dagen: stomach ale, charlie ramona have all four of those. have a great day. >> sees it. from the get-go here is the financial news of the day stocks are going up again and i have to tell you from the start, the end of the world. after 81 record highs since the election, the dow will open up

this morning 50 points but all eyes on big tech, they took a big hit yesterday, from premarket action some investors nibbling at tech stocks at lower prices, maybe buying the dip but not that much. now the over-the-top nancy pelosi describing the tax bill as armageddon and the end of

the world, tried to rally democrat opposition to the trump growth agenda hardly surprising the left does not want to go into next year's elections with a strong economy. embarrassed steny hoyer -- the end of the world. political bias in the mueller probe sure looks like it, turns out it was an anti-trump pro-hillary fbi agent who changed the language on the email activity, from grossly negligent which is clearly legally wrong to extre bias. there's a reason this show is three hours, we need that much time to get it all in. "varney and company" is about to begin. ♪ stuart: saturday musicologists will understand why we are playing i don't want to miss a thing from the 1998 movie armageddon. minority leader nancy pelosi on the tax bill. >> the worst pieces of legislation in either house but together, both pieces of legislation to come before the congress, this is armageddon. this is a very big deal because you know why? there is a hard way to come

back from this. >> steny hoyer looking embarrassed in the background. the president of the heritage foundation, is this the end of the world? >> hopefully it is the end of the world as we know it, to move on to real economic growth, job opportunities and a new era for everybody. poor nancy, first the obamacare bill 10 years ago, now this is the worst thing ever, she is really not living in the real world. stuart: the bottom line is the democrats are very worried about the state of the economy and next year's elections, a booming economy, no inflation, they don't want that, induced panic in advance of it. >> i they panicked, the senior

senator from virginia, one of the other sunday talk shows. on sunday he is really worried about that $1 trillion the joint committee is projecting on deficits going over the next we 10 years, where where you the last eight years when we had $10 trillion, with reasonable growth under trump won't be a deficit. the economy will grow, tax increases come in more than projected now and everybody will be better off. stuart: former clinton and obama official larry saunders is treasury secretary wrote, in the financial times, the conclusion followed the tax bill will result in 10,000 extra deaths per year. will you nail that one? >> i will try, the relationship between the level of insurance and the rate of debt.

when i hear about tech companies, 110, 120 years old. i'm not worried but i read the larry summers piece, it will increase or speed up death, every day we live longer when they are closer to passing away. get over it and get with the program. stuart: with these tax cuts. >> up to four in my own optimistic, the president of heritage by january, the dow. stuart: no wonder you are popular, the heritage foundation, thanks for joining us. where are we going to open? we will be up not that much, up on the dow industrials, smaller

gains, s&p and nasdaq. lots of red arrows lately. we are looking at premarket trading. facebook, amazon, apple down, marginal gains for alphabet and microsoft after their big losses so tell us all, why were they down? dagen: a tax bill michelle in the sausage making in dc that would hit tech companies hard having to do with the alternative minimum tax, the parallel tax system where you have to be sure to pay well and what that means is because of amt still in there for corporations tech companies will not take the are in the tax break or tax breaks for intellectual property or capital spending, the tech lobbyists going haywire

knocking these things out, this is a last-minute bombshell they have to wrinkle out, that is why the tech company took its. stuart: they are not set in place yet. wall street journal editorial for this kind of guy, the dip for the big tex, if you are worried, if you have microsoft stock like i do, half of it and secure the profits with the amount you sold. >> had a great run, look at the multiples on a lot of these companies, amazon much more than the others, you like amazon as well. long-term you like these companies, you like america, got to be optimistic about the policy framework we got moving forward. as a short-term matter these stocks are impressive.

stuart: see if they buy them today. big names which didn't think we would do well but in the past few weeks they have done extremely well. look at abercrombie, jcpenney, macy's, up big time, urban outfitters, gap, nordstrom, 20, 26% gains since the middle of november. is this because everybody is expecting a good solid christmas season? >> focused on november 15th, since then some good news october retail sales, what happened since then, retail pays the highest affected tax rate of any industry sector, this thing goes through. consumer getting a lot,

consumers with tubes, are they feeling more flush as they look at toys this week and next week? yes. stuart: they are worried about amazon until the middle of november. celebrating a good -- >> at the margin a lot of good news on the tax front on the consumer front. stuart: not going to call this -- the new york post reports people finding hidden cameras in their a -- air b&bs. >> in the bedroom, the smoke detector seeing a hole in the smoke detector. there is a hidden camera spying and recording some. the owner of the condo faces felony charges for video voyeurism. also finding hidden cameras in air b&bs in book, life, and two

way mirrors, some of these cameras you can get overnight with amazon, $50 and hooked up to the internet so filming people walking around naked and doing whatever in the air b&b condos. stuart: that is a big deal. thanks very much. the daily caller uncovering sexual harassment scandal, reportedly using taxpayer money to pay off a staffer he fired after she told the congressman she was being sexually harassed by his donors. the guy who broke the story is on the show in the next hour. newbill in congress if you can carry a concealed handgun in one state, under this bill you

bring it to another state no matter how strict the laws are in the other state, is that a good idea? imagine a hit around times square, not sure about that. one congressman wants to lock up officials who shelter illegal immigrants from deportation. you will hear directly from him after this. unlock: a realization that often reveals a better path forward. at wells fargo, it's our expertise in finding this kind of insight that has lead us to become one of the largest investment and wealth management firms in the country. discover how we can help find your unlock.

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stuart: the retailer autozone higher profit, better sales, good for a 6% gain for the stock. what else have we got? free market, g3 apparel, they have come out, i lost prompter for a second. and andrew mark raised its forecast for an 11% gain. good job. one hour from now, michigan congressman john conyers expected to announce he will not seek reelection.

ashley: intense pressure to resign over sexual harassment allegations. i'm not going to resign according to a relative, and the longest-serving member of house of representatives and his grandnephew, 29-year-old ian conyers says i will run for my great uncle's seat. conyers's name might not be going away. it could be called nepotism. he has to win the election, but paul ryan, this guy needs to go but best that i retire. stuart: we leave it at that. the steinli murder, imprisoning officials who shelter illegal immigrants.

republican indiana with us now. let's get this clear, which officials are you talking about? it couldn't be the local sheriff, he's just obeying orders, going after politicians? >> if you are local, state and local official ignoring federal law, constitutionally valid law, if you're going to behave like a criminal you are to be treated like a criminal, lock them up too. stuart: do we need new legislation for that? >> i believe so especially in this case. i don't see it on the books, there's legislation for harboring immigrants, that could go to the death penalty if that immigrant later kills someone. this is the least we could do for elected officials who are not following valid law. stuart: one year from now will we still have sanctuary cities in america? >> we have to end st. mary cities. stuart: are we going to have it

when you're from now? >> got to get this lot passed, call your viewers, we got to pass this act and get donald trump the tools they need. stuart: i want your verdict or judgment on the supreme court, announced the full enforcement of donald trump's travel ban. i say this is a win for donald trump. not a long-lasting supreme court ruling. >> 7-2, they look at it, the fact of the matter is they recognize the president's executive authority, many of us supported, on the right side of the law, it will validate that. stuart: you are a happy guy. the economy is growing, donald trump wins one, going after officials to protect illegal

immigrants. >> liberal politicians, got to treat them like criminals. we will see you again soon. >> they are suing donald trump, to shrink the size of two national monuments in use our accusing the president of stealing land from the american people. more varney after this.

stuart: not great resulted toll brothers, the homebuilders short on the revenue side, they have higher labor costs, raw material cost, full disclosure i did just by a toll brothers house so didn't help them very much. this is a classic. patagonia sued the white house, donald trump reducing the size of two national monuments in utah. this is suburbanites telling country people you can't use that land, you will spoil it.

