does your bed do that? i don't actually talk but i can tell you how you slept. i'm the new sleep number 360 smart bed. let's meet at a sleep number store. maria: have a great day. "varney & company." stuart, take it away. >> we spent the week wondering if they would hit 25,000 print money like possible. it's wednesday. now looks like a longshot. good morning, everyone. close but no cigars. the dow closed tuesday at 24,180. that is 819 points away from 20 5-k. 14 trading days left before christmas. never say never. not with this market. here is how we will open today. lower again, but not by much greater couple hours ago we were down 60. now we are down 25 and closing.

the far left, over green adding his voice to the hysteria. he said deregulation of tax cuts gave us the last crash and we can afford to let it happen again. he's the guy who's spending millions on his hoped-for impeachment for president trump. here comes the day of rage in the middle east because president trump wants to recognize jerusalem as the capital of israel. jordan, saudi arabia, turkey, they don't like this. the pope doesn't like it either. he favors the status quo to avoid violence. here he comes, another big day, jampacked show. "varney & company" is about to begin. such's look at this. developing stories. posing a major threat.

2000 homes curfews in place. interesting stat database. i have a number here. think about that. by some estimates that would burn through new york's central park in 15 minutes. you know how big central park is from bottom to top. that goes through 15 minutes. i down the mountains. no moisture in the air. battle in again today. stuart: thank you, ashley. house majority whip steve scalise was on with maria early this morning and he said this.

roll tape geared >> each step of the way we work harder to make sure folks in high income states like york, new jersey, california and others will get income tax relief as well. if you look at the work being done in the conference committee to lower the top rate, that will help everybody across the country. stuart: well, well, well, movement on the deduction of state and local taxes. joining us, congresswoman diane black on the tax writing committee. california republicans looking for a little leeway on deducting state and local taxes. steve scalise says maybe you can accommodate them to some degree. why are you smiling? some of us here in the high tax states we see a ray of light there that maybe we will get some relief. what says diane black? >> maybe i'm giving you an indication that is one of the things we will look at in the conference committee. stuart: i know you've got to

look at it. you are from tennessee. low tax states. you don't want to give any relief to new jersey, new york and california. >> you maybe had to take a look at tennessee and we're doing so well, because of our tax burden with the lowest in the nation, though we recognize that this is something that if we want to eventually get the states to lower the taxes and to be lawyer equitable across the entire country about what people give back on the tax burden from the state, that the way that will put it in place to give a bigger deduction for them. we recognize this is an issue and will be on the table. i think it's interesting you started out with that. stuart: may i suggest that an

incremental removal of the deduction would go a long way to helping those poor people in new jersey and new york. stuart: he writes in "the wall street journal" today about tax reform. here's what he's got to say. despite what you may believe, the tax plan taking place. more pain, less prosperity. a moral obligation and a personal interest opposing the bill. larry summers told us that 10,000 people a year will die because of the tax bill. you are laughing again. pretty strong stuff. what do you say? >> the liberal way of trying to put ichabod shon said ichabod shon scenting that they didn't think of and they didn't do, but it's good for the american people. other times in the history of this country were tax reform did make a difference. it grew the economy.

for 10 years it has potential. in anticipation we feel a whole new mood because people recognize that we are going to do something and that is to reform a very complicated tax code, do what we said we were going to do with giving people in the middle income a relief and all the way across every one of the segments, ashley in the middle income and get this economy moving. get more money in people's pockets. when a company gets more money in their pocket, they reinvest because they want to see money across the board. stuart: there's still money to move in tennessee because you're going to get a flood right at you. i can see it coming. i know you live. we're not joking. diane black, everyone. thanks for joining us as always.

trained to look at this. an hour ago we were down 60. now we are down four points. we are going to open flat. just a few minutes time. i'll leave it at. i'll be that bad. investors not impressed with financial results coming out of restoration h.r. stocks down just 1%. rh. there we go. what did i say? 's trade three h.r. trade for that thought ray. she'd stuart: i didn't mean that. united health by eating into kidney dialysis. for .9 billion on cashmore and the one-stop health care deal. very similar to that night and cvs. what did you call it? very good expression.

fox news justice department in the house intelligence committee text messages. she's an fbi lawyer involvement. the judges here. of course you heard it before. when we get to see these messages, what this stuff really is. >> i guess so. we've heard them characterized. the crime is lying to the fbi. it's not brian to mother teresa. it's an fbi agent. there is imperfect as the rest of us. it doesn't diminish their ability to do their job. if it does come a transfer them to another case. stuart: that's not the point. >> delays general slid. general flinders pleading guilty to that. one of the agents who

interrogated and if this person. his own personal amoral behavior does not affect the prosecution of the person who lied to him. stuart: it doesn't read what started this investigation, what made him into a deep state pro-hillary anti-trump bureaucrats embedded in all the federal. stuart: all make this even sharper if i could. they have the transcripts of conversations between general flynn and ambassador/kgb general kissling i. why did they interview general flynn unless it was to achieve what they achieved, a track in which they lie to him and why did flynn agreed to speak with them because the last job he had before they work from which president obama fired him was the head of the defense intelligence agency.

he had 10,000 military spies that worked for him and one of the people they spied on was ambassador kislyak. he ought to have known that the conversations and fbi agents were asking about already saw the transcript says. what was the line for? it is a crazy affairs. stuart: he was threatened with total lack of reputation. if they already knew what it passed between kislyak in the general, they did know that. so they could say it is one word different. >> now, and the statute is materialized. they said the light was red and it was really green. materials are the conversation. he made profound mistakes to talk to them and to lie to them. they targeted him by asking him

questions. a politically motivated expedition from the get go motivated by anti-trump people in the dave state bureaucracy of america. >> you sound like rand paul. >> we haven't seen these tags. but if we get into the business of examining the personal lives of other prosecutors, no crime will be prosecuted. stuart: okay. >> i sound like a defense lawyer. this nevermind my client was innocent or guilty. what about the prosecutor. who did he sleep with last night? [laughter] i happen to agree with that. if done according to. stuart: we run over time. >> because you mentioned his royal highness. trade do listen to this one. if you brewing between the biggest tech titans in the

world. amazon reviewing to sell google mark speaker youtube from amazon devices. this one is going to get ugly because these giants are overlapping and they are really competing. two former campaign officials will talk about the campaign i'll tell you. obsession with junk food. >> really. that's what they're talking about. corey lewandowski coming up next hour. senator jeff flake, republican of arizona breaking with his party. donating to the democrats is running against way more in alabama. click is putting country before party.in hamore "varney" after this.

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stuart: president trump to recognize jerusalem as israel's capital and move our embassy there. joining us, republican from

pennsylvania. mr. senator, the reaction to this in the arab world is one of extraordinary hostility. days of rage planned on friday with muslims around jerusalem and the pope says don't do it a brother of the status quo. that kind of hostility bleed over into our domestic policy? will it affect president trump's domestic growth agenda? >> i very much doubt it. most people on the hill understand every single country in the world gets to choose its own capital except one and that is israel end its long overdue for israel to be a would have the rest of the world recognize the capital cities around the world. this may create some controversy in the arab world. i certainly hope it doesn't become an excuse for any violence. but it's the right and to do and i'm glad president trump is doing it. stuart: can ask you about tax

reform, specifically the state and local tax deduction. at the moment, it's supposed to be no deduction whatsoever except maybe 10,000 property taxes. i hear movement from republicans than steve scalise, with about then maybe you could implement this on a rolling basis. they don't get rid of the entire deduction immediately. you get rid of it over a period of years. is that possible? >> stuart, it's likely there will be some changes, but it would be premature for me to suggest exactly what form the change takes. you are correct, what we've done in both house and senate bill is to disallow the deduction of state and local taxes with the exception of up to $10,000 in property taxes. we will probably have to tweet that in order to hold the votes we need in the house. but it could be tweaked in a

number ways and has not yet been determined which way. stuart: that would be quite a change because the most profound impact from this tax deal is the removal of the state and local tax deduction or they'll have enormous impact on new jersey, new york, california. a lot of people will leave. this will have a big impact. >> it could. it's an important source of the revenue that allows us to lower marginal rates for everybody and make our code of better code. deduction for state and local taxes amounts to a subsidy by low tax state for high tax states and even within a stated means lower tax jurisdictions within a state end up subsidizing high tax jurisdictions. to the extent we disallow that jurisdiction allows us to the trade-off that is good policy. i hope we will preserve as much as the disallowance of the deduction is possible but i've recognize there'll have to be some give. stuart: yesterday there was a

scene with president trump sitting down to lunch. jeff flake right next to him could within our senator flake had written a check for 100 bucks to the democrats right next to the president. he wrote a check for 100 bucks to the democrat in the alabama race. woody's database? >> of a little surprised but what is much more important is jeff flake voted in favor of our tax reform bill and when we come out of conference with the modifications we will need, and i am very out to mistake by senator flake will vote for that as well. that is what counts. stuart: signed by christmas eve? >> i hope so in a real good shot at it. stuart: senator to me, may i apologize yet again for all the hard times i've given you in the last few months whether you get it done or not. >> you've been skeptical, but we are getting it done. stuart: it looks like it. senator, thank you.

you will not see any russian flags. team russia officially banned from the games. more "varney" after this.

