maria: great show, everybody, good to see you. >> good stuff. >> great to be here. >> maria bartiromo, great interview. maria: these comments -- >> a $1,000 bonus is not a crumb to either you or i. maria: no. stuart, take it away. stuart: it's not to me either, by the way. thanks, maria. we're running out of superlatives for this market rally. fantastic, explosive. all true. let me say it again, you have never seen anything like this, you are watching financial history. good friday morning, everyone. is it like the dot.com bubble? no, that was narrowly based. this rally has spread across almost every sector. we may now be in the explosive phase of thal ily. that would certainly be true of this year, 2018. we crossed 25,000 last week, and we are now on 26,000 watch. look at this, up 200 yesterday,

up another, what, 60, 70, 80 as of this morning. by the time we open, the dow will be, what, about 300 points away from 26,000, another milestone. here's that big number, put it up again, please. the value of all stocks has now gone up $7.6 trillion since the election. and more companies are giving employee bonuses because of the tax cut. fiat chrysler and capital one are among the 14 companies to join the list in the last 24 hours. all right. jpmorgan's chief, jamie dimon, he says tax reform is a significant, positive outcome for the country. in other words, we ain't seen nothing yet. he's america's top banker. we've got to get to politics. dueling comments. a vulgarity from the president thrown right into the immigration debate. that's not going down well. a racially-charged comment from nancy pelosi, five white guys

are deciding immigration policy, she says. the multimillionaire, pelosi, also says those bonuses are pathetic crumbs. [laughter] sit back, folks. we're on a roll. money and politics, that is our bread and butter. you are in the right place. "varney & company" about to begin. ♪ ♪ stuart: all right. earlier this morning president trump responded to the uproar over his reported vulgar comment in the immigration meeting. here is this tweet. the language used by me at the daca meeting was tough, but this was not the language used. of what was really tough was the outlandish proposal made, a big setback for daca. he is disputing whether or not he used the vulgarity. and then he made another tweet, and this was just a few moments ago literally, just coming in to

us. never said anything derogatory about haitians other than haiti is, obviously, a poor and troubled country. never said take them out. made up by dems. i have a wonderful relationship with haitians, probably should record future meetings, unfortunately. no trust. more on that coming up. let's get to the markets and see where we're likely to open this friday morning. on the upside. the nasdaq looks like it's going to come down a bit, but the dow up, what, 70 or 80 points from where it closed yesterday. we're awfully close to 26,000. the big banks, they're reporting their profits this morning. jpmorgan chase, wells fargo, blackrock. overall the numbers are good. it's a mixed reaction for their stocks. facebook, whoa, down big and i mean big. that's a 5% drop, $9 down. it's making major changes to its news feed. that may come at the expense of ad revenue. how about that? all right, now look at amazon.

it is approaching $1300 a share, just until a few moments ago it was above 1280. it's slipped a fraction since then. they've got an upgrade at kohl's. is this a possible retail ice age winner? it's up 3% this morning. now look at this, these are the dow winners since the dow crossed 25,000 which was just last week. boeing, caterpillar, chevron. huge wins. john lonski is with us. [laughter] good day for john lonski to appear, i've got to say. am i going overboard here? i'm saying, look, you never seen anything like this before, you are watching financial history. >> okay, you are not going overboard. the market was more richly priced 1999, early 2000, than it is today. can go higher. as you noted, this rally is broadly distributed. you know, by that time, by '99, the advances had narrowed considerably among companies, and also let me add the corporate balance sheets are

getting better according to forecasts of fewer or business bankruptcies going forward. that's very -- i'll tell you why that's important. because 90% of the time we have a year-to-year decline by the bankruptcy rate, we also get a year-over-year increase by the market value of common stock. stuart: so this current rally, i mean this year's rally -- we're up about 5-600 points this calendar year -- is that based on the expectation of really strong profits in the season that's just beginning? >> it's based on the expectation of continued growth by profits. it also assumes, and this is important, that interest rates don't go through the roof. one of the reasons why futures came down was because we got a less than favorable report on core inflation. that was up by more than expected. but i think that was an oddity mostly because of a one-time nonrecurring jump by used car prices. stuart: all right, john, stay right there please.

thank you. by yacht chrysler, capital -- fiat chrysler, capital one, just two of the big companies that are adding bonuses to their employees, adding to the list of companies which have already gone out there and issued these bonuses. however, house minority leader nancy pelosi not impressed. roll tape. >> in terms of the bonus that corporate america received versus the crumbs that they are giving to workers to kind of put the schmooze on is so pathetic. it's so pathetic. i think it's insignificant. stuart: i think it's time we brought in john fund with the national review. he's a columnist there. all right, pathetic crumbs. go at it, john. >> well, i'm from san francisco, and nancy pelosi has a lot of wealth, a very rich husband, lots of investments. i can understand why she thinks $1,000 is pathetic crumbs, and in san francisco with the rental

market like it is, yeah, it is a bunch of crumbs. but she's not living in the real world you and i are. stuart: she looks out of touch. what do you say? [laughter] i mean, you know, what do you say? >> you know, i think there are legitimate debates about the president's state of mind and the legitimate debates about nancy pelosi's state of mind. stuart: okay. now, if we go into this election, i suspect the republicans will make nancy pelosi the issue, and the democrats will make donald trump the issue. got it right? >> absolutely. even does not represent, shall we say, their best party's values. stuart: okay. where are we going from here with the bonuses, the economy, the markets, the election? where are we going? >> i think we're going to see a huge boom, and i think the president has a second act coming up. he is being urged by many people, including leaders in congress, to follow up the tax bill with an executive order

that the two presidents bush almost signed but didn't which would index capital gains to inflation. this would really unlock a lot of capital. this would mean when you pay your capital gains tax, you don't pay it on the inflation that has accumulated and wiped out part of your investment. that would be a real turbocharge to the economy. stuart: i'll leave it there with the expression huge boom. i think our viewers will like that, and so will investors. john fund, thank you very much, indeed. the mainstream media is having a field day with president trump's reported vulgar comments about third world countries. he disputed that vulgarity in a tweet. fox news contributor rachel campos duffy is with us. if that's what he said, i don't like it, and i think it's unpresidential, and i think it hurts him trying to get through this immigration debate. what do you say? >> i agree with you on that. and, first of all, some of those countries, their governments are crappy, i'll use a better word

than he used. and that's why those people leave those countries. but some of our best immigrants have come from those countries that are able to see better sometimes than those of us born in america just how wonderful this country is, and they're very hard working. i think the other thing that it did, you know, the meeting he had earlier in the week was so amazing. it really put the democrats, i think, back on their heels because he was putting, you know, national security forward, he was saying i want to do something for the daca kids, if you want to call them kids, and i think things were moving in the right direction. and then he did this, and i do think it throws -- it gives the democrats what they want, because they don't want the immigration reform to be about national security and to be about common sense reform. they want to racialize it and, frankly, i think what they want is to derail it because solving this initial problem means, as the president said in that meeting, comprehensive immigration reform's next, and if a republican solves that,

democrats don't want that. stuart: now, what about nancy pelosi? because she took a shot at immigration negotiators. she slammed them and called them the five white guys. let's roll tape and see it. >> yeah. >> the five white guys, i call them, you know? open a hamburger stand next or what? that could have been done -- [laughter] four monthsing -- months ago. the very idea that this week they're saying, oh, why don't we get four white guys and general kelly to come do this? stuart: let's give her the foot in mouth award. she drew a rebuke from steny hoyer. he said that comment so offensive. i'm committed to insuring dreamers are protected, and i will welcome everyone to the table who wants to get it done. your reaction. >> it's the height of hypocrisy. imagine if she had said those four black guys or brown guys. she gets a bass because you're allowed to make fun of rednecks, catholics and white guys, i guess, on the democrat side. so she gets a pass.

it's totally unfounded, and i'm glad that steny hoyer called her out on it. she deserves it. stuart: so where are we on this immigration debate? >> i was so hopeful at the beginning of the week. obviously, the democrats, as i said, i don't think they want to solve this problem because they love having this club to hit republicans over the head with. they like immigration being not resolved because that gives them, they think, a political advantage -- stuart: if they shut down the government to not build the wall and to protect dreamers, who gets the political blame? >> i think at the beginning of the week they would have, but i think if you look at all the other channel, they might get away with trying to blame this -- again, this is their safe space, racializing everything, identity politics. and the president, gosh, he stepped in it on this one. stuart: the vulgarity gave the democrats ammunition. >> yeah. and i don't think he's a racist, i just think they're using it. stuart: rachel, thanks for joining us. >> you got it. stuart: i think you're coming back later, aren't you? >> i am. surprise. [laughter]

stuart: look, check futures. now we're up triple digits, at least the futures are. we're opening this market just over a quarter an hour away. we're going to be up there challenging 26,000. i mean, this is extraordinary. new strategy to win the war in afghanistan. the pentagon sending new troops and more drones to the country to bulk up our military presence ahead of the spring fighting season, as it's called. the top enlisted soldier at the pentagon has a message for isis fighters: surrender now or we'll beat you to death with a shovel. spells it out, doesn't it? general jack keane on that next.

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let's do some card twirling twirling cards e*trade. the original place to invest online. stuart: okay, listen to this. he's the top enlisted guy at the pentagon, and he's raised some eyebrows with a facebook post. it's about isis. isis needs to understand that the joint force is on orders to annihilate them. so they have two options, should they decide to come up against the united states, our allies and partners: surrender or die.

ing if they surrender, we will safeguard them to their detainee facility cell, provide them chow, a cot and due process. if they choose not to surrender, then we will kill them with extreme prejudice. whether that be through security force assistance by dropping bombs on them, shooting them in the face or beating them to death with our entrenching tools. he said it. [laughter] general jack keane is with us. should he -- look, i know the emotion on the battlefield, i can only guess, but should he have said that? >> i don't have any problem with it, stuart. you know, this, this sergeant major is responsible for the enlisted soldiers in our military, and that's who his audience always is. and, of course, we have an enemy out there in isis, so he's talking to them as well. and what he's really talking to are the ground forces, overwhelmingly enlisted forces along with our young officers, largely lieutenants, and they do all the fighting and most after

all the dying. and we call it the warrior ethos and the warrior class. and that's what he's talking about here. and the fact is, language is a little rich and colorful. given who he represents, it's okay. [laughter] stuart: okay. i do want to move on to afghanistan. we're sending more troops and a lot more drones there. does that make war winnable, do you think? >> not in and of itself, to be frank about it, stuart. it's going to help. we're giving our commanders more authorities under this administration, we're giving them more lethality in terms of helicopters and drones and artillery, and that's going to be helpful. what also will have to be done -- and this is why we're pushing back on pakistan -- is there's two afghan taliban sanctuaries inside of pakistan where they receive assistance from the pakistan military of all things, which is outrageous on the face of it. and also other resources. but mostly they get safe haven

there. and we have got to get those shut down, or we will never win that war. there's never been an insurgency defeated, stuart, who had a safe haven outside the combat zone. never. stuart: is it winnable? regardless of what resources you throw into the fight, is it winnable? >> oh, yeah, very much so. the taliban have no support from the afghan people. survey after survey for over ten years, 85% of the people do not support them. so once we go after them up in the mountains, in the valleys that they're hiding in, we take them away from the people, the people rejoice over it. we don't have to win the hearts and minds of the people. all we have to do is go out there, kill or capture the taliban, do what the sergeant major is suggesting -- stuart: yes, exactly. >> -- shut down the safe haven in pakistan, and we can turn this thing over to the afghans once and for all. stuart: general keane, thank you very much for being with us.

