wall street swrowrnl that starts what if that was as good as it gets many terms of the economy. 3.1% wage growth coming up this friday for last month the best in nine and a half year. chncht is good stuff. >> have a great day everybody. go-sees the day megyn mcdowell lee carter great to see you "varney & company" begins right now. stuart take it away. >> good morning maria we're going to cease the week forget about ceasing the day come on. good morning everyone. yeah it is monday. and your money has started the new week fine form will you look at this as we thankfully head towards it end of a dreadful october we have a solid rally the dow is up 160, 170 points s&p 28 look at the nasdaq up about 85 yes. when the nasdaq goes up like this you know, technology is doing well. and so it is. here are the big five tech stock now this is premarket here's how they're doing before market opens look at them go big green arrows there a beating but

there's a bounce today looking particular at amazon down 139 per share just on friday. look at facebook and google, which are faced with new taxes all eyes on big tech today doing well so far here's the political pretend of the decades, the rise of populist conservatives. jill will be next president of brazil, the biggest country with the biggest economy in lathen america will be run by a conservative in with the new out with the old angela merkel will try to remain chancellor until end of her term after that out of politics. opening beard to over a million migrants that's what did her in. going. monday october 9th, 2018, 8 days to election and varnmy and company is about to begin.

>> all right let's start with a big tech deal to tell you about. old tech ibm buying new tech red hat now i know the deal is worth 33 billion dollars. but what's it all about? >> it is a big software company and partnered with ibm for last 20 yearses so they know each other very well and all about access to cloud and soflt ware needed to give companies access to the cloud. ibm ceo jenny calling this a game changer of course she would but she said number one hybrid cloud provider if you look in premarket they're down 5% maybe people think they pay too much. 34 billion about 190 billion per share for red hat with a market cap of 20 billion. well, look at the market. ibm is down to 118 a share. it is feel luke week ago it was at 150 and going up now it is not. >> tried to turn things arranged ibm slowly been making gain to

doubt and cloud is the future. they believe this is a game changer. >> may have been an overpayment that overpayment -- >> by the way, that to that five dollar drop for ibm accounts for 40 dow point to the downside if it wasn't for ibm dow going 200 points this morning toipght bring in market watcher shaw. do you think that this -- this is kind of desperation on the part of jenny to go out to buy red hat what's your judgment? >> i think that probably is the appropriate word. i agree with you stuart it seems to e me to be a bit of desperation if this was going to be good hov, and techily it is a good move it should have done this five years ago. the money that bm spent could been picked unand see grated it long ago. paying high premium on it this is a great company but conflict of culture issues here no now they're going to keep red hat separate but they're going to have issues in conflict in terms

of that. again, this is just a sign of premarket is saying this is a sign that ibm and management there is a problem. >> okay i want to talk about amazon because that thing was down 139 dollars per share. just on friday, modest bounceback today premarket back up 22 becomes but still at 1665. is that a big enough dip for shah gilani to buy some amazon? >> well listen i'm stepping arranged edges here. i believe market has maybe a little bit more to go in downside in terms of the midterm elections and remain git reis and volatility high. there are bargains out here for sure. amy dison if you pick it up on friday close it is down about 25% move to upside to get back to where it was months ago. same thing as we've got stocks in same position. facebook -- gain from here to its all time high we have 50% gain so there's market collected i.t. and i think it will in next quarter or so and before that. stocks get back to their highs and tremendous bargain right available now on all of these

stocks. >> okay so you would be if you're a long-term investor in the a trader you're not in and out but a long-term investor you might buy two or three of stocks on our screen right now. >> absolutely. if you're a long-term investor if you don't own amazon here facebook great right here. absolutely. got it. shah gilani, have a good monday morning young man and we'll see you soon. thanks very much. i've got to stay on big tech actually because "the wall street journal" reports that asian and latin american countries are following europe lead and they're looking to tax companies like facebook and google. joining us now is james freeman editorial page, more taxes, more regulation, i don't see how they can resist what look like a global trend. go get them. >> it is a disturbing trend our news side i think captured it well. the a lot of countries would like to have google and facebooks created in their countries. a lot of them don't. so what do they do it?

they're looking to tax whenever they can -- >> with digital services. >> did you see it as a money grb or something legitimate there that they're exceptionally powerful companies with enormous amount of money. and they -- are not securing privacy? >> i think you have to look at a money grab in sense of what on table are digital only taxes this is not a general sales tax or general corporate profits tax. those tacks already exist and many of these countries that are considering it they're very heavy. very heavily taxes on corporate income most of those proposals eu will discuss is some of the them next month at a finance min e store meeting you minced asia, latin america their taxes on revenue so seeking to take a piece of digital traffic as it moves around world it's -- very destructive to growth that i would hope along with these companies were lobbying in countries against this. i would hope our government would stand up for -- this great american industry

despite its faults and say this is not good for growth or for our companies. >> they could be taking tens of billions of dollars off them. >> well there's no limit to it as we said this is on top of the normal tax burden these countries get taxed on earnings all over the world wherever they operate this is saying now we're going to take a cut of revenue details to be decided. but this is a big negative for these companies. ampletion punitive money grab. i'll, leave it like that. more from you later. here's a very interesting development in retail. wal-mart and they've got sam's club taking on amazon yeah with cashierless stores if no checkout line no cash registration they're calling samsung now they're -- test driving it in dallas, the way it works is you download an app you quack in and if it will upload shopping list on your phone and you check out basically with your phone. so i'm wondering if they have

free food samples too. waiting on that news. but instead of -- instead of sam's club workers they're calling them sam's club cons concierge will help you check out. >> lover that by the way. you love those. >> i love them too. i regularly eat lunch in costco. because right you don't know what i'm talking about -- >> it is saturday i had the buck 50 hot dog and drink special along with the sample. >> what a deal. we should be talking about sam's club or wal-mart is the way of the future. next case germany chancellor been there for years in that party she said she will not seek reelection. james freeman is never done and still with us. she's with -- stay there son. she was done-in by open borders. that's what did it, and her leaving leaves europe an

absolute mess. >> probably not going to be long in the chancellor job. certainly the 2015 decision to say, we're going to welcome my immigrants essentially and open door policy is there's a lot of benefits to immigration but those of who want to sell benefit cannot start out from a premise of saying we have open borders you're a big got that's not the way to do it and i would add along with mishandling immigration issue, this country, germany, has some of the highest electricity prices in the world that is in major part because she has pushed along these completely unrealistic emission targets not meeting them but paying a lot for alternative energy. et she's done all right james thank you very much indeed. now the monday morning caravan news. after day of rest, the first group, first caravan continuing its march to our border, and

griff is with them. tell me the latest please, griff. we're on the road moving towards u.s. notten willing to admonition and you can see here interesting scenario migrants that are catching riding on vehicles are getting fed by local town of the net depc they're getting this food because the town that day of rest actually backfired a little bit because they ran out of food in that small town. there was over the weekend a fight broke out amongst some of them. but they're getting their first meal some of them after 24 hours here tamale bean, tore tortilla and other stuff where they're going is too another town called kneeltapec with 4,000 but the caravan easily 4,000 or more is going to be the same size of that and we talked so some of the national mexican relief organization guys, early this