>> your definition might be narrow. i would include urbanites, there is a reason the president wanted to fly out to utah, share this news, this is generally seen as good news, you can use the land and for people on the coast should understand the federal government owns enormous swaths, it is a monument, doesn't mean it is a unique pristine areas that will be destroyed by the footprints of man, simply means that is the designation presidents have applied to huge areas. stuart: all they are talking about it local people who want to go hunting, fishing and ranching as opposed to blasting for oil or something or knocking down the mountains. ashley: go to the webpage the

headline reads the president stole your land. >> possible you would have some mining and some of the areas, we are talking about huge areas of the west. people would like to be able to use the land, as they have for a long time until some of these restrictions came in to be able to use the resource, that is part of life and you have to wonder, they live out there. do they want to destroy the environment in which they live? probably not. but patagonia is doing the right thing for their shareholders, speaking to a coastal crowd that likes the idea of a pristine wilderness, undisturbed by commercial interests. i am assuming this is a winner in terms of their marketing and they know their customers very well.

stuart: i own a farm out in the country in upstate new york, the environmentalists wanted to pass a law or a rule from the epa which meant i had to get a permit to move any rock within 20 yards on either side of a running stream, i had to get a permit, had to put in place a special plan, how i was going to remove that rock and the impact on the environment, thousands of dollars just to show -- no harmful intent in moving the rock. >> what would it cost for sending a bureaucrat to check your rocks and land. the trump administration said that rule is not going to fly. >> a big reason donald trump got elected. you talk to a lot of business people, regulation has replaced taxes for a lot in terms of the biggest headache they have. stuart: look at the futures

market, we are going to open the market in 41/2 minutes, we will open higher, the question of the day, our investors going to buy big tech companies which are currently at much lower or significantly lower prices. we will take you to wall street for the open of trading very soon.

stuart: we have 13 seconds, 12 seconds to go, i will count it off, don't know what to say, 7 seconds to go, we start this trading session tuesday morning. a modest gain yesterday, the 81st high since the election, we opened 53 points higher and i got a message from a 0.4. slight move, nasdaq, home of the technology stop, huge drop yesterday, down this morning, this doesn't seem like we will do well on the technology

stocks with nasdaq down. the big-name tech stocks, all of that down again. facebook, amazon, microsoft, apple down again. ms. mcdonald with us this morning. mike murphy, james freeman, starting with big tech. would you buy any of the big tech stocks on this dip? >> i would buy any of them. if you look back since the rally started it is driven by tech. what you have seen the market has gone higher over the last five days, big tech has dropped by to present to listen stocks are down 5%, that is a buying opportunity because this is where the growth is, money is rotating out of tech into companies like retailers where there is no growth, no reason

to be there for the long-term. if you want to own these companies you need to buy them. ashley: why would you get out of a growing company and jumping to something is not going anywhere. you want to take a profit, at a trade, macy's trading at midsize earnings. do you want to on macy's or amazon. and -- >> and they have done extremely well. abercrombie, penny, macy's, huge gains. and we picked 6 retailers,

>> 52%, and we have seen them go up -- >> the highest effective tax rate, tax reform will alter their profit and tax position big time. >> 35% average affected tax rate. it is down to 20 even, the alternative minimum tax in the house, for retailers. >> would you buy any of the money? >> if you're lucky to be on the retailer trade, just like it was two years ago it is under siege from amazon and will continue to be. stuart: you are a tough guy, by

all the text, retailer. >> you know what people say about people who pick bottom they get stinky fingers. stuart: murphy! what a shock! is that a black tie you are wearing? i am intrigued at the story. online programs called bots back there, buying up all the hot toys and selling them on the secondary market, secondary website at higher prices. liz: on ebay and amazon a dramatic markup, robots that go online, you saw it with ticket events, sporting and musical events, they buy them and sell them at a markup. with hot toys sold on third-party websites, chuck schumer is saying stop with the gingrich robots, sorry, grinch,

sorry, grinch robots. not the gingrich that stole christmas, the grinch. stuart: the toy. >> as much as $1500, as much as 1000 on the secondary market. >> the dow not much, 33 for the dow. individual stocks, retailer, autozone, better profits up 7%, better revenue at length end. on land end, profit and revenue, at toll brothers, the homebuilder not good, down 7%. moving on, don't forget ge, like to check that still rumbling below $18 a share. it is down 40%, down 40%, wouldn't touch it with a 10

foot pole. >> down $21 a share. i would like to see a bottoming process. the new ceo is in place and will be able to right the ship. i like that it is putting a bottom at the $18 range, you can do a lot worse than owning general electric at $18. stuart: moving on to that coin, perennials, always asked about this, jpmorgan touting that coin as an emerging asset class, not sure what that means. do you own that coin and would you buy one? >> i do not own it, i would not buy, anyone who has been lucky enough to be on this speculative right off should take profits, don't know where the bubble popped but it is a bubble and i believe it pops at some point. >> hard to say this valuation makes sense but jpmorgan report

is off base saying that coin is for real because the commodity futures trading commission in washington approved futures trading for bit coin. all that means is chairman christian carlo likes to allow free markets, not an endorsement of the value of bit coin, that is not a reason to say it will rival gold or something like that. this is a really cool, interesting technology but to say it has a value that was recently trading, i don't understand. stuart: would you touch it with a 10 foot pole? thank you very much. wall street journal guy, we can work wonders on a tv show. mcdonald's, new menu. bringing back the one dollar and got the $2 and $3 menu as

well. look at that stock. $173 per share. it is a good deal. dagen: sausage burrito, cheeseburger, any soft drink. stuart: can you walk in and pay one dollar for those items and not walk out with something else? ashley: probably not. >> they are keeping people coming and although the push is to healthier food keeping people coming in for the value. great for the company. stuart: mcdonald's is a well-run company, they have done very well. i remember when they were down to $100 a share, now it is 172, 173, a big gain. people like me, i want it fast,

i want my seniors coffee black to go for $.53, thank you very much. youto, hiring more reviewers with videos, there was a back lash over kid content. youto be is owned by google. ashley: a video aimed at children with violence and sexual themes. one stat i was looking at in this story, youto but gets 400 hours of new video uploaded every minute so they had to use algorithms and computers to flag video that shouldn't be there but also add the human component, 10,000 people will start looking at this video, to catch it before it comes through. there is an age restriction on you2, who enforces that? four of the top five most popular channels on youto buy children's programs, how does that mesh. as with all social media, hard

to catch questionable content. stuart: i don't think youtube or google has monetized their youto but. >> they are going to start as they get more content like netflix, content is king, 400 hours, they need to figure out how to get you to pay for it. that is doing that by -- stuart: see what you did? put the big tech companies back on the screen. moments ago, by the step or all of them, all backup. it worked, they all turned around, every single one of them is up. the dow jones, the dow jones average is down. we are down 7 points, it went up, the dow turned around, john down. on that note have to say goodbye. wall street journal, don't waffle. you are all right.

check the big board, full-screen, down 6 points, 24,280. new reports on north korea's missile program, long-range missiles may be equipped with a decoy warhead that could confuse our missile defense systems. the view host elated on friday after abc news falsely reported general flynn would testify against donald trump. she is changing her tune and making an on air apology, you will see it after this. ♪

stuart: another turnaround, we were up and down and we are up again 20 point plaps-the dow

industrials at 24,300 but look at this, mcdonald's and american express have just reached and hit all-time highs, never been higher than that, 173 mcdonald's, $99 on american express. general motors has launched a marketplace for in car shopping and restaurant reservations. how does this work? just click on something on my dashboard and i have a restaurant reservation? >> this is one of the most supercool stories in a long time, you are in your car, forget your smart phone, on your dashboard in your gm vehicle you touch the icon. you can find a gas station, exxon, shell, restaurant reservations, working with dunkin' donuts and starbucks to name a few, touch dashboard, i am ready for my morning coffee as we are showing on the video, exciting development and we are not sure what kind of kickbacks

they got, getting revenue from the merchants but we don't know how much but going to profit on this one. ford is tying up with amazon's alexa to do the same. stuart: picture this. you live in texas, have a concealed carry permit, fly to new york city, check your baggage with locked up and secured, check the checked bag, you are walking around with a 45, national record, this is called national reciprocity for concealed carry, town hall editor, here now. i don't -- i am not sure i like the sound of that. i'm a second amendment guy, genuine american freedom but i am not sure i want this to happen. >> this is a bill that allows

concealed carry reciprocity which means people with concealed carry permits in whatever state are recognized by states around the country, unfairly targeted, people in pennsylvania, across the state line and charged with felonies in new jersey, even though they are lawfully permitted in pennsylvania. and law-abiding citizens with concealed carry permit to travel easily without having to go through the unlawful targeting process. it does not nullify state rules. it does not a nullify state, or qualifications, and a felon as we heard, 23 attorneys general

came out last week, finding a letter in support of this legislation. it does protect people against unlawful prosecution and protect them and allow them to have self defense as they travel. stuart: that colt 45 i could walk around times square is illegal in times square but this law if it passed would make it legal. >> not necessarily true. i don't know if that is what open carry laws, and step a colt 45 around times square, you're going to have to still follow many of the rules that apply in the state of which you are governed, this is simply about allowing people to travel, mostly truckers, people who travel across state lines, military families who moved state to state a lot, this benefits them it doesn't take away their second amendment rights and their did self-defense right as they travel. stuart: fair point, thanks for straightening me out. i got this for you. roy more gets donald trump's endorsement and funding from

the republican party. what do you feel about that? >> my personal feeling or my professional political opinion? stuart: i will take both. >> my personal feeling is i'm very disappointed there is no longer a requirement for character and dignity in politics whether it is the left or the right. stuart: it is the voters choice. >> that is correct. i have been complaining for years about democrats and their double standard for glorifying people like bill clinton and ted kennedy so i can't say roy moore is perfectly fine. from a political perspective the rnc knows he is likely to win, voters of alabama are likely to send him to the senate and they need him to be a reliable partner in pushing the president's agenda forward and making sure he votes in a conservative way that helps them move forward in the senate because as you know the members are very tight so they can't be moving.