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stuart:'s russia's olympic team has been barred from the winter games in south korea. this is punishment for systemic

doping. live speak is here, she writes in a variety of things. not just money. >> i think it's high time. we have known for decades. now we have proof because of a russian that came forward an outline not only the scope of the russian in the 2012 olympics, but the specifics of how they passed samples through the wall. i mean there was ridiculous how many of their athletes were involved in the. the ioc had to do something. now we are looking right into the teeth of the next olympics. it seems to me that should have come out earlier. nonetheless come a time they did something severe. a $15 million fine. they also barred 25,000 russian athletes in the neutral way they are barring. ashley: no flag, no russian

anthem. there is a belief that he may boycott, so no russian athletes. >> hideaway, toured turn out to be a massive embarrassment if they participate in no one wins a medal because they are doping. trading for we don't know how many years, how far back it goes. east germany and russia rumored to be doing this for a very long time. ashley: am a frequent critic of the time. bleeding over to it times that exposed this entire story. the times did this. kudos to them. were we going to open? we were going to be down 60, 70 points. when i get up this morning, down about 100 points. 15-point loss. stay with us because we'll take you there.

stuart: all right, half a minute to go before we ring the opening bell and start trading on this wednesday morning. yesterday we close down with 20,100 a.d. quite a long way from 25,000.

talking about getting there by christmas. some of us losing hope. we still could. in four seconds, then we'll find out where where the market goes in the early going. we are going down. he points, 26 points, 21 points down. 21 points down. read on the left-hand side of your screen. it is a mixed opening with those downside that .04% down. where's the s&p 500? downed .15%. how about the nasdaq? i'm a third of 1%. i could conclude from that that the selloff in technology continues not at such a rapid pace as we saw in monday, but down again .4% on the not that

composite. google says to amazon, you can put youtube on your fancy outgo show device because amazon is selling google products. there is a battle for you. though stocks down. united health with the kidney dialysis group for $.9 billion all cash deal reminds me of cvs and at night. ups expects delivery delays because there's been an unprecedented surge in online sales. more on that in a moment. ups is down. wednesday morning. ashley webster. looking busy. live speak is with us. elizabeth peake is with us and you are the guy who said 25,000 by christmas eve. you still think you not?

highly possible. leadership stocks down 5% up to 5% that's a bit worrisome. not time to panic. make sure you have your stocks in place. cautious to you is telling me with microsoft. i am microsoft at 82. caution to you is put a stop in at 79. >> and then if it jumps back up come or if come or if you get in at 81, 80 to you last. we have all the time it doesn't matter. you'd be happy to be a 79. that's all we do is consider. >> we turned around. now we are up six, up four. >> her and she worried about the mystery meat and the sausage making. if they delay the corporate tax cut to 2019 and starts raising rates, is not an issue? >> i don't think the fed will raise rates.

probably a greater chance of raising rates four times. >> doing just fine, is in the rate increase justified? >> absolutely. it will be steady, slow. that's why i think we can get to 25,000. liz: and waiting on the buzzer. >> this is unprecedented. 4000 points. another one would be unbelievable. under the budget process and how about all works through. i agree with liz, all of a sudden the last minute tax deal is making investors nervous. i think it's going to happen, but it's not good sailing. trade for we were saying about 25. talk to you. >> can i get a word in edgewise? stuart: holiday shopping season,

ups expect delays because they see an unprecedented commend their work, unprecedented surge in online sales. i see that as an economic indicator. >> cybermonday was the biggest shopping day ever in this country up 17% read how can ups not have anticipated like running out of roses on day. ashley: online surge had he been kidding me? of course this is going to happen. >> either way, fedex is running fine. it's not an impossible thing to get right. trade to google says amazon can put youtube on it that could show device. why? amazon refuses to sell google smarter. this is a battle of two big tax

giant. amazon has done youtube they want their stuff because it's close to that channel. eventually google will capitulate and allow them to have been on there. >> now we have these two titans blocking each other and using their leverage. >> i think google is not being able to sell their product on the platform. >> google home products. stuart: island of irony and "varney & company." nobody has noticed that i had my first time on television and

more in a nonwhite shirt. it's >> i notice i walked in. check the big board. 15 points. we are at 24,164. long, long way from 20 5-k. the unit, whole foods, prices going up. amazon made a big public show. now the prices are going down a little bit. investors not impressed with the results from restoration hardware. the stock is down 6%. strong profits at dave and busters up 5%. they get help from the tax cut. lower profit, american eagle, another retailer of 3%. hum results from h&r block. how many people go to them to get their taxes done? the stock is up 6%.

go figure. one site a model three demands their way in. look, they don't want to wait for a year. if you haven't pre-ordered come you're not going to get one until 2019. you want to sit around waiting now gone. more options for them. liz: does he have too many in the air? he's doing so many different things. ashley: could've said that so many times ago. model three. >> rescue in puerto rico, tunnel under l.a. stuart: would you, shai gillani by the $300 a share? >> absolutely not. i've gotten burned on it. i think he's overextended himself. but the 2018 production company of giving 300,000 cars or book it downgraded.

he did the first quarter of 2018. they are just burning through cash. it's not a company that adds up to me. ashley: bloomberg said of his $8000 a minute. stuart: is that right? >> in a delay on delivering the product. >> i say in terms of promoting the stock in the company and the products coming is the best. trade for leo's 27% of the company. trade to may i speak? trade for sure, the theme of the day. trade to shutting bernie at. the unavailability of the iphone next during the three months in october that pulled the market -- pulled down apple's market share in the smartphone arena. i don't see this as a huge problem, but a juicy apple up 168. way down. >> just some down.

there's a rotation going on. a lot of that money going into retail tech stocks that will bounce back. trade for he said there is uncertainty because of your shirt. your new shirt choice. stuart: looks like prison stripes. we can never forget bitcoin. now todd $12,000.711. up another $941. you must have client to say what about bitcoin? >> with the cme to launch features on sub for next week and the week after, it will make it more in the supply. i'm not a fan. i understand it. i don't think it has your value. i don't think it's a meaningful currency in terms of its value or its use. it's just a speculative vehicle run amok.

stuart: if you want to buy something with bitcoin come you actually end up paying more because you are using bitcoin then if you are using u.s. dollars. so it's not much of a medium of exchange. >> there is a role for appeared instantaneous transfer that is welcome in a lot of third world countries. there is no value to bitcoin. there'll be other contenders in the field. we don't know how it's going to shake out. there's no reason. >> there are other contenders. my problem with bitcoin is i cannot understand how long governments are going to let the printing of a currency of a digital currency go on. $21 billion to the extent of bitcoin. you think the federal reserve is going to allow another currency, does he carry in our pockets, not going to have been. trade do we reach that time when we have to say goodbye to live

and shah gilani. we are up nine points. up 10 points. i will coveted narrowly mixed market up on stuart: the upside. how is that professional analysis? you've got a permit to carry a concealed handgun wednesday. you can renege on to another state. that is that the bill suggests. no matter how the struck the laws are to the state you are going to the congressman footing that bill will join us next. ♪ hi, i'm mindy kearns. it's great to finally meet you. nice to meet you too. your parents have been talking about you for years. 's have a seat. knowing that the most important goals are yours. multiplied by 14,000 financial advisors, it's a big deal.

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stuart: now we're up 23 points on the dow, up about 24-point to this wednesday morning. amazon we hear is taking on the art and crafts website at sea. come on in, nicole. >> take a look at the

surprisingly a new high today. you would think this from amazon would crush the little guy at the all about arts and crafts and amazon, basically saying you want to shop these items around the united states, we would get it to you right up to the holidays in just two hours if you are a prime number. for the procrastinating shoppers, amazon is going hard with the craft items. those are higher today. both are hired by more than 50% in the last week -- in the last year. you can see the last minute delivery craft gifts might be the battle to the end. stuart: thank you, nicole. the story we started developing yesterday that a gun bill moving through congress. it would allow you to bring your legal concealed carry handgun from one state to another. the bill we are told is gaining support in the house. the lawmaker behind richard --

tell me about this gaining support. have you got a vote count behind this? >> great to be with you today. we do have votes in the house. 213 cosponsors and we whipped the bill last week and on discussions with members. the bill is easily going to pass today. stuart: this is pretty radical stuff. as i understand it, the way i see it is this would nullify state rules. so if i live in texas, a concealed carry permit, fly to new york, walk out of jfk, i've got 45. it's concealed but i've got it on me. locally you're not supposed to do that seasonal five new york state laws are and what you say? >> not so fast, stuart. every state municipality can set their own rules about which you can carry and where you carry. an example of anarchist daylight you can carry a firearm at the

magazine with more than eight rounds. even with my legislation would still comply with that role. the city of new york determined times square is a non-carried area. you know, any municipality of state can set its own rules for themselves. article iv section one of the constitution, the full faith cause has to give full faith and credit to the judicial proceedings and legal documents of every other state in congress has the responsibility to determine how both are recognized. that's the reason why drivers licenses recognized in every state. if i get married in north carolina, moved to arizona and still married. that's why divorce carries across state lines. we are simply saying every state has to look at bad day bad is a concealed carry permit, the state still has their right to determine what you can carry it where you can carry it. stuart: i am told this will face a real problem in the senate that it won't pass the senate. your comment on that.

