and there's janet yell incline her post life. >> that was a nice hug that -- it was thank you everybody. nice show. "varney & company" stuart take it away. >> good morning maria and good morning everyone. right from the get-go here's what's happening to your money. a little selling but yesterday ago big drop has stalled at least for the opening bell here's how we're going to open this morning. dow industrial ever so slightly lower. maybe down about what eight point. 7 points down for the s&p and 9 for the nasdaq. some selling again early this morning. now look at the yield on the tenure treasury, breaking through the 3% mark yesterday was a big setback for the market. this morning, we reached 3.03%. that's it a four-year high and backtrack for a moment what started the rot yesterday was

some big company suggesting this is as good as it gets that's profit, profits they say are peaking. investors didn't want to hear that. they want profits to keep going up couple that with four-year high on the interest rates and you have the makings of a selloff down 400 yesterday. today, good profit reports from some of the big names. we'll give you the quote shortly. that is helping the market a little. republicans they're breathing sigh of relief. the gop candidate won the arizona special election but only by 6 points. trump had won the contradict by 20. it was a win for debbie but definitely not a big win. you could say that fresno state professor she has won. the college will not discipline her for her vicious and insulting tweet about barbara bush. the college says it is free speech. here's my question. if she'd viciously insulted democrat she still have a job truth is only the left has free

speech many america these days. "varney & company" is about to begin. ♪ >> all right let's update this story for you. the caravan bus loads much my grants in that caravan some have arrived at the border. what's the latest? >> down many tijuana, down on the border of southern california, two bus loads now there's another four bus loads further south. now so now we're getting to point where there's going to be a clash with lower groups from the trump administration federal investigation lawyers they're waiting. but also you have immigration rightings attorneys, also. now we should point out that this is a group of people from honduras and elle l salvador they are going to claim they're being -- threatened with their lives. they're under political prosecution and they want the silence in the united states. it is not illegal to do that.

so the reason we have all of the federal lawyers down there is the process them quickly and they'll be processed they are deported straight back to mexico. >> so that's the situation there's a clash sorts coming at the border. >> supporting them and those who want to have them process as quickly as possible. j thank you ashley. again let's get back to how your money will open this wednesday morning. down ever so slightly i'll call the market opening flat to slightly lower. caterpillar 3 a.m. they gave down beat forecast yesterday that set the tone for selloff yesterday more on that in just a moment. now individual stocks we have a rosy forecast on profits from coming in from boeing. that stock sup nearly 2%. nearly 6 bucks higher. how about twitter? it added 6 million monthly users last quarter that brings its total user base to 336 million. twitter reaching 31 a share. premarket this morning. now, stock did selloff big time

yesterday on the down beat outlook from 3m and from caterpillar. brian is with us first trust advisory chief economy. all right brian -- all right -- [laughter] yeah good morning. now, look -- you've been bullish. are you still bullish after yesterday? >> absolutely, still bullish stuart. you know, i mean, cat in particular 3 m. of a little bit of a different story but 23 you think of with tariff it on steel and aluminum that makes the things that caterpillar makes so if i were them i would be cautious as well. we don't know where the future is going to be and we have this you can't sign off on a financial report if it might be wrong. so everybody is cautious. but if you look at it, we have 128 companies out of 500 reporting so far. and there's sales. there's sales their revenue is

up 10.1%. over last year, we have seen a clear acceleration in economic growth and so i think earnings are going to be up 15, 20% this year. the stock market is -- still at this time it has been undervalued for nine years and still undervalued today. earnings are going to be up therefore my bullish stance is still? place. >> you are a brave -- in my forecast you're a brave man we appreciate that. i like a man who comes on and says yes i said that ill say it again. thank you very much. hold on you're not done. all right. the yield on the tenure treasury this has gone to 3.03% four year high. is that really as much a big dismeel deal? >> no. in fact we predicted that i'm not trying to brag about that. but the federal reserve because they've been hold short-term interest rates so artificially low, they've pulled the whole

yield curve down. now they're lifting rates long-term investors i think getting their biengdz their wits about them and they're pushing the entire yield which they should be doing, the economy overall is growing at about a 4% pace so we have 3% real growth. one to 2% inflation, interest rates should be higher. so when you discount earnings the stock market is still undervalued and just for the record, we've always used a 3.5% tenure in our models of the stock market. so 3.03 we're below where we think we're going to go, and so i'm still bullish even with rising rates right now. now at a some point, they could go too far. but we're not even remotely close to that point yet. >> brian westbury glad you're on the show this morning.

lad i think eased anxiety and we appreciate that. mr. west bury you'll be back soon. thank you very much deed sir. got it. got to get to politics latest "gallup poll" show not selling tax law. 39% approve of the tax law. 52% of a majority disapprove. joining us no is the small business administrator linda mcman you're going on as bus tour. you're out there to sell the tax law across the country. i put it to you having seen that poll you have your work cut out for you. >> digress on that for a second that's really to celebrate national small business week. and we're going to start on tuesday morning we're headed down to northern florida. coming back up georgia, south carolina, winding up in north carolina. so i'm beginning to be shining spotlight on small businesses, and at the same time helicopters to talk about the tax cuts that

have been put in place. >> linda let me ask you why do you think that poll shows that -- approval of the tax deal is underquarter? why is that? >> just like people are just filing their tax return ares for last year. so they're not -- not looking when they file their tax returns next year they'll be filling out on tax return hopefully on just one piece of paper so not really had yet the experience of the deductions except wage earners that are seeing more money in their pocket and that's having a very positive effect and i can tell -- but make it possible that nancy pelosi having repeated several times it's just crumbs that's all you're getting just crumbs. maybe that was effective. >> well stuart we have a long time between now and november. and we do need to keep being out there selling -- tax cuts and regulatory reform but i can tell you small

business i'm talking to everywhere i go across the country they are so excited and optimistic about the tax cuts and especially the writeoff you know in equipment . i was at a bread bakery in massachusetts, a few week ago, and the owner said look at that 1.5 million oven over there i can buy another one with a tax writeoff and add to my facility here and i'm going to hire more workers and bake more bread and that's the kind of story that i'm hearing all over the country. so i think we have some time to keep selling this we have to keep talking about it. >> i have to get in amazon as you know, the president has gone after a him big time really -- [laughter] he's really hitting amazon. do you think that that huge company has a net positive or net negative impact on store business? >> well i think it's mixed stuart in the jury still out a bit on that. you know, there are many companies that don't have any

opportunity their startup and increase sales and amazon is big thing but pay big fees that reduce their margins but you also have the -- you know the opportunity where amazon is not charging, you know, taxes. you know, across the country, they are for themselves. they're collecting those sales taxes. but for the third party, they're not collecting those taxes and therefore, some small businesses you know are hurt by that. so i think it's still a mix. we're in the throes of taking a look at it. >> okay. linda mcman small business administrator we thank you very much for being with us this morning. ma'am. thank you. >> sure thing we'll see you let's go through the market first of all the price of oil where are we this morning? 67 dollars barrel. i can tell you however, that gas prices continue to go up. we have a natural average of regular 2.78 that's of about two cents overnight look at this. there are now 8 states in the

three dollar club. hawaii, california, with washington, alaska, nevada, oregon, utah, idaho -- what's the theme on that map? they're all west. [laughter] out west as we used to say. for that anymore. three bucks. check future one more time now up a fraction a gain of what maybe 15 points at the opening bell for the dow. now this, the republican congressional baseball team returning to practice for the first time sings the shooting last june. house majority whip steve scalise he was seriously injured in that shooting he did not attend practice. he's recovering from another surgery that he had earlier this week. republican debbie won special election in arizona and beat democrat challenger by just six points. president trump won that district by 20. and an update to a story we've been following. the president of state professor who insulted barbara bush the day after she died will not face any disciplinary action. the president of the school

says, even though what she said was abhorrent she had the right to say it. more on that in a moment.

>> we have to go to markets for you before opening stock market price of gold is down 13.21 per ounce let's get to that election. candidate debbie, republican yep she did win the arizona special election by 6 points. she was in a district that trump won by 20. fox news politics editor chris said a narrow victory not good enough. roll tape. most of the votes are republican difference in pennsylvania was there are a lot of trump voters who weren't necessarily republican so it made the real partisan advantage in the district narrower, in arizona the republicans have a huge partisan advantage. i cannot imagine anything other than 8 points or better. it gets down to 5 points or

below they have to do serious soul searching. while it was six points got that news fox news contradict tore it charles hurt washington times opinion editor with us now. would you agree with that charles? not a good sign that had she won by only 6 points? >> no definitely not stuart, and you know, we've seen in all of these special elections in things, there's enormous enthusiasm among democrats and that's to be -- you know expected in the first midterm for new president. but you know republicans have to, you know, they have to make up -- make up for it it. they can't, you know, there's no exclues for it. the "gallup poll" that you showed showing the tax vote underwater in terms of popularity that's a real problem for republicans they've got to be selling that thing and the president needs to be selling it. but one thing i would say that i think is sort of interesting is that -- debbie she not run -- you know just on a republican platform. she ran are on trump platform.

and republicans are are going to need to do a whole lot more of that. if they want to survive these midterms. >> you have to make a decision you can't be wishy washy about it and republican not for trump you can't do that. you have to jump right out with it. >> specifically trump agent add about build the wall that's -- that works. there's a, you know, if i guarantee you that if debbie did not -- did it not run on building the wall, i bet you she would not have won by six points and could have lost. [laughter] >> okay. charles i'll move on. the fresno state professor who bashed barbara bush will not be disciplined i'll l read part of the statement from the university president. here it is. comments although it is graceful are protected free speech under the first amendment a of the constitution. the university does not have jurisdiction to support taking any disciplinary action. what is your reaction charles to that? >> you be, every is talking about tenure and free speech and then sure. she can say whatever she wants to say this is not about that

but this is about intelligence. what is fresno state doing having somebody like this on their faculty in the first place. if you were an employer, and you're interviewing a -- fresno state graduate, for a job -- and this is all they learned in four years of college, you wouldn't hire the kid. you would send them packing and it just baffles me that we have -- institutions of higher learning in this country and these are the kinds of people that are employed. >> what about the double standard? she had something insulting about that about a democrat for example she would be gone. i have no doubt in my mind she's gone. >> absolutely about and further more she probably never qowf said it because i guarantee you she's a doctor democrat you know, she wanted to, you know, complication was that jorntle w. bush is war criminal. but what about hillary clinton she voted for the war that -- that --

she's talking about does that make hillary clinton a war criminal i guarantee she would never say that. >> freedom of speech for the left but not for the right. and in the united states today that's it how i would sum it up. i think you agree with me, charles -- >> i certainly do stew. >> good man. charles we'll see you again real l soon. >> thanks stuart. where are we on this market it is wednesday morning we open up in about 11 minutes time. we're going to be up about 20 odd points not a huge gain. and we're down 400 yesterday. now this -- the anti-trump left wing media at it again wait with until you hear how one cnn reporter describes trump supporters we'll deal with it next. welcome to the xfinity store.