stuart: they need 52 votes and 60 sometimes for concealed carry. stuart: well done. how about this? the fbi agent in charge of the hillary email investigation who send anti-trump text messages softened the language, the fbi's official report. political bias in the mueller probe? i think it looks like it, the judge will decide on that. zar: one of our investors was in his late 50s

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go long™. ♪ stuart: the fbi agent removed from the rest of probe oversaw michael flynn's interviews and softened james comey language on clinton's email actions. judge andrew napolitano is here. important question, what is the difference between grossly negligent and extremely careless? comey said her actions were extremely careless. what is the difference between grossly negligent? >> under the law nothing but if you ask a first-year law student to define gross negligence they will say extreme carelessness, grossly negligent is the language in the statute so by using a more

benign sounding term, not going to charge her, wrong on facts, wrong on the law, he was wrong to make the decision himself, the fbi doesn't decide who to prosecute, prosecutors decide and jeff sessions is wrong to do nothing about it. stuart: it was wrong to have an anti-trump pro-hillary person doing these interviews and changing the language, that is political bias. >> that does not move me. stuart: the appearance of objectivity, if you have the appearance of bias whether it is real or not does it matter? judge napolitano: if you show me an fbi agent who professes to have no political interest i will show you a dope or a liar and i never met an fbi agent that was both. fbi agents have the same interest in politics as the rest of us. if it clouds judgment, animates behavior, causes one to overlook evidence, or manufacture evident that is a

serious problem. can an fbi agent who dislikes trump participate in the investigation? of course. they operate in teams, nobody does anything alone and it is reviewed. stuart: but when we find out about it we lose confidence in the objectivity of the investigation. judge napolitano: agreed. to this extent i'm happy this is coming out because the government is imperfect and we need to know about imperfections with the government won't be perfect, just needs to be good and fair, not perfect. stuart: the mueller team subpoenaed deutsche bank records in the rush of probe. what is the danger to donald trump in this? judge napolitano: very serious danger because deutsche bank was his go to lender in the years he was developing a real estate in new york city. this is an area the president profoundly did not want investigated. the president publicly said to bob mueller stay away from my personal finances. my family finances and my

corporation's finances. stuart: he had to. judge napolitano: i would think so because the old phrase follow the money, if there's any involvement between the trump family, donald trump, the trump organization, the trump campaign and the russians, probably some movement of cash somehow, very dangerous to the president. stuart: isn't it a fishing expedition? judge napolitano: yes. that is the danger of an independent counsel, justice scalia on the opinion in which he dissented from the existence of these independent councils, a team of lawyers, prosecutors and fbi agents outside the chain of command of the justice department and not answerable in the normal way going after anybody they want. that is not recognized under the constitution but we haven't and it is a monkey on the president's back. stuart: we will see you at 11:00. there is a problem for the democrats, donald trump's growth agenda looks like is

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stuart: the success of the president's growth agenda given democrats a big problem. if the economy is the key to next year's elections, the left is in bad shape. they don't have a growth plan. the president does, and it is working. that's why nancy pelosi went way overboard describing the tax deal as arm armageddon, the end of the world. she said it. standing next to her, steny hoyer, perhaps a little embarrassed, i will not say it is the end. world. but they know a growing economy will be end of the world for democrat hopes next year. larry summers, former treasury secretary. he said 10,000 people would die if the obamacare individual nan date is repealed. he assumes because you're not forced to get insurance you won't get it and it will kill

you. that is hysteria. one would expect better from a former treasury second tear. let's not forget abc's fault report about the president committing an impeachable offense let's not forget "the view" and joy behar's rhee action to fake news. don't tell me the democrats and pet media don't hold our president in absolute contempt it's a farce. over the top and factually incorrect statements about tax reform, scare tactics and lies about impeachment. they're desperate. they see what is coming down the pike and they're scared. strong growth, low unemployment, no inflation, cheap gas, energy dominance, less red tape, a sense that america is on road to prosperity. that is what democrats see, they know it is bad news. bear that in mind the next time you hear this end of the world nonsense. because nonsense it is. the second hour of "varney & company" is about to begin. ♪

stuart: all right, look at the big board as we speaks. numbers released on service sector of the economy. ashley: or non-manufacturing sector as they reich to call it. numbers less than expected. october it was higher but november we scaled back a little bit. we were down 30 points on the dow. this disappointing number, out, coming back a little bit but that number was still growing but not at same pace in october. stuart: investors don't want to see less growth. that will mean not lower interest rates but fewer rate increases. >> correct. stuart: you have to work this market out. ashley: bad news is good news, whatever it is. stuart: we're down 17 after the news on the service sector i don't yeah. stuart: big tech stocks, this is the story of the day. big tech stocks had a huge

selloff yesterday. they're coming back a little today, facebook, amazon, microsoft, alphabet, apple, all up 1%, apple which is up 47 cents. netflix, check that, please, announcing spending up to $8 billion on new content next year. that will fund around 80 original films and expand its animated features section. netflix is up another 2% at 187 right now. mcdonald's, and american express earlier today, they both hit all-time record highs. they're holding at record levels. dish, the ceo is charlie ergen. he is stepping down. he will focus on the wireless business. no change in the dish network stock. to the tax bill. congressman sean duffy joins us now. mr. congressman, will the house, just maybe adopt the senate bill, so that you could just speed through everything immediately? could we do that?

>> good morning, stuart. we could do that but we're not going to do that you saw last night we voted in the house to go to conference with the senate. listen i like to beat up on the senate. i like to rib the senate but tell you what? i'm pretty proud the senate actually got a tax bill done but there are things i have concern about. to not get rid of repeal alternative minimum tax is mistake. we do that in the house bill. senate didn't repeal alternative minimum tax. that is tweak we have to make. stuart: can you do that for corporations? can you get rid of amt for corporations? i think that is one of the bills, in conference get rid of it, it would certainly help tech stocks? >> it may, my biggest concern concern is upper middle income families that we have in america that get hit by this tax which was meant for wealthiest americans when it was implemented, stuart, but hits more middle income families now. if you want to help stocks, to make the lower corporate rates

effective in january, not in january of 2019 i think is a mistake in the senate bill. there are some tweaks we can make to make the senate bill better, still keep some senators who we thought might not have been, republican senators might not have been supportive of tax reform, to keep them on board. in worst-case scenario, if we can't stick some of these things, is it possible that the house, will pass the senate bill? absolutely. this is better than nothing. but we still think we can make some improvements. stuart: do you think you can do it, get rid of the amt, have the corporate tax rate effective in january? those are two pretty big goals. what are your chances getting that done? >> that is pretty good. if you look back to october of this year, stuart, all those who in the media saying timeline won't work in the house and senate, we'll be barely able to get a tax bill out, tax writing committees, let alone pass a tax bill by christmas, we're shattering all expectations with

the house and senate bills, us going to conference before christmas. i think there is a lot of excitement and energy. we see, you follow it every day, when good things happen for economic growth which we're pushing in the house and senate, the stock market goes up. you get fake news from abc the stock market tanks. we know how important it is for economic growth and for the american families. so i think we're going to be able to navigate these differences and i will prove upon the senate bill. i think we use that as base tax. stuart: okay. >> we tweak it, come back to both chambers about and start making america great again. stuart: i need your reaction to nancy pelosi, when she said the tax bill is the end of the world. for benefit of our viewers, i will roll that tape. roll it. >> probably one of the worst pieces of legislation either house, but together, worse pieces of legislation to come

before the congress. this is armageddon. this is a very big deal, because you know why? there is really a very hard way to come back from this. stuart: congressman, your chance to say what you are going to say about that? >> stuart in your intro you were spot on. this is not armageddon for america but armageddon for the democrat party. as you know unemployment down, stock market up. 3.3% economic growth. we could shoot our way to 4% economic growth. this is great for the american families and the american economy. when she is talking about armageddon, that is for the democrat party but for america that will be great. stuart: sean, i have to apologize give you such a hard time most of this year because i didn't think you could get it done by year-end. sean duffy. thank you for being on. >> i accept the apology. game on. make this happen before christmas. stuart: well-said. thank you. that is politics. get to money, okay, look at big

tech stocks? big drop yesterday. this is a rebound, looks to me like there has been some buying on the dip? scott shellady joins us, tjm investments. all right, scott, are you buying this dip? i don't know whether you buy tech stocks or not but would you buy the dip? >> you know, i have done a little bit of homework here i guess you have to ask the american people. where would you rather be if i told you eight out of the 10 largest tech companies are american and 15 of the top 25 tech companies are american? it is going to be where america innovates. it will be where america creates wealth. it will be a driver. yes, we'll see times when we see some sort of rotation. that is healthy for markets to pick and choose where they put their money. at end of the day we'll create wealth and innovate and those numbers i showed you prove it. stuart: scott, one more for you. check big retailers. some of them are doing extremely

