, that is okay with me. stuart: what do you think is putting it up? >> central banks fooling around with the market. they do it at 5:00 in the morning. they weaken japanese yen. they want to weaken it. throws the futures up before earnings come out. balance sheet of federal reserve, how do we know what is doing? the only one telling the truth is japanese central bank. they're telling us they're doing it. almost 100% gdp on debt. we're buying etfs to try to goose the market. stuart: since election of trump through november 8th a year ago, the dow and s&p, nasdaq gone up by 1/3. is that because central banks are messing around with money. >> look at balance sheets of central banks. you have been in this as long as i have. stuart: you say the entire market rally has nothing to do with donald trump? has everything to do with janet yellen, japanese central bank,

european central bank, they are the ones that done it? not donald trump, not growth in the economy, is it, really? >> i believe, i'm not a conspiracy they're, by all means, i am a trader. i believe strange actions taken place in the market with interest rates and treasurys and currency reactions and way equity market reacted. studying history shows these are not normal conditions. this market has not corrected. every time it tries to go down, it immediately lifts up. where is the money coming from? tell me where the money is coming from? i would like to know. stuart: a freight deal snows into 401(k)s every year from corporations and individuals. >> absolutely. stuart: there is a great deal of cash into the sidelines, coming into the market, that is where the money is coming from. >> why are treasury interest rate yields are still so low? spread between the two and 10-year coming down to recession levels? why is that happening? stuart: are you basing your theory of a coming crash, along, drawn out crash on central banks? that is all there is?

>> i believe this experiment that the central banks have worked on and, got a bump from donald trump, not going to deny that, is an experiment of trying to get inflation going. it is not working. what will -- stuart: not profits? profits are record all-time high. they keep coming in, 10%, 12%, better, better, better. nothing to do with that? >> read balance sheet and income statements from companies to find where the profits are? read it. stuart: we heard you. we're glad to have you on the show. i just don't believe you. >> i understand that a lot of your viewers have responded to me coming on over the last four weeks by, very interesting, what people are thinking. and how people are confused and people don't understand. so, we're in a market environment right now that has not corrected. why hasn't it corrected? what is keeping it at its current levels? you're saying -- stuart: tax cuts which will boost the economy. >> which i don't think it will happen, and if it does it will

lower growth in america. stuart: nice to see you back, dan thank you. >> thank you. stuart: mortgage rates, latest read half hour ago, 3.95%. frankly any number below 4% on a 30-year fixed is pretty good number. 3.59 is excellent. cam fine, independent bankers of america joining us now. i don't want to talk so much about mortgage rates, cam. >> okay. stuart: i want to talk about getting a mortgage in the first place. i'm trying to get a mortgage and it's a nightmare. i'm told by other members of our staff here who are trying to get a mortgage, it is a paperwork nightmare. now you're in the community banking business. we go to you for mortgage. >> i am. stuart: is there any change in the rules coming down the pike in the near future which will make it easier for me and my colleagues just, get out there, get a mortgage? >> absolutely there is. in fact senator crapo and a group of eight democratic senators, plus an independent

senator introduced a bill earlier this week that does exactly that. that will make getting mortgages easier. as you know, stuart, you're exactly right. getting a mortgage is a nightmare these days. it has been a nightmare for the last eight or nine years. and now, finally, common sense is beginning to take over. icba, the independent community bankers of america, are right behind this bill. we love this bill and we're going to be pushing hard to get it enacted in the senate. stuart: we're pulling for you, cam, believe me. i'm literally tearing my hair out when i have to assemble all this paperwork. honestly, you know, the demand is proof that you have this asset, whether it's a stock or bank account or whatever. then you give them the proof. then they come back to you, say, wait a minute, you wrote a check for this. why did you do that? what the devil is going on? i have enough money to buy the house outright.

i have to take a mortgage. they won't give it to me without me jumping through hoops. >> i know. it is absolutely ridiculous. i was a lifelong community banker before i came to washington to head up the icba and we used to be able to make mortgages to our customers in a very straightforward, very transparent way. and now, for the consumer, for the consumer, it is a nightmare. and that has to kang, and hank hank -- thankfully senator crapo and eight democrats have come together and to get it done. stuart: i'm surprised the democrats are coming together. i'm not being facetious here. i am surprised. most democrats tend to favor regulation and beating up on bankers, whether they're community bankers or investment bankers, they want to beat you up. i'm surprised democrats rallying behind you. did you lobby hard, cam fine. >> community banks are seen as a bipartisan issue.

so you have a number, a great number of moderate democrats in the united states senate that are fully behind giving regulatory relief to our nation's over 5800 community banks and believe me they need it. lending has been robust in the community banking sector but we have been, we have been lending with one arm tied behind our backs to speak. we have not been able to be as robust as we would like to be. you were exactly right earlier with your earlier guest. i don't think this is a central bank conspiracy. i think that the rally is because small businesses, especially, the engines of new growth, the engines of job creation, are so optimistic about the trump administration and tax cuts, that, that is what is buoying the markets. stuart: yes, sir. cam fine, independent bankers association. thank you very much indeed, independent community bankers

association, sorry. >> we're community bankers. stuart: cam fine, you're all right. come on soon. speed this up, will you? >> we will. we will get it done. stuart: yes, sir. thanks very much, cam. good stuff. >> thank you. stuart: we have a boardroom fight at proctor & gamble. this sounds kind of wonky to me. why do i care? liz: this is like ibm or ge story. nelson peltz did win the board seat. remember the epic battle between nelson peltz and p&g. p&g has underperformed for last three years. the big win was swiffer mop or pods five years ago. he is trying to break up the company that is bulletproof. it has a tough culture. it is losing market share. that will be a epic battle royale, nelson peltz taking on p&g so it does not go the way of ge or recover like ibm.