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>> well take a look at winds stock, wind resort is the actual full name of it is down about 2% today they're losing money and profit for its business apparent ly fell short elaine wynn steve wynn's ex-wife is making big waves on the board maybe that got something to do with it. stock, though, is down $4185 although done very well since wynn step aside. now we have cnn jim macarthur in an interview with with variety criticizing trump supporters. roll that tape. >> the problem is that --

people around the country don't know it's an act. they're not in the on the act and take what he says seriously and attack attacks from sean spicer and sara sanders what they do less on a daily basis very seriously. they don't have all of their faculties in some cases their elevator might not hit all fours. >> oh, oh, we're just so stupid. liz pique i said it you say it. >> the last argument for the liberal media is we're just too darn dumb to understand how smart they are, and how wrong headed donald trump is. look, the liberal media isn't going to climb down from this position because it's making them money that's the sad thing. more anti-trump they are, the more their ratings go up but i have to say the more their credibility goes down we've seen that. >> can he this was your question liz, he cover the white house with an opinion like that? >> it's a really good question. i don't think so. >> how can he? we know where he stands he lives in a bubble he believes the trump support reverse deplorable

an stiewpgd apparently but you know from a republican point of view carry e on thinking that way because that's -- annoyed trump supporters they're taking down at you staying -- >> democrats are saying with report arers like these where do we need a pr operation and they don't -- that's the thing. but by the way, there have been democrats and i remember this very -- vividly about it. six months ago who came out in a dnc meeting and said we have got to stop being so smug and condescending because it makes peel really angry. saying their need their husband to vote. what a novel concept . >> reminds me of growing up in england asking working class they look down at you and talk down at you. they think you're stupid. thank you very much indeed my revenge. we have the dow industrials -- [laughter] strong work -- i'll take you back. take you back dow industrials

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>> well you know it's all eyes on wall street this morning. because yesterday there was one

big selloff but one point the dow was down over 600 points it closed with a loss of 424 points. actually closing just above 24,000. in three seconds we're going to find out where we're opening now i suspect we'll open fractionally higher. here we go it is 9:30 eastern wednesday morning. we're off, we're running and we're up 51 points right from the get-go. 47 points we'll take that 43, 42 coming down 24,064 down to 34. 7 okay you get the point. fractional move up, a .1% gain for the dow. how about the s&p? it was way down yesterday. dropped to -- very considerably and this morning it is down just a fraction again, about .01% virtually unchanged but ever so slightly lower. nasdaq where's that? i hate to look it is up 6 points, up .09% so overall we've opened flat to slightly --

we're mixed. there you go. nailed it. i tried to characterize this. i can't. [laughter] pretty flat. how about the -- mixed is good by the way the gain for the dow was will all boeing boeing and that is why you have a 40 point gain for the dow. 3.03% on the tenure treasury that is another four-year high for that very important baseline interest rate. the price of oil this morning not doing that much we're with at 67 dollars per barrel but look at twitter now there's an individual stock that is most mg profitable and continuing to add users 6 million i believe in the latest reporting period up up 6 million users have i got that right? >> i think you do thanks to the presidential endorsement. [laughter] maybe thought of it but twitter is up 4% this morning reaching 31 got it. now that rosy forecast from boeing investors love that. when you look to the future and you say things are going just fine. the stock goes up --

11 dollars higher this morning that's 3.7%. all right, who have we got ashley webster elizabeth macdonald liz peek and shaw man of the hour -- shaw -- now here's a man who is consistently being right. you're right all the way through last year. you were wright to have a paused a beginning of this year so -- what do you say now? >> aisle still in pause mode and the reason is that market is, obviously, nervous. i don't think fundamentally anything wrong with the economy but we're doing very well probably two 3% growth but better. the three-year -- 3% you know price or yield on tenure that's not unexpected. when it happened in february the market got panicked. and everybody had a chance to hedge now reach it again yesterday, that shouldn't be a problem. what's the problem yesterday was -- that two year auction 32 billion dollar of two year treasury auction they hit all yield of 250 that's the highest yield two

year reached since 2008. what's what spooked market than anything else. all right dow is negative. potential of not rising rates. just turned negative. even though boeing gives the dow 80 points on the upside -- we have now turned negative we're with off nine so prevailing trend this morning is slightly lower. now, look at that ten year yield as of right now i think we're still at 3.03%. where are we? we're at 3.03 why is that such a big deal? >> not sort of a -- demarcation point if yowpght but a symptom that inflation is something that we're talking about again and actually what happened yesterday with the two companies that -- drove the dow down they both talk about rising cost so we're going to start looking at stocks that where companies can actually price their product and that's again a very different place than where we were. >> okay lizzy. >> caterpillar to the break actually raised its full year outlook it raised it its eps outlook higher. it did say that material cost could go up so market --

analysts are saying is over reacting it is going to be in that tight bound range right now. but yeah that tenure speed going up is an issue. but you know, the rosts are coming in strong and profit margins coming in strong and revenue coming in strong for the s&p 500. up 5 cent ares as we speak now here's something we broke yesterday -- nobody followed it but secretary treasury mnuchin is going to china to talk trade. why didn't that -- do something good for the market? >> it was overwhelmed by the negative news that was out there including yields rising. i think it would have been a tremendous positive in the absence of other news that pushed market down. this is a sign that 29 states will negotiate in trade pack trade agreement united states is now talking about maybe going back into tpp which the chinese don't really want them to do. so there's going to be a lot of discussion about what to do about trade i don't think we're not in a trade war. we're having negotiation and

they're gentile and way they should be conducted. >> can we also talk about tech, though. one big tech name after another had issues -- and so ping that this sort of safe harbor for investors has been whatever else is happening let's buy apple let's google so forth what we found out now is that isn't a safe place anymore. >> so they did all come down. one way or another. catch pile. they do. but facebook is up a fraction amazon is down 11 bucks. apple is down up 30 cents unchanged alphabet is up 40 and microsoft is down 30 cent that's a mixed bag for the big tech. stop it. i can live with microsoft. okay. now this is huge. apple chief tim cook he's going to meet trump this afternoon it is closed to the press i would love to be a fly on the wall. what would you think they're going to talk? >> i think certainly china will be talked about because after so tried to get into china.

but it has been critical of the president over his immigration policies he told him just last year that his company and the employees were very nervous in the direction of the trump administration was going. but tim cook is also a big fan of the president's tax cut. so -- there's a bit of everything in there. >> so apple is saying they could likely talk about that 350 billion that apple will contribute not invest but contribute with existing tbreements and also in factories here in the united states. over the next five years, what's status of that because we see apple plowing -- money throwing money at suppliers like corning and u.s. based companies so this is -- a big topic for discussion with the president. >>very much doubt you'll get nes out of that close to meeting because if you did the stock would move and you don't want to be the ceo who moves stock when you have lunch with president trump. >> that doesn't prevent the president from coming out saying we're really good friends and bring more money back to the united states. >> you're right liz. we'll watch it okay i take it all back.

[laughter] you heard right. check the big board now we're down 54 points down 400 odd points yesterday down about 60 now. that's the state of play this wednesday morning. wynn resorts that is gaming company -- losing money and profits from a business falling short, the stock is down 2.8 and comcast formalizing bid for the british forecaster sky comcast hardly moving. higher profit at the health insurer anthem helped of all things lower costs where did that come from? the stock is up 2% that's $5.90 i have to talk about twitter. it's moving. it remains profitable and it is adding users it has got 36 million that is monthly users that latest count up -- 6 million, the stock is now unchanged it had been up a buck earlier so -- you're pausing on this one as well are you? >> stock was up 13% in the premarket and as soon as we open it comes back down to investors

aren't buying this is a long-term trend in materials of better growth. it may be but this is not the stock i think you want to chase. this is more of a stock for me. news crossing saying that it soon will have half of revenue comes from overseas users. so that's a big -- to the upside for twitter. >> you have it down. u.s. use -- don't know what pushed down it could be -- it was way up before the market opened. and now market is open. we get this news and it is down. not on that news but the mix cost issue. there. it is indicative of the nervousness in the market so yes, stock should remain higher and up 13% but should be on a positive side so market is pulling everything down but just general nervousness in the marketplace. there have been some near hisses on earnings sketchers coming to mind and they didn't change -- didn't miss on earnings and change slightly their forecast and stock was down 27% you cannot afford to have any tripups in in market. >> that's for sure.

talking of which how about facebook, they report their profit it is this afternoon. do you think that user growth -- what do you see coming down the pike out-- come out of this now scandalous situation? >> everybody is looking at user growth but in the fourth quarter it actually was down in north america for first time ever so i think it is going to be very hard to interpret what went on in this past quarter as any indication of the fallout from all of the scandal that cambridge analytica and so that has yet to come. >> so thank you shaw. they have had revenue growth of about 45% every quarter for a long, long time. >> hard to keep up. now if they don't keep that up, that is -- and the quarter that should be filtered through stocks haven't filtered through the company numbers in terms of earnings so if expensions are up and based

on what happened last quarter they have to hire a lot of people. that suspense will be higher i think if it gets hit today the market has a long ways to go down and this is for the rest of the week. >> probably right. this afternoon, you'll see the hit tomorrow morning. ouch. well on that note -- shaw you've been -- all right thank you very much indeed. [laughter] >> thank you for being with us. okay. where are we? i'll tell you right now we are on the downside to the tune of 74 points. a lot that's despite a contribution of 80 points up from boeing. with the overall averages down 74. coming up next hour, legendary it investor jim rogers he says worst stock market price is coming in a lifetime soon 10:30 this morning. interesting fact about the menu for last night's state dinner all of the wine served was made in america.

using grape plants that were imported grape plants as in imported from france coming up later had morning -- award-winning maker charles smith is were not on the menu what did you think of that? wines were served we'll ask him and feds studying the effect of warning labels on soda bottles they want to see if warning withs on cigarettes nudge consumers into making healthier choices. more on that this a moment. you know what they say about the early bird...