well since the middle of november. i'm looking at abercrombie, macy's, variety of other ones. they have really come back at least a little bit from the lows that they touched earlier in the year. would you touch any of them? this is conventional retailers, would you buy them? >> i still think there is a lot more damage to be done there, stuart. think about the top five online retailers, amazon being number one at $95 billion. number two is apple 16 billion. 95 to 16. macy's at number four at four billion. there will be more dan there. defaults on debt for next year in retail sector will be around 10%. middle of this year they were 5%. so there is a lot more damage we had there. it will be very difficult road to hoe. with numbers i showed you amazon is the gorilla in the room now. that will continue to be case. stuart: quick question, scott, you are virtually live there by look of it. does amazon have the same impact in britain as it does in

america, do you know? >> you know what, stuart? i was scolded by an english guy in the office yesterday for buying something at outlet mall outside of london this weekend, he said i could have easily got it cheaper on amazon. how is that for you. stuart: that is an answer. we'll take it. scott, come on back. we need you back here for the holidays. thank you very much, scott shellady. speaking with palestinian leader mahmoud abbas. what is this about? liz: calling palestinian leader mahmoud abbas, speculation whether the president will support two things. one, jerusalem becomes capital of israel. u.s. embassy moves from tel aviv to israel. mahmoud abbas opposed to it. he is saying why spread unrest in the muslim and arab world and certainly palestinian territories. the eu opposes this move. iraq opposes this. the white house is expected to make this decision within a week or so. stuart: so the president's calling people in and phoning

people. what do you think, what do you think, what do you think? i wonder if he is going to do it? ashley: i don't know. stuart: we shall see. you never supposed to say this in television news, only time will tell. don't say it. right. netflix, announcing "house of cards" will resume production early next year. it has been halted since october after allegations sexual assault were raised against kevin spacey. it will be the final season. it will be eight episodes and star robin wright. coming up congressman john conyers expected to announce he won't seek re-election following multiple sexual harrassment allegations. we will bring you that news. much more on the final push to get a tax bill on the president's desk. one of the lawmakers on the committee that will write the final bill will join us later this hour. she will tell us what changes she would like to make to the bill. "time" magazine unveiling its short list for "person of the year." president trump didn't make it. we'll tell you the rest.

kind of surprising to me. what was that? ashley: he did make it. stuart: oh he did make it. ashley: yes. stuart: i thought he said he wanted out? we'll give you the full story. you're watching the second hour of "varney & company." ♪ see a breakdown of costs. what? it's just.... we were going to ask about it but we weren't sure when. so thanks. being upfront is how edward jones makes sense of investing.

stuart: i doubt this is having much impact on the market but jerome powell, he has been nominated to run the federal reserve board, he has just been okayed by the senate banking committee. now it goes to the full senate. he is likely to be the next fed chair. no impact on the market. we're down 15 points on the dow industrials. how about the price of oil? $57 a barrel, little-changed today. how about the price of gold? let me tell you now it is at $1268 per ounce. you know, remember this

story. they did close the columbia sportswear store in portland, oregon. they closed it because they couldn't control homeless people on the sidewalks. the closure has sparked serious protests. ashley: when you close your tag ship store in downtown portland on a saturday, this is big deal. the homeless were making life difficult for employees. ceo tom boyle was very concerned about the safety. they were defecating on the doorstep, chasing employees. the city responded putting up more signs, no sitting area. in other words you can't congregate around here, move on. what does that do? well the liberals get down there start protesting. you can't be doing that. you can't make this is no sitting area. they don't have any interests. they don't try to run a business. they're down there saying you can't do that they claim the columbia ceo contributed to the mayor's campaign. therefore he got inside preferential treatment to get this designation in the city.

what have you. the store opened again on sunday. but when you have a problem with homeless people, not only attacking your employees but preventing people, customers from going in your store you have to take action. but apparently to the protesters not good enough. stuart: got it. ashley: it is crazy. yes. crazy. stuart: representative john conyers plans to announce he will not seek re-election. harlen hill, is here, trump for president advisory board. he is not going to resign. he will retire. >> the way to do it. stick around for a little bit longer. get health care. you get pension. get access to full budget of your congressional office. stick it out a little while longer. maybe things change. maybe there is another opportunity on political horizon. the reason i say that democrats come to his defense time and time again. hillary clinton, not hillary clinton, nancy pelosi was reluctant to say a negative word about him. she rushed to his defense. she worked to pay off his accusers. it is insane.

what's next? stuart: we understand that representative conyers wants his, i think great or grandnephew, member of the family, distant, albeit, wants him to run for the seat. >> yes. stuart: is that called nepotism. >> there is another reason to stick around. allow him to build a political machine to mount a successful race. when he would withdraw, there would be political appointment would make it difficult for his nephew to step into the seat. stuart: hence the retirement. >> nobody is saying mr. conyers is dumb. he is intelligent guy. stuart: we've got that. this is why i really wanted you on the show. address that camera and tell about it. joy behar, she is the co-host of abc's "the view." by the way that is included within abc news. "the view" is part of abc news. she celebrated brian ross's botched, wrong, russia report on friday. you got to see this. roll tape. >> breaking news.

abc news brian ross is reporting, michael flynn promised full cooperation to the mueller team and is prepared to testify that as a candidate, donald trump directed him to make contact with the russians! yes! [cheering] stuart: my, oh my. however, when abc's brian ross corrected the error, behar did apologize, roll that tape. >> on friday's show i was apparently guilty of premature evaluation. people are slamming this as fake news. not that he put out deliberately false piece of information. he made an an record. stuart: bear in mind "the view" is part of abc news. your reaction. >> according to the mainstream media when they put out fake news it is error. when the conservative media or fair impartial media like fox news make a mistake, it is fake news. i have to say the media coverage of the mueller investigation has been nothing but liberal erotic can.

every night people like rachel maddow come on the air, said for year-and-a-half, we almost got him, we're on cusp the getting president. next day there will be a bombshell, president is pulled out of office. time and time again these things don't come to fruition. only time we ever get close when they're pushing a fake news story like this. stuart: i don't think they report the political bias inherent in mueller's team. >> absolutely. stuart: i don't think, i don't watch "the view" every day. obviously not. but i don't think they report it. it is non-news to them. >> of course not. stuart: destroys the credibility of the mueller investigation. >> absolutely. look if you wanted to get hillary clinton or huma abedin. she told the fbi in interview she had no knowledge of private server email server. we know that it absolutely false. she used it to correspond with hillary clinton. same team that interviewed hillary clinton and huma abedin.

they have gone above and beyond and performed gymnastics to protect hillary clinton and gone above and beyond to prosecute the president of the united states. stuart: news flash, president conyers just endorsed his son to take his place to run for the election to that seat. is it john conyers iii? i think it is. john conyers iii. still nepotism. not going to distant family but to his son grand-nephew against the son. i think damage is done. harlan. thank you, sir. bitcoin next week big move legitimatizing it. cme, cbo, they are going to launch bitcoin futures contracts. is it a bubble? that is what everybody is asking. i will offer an opinion in terms of an answer.

stuart: want to get up to speed here on the john conyers story. he just held a news conference. i believe he announced he is going to retire. i understand he is saying that one of his relatives, nominating one of his relatives to replace him. ashley: he is endorsing his son, john conyers iii. there was speculation, great-nephew, ian conyers, 29-year-old would run for the seat. now we're hearing it is his son. regardless, harlan hill he is trying to maintain the conyers machine within the district of detroit. stuart: okay. now we understand that john conyers said he is retiring today. now, if that is the case, and we believe it is, that is what we're reporting here, then he steps aside, doesn't someone

like the governor of michigan have to say, well, i'm nominating this person to take his place. ashley: there would be nomination process. stuart: who would that person be the governor nominates. liz: we're seeing reports that he is not going to seek re-election. fluid situation right now. stuart: what confuses me is. he says he is retiring today. that is true. that is what he said but what i don't understand is, if you retire today, i think the authorities, powers that be in michigan say, well we're picking this person to replace him. and that person, i mean, michigan is run by a republican. ashley: it is. stuart: he endorsed his son. does that mean his son will take over? by the way -- ashley: no, i don't think he can do that. stuart: it's a fluid situation, when you put it like that. but john conyers is retiring. got it. another congressman accused of using taxpayer money to cover up misconduct, we have the guy who broke the story. he is on the show next.