>> i hear that on every bill that passes the house. senator john corgan has this legislation stay. he's long been a champion of the second amendment, great individual, former attorney general the state of texas. he brought upon us to show military 2013 as an amendment and there are seven democrats still in the senate who voted at that time. there is a president for democrats support and we'll see what happens. i think with a number of issues out there, and the senator can find a path forward in the senate. stuart: remarkable stuff because it's you are going -- to control guns, you are going the other way. i find that a very interesting development in our society. richard had been tied thank you for joining us. much obliged. be not thank you. stuart: totally different

stories. the batteries to power electric cars going for the cheapest prices ever. that's a revelation. >> this is the issue for electorate vehicles to take over as her pass gas powered cars you've got to get that down. the lion share of the cost of the electric vehicle. now they are saying the cost of the battery to drop per kilowatt hour in about eight years time to just about $100 per kilowatt hour is the tipping point for electric vehicles to be adopted worldwide. that makes it cheaper and it's as cheaper it's as cheap or less than fossil fueled cars. that is a big team changer to the survey of 50 battery companies and the department of energy same lithium ion batteries flammable. right now they are discovering magnesium ion can really surpass lithium. now they are the theme, by leaps and bounds making advances in electric battery vehicles. stuart: i'll tell you my opinion on the electric cars. that's no longer true.

different story, but this is yours. a plot to kill prime minister theresa may foiled. ashley: yes indeed. two young men appeared in court today. at 22-year-old from north london. 21-year-old mohammed enron from birmingham. basically the plot was to set up some of those to device down by the gates at 10 downing street and in the confusion get to theresa may and kill her with a suicide vest. the chances of that happening know, but it shows you that things with nine terror attacks foiled in the last 12 months. stuart: they took it seriously because they briefed the cabinet personally. ashley: which is unusual. stuart: check the markets came up, but not that much. an even split between red and green, winners and losers are the dow is up five points. a veteran run company meets with resident drop in the white

house. the company is called flags of valor. if congress passes the tax plan, your business, and that business will grow nicely. we will deal with it next. well sure, at first, but jj can help you with that. jj, will you break it down for this gentleman? hey, ian. you know, at td ameritrade, we can walk you through your options trades step by step until you're comfortable. i could be up for that. that's taking options trading from wall st. to main st. hey guys, wanna play some pool? eh, i'm not really a pool guy. what's the hesitation? it's just complicated. step-by-step options trading support from td ameritrade

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stuart: taxpayers went to the white house to meet with president

brian, owner of the woodworking is missed, flags of valor. i think our viewers just saw one of the flags of valor. what is this? it's a wooden flag, a work of art? tell me. >> thank you for having us. i launched the company after 15 years in the military and we create wooden, handmade custom flags, service flags, state flags, you name it. >> this is all better and made, veteran produced. >> absolutely. it gives them an environment they can thrive in and enjoy that come lottery. >> what benefits would you get out of the president's tax proposal.

>> i am not the guy that can tell you what page 391 of a 500 page tax o policy is in the president said most people can't, but i can tell you as a veteran business owner that employs veterans, less complexity and lower rates will allow us to grow our business and invest in our people and our company. >> forgive me, but this is a financial program so all ask a financial question. may i ask how much for one of those gorgeous wooden flags? >> around $99 up to 399 is almost expensive but it's over five and a half feet wide so it's a large piece of art. >> i'm sorry sir, someone was in my ear. tell me the price against. >> they range from around $99 up to $399 and that's for a 6-foot flag. a lot of work and hard work goes into our work from all our veterans. we love what we do.

>> i suspect your business is going to take off. >> absolutely. we had a chance to be on fox last year end due to all the support and all the viewers that watch fox, it's been a tremendous growth opportunity. >> , people do you employ? >> we have 25 employees and 18 are combat veterans. >> that is truly excellent. brian, it was a pleasure to have you on the show. i will order one. that's a fact. >> you can go to flags of valor.com so check us out. >> thank you. >> the pieces are slowly coming together. it's the story of government bureaucrats, anti- trump bureaucrats teaming up to helphi hillary and beat up on trump. we are all about the deep state watch. double digits.

it really scared him out of the markets. his advisor ran the numbers and showed that he wouldn't be able to retire until he was 68. the client realized, "i need to get back into the markets- i need to get back on track with my plan." the financial advisor was able to work with this client. he's now on track to retire when he's 65. having someone coach you through it is really the value of a financial advisor.

the story is finally coming out. it reads like a cheap spy novel. it's about our government, entrenched government bureaucrats. they've got us from the inside, didn't they. the fbi conducted investigation of hillary clinton and the state secrets she was running her server at her house in new york. agent peters was involved in the probe. heat interviewed clinton aides. he was present when hillary was interviewed. when the investigation was over, the fbi concluded that hillary had not been grossly negligent. no, she had been extremely careless but there is a big difference. he was leader of the team that change the language. hillary was off the legal book. he signed the papers opening the russia investigation. he interviewed general plan.

then he went on and went after president trump. now we find stross is politically biased. he is anti- trump and clearly not the only bureaucrat. another lawyer on the fbi team wrote how he was in off. when sally yates defied the president. don't forget the bureaucrats of the irs that lead up his political opponents and got away with it. i know you've heard this before but there's more still to come. the pieces are slowly coming together. what we see at this stage of the deep state cabal of trump heaters who have undermined our institutions. the haters are still there. it's our job to expose them and expose the damage they have don done.

with a slight upside bias, we are up 14 points. 24194 is where we are now. one analyst estimates today that amazon's retail business could grow to $85 billion. year. microsoft is moving higher. walmart, competitors walmart stores changing its name to walmart inc. said it's to reflect the different way that customers want to shop. that means online, i guess. american eagle outfitters reporting higher same stock

sales. the stock is up a little bit. home depot announcing 15 billion-dollar buyout. that should've brought in the investors but it didn't. it's down to dollars. mcdonald's is hitting an all-time high. 173 on mcdonald's. new high yesterday and another one today. were following the wildfires in southern california. dramatic images coming to us now. firefighters on the ground. we will give you a live report coming up on this program. serious stuff developing now. he is the latest to go on the attack about the gop tax plan. despite what you may believe the tax plan taking shape is a sham. it will lead to more pain and less prosperity for the vast

amount of americans. they have an interest in opposing the bill. joining us now charles hurt. he usually has a smile on his face but i think it's depressing right now because you can't believe what some are saying. >> is a political hack and not a very good hack at that. this is the guy bringing us the whole impeachment thing which is this weapon i think of the political process. it does damage to america. it does damage to the political process and he should go home. either go win an election or go home and shut up. >> i got another one for you. he tweeted he donated a hundred bucks to the democrat

in the alabama race. >> i'm sure he really appreciates that hundred dollars. that will put him over the top. it tells you where the democratic party is today that an accused child molester is in a good position to win that seat. there are parts of this country, where democrats cannot even offer themselves for public office. if they cannot win the seat then they are helpless in the entire region of the country. we've got this hysterical reaction. i think president trump has just put in place a great win. this is not perfect for this is not what i would like to see i'd like to see something

far more radical but it's a big gift victory for republicans and donald trump. we've already seen, while a lot of people have a hard time keeping up with all of the ins and outs of the legislation like this, wall street pays very close attention to it. the run-up that we have seen is because we expect this to get through. >> we hear they are still tweaking the final version. is there any doubt we will get the signed, sealed and delivered by the end of the year. >> no there isn't. it seemed impossible a month ago but the enormous pressure that has been on republicans to produce something, and again, maybe it's not perfect, but the enormous pressure to produce something is still there. they know if they don't come up with something, if they

don't get something to the president's desk, they are in deep trouble. >> mitch mcconnell just said they're going to vote today to advance the whole deal to committee stage. often running december the sixth. >> they always need pressure in order to pull a rabbit out of a hat. >> give them credit. >> thanks very much indeed. >> i want to get to the tesla and its delay in the delivery of model three. if you haven't ordered one yet, you will have to wait to get one until 2019. joining us now, jean munster from the loop group. you are a big fan of tesla. it looks like they've got some problems with the production of the model three which is possibly a big problem for the whole company. >> when you have these massive

transitions, this is the first mainstream vehicle they're trying to produce. it takes time. if you look at history, things that are worthwhile take time. i look back to around 1500, da vinci took four years to paint the sistine chapel. the vatican did not pull the plug four months into this and investors have been pulling the plug into this production ramp. i think you'll look back and see this model three, once they work through the production issues, this car will fundamentally change how cars are built around the world. >> that's interesting. you said the model three will fundamentally change the way cars are built around the world. are you talking about the manufacturing process or are you talking about the all electric vehicle that tesla is producing? >> both. on the manufacturing side you have this intense need to build to scale. there's this manufacturing challenge. elon musk refers that it's