stuart: the market likes it. they want him to do something about it. p&g's stock is up. good stuff, liz. next hour, what is coming up, heavyweight champion evander holyfield what does he think of the three ucla players who stole sun a glasses in china? we'll ask the boxer. president going to capitol hill to make a teen al push for the house tax bill. we're on it. ♪ ♪

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♪ ashley: some northeastern republicans are giving a thumbs down to the current house tax bill but last hour we spoke with congressman jim renacci about revisions to that plan. roll tape. >> what we'll have. we'll pass this out of the house. the senate will have a different version. there is going to be conference. there will be changes in conference, there will have to be but in the end we will have a better package. we may look at some of those issues. quite frankly it is exciting to have this tax plan the house tax plan which actually cuts taxes already. when you cut the standard

reduction, some 94% is what is being touted as people that will not itemize anymore. we're talking about 6% of the people that will be affected in new york and new jersey. not all in new york and new jersey. even in ohio, some people will be affected but in the end, because we're lowering the rates, if you dot return, i still think you have a lower tax rate. ♪ so you can head into retirement with confidence. brighthouse financial established by metlife.

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biggest dow winners, are easily walmart which is up 8 1/2%, $97 a share. cisco up 6 1/2%, $36 a share. big winners on the dow. at the top of the hour new york congresswoman claudia tenney was with us, she said yes, she is a yes on the tax plan. roll a short sound bite. are you a yes or a no today? >> i'm turned to a yes today. stuart: there you go, that was four seconds worth, but you got the point, okay? republican congressman jason smith of missouri is with us. congressman, are you absolutely sure as of right now you have the 216 votes you need in the house to say yes? >> stuart, grade to be with you. we need 218 in the house. the republicans are excited. it has been 31 years since we reformed the tax code since 1986

and we're already to move america forward. stuart: i have to ask but the senate, because that is the next stop for tax legislation. i know you're not in the senate. i know you're in the house but i have to ask you about it. at this moment there are at least three republican senators sitting on the fence. we don't know whether they're a yes or a no. there are several others are waivering, what is your vote count, if you can give me one in the senate, right now. >> my concentration is over on the house side. we tend to pass legislation best for the american people and send it over there and wait for the senate to pass it. we're waiting for over 300 bills that we have delivered to the senate to be delivered, that they have not taken up. but i do believe, in this instant, that you will see the united states senate act and that they will deliver on providing tax cuts for all americans. and i think right now, it is just part of the legislative process, but, clearly, those three senators that you are

referring to are mix or undecided, they will be a yes by the end of the day. stuart: one criticism of the house version, and also the senate version, that it gives too much to business and not enough to smaller businesses and individuals. how do you respond to that? >> well let me tell you, in southeast missouri, the people that i represent, 83% of our district did not itemize their taxes last year. and so when we're doubling the, the standard deduction, from 12 to $24,000, per family, that is the first $24,000 that everyone in my district are, will be paying a 0% rate on. and then, the next 10 to $16,000 will be a 12%. that is a huge tax cut. when you're looking at people back home, that is just living paycheck to paycheck, trying to make ends meet, you talk about four to 500 or $1000, that goes a very long way. stuart: last question, sir, are

you having fun making rich liberals in new york, california, illinois and elsewhere squirm because they're going to be paying more in tax? >> i'm having fun fighting for the people of missouri to make sure missourians are not subsidizing the liberals in new york and new jersey and california for their high state and local income taxes. stuart: i can tell you're having fun. jason smith. thanks for joining us, sir. have a great day on the vote as you're waiting for president trump. >> you too, sir, thank you. stuart: we'll be right back. sta college fund for my son. actually, i want to know what you're thinking. knowing that the most important goals are yours. it's how edward jones makes sense of investing.

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and start gathering the information you need to help you keep rolling with confidence. go long™. ♪ stuart: breaking news. of the senator al franken being accused of groping a woman while on a uso tour in 2006. take a look at this picture. you have anymore on this, ashley? ashley: the woman in that picture with al franken, liane tweeden. this was taken on a car foe plane from the uso tour. she was mortified, when she was shown pictures afterward, after they had gotten back to l.a. prior to the picture, franken confronted her, on stage, behind the curtain, no one seeing, wanting to rehearse a kiss in skit we had written. she said no, we don't need to

rehearse. he insisted, insisted, according to tweeden, and forcibly kissed her. shaken upby the whole event, had not said anything. inspired by other people coming forward in regard to congressional people, now getting accused, she decided to come out say i have to speak up. stuart: are there other accusations? liz: democrat congresswoman jackie spear out of, that two congressman, one a republican, one a democrat have been accused of sexual harrassment. let me back up. over 10-year period, recent 10-year period, the u.s. government paid out $15 million to cover sexual harrassment, discrimination claims, for religious and racial discrimination and discame nation against the disabled on part of members of congress and government workers. taxpayers, paid out to cover settlements over the 10-year period. ashley: we should point out we put out word to the woman in this case, and alleged victim