♪ stuart: i don't know why we chess that music. maybe the supermoon of the other night. liz: don't ask me to sing. i murder silent night. stuart: we are down 15 points, 24,273. big tech names this, is important. big drops for them all yesterday. solid gains back again today. but they're not back to the old highs. facebook, amazon, microsoft, alphabet, apple, all of them on the upside today, nicely so too. what have you got. ashley: justin who is all over this, our big-time producer, executive producer, says a special election, you're welcome, a special election will fill, will be held to fill the

remainder of the term of john conyers. it is not an appointment by the governor. that is why he is endorsing his son in the special election to take it through the end of the term next november. then we believe the great-nephew will run for the seat. but bottom line is, conyers name will live on, that is how they would like to see it. stuart: he is retiring today. ashley: he is retiring today. stuart: thank you very much for the classification. rather confusing story as it flows through. regal entertainment will be bought by a british movie chain, for 3.2 billion. this will created second largest movie operator. general electric, still at $17 per share range. no bounceback. it is down 40% since last december. that is the great ge. another report of sexual harrassment involving politics surfacing today. "daily caller" investigative reporter luke rosic has the

story. it involves congressman gregory meeks of new york. fill out the whole story because it is not greg meeks who is being accused of sexual harrassment. tell us all about it, please. >> that's right. the house settle ad lawsuit alleging that gregory meeks fired a staffer for reporting sexual assaults at the hands of a campaign donor. so the lawsuit says that this donor came in and screamed at gregory meeks, said you need to make this go away. meeks turned around to his staff, when a campaign contributor comes to me with problem i need to take that seriously. i got a complaint. he fired the staffer. denied her unemployment. basically lied about the reason for firing her. and this woman filed a complaint with the house, saying look this is retaliation for reporting sexual assault. so this is just like the other cases we've seen. involves the office of compliance, this secretive office set up in the house, basically uses taxpayer money as slush fund to pay off, buy

silence of staffers who are abused in different ways. stuart: let me string this out. so the woman who complained that she had been fired, she complained, said it was a cover-up of sexual harrassment. she later complained on the house. she was paid off with taxpayer money, at the insistence of greg meeks, is that it? >> right. stuart: this is another one that was hushed up until the current explosion of sexual harrassment charges brought it out in the open, is that right? >> exactly there. is really bipartisan agreement that this office of compliance needs to go, whether you're a fiscal conservative or feminist, this is the definition of the swamp and gregory meeks is really only person defending it because he actually explicitly argues in the lawsuit taxpayer money should cover this, not himself personally. this is why we have office of compliance so they pay it out so i shouldn't have the personally bear the brunt of this lawsuit. stuart: wow, that is pretty strong stuff. get away from me. let taxpayers pay.

that is strong stuff. do you think there may be other, maybe other revelations to come out of these hushed-up sexual harrassment settlements? >> i do. this would be recorded as retaliation settlement, not sexual harrassment. when releasing certain figures involving how many settlements for sexual harrassment, you have to keep in mind different ways they fudge numbers and classify them in difficult ways. stuart: the argument always stands, why should taxpayers should be on the hook for the misdoings for elected representatives? >> right. there is no good reason for it. it is not gregory meeks that did it personally but on other hand we're not talking about sexual harrassment. this was actual sexual assault. if the lawsuit is true he is basically saying would have his own staffer be sexually assaulted potentially lose a few bucks in campaign contributors dollars which is astonishing. stuart: luke, you're known as very good investigative

reporter. may i ask if you're looking at any other instances of this kind of hushed up settlement in congress? >> yes. it is real trend. you will see more of this coming out. stuart: you're working on it, are you? >> i am. stuart: i know you can't tell me. i want to know you will be back soon with another story, aren't you. >> yeah, that's right. stuart: luke, you're welcome back. luke rosiak, thanks very much for joining us. good reporting young man. ashley: keep them honest, luke. stuart: you know -- ashley: all of this going on in the background is just outrageous. stuart: i saw brian kilmeade getting ready to come on the show. is ready yet? got 30 seconds to go because he he is still doing radio show. ashley: putting tie on. stuart: looked like it, didn't it? the great brian kilmeade on his way shortly. tell you in advance, here is what we're going to ask him, what about nancy pelosi end of the world, armageddon, getting reaction to that one.

i will ask, what else for brian kilmeade. liz: larry summers. stuart: the young -- kaepernick being on the short list of "person of the year" on "time" magazine. i have got to ask him about that one as well. here we go. it is 10:36. i believe we got brian available. there he is. put his tie back on. here we go. what do you make of nancy pelosi talking about the tax bill, calling it armageddon and end. world? i'm sure you have something to say about it? >> i do. if you look in backdrop, people with shethey are not for her. they know she is talking hyperbole. get me specific. what about the world is going to end by decreasing taxes? since when do you care about the deficit when it has been doubled over the last eight years? so if you're concerned about 1.2 trillion over the next two, which some people say is going to happen, other people say it is not, to think it will be end of the world just shut off. harkened tim ryan ohio ran

against her, got -- seth mole ton, special operator, saying time for new leadership. when she says things like her, with her years of experience, i think it just makes democrats stop whispering, got to start showing courage to step forward, saying that type of talk is not helping us. i also wonder where the so-called moderate democrats are, the one president trump keeps calling like jon tester and joe manchin. when will they stand up saying i'm in republican state. my people really want me to take a look at this. why am i so scared about chuck schumer and nancy pelosi? why can't i stand up and maybe take a look at this, honest incentive, partisan look at every piece of legislation. have i said too much, stuart? stuart: i think you will hear a lot especially senate democrats up re-election next year. if the economy is doing real well, we're heading toward that

election. i don't think the democrats will come out to say end of the world. look what he did to us. i don't think you will hear that some said you know, it wasn't that bad, vote for me anyway. i got to ask but the "time" magazine, unveiled the short list for "person of the year." it includes colin kaepernick, president trump, north korea's kim jong-un, chinese president xi xinping, i'm intrigued at colin kaepernick. why on earth is he in there? >> number one, the president made him bigger than life. nfl, not hiring putting him in exile seemed like a martyr. i always look at impact they made. muhammad ali, martin luther king, look at some great people who want to change society in social ways i could point to something tangible they accomplished. all i see is a league tanking. i asked you, has law enforcement changed at all to his liking? have things changed at all with the military to his liking? has america changed at all to

his liking? did an election go in his direction? did something happen to the league to make it better? the league got worse. law enforcement has stayed the same feeling mortar get and less respected. military is more polarized against these type of antics and league is paying a price. now player personnel are divided. elected two people to go to the league for social causes. emerged with almost $100 million to put towards player personnel and social causes. they go that is not enough or i don't want to do that they're still sitting down putting their fists to the air tune of 20 this past weekend. i look at personal of the year i see accomplishments. all i see is destruction and carnage. stuart: i know several people who say look, i'm not watching nfl any longer. i just can't take it. i think football was on up and up and up. became the greatest league in the world, the most valuable league in the world. i think it peaked. i suspect it is coming down here

on out. last word to you. >> last word, eight months ago, or a year ago i would have said look out for cte brain damage. look out because not many people are paying, not many kids are choosing football for the sport. that was my biggest worry. combine all three, the nfl has to have emergency operation to change perceptions. this off the season or stuart, you will be 100% right again. stuart: okay. kilmeade. you're all right. i don't know how you do six hours of broadcasting, three hours here, three hours there, back-to-back. i don't know how you do it, son. >> i just don't have to make much sense. stuart: you do all right. brian, thank you, sir. see you next week. >> go get them, stuart. stuart: yes, sir. really something completely different. how about this? hidden cameras at airbnb rentals. give me the whole story. liz: indiana company rent a condo in longboat key. it has a lens on smoke detector. this owner of this condo, wayne

mapp doing it for two years. dozens of people have been spied upon. he has taken the footage. who knows what he has done with it. faces five years in prison. longboat key, florida, seizing the condo because allegedly used in perpetration of a crime. airbnb, all the stories breaking out across the country, hidden cameras found in airbnb properties, alarm clocks, books, pow plants, airbnb is entitled to refund if you find camera after the fact and renter did not tell you it. astonishing to think you're in a rental property and you're being spied upon walking around naked or what have you. stuart: i want more than refun, frankly. i want more than a refund. come on, sport the fans. that is outrageous. liz: outrageous. stuart: terrible pr for airbnb, is it? it is not tear fault.

liz: some cameras are hooked up to the web so. stuart: thank you, liz. liz: sure. stuart: coming up california wildfires, thousands are fleeing their homes. it has charred about 25,000-acres at this point. we'll take you there on the ground. final push to get a tax bill on the president's desk. one of the lawmakers on the committee that will write the final bill, she will tell us the changes that we would like to make to the bill. that is all next hour. ♪ well, it's earnings season once again. >>yeah. lot of tech companies are reporting today. and, how's it looking? >>i don't know. there's so many opinions out there, it's hard to make sense of it all. well, victor, do you have something for him? >>check this out. td ameritrade aggregates thousands of earnings estimates into a single data point. that way you can keep your eyes on the big picture. >>huh. feel better? >>much better. yeah, me too. wow, you really did a number on this thing.

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ashley: a vibrant, growing economy, that could be a problem for democrats in the 2018 elections. ed fuelner says the booming economy take as bite out of the deficit. roll tape. >> i watched my own senior senator from virginia, mark warner on one of the other sunday talk shows on sunday he is just really worried about that one trillion that the joint committee is projecting on deficits going in over the next 10 years. mark, where were you the last eight years under obama when we had 10 trillion? besides that, with reasonable growth under trump there won't be a deficit. the economy is going to grow, tax increases will come in. more than they're projecting now. and boy, everybody is going to be much, much better off.