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right hotel for you at the lowest price. saving you up to 30%! you'll be bathing in savings! tripadvisor. check the latest reviews and lowest prices. >> the loss continue we're now down 150 points and back to 23,800. we also hear if gmail it is getting a makeover.

i kind of like it the way it is but you tell me what's going on nicole? >> you can keep it just the way it is stuart. but what if you're sending something a little more private everybody is turned to snapchat. slack, what's app because they like the disappear factor of their confidential whatever. photos, whatever they wrote -- so this is the idea behind gmail see mail dead google gmail say thous. in fact they 1.4 billion active monthly users so this week they're launching something had you, new feature confidential and guess what, you can decide between one day and five years when you want your e-mail to expyre and guess what, stuart you can say no, you cannot forward my e-mail no you cannot copy it and no you cannot precinct or message it or do anything with it and it disappears. i don't know it toes person from taking out their iphone and taking a picture of it. but that's something else. at least it disappears and you can't worry about a hack ten

years from now. >> this is a change i like. i'm happy of that change. i don't like most change but that change i like. nicole thank you very much for telling me that. that's goods stuff. thank you. all right. the feds are studying their effects of putting warning labels on soda. what do they know? >> just like cigarettes it may help, quote, to nudge consumers especially adolescents and young adults linked to diabetes cardiovascular disease and spend 150,000 on a study to test it and use in school cafeteria with any impact so actually the beverage companies took -- took went to court over this and who did it you think said you know what you can't do this? the ninth circuit of appealings our favorite court said no you can't do that, first amendment right so interesting to see whether it gets challenging again to try to do this. so very rare that you find any agreement among the -- ninth circuit. >> that ninth circuit.

indeed -- [laughter] that talk general electronic, that trying to get back into shape they are selling off some pieces of the company. come on in former universal chair and ceo bob wright. bob you're right in the middle of nbc you know it is as well as anybody. you tell us is it worth more broken be up and sold off in parts or whole? >> i think the, it's worth more whole but maybe we can do some joint venture or thingses happen where certain pieces of the business get sold off but other piece maybe add on, and some partnership -- i don't think that it makeses any sense to look at liquidating the company i think that's a fools -- he has to stay a tough time for flattery because i give you a fact that you haven't heard here.

you have to think about the gmail being a able to disappear well somebody must have done that to balance sheet in 2016 and 2017 because in 2016, they bought 21 billion dollars of ge stock back at $30 a share, and in 17 they bought 2.6 billion at 20. now that's terrible of cash when you're stlight with over 100 million dollars maybe 110 million dollars billion dollars of debt and you have another 25 or 30 of other -- about other issues which have to be dealt with. you've got money that could have been put into shore up a pension fund and money that could be showing up in -- for that insurance -- issue -- so flattery inherited are incredible mess if you want to look at it that way and i don't know where that board was that

ge and you question why a board would not pay attention to cash. and they spent all of that money and now he's sitting there and he's got cash issues. it is very up and front about it i'm say nothing wonder he has cash issues. look at the predecessors did within the 18 or 19 months before he was a?owned. and that's just stunning. so he has to work through all of that and he's try aring and his best and i think getting people to recognize that he didn't give anymore bad news you know, he did not say oh, i found another bad problem. so he put everything on the table. that's the best he can do and get those businesses up and running and get some cash flow. >> i hear it. i do want to switch gears i want you to update us on cancer research. i know you lost your wife suzanne in 2016 i believe you formed an institute to look at research into pancreatic cancer last time you were on the show you reported tour that if you're

diagnosed with pancreatic cancer it's a death sentence 95% of the time. will you update us on that please? >> this is why, this is why we need the -- this is that health care -- torn health advance research projects agency. we need early detection would be number one thing to do. 85% are people are diagnosed in stage four, and that's a death sentence. it's just a matter of months. >> what are symptoms, bob? >> well they're generally stomach ail. some serious stomach ailments but it takes the cancer can be in your pancreas for 12 were 14 or years before it becomes and overtakes the pancreas. but what also happens is -- it goes it goes into the liver generally speaking and now you've got now you've got cancer in two organs and you're not able to have surgery.

and that's very, very tough. you know, while the show son, since you started to show at 9:00 about five people have died from bank cancer 123 a day and this year since january first, 20,000 people have died in the united states now -- and since, for the res of the year and another 25,000 will die. so this is an, this isn't a long time thought process. and that tool i talked to you about, that is very well supported now. by people inside of health and human services -- the secretary's office is very well aware of this. and i'm hoping we're going to get the president's attention continue to get his attention it and it is all about innovation. this is going to be about bedside getting something accomplished in a real short amount of time. >> i have to run but we thank you very much for your are time -- >> one thing, one thing give me may 22nd new york city, we're going to release a documentary

that we produced on -- for on pancreatic cancer and on june 7th down in washington, senator thorn is he's the sponsor and that will be on january i mean on -- >> i have to go. you know about heartbreaks but sorry i got to go. bob wright are thank you very much indeed. there will be more varney after this.

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>> that caravan of migrants well some of them are still arriving at our southern doorstep judge knapp tan mow is here met by lawyers from both sides at the border and they're going to quack in claim and stay. >> once for federal government is doing the right are thing yes you heard that out of my mouth spending federal prosecutors and they're sending federal administrative law judges down there. various progressive groups in the united states are sending defense lawyers down there and they will have these hearings right -- remember if the migrant can show political regression in the origin the arrival is legal. >> and they stay. they stay. not forever but they stay and they have to get online and go through the process but they'll get a temporary green card and they'll be here. >> but they have to set foot across the border. >> they have to prove their case. but government does not have to

prove that they're here illegally. they have to prove that they left because of repression. they do this without witnesses with language problems is a serious challenge for their lawyers but that's what will be going on. >> but can't we put national guard people, troops at the worder and -- oh you don't come in or step foot. >> we don't do that. we interview them and see whether or not they belong here and sometimeses they'll say you know with what, your child is the right to be here but you don't that's catastrophic when they break up a family but government does that because laws are different for infants so you don't see a clash coming with legalisms. >> i do see a clash coming. if, you know, two or 3 hushing show up there it is months before this -- this is extricated some will be allowed to stay and some won't. families will be divided and -- that will continue. >> left is pushing it. all right judge thank you sir. we'll see you later on in the show. what's it. more varney after this. ♪

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stuart: finally sanity in the universal basic income debate. finland will end its experiment in free money. since early last year the fins have been handing out cash to unemployed people, $680 a month, no strings attached. do what you like with it. start a business. take a class. just quit worrying about money. that didn't go down well with voters over there. they didn't like the idea. finland will cut off the free flow of money. good. unfortunately this is not the end of the experiment. i say unfortunately, you want money, you better get out there to work for it. in stockton, california, a pilot program delivers $500 a month to some poor people. do what you like with it. oakland, california, is setting up a similar experiment. ontario, canada, is giving hundreds much dollars a month to

4,000 people. there is even a presidential candidate, democrat andrew yang, who wants to by every american adult $1000 a month. we're told that these programs relief poverty, allow people to spend more time with their children, let them start businesses or just enjoy life, free of the wicked pursuit of money. fine. but not on my dime. don't take money off me. i work and i think you should too. i don't care if you don't make as much as you think you should make. get out there and at least make the effort to support yourself. back to finland. they have been handing out money for over a year. now they're going to study what people did wit. but they won't release the findings until next year. oh, how convenient. the professor of social policy at the university of helsinki says, there is a problem with young people. reports of those guys not seeking work. oh. in other words, the taxpayers of finland have probably been funding couch potatoes.

the good news, that they stopped it. the bad news is, they haven't yet been stopped here. the second hour of "varney & company" is about to begin. ♪ we're down again, off 400 points yesterday. off another 160 points. we're back to 23,800. how about the big technology companies? they took hits yesterday, mostly did. they're down this morning. only apple is on upside. microsoft all the way back to 90. we did however, get a rosy forecast from boeing. it is the biggest gainer of all the dow 30 stocks. it is now up two bucks. that's it. not much. ge is the biggest loser in the

dow. it is down 3.8%. all the way back to 14. then we have twitter adding six million users and the company is still profitable and it is way down. we'll have more in just one moment. now this. of. i thought it was big news when president trump announced yesterday that he is sending treasury secretary steve mnuchin to china. i thought that was a big deal. he is going to talk trade. mark short with us, white house legislative affairs director. marc, is the treasury secretary going over there to negotiate a deal? >> the treasury secretary is going. he is going along with ambassador lighthizer, our united states trade representative and larry kudlow who heads the economic council to have further talks. china opened trade with american automobiles which we're pleased with. we hope to make more progress with china. stuart: i thought it was a big

deal. the market didn't react at all. high level guy going there but is this a series of meetings stretch the out over coming months? i think investors want to end the whole idea with a trade war with china. >> stuart, i don't think we're looking for a trade war i think as the president has said, china is stealing intellectual property from american companies gone way too long and finally have a president stepping up to it, we hope secretary mnuchin, lighthizer and will make -- stuart: only 39% of respondents approve of the tax deal. 52%, clear majority disapprove of it. >> yeah. stuart: why are you not getting message out there? seems like the message is falling flat? >> couple things in mind, that poll ironically conducted a week before tax day.