hell they're going through. i think it's important to understand that as the in part down this path they will go through some of those same difficulties. that's something the model three will change, just the adoption of electric vehicle, their superior technology and i think the model three will be a pivotal moment in the adoption of electric vehicle. >> interesting. we look to you to look ahead in technology. where we going, who are the winners, what are the major developments. one ask you about that point. i don't know if that's within your realm, but it's making quite a splash in the financial world. it moved above $12000. coin. in your opinion, is this a bubble or not? >> i think it's a bubble near-term. i don't think it's a bubble in

the sense that the coin will go away. it's probably like in the internet around 2000 where just got ahead of itself. if we went back and look at those stocks that survived are a lot higher today than they were in 2000 so they were bubbles but near-term, when you have people who really have no understanding of bit coin wanting to buy it, that's hugely a red flag. i'm a little more apprehensive near-term but don't want to be mistaken. big believers in the concept of it longer-term. >> okay. jean, always a pleasure. thanks for joining us. >> thank you. >> we've got one of those studies, i'm not sure how much faith i put in those things but holiday shoppers are spending more on themselves this year. >> liz. >> 'tis the season to treat yourself, from me too me. >> it's been a trend that's been going on for at least five years. two thirds of the people who

shop on cyber monday or black friday bought something for themselves. you don't believe it because you don't do it but there are shoppers out there. >> who did the serving? and pd groups. >> national retail federation has found the same phenomenon. >> is in that talking up your own. [inaudible] spend more by more. >> it's just because you don't do it, doesn't mean it doesn't exist. >> go-ahead america, by something to yourself. be generous. >> it's the surveys that constantly come out by who knows who produces these surveys. i don't think they have any meaning whatsoever. i'm trying to remember what we had yesterday is a survey. every day we have a survey. i can remember's surveys that are 60 years old. [inaudible] no one has commented on my new

shirt. >> did you self gift to yourself. >> if you're just tuning in, it's the first time ever i've gone on foxbusiness without a shirt that's not her white. you can't see much credit it's a little stripy. very funny. moving on, time magazine choosing the silence breakers of the me too movement as the person of the year. president trump was runner-up. colin kaepernick was also in the running. here's what we have for you. the politicized trump probe. 10:30 this morning, both fixtures of the president campaign out with a book detailing their time on the campaign. they're both with us later this hour. we're talking everything from politics to the presidents fast food diet.

that's whatever but is talking about, by the way. we will be back.

now we are down 20 points, 24159. weekly, the other markets, down $56 on a price, while of barrel. russia band from the olympics in south korea. why? doping. >> band in russia's sports minister and his associate are banned forever from the olympics. they been given of fine of $15 million. they say russian individual russian athletes who have been cleared can compete but they're not allowed to do it under a rationed flag or with any russian national anthem.

vladimir putin said that would be unacceptable in his mind and embarrassing so the question is will any russian athletes show up after the 2014 winter olympics in russia. big steps, but long overdue because the doping has been long suspected. >> could any of them win if they don't open. >> that's a good question. >> a huge embarrassment. >> at the top of the hour, i gave my opinion on how i believed that the probe is politicized. details, talking about the deep state, the full story on peter and the anti- trump mold in the bureaucracy and the damage they are doing. john has the full story. he is national review columnist and joins us now. you believe peter struck, i'm not sure how to pronounce his name, he's at the center of everything in this deep state mold in the bureaucracy. laid out for us please.

>> well stuart, in your commentary earlier, you referenced the irs as a problem that we've had with government bureaucrats. i'm here to say that peter is the lowest learner of the fbi. his violations of our civil liberties, because i think he was responsible in part for a vast amount of surveillance that was done with players in the 2016 presidential election was probably a direct violation of our civil liberties. when we passed the patriot act in order to fight terrorism, some of the members of congress said fine, we need to fight terrorism, but who will watch the watchers? what we learn now is that in the last year of the obama administration, i think no one was watching the watchers. in fact, the watchers were the problem. >> do you believe it is a deep state, i'm not me the word conspiracy, but what would be the word, coincidence, to use your word, a coincidence that this man is at the center of so many things connected to the hillary e-mail

investigation and russia russia russia? >> where's waldo? in that cartoon series, waldo was everywhere. so is peter struck. he's everywhere. he's the fbi agent in charge of the e-mail investigation. he's the guy who e-mailed cheryl mills and they got off even though they clearly lied about things in the interview and he's the guy who let cheryl mills sit in on the hillary interrogation even though she was a suspect in the case, he's the guy who didn't tape the hillary meeting with the fbi, he's the guy who then recommended hillary's, the language about hillary's behavior be changed from mostly negligent which is the language in the statue they would charge someone with a crime and they changed it too extremely careless which got her off the hook. three days after hillary's exonerated, he starts the rush investigation. then the fbi is offering $50000 to christopher steele

for his dossier on trump which was never paid but ultimately shows the fbi was willing to pay money for material that was produced in the kremlin, and then, who interviews michael flynn? and traps an ally which he pled guilty to? peter struck. he is the where's waldo of the story. >> this is extraordinary stuff in your on top of it. i'm afraid i have to run but we will keep in touch because i think this is a story of extreme significance. were only just scratching the surface. >> the narrative has changed. we now have two scandals. can the media walk and chew gum and cover both. can they cover russia and the fbi and muller? >> we shall see. we will see you real soon. >> southern california developing story, 50000 acres have burned in ventura county. thousands of people have been evacuated. dramatic stuff, just developing. we will take you there, moments from now. this afternoon president trump announces he is recognizing

jerusalem as israel's capital. that has caused outrage in the arab world. ♪ ♪ ♪ ♪

>> to the wildfires in california, hillary is there. is this fire, i know it's moving fast, is it getting close to threatening a major highway? that would be truly disruptive. >> it actually hopped over the highway. this is kind of along the fire line of the thomas fire. that's the biggest one at 50000 acres, still 0% containment.

the sons only been up for about an hour. the reason i point that out is as the sun rises, things will heat up in the winds will pick up. that is the biggest challenge for firefighters. right now you can see the wind is carrying everything up to an area that's already been burnt. when that shifts down the mountain, these embers will carry up to half a mile that is a big problem. i talked to a fire captain who tells me they are in a defensive posture right now and pretty much the playbook has been thrown out the window. there are two things that are battling. the santa ana winds will pick up and expect them to get worse today, and also water. a lot of the hydrants are tapped out and that's causing a big problem. they are in conservation mode. if they see a structure engulfed in flames, they will not go in and try to put out the fire. instead they will go to the houses around it and try to protect the fire, prevent the fire from spreading to other structures. that simply because there is not enough water to fight this fire.

there are five separate fires burning throughout california right now. this is the thomas fire and again, we are expecting it too continue spreading. we been inching our way down the hillside as it's getting closer and closer. but right now the sons only been out for about an hour and things will heat up. as that happens, the flames will get bigger and the winds will get stronger. yesterday officials said conditions were as bad as they can be. today they expect them to be even worse. >> thank you hillary. here's what we have for you, two men at the center of the trump campaign. they will give us the inside scoop. it's an extraordinary story from their book. they are heading toward the studio as we speak. you will meet them in a moment. ♪ ♪ ♪ ♪ ♪ ♪ ♪

♪ ♪

they keep doing it. they try to put me in a good mood by playing some music and it works. okay. we are down 19 points, 18 points from the dow industrial. 24163. it's 10:30 eastern, it is wednesday morning, this is a time when we get the latest news on oil, how much we've got in stock, how much we've used. >> more than expected. down 5.61 million barrels. they're looking for it drop of 3.1 million barrels. >> huge gain in the amount of gasoline in store. >> so we are not using as much of that. that's interesting.

okay. >> oil is at $56. barrel. moving on swiftly, tech names, only one of them is down this morning. that would be apple down 33 cents. facebook, amazon, microsoft all of them on the upside. important story here, united health buying into kidney dialysis. they're going, $4.9 billion, all crashes what they're paying. this is really about one-stop healthcare. very similar to the aetna cbs deal. let's go inside the trump campaign. the co-authors of the book let trump he trump, it's a best seller. gentlemen, welcome to the show. >> we will get to the all important political stuff, but first, what everybody's talking about is what president trump eats.

tell me about the fast food die diet. >> the president is always in motion so he never sat down for a meal. our meals consisted of eating on 100 million-dollar beautiful airplane as we flew around the country, but those meals were mcdonald's, kentucky fried chicken thomas pizzas and diet cokes, that was it because he didn't eat. he worked for 20 hours a day and at the end of the day on the last flight back, we get a couple burgers and he be ready to go. >> are you serious. >> we hated every day and the staff ate whatever the president eight and it was an amazing experience on this big beautiful aircraft, but he works so hard. we never stop for meals. one of the reasons he won was our schedule, the motor that he had and iran. [inaudible] >> you realize what the elites are saying. what, he eats big big macs in kentucky fried chicken.