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snap, got a multiple upgrades and that stock is up 8%. it has been beaten down, coming back to the tune of 8%, 14 bucks a share. tech stocks, boy were they hammered over the past few days. they are coming back this morning. not huge, but they are coming back. i want to bring in steve cortes, a money kind of guy. he covers money and politics for us. steve, a lot of the analysts on the show this morning, one in particular, said, get out there and buy that dip. buy them, because they will go back up again. what say you? >>? general i like buying a dip but i'm not sure about tech, stuart. i'm a bit skeptical. it number one had massive run all year long since the election. i think these stocks are a bit crowded and tired here. number two, i prefer if putting new money to work, into new sectors haven't done as well but starting to rally, particularly energy. energy stocks need to catch up

to oil prices. that hasn't happened yet. oil prices have done really well in recent months while stocks hung around. my guess it will converge by energy stocks doing better from here. stuart: what is wrong with the idea if you say you own amazon and done very well, sell half of it, if you're worried about the future, lock in your profit and let other half ride? i think a lot of professionals do that, don't they? >> certainly. i think that is part of what is going on here. a lot of hedge funds, a lot of institutional money really piled into the tech stocks. but they can pile out just as fast. can be with positioning. not really story changed all that much for tech stocks. that positioning has changed. to some degree for tech stocks. don't mean shell game, dishonest, guessing in front of movements of capital. that is long-term i love the story for tech. love the story for america, for economy, particularly of the big beautiful tax package.

in terms of sectors, i rather go to ones that haven't done as well rather than tech which is different leader. stuart: bitcoin hit $11,829 this morning that is a new high. that thing has gone straight up, up, up. question number one, would you buy a bitcoin? >> stuart i would not but i have to confess, maybe because i'm too old and i don't get it. i was visiting, over in the uk, visiting a long of hedge fund clients, middle-aged crowd doesn't get bitcoin, doesn't believe it. all whippersnappers, 20-somethings involved in bitcoins trading in bitcoin, believing it long term. i will confess while i'm not interested that could be a generational bias. stuart: i think it is speculative bubble. i said it many times and i stick to it. speculative bubbles end in tears. i have not seen a speculative

bubble as bitcoin in recent months. i wouldn't touch it with a 10-foot pole. >> i hear you. reserve currency in the dollar. main reason the dollar is reserve currency for the world is military. that is historically with the brit -- british pound. to me it is backed by someone and military might of a country which ultimately backs its currency. i think that is the case. i'm with you. i want to confess with you, boy a lot of young people disagree with us. stuart: that is military power, backs up everything. wonder how many divisions bitcoin has? thanks very much, steve. i better move on real fast, i do believe. thank you very much, steve cortes. next what about this? jeff flock playing with puppies? we do it all here on the fox business network. ashley: ah. i love it. stuart: just love it. ♪ [vo] when it comes to investing,

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ashley: which know that people are willing to spend top dollar on their pets but the same thing goes with pet insurance. jeff flock, he has brand new furry friends in chicago.

take it away. so cute. reporter: oh, my god. this is the pets club in chicago with doggie day care. people spend a lot on this. there go my notes. there you go. they are dog-eared. what can i tell you. i know you're a humanitarian, and you would buy pet insurance. i want rob jackson, the cofounder of healthy paws, pet insurance, to sell stuart on a policy, very difficult to sell stuart on anything. why should somebody get pet insurance? >> jeff, if you're a pet parent, if your pet is part of family, then you definitely want to make sure you can always afford the best possible veterinary care. reporter: these things can cost a lot of money, if the dog gets cancer, you want to treat the dog. >> last thing you want to think about your pocketbook, when your

four-legged family member has a accident or littleness. that is the reason why people are buying pet health insurance. reporter: healthy paws are division of aon. big guys are getting into this. >> yes. reporter: you have how many policies? >> 300,000 pets insured. reporter: wow, that is crazy. people willing to spend on dogs. this is like surrogate baby -- >> millenials are having pets almost as practice kids before they have the two-legged family members. reporter: no individual mandate here for ped insurance as far as we know. >> no. all voluntary. reporter: no preexisting conditions. >> clinical signs or symptoms are present before enrollment, wouldn't be covered. you make sure you enroll when your pet is in starting gate of life to eliminate preexisting conditions. reporter: ashley, i'm covered in slobber. ashley: yes you are. so are your notes. i love it.

puppy cam. this show has gone to the dogs and we love it. hour three of varney coming up next.

stuart: when you are investigating the president of the united states investigators better be free of political bias, they must stand above politics. they must be seen to be above politics. regrettably, the molar probe of all things trump carries a political taint. there is evidence of political bias and it is bias against donald trump. this is not good. remember james comey's declaration before the election the candidate clinton had been extremely careless with classified material? prosecuting carelessness is not

easy. hillary was off the prosecution huck. and anti-trump pro-hillary agent had been responsible for changing the language. it went from grossly negligent which is clearly legally wrong to extremely careless which is apparently okay. the same agent played a key role in the usher russia russia investigation, that is political taint, the appearance of bias. the mueller team has 17 senior lawyers, 9 of them have given money to democrats, 5 of them donated directly to hillary clinton. no matter what the mueller team reports the democrats will push for impeachment, that is a dangerous game. prosecutors grinding a political ask should not be allowed to tear the country apart. the deep state should not be doing this. the third hour of "varney and company" is about to begin. ♪

stuart: starting with the tax plan. congresswoman christie gnome will marry house and senate bills. she just got out of a meeting and joins us now. from the get-go, what changes do you want to see in the final version? >> from the ways and means committee i like the house bill. it is not perfect but a lot of provisions that i worked on, parts that strengthen families that give more options and control for dollars, for the conference committee. stuart: you want more in the child tax credit, more of that? >> i would like to do a family

tax credit. and an elderly -- and -- >> very family-friendly. in the final deal having gone your way. >> a farmer and a rancher, small business provisions lowering the pass-through rate with interest deductibility -- >> are they getting that in the final deal? >> not a more unfair provision of the tax code today. we tax to the deck of tragedy making it difficult for them to pass on their operations, small

businesses to family members, we are called to change the tax code, we are called to fix it, this is un-american, a double tax, completely unfair and that is why the death tax needs to be repealed. stuart: we know you're busy, just jumped out of a meeting to come on air with us and we appreciate that. i'm sure you have a lot of work to do and appreciate you being here. that is politics. stocks coming back a little bit, 32 points, peter kiernan, former goldman sachs partner and daughter of the great book american mojo. you had this question before. are we going to get a 25,000 on the dow by christmas? >> i started on wall street 42 years ago and in that time there have not been eight years when the market has been up 25%. it would require a 25% dow

jones improvement so we are in rarefied air. could it happen? i think it is going to happen but we should be careful to acknowledge this is rare. eight times in 42 years. stuart: watch out in other words. >> we won't blow through it. stuart: like we did 24,000. big tech got to raise that. they were badly beaten down the last few days, coming back a bit today, all of them up 1%. all of them up 1%. is this an occasion where you buy on the dip? we have seen a dip. >> we have seen a different. by quality on the dip. a third or so of tech stocks are at new lows the last 20 days. i want to say let's let that get to 50%, let the big market tech stocks settle out, pick the all-stars, pick amazon

which i own, pick something like apple which i don't, something like microsoft, the ones that are going to be there. google is an astonishing stock, pick the winners, don't just buy everything. stuart: retailers were beaten-down something rotten and in mid-november, off they go to the races, some are up, abercrombie 34%, macy's up 8%, would you touch any of them? >> some of those like penny and macy's i would not touch but that is because i don't think they have their customer anymore. one out of 10 americans worked in retailing and retailing is an enormous gigantic business and is not going to 0 tomorrow. there are many retailers the don't worry about amazon. look what home depot has done, auto supplies have all done

pretty well because they have a moat around them to protect themselves from amazon. watch out for department stores, they are doing less poorly, not doing better but less poorly. stuart: not the biggest endorsement. a little less poorly. more to come. back to my editorial, my take. monica crowley, senior fellow with the london center of policy research. i said clearly it is my opinion the molar probe is politically tainted. my right? >> significant credibility problem, so does the bureau moving forward. we have seen the top law enforcement agency in the country which is supposed to execute the law, with regard to political affiliation, race, gender, anything else, we now know the main political investigation shot through with politics, and the hillary

clinton email probe part political bias, not rank and file, very devoted dedicated individuals in the fbi but the problem is the leadership so corrupted by politics that every political investigation they have touched has got to be called into question. stuart: you can't tell mueller get lost. >> the president could fire mueller. legally he can do that. part of the constitutional provocative. this is a president who acts very unpredictably, and shut this down because it was tainted, because i can't get a fair shake, would have coined a fair hearing in the country. not encouraging the president

to do anything, just saying this is within his bounce, nothing whatsoever to do with a russia collusion investigation, does not have anything, to investigate collusion between the campaign and russia. we already know by now. stuart: congressman conyers retiring immediately, retiring today was his expression. endorsed his son to replace him, john conyers iii, and in the upcoming election. >> that used to work, the kennedys, bushes, and not necessarily going to work.