morning an they tell us in mexico city is officially now sending in some aid to this small town where they're going up the road but they're just getting a little bit of a meal now interestingly enough well before this sun came out they're calling for a hunger strike in solidarity for a migrant that may have died on guatemala border yesterday but hunger strike not in effect right now for these folks they're hungry but they're headed towards the u.s. stuart. >> we've got it thanks very much. clearly some of those march is helped from that small mexican town i wonder what president trump will make of that mexico helping marches. check the futures because we're going up at the opening bell of about 140 odd points and look at the nasdaq up 76 that's at the opening bell 20 minutes time. i find this very hard to believe. california's gas price is the high fest in the land, but voters will appear unwilling to repeal gas tax that produced those high pump prices. i will register my surprise with radio host larry elder. texas voters are are casting

early ballot for midterm but some claim voting machines are switching their ballot choices. we'll ask texas attorney jeff paxton about that one and a political shift of the first order. a far right populist wins brazilian presidential election new trend is shaking things up around the world and we are on it. , it's about trust and transparency. trust that we do what's right for our clients, without the constraints imposed by the traditional brokerage houses. transparency in the way we're compensated. our philosophy is one of service, not sales... that's why i'm independent. charles schwab is proud to support more independent financial advisors and their clients than anyone else. visit findyourindependentadvisor.com

ford got an upgrade an upgrade to buy from neutral at goldman sachs have we got that premarket because it should be about 9 dollars share if they've got an upgrade like that switching gears two big stories and we're flog following for you pittsburgh synagogue shootings and package boll mailing suspect both due in court today. they start with pittsburgh. >> he'll be facing 9 criminal counts, of course, accused of killing 11 people injuring six the that synagogue in pittsburgh

on saturday face 11 federal hate crime charges among that prosecutors we're told seeking death penalty many this case. >> what about package bomb suspect. >> 56 years old he'll be -- formerly charged in court today accused of mailing pipe bomb to prominent in thes 14 packages were intercepted none of the devices deaf mated no one was injured but he faces up to 48 year in prison if convicted. pledgets got it now the political shift of the decade that's what i'm calling. a far right populist candidate, winning the brazilian presidential election an he won in a landslide. president trump tweeted about it this morning. here it is. had a very good conversation with the newly elected president of brazil jare who won by a substantial margin we e agree brazil and united states will work on trade and military everything else excellent call wished him congrats mary wall street journal is with us this morning. i call this a political

earthquake in latin america am i going too far? >> no, i think the -- workers party socialist, left wing populist were overthrown, and it is really big news. i think you should keep in mind that, first of all, brazil is a very conservative country nevermind what you see in rio at carnival all of the time socially conservative country, but the majority of people are not voting on ideology here. they are voting on the results that they came away with with after almost 14 years of the socialist in power they wreck the economies and they were caught in a very -- huge elite corruption scandal. >> elites went right out of favor. but there's another factor here. there was 64,000 murders in brazil in the past 12 months. they elected a strong man to do something about it. >> well you know, i would really temper that a little bit. brazil has pretty good institutions. he say he's going to do something about it. i mean, if he has very good

intentions i'm not so sure that that is -- i mean i would keep an eye on that just because he's dealing with organized crime. and all of the presidents around the world that have tried to deal request this drug trafficking problem which is really as a result of demanding for drugs by people in rich countries. they haven't had a huge amount of success what i'm interested in with -- is his market liberal idea. and he's not a huge market liberal but he apeached economis who studied at university of chicago. as his number one financial advisor, and they're talking about opening the economy, withdrawing the government from so many things in the economy. cutting fiscal spending, you know reducing -- it is a very market liberal plan that this economist would like to put in place. let's see if he can do it because brazilian in congress is very fragmented but that's the most exciting thing about this new government. >> i'm going to say, this

movement, this worldwide movement started with brexit. moved ton the election of donald trump. moved on to the election of a populist party in the coalition in italy. and now in brazil. i mean i know that they're slightly different movements but they're all part of the same deal. >> well other thing that's very interesting about that is i think, social media. because if you looked at the major media outis lets especially in english speaking world they were all very much against him and in his own country they were all very much against him and complained that he was, you know -- against certain special interest groups, and they made all sorts of complaints about him. but i think that population as whole broke through because of social media that's the big change i think that's what allowed brazil to, you know, elect really -- completely different president. >> mary o'grady thank you very much for joining us this morning very interesting stuff. now the new york stock exchange and nasdaq are about to hold a moment of silence.

for the victims of the pittsburgh synagogue shootings. we will take you there, we'll observe this moment of silence all the way through. it is on the nasdaq and new york stocks exchange we'll go there now. [silence] [bell ring]

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>> package bomb suspect sent a threatening tweet it a democrat political strategist rochelle richie. richie says she reported it to twitter. but twitter didn't take action. take me through the story. >> rochelle richie october 11th, quote, hold your loved ones real close every time you leave home she tells twitter about it. twitter respond we're reviewed it no violation of our rules to it they just gave it a pass and pursue it twitter then said you were right. we are sorry we will continue to monitor this situation. but this is a real problem. when these guys social media with are selling themselves as pound squares. right that you free speech freedom of speech they're a police officer in town squares. they aren't there on twitter because to see you face them you're saying something to connect a face. people are doing it anonymously too. and on top of all of that. >> i don't see how you police

that. all right we're going to open market in about four and a half minutes time we will be up it is a mongtd morning rally nice one too. back in a second. your company is constantly evolving. and the decisions you make have far reaching implications. the right relationship with a corporate bank who understands your industry and your world can help you make well informed choices and stay ahead of opportunities. pnc brings you the resources of one of the nation's largest banks, and a local approach with a focus on customized insights. so you and your company are ready for today.