and al franken. we're still waiting to get comment from both. stuart: the latest on roy moore is, that he is not going to withdraw. i believe his expression was, we will fight to the bitter end. ashley: yes. stuart: so sexual harrassment in congress, in our society, generally, is now front and center. ashley: certainly is, as opposed to, foreign policy, tax cuts, growth in the economy or anything else. liz: we didn't see this congressional story coming, right? ashley: no. liz: this is bombshell news. stuart: the allegation against the senator -- liz: with jackie speier testimony about unnamed congressman. stuart: extraordinary stuff. hard to keep track of it. what i can keep track of is the stock market which is going straight up. we're up 178 points. that is the high of the day. 23,449. yes, there will be more "varney" after this.

stuart: it was senator john mccain who famously cast the no vote that kept the disastrous obamacare alive, and we still live with it today. will another republican senator cast the no vote that kills tax reform? i find it very hard to believe that any republican would kill the republican party, kill the president's growth plan, maybe kill the market rally and reintroduce the world to speaker nancy pelosi. but what we're hearing from some senators, it's not encouraging. susan collins of maine doesn't like the repeal of the obamacare mandate. jeff flake of arizona won't vote for a bill that adds a dime to the deficit, as he says. he doesn't believe in dynamic scoring. bob corker of tennessee and arizona's john mccain appear to be on the fence, and there is always the roy moore problem. and then there is ron johnson, republican of wisconsin. last night he was a reported no.

this morning after a call from president trump, he says he wants a fix, and then he would vote yes on a pro-growth tax bill. i guess that's progress. today the house will vote on its plan. we are told it will almost certainly be a yes. then it's on to the senate, and i repeat the question, can you imagine a republican party that says no to tax cuts? i have a hard time with that. and which republican senator will be the one to kill it? good question. the third hour of "varney & company" is about to begin. ♪ ♪ ♪ ♪ measure. ♪ ♪ stuart: well, let me explain the music, please -- >> yes? stuart: my grandchildren said to me, hey, granddad, it's time you played some modern music.

[audio difficulty] chad, i'm going to repeat what i just said moments ago. i can't believe that any republican will be the one who says no, we're killing this tax deal, we're killing the republican party, we're killing the growth plan. do you? >> well, there are going to be some republican nos today, but they're not going to kill it in the house of representatives. what we know is it's most likely in the next 2-3 hours a house of representatives will pass this tax bill. they need 218 votes if everybody is voting yes. we estimate the vote tally to be in the low 220s for yeas. it's not going to be as close as

the framework, the budget framework for tax reform last month which was 216-212. they lost 20 republicans on that. they lose 22, and they're in trouble. it's not going to be as tight. we know they're going to pass this in the house, but what we don't know is can they pass it in the senate -- stuart: can you, i'm just trying to get to grips with this. can you picture a republican party that says, no, we're not going to cut taxes? can you imagine it? >> well, that's the problem where you talk to some of the new york and new jersey republicans. i spoke with pete king, republican from long island -- stuart: no, in the senate. who's going to be the senator who kills the republican party next year? is there stuff a person? >> well, that vote radius in the senate is going to be within a vote or two either way. it could come down to one person, roy moore, luther strange, doug jones depending on when they vote, that could have an impact. you mentioned john mccain just about an hour ago he couldn't weigh in on whether he would

vote for this because he says i haven't seen the final plan yet. it seems to change by the hour, which is true. they hope to report it out probably tomorrow. and you have the deficit hawks, the jeff flakes, the jim lankfords, maybe even rand paul who is back, still suffering from rib injuries. you don't know how those senators are going to vote. it's going to be close. stuart: i hope it's just sausage after making, arm twisting -- sawagemaking, arm twisting. i hope, we shall see. chad pilgrim, thanks for joining us. >> thank you. stuart: who's here now? david stockman, author of the book "trumped." here's a man who thinks that we're headed to death and disaster on the stock market. we're headed straight down. is that correct? >> well -- stuart: that's >> is that correct? >> for a reason. this is repeal and replace all over again. the tax bill will pass the house

by three votes, they'll let everybody else off the hook. it will go to the senate, it will die in the senate. sell your stock, stuart. pick your winnings up and move along because this whole market is predicated on a trump growth agenda that isn't going to happen. this is not a pro-growth tax bill, it's not a reform bill, this is a supply-side fake, this is a reagan imposter. it doesn't cut marginal rates. stuart, you get growth from marginal rates. we cut 'em by 30%. this bill leaves the top rate 39.6, where it is. it raises it to 46 on the bubble. this does not cut middle class taxes. take the 30 million taxpayers right in the center, 50-100,000, a third of them will get a tax increase of $1,000, two-thirds will get a tax decrease of $1,000 -- stuart: okay -- >> let me finish. the average cut will be $6 a week for the middle class,