as americans are preparing tax returns, because it is still 2017 you're paying. new tax code comes into effect next year. that is a big factor when the poll came out. secondly, keep in mind, since the tax plan was announced five million americans received a bonus or wage increase. unemployment rate lowest point in 17 years. unemployment benefits lowest point in 44 years. 1.9 million americans have come off of food stamps and back to work. so since the president was inaugurated. so the economy is moving the right direction. i would dismiss that "gallup poll," i think it came out exactly the wrong time. stuart: i think you're fighting the media. i think nancy pelosi's message, which basically says, you are just giving them crumbs, the rich get everything, i think that is is message penetrating that is the message the media is putting out you know, they're winning. at this point, you have got to say, marc, they're winning. >> i think there have been multiple polls come out shown the tax plan is becoming more

and more popular. gallup is outlyer. came out very week of tax day. nancy pelosi wants to make the case all americans are getting crumbs when the average american working family of four is receiving more than $2,000 benefit because of the tax plan we're happy to engage in that argument. stuart: okay. iran, as i understand it, does not allow anyone to inspect its military sites in the aftermath of the iran nuke deal. there is some suggestion we'll make sure the iranians open up those military sites to inspection. if they did that, would that be enough to keep president trump and keep america in the iran nuke deal? >> not that alone, stuart. keep in mind what you just said is very important, very few people talk about. instead they put out talking points iran is in compliance, and yet as director pompeo, hard to know if they're in compliance if you're not allowed to inspect sites. additionally iran take $1.7 billion of cash sent to

mullahs in iran, they're using to foment terrorism across the middle east, attack allies and kill innocent people. it is broader than that. iran has to pull back on terrorism efforts. it has to be no longer a sunset on the provision of iran stopping its nuclear program. there are several components, the president is willing to talk about that. as you know, he talked to the french president about it. if europe can apply more pressure, he is willing to look at that before the may 12th deadline. simply allowing inspectionses is an important step but not sufficient. stuart: mike pompeo's nomination for secretary of state job goes to the full senate shortly, likely to be confirmed, i understand that what happened in the senate foreign relations committee? what was all that drama about. >> well, stuart, i think it is really become a sad state of affairs here in washington when you have members of congress who will tell you in private that the director is a great pick, done a phenomenal job at cia,

has great credentials graduated top of his class at west point, magna cum laude at harvard law, but i can't vote for him. they are so politicized, polarized in this town, not making votes who has best credentials, but what is best for your base. on issues of national security it is becoming a dangerous situation. sadly that is the dynamic we face here in washington is that the democrats are energized to oppose any trump nominee. director pompeo is qualified. he got through entirely partisan vote. we expect a largely partisan vote on the floor tomorrow too. stuart: marc short, appreciate you being on the show, especially today. >> stuart, thanks for having me. stuart: let's get to the markets shall we, we have another selloff on our hands. not quite the session lows, we're down 129. we had been down about 170. bring in jack hough, "barron's"

senior editor. jack, there was some question about whether or not profits right now are as good as they are ever going to be. in other words, they won't be so good in the future. now we have a selloff what do you make of that? >> they will be better in the future. early estimates next year call for 10% earnings growth. maybe that is ambitious. i think we can see high single-digit growth. that is pretty good. we knew this year would be a bonanza. investors are looking to see what to make of this. we'll get a follow-on effect next year and i think it is supportive for stock price is i'm trying to work out why did the market go down so much today, down this morning, when profits are up 18 to 19%? >> there is rorschach test with the 10-year yield. they are seeing in it what they want to see.

people supportive of the white house and economy, this is sign growth is getting back on track. economy heating up. rates are normalizing. that is healthy. people not supportive. saying this is sign investors are starting to panic about the coming deficits and mounting debt, we have to do something about that i will wait to find out who is right. i will claim i knew it all along, this economy to me is innocent until proven guilty. i see no reason to panic about stocks. maybe a little mild panic about the debt. i wouldn't mind mild panic about the debt but see no reason to bail out of stocks here. stuart: twitter, it reported a second quarterly profit came in and they gained six million, i think it was six million monthly users but look at the stock. it is down 4%, 29.23. what's with twitter? >> it had a big run up recently. this could be a mater of sell the news. i think if general, there is a risk that an online advertising

that a duopoly is recall toking between alphabet and facebook. if you want to advertise, not just about who has the most users, you need a massive audience so you can slice and dice just the people you want to reach. keep in mind all the scandals we're talking about with facebook, that means what facebook does is highly effective, that remains attractive advertisers. liz: to jack's point, twitter said the future forecast may not look as great in comparison to the bonanza time with profits and user growth going forward. again it's a forecast issue. ashley: revenue will very down they said, from 2016. that is what -- stuart: down 5% now. >> this is the golden age of twitter, right? you have the president of the united states all over it. people watching it for his comments. it should be wonderful growth right now. stuart: apparently not. coming up, the caravan of migrants arrived on the southern border, despite warnings from the president. head of homeland security and the attorney general.

so what now? head of the border patrol union will tell us. he is with us. plus north korea's nuclear test site is now mostly unusable, according to report. here is the question, is that why kim jong-un agreed to stop missile tests? could be. we're on it. the president, of that college fresno state will not punish professor who wrote offensive tweets about barbara bush. head of fresno's young republicans group will respond. we're watching the second hour of "varney & company." ♪

stuart: still on the downside. a loss of 140 points there, way back to the 23,000 level as of now. where is the price of gold when the market heads south?

down $10 an ounce at gold, 1322. where is the bitcoin price? it is down, just below $9,000 per coin. >> caravan of migrants has arrived at the southern border despite all the warnings we've been hearing from the trump administration, from the attorney general, everybody else. brandon judd is with us, border patrol union president. brandon, we're told they will be met at the border by a whole bunch of lawyers, get them across, take their application for asylum that is it, they stay. is that what is going to happen? >> depends what they do it. if they come to the points of entry, that is it legal means of claiming asylum. if they cross the border illegally between border entry i have to take them into custody. the problem your viewers need to understand, when they get here, claim asylum, we allow them into the united states, give them temporary work permit, give them

temporary permission to be here. we expect them to show up to the court date a few years down the road which they never do. that is how we know they're gaming the system. stuart: so you have an idea, i believe, for a massive detention center, right on the border which would take people in, process them. either allow them to stay when a decision is made or send them back to where they came from? you want a massive detention center, right? >> well it would work. i mean we've seen, we got a glimpse in 2017 of what happens with illegal immigration when we say we're going to enforce our laws. we were at 45-year lows. that was strictly based upon the rhetoric of president trump. if we follow through, if our agency followed through, if congress followed through, if we followed through with those promises and that rhetoric, we would still be at the 45-year low. but anytime people can break our laws without fear of consequence, they are going to break those laws. if we put them in detention facility is, pending defortation

facilities, if they have a right to be here, if they have a legal reason to be here, then after they see a judge and after their case is ajudicated, if we give them asylum, great. but if they don't show up to the case, they're gaming our laws. they're thumbing our finger at american public and congress. it is just, it creates mass hysteria, if you will. stuart: do you think there is any kind of clash coming? i don't know exactly where -- i believe the caravan arrived around tijuana, which is legal port of entry but, do you expect any kind of clash between our authorities and the caravan people? >> well, it depends how they -- we're going to react to what they do. if they put news a situation where we have to go hands on, that we have to put handcuffs on, so on, so forth, we have to do what we have to do. but if they come over here and they do it peacefully, if they go through the port of entry,

and there is a couple of ports of entry in san diego. if they to through a port of entry, and they calmly present themselves for asylum, they will be processed accordingly. if they break our laws and cross the border illegally at a place other than a port of entry we have to take them into custody, hopefully we can do it peacefully, but we react to what they do. stuart: got it. brandon judd, thanks for joining us. >> appreciate it. thank you. stuart: just moments ago president trump put out a tweet. here it is. looking forward to my meeting with tim cook. he is the apple chief of course. we will talk about many things, including how the u.s. is being treated unfairly for many years by many countries on trade. jack hough still with us. what is all this about china? what's that mean? >> the president wants to remake trade deals with china. people are worried about a trade war. there is a tariff spat going on.

this is really important meeting it is i think a moderating voice. i worry sometimes the president gets trapped in a talking points bubble. here is a business leader, one of america's most important companies, yes, we do a lot of manufacturing in china, but look how much money we're making here in the u.s.? look at 130,000 employees in the u.s. higher value work here, lower value work there. we want to sell a lot of phones there. tim cook is a voice that can help moderate the president's approach on china, get us an outcome beneficial for investor. stuart: put the tweet up again on the screen. i'm not sure i read it correctly. not sure i got the sense of it. put it up again please. looking forward to my meeting with tim cook of apple. we will be talking about many things, including how the u.s. has been treated unfairly for many years by many countries on trade. surely it will be broader discussion than just trade, isn't it?

ashley: i think immigration will come up and whole daca issue, tim cook is very critical of the president. stuart: not to mention building factories in america. ashley: that will be the president's -- stuart: isn't that going to be part of it? $350 billion, which apple is supposed to put into the united states. liz: over five years. apple is in to-win position. it has increasingly difficult relationship with china, with the icloud, with the technology demands that china puts on apple. the president, watch for his tweets after that meeting. tim cook said this about china. stuart: watch for a tweet from the president after the meeting. might not get anything from tim cook but might get something from the president. i guess we can call it a bromance between president trump and french president macron. macron is on his way to speak to congress. headlines for you. we're on it. ♪

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stuart: illinois a huge pile of debt. they will add to it. selling bond again? ashley: selling bond. trying to raise another 30 billion in debt. they already are $200 billion in pension debt alone. stuart: pension debt? ashley: yes. 200 billion. they have had trouble in the past paying their bills to doctors, hospitals, dentists. it is a real mess. to compound all of this, higher earners who have been taxed to death has left the state. the tax base is heading down as the debts pile up. the bonds are rated just above, i mean just a hair above non-investment grade, almost junk. i guess the question if you're

looking for really high yield, they believe, states will come through with their, the money they owe you they are absolutely worst rated of all 50 states in the muni bond market. liz: they're losing businesses too. general mills, mon dell lay international, losing companies along with taxpayers. ashley: it's a spiral. stuart: the debt been piled up to pay retired government workers is astronomical. new jersey -- similar problem. ashley: buy one years to 45 years. how would you like a 45 year bond from the state of illinois? stuart: at my age? ashley: we'll will you in. stuart: wheel me in. market is down 70 points down. we were down 150. not now. our next guest says, this little drop it is nothing compared to what's coming. he said the selloff, soon, will be the worst in our lifetime? who is saying that? jim rogers. how about that?