25 seconds to go we'll open this market and everybody wants to know how is big tech going to

do? and how is the dow going to do baring in mind that it was down what 300 points just on friday alone. indications from the future market, suggest we'll be up about 100 points on dow when trading begins in about five seconds from now. please remember ibm is way down ibm dow stock that is taking about 40 points up the dow industrials here question go we're up, we're running and we're up 147 point right from the get-go. we're at 24,800 and rising up 161. that is approximately 3 quarters of one percent up 175 point. but ibm on the downside there that's taking some spots off the dow. up 18let's move on up the s&p 500, wow. very nice gain. very solid up over 1%. and nasdaq i'm interested in this one. how's big tech doing? very well is the answer, and nasdaq is up 106 points that has one and a half percent. facebook and google face new

taxes from asia and latin america we'll get more on that shortly but it is not holding back stocks big statistically straight up first thing this morning. market watchers mike murphy and webster with us this morning i'm going to start with big tech as we so often do. mike, murphy -- yes, sir. [laughter] you told us last week that you were buying because last week was a big dip. so hold hoing to that? >> absolutely we bought amazon apple i would love to buy but it really hasn't pulled back enough. google we bought down here at levels i think anybody who is waving big tech up at the highs that they had two or three months ago e they see this pullback right now until something changes, you buy the dip. >> this is a dip. you'll buy it. i'm buying it until i see something different there's nothing out there that tells me this is going to change. >> amazon comeback 15 bucks as of right now was down 139 just on friday. it was, and up 117 on thursday, down 116 on wednesday so there's

a lot of volatility in market yes. but remember stew i said it to you last week if you want to own these companies don't buy them at all time high but on pullback when you're seeing right now is a pullback. >> wall street journal reports today that asia and latin americans countries are looking at big taxes for google and a facebook. you regard that as a real negative for google and facebook even though they're up this morning. >> one of the reasons i'm not touching tech stocks right now if you look at what europe proposed europe is not only proposing that they tax profits but proposing they tax revenue and i think this is carrying over to asia, latin america, europe this is billions and billions of dollars that tech companieses are going to lose in the -- in this attempt to pick the pockets of major tech companies in the u.s.. >> i think he's right and what rational is you're using our local data their user data we

have the right then to tax you we're talking mexico, chile, south korea so if they hit revenue and start taxes revenue that's a change and it would be so against everything about -- international global tackization. unfair trade and unfair taxes against big tech and i wounder who they go to defend them. >> you know. i have no clue. i don't know. but when you -- look at europe, banking billions and billions of dollars and say we want a bit of that action of course they're going to do that. of course it shows how much global economy is antitax and global digital tax that is probably the most anticapitalism initiative that is ever come out. like u.s. states come up with a brand new way to tax. now you see country dos that. by the way we're now up 230 points for dow industrials that puts us at 249 a very solid rally this monday morning as a month of october is about to

leave us. here's a story about old tech, ibm buying a new tech company, red hat. mike, is this ibm desperate to stay relevant? >> i think it is if you see the reaction in the stock price this morning red hat shareholders congratulations. ibm not doing so well. thing with with red hats is out in silicon valley they operate not by the corporate boardroom mentality but they're kind of free to do what they want open source system. when they get acquired by ibm a lot of talk that that changes and no longer be -- such a free environment within red hat. we're looking already at lower earlier stage startups that do something very similar to red hat because this is the future. open spars cloud is the future. but ibm buying this i don't think helps -- >> red hat is working with partners they're based in raleigh, north carolina they're a good company but they've been with ibm for 20 years it took them a long time to make this move which i don't understand. it is kind of slow to be honest with you and paying premium

price -- >> it was. completely necessary they had only about less than 2% of the cloud market they need to compete with amazon which has 50 and microsoft which has the rest. this was necessary i think it was a good ac by with decision. >> you're a newscast tore would you touch ibm another 119? >> i would not touch ibm i want innovation buying company like red hat with with innovating trying to bring it into your large corporate culture is not innovation to me i'm looking at private companies in the state. >> by the way as we have that on screen the drop in ibm which is a dow stock is taking 40 points off the dow industrials which is still up 220 points. look at it go up 225, 249 is where the dow is now. profits falling short at blooming brands that's the parent company of outbreak steak house there you go profit fell short. i don't know why it is up 5% for a reason for you at a some

point. check the oil market this morning where is it 67, 68, with 67 per barrel here's the price of gasoline keeps on coming down. 281 is your national average and gas has come down ever so slightly in each of the last 19 days. that is a down trend. here's another very interesting story. wal-mart has sam's club as you know planning to launch a cashierless store. just like amazon -- if anyone could give amazon a run for its money it is wal-mart right? >> wal-mart better step it up because amazon is planning to launch thousands of these amazon ghost stores this is very necessary for wal-mart. cashless -- cashierless this is a very important initiative but they are behind amazon and they need to -- need to act. >>but it is the way of the futue cashiers and -- cell phones and this augmented reality so when you walk in the store, i was wankeddering around

the wal-mart doing research on this trying toirg if out how people find things they need this. they absolutely need this. and it is going to be a game changer. just to be clear in one of these cashierless stores you quack in with your phone, and then you walk around and you put them -- show your phone to the item that you buy and you walk out. >> gives you a map to call up a map to where this stuff is on your phone. >> to wal-mart for wall mart and amazon of the world you talk about data being a big apartment of what they're doing right now. they once you register your phone, they know what you're buying and how you're buying it so a big play on the data side. >> this one quickly facebook has remost offed an iranian network that was spreading this information. wait a minute that's just whack mole and there's another one over there. >> i think what else do they do stuart? they dongt just lead them out there but continue to whack the mole. >> they're asking for our trust. as this stuff happens, they lose control of our data. >> how do you do it?

how do you have algorithm which reads maybe two billion people -- post on a second by second basis and decide this ised beside and this is okay. how on earth do you do that? i don't see it. i don't see it. let me move on record all time record high box office receipt in month of october worth of movie tickets sold just in this one month. is that an economic indicator? >> it could be i was at movie this is weekend. you know, i saw goose bumps 2 with my son. it was great. how old? >> 8 and 7. but it is not old days where you got a stale bag of popcorn you have reclining seats they'll bring you dinner. they'll bring you cocktail if you wish so the experience -- >> kids love that part. [laughter] >> but the -- people will pay up for a good experience. and movie theaters giving you a good experience now. >> where did you see this movie? >> in manhattan. >>how much did you pay? >> 19 --

19 dollars -- >> 19 dollar but now with that you get to reserve your seat and receipt and seat -- recliner. that makes it all worthwhile. >> but you don't have to run in and try to grb a seat and -- you're renting a recliner 20 bucks. more problems at tesla criminal probe of whether or not it misstated information about its model three production levels. that is deepening. jeff seeing seeger has no love for tesla whatsoever and stock is still at 346. >> yes. here's the thing. yes. elon musk you know what, with i don't to constantly be attacking him. but he should get an academy award for what fbi is investigating for which is misstating production goals in 2017. he came out and he was very optimistic knowing very well that he was going to miss production goals and he kept up with it. that's what they're it looking

and i'm not going to say whether or not he's guilty but that's up to him to decide but i don't think elon musk will be happy until he irritates every federal agency that is investigating him. >> never hurts the stock 345,000, tesla a man. that time that would be 9:40 on a monday morning i have to say good-bye to mike and jeff, gentlemen thanks very much indeed great performance. not a bad start to a monday morning i've got to say. this is october -- there's been a rotten month but we have opened up with a gain of 190 points on dow. art laugher he has a new book a new one called trump i want to know how is that diskt different from ray begun and on the set this morning. rumor swirling today johnny depp reportedly booted from pirates of the caribbean let him go. details on that for you. look at amazon next guest says company cheats americans and strengthens china we'll let him

make his case as amazon fails to rebounding from last week's selloff. we'll be back. nah. not gonna happen.