enough to buy two cappuccinos and a banana at starbucks. stuart: okay. let's get on with this. [laughter] are you selling gold? >> i'm buying it. stuart: you are on tv advertising gold, right? >> i don't know if i -- stuart: yes, you are. >> over the years. stuart: okay. and in the last, what, couple of years, gold's done nothing. meanwhile, you're saying sell your stocks, there's a crash coming, and the stock market has gone straight up. if i followed your advice, i would not be better off, i'd be worse off, and i would have missed out on a rally which added to my assets by one-third. >> okay. but the point is -- stuart: no, no, the point is you've been selling gold, and it's not done me much good. it's been killing me. >> okay, i'm sorry about that. you shouldn't have listened. but the point is if you take the nasdaq 100, it went from 1,000 to 5,000 at the end of the 90s, and it crashed 83%. if you take the russell 2000, it went from 350 in 2002, 2,000

days it climbed a wall of worry, by 2007 it was 850, and in 15 violent trading days it was back to 350. so the point is i'm not smart enough to figure out when these massive bubbles which are entirely a function of central bank interference and intrusion break, but they do. central banks can inflate bubbles, they cannot keep them in place indefinitely. stuart: right. so we've got 3% growth now -- >> i don't think we have -- stuart: okay. well, the numbers which we see and which everybody else in the world sees is gdp is growing at a 3% annual rate. we have a ubs analyst who is saying if we get these tax cuts, we will grow the stock market, the russell 2000, by 8%. this morning the i dow industrials, as of now, are up 180 points, 23,452. all of them are totally wrong, and david stockman is right. >> yes -- stuart: to push gold and sell stocks. >> exactly. stuart: i don't get it, david, i really don't. >> okay.

in the last crash, ubs lost $60 billion. their opinion is not worth the paper that it's printed on. this is just more sell-side stock peddling -- stuart: okay, when does the crash start? >> you know -- stuart: can you tell me? >> i don't know -- stuart: what's the point of all of this? >> you can't interrupt because i don't know when the nasdaq crashed in april 2000, but it surely did. i don't know when the goldilocks economy that you were talking about in the fall of 2007 is going to crash, but there was a meltdown of historic proportions. so you either think this is an honest market, this is a stock market, this is capitalism, or you think it's a wild gambling casino that has been totally corrupted. stuart: i'm afraid i've got to end it there, david, because this is doing us no good.

if i had followed your advice a couple of years ago, i'd be underwater. >> now might be the time to take -- stuart: no, we're done. i'm sorry, we're done, david. we'll have you back by all means, but the dow's up 188 points, for heaven sake. >> okay, fine. stuart: very soon the president will leave the white house and head to capitol hill. yeah, it's the live action presidency. it's going to happen before your very eyes. back in a moment. ♪ ♪

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do you want $4.95 commissions for stocks, $0.50 options contracts? $1.50 futures contracts? what about a dedicated service team of trading specialists? did you say yes? good, then it's time for power e*trade. the platform, price and service that gives you the edge you need. looks like we have a couple seconds left. let's do some card twirling twirling cards e*trade. the original place to invest online. stuart: as we speak, the president's getting ready to leave the white house. he'll be on his way to capitol hill. he's going to address house republicans on tax reform. this will be a pep talk. breaking news, al franken apologizing, a fox affiliate

tweets the statement from franken, here it is: i certainly don't remember the rehearsal for the skit in the same way, but i send my sincerest apologies to leann, that's the lady he's accused of groping. as for the photo, it was clearly intended to be funny but wasn't, i shouldn't have done it. that's the al franken development that has come to us in the past half hour. >> right. stuart: a financial technology firm has just started trading on the new york stock exchange, it is a chinese company. it connects people to financial services. the company's ceo, david yi, joins me now. sir, welcome to the program. congratulations. you're off, you're running on the new york stock exchange. how you doing? >> very good. thank you for having me. stuart: you are a chinese company, i believe. do you operate solely in china, or are you going to bring your services to america? >> we are operating solely in china today.

we do consider expanding to other markets, actually, we are considering emerging countries such as india which have less perfect credit infrastructure, the technology would work better for innovative business model like ours. stuart: okay. why did you list on the new york stock exchange? >> okay. and you know we are, we are founded six years ago, we have scaled to a 67 million use ors, high growth company, and we also talk to nyse before we found actually nyse in chinese means -- [speaking chinese] we are a financial company just transformed new york stock exchange into -- [inaudible] stock exchange. stuart: well done, sir.

you're off and you're running, and your stock has opened ever so slightly higher. you've arrived. congratulations and thanks very much for being with us this morning. good stuff. >> thank you very much. let's go, bulls. [laughter] stuart: i got it. i want to bring in doug schoen. he's a democrat, and he's got something to say about the senate and tax cuts. >> sure. stuart: you don't think it goes through. >> no, i don't. stuart: why? >> with ron johnson yesterday having -- stuart: i'm sorry to interrupt you -- >> please. stuart: -- but ron johnson this morning says -- >> he is for it if it's fixed. >> right. stuart: yes. he'll vote for it if it is fed, and he's looking -- if it is fixed, and he's looking forward -- [audio difficulty] >> they're going to be able to fix it in a way that satisfies him. the other, we have three other moderates, susan collins, we have john mccain, we have others -- because the reason i focus on them is the getting the