>> good talking to you, stuart. stuart: yes, sir, thank you. we have some very significant nudes coming out of germany today. the chancellor, angela merkel, has made a deal on immigration. this limits the number of new migrants who can come into the country and, wait for it, it winds down germany's version of chain migration. how about that? we're on it. special programming note too, big reason to watch fox business this weekend. we are broadcasting our first college basketball game, villanova v. seton hall. it's tomorrow night, 8 p.m. eastern. we're branching out all over. meanwhile, you are watching "varney & company." this is frank. sup! this is frank's favorite record. this is frank's dog. and this is frank's record shop. frank knowns northern soul, but how to set up a limited liability company... what's that mean?

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stuart: facebook could be the stock of the day, it's on track for its biggest drop since 2016. facebook is going to overhaul its news feed, that will likely reduce its revenue from advertising. and as you can see on your screens, it's going to be down about $10 at the opening bell. and then there's this, angela merkel's party or reaches a breakthrough in german coalition talks. test an agreement -- it's an agreement on refugees that pour into the country. that had been a sticking point. bottom line here, the european version of chain migration, germany's chain migration, has

been stopped and reversed. >> absolutely. it has also limiting the number of new refugees to 220,000 per year. stuart: that's a lot. >> that is still a lot. but, you know, angela merkel's been badly hurt when she opened the front door to germany and said come on down, and more than a million migrants poured into germany. she had her worst performance in the recent election since world war ii. she is also responsible for the rise of afd in germany which is the alternative for germany which is a far-right, anti-immigration group. she's cobbled together this coalition, but make no mistake, she is very much injured by that policy. stuart: didn't we send you -- >> yes. stuart: -- you went to france right around the time when the refugees were pouring across the border there. >> yes, been there. stuart: sleeping on mattresses -- >> and they are still there, and there are thousands of them. the government tries to keep moving them on after a while because of complaints of people in that area. they don't know what to do with them. stuart: i do find it interesting, though, that angela

merkel is reversing chain migration in just the way president trump wants to reverse it in the united states. >> yeah. and it's, of course, we report it here because we're fair and balanced. also canada just said open arms, we'll take refugees, right? and now he's had to reverse that policy too -- stuart: i didn't know that. >> yeah, because they realized refugees were flooding over the border and winter was coming, didn't have the housing for them. the west is humanitarian. shout-out to the west, it is, to ashley's point. were the public policies in place, were law enforcement notified before these leaders made unilaterally these policies. stuart: by the way, i've got an update on the president's alleged use of vulgar language during that immigration meeting. president trump this morning said he didn't use that vulgarity. however, democrat senator durbin was in the meeting. he now says the president did use vile, vulgar language.

but that senator still plans to bring up bipartisan daca immigration proposals next week in the senate. all right, we're going to be opening that market in just a couple of minutes' time. we're going to go up again close to 100 points. watch out. you are, indeed, watching financial history.

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>> ladies and gentlemen we're what had nine, sen seconds away from a friday start night of trading up significantly maybe 100 points right from the get-go and here you go it is 9:30. we are up and running and dying to see where we're going up 67 points in the first couple of seconds. 69 points up 60, a lot of dow stock have not yet opened. that's why we don't have the full 80, 90, 100 point gain what we're expecting from the futures market. now we're sphup66, 67 an all time high for the dow 25,655. mow we're up 808 here we go. 26, 25 i'm sorry. jumping the gun. [laughter] 5,or 653 is where we are. a gain of .3% a third of one percent. show me the s&p 500. what is up just a fraction actually. so it is not a broad base gain

at this moment on this particular day. how about the nasdaq the technology companieses it was down earlier and down now. how about that? we're up five points that could be facebook, having a significant impact on the nasdaq. what you're looking at now is the big banks they reported profits before bell this morning jpmorgan chase wells fargo and all on swrup side black be crock up two and a half percent. now let me show you facebook this where the action is in individual stocks. it is down 8 bucks all the way down to 179 to make change miss their news feed and speculation is that will reduce their ad revenue. the market doesn't like that and up 4.5% 179 on facebook right now. joining us this friday morning historic proportion -- ashley webster, elizabeth macdonald john is here and friday morning. so too is jeff seeker. let me show you winners on the dow. dow stocks which are big winners

just since the dow crossed 25,000 last week. will you look at this? thatting beauing in one week up 11%. caterpillar 6.5%. jeff seeker, i'm going to call this the explosive pays of the rally and you won't give me a hard time, are you? >> no, but i'm going to substitute also the words explosive with a complaisant part of the rally at market pops if you look historically at market tops you usually get big. but it is certainly an explosive rally that it is certainly a time that people who have cash on the sidelines wanted to ploy to take advantage of the momentum. >> we're indeed up 90 points remember please up 200 points yesterday we're up eat 89, 5660 is where we are. explosive rally going to take me on that one john. >> i agree with you and there's no reason that it should end any time soon. we have a good outlook for

corporate earnings and tax reform will kick had many and get tax cuts for individuals, and a more favorable treatment of capital -- >> mr. seeker says it is complacency we're all getting carried away that other shoe will drop. >> after years -- >> do you talk to average investor and the average investor at this point can't even envision this -- ending. so when i -- when that happens, i think that means that you know what, yes we're in a good position. but people got to begin to look at the fact that there's too much o complacency. >> in average businessmen will tell you the things haven't been this good in more than 20 years. >> things will good and good for businesses but i believe that there's the economy and there's businesses. things are definitely better. >> listen to in because this is the america's top banker this is jpmorgan chief jamie he is saying tax reform he said this this morning, tax reform is a significant, oz, outcome for the country. arguably this guy is saying, you

ain't seen nothing yet. >> he's talking about capital investment talking about businesses growing jobs. no longer is the u.s. economy stuck in the obama's teacher faculty lounge o run by misjane hathaway with took hold of a entire sector banking, health care, hrg had it is noon mall spirits have been is unleashed. the after tax effects to profit now ballpark double digits higher this year that could be 20% higher the effect of the corporate tax rate cut. >> into the in the the. he put is living roomily he said retain and invested capital grows economy and grow wages end of story. >> all right. okay thousand up 96 points i have this for you fiat chrysler capital one two more big companies offering employees bonuses because of the tax cuts. now at least two million people and counting will receive these special bonuses from their employers. we have a list of more than 150 companies making these bonus

payments. that's got to be stimulative. >> continue to rock come february people are going to have more aftertax income and we want to consider or more capital spending we'll probably get more jobs with this. real incomes will grow more rapidly. the only problem we may run boo is that question seem to be running out of -- readily vawbl skilled labor. that could be pay more pun. but you could pay them a lot more money but skills aren't going to appear overnight that could be a stumbling block. >> they'll magically appear if you have serious money believe me, they will. now here's an interesting story sames club wal-mart basically -- they're shutting 63 stores some employees and customers say they did that without any warning. >> and it came right along side the news that wal-mart is going to pay more in wages and bonuses, and family benefits it is a led lining to that silver

rainbow of that announcement. but here's the back story, sames club profits and sales have been run aring at half now for a number of years of what costco have been performing. so their closing 63 sames club repurpose 12 to be internght fulfillment centers so trying to reinvest it. >> 100 a share at wal-mart and dow is up 108 points how about that? all time high for nasdaq on screens right now 7,215 nobody saw that coming. i don't care who you are. you didn't see that coming. facebook, didn't see this coming either. way down today is making big changes on its news feed and as we said earlier, that could come at expense of ad revenue down $9 on facebook right now. what do you say, jeff? >> i've always liked facebook i would not buy it now that one thing that is very important about this change is they are going -- they're focusing more on the social aspect of facebook and

less on the -- meaningful content what that does mean is that some of the advertisers are going to feel that they're going to be boxed out so if they feel that they're going to be boxed out or limited in advertising, this could restrict -- still a great company. they also have oarngd they have to look at this whole censorship issue which now, i mean you have countries that are literally considering and initiating fining companies like facebook millions of dollars to let thing hads to not sensor their own content so big issue. >> a lot about nasdaq though all time high as facebook:s what close on 5%. >> so scary analysis came out of pivotal research saying that it is flatlining users at time stay on facebook key demographics are sort of flatlines year over year so thrown over that. >> check the big board still up 100 points. 101 to be precise. now, the big text check them all of the time you have to because

that's where money is. i have an all time high for amazon, i believe how about yes i do. 1,283 a share. amongst big text yeah, up $6 on amazon at $1238 all of the other big techs except for facebook o are are on the upside. kohl's got an upgrade i thought it was retail ice age well got upgrade from investment firm up 5% how about caterpillar merrill they raise target price on cat to 189 a share. currently it is at 169 it is all time high by the way. amazon again, all time high, the boston globe says, amazon is looking for -- up to a million square feet of office space in boston. separately new jersey's governor ex-governor i should say chris christie signed off on $5 billion worth of incentives from the state to lure amazon to locate its second headquarters

in newark, new jersey . >> newark is -- $5 billion enough to get him to newark? >> i don't know if that will closer to new york city and i guess office rent is cheaper it may work who knows. >> all you have to say -- prchght so new jersey guy. >> so i'm surprised there was i wasn't asked the question but i've been involved with amazon and some of their headquarters some of our facilities, new jersey, new york, but especially new jersey is the perfect place for this. new jersey offering them incredible opportunity to be there and save billions of dollar -- biggest consumer -- >> full disclosure, have you ever bought the land -- >> i have. but -- we have developers i know that have it that have worked very hard to get this land ready for company like amazon we need the jobs. we are the biggest consumer base right across the river from new york. >> seeker -- speculative speech.

[laughter] he's pitching. we like that. all right. i'm moving on. i have to do this -- a big bank says that netflix could end up being worth almost their words, almost more than disney and peive become more successful the most successful media company in the world. back to you, what do you say about that? >> this is a very, very big goal. the fact that i love netflix since they were shipping movies over through the mail. the fact is, i said on this show in 2011, and in the journal that apple should have bought net netflix qowld have been an incredible thing never forgiven apple for not doing it. netflix is king of content in what they do and they're going to give disney a very serious run for it. >> would you buy it 217? >> seriously considering buying it. >> 217 all time high how about that? >> saying this is bullish analysis is understatement their

debt is swamp book value by five times including offbalance. >> they have -- listen they are incurring a lot of death but content is king and it makes them very have very attractive and continue to move forward even stumble a little. but they will approach disney at some point. three to five years. stuart: you're making american history made by jeff seeker principal and great economist. gentleman thank you very much for joining us. do appreciate it. i'll check the big board one more time exactly 100 points higher right now, 25-,675. administration crackdown on illegal immigration 7-eleven stores raided by feds. up next, the head of immigration and customs enforcement on that story, of course. and monday, the markets are closed. but we, fox business, we are open all day long. that's what you get with fox business.