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with consultation. or visit kohlerwalkinbath.com for more info. all right breaking news this monday morning the military sending more personnel to the border that is ahead of the arrival of that migrant caravan. so let me ask you this ashley -- are these guyses with guns and tanks or what? >> we toangt know because as you said engineers doctors and lawyers and 5,000 we would have assume you can't do that but among 5,000 troopses you would imagine some of them will be of the military nature. they're going to be sent to texas, arizona, and california. this is i think -- in addition to i think it is added to the 800 so 4200 extra

added on to 800 way from my graduate car ran is helicoptering to make its way north but they have the latest news 5,000 troops of what that is up of we are not certain but headed to the border. >> here's a big number for you dow industrials right from the get-go this monday morning now up 188 points 24,800. look at mcdonald's the mcrib sandwich is coming back for a limited time. we need more on this. so let's go to suzanne lee at the new york stocks exchange helped propel mcdonald's last earnings so bringing back the mcrib for a limited time it has been off the menu for close it a year. so this is something that seems like customers want. also this week thier going to introduce triple stack double cheese and innovation continue for mcdonald's which is kind of underperformed over past year versus the dow industrial back to you.

>> i had a bacon atore at wendy's other day. >> okay. how was that? >> i liked it but killed the diet. one does. back to you with material that's the case. johnny depp reportedly out of the pirates franchise. why? >> he's played jack spare row five time answer disney is rebooting this franchise saying you know what we need to give it a fresh look they thanked him for playing key role but they're saying time toll give it a reboot and they've given this project to writers and came up with with dead pool and who have tremendous success with the superhero movie. dead pool taking over so bye-bye jack spare row thanks for everything had a good run. >> it is over. it is done. [laughter] do tick a look at amazon as we're saying huge drop last fridays and down a bit more this

monday morning. and our next guest says amazon this is the economic side of amy dison trade side of it. that amazon cheats americans, and strengthens china, curtis is with us former trump advisor on issue of trade. okay, amazon hurts americans helps china. make your case how does this work? >> as we've all learned u.s. government u.s. custom imposes a tax on imports a staff or a duty. but there's an exception. if you go to scotland and buy a sweater and it is worth less than 800 you can bring it back into the country duty free put it in your suitcase have had shipped back you don't pay anything. well amazon uses this loophole to import virtually everything under -- worth less than 800 duty free. they'll buy 100,000 sweaters from scotland or ire land or china. probably china -- and park them in a warehouse in tijuana then when you and ashley

and million other people press purchase now, place your order, they break up those hundred thousand sweaters into one package, one package one package, an ship them into the country as if they were both by one person on one day and om dison had nothing to do with ten bring it all in duty free. >> so china does not suffer the impact of tariffs on some of its tex ports to america. thanks to amazon gets some rounded. that's right is there another angle here with the use of the u.s. postal service? because we subsidize the postal service a.m. disong uses it it. and that's -- well we saw that a couple of weeks ago president trump announced we're withdrawing from the international postal union. this is another example of -- we entered into this treaty ages ago, and it subsidizes packages and shipping so that it is cheaper to send a package from beijing to new york. than it is to ship is from los angeles, to new york --

we were giving china this break as if it is a developing country like haiti or something but now like second largest economy in the world and still getting that same break. >> is just interesting this a company giant company like amazon should now be getting some pretty bad publicity because mixed up in the china trade evading the tariffs which our president is imposed. [laughter] >> that's rights. these rules, this called the exception the 800 was written before there was an internet. it is never been updated. it's just another example of how washington sleepwalks. >> for soon curtis thanks for staying on top of this for us we appreciate it. see you again soon. check big board this is monday morning off a rotten week for dow last week and we're up today. look at that 28 of the dow 30 are on upside and boeing and ibm are down and dow industrials right now up 228 points by the way, boeing and ibm take a lot of points off the dow. but even so, it is still way

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>> it's a rally not bad up three quarters of one percent that's 180 point. yes it is flu season. and there is a new flu treatment to tell you about. fox's medical correspondent marc siegel is here. okay i've got rapid fire questions this is called -- zofluza one pill you take it. you take it when you've got the flu not before hand. >> or high risk if you're in a high risk used to prevent the uh-uh flu spread but mostly within 48 hours. absolutely. >> it is successful. studies show just as good as tamiflu and actually decreases amount of flu virus you get even more than tamiflu so same range. >> it works. how much? >> how much? >> 150 a pill. >> oh. ouch.

wow. roaches market and jen and tech is helping with discount tickets down to 30. tamiflu to give you idea for five day course is 50 with discount coupons price transparency 150 too much. but we're trying to get trying to get price down. >> can i get it over the counter >> no you need me. i charge mog it needs to be prescribed. as it should be because it has potential side effects. but physicians ow out there now have it in their quiver and use it for people who are less compliant who don't want to take tamiflu for five days and this drug is effective. does it replace the needles? the injection does it replace that? >> absolutely not. flu vaccine the 180 children that died last year 80% had not been vaccinated. there was 80,000 deaths from flu in the united states last year alone. flu vaccine decreases severe complications decrease your

chance of getting flu had year a better than last year a milder flu season so should get their flu vaccine including you. >> let me move back to the pill is one pill you take it when you're already gotten the flu it is 150 dollars per pill. without a discount. when a discount is coming and that -- transfer to the patient now instead of a middle manager by the way that's the new -- the new direction under the trump administration let's get the patient to get the discount. >> get a insurance to cover it? >> insurance should cover this will all that's a good question a lot of insurers are going to cover this. they should by the way this is a life saving drug. >> zofluza exciting addition to arsenal. okay state of maine it shall pledges to help pay off your student loan if you move there. why? >> it would be a -- because look at this. main state labor department and looking at it with ashley.

projecting just 94 jobs from now through 2026 because they're losing so manying workers not 94 not 94,000 but 94 jobs created in next ten years in maine because they're losing so many people. that's it. i'm looking the it right now says 94 over next ten years losing so many. they need workers they're giving tax credits to -- people with student loan debt you just basically lower your state tax bill with your student loan debt to deduct as tax credit. >> amazing report. what happened in pittsburgh over weekend we have a lot of politics. political party and guns in my opinion, it was about deep seated ancient hatred i'll give you that take at the to have the hour.