potential to get rid of the public option. i'm sorry, not the public option, the mandate of coverage in the health care bill. i'm not sure they're both going to go for it, and if we lose two votes, stuart, we don't have tax reform in the senate. stuart: who's "we"? you're a democrat. >> we are america. i focus on the country. i'm not for it because i want with rates down, the deductibility of state and local taxes preserved and the mortgage interest reserved. i want to go way down, stuart. stuart: look, i can't believe that the republican party after one year of the trump presidency, one year of controlling -- >> sure. stuart: -- congress and the white house, i just can't believe that the republican party in the senate would say, no, we're not going to cut taxes, no, we're going to kill our chances in next year's election, no, we're going to cull the trump growth program -- kill the trump growth program,

no, we're going home and taking our marbles. i really can't believe that. >> they have done a pretty good job of committing hara-kiri so far -- stuart: but would you agree with senator lindsey graham who said yesterday if they reject tax cuts in the senate, that's the destruction of the republican party? >> it's a long way towards it. certainly means that the blowout that will occur in 2018 for my party, the democrats, will be on a scale of that which we saw in 2006 and 1974, a huge one, a landslide for the democrats if that happens, stuart. stuart: i think you're right. i do believe you're right. i think the republican party will be destroyed next year if they can't get tax cuts done, and you don't think they're going to get it done. >> you and i both agree bipartisan lower rates, stimulate growth, dynamic scoring, we'd be having a different conversation -- stuart: and if they did it first -- >> right. stuart: before obamacare, first order of business --

>> absolutely. couldn't agree more, stuart. stuart: good lord. we're in trouble, doug. [laughter] >> no, no. stuart o.k., i'm going to move on. thanks very much. listen to this, a lawsuit accusing some wall street bank of secretly sharinging client information on online chat rooms in order to rig auctions of u.s. treasuries, that's the allegation. napolitano coming up on that. still on the treasury, secretary steve mnuchin seeing his signature for the first time on freshly-minted, newly-minted dollar bills. mnuchin was joined by his wife. they posed more pictures. that didn't go down too well on social media, by the way. and very soon the president will make his way from the white house to capitol hill where he'll address the house republicans on tax reform. this is the live action presidency, and you're watching it. ♪ ♪ are you on medicare?

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[laughter] >> wow. stuart: i'd love to have been there. christie's auction house, leonardo da da vinci's portrait sold for $450.3 million. it's a 500-year-old painting, it's latin for savior of the world. next one. russian archaeologists have discovered well-preserved money south of cairo. it was wrapped in linen, the archaeologists believe the money was made sometime between 330 b.c. and 670 a.d., that's a thousand-year spread, if i'm not mistaken. >> roughly. [laughter] stuart: tennis star roger federer now the highest paid athlete in non-teem sports. according to "forbes," he's made more than $110 million in prize money over the course of his career just ahead of tiger woods

who's also made $110 million. clearly, these totals do not include money from sponsorship deals which are gigantic. we're about to see president trump arrive on capitol hill. i don't think he's left the white house yet, but he will very soon. he's off to capitol hill. he'll address house republicans right before they debate and vote on tax cuts. it's going to be a pep talk, and you'll see it. ♪ ♪

stuart: all right. any moment now president trump will head to capitol hill. he's going to talk to house republicans and, of course, he's talking taxes. as you can see, the market is up right now on tax talk. and blake burman is with us from the white house. all right, blake, the white house and the republicans, they must be absolutely sure that they're going to get 218 votes in the house. are they? >> reporter: they're feeling pretty good, stuart, both here at the white house and on capitol hill. i was speaking with a couple white house officials earlier this morning, and a couple of the phrases, i was told they're very confident, for one, pretty confident was another, and barring anything crazy was the

third. so, yes, they like where they stand now. [laughter] over here at the white house with things in the house. stuart: i'm laughing, blake, because barring anything crazy. are we not used to crazy, crazy events over the past year and a half in politics and the world generally? >> reporter: there was actually a knock on wood as i was told that by one person when i was talking to them. barring anything crazy. but, yeah, look, they feel good about it. kevin brady told march. >> bartiromo -- maria bartiromo they're got the votes. the president's heading over there now as we speak. one thing, though, that you should not expect, stuart, by the way, remember after health care passed through the house and that big rose garden ceremony at the white house, nothing along the lines of that after this tax bill passes. they know there is still a long process to go going forward. stuart: got it. thanks so much, blake. by the way, the president has left the white house, he is on his way now to cap toll hill. we don't have eyes on at this point, but he's on his way.

dan henninger is with us. after all, it is thursday, ladies and gentlemen. he's "the wall street journal" deputy editorial page editor. okay, let's turn our attention, shall we, to the senate and the overall tax package. i say it's impossible to imagine the republicans don't get this thing over the finish line. you're laughing. why? [laughter] are you with me in. >> impossible to imagine? stuart: i can't imagine -- >> no, i cannot imagine it either. and i think there's going to be a big win with this tax bill. they are going to get it certainly out of the senate finance committee, and then they're going to try to bring it back after thanksgiving for a vote. and i believe it will pass notwithstanding ron johnson's reluctance here this week. there's some sense that susan collins might have some problems with it. it is inconceivable, this party is dead if it doesn't pass this bill. stuart: lindsey graham said if you defeat this bill, the republican party will be destroyed in the elections next year, and i think he's