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>> the rally lives now we're up 111 points real close to the high of the day, 25,685. now this, general motors will make an autonomist call no steering wheel on peldz and introduce it by next i have to know more about this one, lauren, go. >> this is supposed to make the roads safe, in fact, general motors, stuart, is billing this as a world where there are no car crashes in the future. so in this car, with no steering wheel and no pedals they're going to have two data recorders that can store and protect information in the rare event of

a crash. had this announcement coming on heel, tend end and head of the detroit autoshow gm is saying look we have this technology, this production car for 2019 ahead of many of its competitors now we have to see which city gets to do the look mom, no hands trick first. what do you guys think? pittsburgh? >> i would like to see consumer first reaction when they see a car like that roll up next to them. >> next year, next year. it is crazy. yes. stuart: you're right thanks lauren see you later. the politic, media having a field day with president trump's reported vulgar comment about third world countries i should say. he's denying this morning that we do have senator durbin saying he did say those things in that meeting i want to bring in thomas, the i.c.e. acting director. look, i don't know whether he said this or not. but shoot media is taking that

he did say it. what do you make of this? >> i don't know if he said it or not, i wasn't there. i can tell you that i've been misquoted many times -- [inaudible conversations] i have to leave you because either you have no mic or other the other side of the room i'm not sure which. let me refer become to the market. back to your money, this is history in the making. we are in the explosive phase of the stock market rally. just last week we crossed 25,000. now, we're 304 points away from 26,000 the high up 122 lizzy? >> only 15 market days have passed since senate bill enacted s&p 500 earnings are risen on wall street but inprecedented nearly 5% within 15 days. right -- they raised earnings outlook.

>> that's what's up 130 points as of right now. the mic is being fixed back to acting i.c.e. director thomas. look, look -- you don't know whether he said it or not but look it does affect and it does have an impact on the immigration keact. and it's a negative impact, isn't it? >> well again i don't know if he said it or not i've been misquoted by media many times. we immediate to get a fix to this problem. down the table to address underlying cause of illegal immigration and put politics aside for a while. >> okay. let me refer to the raids on the 9/11 stores sorry the 7-eleven stores i do apologize the 7-eleven stores raided i want to refer also to the order for 200,000 elle salvadoran look at the people who you support.

what do you say? >> i say first of all 7-eleven operation is first of many. i've said for months that we're going to increase work side enforcement we immediate to remove that mag met for illegal immigration if people think they can come to the country to get a job we with need to remove that magnet and hold employers responsible and hire legal workers and follow the law so work side employment is going significant isly increase this year. i've said it. we've done it and we're going to continue. as far as tps look law is clear on that. situation elle saferl doer is not the same as when they were given tps. i my office removes nationals three times week. we sending three planes a week and been doing it for many years. so -- the situation el salvador is better than it was and clearly states when conditions get better, it is a law in the secretary made decision based on law. >> okay. i have to leave you i'm afraid short of time but i'll you with that thought more enforcement

action still to come this year. thank you thomas we appreciate you being with us sir. >> thank you. got to get back to the market up now 141 points, 25,715 as we speak. a lot of green amongst the dow 30 stocks. yes, you will be inundated with commentary about trump reported vulgar comments. but qhab what happens nancy pelosi and five white guys jokesome we'll deal with that in a moment too. is not exactly a fortune. well, a 103 yeah, 103. well, let me ask you guys. how long did it take you two to save that? a long time. then it's a fortune. well, i'm sure you talk to people all the time who think $100k is just pocket change. right now we're just talking to you. i told you we had a fortune. yes, you did. getting closer to your investment goals starts with a conversation. schedule a complimentary goal planning session today.

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>> diction sporting goods the the stock is up deutsche bank likes it it game stock down they've got a down beat forecast for if the future about profit and sales and that stock is u up 8.5%. now we know who is traveling with the president, rex tillerson, ross, robert, kirsten neil son amongst many others. a big chunk of the presidents entire cabinet will be going with him. the conference start january 23rd. mike huckabee, is with us now -- why is the president taking such a large contingent of people into hostile territory? >> i think it'ses smart

strategic move not afraid to rub shoulders with even people who can't stand sight of him that shows guts and pretty good that he shows up and good that he make it is clear that america first doesn't mean america only. but it does mean that we act many our best interest. that's what this president has done. it's a smart message. and it's the right message. america shouldn't act so that britain is better or that france is better. or that somehow some -- third world nation is better. the purpose of our government is to protect us and to make our economy one in which people can get jobs and flourish. >> i nearly fell off my chair governor, when i heard what news. we broke that news about he was about 11:45 in the morning. and schedule you get this report that president is going to hostile territory and nearly fell off my chair. were you surprised too? >> not really. no, i mean this is a president who likes to do the thupgs that people don't expect him to do. sometimes he does things that we

wished he hadn't done okay when he does a tweet. [laughter] but -- but the truth is his effectiveness is his fearlessness, and that's one of the things that i admire about him and i think just a great example of a guy who doesn't stay away from a venue because he's not going to be the toast of the town. stuart: deal with nancy pelosi because she took a shot at immigration negotiate force she slammed him as the five white guys. i put it to you, governor, had she been a republican, she would be branded a racist and would be out real fast. but not if you're a democrat. >> well there's two sets of rules in america there's one for them and one for the rest of us and nancy -- is one who is so fancy that she puts caviar on top of her five guys burger. her comment was ridiculous especially in light of the fact that i don't know if she's looked into the mirror. but last time i checked nancy herself is a u kaw caucasian so in the room had had the color

been different? no it doesn't matter what color somebody is. i'm tired of identity politics people what matters is what they're getting done and she should interested in getting something accomplished for american people including immigrants than as to who got it done and what color they were when they did the work. if a surgeon operates on me i don't care if he's -- african-american or if he's pakistani or if he's indian or if he's british i want him to be a good surgeon and if he is i could careless what color he is but anybody of color operate o on me confidently than i had some white guy who didn't know where to cut. and this nonsense of color is absurd and offensive. >> precisely thank you very much governor we'll see you again real soon that's a promise. thank you. two issues at debate for democrats it's the trump presidency. block it at every turn, the republicans is the presidential record especially on the economy.

my take is all about that and it's coming up in one minute.

.. ..

stuart: the president slugger comment gives democrats ammunition for their election campaign. they are going to run a trump, the man with the style, the language, the demeanor as president, they are calling him a racist. such a man is unfit to be president. the republicans will run on the president's record primarily on the economy, jobs, growth, bonuses, rising wages, not to mention stock market gains the pumped up everybody's pension plan. trump's presidency versus trump's presidential record. a question about the nature of elections. i am inclined to believe voters cast their ballots thinking what have they done for me?

ronald reagan asked are you better off than you were four years ago? he won in a landslide because he identified the economy as the driver of elections. the republicans will be asking that question again in november. the democrats have a problem with this. there policy on the economy has been resistance, oppose tax cuts, oppose deregulation, without putting forward any alternatives. nancy pelosi thinks $1000 bonuses are pathetic, tell that to the 2 million people getting the checks. november 11th months the way and in politics that is a lifetime. who knows if the president's language and demeanor will change, probably not. who knows if the market will hold off or the economy keep growing. the contest will be the same in my opinion. it is all about trump, his record, his presidential style. we talk a lot about watching

financial history, clearly we are also watching political history as well. the second hour of "varney and company" is about to begin. ♪ stuart: this is the explosive stage of the stock market rally, we are up 164 points, 25,738. trying to do the math, 263 points from dow 26,000. the banks reported profits, jpmorgan chase, wells fargo, black rock, jpmorgan to an all-time high at 112 right now. dow stocks, microsoft, caterpillar, home depot, at an all-time high.

coals, retailers, rbc, jpmorgan upgraded the stock and it is indeed up 5%. snap down again this morning. raymond james downgraded it calling it an overvalued chat company. the chief at pnc financial said as a result of the tax law the firm recognizing $1.2 billion net income tax benefit in the fourth quarter on december 31st. check the big-name tech stocks, only one is down is facebook and that is plunging down $7. the rest of them significant gains. i want to look at old tech stocks. ibm, intel, cisco, our next guest says that is where you should put your money, old tech, not new tech. the ceo of high power advisers,

you like ibm, intel, cisco, old tech, why. >> evaluation issue relative to new tech. the value, interest rates go higher, inflation, discounting value, high valuation will tech -- stuart: new big techs like microsoft, apple, google. >> microsoft balance sheet is phenomenal. i am looking at your nvidia, netflix, amazons, great companies, you can get a more defensive play as you rotate value. stuart: more safe. i am taking a flyer if i look at amazon and the rest of them. i have a bunch of economists in

the wall street journal, the growth of the economy, the market rally is because of trump. would you take issue with that? >> i would not. all presidents get too much credit when markets are good and too much blame when they are bad. anyone denying, very heavily around tax reform and trumpian policy incomplete denial, no question a significant part of the market move is relative to deregulation in the trump administration. it started at the time, there was some global growth that played in. the problem i have is time and time again on different networks, and in the trump market, it isn't true, the date of inauguration, not the

election, the most ingenuous thing for how markets work, the market was down 500 points, the market was up 500 points after donald trump was elected, went down 2000 points between obama's election and inauguration. we were in a financial crisis, there was a lot going on but the market was up 6% from election to election. it is not even close. stuart: 25, 723. how much room to go? >> a very expensive thing, that doesn't mean they are out of talk and risk management -- stuart: the dow can get 26. >> of course. it could be there monday. it starts getting a little expensive. i would be very bottom-up, very

selective, active manager's market. stuart: thanks for joining us on a day like today. 613, you wouldn't touch it with a 10 foot pole. back to my editorial, the president's folder remarks giving democrats ammunition, tammy bruce joins us now. this vulgarity, he is questioning whether the president is saying it as vulgar language, senator durbin said yes you did, it was full of hate. i say that gives them ammunition. >> no matter what the president will say or do, they have been for two years, calling him a racist, declaring him one thing or another that would inflame their base, the fact of the matter, a week of coverage,

there is an end to truth. it is true, you deconstruct if something feels right, it is right, that is the michael wolf book, where truth doesn't matter anymore and once again with a day like today, the market is up 40%, what i want you to talk about is someone deeply hostile to the president, dick durbin saying he said something that is still not real news. stuart: it is legitimate to raise the issue when the president of the united states is accused of saying that kind of vulgarity. you can't say it is not legit to make this a story. >> it comes from a meeting that was characterized in any way, the president is blunt, has been blunt in the past, a blend man now, no one would disagree,

celebrities say they will leave the country of the president was elected keep saying they will go to canada, nobody says they will go to el salvador or nicaragua or haiti or south sudan. stuart: this -- alleged comments don't get in the way of the immigration debate? >> the democrats want it to but they also know the memo leaked, the action fund, the dreamer dynamic is key to their reelection, future electoral hopes. they have to have that and their intention has always been clearly with the wall, has always been racist. calling him a racist is nothing new. the american people know they see him in action, what the results are, affect everyone equally, beneficial for everyone across the board in this country, with the president's results will show,

the market has to have that impact, this argument is nothing new, the president when you are talking about countries versus individuals, want to make this an individual racist comments. if anything he was talking about countries that are in desperate trouble and not necessarily the individuals, the nature of the countries or individuals. stuart: i will leave it like this. he shouldn't have said it. >> nothing any of us would say, but the fact is we again have to take into consideration the nature of the environment and who is making the accusation. stuart: you have a wonderful friday, the market is on a tear. switching gears completely, dropbox, a filesharing company, filing for going public. liz: first half of the year, drop box, $1 billion in sales.

blue apron bombed and snap fell below its valuation, ipo valuation by the end of the year. wall street is getting up for dropbox, this is the cloud computer, servers in the sky. they have half 1 million customers and couldn't say that for a bunch of ipos that went public. stuart: one of these days i will get to you and tell you all about it. there is another big ipo coming this year. what is this narrowing potential? ashley: the world's biggest ipo, 5% stake in saudi arabia could generate $100 billion and end up with a valuation of $2 trillion, they narrowed it down to hong kong, london and new york on the international side

and also on the saudi stock exchange there is a thought that they could use one, two or three of those locations as positives, it is so huge they want to get it done by late this year. stuart: a bet on the future price of oil. liz: ten times the market value. ashley: it is big. stuart: an old joke. liz: never gets old. stuart: t boone pickens is 89 years old, closing his energy focused hedge fund citing his health and week financial performance, recovering from a series of strokes, managed to billion dollars at one point, trading oil, not is intriguing as it once was and keep going sideways. here is what is coming up, two months since overstock got into the blocked changes is at the

stock is up 30% since then. ceo patrick byrne is coming up next. is he getting out of the retail business entirely? you could call it a mass exodus out of congress, 46 house members not running for reelection. most of them are republicans. you are watching the second hour of "varney and company". building a website in under an hour is easy with gocentral... ...from godaddy! in fact, 68% of people who have built their... ...website using gocentral, did it in under an hour, and you can too. build a better website - in under an hour.