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what happened in pittsburgh on saturday was not about politics, political parties or guns. it was about deep-seeded ancient hatred. you can't shrug this off. you can't convert the horror into another talking point about gun control. you can't use to it back up your political position. do that and you're using pittsburgh to gain an advantage to score points and that is just not right. jewish people were attacked and slaughtered because they are jewish. we hear about caustic politics and end of civil discourse. pittsburgh stands apart from that. it reaches back millenia. anti-semitic hate has always been with us. in america, deadliest attack on jews in history. president trump said it must be confront and condemned everywhere. he used an expression that jewish people rallied to after the holocaust, never again. there may be new laws, history,

education, case of anti-semitism will be considered more forcefully. real change begins with us as individuals what is in the heart. ♪ monday morning rally, love to see that. we're up 276 points, better than one percent. rotten week last week. bouncing back nicely today. getting back close to 25,000. ibm is a drag on the dow. it's a dow stock, it is now losing, not so bad, it is down 1.3%. they're buying red hat, another technology company. i will have more on that in a second, but essentially ibm, one of the big losers on the dow. big tech overall is bouncing back today with the sole exception strangely of amazon. amazon was down a huge, 139

points on friday. strangely it is down again this morning. the rest of the big techs rallying very nicely. look at that, the dow just hit 25,000 again. we're up 317 points as we speak. ford motor company got a buy recommendation from goldman sachs. people took notice and that ford is up 5% now, well above $9 per share. our next guest, republican congressional candidate from new jersey. and he has experienced first-hand this toxic atmosphere. he received a letter threatening his family if he didn't drop out of the race. jay weber is with us this morning. jay, take us through your story and the threat to your family. go. >> good morning, stuart, thank for having me. i don't want to equate this to what happened in squirrel hill but we did receive a letter, it was of a threatening nature, suggesting, you know, they had

political disagreements with my position and invoking my seven children. my wife and i have seven kids. i love them to death. we've been trying to teach them how to participate in american life, stand up for what we believe in and we get a letter suggesting if we win the, seven beautiful kids i have might be the unlucky seven. stuart: that is terrible. >> when you combine that with a slashed up lawn sign, it crosses the line. stuart: that is disgrace. it crossed the line. we're glad you're still in the race. you are very much a trump guy. that is the way you're campaigning. and you're campaigning for a seat in a deep, deep, blue state like new jersey. i live there. i know the politics of new jersey. what's your main line of attack that you think will get you elected? >> listen, i think the president is doing a good job overall. i agree with most of what he does, not everything he says or tweets, but most of what he does, makes me a trump guy, it

makes me a trump guy. our economy is roaring. i appreciate you getting that rally going for us this monday, morning, stuart. good of you to do. more job openings than job -- i will give you credit. but you know we have got more job openings than job-seekers in this country. small business confidence at a high. we have the most competitive economy in the world again. the president has to get some credit for that. the republican congresses has to get some credit for that. i'm talking how we can continue the rally in the american economy, with a confident, optimistic vision. stuart: obviously the trouble is the tax reform deal because people who make decent money in new jersey, because of that tax reform, will actually end up paying a lot more. in fact new jersey is hit harder by the president's tax reform deal than almost any other state. that's a hard thing to get around and get over, isn't it? >> well the average family in my distribute, the average family

of my four in my distribute will get a 6,000-dollar tax cut. the salt deduction is a problem and i would want to eliminate it or raise it, doubling the standard deduction, amt, all the corporate tax reforms brought investment back into your country, invigorated our economy. stock market is much higher than last year despite last week's troubles. everyone's 429s and 401(k)s are better. there is too much focus on the salt deduction cap. like winning the world series four games to one and worried about the one game you lost. boston red sox are pretty happy winning world series 4-1. they're not worried about the one game they lost. the new jersey taxpayers shouldn't focus on the salt deduction. stuart: we're sorry about the letter sent to you and we hope

you come back again. we reached out to jeh's opponent, mike sherrill for comment but we've not heard back at this point. big tech, get back to that. took a huge hit last week, john layfield, fox news contributor. i want to focus on amazon, which is a story that always intrigued me. it is way down last week, back to $1600 a share, $400 below its high. are good times over for amazon? >> amazon was valued at 74 in multiple. market comparison, 15 forward multiple. anytime you have increased market volatility, it hurts. high multiple stocks, amazon ms.ed on the cloud. 46% growth. should have been 49. it is a by-product of volatility

here. stuart: apple, tell me about their report this week. apple is 219, well away from its high. would you be buying apple now? >> i would be, yes. apple is a, not a growth stock anymore. it's a value stock. talking about the 15 multiple. that is what it is at. same as s&p 500 but it has a 1.3% yield to go with that. also you have 1.3 billion people that use an apple product every single month. that is the biggest audience in the history of the world. you don't have to innovate. steve jobs has been gone. once in a generation person. you haven't seen innovation of apple, but you have seen recurrent revenue stream grow under tim cook. why it is the most profitable company in the world. stuart: tell me about ibm. they have to by red hat. old tech buying new tech. the market is selling off on ibm. it is down nearly 2% at the moment. i sometimes think this is maybe a act of desperation, on the

part of ibm's chief and the company trying to get back to be relevant again. what is your reading on? >> i agree with you, stuart, i think it was act the desperation. but i think it was the right buy. independent bm can afford it, $15 billion in cash, 33 billion-dollar acquisition. they can certainly afford this this is the future at least. at least for right now. you have open source cloud with proprietary cloud. same thing microsoft did earlier in the year when they bought get hub for several billion dollars. i think ibm made a great acquisition here. stuart: got it. want to talk about wwe, the wrestling people, you're connected to it, you're a former wrestler yourself, they are going with the plan to hold the big match in saudi arabia next month. any update on that? clearly some people are dropping out of saudi arabia, moving away from it, but wwe is not and the stock is up today. your update, please? >> the stock has been up huge.

i'm a shareholder. very happy about this. it was low 20s a year ago, 70 bucks today. a couple of tv domestic deals and international deals. first women's only, pay-per-view. they are hitting on all cylinders. people dropping out, introduce voice in the desert, people drop out of a voluntary conference but they didn't cut any business ties. what wwe is faced with, like any multinational company, $5.5 billion company, apparently a 10-year contract with saudi arabia according to the reports. they have the same thing that these other companies have to face, and that is do you up hoed the business contract. wwe is going and i think it is the right decision. stuart: you're doing we, aren't you, john? a former wrestler. you live in bermuda. you made pretty good investments. now you're investing in professional rugby for heaven's sake. get back to the beach in bermuda, son.

some see us okayingly in new york city. >> always great to be with you, stuart. stuart: thank you. we have a big monday coming up for you. wall lease pharis advised president trump on policy, he says ball -- bolonsaro will be a ally of president trump and united states. migrant caravan is heading forked border. i will ask ken paxton, the texas attorney general. and he is with us today. check big tech after a selloff. we'll talk to a tech watcher who says last week was just a blip. those companies continue to march higher, so he says. you're watching the second hour of "varney & company." ♪

stuart: the rally buildings. now we're up 315 points, just above the 25,000 level. you better take a look at walmart. its division, sam's club, opening its own cashierless stores. direct competition with amazon. investors like this. walmart has gone back to 100 bucks a share. blue apron, a meal kit company, now available through walmart's jet.com. there is a boost for you. it will serve customers in new york city, jersey city, hoboken. blue apron is up 21% as of now. germany's chancellor, angela merkel will not seek re-election. she is done? ashley: she is done. this has been a long slow car crash, if you like, ever since 2015 with the opening of the borders to over a million migrants.