absolutely right. >> well, i think their minds were focused by the loss of the virginia governorship and some of the house of delegates. this could go wrong with them in some of these swing states like virginia. so this is their last chance to show the american people that they can do something. and, stuart, it's a strong bill now. i think it's going to pass the house. remember the battle we went through on health care. this bill is going to pass the house today for sure, maybe with some votes to spare. stuart: all right. now, it's thursday, this is the day when your column appears in "the wall street journal." it's called the wonderland by daniel henninger, ask and your piece today is all about the surge in the number of investigations. and you conclude a significant political crisis is coming. explain. >> well, my column is pegged precisely to the idea that attorney general jeff sessions has came out in his testimony before congress this week, he should appoint a second special prosecutor to investigate hillary clinton, uranium one,

the e-mail server and the rest of it. so i am arguing that the system cannot sustain two special prosecutors basically pursuing political agendas. the system is already under a lot of pressure, stuart. people -- look, the intelligence service and what they did with the dossier, jim comey's fbi, the fact that the justice department has handed off its investigations to robert mueller, i think a lot of the public out there simply is losing faith in america's institutions. and i'll add one more, incidentally. accountability whether for the trump campaign or the clinton campaign is a very important thing. and normally, the press has pull filled that role. they provide oversight. but in our time, the media has become more prosecutor than neutral referee. and i think you're getting to the point where if you have these inconsolable differences aired by these special prosecutors, the polarization in

this country is going to get so wide that we're not going to be able to function as a political system. stuart: that's a dire threat. by the way, ladies and gentlemen, left-hand side of your screen, that's the motorcade, the president's motorcade, on its way to capitol hill where he will give what i think is going to be a pep talk to the republicans about getting tax reform done in the house. as you watch that, dan henninger, you're talking serious stuff here. >> one more thing. if they were to appoint a special prosecutor to investigate hillary clinton, i think, stuart, that that would absolutely guarantee the impeachment of president trump if the democrats took control of the house in 2018. stuart: whoa. that's serious stuff. >> yeah. i mean -- stuart: because they might take control of the house in 2018. >> and if you have a special prosecutor investigating hillary clinton and has come out of the trump justice department, i think the democrats just to the point because the politics would be so bitter at that point would proceed with impeachment proceedings. and that would so divide the

country, i mean, here you've got half the country saying the election is being overturned by the other half of the political system. it just wouldn't hold. stuart: dan, hold on for a second. i want to bring in judge napolitano joining us, i think, from washington, d.c. at the moment. i'm sure, judge, you've been listening to what dan henninger said here, and i'm sure you've read his article today -- >> yes, you're right on both counts, and i could not agree more on everything that dan has said. but i actually go a step further. look, there is plenty of evidence to investigate hillary clinton, and it can easily be done by the justice department. the idea of an independent counsel should be the extreme exception and not the rule. and the rule applies only when there is an irreconcilable conflict between the justice department and its ability to do its work. so in the case of bob mueller, jeff sessions could be a witness in that case. he obviously can't run a case in which he's going to be a witness

himself. and the issue of accountability is very strong. i'm very happy that dan raised it the way he did. justice scalia, in a famous dissent -- so he lost -- arguing why these independent counsels aren't even constitutional, essentially said they're not accountable. they're alien to the constitution. they're just floating around the justice department looking for somebody to indict to justify their own existence and expenditure of resources. stuart: hold on a second, judge. the president has a arrived on capitol hill. i don't think he's exitedded the limousine yet, but he is there. he goes into the building, the republicans are assembled, and he'll tell them what he thinks about passing the tax bill as proposed by the house of representatives. all right. judge, i do want to get to you about these, there are six democrats who stood up and and said impeach the president. i'm sure you've seen the videotape, and i'm sure you've seen maxine waters leading the chant impeach 45, impeach 45. >> yes.

stuart: are there grounds to impeach president of the united states, donald trump? >> no, there are no grounds -- stuart: is it pure politics? >> i think it's absolutely pure politics. but it's dangerous. it's dangerous to throw around the world -- the word and attempt to discuss it seriously. short of declaring war, there is nothing more cataclysmic that the congress can do. we all lived through this in the tail end of clinton's second term, that attempt to dislodging a popularly-elected president. it cannot been done for light and fleeting reasons, it cannot be done for political reasons, it cannot be done because you disagree with him, hate his personality, despise him, question whether or not he was lawfully elected. it can only be done for treason, bribery or other high crimes and misdemeanors one of which probably is obstruction of justice, but there is no case there from anything i have seen. stuart: let's suppose that the democrats retake the house next year and it becomes speaker

nancy pelosi. doesn't that up the odds of the impeachment process going further, doesn't it? >> yes. yes. which is why it's very important, as you and i have spoken, this brings us back to what you were talking about with dan at the beginning of your interview with him, that the republicans in congress and the republican in the white house put real cash in the pockets of the base very soon so that they turn up to vote in 2018. because if they don't, it will be an inferno that donald trump will confront if mrs. pelosi is the speaker before we even get to impeachment, she has the subpoena power. she can almost stop the white house dead in its tracks. stuart: hold on a second, judge. >> you know, chuck schumer, nancy pelosi, dianne feinstein do not like this impeachment talk, and the last time a party ran on impeachment talk was the republicans in 1998. the democrats came to the rescue of bill clinton and won seats in