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stuart: we are still way up there, gain of 140 points for the dow industrials well above 25,700. look at walmart, they hide the minimum wage with new hires, new workers from $9 to $11 per hour with the company quietly

closed 63 sam's club stores, a little fun here, carnival cruise lines are pointing shaquille o'neal as its cfo blues not the chief financial officer, he will be known as the chief fun officer, the market not responding much, up $.63, 69. we have six dow stocks sitting at all-time highs. microsoft, johnson & johnson, jpmorgan, going up another high, up 12% in the last week, that is boeing, and caterpillar at all-time high at 169. our next guest is big on that coin. overstock.com is up 30% since it launched a bit coin

business. patrick byrne -- don't know where you are in the background, you are betting the farm on blocked chain. >> yes. i would amend one thing you said. i have been on blocked chain for four years. we were the first company over $1 million, sort of a key player in the blocked chain revolution and four years ago we picked six fundamental investments we wanted to own in six specific area that we have made these investments. stuart: i think of you as an online retailer. are you out of the retail business? >> not at all. there are different ways of seeing it. there's an old saying they used to say in business school, the train industry in the 1850s or

1880s that understood it was in the transportation business, they would become the car industry, that used to mean a lot more. stuart: explained to me how overstock.com makes money out of blocked chain technology. has the money flowed to you? >> the main event, we created a group in overstock, a venture capital group run by jonathan johnson. a venture capital group that made 11 block chain investments, one of them you may have seen a couple weeks ago, hernando desoto, we think we can crack poverty in five years. we spun up the incubator with that business. the leading business on blocked chain meets capital markets, the leading business with

central banking, in barbados, we own significant chunks, 30% to 80% and that is how we make money, those businesses have tremendous -- $300 million ico. stuart: last time the stock was 65, now you are at 81. i can't resist a question on the old markets, regular wall street stock market, 25,721. are we going to keep going up from here in the immediate future? >> don't know about the immediate future. a lot of this is driven by the loose money policy at the federal reserve. a lot of it will end up -- i don't think it is related to something substantial. we will see what happens when they turn off the cheap money. stuart: we were expecting -- i thought you would get buzzed

for that, not the marijuana or alcohol but we have a better, if you get technical on us. [buzzer] stuart: we resisted the temptation for you. because we know you are a viewer of the show. >> i love your show. stuart: it was good to see you. we do it to you in a heartbeat. we are getting closer to learning where it is going to put the second headquarters and new clues from two potential cities as the stock rockets up again close to $1300 a share. we will be back. i tried hard to quit smoking. but when we brought our daughter home, that was it. now i have nicoderm cq. the nicoderm cq patch with unique extended release technology helps prevent your urge to smoke all day.

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♪ ♪ stuart: amazon is looking for more office space. before we get to that, look at

the stock. it's at $1,294 a share. okay. where does it want to locate -- >> boston globe is saying boston, that amazon is in talks to lease a half a million square feet, they're looking for 8 million square feet for 50,000 workers. amazon has always said that would be the down payment. if it first leases half a million square feet anywhere, it could be boston, but we don't know. stuart: wait a minute, that's not its second headquarters, is it? is they just need more office space. >> right. we don't know what it's for. stuart: okay. now, ash, where's a candidate for the headquarters building, and who's offering what? >> well, governor chris christie, outgoing governor chris christie of new jersey, this is a hail mary pass as he describes it to try and get amazon to come to the city of newark. he says it ticks -- what are you saying, austin? groaning in the studio. [laughter] he's offering $5 billion worth of tax cuts to amazon, in addition to those being offered

by newark itself. all sorts of waivers on, you know, property taxes and tax abatements, wage, city wage tax waivers, you name it. they're throwing the kitchen sink to try and get amazon to set up. they say they've got the land, and amazon is close to a major metropolitan -- >>'s the talks to that -- where's the talks to stick it to everybody and say toronto? stuart: i don't think so. i've got a story coming up on liberal lunacy on campus. school's back in session. one university creating a course on the, quote, persistent racism of our president. i'm not making it up. that's what the course is all about, and we're going to deal with it too. this' next. ♪ ♪

♪ ♪ [laughter] stuart: oh, that's, now, that's legit. it's legit to play the beatles. [laughter] >> just to keep you happy. stuart: well, microsoft is doing well, okay? i'm a happy camper. >> very happy. stuart: ladies and gentlemen, we're still very close to the high of the day, and the dow is at yet another all-time high. 25,736. we're up 160 points. look at the big tech names. all of them nicely higher. amazon, microsoft, alphabet, apple. but facebook is down 4%. they're making changes to their news feed, upping the status of input from your friends and family, putting less weight on news articles and what brands publish. that could hurt ad revenue, that's why facebook is down $7. now take a look at the big

winners on the dow. these are the dow stocks which have won big since the dow crossed 25,000, which was just last week. boeing is now up 12% in a week. when have you ever seen that before? caterpillar, chevron, new highs. caterpillar getting a price target hike from bank of america, that thing's going to 189, they say. how about that? now this, keeps on flowing, doesn't it? columbia university's teachers college offering a course on trumpism. the instructor of the class defines trumpism as political polarization, escalating inequality and persistent racism, misogyny, xenophobia and homophobia. look who's here, cabot phillips, campusreform.org media director. give us your comment on trumpism because it's at a teachers' college. >> the thing that jumps out most is this is fax pay -- taxpayer

money that is funding a teachers' college. from the standpoint of dealing with his racism, xenophobia, bigotry, all these things they point out. i just can't imagine what would happen be two years ago a college taught a class on dealing with teaching in the age of obama and they said anything remotely negative about obama, no, this is absurd. you need to teach from an unbiased perspective. many times, too, they try and hide the bias on college campus. this is in the syllabus, right there in the syllabus. stuart: there's nothing you can do about it, is there? >> there is something we can do. it starts with accountability where you shine a light on it, the school feels pressure. but as far as the student goes, there's nothing the student can do about it really. they go to the administrator, they're not going to get any help there. stuart: supposing one of the students said up and said you're totally wrong. would they pass? >> i would be not surprised at all if their grade was docked.

we report on cases all the time where students stand up to their liberal teachers, and they either get their grades docked, ostracized, it's the opposite of what should be happening in college which is discourse, that word we don't like to talk about. stuart: he's a headline from your -- here's a headline from your organization, meritocracy is a tool of whiteness. that is a claim from a math professor. you better explain this. >> she wrote in a journal saying a system that rewards students and grades students based on their accomplishments, their merit is inherently racist because it puts non-white students at a disadvantage. that claim is racist because she's saying if we just grade students based on what they're doing, then non-white students aren't going to succeed. that's a racist claim she made, she doesn't understand the irony of the statement. stuart: she's making the statement that non-white students don't perform as well as white students. >> that's exactly what she's saying. and, sadly, our country has gone away from judging people on the

content of their character, and we've started to label people based on the color of their skin, their sexual orientation, their gender, not things that are important in the real world. these students are going to graduate thinking when i get to my job, my skin color is more important to my boss than what i provide. they're going to realize it's about the product, the service you provide -- stuart: yes. >> -- to your employer and to your customers. stuart: i'm a newly-minted american citizen, i'm very proud of what america stands for -- >> and welcome to the show. stuart: you're a good man, thanks for joining us. the medical device tax, by the way, is back, it's in effect after a two-year hiatus. congressman eric paulson is with us. congressman, i know this is one of your pet peeves. my question is, what are you doing to get rid of it, and when can we expect it to go? >> well, institute, as you know know -- stuart, as you know, we had a two-year suspension of the tax, that just ended december

31st. so now all of these companies where we export medical devices, produce innovation, life-saving products are being taxed at 2.3% on their sales, not their profits. so i'm fighting to reinstate that suspension, get a permanent repeal. it's something that has to get done because by the end of the month if it's not done, in january on the 29th, the companies have to start writing checks. so they're starting to freeze their employment. it's the opposite of tax reform. stuart: wait a second. if you want to get rid of that tax, it's got to be rapp wrapped into an overall repeal and replacement of obamacare, doesn't it? you can't say that tax has got to go and leave it at that. i think we've got an audio problem. can you hear me, congressman? can you hear me? oh. getting to the good stuff. >> it was a good question too. >> left hanging now. stuart: and i know that the congressman's response would be very good. that congressman, paulson, he's the man who gave us the entire tax reform package before

anybody else knew about it. >> aha. more coins in the meter. stuart: can you hear me, sir? >> i can hear you now. >> yea! here he is. stuart: he's back. okay. my question was you can't just say that tax, the medical device tax, that's gotta go and leave everything else in place -- >> i just lost ya. stuart: yeah, you did. are you back? can you hear me again? >> oh! stuart: live television -- >> it happens. stuart: proof that we're live. you have to smile no matter what. >> you do. stuart: back in the early days of television -- my early days, i used to lose my temper. >> you? no. what? [laughter] stuart: having a go at me now. all right: i'mgoing to move on, shall i? >> at a score is. ing pace. -- scorching pace. stuart: our next guest is the president of one of the many companies giving back to employees because of the tax deal. greg depace is with us, mk president.

greg, great to have you with us, sir. what are you giving back, how much and to whom? >> we gave a $1,000 bonus to all of our full-time employees and a $500 bonus to all of our part-time employees. to everybody that's employed. stuart: and this is 150 people, i believe, in total, is that correct? >> just shy of that because there are some canadian employees that did not participate in that bonus. stuart: okay. now, you run -- you're a trucking fleet management company? >> correct. we lease vehicles to corporate clients in the u.s. and canada. stuart: now, when you broke the news to your employees, what was the response? >> they were very, very excited. we notified everybody right after it was signed in december, and we paid them last week. so they've already received their check. stuart: now, former speaker nancy pelosi says this kind of bonus, $1,000, is pathetic crumbs, to use her expression.