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♪ ♪ you say good-bye, and i say hello ♪ stuart: you say good-bye, and i say hello. i'm not sure of the title. ashley: say hello. stuart: as long as i don't sing along. liz: please. stuart: france's president emannuel macron is ready to address a joint session of congress. we'll monitor it. if any headlines. you will know about them first. they're assembling in congress. 10:30 eastern time. that means we have latest

numbers on oil in storage. ashley. ashley: i don't know who makes the estimates on these but they should be fired. they were supposed to go down by two million barrels. but they grew by 2.2 million barrels. that is a four million barrel miss. however that should put the price of oil down a bit because it says we have more in storage than we thought. stuart: down a bit. i think we did that okay. 67 bucks a barrel on oil. big tech, always center of attention. all of them down yesterday. most of them down yesterday. apple up a buck 50. facebook, microsoft, alphabet, all on the downside. wynn resorts, gaming company, of course, losing money. profits in the macau business falling short stock down 4% as we speak. i want to bring in jim rogers. he is the chairman of rogers holding .

>> but probably coming, beginning later, crashes don't happen in one day. market will go up for a while. i'm optimistic about the u.s. stock market and asian stock market. it will go up, sometime later this year or next the decline will start in. it doesn't happen in a day. stuart, when i said it will be the biggest market downturn in my lifetime, that is not so strange to me. 2018 we had a problem -- 2008 we had a problem because of too

much debt. stuart, the debt has skyrocketed since 2008. saying it will be worse in my lifetime, how would it not be? stuart: you're a debt bomb guy? the crash is coming, huge selloff is coming because of debt. you say, i asked you when, you kind of hedged a little. maybe late this year, early next year. and then i asked why, you say it is the debt bomb. that is your scenario here? >> yes. stuart, do you remember 2008 and 2009? that was because of gigantic debt. it is getting worse. it is much worse now. the federal reserve alone's balance sheet is up 500% since then. by the way, janet yellen says we're never going to have another bear market in our lifetime. so, maybe you shouldn't listen to me. stuart: all right. i'm listening, and i understand that you're in miami for a blockchain and a cybersecurity conference. okay, just strip out all of that for a second. what do you think of cryptocurrencies? are you investing? >> well, i have never bought a

cryptocurrency. this blockchain conference, but of course that includes cryptocurrencies. their theory, if they educate people, they have amazing speakers, that everything will be understandable at least. i have never bought a cyber currency. blockchain is certainly going to be a great change for all of us. it will change the world as we know it. i'm not so sure about cryptocurrencies. stuart: blockchain though, in what way does it change the world as we know it? what is the great opportunity here in blockchain? >> i wish i could figure that out. i hope i will learn at this conference because i haven't found a blockchain investment yet. but, stuart, in china, for instance, they don't have money. i tried to buy an ice cream cone other day. poor woman couldn't sell it because i had money. i didn't have on my phone to pay for it. she gave me an ice cream. i wish i was buying a mercedes. stuart: you think blockchain solves this problem? blockchain, does what?

tell me what it does for me. >> well, for one thing instantly pays everything. instead of, if you and i get a bill. we send a check in, it is processed. has to go through the various departments to the bank. the bank has to pay. it is all done automatically. this is a miracle for somebody like me who barely understands computers. it is all done instantly with a lot less paperwork, a lot less processing. stuart: jim rogers, has not yet decided how to get into the blockchain technology? >> stuart, if i find out at the conference today and tomorrow i will let you know. stuart: what is your major investment right now? what is it? is it in a stock? is it in a bond or what is it? >> i own a lot of u.s. dollars because the u.s. dollar is down. it will go higher. i guess i own a lot of chinese shares, russian shares, japanese shares. asia, i'm more interested in asia. the japanese stock market is down 50%.

u.s. stock market is near all-time highs. i know you buy low and sell high, stuart. i have known you a long time. stuart: dishing out the compliments this morning. that's real good, james. >> all i said was i've known you a long time. i don't know if that is a compliment or an insult. stuart: you live in singapore now adays? >> i do live in singapore but i'm in miami today for this blockchain conference. stuart: jim rogers, thank you very much for joining us. anytime you want to come on the show. you come on. love to see you again. >> now i will say good-bye. stuart: now i say good-bye. got it, jim. move on, let's deal with north korea. you know the nuclear test site that kim jong-un closed down ahead of the meeting with president trump? scientists in china say, that test site is actually unusable. a cavity inside of the mountain collapse after the last test detonation. scientists warned another blast could cause a catastrophe.

van hipp is with us. this means, that that wasn't much of a deal anyway, closing down a site which is useless, is hardly much of a thing to give to president trump for the meeting. >> he also has done some other things. he ceded some ground here. for example, the fact that we have 38,000 troops in south korea in the past. they have always wanted to make that a condition. open source intelligence yesterday showed roughly 12 mining carts. that is pretty significant. and eight of those, stuart, were hooked up to a train. he may actually be beginning to move stuff out of there. stuart: is that the same place that the chinese scientists are saying that is unusable? >> yes it, stuart. here is what is interesting. they had massive tunneling taking place, january, february, march, up until the time it was announced that president trump would meet with kim jong-un. that is pretty telling.

also when we look at the satellite imagery from yesterday, main command-and-control center, no people, no vehicles. and at the people, i think just one vehicle were at one ad machine straight tiff building. this is where most of the underground nuclear tests have taken place. this has been probably their main nuclear test site, certainly as far as the underground nuclear tests are concerned. stuart: sounds like van hipp trusts kim jong-un he has done in fact what he said he was going to do? >> about as far as i can throw him. i realize there are number of factors here at play. first of all, how much has he financed his nuclear tests. iran has outsourced so much of their nuclear weapons program to north korea, they have been laundering money, stuart through chinese banks, to north korea to help pay for it this is one of the u.n. sanctions that by most accounts china has actually complied with. they help to shut down the

laundering of the iranian money into north korea. so that is kind of dried up some of his money source to finance this. and, pretty interesting, last friday, at the workers party plenum, their big communist assembly, he is always there boasting about the nuclear program, he was talking about economics and economic policy a lot is going on. that is why stuart, i really believe this president will wait to see what kind of deal, if any he gets on denuclearization from kim jong-un before he makes a final determination on iran. stuart: he was very clear yesterday, i forget the exact words, they have got to get rid of the nukes. they have to denuclearize. that is dramatic and straightforward, what he says. >> he has got more leverage. brought kim jong-un to the table and it is american strength. when the president did what he did in syria the other day, he was not just sending a message to bashar al-assad.

he was sending a message to kim jong-un, with this president, red lines won't be crossed. stuart: we hear you, van hipp. a bit more positive on north korea than we've heard for a long time. >> the fact we have a president who brought communist dictator to the negotiating table i'm hopeful but look, it is high-stakes poker. you know what you're dealing with with kim jong-un. stuart: we got it. van hipp. see you real soon. thank you very much. now this. melania trump's first state dinner, they served american wines to the president of france. coming up, charles smith, remember him, award winning winemaker in our next hour. but next the budding relationship between president trump and emannuel macron on full display yesterday, as germany's angela merkel is heading to the white house on friday. how will she be received? rather differently perhaps. ♪

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♪ ashley: in the last hour we asked linda mcmahon, head of the small business administration why polls show a majority of people actually oppose the trump tax cuts?

here is her response. >> just, people are just filing their tax returns for last year. so they are not, you know, looking at double deductions. they're not looking increase in the child care deductions. not looking at things all the things when they filed their tax returns next year they will fill out in their tax returns hopefully just one piece of paper. so they have not really had yet the experience of the deductions except wage earners that are seeing more money in their pockets. that is having a very positive effect.

stuart: ah the state visit. ah, the state dinner. look at it. president trump hosting the president of france, emannuel macron. martha maccallum is with us, home. of "the story" with martha maccallum. this appears to be a bromance. my question is, does that make a difference? if they are good friends and get along very well, does that make a difference with the policies they actually come up with? >> i think it does. this is a person who has been a businessman his whole life. he understands the power of relationships doing things.

that he deals off chemistry with people, not just the policy involved. what is the purpose of these state dinners and these state visits? to get the two individuals in the room together to get them to come together on policy. as we talked about at the top of hour show watching everyone walk in, there are enormous stakes with iran and north korea. whether or not france has our back and we have theirs is probably as important now as many way as it was in world war ii. we have islamic radicalism in syria, northern africa. other parts of the world. north korea on the brink of nuclear power, nuclear weapons. you have iran, which is at economic skids and is desperate and scrambling which is not a great position for them to be in. you have them helping in syria where we're up against russia essentially. this is extraordinarily consequential, this meeting.