the house. so that is the big issue. you cannot run on impeachment talk for the democrat party to try to seize the house. it often backfires. trump's supporters will come to his defense. stuart: and there is the president, he is on capitol hill as we speak. he waves to the cameras, he's moving on from our camera position. he's going to to be talking to the house republicans -- >> get it done, is the message. get it done. stuart: yeah, well said. and i think it will. >> yes. stuart: you don't hold a vote unless you know you've got the votes, simple as that. judge, quick question. you're there in d.c. as we speak. can you imagine the republican party in the senate saying no to tax cuts and destroying the party? >> yes, i can imagine that because they all have their own individual agendas. you have deficit hawks who don't want to increase the deficit one whit, you have people who believe we should have s.a.l.t.,

a senator from mississippi who's got to be led by the hand to vote, this controversy in alabama. i am not as sanguine about it as you are. full disclosure, as you know, i hate this thing because it causes a lot of taxes to go up. even people that want donald trump to succeed. i am hoping for just cut everybody's rates and cut the corporate rates and stop with this fooling around about what's deductibling and what's not. stuart: ah, judge, you're just angry because you live in new jersey, and you're going to pay more -- >> you're right. you're right, my man. [laughter] stuart: judge, you're all right. thanks for joining us. we'll see you on "special report" tonight. >> you got it. stuart: next, we're joined by one of the nation's top wealth advisers. i'm going to ask him what he is telling rich people. bang in a second. back in a second. ♪ ♪

>> i'm nicole petallides on the flr of the new york stock exchange, taking a close look at some of the retailers. the holiday season is approaching, sears is already pulling out black friday deals, the stock up 10.5% and has lowered how much you have to spend to get free shipping to $25. take a look at sears and kmart. big holiday ad spend anything

2016, $1.24 billion. that dropped year-over-year from october to november, down about 9%. but look at what's happening between sears and kmart versus walmart, macy's, target, they're spending double, triple what sears and kmart have been spending in order to woo customers. we know the stores have been closing, billions of dollars in losses. but now it's really evident without the advertising spending, what happens for the holidays? ♪ ♪ our disciplined approach remains. global markets may be uncertain... but you can feel confident in our investment experience around the world. call us or your advisor... t. rowe price. invest with confidence.

stuart: just to keep you. this touch wie live action presidency, the president has arrived on capitol hill. he's right now talking to -- addressing, i should say -- house republicans who will then go on to debate their version of the tax bill, and then they will vote on it. look who's here, a man named ron carson. he is the ceo of the carson group. this man manages the money of wealthy people and tells them where to invest, don't you? >> i try to, stuart. [laughter] stuart: manage, what, $10 billion? >> we manage over $10 billion at the carson group and give advice. stuart: let's get right at it. >> yeah. stuart: supposing you're in your 60s, you're sitting on some very, very nice gains. you're right up there, you've done well. what would you tell that person to do with his or her stock investments? buy some more or pull back a little? >> i think right now i'd be

pulling back. i mean, the market's had a great run here. risk is definitely elevated. a lot of good news has come out, the economy's growing, but we think the fed's actually going to raise interest rates faster than what the market anticipates, and i think there's some downside risk here. so i would take a little bit off the table. stuart: okay, so you sell some of the better performers maybe -- >> yes. stuart: maybe you have to pay the tax on it. >> okay. stuart: where do you put the money? >> look at strategies that are -- right now you can actually go in and do a bond ladder, just buying bonds and stagger the maturities. you can get a pretty okay yield compared to cash -- stuart: what can i get? >> probably about 2.5-3% return and very safe. even if rates go up, the ladder continues to mature. so you can to some things that aren't crazy risky, but you don't also have to settle for zero return on those assets. stuart: i've addressed someone in their 60s which a lot of people in our audience are in that position.

you're saying pull back a little, go for a sure bond return. supposing you're in your 40s and you've done nicely, you've made your money in stocks. what would your advice be to that person? >> from what i've learned my 35 years in this business, nobody likes to lose money. i don't care how old they are. you know, go back to the dot.com meltdown -- stuart: true. >> -- the financial crisis, and you're going to put something in there going, you know, take -- really measure how much downside risk you can take. i've always -- what i've learned, the biggest risk always has been, always will be doing the wrong thing at the wrong time, and you can do that at 40 as well as 60, 70, 80, and if you capitulate and sell, you have permanently locked those losses in. you should always be evaluating what am i trying to accomplish and how much debt -- i've never had anyone complain about too much volatility to the upside. it's downside. protect the downside, the upside will take care of itself.

stuart: did you start out in life on a farm? >> i did. yes. stuart: your first clients were farmers? >> i used to sit down at the kitchen table and drink coffee. they knew nothing about what i do, but i understood what they did, and i still do to this day. they're the greatest people out there feeding our country -- stuart: you see, i like to hear this. >> common advice to common people. stuart: you always think of rich people who have got a financial adviser, they're a different kind of person. they live in a big city. maybe they live in some foreign country. but, no, you get down and dirty. [laughter] you get down amongst ordinary people -- >> yes. stuart: -- and talk to them without saying the fed and qe3 and that kind of stuff. >> we make the complex simple. stuart: okay. >> because if people are confused, they do stupid things, and behavior is what ruins great retirements and great portfolios. so if we can keep it simple, people understand what we're talking about, they're going to make better decisions, and