would you like to comment on that? >> that's -- no. these people were very, very excited to receive it, and this is just the first of what we believe will be more. so far at this point, you know, over the last ten years our employee raises have been mired at 2-3% range really for the last ten years caused by low inflation, slow growth. we expect to get back to the 3-7% range now because of these tax cuts because of earnings acceleration and more job opportunities for both internally and what we see in our area. stuart: sir, it was a great pleasure having you on the show. we just love talking to -- >> this is really just the first. stuart: that's really fascinating. that really is because you're the first one to say it's the first of a lot more still to come. we appreciate -- >> and that's what we told them when we announced it. stuart: oh, you did? no wonder they were happy. greg, you're all right, and we will see you again, sir. thank you very much, indeed. appreciate it. >> thank you. stuart: president trump has canceled his trip to the united

kingdom. he's not going to go to london. what's going on, liz? >> well, he's blaming the obama administration for moving the u.s. embassy to nine elms -- i'm not even going to try to butcher this word -- >> grover in. >> that decision was made under the george w. bush -- i was set up here -- under the g.w. administration. it was an aging concrete building that took a hot to put security -- a lot to put security apparatus on. so, again, the president tweeting out a mistake. stuart: you know, i do believe that we've got congressman paulson back with us. is that correct? >> i don't believe you. stuart: congressman, are you there? >> yeah. i heard you had a really good question, i just couldn't hear it. [laughter] stuart: i'm going to give another question, okay? i want to ask you about nancy pelosi. she dismisses the bonuses which people like our last guest are giving out. she's saying it's just pathetic

crumbs. i'm going to roll some tape for our viewers. listen in, please, congressman. roll it. >> in terms of the bonus that corporate america received versus the crumbs that they are giving to workers to kind of put the schmooze on is so pathetic. it's so pathetic. stuart: okay, congressman. have at it. pathetic crumbs. go. >> well, look, this is real money to real people. i mean, how often have we seen billions of dollars going to millions of americans in special bonuses or in pay increases and better savings plans? this is exactly what tax reform is designed to do. i think we're going to have more economic growth in the future, and it's only been 21 days. we haven't even seen the tables officially put out. paychecks are going to rise just with the withholding changes. so this is going to be really good for our economy. this is more than crumbs, this is real money for real people. stuart: okay. i'm glad you stuck around, congressman, because that was a

fine response to a brilliant question. thank you very much for joining us, erik, we do appreciate it. thank you, sir. [laughter] the dow is now up 190 points. this is now the high of the day, 25, 765, up 192 and climbing. next, a mass exodus out of congress. 46 members of the house running for the door. what's behind this? jason chaffetz, he started it, and he's next. ♪ ♪ building a website in under an hour is easy with gocentral...

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this is a free service. call today. a place for mom. you know your family. we know senior living. together we'll make the right choice. ♪ ♪ >> the trump administration is laying down the law on illegal immigration including those recent raids on 7/eleven stores. thomas hohmann, the acting director at i.c.e., says this is just the beginning. roll tape. >> first of all, the 7/eleven operation is just the first of many. i've said for months that we're going to increase worksite enforcement. we've got to remove that magnet nor illegal immigration, people thinking they can come to this country and get a job. we need to hold the employers responsible, and they need to follow the law and hire legal workers. there's a legal way to do it, so worksite enforcement is going to significantly increase this year. i've said it, we've done it, we're going to continue. as far as el salvadoran tps,

look, the situation is not the same as it was when they were given tps. my office removes el salvadoran nationals three times a week, we send three planes a week to el salvador, been doing it for many years. if you've been diagnosed with cancer, searching for answers may feel overwhelming. so start your search with our teams of specialists at cancer treatment centers of america. the evolution of cancer care is here. learn more at cancercenter.com/experts i realize that ah, that $100k is notwell, a 103fortune. yeah, 103. well, let me ask you guys. how long did it take you two to save that? a long time. then it's a fortune. well, i'm sure you talk to people all the time who think $100k is just pocket change.

right now we're just talking to you. i told you we had a fortune. yes, you did. getting closer to your investment goals starts with a conversation. schedule a complimentary goal planning session today. stuart: look at this, up 190 points, 25,764 on the dow. now look at this, amazon very close to $1,300 a share.

it's up $21 as of right now, that's a 1.7% increase. 1298 and rising. congressman darrell issa announced his retirement from congress. look at this, 32 republicans are retiring or running for other office, only 14 democrats are doing the same. jason chaffetz is with us. now, he's a former congressman from utah. so why are they all -- why are the republicans doing this? is it because they want to spend more time with the family, like you did, or is it because they're fed up with politics, perhaps like you, or they don't think they can win? which is it? >> yes, all of the above. i mean, got a little rough voice today, stuart, but it is a little bit of everything, and everybody's in different situations, you know? somebody like jeb hensarling whod had house finance committee, he terms out. he's had a good run, probably a

natural time for him to exit the stage and allow somebody else to do it. but other people are in different life situations, you know? making a good, handsome salary, but a lot of members feel like they could do more money doing other things. it's good to go out on top while republicans are in demand across the country. and you have others that face real difficult opposition in races such as darrell issa's that's one of the most vulnerable seats in the nation. stuart: does it imply that the republicans will not keep control of the house after these november elections? >> no, no, not necessarily. you've got to do a great job of candidate recruitment, and as long as you get good people, it's actually probably easier to run if you don't have a voting record than it is to run if you do have a, say, 18-year voting record. it all depends on who is actually recruited, but it doesn't mean that, hey, all of a sudden there's some big democratic wave and everybody's scared to death. there is a natural evolution of

some people retiring, but these numbers are exceptionally high. stuart: and the elections are a long way away, that's for sure. now, president trump -- >> yeah. but the primaries are coming up. primaries are coming up. stuart: that's the thing. >> you have to file a deadline in january and february. stuart: i want to bring everybody up to speed on the president who allegedly used a vulgarity in a meeting yesterday on immigration. the president then kind of questioned whether he'd used that language this morning. he put out a tweet about it. but now we've got democrat senator dick durbin, he says, mr. president, yes, you did use that language. roll tape. >> you've seen the comments in the press, i've not read one of them that's inaccurate. to no surprise, the president started tweeting this morning denying that he used those words. it is not true. he said these hate-filled things, and he said them repeatedly. stuart: all right, congressman, i don't think the president should have said anything like what he is alleged to have said. what say you?

>> yeah, i don't think the president should have made any comments like that, and if he did, he should have fessed up to 'em. i think we need to go back and look at his tweet this morning. he was very specific on what he's actually denying. he wasn't denying the other comment. so i don't know. never theless, the tone and the approach, i think, is questionable in the oval office. stuart: surely, it hurts him. it hurts the republicans in the immigration debate, doesn't it? >> well, it, it is a distraction. i think by next, you know, next week by the time we roll around, this'll be on just another, yeah, there was this two-day story. if people are looking for substance, they're looking for the actual consequence of daca and chain migration and what did the president promise. i mean, he made -- the president took some very strong stances, and that's why he did so well in such a crowded field, and he's got to live up to that. and i think this'll be another he said/she said by the time next week rolls around.

stuart: i have the feeling, congressman -- former congressman, i can still call you congressman, i believe -- >> or you can call me jason, either way. stuart: i could do that too. [laughter] all right, jason. you don't miss politics at all, do you? >> i like, i mean, i like the better balance in my life. not raising money, that's a fun thing in my life. [laughter] i hate, you know, when you talk about all these retirements, the idea that you have to go out and raise a million dollars a year at $2700 apiece, that is tiresome. it is grueling for people, and i think it's a big reason why a lot of people say i don't want to keep doing this. it's so demanding. i was home maybe four or five days a month, and try doing that for eight and a half years. it takes a toll. stuart: i'm sure it does. jason, thank you very much for being with us, sir. always obliged. >> thanks, stuart. stuart: special programming note, big reason to watch fox business this weekend. we are broadcasting our first college basketball game live,

villanova v. st. johns on the fox business network. >> exciting. stuart: how about that? it is. monday, markets are closed, yes, they are. but at fox business we are open. yeah. tune us in. >> we're here. stuart: we're here. >> bring it on. stuart: we're going to love it too, that's a promise. ♪ ♪ at fidelity, trades are now just $4.95. we cut the price of trades to give investors even more value. and at $4.95, you can trade with a clear advantage. fidelity, where smarter investors will always be.

>> let's take a look at gas prices. simply put, they're going up and are expected to keep going that way for the rest of the year. great, huh? jeff flock in chicago with more on this story is. jeff. >> reporter: good morning to you. if it looks colted, well, it is. -- cold, well, it is. i'm at the most expensive gas in chicago, it's a bp station, the gold coast as they call it. $3.49 a gallon, that's about $1 more than the national average right now which is $2.52. it was $2.35 a year ago, that's a 7% increase. and curiously enough, that has not kept pace with the increase in oil prices, and we're hoping that continues. oil prices right now, pretty flat today. but, of course, if you look at the three month, it has been nothing but a steady increase in oil prices.

here's the interesting thing that i think we're finding now to hear -- this is my headline. prices, according to the folks at gas buddy, have been very disparate in same, similar markets, you know? it used to be there was a lot of competition, people would keep their prices low if their competitor did? not so much now. in chicago, for example, $3.49, you can also get it at $2.49, $1 cheaper. it's become nothing short of crazy. i've heard hundreds of complaints from around the country of motorists who get stuck at the pricier station, then drive down the street and see it cheaper. i don't know, maybe people from the gas, or from the tax break have got money in their pockets and they don't care how much they pay for gas. >> i guess not. jeff flock doing his nanuck of the north. it's 58 degrees here in new york, just want to rub that in. >> reporter: tomorrow, tomorrow. >> i know, it's coming our way. yep. all right, the third hour of "varney" coming up next. [laughter]

stuart: nancy pelosi made it very clear, the elites are totally out of touch. as we have been reporting, companies offering bonuses to their workers, the former speaker dismissed it all. pathetic crumbs, she said is. insignificant. well, yes, $1,000 is insignificant if you are worth tens of millions of dollars, and ms. pelosi does have tens of millions of dollars. she and her husband own a vineyard. plenty of valuable california real estate and investments in apple and facebook. she has done very well. what does she know about the value of a bonus when you're living paycheck to paychecksome on this program yesterday, we interviewed the owner of a car dealership in new jersey. today he's giving bonuses checks -- bonus checks to 700 workers. he told us that some of them had tears in their eyes when he told

them. nancy pelosi could never understand that. and the walmart workers who will be getting $11 an hour instead of $9, that is a big raise. is that a pathetic crumb? yes, to pelosi but not to a walmart worker. the point is the democrats are out of touch, and they've really changed. they used to be all for the working family. america needs a raise, they used to say. well, now two million have got that raise or bonus, and the coastal elites pooh-pooh it. that is pathetic. that is out of touch. the third hour of "varney & company" is about to to begin. ♪ ♪ >> in terms of the bonus that corporate america received versus the crumbs that they are giving to workers to kind of put the schmooze on is so pathetic,

it's so pathetic. i think it's insignificant. >> when we looked into our employees' eyes and made the surprise announcement, some people had tears, there was applause. it showed our company, the flemington car/truck company family of brands, respect their employees. stuart: first we showed you nancy pelosi and then a small business owner, two very different takes on the bonuses as a result of the tax bill. just in the last 24 hours, 14 companies have been added to the list. it's now almost 150 companies long. joining us now is peter morici, economist and business professor at the university of maryland. peter, pathetic crumbs. now, i'm picking on that expression because it really does -- that's the elites really looking down on ordinary people. what do you make of this? >> i think it's just more fake news from the queen of darkness. the democrats are in a very tough place. they've been telling ordinary people that the tax cut was merely a scheme to basically

redistribute income to rich folks like you, you and i, stuart. and it turns out most of them are getting a tax cut, many are getting bonuses, wages are going up, so now they have to find some way to deal with. so yesterday she also said that, well, you know, the adjustment in the payroll tax is merely some kind of midterm election scam. really afterwards the hammer will come down. you know, let's face it, i mean, nancy pelosi is in to demagoguery, racism and so forth. she's just not into looking at facts. facts and reason are foreign to her. stuart: okay. stay right there, peter. i want to transfer to the market because yet another all-time high on the dow and the s&p and on the nasdaq. in fact, we've got seven dow stocks that have hit all-time highs. >> wow. stuart: new all-time highs. look at these three in particular; boeing, caterpillar, chevron. they're the three biggest dow winners since the dow hit 25,000 which was just last week.