i think it is going extremely well. stuart: how about the meeting with angela merkel from germany? she arrives on thursday night. they meet on friday. it is not a state visit with all the pomp and circumstances. this will be a very different visit with angela merkel. >> with any two people you hit it off or you don't. they have a little bit of difficult time. stuart: difficult? >> finding their chemistry. this will be interesting to see, perhaps the ground is softened a little bit by the macron visit. obviously they both want things from each other. trade issues are huge. they want to have some kind of exemption from the steel tariffs. i think the president has proven he is always willing to negotiate. if you give him something, he is willing to give you something. we saw that with an extension of troops on the ground in syria which the president now says we will be leaving relatively soon. stuart: right. there is a different. >> than very soon. there is a difference there.

and also with regard to, to the iran deal which he has now said, you know, we can strike a new deal. stuart: if there were, if you could actually investigate and look at and check iranian military sites which now you're not allowed to do according to the iran nuke deal, if you can open that up, and we get in to inspect those sites, i think that would be enough for president trump to stay in the iran nuke deal. that would be a real turn around. >> it would be a huge turnaround. stuart: that would be negotiated in part by emannuel macron. he would be the point man changing that deal. >> you're right and that would be a leadership role for him that would, i think sell very well at home as far as he is politically concerned. stuart: did you have fun last night commenting because the dinner was starting as you were on the air? >> it is lovely. i think melania trump deserves a lot of credit. she is a very steady hand in this kind of moment and, you know, she had a lot thrown at her recently as we all know.

stuart: am i allowed to say i found her stunningly beautiful. >> of course, why not? stuart: thoroughly in command and dynamite first lady, can i say that. >> absolutely. i certainly hope so. who wants to live in world where you can't say that? she looks fabulous. she did not have an event planner which usually first ladies do in this regard. she enjoys being hands on with this sort thing. to her credit, she is not outspoken. the entire family is very out there, right? to have melania trump say okay, i'm okay for taking a bit after back roll and taking a steady hand. we need it, right? stuart: that is your phone by the way. >> i'm sorry. probably calling about emannuel macron's impending congressional speech. stuart: you are covering that.

martha. fresno state the college, will not punish the professor who wrote offensive and then some tweets about barbara bush. the head of fresno's young republicans. he is going to respond. we'll be back. ld annuity from brighthouse financial, which allows them to take advantage of growth opportunities in up markets, while maintaining a level of protection in down markets. so they're less concerned with market volatility and can focus more on the things they're passionate about. talk with your advisor about shield annuities from brighthouse financial- established by metlife.

stuart: fresno state college professor, randa jarrar came under fire for tweeting, nasty insulting comments about former first lady barbara bush. despite a petition wanting to fire her, the university says they will not discipline her. it's a free speech issue. on the phone now, nick mapatan, fresno state college republican president. all right, nick, how much support does this professor have on campus? >> well, from what i have seen, most students are in support of free speech but they do disagree with what she said. i talked to many students who say what she did was absolutely crossing the line. i think where she crossed the line where she tweeted phone number to the asu suicide crisis hotline. i think by inundating that phone call hotline with nearly 70 calls per hour, i think that she could have prevented someone who needed the help from getting what they needed. so the students are generally in support of free speech but feel

she crossed the line when she tweeted that phone number. stuart: forgive me, i'm not aware of this. which phone number did she tweet and why, tell tell again? >> she tweeted a phone number claimed to be hers. but in actuality turned out to be arizona state university crisis hotline for students to get help if they feel suicidal or need someone to talk to. stuart: nick, hold on a second. i want to condense this. it seems to me that in america today, there is free speech for the left, but there is not, there is no free speech for the right. for example, if a conservative had said something like this, like this professor said about a democrat, that conservative would be out of a job, but because it is a leftist, saying about a former first lady, she keeps her job, what do you say? >> i completely agree with you. if any of these comments that she said were said about hillary

clinton or michelle obama, they would be terminated immediately. we have had examples of fresno state before where professors have said that president trump should hang and again they have had nothing done to them. there is double standard with regard to free speech. liberals get to do it, but conservatives are slammed if they say anything. stuart: college republican guy from fresno state, thanks for joining us, sir. i think you're a brave guy. keep up the fight. good for you. >> thank you, so much, stuart. stuart: see you again soon. >> all right. stuart: coming up i was warning about this. now it is happening. the exodus of people leaving high-taxed states, it has begun. hundreds of thousands of people leaving blue states for red ones. my take on that top of the hour. baby boomers,

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: . : : >> let the exodus begin. actually it started are ready. we are talking about mass

migration within the united states from one group of states to another. this is america and we move but you ain't seen nothing yet. consider this, in each of the next three years 800,000 people believe california and new york. that's 800,000. year. another 500,000 will leave connecticut, new jersey and minnesota. these numbers are from a columnist. millions of people, thousands of businesses and tens of billions of net income will flee high tax blue states for low tax reds dates. that's important part. people and jobs in many moving out of democrat states and moving to republican states. taxes are what's doing this. as we've said many times, you make good money in a high tax democrat state and this new tax law will kill you financially. this is terrible news for blue states. it's a bonanza for low tax

texas, florida, nevada, arizona, tennessee, utah and others. imagine what this actually means. strong demand for real estate of all kinds in low tax areas. people with money will be flooding in. more jobs and business openings. stronger state revenues, they may even be able to cut taxes, but for the high tax states its disaster. would you move to new york to take a new job if you get hit with a tax hike? you will think twice. for years we've been seeing migration. now get ready for mass migration. i'll conclude the way they and their article. delusional, liberal interest groups want blue states to respond by soaking the rich residence even more. if that happens, our best advice to blue state residence is simple. translation, lead now.

leave now. the third hour of "varney and company" is about to begin. ♪ ♪. >> the migrant caravan has arrived at our southern border. busloads of people from central america made it to tijuana. it's just across the border from san diego county. very soon we will start to talk to san diego county mayor who are right on her doorstop. back to the great tax exodus. steve forbes is with us. forbes media editor-in-chief. there is nothing that high tax states can do about this. their goose is cooked. what say you. >> they're going to try to behave like north korea. they can't physically stop you from leaving but by golly they will make it hell in terms of paperwork when you move to another state.

you have to have a credit card to make sure each day you show you charged something in another state or they will assume you're back in new york or new jersey or wherever. so suppose you live in new york city at this moment and you don't want to be paying a 65% tax rate, as you will if this thing goes through. so you move to florida, you have to have a paper trail. >> electronic paper trail every single day because i'll go after you. one of the good things that's already happened is the resistance in new jersey. we have a new governor and he wanted more spending and more higher taxes, it was a democrat legislator that said no, people are fleeing. you can do this. >> wait a second. this is governor murphy, he still put forward $2.7 billion worth of extra taxes including a millionaires tax and arise in the sales tax, including surcharges for uber passengers, lift passengers

airbnb customer customers, he still working toward a tax increase in new jersey. >> in the bubble that he's been living in, there is a slight reduction in new jersey sales tax from 7% to 6.6. he said people won't notice and will raise it an extra 500 million a year. so 500 million, people won't notice it leaving their pocket? that's their mentality. >> i got to talk about the markets. just moments ago we turned positive. we were down 400 yesterday, down hundred 50 early and now as of 1104 eastern time we are up seven points. steve, the big selloff yesterday came because some big companies were saying or that it was interpreted they were saying this is as good as it gets in terms of profits. in other words were going down

on profitability from here. hence the selloff. what say you? >> profits will be under pressure because expenses are going up because of supply and demand. wages have to go up because of supply and demand. what does that mean? more investment to become more productive. economies start work normally again. that's actually a positive sign on interest rates. that should be set by lender and borrower, not by the government. what we have is massive amounts of financial engineering to raise the price. now will get a fee the old-fashioned way. productivity, investment instead of reducing your shares. >> you are saying nonsense, the best is still to come? 3% on the treasury is not a big deal? >> we've had it for years. we had it in the 80s. booming 80s, booming 90s. the real concern is trade. will we bought nafta? and we will but that's a

concern. possible trade war for china, those are questions overhanging the market. if we over come those we will enjoy some good times. it's like good weather, were finally going to get some. >> stay right there. i will get back to politics. republican debbie lesko won the arizona special election. she only won by six points in a district that president trump won by 20. training is now is kaylee. this was not a stunning victory, it was a real close run thing. you can be happy about this. >> it was a victory nonetheless. we have a pretty good record here the gop. we know it's hard when you control the white house to win the midterm election but we've won six of the nine special elections, that's a pretty good record and also i'd point out that there's a difference between a special election and a general election. turnout is very different from

us that we saw about a hundred 73000 voters turn out. just two years later during the general you saw about 300,000. >> there's a new poll, only 39% of people responding support the tax law. 52% do not like it. kaylee, you've got an uphill struggle to convince people they should vote republican in november on the basis of prosperity and the tax law. you got an uphill struggle. >> right, but we think it's going to be pretty easy to convince people you want to keep more money in your wallet. that's a pretty basic tenet that most americans can subscribe to. we think as they see their paychecks increase and they look forward to the next tax season it will make a difference. forgive me for interrupting but is it not possible for the democrat strategy of saying these are tax cuts for the rich and ordinary people get crumbs. that has traction that at this moment is a winning argument. what you said. >> we don't think it's a

winning argument. all point to to the wall street journal poll just before we past tax cuts, more people trusted democrats and that has changed. there are some good poles out there, nevertheless it's important for us to keep telling the american people jump tax cuts are the reason your paychecks are increasing. it's the reason 500 businesses have given bonuses and extra benefits. >> we hear you when we thank you very much for being with us. >> steve forbes, your reaction? >> what happened in order arizona is what we saw in pennsylvania. many of the trump voters are not coming out. the anti- trump voters are coming out. the races we should win easy are not so easy. >> i'm sorry to interrupt you. i do apologize producing the

trump voters are not coming out because they don't like the present personal style? the tweets, the insults, is that a problem. >> that's only part of the problem. a minor part. what it is is they haven't given reasons for these voters to come out. for example in the pennsylvania election, the candidate did not tell tax cuts in the way ronald reagan whatever any good republican in the past would've been what they also have to do is get off their dauphin start passing legislation. put it on the floor. there's a maybe we'll have another round of tax cuts. they should say this is a down payment and put specific proposals on the table like a cut in payroll tax in a matter what your income it will go up. cite the base. they haven't done that on healthcare or taxes or anything. >> got up with the message out. >> you're almost intense about this is you are about living in new jersey. stay there. will check that market. first of all, how about oil.