we remember the videos of the stream of humanity pouring through. she never really recovered that. people were upset the borders were up in such fashion. latest regional election, her party barely in charge with a coalition government did badly again. she announced she is stepping down as head of her party. her term as chancellor runs until 2021 but there is a lot of speculation she is getting out which would create a huge vacuum, let's be honest. big problems for europe. she is a major leader of the european union. if she steps down, germans will go into new elections next year. who knows which direction that goes. stuart: italy is problem. open borders is a problem. merkel is moving out. she south of politics. ashley: says she is done with politics. stuart: the european union is untangling. ashley: power vacuum interesting to follow. stuart: get to brazil. anti-establishment candidate. jair bolsonaro will be brazil's

next president. president trump tweeted about this. had a good conversation with the newly-elected president of brazil, jair bolsonaro who won by a substantial margin. we agreed the united states and brazil will closely together on trade, military, and everything else. excellent call, wished him congrats. bring in walid phares. you like jair bolsonaro. spell it out for us. >> i do like the policy the bolsonaro government will be adopting. i read it. i'm aware of where brazil foreign policy will be it will be our ally. what happened in brazil a soft earthquake. brazil was going in a very different direction, far left, working with extremists across the hemisphere but now with this election yesterday we have a president who wants to reform the economy. you and i will talk about that for many weeks. go against corruption big time. what is very relevant to

americans he will be allying himself with our administration, with the united states, against the terrorists and oh, boy, we need that in latin america. beyond that, brazil's foreign policy will be helpful worldwide as well. stuart: i think it is part of a bigger trend. i think it started with "brexit." it was followed up by the election of mr. trump. followed by populist wins in italy, and shakiness of european union. now bolsonaro in brazil. am i going overboard here? seems like a trend in that direction? >> there is a wave. as a matter of fact i tweeted that. it is even older than that. it started with collapse of communist parties in eastern europe. remember prague, warsaw, although capitals but now the elections two decades later. brazil a giant, 207 million people coming into a coalition with the united states. oh, boy, we have so many issues including the migrants.

a a presidency of bolsonaro will be helpful to the united states, dealing with economic issues and feel it. stuart: conservatives running argentina and colombia i think? >> yes. stuart: maybe a couple of other latin american countries, now run by conservatives and certainly brazil now run by a conservative. same venezuela is bust, totally bankrupt. the cubans are not doing much good, not helping at all. seems to me like a real conservative shift across latin america? >> yes the election of president bolsonaro has shifted latin america. it will take time. you mention argentina, colombia, other countries but now the next point to observe after the election venezuela. venezuela has brazil to its south and colombia to its west. there is big movement in venezuela to change. now they will be embowl denned

what happened in brazil. stuart: if there is ever truly free election in venezuela in my lifetime, yours too, there will be. hope springs eternal. walid, thank you very much for being with us today. >> thank you for having me. stuart: yes, sir. tesla may not be out of the woods just yet regardless what is happening to the stock. the fbi is looking into whether the company misstated its production numbers. i want to know what that means for elon musk. i will ask former sec chair, powerful guy, harvey pitt. i will ask him later this hour. ♪ a once-in-five hundred year storm should happen every five hundred years, right? fact is, there have been twenty-six in the last decade.

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stuart: price of oil this morning at $66 per barrel. i really want to show you the price of gasoline, look at this, 281 cents per gallon. it has come down ever so slightly for 19 straight days. 2.81 right now. the shooter in the pittsburgh synagogue had an active profile on a social media website that attracts extremists. deirdre bolton talks to us now. you're talking about the impact of social media. >> this site is gab. it has no filters. they are a free speech haven. if you don't like something i say, you block me. that is all they do. they don't, if you want to do something illegal, want to buy drugs from me, they will have a word with you. if it is just speech, do what you want, if you don't like what i say i will block you. they have 600,000 users. facebook 2.2 billion, but as far as the business effects that is only way we can really measure it. microsoft threatened to kick gab

off its azure, cloud platform for hate speech and anti-semitic speech. apple kicked gab off, we don't like what you do. you will not be on the app store. we can trace business consequences if you like, as far as what to do from societal perspective, we made a decision in this country a long time ago to have freedom of speech. it is very hard to do anything against this company. in germany, for example, you post something anti-semitic you will have a knock on your door, you could go to jail. you don't do that here for better, for worse. stuart: gab is absolute free speech between interested parties. >> absolute. as long as it is not illegal. stuart: where facebook and google will interfere with your free speech. >> they're struggling with filters. they are struggling to find what is characterized as hate speech, what isn't. there are even people, for child pornography, kids who are teenagers, post photos on the beach who have been censored. why am i censored.

it seems inappropriate. me and my friend on the beach. they will try to correct. those companies, not that i feel sorry for them, they have a very difficult job. stuart: so the question is, should facebooks and googles of this world exercise a degrief censorship? if they do, can they do it? >> they are, but they are getting criticized on either side. they're getting criticized from everybody all around. stuart: i don't see how you can censor on active basis the posts of 2 billion people. >> it is also expensive. they built algorithms to try to do it. certain things are actually innocent get caught up. certain things should be alerted slip through. stuart: make one point liz made earlier. social media is anonymous. free speech in the public square is face-to-face. you see the person what they're saying. on the internet you don't. big difference. liz: big difference. stuart: deirdre, thank you very much. we have a flies rally going, up 300 points. we're about an hour into the session this monday morning.

coming up next, my grand caravan heading here, if one migrant step as toe into america they're in. claim asylum? you're in. i want to know if we're able to process all those people heading toward us? i will can that question to the texas attorney general next. ♪ alerts -- wouldn't you like one from the market when it might be time to buy or sell? with fidelity's real-time analytics, you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today. fidelity. with tough food, your dentures may slip and fall. new fixodent ultra-max hold gives you the strongest hold ever to lock your dentures. so now you can eat tough food without worry.

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the big board. look at that monday morning, it's a rally. 25,000 back on the dow. 312 points up for the the dow industrials. look at amazon, can't work this one out. took a huge hit on friday. it is down another eight bucks, now at 16. ashley: a hangover from friday. stuart: i guess you can call it a hangover, why not? look at ibm, they're buying red hat for $34 billion. the market doesn't like, doesn't think much of it. taking a few points of the dow, 1.6% lower on ibm. another big week for corporate profits. coca-cola, facebook, apple, general motors, general electric, starbucks, among big names you will see, reporting financial reports this week. i want to get back to my editorial at the top of the hour about the events in pittsburgh but first listen to what

happened at a rally for tennessee gop senate candidate marsha blackburn when she called for a moment of silence for the victims in pittsburgh. roll tape. >> a moment of silence. >> marsha blackburn is a white sue prep -- supremacist. stuart: oh dear, jeff balibon, with us trump campaign adviser. you are orthodox, i believe? >> yes. stuart: would you like to comment on that? >> i feel tremendous pain what happened in pitburg as do most of the jews i know and a lot of americans of good faith who are not jewish and people around the world do. what is painful and frightening since the event, aftermath is nothing but politicization. the truth is, that the initial comparison to the pipe bombs that went to fairly high-profile