and now it looks like we're closing in on 26,000. >> wow, look at that. stuart: joining us is john layfield, the ceo of the layfield report. john, this looks to me -- now, you know more about this than i do, but this looks to me like the explosive phase of the rally. surely that's where we are, isn't it? >> i hope it's explosive. it certainly has been. people's 401(k)s and stock period of portfolios certainly make people feel good. when over 70% of gdp is consumer spending, that has a significant effect on the consumer and the economy. i think what you're seeing right mow is the global sink in growth in gdp. the eurozone has the lowest unemployment since 2009 at 8.7%. now, it's very bifurcated from 3% in germany to 20% in greece, but still it's at a low of almost eight years. and you have right now economists, according to the latest "wall street journal" poll, only 13% see a recession in the next 12 months. it looks like unless something crazy happens, north korea, we have smooth sailing for the next

two, three years. stuart: i want to go back to peter for a second. i know you're an economy, but look at the market for a second. is there any reason to think we're going the take a pause at 25, 26,000? >> well, markets are driven by psychology, so we could always have a pause or even a correction. but the fundamentals are very strong. as of friday we tally these things on a weekly basis. the price earnings ratio on the s&p was 10% lower than a year ago. not only is the earnings rally supported by earnings as opposed to some sort of bubble, but it's actually behind earnings. there's every reason to believe that the stock market between now and june should pick up another 10-20% in valuation. if it's to keep up with just the historical average. historically the s&p, over 25 years, the price to earnings ratio was 25. right mow it's below that. -- right now, it's below that. estimating profits will grow another 10% this quarter, so my feeling is it's all there given the tax cut and so forth. 10-20% easy. stuart: all right, peter, i know

you've got to go back to the university, you've got to teach those kids capitalism, and we appreciate that. on your way and do a good job, please. peter morici, everybody. he'll be back soon. back to you, john. several big banks report profits today. we've got jpmorgan chase, wells fargo, pnc, blackrock. would you buy any of them right now? >> i own blackrock right now, it's got a 5.5% yield. i'm very happy with that. i think i would buy some of the bank stocks. jpmorgan, last year before the election it was trading about $80. the first runup was not necessarily president trump getting elected, but it was hillary clinton not getting elected because that meant that elizabeth warren was not going to be out there punishing these big banks. what you're seeing right now according to analysts is there's going to be about a 20% revision in earnings estimates once these earnings come out today. you've only seen a 7-10% runup since the tax policy's been announced. if that is the case, you should see another 10% bump in these

bank stocks. stuart: it's all about profits, and profits are really, really good. john, thanks for joining us on a hectic day. we appreciate you being here. back to the beach, young man. thank you. new polls are coming to at least six states this year. they include colorado, florida. analysts warn more states will likely raise existing tolls because gas tax revenues are actually going down. >> electric car usage going up. stuart: you've got it right. that's what's happening. two big tech names we're watching real closely. first of all, amazon. yet another all-time high. it has now crossed $1 is,300 -- 1,300 per share. look at it go. just extraordinary. the boston globe reports that amazon is looking for about a million square feet of new office space, and they're looking in boston. meanwhile in new jersey, governor christie has okayed $5

billion worth of incentives to get amazon to build its second headquarters in newark, new jersey. amazon's decision is expected soon. still right there at $1300 per share. astonishing. then we have netflix. barclays says netflix could be worth as much as disney. why? because subscriber growth is outpacing the amount of new content that it's buying. if that keeps up, barclays says netflix could become the most valuable media company in the world, and netflix is up again today. a positive sign for the economy, lots of 'em. the number of people receiving unemployment benefits fell to a 44-year low last month. just under 1.9 million people received these benefits in the last week of december. that is the lowest number since december of 1973. good lord. the mainstream media having a field day with the president's alleged vulgar comment about third world countries. later this to -- later this

hour, we'll be joined by ari fleischer. how is sarah huckabee sanders going to handle this one today? to california, governor jerry brown warning of a recession there. he says good luck, baby, to his successor. he's on his way out. we have the republican gubernatorial candidate in california. how about this one too? president trump posted this picture on instagram. it's a quote of what i said about walmart bonuses. stay with us. the third hour of "varney & company" is only just beginning. ♪ ♪

stuart: a travel warning from the state department, avoid five mexican states. the do not travel advisory is in effect because those states are

hot spots of drug cartel activity. other places on the list include syria, yemen and somalia. and now this, nancy pelosi getting flak for a comment she made yesterday about the immigration negotiators. roll tape. >> the five white guys, i call them, you know? you going to open a hamburger stand next or what? [laughter] that could have been done four months ago. the very idea that this week they're saying, oh, why don't we get four white guys and general kelly to come and do this. stuart: by the way, democrat steny hoyer slammed the remark. he says that comment so offensive. i am committed to insuring dreamers are protected, and i will welcome everyone to the table who wants to get this done. joining us now the blaze host, lawrence jones. was nancy pelosi's expression, five white guys running the immigration negotiations, is that in and of itself racist? >> well, i don't know if it's racist, but it's definitely

discriminating against those gentlemen that were participating -- even members of her own party that were participating. but i think that goes to show you that in the eyes of democrats, when they can score political points, they will eat their own. even if it means attacking one of her own leaders in her own party. so i don't think we should be doing this identity politics thing. i think that's what she was doing. but that's the typical narrative when we're talking about dems. stuart: now, was the president making a racist statement when he allegedly called some countries a vulgarity in the immigration meeting yesterday, i believe? he initially said, nah, didn't use that tough language, but a couple of senators have come out and said, yes, sir, you did. was it a racist vulgarity? >> look, stuart, i don't like dropping the word racist every time someone says something that i don't like, but i do believe that the president's comments weren't racist, but they were ignorant. when we're talking about these

people, these are people -- and it wasn't so much of just calling it, you know, the s-word, it was the fact that he said that we should be taking people from other countries. these people are fleeing depression, corruption, and that's the reason why they want to come to america. and i believe the president stepped on his own message by making this a race conversation now when we could be talking about how the president has had low numbers for black unemployment, talk about black businesses and less black people on food stamps. but instead we've got to talk about something because he stepped on his own message yet again. stuart: yep. >> and it's disappointing, stuart, because i don't believe that the president is racist. i've met him, but i do believe on some topics he is ignorant. and i believe that this could go away if he could have just a little bit of hue pillty -- humility and say is, guys, you know what? i realize that those places are tough, you know? i probably wouldn't use the

word, you know, the s-word, but these places are terrible. they have, like i said, depression and everything. corruption. stuart: would you agree with me that the word "racist" is thrown around far too much, and because it's thrown around so much, it loses its force, loses its sting? >> most definitely. most definitely. and i believe that this whole race conversation because the president hasn't handled it the best way, you could argue that he hats a lot of accomplishments -- he has a lot of accomplishments to dispute the whole racist thing. but because he doesn't approach these issues with humility, i believe that it has hurt this president. look, i don't think he's a racist, like i said, stuart. but what he said was severely ignorant. and i believe he should just apologize. stuart: you know, i think today you are the voice of reason. lawrence jones, thanks very much for joining us. come on up to new york soon.

>> see you soon, brother. yes, sir. stuart: all right. president trump is blaming a bad embassy deal for his cancellation of the u.k. trip next month. he tweeted about it last night. here it is: reason i canceled my trip to london is i'm not a big fan of the obama administration having sold perhaps the best located and finest embassy in london for peanuts. only to build a new one in an off-location for $1.2 billion. bad deal. wanted me to cut the ribbon, no. that's what he said. now this u career cast -- that's a job recruiting site -- has released its annual list of the most and least stressful jobs. can you guess which jobs took the top spots? i bet you tv anchor is on the list. [laughter] that's what i am. and there's one country that has now surpassed the united states as one of the top tourist destinations. we will tell you which one. maybe that's a hint on -- >> oh, let me see. stuart: oh, gee, where's that? in ten minutes president trump

will participate in an event to honor martin luther king, and you will see it live here on "varney & company." ♪ ♪ ooooooh snap!! every truck guy has their own way of conveying powerful. yeeaaahhh boy. kind of looks like a monster coming to eat ya. holy smokes. that is awesome. strong. you got the basic, and you got the beefy. i just think it looks mean. incredible. no way. start your year off strong a new chevy truck. get a total value of over $9,600 on this silverado all star when you finance with gm financial. find new roads at your local chevy dealer. every day we hear from families who partnered

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stuart: walmart is a dow component. it's up a little bit today. remember, it has raised the minimum wage for new workers from $9 to $11 an hour, it's giving bonuses all across the board, but it very quietly closed 63 sam's club stores. investors like that, the stock's at $101. look again at the seven dow stocks which have hit all-time highs today. microsoft is right there top of the list at $89.25. johnson & johnson, jpmorgan, home depot, boeing -- another uh-uh new high there -- 3m and caterpillar. don't ever forget amazon. about 20 minutes ago it crossed $1300 per share -- >> right there. >> wow. stuart: it's holding at $1299. >> wow. stuart: incredible. career cast, that's -- they're in with their annual list of least and most stressful jobs. first of all, we start with the least stressful jobs. top of the list, diagnostic

medical stenographer followed by hairstylist. you've got to deal with the public, i would have thought that was stressful. but the least stressful in third place, makers of hearing aids. >> there you go. stuart: all right, the other way around. the three most stressful jobs. top of the list, of course, and i entirely understand this, enlisted military personnel. second, understandably firefighters. third place, airline pilots. >> uh-huh. stuart: entirely rationing. >> makes sense. tv anchors? stuart: in case you were wondering, broadcasters are in the top ten, coming in seventh in the most stressful stakes. >> not white house chief of staff? [laughter] sorry. >> good point. stuart: you should put that in. number 11. [laughter] and this, spain -- that's the country that beat the u.s. as the world's second most visited country in the world. france is number one. 82 million people visited spain last year, up 9% from the year

before. and number three is the united states, but i can't tell you how many foreign visitors they got. it's got to be close to 70 million, something like that. i guess, okay. technology may be changing the way we do laundry. panasonic and japan's home builder daiwa teamed up to design a $16,000 robot that uses artificial intelligence to sort and fold laundry. that's important. the company says it hopes to lower the price to under $2,000 if it is ever mass produced. >> oh, okay. stuart: i want it. >> we're getting there. stuart: general motors working on a chevy cruz with no steering wheel, gas or brake pedals. reportedly in production already. gm says they'd like to deploy these cars sometime next year. >> interesting. stuart: general motors stock just slightly down, about 40 cents lower on that news. and we now know who will be traveling with the president to the world economic forum in davos. rex tillerson, wilbur ross,

robert lighthizer and kirsten nielsen amongst others. this is about half of the president's entire cabinet. that is a big and powerful delegation. now listen to this, more than a hundred big name ceos wrote a letter to congress asking leaders to save daca. names like bezos, mark zuckerberg, cook, all of them on that list. but next, the president honors martin luther king live right here. yes, the third hour of "varney & company" continues. stumbling. >> varney and country. >> yeah. ♪ ♪

hey, you every talk to anybody about your money?