oil, $67. barrel. that was a surprise increase in the amount of oil we've gotten store. a gallon of gas, average, regular, $2.78. gallon nationwide. prices are up 15 days in a row. look at this. eight states where gas already averages three dollars a gallon or more. all of them on the west side of the country. pennsylvania closing in, they are at 298. staying on oil, production is booming but the shale industry is facing a bottleneck that could hit oil prices. we will ask shale oil pioneer about that one. other big news, the migrant caravan arrives at the border. they made it to tijuana just over the border from san diego. next were joined by san diego county supervisor on her doorstep. of course we'll watch your

money. the dow is down eight points. the third hour of ernie and company you're watching it. "varney and company". you are watching it. ♪ ♪ ♪ ♪ with expedia you could book a flight, hotel, car and activity all in one place. ♪

manual macron wrapping up his visit to the joint session of congress but he's giving that speech right now. he just got a standing relation. he just said the economic ties between france and the u.s. create hundreds of thousands of jobs on both sides of the atlantic. any more headlines, you will get them pronto. that's a promise. back to the caravan which arrived last night just across the border from san diego county, joining us now is kristen, chair of the san diego county board of supervisors. kristen, we understand that

lawyers are going to be there helping the migrants get into the country and plea for asylum. how do you feel about that? >> here in california we have a governor just rolling out the welcome mat for a lega illegal criminals. we have all sorts of laws and policies i have been adopted by governor jerry brown including sb 54. the shielding criminals in our community for the very people he supposed to be protecting, these 40 million californians, three and half million san diego's that instead were choosing to shield criminals in san diego is pushing back against the. >> there's no suggestion that the migrants, they are from central america, they are set to be fleeing oppression and violence, especially in one hour. there's no suggestion that they are criminals, but they are going to get in and they are probably going to get granted asylum. how do you feel about that? >> we were talking about sb 54 locally, our governor has

enacted policies that are actually shielding criminals, not just people have come into our country illegally, but these are people who have committed crimes in our country so what we are talking about in san diego is that the government is mixing issues. he's talking about immigrant families who are out here in our community, but what we are seeing are the impacts of people coming across our border. we are seeing human trafficking, drug trafficking, weapons trafficking across the us-mexico border. we have to be able to protect ourselves here in san diego. >> york county voted against the california century law. any progress there? has the movement spread? can you bring me up-to-date? >> the movement is spreading. you can look at the number of cities taking up this discussion. i want to show you what this looks like and provide you an update. these are the number of people who disagree with what san

diego did by pushing back and joining the federal lawsuit. i want to show you what this looks like. this is a stack of e-mails that just keeps growing by the day. hundreds and hundreds of e-mails pouring in on both sides for these are republicans and democrats, people who wanted to keep our communities safe. >> they may be considering a similar move. >> we've had other cities contact to see howard joining in. we will be talking about the 305 criminals who have just been my back on the streets. period will be talking about the hands tied of our local

law enforcement and the inability to work collaboratively with state and federal agents. >> we hear you kristen, thank you very much for being with us. >> let's check the price of gold. down ten dollars today. 1322 is the price. let's check the price of that coin. how much? $8899. coin. down about $700. we have jeremy muller. remember him? best known for his hit series growing pains. he titled alcohol for many years until finding treatment that works for him. that's an implant. surely he will join us on the set to tell his story as well as the ceo of the company that made the implant. he is with us today. we're talking about this for two weeks, the car owned by james bond is up for auction and has been sold as we have to do in the 11:00 o'clock hour, we wait for commercial break and we tell you how much it sold for "after words". i've got this news for you,

news that really matters, english soccer team liverpool beat roma 5 - 2 yesterday. first game of the semi- files of the european champion lead. the newly crowned mvp, the premier league is mohammed sally, he led the way with two goals, two assists, two sides meet again next wednesday. what were not showing you is the riots and bloodshed between their supporters. that's big news. more money and a moment. ♪ ♪ ♪ ♪ ♪ ♪ local

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a car owned by james bond actor sold for $470,000. what you're looking at is a 2014 aston martin centenary edition. only 100 for made. money will go to the opportunity network which tries to help students succeed in college and their careers. officials are trying to increase tourism by reaching out to star wars fans. part of the original star wars movie were filmed there, and underground home where luke skywalker lived is being

turned into a hotel. an area of has been named luke skywalker's home planet. >> this is sensational photograph. it looks like snow on the surface of the comment. the photo was captured by european space agency. it looks like snow but in fact at the commendation of stars in the distance and dust blowing around the comments surface. that's a good picture. i'm glad we got that. now this. a new report says migrants are using other people's children as cover to get themselves into america. the judge will be coming up on that one for you. meanwhile the market has turned around again. now we are lower. not much, down 20 points. right there at 24000. i promise, we will be back your company is constantly evolving.

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we are down a little bit, nothing like yesterday's

400-point the client. we are down 32 as we speak. 23900. that's just the price of oil for a moment. i think were around $67. barrel. production is growing in this country. however, the shale industry faces what's called a bottleneck. that can get the stuff out of the ground but they can't move it to market. there's a bottleneck in the middle. training is now is mark, the ceo of centennial resource development and a pioneer in the shale business. mark, i would have thought this was relatively easy to fix. is it? >> it's not as easy as it sounds stewart. the bottleneck is particularly prevalent in the basin which is west texas and southeast new mexico. it's going to take a little bit of leadtime to fix. >> how long. >> it may take a year or two to rectify some of the problems. the problem is. >> hold on a second. for a long, long time we been saying american fractures are american heroes because they

are increasing our supply of oil exponentially and affecting the world price. if were now told you can't get the stuff out, from the ground to the market for a year, that's not good news. >> it's not going to affect the situation in a major way, but it may affect the price differentials relating to the price the producers are going to get. >> look, at the moment we have eight states where the average price of a gallon of gasoline is above three dollars. gallon. is that in any way shape or form part of this bottleneck problem? >> i think the fact that gasoline prices are rising is a larger factor due to overall

global supply and demand, tightening considerably. not so much due to this bottleneck problem. >> do think prices are going to keep going up? we are at $67. barrel. we go to 70 and maybe a 80 in the near future? >> i think there's going to be an upward bias of prices over the next 12 - 18 months. i'm not sure which prices to predict, but i would bet on higher rather than lower. >> okay, we hear you. you are a pioneer in this industry. we are very happy to have you on the show. it's unfortunate that it will take a year to get rid of that. but look, thanks for telling us the truth. we always appreciate that. >> one company, i find this fascinating, very important story. we've got a company that's developed in implants that the company says can be used to treat alcoholism. joining us now is brady, the ceo of bio correct, also with us is actor jeremy muller who

has had the implant and it works, but first to brady. this is an implant from your company, tell me how it works. >> at the surgical procedure. it implants a pallet of medication. >> with it. that little thing on the end that it's a very small piece. that goes into your body. >> the lower right or left quadrant, if it's under the skin and then over several months it releases the medication into the body. naltrexone has been around for decades. it's a proven medication that stops cravings for alcohol or opioids and you avoid the effects of it. so it works in two different ways. >> wait a second. it's relatively simple surgical implant. take me through it soup to nuts. how much? i'm sure counseling comes with this and it's a surgical procedure. how much question. >> the point. we have independent providers who use our implant with the entire program that we created which includes behavioral

therapy. support for year, a lot of labor-intensive. they tell us their prices anywhere from ten or $12000 give or take to pending a part of the country and how much work is in involved. it's a comprehensive program that includes these three different components for the medication which is just the tool to buy you time to get through the therapy, the. support and group therapy. >> ten grand out the door. >> ever take them yes. >> ballpark figures $10000. that will set you straight. brady, stay there. i want to talk to jeremy. >> you have this done. >> in 2011. it was an absolute game changer for me. i had struggled for 15 years with alcoholism. >> i have been trying to stop for probably three years solid before this. i tried inpatient, outpatient, twelve-step, meditation, holistic therapy, hydrotherapy i ran the gamut and i had given up hope. >> then you have the implant

and then what happened? >> within hours i started noticing the effects, and what you notices what's not there, that constant obsessive need. it just kind of the enmeshed. it was like a light switch got turned off for me. fiancé and i had to stop for ga gas, we had gotten stuck in traffic about four hours after my procedure, she gave me 20 bucks to go pay and i ran inside, i paid and i walked out and i had to stop outside the door because i didn't even look at the beer. i didn't even look at the alcohol but i walked out without a second thought and that was so unusual that i actually stopped outside the door and had to take a minute. >> but it took away the desire. >> yes. it's all i have thought about. >> and you don't feel good unless you have a drink. >> you feel awful. i had a wake up with booze. if i did not i was not right the whole day. >> any other side effects. >> very minimal for me.

a little bit of restlessness but one of the things we noticed, i had the chance to work with some patients "after words" and help with counseling and pure support is that because it's such a slow release, the body seems very receptive to it. i experienced almost zero side effects. a little bit of restlessness the first couple of nights and that was about it. >> do you ever feel that i'd love to get back to the euphoria, that feeling that one does get with this skin full of booze. >> like any alcoholic, if you told me there is a way for me too become a normal drinker and actually just have a couple drinks and be okay i would jump at that. if you could guarantee that, but the fact is i've had friends ask me, don't you wish you could have a beer right now and i said probably but is it worth risking it? is it worth going down the road that i know the desperation it takes me too. >> you didn't substitute the alcohol with any other drug.