>> that's why that he's the blue-collar billionaire. that's why everyone out there relates to him pretty good by the fanciest file. he says give me a big. >> and a play a slit fish and let's keep moving. >> tell me the truth. did he eat big macs and contacts tragic in everyday. >> he didn't eat the bread. he never ate the bread on the big. >> so is okay. >> now you tell us that. that's a completely different diet. that's fun. now manafort and paul manafort. in your book i believe you say he tried to get candidate trump, get him off tv. what was his response. >> the candidate and now the president is the greatest messenger our country has seen in my lifetime. i put him right there, ronald reagan number two, donald trump number one. when paul manafort says we don't want you on tv because he is the best messenger. >> tell us what trump said but i know what's in the book. >> you got a read the book but

what it says, he said look, i'm a pro at life. i understand it, i know how too do this stuff, let me be me. paul didn't appreciate appalled and stick around very long. >> mr. trump said to get lost, get out of here, in much stronger language than that. >> thank you very much indeed. tell us what it was like after the "access hollywood" tape was released. that was a serious moment in the campaign. >> it certainly was for the president, we saw the gravel that the president has that weekend. he said, his locker room talk, let's get past it. 48 hours before this came out, the big debate, the second to be in st. louis, and what the president was able to do, he put out a statement, he put out his video and then we focused on the debate. he stepped on the debate stage with a super bowl size audience and he decimated hillary clinton. it was the day i believe he won the presidency. >> did you, was it you david that invented the term that was just locker room talk? >> no, that was the president.

>> he came up with that himself. >> absolutely. >> one more, quickly, on the personal side the campaign. i'm told she pressed is closed while he was wearing them. is that true? >> i went down mcdonald's and i was the campaign manager. we had five person operation. this it wasn't like the hillary nine 100% super organization in brooklyn which was a complete disaster. five of us did everything. if dan's fingers were weeding, the next guy jumped in to help out. it was so small, everybody did everything from pressing close to picking up mcdonald's. >> you both loved it. >> i'm so blessed, i had been a small part of it. >> nonstop action all the time. >> what our book does is it gives a behind-the-scenes account. all the behind-the-scenes stories that happened, i was

there from the beginning and at the end. it's a tremendous tale. we are proud of being there. >> step aside from the book and deal contemporary politics. we have the president supporting roy moore in alabama. yesterday he was sitting right next to jeff flake in the white house. within hours, jeff flake had made a $100 contribution to the democrats. >> books, you can be a leader or a follower. i think it's been very clear that since jeff flake has been the u.s. senate, he's been a follower. he's never been a leader. he's had opportunities to lead and he's failed on every chance he's been there. from the va scandal to everything else has happened on jeff lakes watch. he's retiring because he's about to lose his reelection campaign. that's what this is about. he likes to say i'm a

conservative leader, i'm a tip of the spear, he's not a conservative leader. he's never been a conservative leader in washington. i've been in washington for a long time, i'm a conservative part of that leadership, you don't see jeff flake out there taking heroic stance on anything. for him to say country over party, it's just more bravado from a guy who is a failure. >> i get the impression that president trump likes taking on his political opponents and likes being really tough on them, almost vicious. he enjoys it, doesn't he. >> the president is a fighter. >> he enjoys the. >> no, i've seen this firsthand. he wakes up everyday fighting for what he believes in. he is willing to go into the oval office and fight every day his opponents who don't stand with him. he enjoys a good fight. he is a bareknuckle brawler and he so good at it. >> to see pound the table. >> look, he gets his message across. if you're on the opposite side, he will try to cajole you and bring you in and bring

it close, but if you're not going to negotiate with him because you're a bad person, you're just fundamentally opposed to what he says, i look at nancy pelosi and chuck schumer, they didn't even have the decency to come to the white house and sit down with the president of the united states. now it's on. he's the best in the business. >> he's a nasty guy, is and he. >> no, he's the greatest man i've ever had the privilege of working for. >> i work him throug met him through a nonpolitical way. i outline how i introduced him. donald trump helped me raise money for children's hospital in washington d.c. without any fanfare or press or politics. that's how i met him. i introduced corey to him many years later. this is the man. we want people to understand the warm side, the kind side, the generous side of donald trump. >> did you get a call one day

from the president that said, i want you to run my campaign. >> he actually said the month can you meet with mr. trump he may be running for office. i went there stuart, and in 15 minutes he articulated why he wanted to run. he said i wanted to fix the country and he gave a guy and opportunity of a lifetime and that's what we outlined in the book. >> offered this but i don't think america will othe ever quite get used to this kind of president because we never seen anything like this before. we will never see anything like it again and i don't think we'll get used to it. >> he is a change agent. the american people elected him as a change agent. he said to the american people, i am going to go and fix this broken status quo. washington is not working, it's not functioning and we are going to change that. when you do that you upset both parties. >> he has really upset a lot of people. >> our economy is booming because of trump - okay, i'll

take that. >> 3.3% growth. stagnation, one half% growth, give me a break - this is my turf. i deal with politics and money. >> i'm not contesting that. i'm a supporter of the agenda. i got it. how's the book doing. >> we launched yesterday. amazon is sold out so we have to go somewhere else to buy it. we wanted to be a number one book. we want people to understand that let trump he trump is about something historical. >> before you published it, did you show the manuscript to the president to get his okay? >> it didn't work exactly like that but i had the privilege. >> how did it work. >> i had the privilege of presenting a copy of the book to the present last week. i was very thankful for the opportunity to be on this journey. we are to bozos, to local guys who got lucky on the greatest ride in american history and we had a small part of being something so special.

>> he didn't edit it beforehand? >> no he didn't. i'll buy it. >> what islands for you. >> your good man. we thank you very much for being with us. best of luck with the book. >> coming up, a group of republican congressmen calling for an investigation of what they call the fbi special treatment of hillary. jim jordan is leading the charge. he's with us next hour. [vo] when it comes to investing, looking from a fresh perspective can make all the difference. it can provide what we call an 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

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looks like there may be some movement in the tax bill when it comes to state and local tax deductions. senator pat toomey says they may need to make changes to that part of the tax reform bill to get more votes. >> think it's likely there will be some changes but it would be premature for me too suggest exactly what form the change takes. you are correct, what we have done in both the house and the senate bill is to disallow the deduction of state and local taxes with the exception of up to $10000 in property taxes. we are probably going to have to tweak that in order to hold

the votes we need in the house, but it could be tweaked in a number of ways and is not yet been determined which way.

literally, in the past ten seconds we turned around. we were down 20 and were up 11 and apparently climbing. 24190 is where we are. google versus amazon.

google will not let youtube on amazon's eco show device because amazon won't let google's smart speaker and they won't sell it. frequent guest on the program, scott galloway,. >> it's a term of endearment. i don't mind it. >> seriously, to tech giants going at it, google and amazon. >> because they overlap. >> they all hate each other. amazon, apple, facebook and google wake up every morning and feel they are the rightful heir to the iron throne. as they all approach a $20 trillion market cap, they all want the same thing. they want to be the operating system for our lives. they're absolutely overlapping. they used to be on each other's board.

the good thing is there is safety and hatred, the fact that they're going after each other is a good thing and it's good for consumers but oh yeah, they are all overlapping and going after each other. >> these five companies, facebook, microsoft, amazon, google, apple, they dominate technology worldwide. >> they really have no serious competition. >> even if you take out microsoft and you take the combined market of facebook, apple and google, at the end of the great recession, it was equivalent to the gdp of poland. since then it has blown by canada, russia and now they're only four countries in the world with the gdp greater than the combined market capitalization of these companies. i would argue you have the most influential organizations in the world with the exception of u.s. and china. >> but there's no authority controlling them really. >> that's what you want to see, some form of authority, accountability by these companies which really

dominate the world. >> i want our regulators in our government to get a backbone and hold them too the same standards we hold the rest of the companies but i think there are laws in place. >> what are we doing wrong. >> i don't think they're doing anything wrong. their obligation is to engage in the full-bodied competition and add shareholder value. our role is citizens elect officials is to ensure we have competitive, healthy markets. when one company gets to the point where no company can get out of the crib, we move in. google probably wouldn't exist, 75000 employees if the department of justice had moved in on microsoft and said stop killing small companies. the reason we move in on these companies is not because we need oversight, not because

they're evil or avoid taxes, every company does their best to increase shareholder value by tax avoidance but they are s-uppercase-letter. key to that is healthy, robust competition. when one player dominates 70, or 90% of a market that is by dollar value bigger than the market of every country except the u.s. in one company dominated, they would probably move in on you guys. it is time. they are not doing anything wrong, the person at fault as the man in the mirror. we have to hold them accountable via our elected officials. >> and the limited amount of time. >> that was a ranch. it was pretty good. bit coin. >> look i publicly believe it is a speculative bubble. >> hands down. is it a bubble or will it double or triple or quadruple? the answer is maybe yes but the advice, i don't own any but if you're going to invest, put a small amount of money so that if you lost it all would hurt because this is the

biggest case of formal in the history of investments. people are piling in. the real innovation is in the block chain. that's the interesting place. ledger based are ripe for disruption because it's very innovative. the coin is vegas. it's fun to go to vegas and i'm saying gamble but only with money you are willing to lose. >> if you are going to buy into a crypto currency, is there one that you like. >> i'm not an expert but i say go with the brand leader. bit coin will probably be the one subject to the least amount of volatility. i would say probably go with the one you misunderstand the least because nobody really understands it and i'd say that's probably bit coin. >> none of us truly understand this. have a hard time explaining it, i really do. , but you know, you're all

right. >> thank you. >> look at this. i've got new images coming in from the fire zone in southern california. that's an aerial view on the left. big flame, lots of smoke, on the right firefighter struggling to put out a condo that caught fire. how about that. we are following this one for you. will be back in a second. y fund has exposure to energy infrastructure mlps? think again. it's time to shake up your lineup. the alerian mlp etf can diversify your equity portfolio and add potential income. bring amlp into the game. before investing, consider the fund's investment objectives, risks, charges, and expenses. read the prospectus carefully at alpsfunds.com/amlp