>> an open primary process, to get this nomination. it doesn't necessarily work by default in american politics. john conyers was elected to congress, when lyndon johnson was president of the united states. he has been there a long time. people are very devoted to him in this district but i'm not convinced they are ready for conyers part 2. stuart: a dynasty. appreciate you being here. california wildfires are back burning 31,000 acres so far. thousands of people had to flee their homes, we are on the ground with a report, we are joined by senator steve daines who was a no vote on taxes. he then changed to a yes. could the senate forced the house to accept their version of the bill? he will answer that question and many others.

♪

stuart: you are looking at life pictures, smoke from the california wildfires, 31,000 acres have been burned, thousands of people had to flee their homes and that is the nasty looking smoke that hangs over ventura county in california. new warning on north korea. the missile they unveiled last week may be able to disguise itself to its destination. experts warn this rocket could be equipped to carry decoys in an effort to confuse missile defense systems. not clear if north korea has tested decoys but it is a

threat. i want to know if the conference committee could simply accept the senate bill, take it straight to the president's desk. could he do that? much quicker. senator steve daines joins us, republican from montana. is that possible, mister senator, that the house conference can become a get together and say we like the senate deal, we are okay on it, give it to the president, that is possible, isn't it? >> it is possible but not likely. there is a reason our founding fathers put in place two chambers. as a guy who served in out for one term i understand they will have their ideas as they should. i like regular water, let the house have their say in this process but bottom line, let's get this on the president's desk as soon as possible. this is a tremendous christmas present for the american people. stuart: we have spoken to a couple house republicans some of whom will be on this house-senate conference committee.

there are two things they are pushing for which are not currently in the senate deal. number one, make the 20% maximum corporate tax rate effective in january of next year, speed it up. is that a possibility, do you think? >> when you look at balancing the competing parameters, the sooner we get tax rates lower the faster the economy will continue to grow at an accelerated pace. if you know, we fought hard on behalf of the smaller business, the path, the main street businesses, i'm not opposed to reducing the corporate rates. both are needed to grow the economy. it will create wage pressure, put more dollars in the pockets of hard-working americans. stuart: another suggestion from the lady on the house conference committee, christie gnome says he end the estate

tax, she's a rancher, farmer, a burden around our neck, she is passionate about it, get rid of it completely, don't fade out, get rid of it, would you be supposed to that? >> it is one of the most immoral taxes on the books, families grow businesses, farming operations, they pay taxes their entire lives in the federal government asks for chunk of that upon passing. what came out, $22 million redemption for a couple covers most farm and ranch operations in montana, south dakota. it is a horrible text, most countries don't have a death tax, it is a terrible tax in many ways, it is being taxed twice. stuart: thanks for appearing on the show. i apologize for all those times in the past i have given you a hard time because i doubted you could get this done before the end of the year. i stand corrected. >> your instincts are still pretty good, i tell you that. stuart: senator steve daines,

thank you very much. disturbing story. air b&b has a problem, new york post reports people finding hidden cameras in their air b&bs. the last two months two hosts have been busted for trying to film guests without their knowledge with others reported secret cameras and smoke detectors, motion detectors, air b&b says it has banned account users who install cameras in their homes and don't tell the renters. i could understand having a hidden camera. liz: you want to keep an eye on the guests but if you don't tell them -- stuart: it is outrageous to put a smoke detector camera. second time the charm for bringing down the pontiac silver dome in michigan, 600 pounds of explosives to do the

job, twice as much as last time, wanted to make sure. first unsuccessful implosion because 10% of the explosives failed to detonate the second time around they did it good. this is the most expensive hotel suite in switzerland, can you guess how much it costs for a one night stay? we will tell you after the break. ♪

retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations.

every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. stuart: lamborghini has unveiled a new luxury suv, 641 hp twin turbo v-8 go 0 to 60 in 3.6 seconds, that is slow. the tesla roadster, 1.9. 190 miles an hour, then a slow, 250. ashley: you love it. stuart: $200,000, available starting next spring. we asked before the break how much the world's most expensive

hotel -- $80,000 a night coming in switzerland, 12 bedroom penthouse, the hotel president wilson on lake geneva, 18,000 ft. , panoramic views of the lake, other features include multiple hot tubs, perfume wafts from closets, bathrooms made from marble, steinway grand piano and a private elevator. have you ever stayed in that sweet? >> if i did i would take all the soaps and shampoos. ashley: nicely done. stuart: google taking an interesting approach to uk headquarters, $1 billion structure called the land scraper instead of a skyscraper, only 11 stories. want the long, 1,000,000 ft. of space, 7000 employees, google, new hq in britain, construction starts next year. individual stocks moving, autozone, retailer, higher profits, better sales, up a

dollars, that will be one person. better revenue, lands end, up 7%, the homebuilder, toll brothers, that stock is down today, full disclosure, i just bought a new toll brothers home, didn't help the stock. don't forget ge as in general electric, down 40% since last december, no recovery, bumping around $0.17 a share, ge. california wildfires breaking out again, the live shot of the smoke, one more time, like a paul hanging over everything, we will have it in a moment and take you to california. nancy pelosi describes the tax bill is armageddon and the end of the world. we will deal with that, we will deal with that. market shows a 23 point gain for the dow and we will be

back. ♪ ♪ can't go for that ♪

stuart: very modest gain, dow

industrials, more losers and winners, democrats going to truly overboard in their opposition to the tax bill. listen to what house minor leader nancy pelosi said yesterday. >> probably one of the worst pieces of legislation either house, but together, pieces of legislation to come before the congress. this is armageddon. this is a very big deal. because you know why? there is really a very hard way to come back from this. stuart: she did actually say this is the end of the world and former obama official larry summers wrote in the financial times, 10,000 people will die each year because of the tax bill. peter morici joins us now,

economics professor, this is the end of the world, armageddon, the tax thing is a disaster. >> it is for her. what is she going to do when people have more money in their paychecks when they have been telling them for months that this is about taking money from them to give it to large corporations. they will get a tax cut, what will they say? god help them if his works and the economy is growing more rapidly, growth has shifted up in the first year of mister trump in the first nine months, it looks like it will shift up even further. the democrats what are they going to say? the economy growing faster, people have more money in their pockets, armageddon for them. stuart: we got the point. hold on, larry summers says 10,000 people will die, hold on, uptight about this one, 10,000 people will die per year if you abolish the individual mandate and obamacare. >> it coerces people into buying unaffordable insurance,

10,000 people will die. by his logic 7 million people paid the mandate tax and did not by obamacare insurance, did they all die? so i don't understand his logic. stuart: if you are not forced to buy insurance you won't get insurance and that will be a killer. liz: this is emblematic of the conclusion is where the mind comes to rest. senator lisa murkowski of alaska said i don't like this mandate tax, i am against it, it is coercing my people of alaska into buying expensive insurance they cannot afford. people make other choices to buy catastrophic insurance. >> studies from the past before obamacare for various reasons people would lose health insurance and mortality would go up but this would be because of a trauma, they got fired from their jobs, were divorced, substantial reduction and income and so forth. people will get right of fraudulent insurance, insurance

with $6000 deductible, and keeps them from going to the doctor. you have stockholm syndrome, larry summers lost touch with reality and economic malpractice, what he has done, as much economics as the work of a pastry chef. stuart: we got the point. the treasury secretary. >> kisses up to the liberals long enough he will overcome the scarlet letter that the feminists gave him, denied him the opportunity to chair the fed. stuart: he has four nobel prizes in his immediate family. look at all the opportunity has. stuart: let's not get into it. peter kiernan, got to ask about bit coin. forget nancy pelosi, larry summers, bit coin touched an all-time high, close to $12,000

per bit coin. would you touch it with a 10 foot pole? >> when you think in the dictionary and look up adrenaline, bit coin is up almost 1000% this year. the fact is bit coin is a crypto currency, a digit that resides somewhere and the truth is almost everyone involved is incentivized to have the price go up. it is back up, 20% when china put in a few regulations and backup. we will see when it starts to act like a real market. what is a real market? in about a week the chicago mercantile exchange will have futures. in a month you will see some of the bigger institutions like hedge funds come in, people who buy and sort and sell these

things, bit coin was designed to go up up up up up. i would have predicted 12 but at some point futures are going to bring reality to a market that hasn't had much. stuart: last word to peter morici on bit coin. would you buy it? >> it fluctuates so much and is not a medium of exchange. is more important to conduct transactions or bit coin and your checkbook which defined the notion of crypto currency is not having the overhead of banks. bit coin is not money, this is the tulip bubble all over again. stuart: i think we have written off a bit coin, larry summers and nancy pelosi. >> a nice morning's work. stuart: thank you very much, the california wildfires are spreading. there is that live shot in ventura county, california, you are looking at a shot of the smoke, hanging all over the place. hillary von is with us on the ground, what is the latest? >> we just got an update from fire officials, they are saying

conditions are as bad as they can be, this is, quote, out-of-control. the big culprit the santa ana winds charging these claims the neighborhood as fast as 60 miles per hour. overnight flames devoured 41,000 acres in 9 hours. so far 150 buildings have been destroyed, 27,000 people have been evacuated and the winds picked up begin today which is causing a big problem. officials say they cannot continue what they call an aerial assault and ground all firefighting aircraft if wind conditions pick up and they are picking up. right now they are trying to get control of the flames but having a hard time doing it telling us mother nature is calling the shots and if these conditions persist -- stuart: hillary von, thank you,

actor -- and congressional candidates, where the fire was burning, to get out, evacuate at this point. >> my prayers go to families and neighborhoods affected by this, not far, i will go after i am done to the fire department and talk and north of shelters, help as much as i can, i have been up all night. it is tough conditions, the winds don't seem to be slowing down so we are dealing with one of the worst fires we read. stuart: i don't want to be alarmist but this is developing suddenly so it seems to us. this is a big deal, a difficult situation. >> extremely difficult because we can't lift our helicopters or send anything in the air because of the wind so everything has to be dealt from the ground.