democrats was indicative of something that all jews everywhere are once again, as we have been time and again throughout our history deemed political targets. it is not just people hate us. they feel we're political targets. the use of that rally, for example, where she calls for silence which is just a human, and humane and decent thing to do, not a jewish thing or christian, it is the thing to do, and to turn it into a some political play, and with anger and hostility and, that is what leads to this kind of discourse in our country. they say that jews are the canary in the coal mine. frequently societies collapse, you look what happened to the jews in society. happened in europe. happened in the middle east. seems to be happening in america. i don't know what to say, stop politicizing this, this is horrific. stuart: i said at top of the hour, did an editorial, this is not the time for fingerpointing, not taking sides, not political points, not about guns or

talking points. >> that's right. stuart: think it's a moment when all of us, all of us should look inside of ourselves. i ended my editorial saying seek out the lurking grudge. >> i couldn't agree more. i couldn't agree more. this is true for all of us, if you have to look inside. if your initial reaction any of these place, any of these events, dead elderly jews at a family celebration at a pittsburgh sin going, if that is -- synagogue, a political reaction you blame the right or left, something is wrong with our whole society. ai guy we have to move away from the politicization of this. that is a perfectly good and perfectly horrific example how far things have gone. stuart: the president in his response used the expression, never again. as i recall, that was an expression used by jewish people right after the holocaust. never again, foundation of israel, never again. you approve of the president using that expression on this occasion? >> of course i approve of the president -- anybody using that expression on this occasion.

that's the point. shouldn't matter who you are. the notion that genocide against the jews not first time it happened during the holocaust. only most recent widespread genocide against the jews, the notion in modern age we have to be vigilant not happen again, that is not statement of a standing army in israel. that is a statement of our culture. there is a reason the holocaust museum, why is there a holocaust museum on america's national mall? it didn't happen here. it is because we're a step away from that, destruction of entire people, which is the destruction of our own society. we are so close to that now, stuart, it is terrifying. of course i approve that. that is not statement being trump campaign advisor. i approve no matter who in this country says never again, that is exactly again, as you say, i couldn't agree with you more, all of us we have to look within ourselves see where the hostility is coming from, where the grudge is coming from, because, because unfortunately once again the jews are being

the canary in the coal mine. stuart: jeff, i always think of you as personal friend. >> thank you. stuart: many people feel your pain, sir. thank you for being with us. we appreciate it. >> thank you. stuart: i have some breaking news. look at this. cnn says another suspicious package was sent to them. here is their tweet. another suspicious package addressed to cnn has been intercepted, this time in atlanta. all mail being screened off site. do we have anymore? ashley: just reading actually a note by jeff zucker saying as of last monday, all mail to all cnn domestic bureaus are being screened off site. there was no way to make it to its actual destination. we don't know who it was addressed to or similar style of the 14 packages we've seen over the past week. another one, this time intercepted in atlanta. stuart: thank you very much, ash. ashley: yeah. stuart: now the migrant caravan, yeah, it is still headed to our southern border. this as we find out the that the

military plans to deploy 5000 personnel to the border, our border with mexico. ken paxton, the attorney general of texas is with us now. let's suppose, ken, when the migrant caravan arrives at our border, some of them cross the border, get one foot in, claim asylum, as i understand it they're in. are we prepared, are we able to process all these people? >> well, obviously we're going to have to. this is the process we've been going through the last several years. they understand the loophole, they're using that loophole. so whether they get to stay in the united states while they're waiting for asylum, there may be opportunity to send them other places so they're not here and disappearing. stuart: so it i possible they actually put a foot in but don't stay? that is possible? i wasn't aware of any plan to send them someplace else? >> i think the president is

thinking about all kinds of possibilities. thinking about using federal statute to eliminate a asylum. if you look at the statute, says he can limit the entry of any class of non-resident aliens that he views as detrimental to the country. the u.s. supreme court upheld that, he can choose whether to allow entry, who can enter, how long and under what conditions. stuart: i can see some real problems though, we're now sending another 5000 military personnel to the border. i don't know whether they are engineers, doctors, lawyers or whether they are guys with guns but to set up a confrontation which people may get really hurt, that seems like a real flashpoint, a danger point? >> obviously have people coming here, we don't know their background, we don't know if they're criminals, that is always a risk. i don't think the military will do that type of thing. they're assisting border patrol do make their lives easier.

military will be there to assist, maybe help find them but ultimately i think border patrol will be responsible. stuart: have you drafted in more border patrol people? i'm not sure whether that is part of your responsibility or area but are you drafting in resources, people to deal with this oncoming situation? >> i think the president is, you know, the state of texas spends hundred of millions of dollars of our own resources to help at the border, but ultimately the federal government is responsible and president is responsible. what is great about this president he is taking it seriously like no another president i've seen. stuart: you back him up when he says they're not coming here period? >> absolutely. i talked to him last week. that is basically the message he gave us, he is not going to let them in. stuart: i guess you have intelligence about where this caravan or caravans plural are right now? they're still coming towards us and still destined to arrive around election day, is that right? no that is what it looks like. we'll see if plans change. some stayed in mexico.

some have gone back. i so i think the caravan dwindled somewhat but i think ultimately we'll see at least a few thousand that arrive at our border, likely the texas border. stuart: got it. ken paxton, attorney general of texas. thanks for joining us. >> thank you. have a great day. stuart: thank you. guess who is coming up? art laffer, former reagan economist, friend of the show, out with the a new book called trumpnomics. how is that different from reaganomics? he wrote them both. he will be on the set in about an hour. tesla may not be out of the woods. the fbi is looking to whether it misstated its production numbers. i want to know what that means for elon musk. i will ask someone who knows, former sec chair, harvey pitt. ♪ trade after the market closes.

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♪ ashley: latin american countries want to follow u and tax big american tech companies. james freeman of "the wall street journal" told us, that is a bad idea. take a listen. >> this is a money grab in the sense what is on the table are digital-only taxes this is not a general sales tax. this is not a general corporate profits tax. those taxes already exist in many of these countries that are considering it.

they're very heavy, very heavy taxes on corporate income. most of these proposal eu discussed them next month at a finance ministers meeting. you mentioned asia, latin america, they're taxes on revenue, taking a piece of digital traffics as it moves around the world, it is very destructive to growth. ♪ an old friend. a new beginning. some welcome relief... or a cause for celebration. ♪ what's inside? ♪ [laughter] possibilities. what we deliver by delivering.