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and start gathering the information you need to help you keep rolling with confidence. go long™. ♪ ups says it expects delivery delays as they see a surge in online sales. we could not see that happening. anyway. the ups store right here in manhattan, deidra. >> i'm right here on fifth avenue. you can see that ups store over my shoulder. it seems as if ups wasn't quite prepared for how much we are all shopping online. cyber monday, sales were up to a record 70% higher than they were last year, so ups has got to solve some problems quickly because as of right now, not all packages would make it under the tree on time. here are some of the things they are doing. they are hiring 95000 additional seasonal workers.

they are also using three boeing 747 which is the largest commercially available aircraft. there are also using some seasonal workers and allowing them to drive their own cars to get packages there. ups is tweaking their problems as quickly as possible. they should be solved by the middle of this week. that's today. tomorrow if we want to be generous. trying to get packages from macy's and walmart and amazon under people's trees on time. one thing to note, the workers and some of the people are complaining the union is complaining because workers have to work 70 hours over eight days which is up from 60 hours over seven days and some people are saying listen that doesn't fly. ups is countered by saying we will be paying drivers time and a half so we are within federal guidelines. the race is on.

>> if they didn't see that coming with the explosion of commerce. thank you very much. more coming up after this. :

. stuart: whoa! there is outrage in the northeast. there is outrage in california. and shall we say grave concern in illinois? the tax package is really going to hurt these liberal high-tax states. oh, the horror. it is going away and most high-income earners will end up paying uncle sam more. no wonder all the rich democrats are upset. republicans, too. there's a move among california republicans to get some of the deduction restored. think about it. income representing middle-class people and you find your party in favor of a measure that will hurt your middle class constituents. of course you'll go to bat for

them! there are 14 house republicans from california, and the same number from new york and new jersey combined. they want to save their seats. they will make a strong case for restoring at least some of the deduction. and by the way, steve scalise told maria this morning on this network that there will be some relief for those high-tax states. but it won't stop the exodus of wealthy people who will not sit still for what amounts to yet another tax increase and won't stop problems with high-end real estate and won't stop companies moving executives out of tax harm's way. bottom line -- congress may move back on the so-called salt deduction but the die is cast. profound an effect as cutting taxes on businesses and individuals. hey, you one percenters, load up the moving van! the third hour of "varney & co." is about to begin.

>> breaking news, here we go, president trump holding a cabinet meeting in about 30 minutes' time. we'll bring you any headlines if they emerge. president may speak during that meeting. if he does, you hear it. after he meets the cabinet, the president will announce that, yes, he is recognizing jerusalem as the capital of israel. he will also say he'll move the u.s. embassy from tel aviv to jerusalem. blake burman at the white house. blake, how is the white house positioning this ahead of the big announcement? reporter: stuart, they're saying this is a campaign promise kept by president trump. recognizing jerusalem as the capital of israel and having plans to move the embassy there eventually. though it is important to point out this will not happen, the move of the embassy overnight because of logistics, it will probably be about a three or four year process to play on out down the road, and make the

case, stuart, this is not necessarily material to the overall peace process. the secretary of state rex tillerson claimed that this is not an impediment to the peace process. listen here. >> we continue to believe there is a very good opportunity for peace to be achieved, and the president has a team that is devoted to that viral. reporter: however allies in the region, stuart, are saying they are firmly against this move, so too are many arab leaders, the arab league will hold emergency meeting over the weekend to discuss the situation, stuart. stuart: got it, blake, thank you very much indeed, talk to you later. check the big board and the 30 stocks that make up the dow jones industrial average. you're going to see quite a lot of red and green, about an even split at the moment and the dow industrials are up 19 points. this follows a triple-digit loss yesterday. joining us is jim rickards, "new york times" best-selling

author and chief financial strategist for meroglim. >> we do productive analytics and capital markets, that's how we got the name. stuart: there you go. you are cautious about the markets, you are on the border saying a crash is coming, a sell-off is coming. >> certainly possible, yes. stuart: good times over, you think? >> the economy is slowing in the fourth quarter anyway, demand brought forward into the third quarter because of the hurricanes. the fed is tightening in two ways, normalizing interest rates raising them and normalizing the balance sheet by reducing the money supply. this has never been done before. we're guinea pigs as an experiment. underestimated the estimate of the impact. they're overtightening. stuart: putting out, they're going to raise interest rates. >> correct. stuart: the pace of raising, we don't know but raising interest rates. >> absolutely.

stuart: and getting rid of $4 trillion worth of stuff on the books. >> the way you get rid of the stuff is reducing base money. reducing money and raising rates at the same time. the best estimates are they're going to overtighten. should have done this in 2010, by the way. stuart: you think this is the reason why the good times are over and we're in for either a correction, a sell-off or a crash. >> two other reasons, china slowing, second largest economy in the world. the bigger reason is at war with north korea within the next 12 weeks. stuart: wait a minute, we will be at war with north korea within 12 weeks. that's a projection? >> no, the meeting on october 20th it would be improvement to assume it would take north korea more than five months to have a robust nuclear arsenal. we won't wait until then, it will be before then so they

have the surprise. pompio said it, and tillerson said it, why no one is listening, it's a mystery to me. they made it clear. stuart: you sell it all? some of us are sitting on night profits, sell it? sell half of it? what would you do? >> recommend 10% gold and 30% cash, if you don't have that allocation, sell that amount of stocks and reallocate. stuart: is jim rickards an investor in bitcoin, it hit 12,000 bucks a bitcoin today. >> it is interesting. stuart: i asked -- >> i am not. stuart: bubble? >> a bubble, it was a fraud and ponzi, two it was a bubble, bitcoin is all three. stuart: good line, stay, there more for you in a second. right now this. i want to get back to taxes that, there you are, i got you. we're going back to that one, i'll take this one. going back to taxes in my editorial at the top of the hour.

want to bring in betsy mccaughey, author of the book, beating obamacare. your thoughts on the state and local tax deduction. at the moment, all of it goes away, except for 10,000 bucks for property taxes. >> that's right, it would be a mistake to begin restoring that deductibility. the issue isn't whether the taxes are deductible. they're too darn high in the tax held states and removing the deductibility will allow people to feel the real pain of paying those taxes and throw the taxholic, spendaholics out of the state governments. stuart: the former lieutenant governor of new york state wants the constituents to feel pain. >> not only, that unfair to the rest of the nation. look at that costs. costs $1.3 trillion over a decade, that's almost as much as the entire corporate tax cut. so what are they going to do?

pare back on the corporate tax cut or on deductions that everybody in the nation needs in order to cater to the taxaholic/spendaholic states? stuart: you're saying get rid of the deduction. >> absolutely. they should only make the concessions if they need the votes to pass the tax bill. if they don't need those votes, tell them to go fishing. stuart: whatever. we hear you, betsy. jim rickards, where do you stand on this? >> separate policy and economic impact. be betsy is exactly right. get rid of charitable deductions. stuart: that's not going to happen. >> i understand. get rid of all of them, they destroy behavior. economic impact of the tax bill, this is the greatest not fraud but the greatest hoax since war of the worlds with orson welles, we're way past the point. we have 105% debt to gdp ratio. the research is very good, they

have done other good work. once you get past 90, you don't get growth. he's absolutely wrong. stuart: wait, wait, wait, wait, you are a debt bond guy. >> the debt bomb is real. stuart: that's part of the reason for being very cautious that the good times are over. >> 800 years of research says that. stuart: 800 years? hold on, betsy. different subject for you. want to talk about larry summers, the former treasury secretary, if you pass the tax bill, 10,000 people per year will die because of it. >> that's a wild statement. it's a crazy statement. keep in mind, first of all, that removing the penalty simply makes obamacare voluntary. no one will lose subsidy, no one will lose eligibility, no one will lose obamacare who wants it. and moreover, all the years we've had obamacare, we haven't seen any improvement in the health status of americans. no improvement in weight in

blood pressure in diabetes control, life expectancy dipped since obamacare went into effect. stuart: it's that time i have to say good-bye to the feisty betsy and the very cautious jim rickards, ladies, gentlemen, thank you for joining us. >> thank you. stuart: we have a story following for you, southern california wildfires pose a major threat to homes. many of which thousands of are in the fire path. we're on the ground. take you there shortly. and this. a group of republican congressmen calling for investigations to what they call the fbi's special treatment of hillary clinton. congressman jim jordan, one of them, and he's next. paying less for my medicare? i'm open to that. lower premiums? extra benefits? it's open enrollment. time to open the laptop... ...and compare medicare health plans. why? because plans change, so can your health needs.