yeah, i got some financial guidance a while ago. how'd that go? he kept spelling my name with an 'i' but it's bryan with a 'y.' yeah, since birth. that drives me crazy. yes. it's on all your email. yes. they should know this? yeah. the guy was my brother-in-law. that's ridiculous. well, i happen to know some people. do they listen? what? they're amazing listeners. nice. guidance from professionals who take their time to get to know you. stuart: moments from now we expect at te white house president trump is going to sign a proclamation to honor dr. martin luther king. we'll bring it to you live when it happens. check that big board. the rally rolls on. this is the explosive phase of this rally. we're up 205 points, closing in on 26,000. we've had new highs for the dow, the s&p and the nasdaq. what a day it has been. i want to get back to businesses giving bonuses

following the tax cuts. there are -- these on the screen right now are some of the big name companies that have announced these bonuses and/or higher wages just in the last 24 hours. joining us is todd hitt, the ceo of kidder capital. you're giving bonuses too, aren't you? >> we are. stuart: how much? >> anywhere from 5-15% of current salary. stuart: that's a lot. >> it is. we had the holy grail of tax reform just happen, and the bottom line if you want to expand your companies, you have to give some ownership back to the people who work for you. stuart: do your people know they're getting these bonuses b? >> they do -- these bonuses? >> they do. stuart: what was their responsesome. >> terrific. i told you more of this was going to happen when i was on your show. you're going to see tons of it. not just in the big wall street-based companies but privately-held companies. you're going to see it. and ownership is going to be able to give back some of the ownership to their employees. everything sort of bumps up, and that allows from a governance

standpoint to sit atop and make new investments. it's opportunity and expansion economickings. that's the way it works. stuart: nancy pelosi says these bonuses are pathetic -- what was the expression? >> pathetic crumbs. stoort stuart pathetic crumbs. insignificant. >> maybe i should show her a financial statement. it's not that insignificant. it's going to have a major impact on private business which is a major part of our gdp. stuart: okay. are you giving back or passing through, i should say, all of the extra money that's coming to you because you've got a tax cut? >> 70% straight to employees in terms of governance and more aggressive and accelerated vesting, about 25% in expansion economics, 5% would go to current ownership. stuart: okay. >> we're sitting on reserves, and we want to expand. we're an american business. we innovate and push out forward. stuart: okay. as opposed to offering higher wages, better benefits and bonuses, what about reinvesting

the capital that's coming back to you, reinvesting that in the business? is that really going to talk off? >> it is. let me give you a great example. one of our businesses which is a core construction business of ours, we are actually investing in a new lab that's going to test new tech. all because of the tax plan. stuart: and how -- >> all because we have additional capital to now do this. just think about the accelerated expansion part of that, that you're going to be able to look at new technologies, new window types, right? new ways to run construction sites. exoskeletons, so now all of a sudden your labor force is not physically impacted as poorly. construction off site in areas where the climate's more hospitable and you're doing panellized construction. we're going to take some of the capital and invest in these things which is going to radically change the way construction's done in all areas, housing and commercial construction in this country. stuart: okay. for the dollars that you put into investment, investment in your businesses, is that immediately deductible, immediately expensed 100%?

>> when it comes to equipment, it is now. construction was one of of the most overtaxed industries in the united states, as you know. we paid the highest tax rate. look what caterpillar did today, look at their stock. 25% of that comes from american construction, you know? their revenue comes from american construction. so construction's sort of tip of the spear. u.s. housing and construction is tip of the spear. all sorts of things flow from that in terms of our gdp. i think i said let's get to 4% growth -- stuart: yes. >> let's fix this labor shortage, we'd like to talk about that -- stuart: you're on tape, we're going to get to 4% growth. >> i believe we will. fix a few more things, leadership out of washington d.c. stuart: okay. anything else? [laughter] you did well. two and a half minutes, you packed a whole lot in there. >> always do. stuart: solid, thanks for joining us. -- todd, thanks for joining us. >> thank you very much. stuart: now this, the u.s. ambassador to panama is resigning the president's alleged vulgar comments. now, the president is saying he

didn't quite use those tough words. however, senator durbin said today, yes, mr. president, you did say 'em. joining us now is ari fleischer, former white house press secretary. how do you think sarah huckabee sanders, the current white house press secretary, should handle this? was it's going to come -- because it's going to come right at her this afternoon. finish. >> it's going to be a brutal briefing today, stuart. today's one of those days where if you're a white house press secretary for donald trump, you need to tow the line. you need to justify what the boss did, why he did it, because that's who donald trump is. he likes these controversies to be about himself and he thinks it's productive. i think every single reporter in that room is going to new it was destructive. so you're going to have a clash in that briefing room. stuart: what would you -- this is a difficult question to answer, but what would you say if you were mr. trump's white house press secretary? >> well, that doesn't work that way, you know? if you're the press secretary, you sign up to promote and defend the president. you are not your own boss.

you are the spokesman. you carry the president's words. so sarah has to do that. that's her job. and the press is going to play the devil's advocate and in this case it comes naturally. it's not the definitely, it's them. -- it's not the devil, it's them. [laughter] they'll bang on the president, and justifiably so. i personally have a diplomatic passport over my shoulder here. america's role is important, what the president says is important. and even beyond that, you know, the president has had so much success going on when you look at the tax cuts, when you look at the rebates, when you look at the growth in the economy, when you look at jobs, when you look at how north korea is being cracked down upon by china as we just found out today, trade is 50% dropped from china. and when you look at the immigration success the president has been having and that long meeting he had with congress, we may actually get an immigration package agreed to. why aren't we talking about that? because the president is making himself too hot to handle.

it's counterproductive. stuart: has he shot himself in the foot and really hurt the chances of an immigration deal? >> well, i think he set it back, yes. he had momentum going into it, momentum on behalf of the wall. and if you're a democrat who's going to have to take a hard vote and compromise to give trump the wall in exchange for daca and if the president says things like this, you naturally say why should i try to compromise and give him anything? so it makes it harder. at the end of the day, i think they still have to get it because the issues involved in daca -- people here illegally and threatened with deportation, properly so unless we have a legislative agreement -- at the end of the day, i hope that preempts bad feelings about what the president inappropriately said. stuart: in journalism, of course, you're not supposed to end an interview with only time will tell or let's see what happens, but i'm afraid that's how i'm going to end it, because only time will tell how ms. sand isers responds to the hostile media today.

ari fleischer, thank you, sir. thank you. now this, more than 100 big name ceos wrote a letter to congress asking leaders to save daca. jeff bezos, amazon guy, mark zuckerberg, facebook, tim cook, apple. joining us now, congressman sean duffy, republican, wisconsin, and his wife, fox news contributor rachel campos duffy. we've got them sitting together. [laughter] >> hey, stuart, how you doing? [laughter] stuart: i don't want to go on and on with the president's vulgar comments. we've dealt with that, let's move on. we've got these ceos saying get onboard with daca. you are a are republican congressman. you're going to have to deal with this. are you comfortable with getting onboard with daca? >> absolutely, what i think is -- stuart: you want them to stay? >> only if we accomplish the mission of securing the border and getting rid of chain migration. so if these ceos want daca kids to stay, talk to democrats to sit down and negotiate and give donald trump a decent deal.

but before those comments were made yesterday that have blown blown up the news media. donald trump was angry that these six senators come with a deal that gives amnesty to daca kids and gives donald trump little sprinkles of what he wanted in border security. so he wants a better deal, so do i. stuart: okay. the president is just walking in front of the podium. we're going to listen in. he's going to honor dr. martin luther king. >> i want to thank secretary carson along with isaac newton faris jr. and the many distinguished guests for joining us here today. it's a great honor. earlier this week i had the tremendous privilege to join isaac and alveda to sign into law legislation redesignating the martin luther king jr. national historic site to the martin luther king national historic park. new law expands the area

protected, and historic sites for the future generations of americans are becoming so important, and this is a great honor for us and a great honor to dr. king. today we gather in the white house to honor the memory of a great american hero, the reverend dr. martin luther king jr. on january 15th, 1929, martin luther king jr. was born in atlanta, georgia. he would go on to change the course of human history. as a young man, dr. king decided to follow the calling of husband father or and grandfather to become -- father and grandfather to become a christian pastor. he would later write that it was quite easy for me to think of a god of love mainly because i grew up in a family where love was central. that is what reverend king preached all of his life, love;

love for each other, for neighbors and for our fellow americans. dr. king's faith and his love for humanity led him and so many other heroes to courageously stand up for civil rights of african-americans. through his bravery and sacrifice, dr. king opened the eyes and lifted the conscience of our nation. he stirred the hearts of our people to recognize the dignity written in every human soul. today we celebrate dr. king for standing up for the self-evident truths americans hold so dear that no matter what the color of our skin or the place of our birth, we are all created equal by god. this april we will mark a half century since reverend king was so cruelly taken from us by an

asaws sun's -- assassin's bullet. but while dr. king is no longer with us, his words and his vision only grow stronger through time. today we mourn his loss, we celebrate his legacy, and we pledge to fight for his dream of equality, freedom, justice and peace. i will now sign the proclamation making january 15th, 2018, the martin luther king jr. federal holiday and encourage all americans to observe this day with acts of civic work and community service in honor of dr. king's extraordinary life -- and it was extraordinary, indeed indeed -- and his great legacy. thank you, god bless you all, and god bless america. and with that, i'd like to ask a great friend of mine, secretary

carson, for remarks. then we're going to be signing the very important proclamation. thank you very much. ben? >> thank you, mr. president. it's an honor to be here today celebrating this solemn occasion. and i thank you for signing legislation to designate the birthplace, church p and tomb -- church and tomb of dr. martin luther king as a national historic park. his monumental struggle for civil rights earned these places in his life, faith and death, the same honor as mount vernon and that famous, humble log cabin in illinois. this april we will observe the 50th anniversary of dr. king's assassination. i remember so vividly that day as a high school student in

detroit. far from silencing his dream, death wrought him immortal in the american heart. his message of equality, justice and the common dignity of man resounds today, urgently needed to heal the divisions of our age. today we honor the legacy of the man who marched on washington for jobs and freedom, achieving both for millions of americans of all races and backgrounds. but his legacy also calls us to remember where these ideas -- equality, freedom, liberty -- get their power. our good efforts alone are not enough to lend them meaning. for by what shall i be called equal to another man?