>> no, not for me. although i happened to be a big medical marijuana supporter and it's helped some family friends but that's not an option for me. i know where that stuff takes me. i'm using anything to cope beyond what's inside me i'm already in deep trouble. >> what's it like having a totally clear head. >> it's amazing. i was drinking from the time i was about 19, i was in everyday drinker from about 21 on until i actually got the implant. too actually be able to think and get up in the morning and feel okay and get something accomplished for my family is amazing. >> hold on a second. brady, how many implants have you put in. >> we've treated about a thousand patients in our program but the problem is pure support so were seeking fda approval to get wider. acceptance. >> you have a thousand. >> over a thousand with good results. >> great results but it's not 100% success rate but what

is. needless to say we haven't seen anything like this. it's about 80% or 85% of spending on how long your tracking people. >> thank you very much gentleman. great stuff. thank you for coming. >> next case. totally different subject. finland ending. [inaudible] as part of the trial 2000 people receive $695. year no strings attached. do what you like with the money. finland says it will study what people did with the money. they won't release the findings until next year but they have said it's all over, no more free money. good. sky comcast is up to half percent. better profits with anthem

helped by lower cost and the stock is up one and a quarter percent. the republican congressional baseball team returning to practice for the first time since the shooting last year. house majority whip steve scalise was usually injured. he did not attend the practice. he is recovering from another surgery that he had to have earlier this week. the report claims migrants are using other people's children to get in the country. judge napolitano on that, next.

i'm nicole with your foxbusiness brief. if you like disappearing messages and you thought e-mail was dead, google has a new disappearing messages function that's coming out this week. there will be an icon to lock it but you can set your message to expire from one day to five years. the recipient must actually enter passcode that you text to their phone and they cannot forward it copy it or print your message. this is a confidential mode. this will be a available with the lock icon on the bottom of the e-mail. gmail has 1.4 billion users a

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stop taking jardiance and call your doctor right away if you have symptoms of ketoacidosis or an allergic reaction. symptoms of an allergic reaction include rash, swelling, and difficulty breathing or swallowing. do not take jardiance if you are on dialysis or have severe kidney problems. other side effects are sudden kidney problems, genital yeast infections, increased bad cholesterol, and urinary tract infections, which may be serious. taking jardiance with a sulfonylurea or insulin may cause low blood sugar. tell your doctor about all the medicines you take and if you have any medical conditions. so-you still just thinking about your a1c? well no, i'm also thinking about my heart. now it's your turn to ask the serious questions. ask your doctor about jardiance. and get to the heart of what matters. >> illinois land of lincoln. they are adding to the states outstanding debt. very are already the worst state in the bond market. their bonds are just a tad above junk status, and now they're going to sell billions

of dollars more bonds. steve forbes is with us. there is no way you can stop the downward spiral of these high tax democrat dominated states. or is there? >> the only way can happen is through the voters. they're going to begin to wake up, the governor said three years ago that chicago is going to go bankrupt because they can't cope with all their pension costs and other obligations for the state of illinois may go kaput as people, especially businesses and high income people leave the state, eventually it will turn around. summary will come in and say enough is enough, but only the voters can do it. >> don't hold your breath. >> i'm not. i'm not moving to illinois. >> can you really see the voters of illinois or any other high-tech state thing okay, we want lower taxes and we want less services and we want those retired government workers paid less. out of the question. you would never be elected on that, ever. >> look at massachusetts, once known, i hate to say something

nice but not once known as tax at juice it's, there now lower than new jersey and others. starts can turn around. >> the real reforms on medicaid. >> true. you and i live in hope for new jersey. let's keep our fingers crossed forget about it as they say in jersey. >> the new york times, this is for you. they claim migrants are using other people's children as cover to get into america. border patrol agent say this is increasing. judge, explain. how does this actually works. >> the government has a principal that when an adult shows up with an infant they have to do what is in the best interest of the infant. now that can mean taking the infant away from the adult and sending the adult away or keeping the infant and the adult together on this side of the border. the government has very little means to determine is this the

offspring of this adult. it doesn't come out until sometimes years later that the whole thing was a fraud, that the adult is not apparent of this infant but stated he or she was, gave the impression that he or she was so as to get on the side of the border. >> it has happened over 700,000 times. >> 700,000 times? good lord. >> it doesn't mean the adults are bad people. it doesn't mean they're criminals, but it does mean they used a child to commit a fraud which makes the use of that child a criminal offense. >> okay. i want to talk to you about fresno state. the college in california. they're not going to discipline the professor who insulted barbara bush. here's what the university had to say. i will quote it. her comments although disgraceful are protected be speech and the university does

not have justification to take any disciplinary action. so then it's free speech paired what say you. >> i don't know what she said, i don't care what she said. she has the right to say whatever she wants particularly since she works for the government. that the government owned school. she can't be disciplined for what she said no matter how disgraceful it might've been. >> the school said we support diversity of opinion. calling someone a racist or which, that's not diversity, that's a personal attack. the parents have a right to ask, what is our tuition going for and by the way will that school invite conservative speakers. >> that was your point steve, when are we going to see a conservative appear. >> real diversity. to steve's point, it is owned by the government and the people theoretically on the government and the people theoretically can tell the government how to spend its money and what kind of people they were hired at the schools. but it can't stifle free speech just because it's offensive. >> wait a second. if it was the other way around

they would. >> they can stifle free speech if it was a conservative saying something about a democrat. >> i'm sorry to say you are correct even though both would be equally offensive. >> fairpoint. not arguing that i'm just saying there's a double standard. >> yes there is and it's getting worse. >> you cannot express a conservative opinion on an american campus without getting run out of town on a rail. >> this little place in central new jersey from which steve and i graduated is having a renaissance of conservative opinion. new york times just wrote a piece about princeton university and the resurgence of the acceptability of conservative opinions on campus. let me tell you, there was a time. >> the phone numbers of faculty are now coming out of the closet saying there conservative, a growing number of students, last year the editor of the school paper was a conservative so young people are rising up.

they know what's going to happen. he was on the board of trustees at presen princeton university. he was the only conservative there. it was an act of monumental courage. >> are you still the only conservative? >> i'm not on anymore. here's my closing argument that it's a double standard and i don't like it. agree or disagree with me. a couple stocks in the news and moving. let's start with boeing. there up nearly eight dollars, nice profits and more to the point, they look to the future and said things are going very well. investors like that. twitter reported its second straight profitable quarter. it is still adding users but there's concerns about growth so it's down three and a half percent. present trump, first lady hosted their first date dinner and honor of france present account. many french items on the menu but they served american wine to the president of france. about that.

i bet award-winning winemaker charles smith approves of that. that's the guy. you will see him on the set momentarily. prize-winning winemaker with hair like that. ♪ ♪ ♪ ♪

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we are talking about the french dinner for a manual crown. it was served with american wine. look who's here, the man with the hair. charles smith. it's a great pleasure to have you back. >> it's great to be here. >> why wasn't your wine served to the president of france. >> it's quite an oversight on their part. [laughter] take it up with d.c. >> i should write her a note. >> seriously, i've just been told and i can't believe this, global wine production output, call it what you like, is at a 60 year low. >> isn't it amazing. >> that's crazy. >> if it's just because people are consuming more wine, it's

a 60 year low in production. it's not a question of more ranking or less drinking, they're not producing as much. >> i don't know what's up at that. i'm producing all that i can make and all that i can sell. >> you had sold it chunk of your business. 70% of your wine output. you became a multimillionaire very quickly. i was thinking maybe 50 or $60 million on that. >> no, double. >> you made over a hundred million dollars on that? >> why not. >> i was impressed. what do you got there? >> these are two of my new projects. when you sell 70% of your revenue you have come out with someone else. i gave everybody bonuses and raises so i had have something else to build up. this is the hardest growing

brand in america right now. >> you think that will be her biggest project to date. >> absolutely. when you're making wind that selling for $15. bottle and getting 93 points from top wine writers, that's what they want high-quality wine for a good price. >> what's the name? >> charles smith and cabernet sauvignon, cs. >> i make the line. it's absolutely delicious but i continue to make the wine. it's the largest single vineyard bottling in the world. >> so you sold off 75% of your wine production and that goes to consolation and you took in your hundred billion or whatever. >> are you back to where you were having got rid of 75% of your production. >> absolutely. the first quarter of this year over last year growth was 60% in business. by the end of 2018 of the back to the same revenue i was pre-transaction. >> i have a great team.

my people are amazing. my production team as well, myself, we know what were doing, were passionate about wine, which are all wind driven company that happens to be good at marketing and sales but were a wine company first and foremost. one thing about production being down, i don't know about that the world but i know demand for wine has grown because myself and others are making higher-quality wine and people drink more wine and the wine is better, naturally. >> you are the winemaker so you do the blending. >> yes, winemaker and owner. >> my son is a winemaker. >> i know. >> have you tasted his wine? >> yes, they make delicious wine. >> last question. what's with the hair? >> all the money i save on haircuts in the many you spend on personal grooming, i'm just trying to save a dollar here and there and keep my finances in order. [laughter] >> the producer just said "varney" your jealous.

[laughter] >> grapes of happiness. >> it's so good to have you on the show. congratulations on your success. i'll put in a personal word that your wine should be served at the next date banquet. >> thank you. >> all right. we are out of time but there will be a fraction more money after this. ♪ ♪ ♪ ♪ ♪ ♪ ♪

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stuart: look at this, in the past hour we have fon down 120 points. liz, main reason? liz: bad forecast. 10-year note going up. stuart: yep. liz: costs. stuart: ashe? >> twitching investors rising interest rates, uncertain about guidance. stuart: steve forbes? >> up certainly on trade and taxes but economy is much better

than people realize. stuart: we'll get first quarter numbers. they will be misleading and that is not great. my time is up. but neil, it is yours, sir. >> thank you, stuart, very, very much the gap used to be excess of two percentage points. but we're going to explore that with my extreme panelists. today "wall street journal" editorial board mary o'grady, making money star, charles payne and my buddy