that's what it's all about. stuart: okay, here's the crunch. you've got to give me advice. i'm in my late 60s. i'm 69 years of age -- >> are you really? [laughter] stuart: oh, you're such a nice guy. >> you look awesome. stuart: you're coming back. i've done pretty well in a stock called microsoft. i've just ridden that thing up, and i haven't sold a single share in all these years, but i'm 69 -- >> yes. stuart: -- and that stock's hit a record high. give me some advice. >> what percentage of your portfolio is it? stuart: oh, that's a good question. that would be in the neighborhood of 30%. >> i would reduce it down to 5%. pay the tax. paying taxes is okay -- stuart: no, it's not. >> it is okay, it is okay. [laughter] that's how we run this great country of ours, right? stuart: are you a communist here? what is this in. >> i'm really not. [laughter] and as will rogers said, thank god we don't get all the government we pay for, right? [laughter] stuart: so you're telling me sell a big chunk of the

microsoft, today pax -- >> i've seen absolute disasters occur. remember enron? i mean, i can go down the list. unless you said, unless you said 30% it goes away, i'm unhappy but it doesn't change my life at all, maybe i'd say reduce it to 10. there's no way i'd have 30% in a single stock. i don't care how great i thought the company was. stuart: okay. last question. i opened an ira in the 1980s, $2,500. in that decade i put in 12,000 to an ira. this is a long, long time away. >> yes. stuart: i put into a qqq fund, it's done incredibly well. i never touched it. so now should i touch it? it's in my ira, remember -- >> so you can de-risk, we're saying de-racing right now -- >> pay tax? you'd hold it or sell it? >> i would sell it, and here's why, stuart. we are conditioned to buy every dip. and by the way, that's worked for a long time, and i'm not

forecasting this at all, but look at japan and the nikkei, things went down for a long time. you're going to have an opportunity, i don't know if it's in 6 months, 12 months or 18 months, to reenter some good names, and you want to have some dry powder to do that. take a few chips. we've hat had a great run, right? stuart: all right, mr. carson. [laughter] why don't you come back and give me some really good stocks i can buy now. as we say on this program, you're all right. >> thank you, stuart. stuart: appreciate it. bigger big day in politics and for your money as well. we've got a triple-digit rally. we're up almost 200 points, and the president's talking serious tax cuts. a house vote is coming. we are following all of it. ♪ ♪ hi, i'm the internet! you know what's difficult?

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stuart: senator al franken being accusef globing a woman while on a uso tour in 2006. there is the picture which al franken says was meant as a joke. we have an update from senator mcconnell. >> we do. he says an ethics committee

should take a look at this issue. as with all credible allegations of sexual harassment or assault, i believe the ethics committee should review the matter. i hope the democratic leader will join me on this regardless of party, harassment and assault are completely unacceptable in the workplace or anywhere else. >> well, he wasn't a senator then, right? at that time he was just organizing a pac that raised a million dollars for a senate race that he did embark on in 2008 and won. stuart: it's a question of character, isn't it? >> yeah. >> this was 11 years ago. stuart: and remember, please, a charge like this once laid does not go away. >> no. stuart: got it? check this out, congressman bill flores tweeting out a photo of president trump in the gop conference, o.k.? that is taking place right now. i think -- that's right? that's taking place right now in. >> yep. stuart: that is the president, he's addressing house republicans. i thought he was going to give a pep talk, and i believe he is. essentially, he's addressing house republicans right before they debate and vote on --

>> in picture, you can see his hand up like he's bringing the hammer down. stuart: get it done, i think is what he's saying. i'm just looking at the hand gesture, get it done. more "varney" after this. ♪

♪ dad: we walk inside... and it's raining...

our home was ruined... . . . . 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: just took a commercial break. i thought the dow would hit the plus 200 mark in that break. it didn't quite but we'll take up 194 points. some of the dow winners, what is contributing towards this big, rally for the dow? look at walmart. that is a record high, $97 a share. on this program, you have heard forecasts that it hits $100 a share fairly soon. we also have, let's see what else we have got up there.

ashley: cisco. stuart: cisco was a big winner. there you go, back again. caterpillar is up 2%. proctor & gamble, what is his name, nelson peltz. liz: nelson peltz of trian. stuart: won a board seat. 43,000 votes, out of 2 1/2 billion cast. he won the board seat. market likes it. goldman sachs up 1%. show me amazon, please. i think this has been the stock of the year. i don't think there is any question about that. it is now at 1136. that is a nine dollars gain. liz: has to hit 2075 a share to be trillion dollar company. stuart: let me repeat that. has to be 2075-dollar as share. if it hits that that company is worth a trillion dollars. a long way to go. ashley: morgan stanley said could happen at end of next year. stuart: they did say that. right. we'll follow it on this program. we would love to follow it up to

$2,000 a share and a trillion dollar market cap. we thought it would be apple first to a trillion. morgan stanley, said it will be allison. liz: wait for it. stuart: our time is up. neil cavuto. it is yours. neil: stuart, thank you very, very much we're following the market rally, with indications the biggest catalyst from ubs, big investment banking firm, if tax cuts go through, despite the rally we've seen in stocks, it doesn't even closely reflect what could be happing if this does officially happen. making multiples on the market. what looks rich to some, suddenly what is cheaper, if both interest rates and stay low and tax rates go a lot lower. that is just the opinion of the consensus wisdom at ubs. doesn't mean they're no, nostradamus. president up on