in the middle of the night we have 60 to 70 mile-per-hour winds blowing, that took the fire to a whole new level and i pray to god it slows down, and animals as well. stuart: moving to politics, you are a congressional candidate. indiana republican introducing a bill that would jail elected officials who shelter illegal immigrants from deportation in the wake of the steinle verdict was what do you think of jailing official to protect illegals? >> what happened in san francisco was a failure of the justice system. that allowed more criminals to come in and they are thinking about going to california, san francisco. we have laws on the books, politicians don't want to follow it, liberals, democrats don't want to follow it, i will protect my county, ventura county, my county won't be a

sanctuary county. stuart: you can't put elected officials in jail come you can't really do that, can you? they respond to voters, they come out with a policy, impose the policy, you can't put them in jail for imposing policy, you can't do that, can you do this is more symbolic than anything else. >> we can't do that but we can elect people who will implement policies that will protect the american people. we talk about illegal immigrants coming hard, i came with my family, legally, had to wait, had to struggle, a lot of sacrifices. it was the will, we had prided ourselves, and proud americans. across the board, something illegally, go back to your country asap. >> in a difficult situation.

new bill in congress, if you carry your concealed handgun in one state you can bring it to another state no matter how strict gun laws are in that other state. is that a good idea? we will ask the judge about that. talk about the tax exodus, we talk about that all the time, stories of leaving people going to las vegas, more jobs, lower taxes and cheaper cost of living, we will deal with it in a moment, back after this. ♪ nah. not gonna happen.

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stuart: a bill in the house would make concealed carry permits valid across state lines. you could bring your gun come you got a valid concealed carry license, bring that gun and the license to another state even if the other state has strict

no gun laws. judge andrew napolitano is here. have i got that right? judge napolitano: here is the genesis of this, shortly after 9/11 congress enacted a statute that did what you just described for the police. if you are a cop in new jersey carry a gun in california, you are a retired cop in new jersey you can carry a gun in california and any of the states. if you do this for the police why can't we do it for everyone else, the police can't be everywhere. crime is often stopped as we saw in the horrific churchgoing in texas last month by an alert citizen lawfully carrying a weapon who happens to be at the scene of the crime. justice scalia's opinion in the heller decision, to keep and bear arms is an extension of the right to self-defense, a personal natural right and no government can unreasonably interfere with. stuart: if this bill passes it nullifies state gun laws. not all of them.

aptly judge napolitano: it nullifies state gun carry. stuart: i could live in texas, get my concealed carry, jump on a plane, come to new york, put it in the checked baggage, come out and strap on a 45 and walk around time square. judge napolitano: theoretically yes. stuart: i wonder how that will go down. judge napolitano: i don't know if it will pass because it requires 60 votes in the senate but before you say that there are democrats, moderate democrats, very pro-gun states like west virginia and north dakota where people in the states really want this statute, 60 votes, i commend the republicans for doing what congress is supposed to do under the fourth amendment, monitor the states when they interfere with fundamental liberties and that is what states like new jersey, california, cities like the district of columbia and where we are now in new york city. stuart: what do you think of my

opinion at the top of the hour that the mueller probe is hopelessly compromised by politics, am i right? judge napolitano: you sound like a criminal defense lawyer, not wanting to address the guilt or innocence of your clients but attacking the politics of the prosecutor. if we attack the politics of the prosecutor, nothing will be litigated on the merits, an fbi agent voted for democrats, we have a prosecutor who gave money to the republicans, these people can't be on the case. that is not we law-enforcement works. stuart: the point of the mueller investigation is impeachment, that is what democrats want to happen, impeachment is a political issue, largely political, that is the way it is. that means if the investigation is politically biased you cannot impeach on the basis of

a politically biased investigation. judge napolitano: that would be an argument to make on the floor of the senate and it is probably an argument that would resonate well but it is not an argument to stop the investigation because you can't have investigators that are members of the college of cardinals or some other group that purports to be free of any change whatsoever. i really picked the wrong sandbox. you can't expect prosecutors and investigators will be like caesar's wife above any suspicion. people on the planet who know -- socialist of the london school of economics teach you that. stuart: they did not. judge napolitano: studying shakespeare, traditional. stuart: back in my day and education was an endless series of political debate with other

people who are very smart. i spent my entire life in college and political debate, sharpens your brain, a really good idea. judge napolitano: in my era at princeton we did the same thing, those days are history. stuart: we agree on something, you are right on this one by the way, thanks. people are indeed leaving high tax california for low tax nevada, las vegas in particular. one of our voices from california. a rare conservative in the golden state, that rare conservative joins us after this. ♪ you can't predict the market. but through good times and bad... ...at t. rowe price... ...we've helped our investors stay confident for over 75 years. call us or your advisor. t. rowe price. invest with confidence.

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stuart: more pictures from california, wildfire developing situation, trying to save homes, see the smoke from the helicopter shot left-hand side and right-hand side as well. officials are evacuating some schools, how about that? serious stuff here. larry elder is with us, nationally syndicated talkshow host come you are in southern

california. this is a developing, looks like a serious situation. tell us. >> it is was one local firefighter said he hadn't seen anything spread this fast in his 30 year career, accorded million people evacuated from their tower. and don't know what the cause is that happens during fire season and the winds, santa ana winds, very dry winds, dangerous situation -- stuart: fast-moving and developing. because of high taxes, you are laughing and obviously they are going to places like nevada with low taxes and low cost of living, this could accelerate, the untold stories of tax reform, high state -- have you seen anything like this so far?

>> hard to tell, if this tax reform bill, state and local tax deductions, in california, high income could be nailed and seek out low-cost places like that the don't have state income tax. we have the highest state income taxes in the country. it kicks in at $40,000 for every dollar above $40,000 to 14.3% and it is outrageous, many have done the math and leaving dodge. stuart: any dollar, 13.2% in the state of california. >> $40,000, that is right. the highest arsenal tax rate in

the state of california, i mentioned this, the golfer was complaining when you add up all the taxes he calculated he will be paying 62% to taxes. he got hammered for that because he is a rich guy who plays the sport and makes a lot of money so he apologized. you can't complain about high taxes, even though marr complained about how high taxes were in california and he complains about high taxes, when bill maher complains about high taxes they are high. stuart: talk about real estate. if you are an upper income person you will get walloped by this tax deal, what you do with your house? if you sell it or try to sell it to move out of state who is going to buy the rich person's house with higher tax levy on the rich? >> believe it or not the high end market is doing very well, a lot of foreign buyers paying cash for it. the how long that will last.

all the stupid things they do in california, high minimum wage, the zoning laws, conspired to jack up prices, and a decent lifestyle. i don't blame them. i thought about leaving california as well. i could do my shelter anywhere in the country without paying the 13% state income tax that i paid. i have given a lot of thought. stuart: i have no interest in moving in new jersey. that is the way it is. we are out of time, see you very soon, good stuff. there will be more varney, i promise, after this. ♪ i want to get away ♪ i want to fly away ♪ yeah ♪ yeah ♪

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stuart: dow bouncing back not too badly today. facebook, amazon, microsoft, apfa bet apple on the upside. reading this out for benefit of our radio viewers, one who called me yesterday, thank you very much indeed. we listen to you on the radio. we wanted numbers. neil, it is yours. neil: i don't understand that. so, do you have a different policy for radio? they're not viewers, listeners, obviously. stuart: we have large numbers of people listen to the show and yours maybe and they're on sirius satellite radio, i say microsoft is up, they can't see the price. for their benefit, microsoft is up. are you okay with that? neil: i want to be clear. just radio i can hear you saying, stocks are down! but that is not the case. i understand. thank you, my friend. all right. stuart: get out of here. neil: we have a lot going on. president will have