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. stuart: you have to call that the largest sign for

millennials. harvard shows millennials, 18 to 29-year-olds prefer democrats by a better than two-to-one margin. the poll shows president trump with a 25% approval rating. down 7 points since the spring. now this. department of justice will soon hand over anti-trump text messages that came from peter strzok, the guy on the left. the fbi agent dropped from the mueller team. joining us congressman jim jordan on the oversight and judiciary committees. jim, look, i said at the top of the hour, this gentlemen, mr. strzok, at the center of a deep state, and i use the word conspiracy to get rid of and give special treatment to hillary clinton, get her off the hook and to go after president trump. i am sorry to go on like, this but the mueller investigation is politically tainted. >>, if he oversaw the clinton

investigation, he interviewed the two people closest to secretary clinton, huma abedin and cheryl mills and did in the interview of secretary clinton herself, he reviewed the exoneration letter, supposedly he changed grossly negligence to extremely careless, gresly negligent is the statement in the statute. if that doesn't show the bias and how ridiculous this is, i don't know what does. stuart: now, i don't know what robert mueller will eventually come up with, vis-a-vis the president, but i got to tell you that i don't have any confidence in that end result? i think it's a political fishing trip, and i have no confidence in its eventual outcome. >> and you a bunch of other americans, stuart, and peter strzok stuff adds to that. never forget, this mueller's supposed investigating between the trump campaign and efforts

to influence the presidential election. how about the fact we know the clinton campaign paid russians to influence the election, right? their loss, the clinton and democratic national committee who pays fusion gps who pays russians to put together the dossier, the completely discredited dossier, a bunch of garbage and we think it was taken to the fisa court and part of the reason and maybe the main reason, who knows, to get surveillance on americans associated with the trump campaign. this is crazy but looks like what took place on the clinton side and yet we're investigating possible coordination between president trump and russians, this is ridiculous. stuart: yes, well said, sir, the next minuscule step, i believe, is to reveal the text messages from mr. strzok. >> stuart, we need the text messages and in a letter from the attorney general to deputy attorney general and director rey release the application to

the fisa court. if there was an application to the fisa court, what did you take to the fisa court that justified spying on americans associated with the trump campaign. was it in fact, the dossier, the key fisa court to get them to spy on americans. stuart: why on earth have they been stalling all this time before giving you the legitimate authority, before giving the goods? >> why didn't they wait until over the weekend to weep the fact he had the text messages between him and lisa page, i don't know why, they've been hiding this information and supposed to be get the truth out there so we can get the answers for the american people. that's why we're looking for tomorrow when director rey is in front of the judiciary committee, he's going to have a number of questions on these subjects. stuart: jim jordan, we're out of time. i want to take ten seconds, i'm terribly sorry over the hard time i gave you on obamacare

repeal and reform. i am gravely sorry. >> you are a great american. stuart: you are all right. i'll see you soon. >> thanks, take care. stuart: let's get to the alabama election. president trump backing roy moore's campaign. here he is sitting down, by the way, next to him is jeff flake. senator jeff flake. within hours, senator flake had written a check to mr. moore's democrat, democrat opponent, 100 bucks, on a memo at the bottom of the screen there, he said country over party. so much for sitting next to the president one hour and going the other way the next. i want to alert to you this story, russia has indeed been suspended from the 2018 winter olympics in south korea because of doping. russian athletes with a clean history will be allowed to compete but only under the olympic flag, they cannot represent russia. spacex pushing back launch

another week. the falcon 9 will take off from cape canaveral tuesday making it the first launch of the complex since the rocket exploded in 2016. the mission will bring a supply ship with several tons of cargo and experience for the international space station. remember when we brought you the story of the pizza delivered to the astronauts of the space station? look at this. this is pizza night in space. you get it all here on "varney & co." >> i love it. stuart: don't like the look of that pizza. ♪ ♪ ♪ i can do more to lower my a1c. because my body can still make its own insulin. and i take trulicity once a week to activate my body to release it, like it's supposed to.

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stuart: president trump holding a cabinet meeting at this hour. it takes to the microphone and says anything, you'll know upon to and not they promise. check the big word. the dow 30. more rather than great, but the dow is up 24 points. 18 points to magician or 24,200. john lonski as we pass.

no 25,000 on the dow by christmas. >> i would write that off completely. by years end it could very much indeed happen. a lot depends upon how the market reacts to friday's job report speared stuart: i don't want to hear that. is it going to hit 25,000 by the end of the year? stuart: i want to talk the reaction coming in from the left. nancy pelosi saying it's armageddon, the end of the world if larry summers 10,000 people a year will die and you just handed me this. governor cuomo in new york said the gop tax bill would pillage new york. why are you laughing? >> this is really over the top. they are frightening california and new york because the loss of that deduction for state and local income taxes makes it impossible for the state to hike income taxes any further as far as the eye can see. stuart: but they won't cut taxes, will they?

>> they may be under pressure to do so. stuart: i think a lot of upper income people would just head for the doors. don't you? >> when that happens, that has the effect of depressing real estate prices, making matters even worse. stuart: i don't see anyway around this even if they roll back the deduction, restore little bit. i still think you've got exodus of people leaving. >> they have to come up with the money somehow if they want to keep on expanding local government spending. sales taxes, increase user charges for highways. all these choices are political and popular. stuart: one or they are going to learn if they cut taxes and encourage people to come to your day, revenues to the treasury go out. >> that's easier for them to do, much more difficult because the initial effect might be they have to borrow more money and credit rating might hurt. stuart: especially the illinois

of this world. >> the pension obligations of what not will be facing. they have to rein in spending. they have to watch what they are paying their employees and so on. stuart: friday morning we get the jobs report. you're an economist. how many jobs? >> 200,000. stays up for .1%. the unemployment rate gradually drifting lower and as long as the unemployment rate doesn't begin to rise we still have an economic recovery. we will still have profit growth and as a result we should await in a sharp and lasting on the equity side. trade to 200,000 jobs, and that's not fabulous visit. but it ain't great. >> is the unemployment rate most lower, people are not working better qualified for available jobs. you hit this wall so to speak of trying to find people not have

proper qualifications for available openings. maybe we have to do more in terms of worker training. we have to do something to improve the quality of the workforce. stuart: that's another story. 25,000 by year-end. john lonski on wednesday morning at 11:20. thank you very much. >> my pleasure. stuart: in about 90 minutes, the president make the announcement that will recognize jerusalem as the capital of israel and move our embassy there. joining us now is janice atkinson, member of the european parliament. what is the reaction in europe so far i've seen a hostile reaction to this. >> everything president trump does, on the bragg said, leaving ms. union. what he's doing and what they absolutely hate tuesday's election promises. for 20 years, and every

successive president has kicked of this into the ground. he hit the ground running and he's delivering whether it servers from him come i only wish my own prime minister had the courage to do it in our embassy. stuart: they just don't like him. not just the policies. it is him. they don't like this brash american who talks big. they don't like him, do they? >> know, they've had a consensus the past 20 or 30 years. no different to cameron mercer cozy and they have this cozy elite consensus. and all of a sudden especially brexit sent a shock wave than president trump was a full eruption in europe and sitting in the senate talking to people, congressmen and the message is what are you going to do with your tax cuts in the european parliament by anathema. green taxes and the nonsense

that we have to put up with is really refreshing being here in washington talking to republican and having president trump is the ultimate populist apparently that's what i yam. train to work you been all these years? we've only just discovered you. >> i can be a regular. you think you've got nigel farage. he's mr. brexit. i am mrs. brexit. train to the present covered a plot to assassinate theresa may. they are being told get tougher on it. very alive and living in england at this moment. >> in the u.k. over the past three months and just this summer we had 37 dead, 23 of those for the ariana grande concert, where they blew up mothers and their children, namely gross watching a concert.