it cannot be by wealth, for there will always be one richer than me. it cannot be by strength, more there will always be one stronger than me. it cannot be by success or happiness or beauty or any other pieces of the human condition which are distributed i through providence. so perhaps providence alone is the answer. we hold these truths to be self-evident, that all men are created equal, that they are endowed by their creator with certain unalienable rights, that among these are life, liberty and the pursuit of happiness. with these familiar words, our declaration of independence recognizes the true author of our common dignity, one that is beyond every human law and institution. if we forget this source of our

fundamental equality, then our fight to recognize it in our society will never be fulfilled. this is a truth that dr. king carried with him from selma to montgomery, from a pulpit in atlanta to the steps of the lincoln memorial, from a cell in birmingham to the entire world. this year we will not remember his slaying as the ending, but as a beginning, as a moment when his truth rose stronger than hatred. and his cause larger than death. as a moment when he called to new life with his creator before whom all men shall one day stand in equal rank bearing with them no riches but the content of their character. if we keep this conviction at

the center of our every word and action, if we look upon our countrymen as brothers with a shared home and a common destination, then instead of meaningless words rolling off of our tongue, we will truly create one nation, under god, indivisible with liberty and justice for all. and and we're going to have a word from pastor isaac newton faris, the nephew of dr. martin luther king. [applause] >> president trump, vice president pence and to all assembled here, if my uncle were here today, the first thing he

would say is what are we or what are you doing for others? and that's why it was so important that my aunt coretta scott king return to the congress now about ten years ago and ask that the meeting of the holiday -- meaning of the holiday be changed. we did not want the king holiday just to be a day of hero worship. as his nephew, i certainly think that he was one of the greatest americans that we've produced. but it should not be a day of here roar worship, and that's -- hero worship, and that's why the congress agreed with my aunt and also made it a day of service so that we, on that day -- as a matter of fact, at the king center we refer to it as a day on, not a day off. it's not a day to hang out in the park or pull out the barbecue grill -- [laughter] >> amen. >> -- it's a day to do something to help someone else.

and that can be as simple as delivering someone's trash or picking up the newspaper for that elderly person who can't get to the end of the driveway. bottom line, you're doing something that benefits someone other than yourself. that's the proper way to remember my uncle and the proper way to celebrate the king holiday. so, president trump, thank you for taking the time to acknowledge this day. thank you for remembering that we're all americans, and on this day we should be united in love for all americans. thank you, mr. president. thank you, mr. vice president. [applause] [inaudible conversations]

>> this is a great and important day, martin luther king jr. federal holiday, 2018, by the president of the united states of america. a proclamation. congratulations to him and to everybody. >> thank you, mr. president. [inaudible conversations] [applause] >> mr. president, will you give an apology for the statement yesterday? >> mr. president -- stuart: we're just waiting more a second there, the president -- shouting questions at him.

i wonder if he'll respond. we'll wait and see if there's any response. >> mr. president, will you respond to the -- [inaudible] [inaudible conversations] >> no! [inaudible conversations] >> mr. president -- stuart: no response. they were shouting the questions, no -- he's not going to bite on that, that lead there. and by the way, the dow industrials not quite at the high of the day, but we've still got a rip-roaring rally going. we're up now 209 points, 25,783. what, 216 points from dow 26,000. sean duffy still with me in the middle of our conversation, we had to break away there. i'll ask the question again. if we get the deal, wall, enchain -- end the lottery, what would you give to the dreamers? would you give them a green card? citizenship? would you let them to stay period? >> we'll give them a pathway to citizenship. stuart: that's it? >> both sides have been to be a little bit uncomfortable if we're going to get this deal.

the bottom line is can democrats come -- they offered donald trump $1.6 billion. he needs $18 billion. if they come our way, we can find a deal, otherwise this standoff is going to leave these little kids out in the cold, and they're going to start to get deported. let's get a deal that deals with this issue for future generations. stuart: sean duffy, thanks for joining us. i'm sorry we had to cut it short, but that's the way it goes on a crazy news day. thanks, sean. house minority leader nancy pelosi, now, she slammed these bonuses that are being given out. roll that tape. >> in terms of the bonus that corporate america received versus the crumbs that they are giving to workers to kind of put the schmooze on, it's so pathetic. it's so pathetic. i think it's insignificant. stuart: pathetic crumbs, insignificant. come on in, richard wolfe, the new school university professor, and a marxist to boot, are you not?

>> i am. stuart: nancy pelosi, i've got to tell you, sir, she looks way out of touch. she looks like an elitist. she's worth $40-odd million, and she's saying, oh, $1,000 bonus, that's just a crumb. your take, please. >> it's really simple. 15 corporations, large and small according to "usa today" -- 125, have offered bonuses. that's one-tenth of 1% of the number of corporations in the united states. they all got a tax cut from 35% to 20%, and less than one-half of 1% have said they're going to do something for their workers. the other 99% -- let me finish. the other 99% haven't said a word, and the economics of it are crucial. when you cut the taxes of a corporation, you leave in the hands of the board of directors the decision what to do with that money. they can give themselves higher salaries, they can pay out greater dividends, they can invest in other countries, they can buy back shares of their own company to boost their bonuses for themselves -- stuart: or they could invest in new plants and equipment --

>> right. stuart: which a lot of them are going to do. >> but in our system it's entirely up to them, and if they chose not to -- stuart: it's their money. >> careful. stuart: it's not your money -- >> it's the money of the people -- stuart: they earned it. >> it's the money of the people of this country. stuart: no. they earned it. >> they didn't get a tax cut of 40% -- stuart: they earned it. the corporation earned it. you're saying it's not the corporation's money, it's the government's money. >> not at all. i'm saying if you're going to cut the taxes of corporations by 40% in one year, then you owe that to the mass of people, otherwise you're just shifting the burden from corporations. stuart: to get the economy going. you've got a lot more jobs and economic growth and higher wages. and you know have 150 companies with bonuses. >> if you leave the tax cut to the corporations' boards of directors, they can do whatever they want with it. may not grow the economy at all -- stuart: what's that got to do with you? >> wait a minute -- stuart: it's your money. >> one thing we know as

economists -- stuart: it's not your money. >> it's not the money of anybody or it's the money of everybody. stuart: it's the money of the corporation because they earned it -- >> it's the money of the people who earned it -- stuart: no, it is the money of the corporations. it's their money. >> it's the same income for individuals, it's their money -- stuart: you're changing the subject. >> not at all. stuart: it is the corporations' money because they went to work and they made it. >> it's the people's money because they went to work and they made it. why did you -- stuart: ah, you are a marxist. you are a marxist. >> that's a shift of the burden. absolutely. absolutely. stuart: okay. i'm sorry we're out of time, richard -- >> my pleasure anyway. stuart: we usually end on a smile even though you're killing me. >> yes, we do. [laughter] stuart: thank you, sir, appreciate it. all right. now this: california's governor jerry brown, he's on the way out. he's warning that a recession is coming to the golden state. on the way occupant he says, good luck, baby, to whoever his

successor is. joining us now is republican gubernatorial candidate john cox. you hope to be the republican on the way in, what do you think of that, good luck, baby? >> my answer is good riddance, stuart. this state is now the highest taxed state, it's got the least amount of opportunity of any place in the union. it's the most unaffordable place to live, and most of it is because the democrats in sacramento keep sucking every dollar out of the economy and giving people crumbs. you talk about elitism, congresswoman pelosi's comments about giving people crumbs, that's what government does when it gives people crap health care and crap education and crap housing. what we need to do is make an economy, stuart, that can flourish so is that people can get opportunity and they can buy their own great health care, their own great housing, their own great educations. but that's not what jerry brown wants. he wants to hand out things to

people and keep them down so that he can be the king of everybody. i want an economy that'll flourish for californians, and that's why i'm running for governor. stuart: you are right. california is, i believe, the most highly taxed state, and it does have the highest proportion of people living in povertity of any state in america. why, therefore, do they keep on electing democrats at every level across the state? >> well, we're going to change that -- stuart: why do they do it already? come on, josh. for a general -- come on, john. for a generation california has gone left, and that's true. you haven't got a republican in office in statewide election i don't think in at least 10 is, 15 years. why is that? >> a major part of that, stuart, is because the cronies and the corrupt have captured sacramento. there's two million public sector workers in california. they have a pool of money that is staggering. i'm working to try to change the legislature. i've got an initiative called the neighborhood legislature that's going to change that

completely. it's going to put the people back in charge, stuart, and that's why i'm running for governor, to put the people back in charge, get the corruption, the special interest money which is huge in california. we've got to get that special interest corruption out of government, bring it back to the people so that the people can have the opportunities that they deserve. stuart: are you going to pledge to lower california's taxes if you are elected? >> absolutely. look at florida, texas and nevada that have of no income tax, stuart. we have more tourism than florida, we have more cattle and oil than texas, we have more gaming than nevada. those states, you know what they have, stuart? they have better political management. i'm a businessman, i'm not a politician. i'm going to sacramento to give us better management like those states i've mentioned. i think we can eliminate the income tax in california if we do things smartly, if we bring efficiency to government, if we

bring a business mindset that gets people the incentive to produce and to be efficient which in this government is anything but efficient. stuart: i don't want to be pejorative here, but i don't think -- i'm probably going to be. i don't think that republican candidate in the gubernatorial election, whomsoever it is, i don't think that that republican candidate will get 35 percent of the vote. i think it'll be less than that. >> i think -- i respectfully disagree, stuart. we've already got 5,000 donors to this campaign. that's about triple the last republican candidate. there is a groundswell forming all over this state. people know that california's mismanaged, they know it's unaffordable, the housing, electricity, water, gasoline is twice what it is in neighboring states. there's a revolution brewing beneath the surface here, stuart. keep watching it. you'll see a big change in 2018. stuart: come on back and keep us

in touch with the brewing revolution, john, we appreciate it. john cox, everyone. thank you, sir, appreciate it. now, look at that big board again because this is the story of the day. >> it's remarkable. stuart:-we ever been -- when have we ever been sitting here and in two days -- >> it's enthusiasm and optimism. the banks reported today, there's a real belief that corporations, thanks to the tax reform, and a booming economy will continue to generate a lot of profits, jobs and growth. and all of that is culminating to what we've seen in the market. anytime we come back just a little bit, another buying opportunity. it can't go on forever, but when's it going to stop? stuart: i think two people on our program today said, look, because of the tax cuts corporate profits are going to go up maybe 10%. >> right. stuart: if profits go up 10%, you can expect a reevaluation of the stock market. >> right. stuart: it, too, will probably go up 5-10%. and 5-10% from here puts you in the neighborhood of 27, 28,000 -- >> that's insane.

it's just incredible. stuart: it really is. standout stock of the day is facebook, on the way down because they're changing the news feed which might limit their ad revenue. the other standout, of course, is amazon. today it hit $1300 a share. charles payne in for neil. sir, it's yours. charles: thank you very much, stu, have a great weekend. welcome to coast to coast, i am charles payne in for neil cavuto, and we're on top of a market rally that just will not quit. much more on what's driving but first, our top story. donald trump calling the bipartisan deal he was presented a big step backwards as he denies he made a vulgar remark. >> reporter: let's start inside the oval office, donald trump si