a threat was very high. i hope that now that it is a personal threat to her she might take it seriously. the report says that 50,000 jihadis has sneaked in through the migrant crisis that we've got paired with got 500 jihadis returned from syria and iraq. what do we do about it? stuart: are you bringing them back? >> yeah, we don't even house around personal sources, though he did the jihadis the house. then they will convert away from them. it's ridiculous. the 500 we know that if actually squeaked back in, waving their passports. so they are fighting. and iraq. they then become citizens wherever that is sent with also got people in my country that

has got to nationality. they are not radical islamists as well. we just stripped them of their citizenship and send them back to pakistan or the middle east or wherever they come from. this is a war we are losing because of open borders and the e.u. and the voters in my own country where we have cut back on police then we cut back on our armed forces as well train to astonishing. janice atkinson, you come back here soon, okay. >> i will. thank you. wildfires in california. 200 homes, almost 200 have been destroyed around 200,000 people have been ordered to evacuate. hillary von live in the hague, california. i know better than that. ojai, california. the latest on hillary. reporter: stuart, and this a ghost town, and store lights are

open, the shops are closed. a lot of stores full of people's belongings. one resident said this area would normally be busy, but now it not because the whole area worked through last night and is under mandatory evacuation. we are seeing some fire trucks and other engines come and go. the reason we are not by any fires is because the fire is ours roddick, hard to predict where the undead. a fire captain told me the best way they are able to locate the fires is by describing neighborhood by neighborhood in the group text message all the captains said they text each other and say this house needs attention, flames are now on fire. we need to pay attention to that house. that is the standard operation right now and that is why it's hard to track down where the fires are popping up and where they are going to go next. as you can see, cash floating through the air. a lot of smoke, a lot of people

walking around, but the mailman is still out. he's making stops from shop to shop, delivering mail. the guy who doesn't quit. train to the dark of night, et cetera, et cetera. thanks for being there, hillary. good stuff. breaking news coming here it is. four democrat senators are now calling for al franken to resign. they are kristen gillibrand of new york, claire mccaskill of missouri, mazie hirono of hawaii. there is one more comments mackey has signed, democrat of new hampshire. they all called and said al franken, step down. he was accused of sexual harassment and inappropriate conduct. he has apologized. he said he won't resign. as for senators say get out of here. train for another woman has stepped forward. train do that as part of the story. thank you. much more in the tax thing

coming out. for 10 california republicans fighting to keep the state and local tax reduction. already leaving the golden state. we are won not one. plus i'm going to pick a fight with the judge about the mullah probe. stay right there. ♪

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position. california, seen a 2016 figures showing a big increase the number of people who let l.a. and orange county to less expensive california so they're getting onto the state altogether. the big benefit going to las vegas. joining us now, las vegas guy, most of property man, his name is bob massey with us now. can you put -- we know this trend is in place. can you tell us any numbers on this, how many people are flooding into vegas and number two, is it a sudden flood, all of a sudden now? >> let's look back this way. in 2005, six and seven we became east los angeles. we truly did. it was like a gold rush, they came over. at that point in time there's plenty of inventory. nowadays hard to tao by

percentage, but in reading the different dates, we are going to be impacted significantly as the pacific northwest, idaho, new mexico, places or property tax are cheaper and easier to live a more affordable. there'll be an influx. we'll have a big boost for sure. stuart: that is astronomical. for every dollar you make california takes third in .3 cents. if they move to las vegas, moved to nevada, there is no state income tax that i know of. they don't have to worry about the state and local tax deduction which there will now lives in california. and they will out your high income homes.

>> i don't think the people worry about it because they have a lot of money to pay tax lawyers to pick your other things out. i can't disagree. i think that wealthy people are really in a position to work around things a little easier than it was a well-kept secret for many years. it was the last frontier and to some extent it is the last frontier. when my biggest concern is you and i talked about this a couple weeks ago. we have major labor issues here. the cost for permits are very high. the password development and properties are to buy. as a result of that, even others is in flux, the question is what is the cost going to be on the backend retail wiser people to

afford to buy the homes? sort of a mixed bag here, but nothing will turn away from, but the problems of the get the influx anticipated. stuart: he got a report from toll brothers they build upscale homes. the cost of construction costs are rising to the point where they are being squeezed. woody main construction costs are rising. >> first of all, materials are through the roof. cost of property through the roof. let's take vegas. the dice clay. the billion dollar stadium's going to be built. let's talk about the labor force, stuart. believe me when i tell you you'll get more money doing commercial stadiums per hour than a residential home. just a mirror optics of that is real.

the same vein, we had different problems than we had a blast. back then we had inventory. we had cost-effective materials, the labor. they are going to experience another cities like vegas at the tax structure is going to have this problem. stuart: datastream i'd prefer more drum all be watching your show, the property man. >> that comes with being italian. sorry about that. stuart: that is a property man. we will see you again soon. breaking news, there are now six female senators. they called on senator al franken to resign. harris has just joined the five. >> she says sexual harassment and misconduct should not occur

anywhere. she says i believe the best thing for senator franken to do is step down. stuart: ballots very bad for senator franken. i think they are all democrats as far as i can see. he's in the same party, leaving. train for "time" magazine named the person of the year today the silence breakers, the women to step down. stuart: maybe that is part of it. judge andrew napolitano is next. ♪ ♪ traders -- they're always looking for advantages. the smart ones look to fidelity to find them. we give you research and data-visualization tools to help identify potential opportunities. so, you can do it this way... or get everything you need to help capture investment ideas and make smarter trading decisions with fidelity

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does your bed do that? i don't actually talk but i can tell you how you slept. i'm the new sleep number 360 smart bed. let's meet at a sleep number store. dream to have mind when the president's cabinet meeting. they will move the embassy to jerusalem with long overdue. we will have some tape for you i'm not as soon as we get the tape you will see your. update the breaking news, we now have six female senators, all of them have called on al franken to resign. kemal and harris join the fiber mentioned earlier. by the way, another accuser has come forward. judge napolitano coming forward on this. what is the legal issue here? obviously it a political issue. >> the legal issue is two

thirds, 67 senators to expel him against his will. no senators has ever been expelled in which the senator engaged before the senator was in office. they would open up a can of worms for pre-senatorial behavior for the other 99. politically this is catastrophic for senator franken. these are all females, all members of his own party. if he does resign, he would be replaced by a choice by mike dayton who was the liberal democratic governor of venezuela venezuela -- minnesota. this will not change the party balance. stuart: the six female senators cannot force him out. no legal means, the process. they are just being politically you are finished, leave now. >> the same thing that confront the senator for a more select

it. they cannot expel him for behavior that occurred for he was the senate without materially changing and procedures. i doubt it. it opens at the others sitting senators to challenge their seeds in the senate. stuart: real fast comment of what is the politicized fbi investigation. i say it's compromised hopelessly by politics. i don't care what they come up with. >> i don't agree with that, but i understand why a lot of people are less familiar than i feel that way. understand why a lot of good, fair, balanced and well intended people are feeling that way and this happens to the government. the charge for general flame is lying to the fbi. they are people like the rest of us.

we don't ordinarily see their political biases. we like to think they do not influence law enforcement and when they see that we don't like it. to me it's another day. i've seen it all the time in my career. the people not familiar with criticizing that -- criticizing a comic and see whether or not happy with it. stuart: if they are seen to be biased politically, it loses all power of the investigation. >> "the new york times" journalist, bill safire once referred to the justice department and the bill clinton era as the department of political justice. bill clinton hated that. janet reynaud hated that, but it sort of stuff. stuart: did he make a comment about hillary clinton? >> he called her a congenital liar and i'm going to punch you in the nose one called congenital liar about hillary. one called the president about a

bill in which challenged the president to a fistfight. stuart: we've got the president. let's listen in. >> good morning. thank you for being here. america is prospering again at home and being respected once again all over the world. the face many serious threats. lots of things are happening in our country, and things are talking about discussing and situation in north korea. they will be handled and it will be handled properly. many of our brave troops will be spending christmas overseas that were thinking about them and funding them like they haven't been funded in a long time. best equipment you can get. our military is getting

stronger. i expect it was very depleted when i got here, it's not going to be defeated any longer. i just want to thank everybody. i want to congratulate kiersten nielsen who was confirmed yesterday. a long wait, waiting for a lot of others. all of you are waiting for people, most of you are waiting for people to come in and help. from the standpoint of trade, we're waiting for a lot of the trade representatives to, approved, they don't want to do it. the democrats don't want to give us those people, and they delay them as long as possible. they take every single minute they can take. it's not right, but i would like to congratulate our new secretary of homeland security. good luck. >> thank you. >> i'm especially thrilled to report that the senate passed massive tax cuts and reform. you know about that very well. you recovered it for the most

part accurately which is surprising for you folks, but that's okay. we're on the verge of a historic victory that cuts taxes for the middle class, for businesses, brings back probably in excess of $4 trillion, as you know we've been saying $2.5 trillion for years, that number is greatly expanded, and we'll be bringing back in excess of $4 trillion it. be put to work in our country. there will be a lot of jobs being brought back with that money. right now that money is spent overseas, not going to be spent overseas anymore. the house and senate are now negotiating the final bill, and i cannot wait to sign these giant tax cuts and reforms. i mentioned tax cuts but it's also reforms. but i'm looking forward to signing it. it will be the largest tax cuts by far in the history of our country. we'll be bringing the business tax from 35 all the way down to 20. 35 is the