stuart: ten minutes to go we were up 320. now we're up 250. we'll take it. it is a 1% gain at 24,009 who ibm buying red hat. that is cloud computing company in case you didn't know. i didn't. ibm is down two bucks, 3 1/2%. red hat rallying nicely up 47% because ibm is paying a big premium price. tesla, the company is in hot water again facing a criminal probe whether it misstated production numbers. come in harvey pitt, former sec chair. harvey, what does it mean for elon musk? >> i think it's a continuation of the problems they have had. allegations at least been reported are that tesla is, was not accurate and did not fairly disclose what its capacities were for producing its

model 3s. stuart: i don't know whether they're guilty of this or not guilty, i really have no clue. but would you suggest to us, what might happen to the company if the sec says, yes, you really were falsely making claims about these production numbers? what happens to tesla, in that event? >> well, as you say, we don't know yet whether it is accurate but if it were, and if these problems existed, part of the issue will be what the mental state was of the people at tesla, including musk. if they deliberately falsified information or deliberately understated their production problems, then i think there are severe penalties, both monetary, and in cases of individuals, jail time for people as well. stuart: you say, consideration of his mental state. would that include using

marijuana? >> i meant the mental state when he did what he is alleged to have done, that is to say in a criminal case you must prove that the person engaged in the criminal conduct beyond a reasonable doubt. i think his mental state in terms of some of his tweets has been called into question but that isn't the mental state i was referring to with respect to the department of justice's inquiry. stuart: sure seems like a teflon stock with this news in the background. the stock is now at $344 a share. i know you're not a stock analyst, but perhaps you're a little surprised about all the bad publicity, the stock goes up? >> i think this is a reflection of the fact that he finally settled his problems with the sec and i think there are a lot of people in the marketplace who

don't take seriously the threat of this investigation. i think it is a serious investigation and i think it poses a very serious threat, both to mr. musk personally and to the company as an organization and i think that people should be taking it more seriously. stuart: got it. harvey pitt, wonderful to have you on the show. you have real authority, because you know what you're talking about. that is a remarkable thing. welcome to the show. it is good stuff. mr. pitt, we'll see you again soon we trust? >> i hope so. stuart: if you're not careful you will be back. thank you very much indeed, harvey. >> you have a good day. stuart: look at this. breaking news just coming in, president trump tweeting about the caravan. here you go. many gang members and some very bad people are mixed into the caravan heading to our southern border. please go back. you will not be admitted into the united states unless you go through the legal process. this is an invasion of our country and our military is

waiting for you. president just said it. there you have it. looking at your money, turn to that, big tech, a selloff last week s that, this morning, one thing i can't work out is amazon. it is down another $18. no bounce there. so we're going to ask our guests, was last week just a blip to the downside, so get out there and buy today? he will make his case after this. ♪ with 2x more geographic detail...

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stuart: all right. we're now up as much as we were, but we're still up nicely. 255 points to the upside for the dow. that is a 1% gain. those big tech companies, you have got to follow them, you have got to check them all the time, they have made all the running for so long. our next guest says last week's selloff in big tech was just a blip. we have the author of the great book, the driver in the driverless car. vivek, welcome back to the show. apparently people like you.

that is why you're back. i really want to talk amazon, because a huge drop on friday of last week and they're down again today. i can't work out why this is happening but you think it is a buyable, blip, right? >> stuart i need to take two minutes to explain the bigger picture that the analysts don't understand. the people you have on tv, they don't understand. markets don't understand it. technology is advances exponentially. within five years the iphone 15, this device over here in my hand will have the same computing power that a human brain does. the iphone 16 will be twice as powerful. that is exponential, four times, eight times. so the, advances in computing are now powering advances in many, many other fields, robotics, networks, sensors, genetics, medicine. also new advance is happening. these technologies are making the impossible possible. take amazon, you just brought up. amazon started off as a bookstore. it got into everything from cloud computing to consumer

goods to small business lending, and now it is also building advanced robots. it is doing also some amazing things. amazon is set to eaten tire industries. same thing is happening with google. apple just announced a watch that is a medical device. who would have expected a computer company would be selling medical devices? this is what is happening now that technologies is advancing and people don't understand what the platforms are. criticize tesla. easy to do that, when you consider, look at tesla a old-fashioned car company. it isn't. it's a platform for all sorts of new technologies, everything from energy technologies to transportation to things we haven't even conceived yet. this is what is going on, when you look at the big picture, you realize these companies will be worth a trillion dollars before you know it. we will have many trillion dollars tech companies in the tech industry. we never had anything like this before. stuart: you're building a

powerful case, you see it from the inside, you build a powerful case there is no stopping the big-name technology companies which are on the screen right now. you addressed the companies in scientific terms, developments of technology. what about the financial angle? i mean is amazon a good buy at $1618 a share? >> stuart, you know the short term better than most people do because you get to hear everyone. i can't tell you what will happen in the next three or six months. i can tell you in the next two or three years, amazon will become even more powerful, coming in more industries. we'll talk about filing antitrust lawsuits against it because it is becoming a monopoly. we're talking about a company with trillion dollar potential. this is not just amazon, a whole bunch of tech companies. short term hard to tell. long term the trend is clear. we're talking about incredible things happening. creating "star trek" literally with the technologies that we have over here, i didn't realize it was that good or so profound.

>> good and bad at same time. i left a book for you last week. it tells you what is possible. stuart: i got that. i promise. i got that. vivek, you will be back. that's a promise. thank you for joining us. >> thank you, my friend, thank you, sir. i'm going to call it a political shift of the first order. first "brexit," then, election of president trump and now, the election of that man, a populist, he won the presidential election in brazil. the left is ignoring this trend at their peril in my opinion. my take all of this, top of the hour. coming up. ♪

stuart: brazil has elected a conservative populist to be its next president. you might call this a rolling

political earthquake. doesn't mean much to our everyday lives in america that jair bolsonnaro represents a trend that's shaking the world, a political shift of the first order. the first rumble came with brexit. the brits wanted a divorce from europe. they didn't like the elites and didn't much care for open borders. then came the real earthquake which was donald trump elected president. the aftershocks are still rippling through. and they ripple through europe as well. a populist movement won election in italy. they are now shaking europe's foundations. populism may yet bring down the whole european union. now, 210 million brazilians have elected a right winger. the biggest country in latin america with the biggest economy will be run by a conservative who wants nothing to do with the corrupt leftists he defeated. conservatives now run argentina, chile, paraguay, colombia.

that is a trend. if conservatives are winning, it is the left which is losing. over the weekend, angela merkel's government lost badly in local elections and she has now stepped down as head of her party. she never recovered from her open borders gaffe. is this relevant to our election just eight days away? in my opinion, yes, it is. this populist president, mr. trump, is doing well even though elections in the middle of a first term are usually a disaster. perhaps that's because the left has not learned the lessons of europe and latin america. people don't like the rule of distant elites and if they don't like them, they really don't like open borders, either. the left is ignoring the populist trend. big mistake. brexit, trump, italy, brazil, the people have spoken. seems like they are beginning to shout. the third hour of "varney & company" is about to begin.

stuart: let's get some reaction from fred barnes, executive editor of the weekly standard. what do you say, fred? i'm saying there's a trend here. brexit, trump, italy, brazil. where am i going wrong? >> i tell you, this is a huge trend that really got started in england, then the u.s., now it's all over europe. some countries have already changed dramatically and probably can't change back. countries like sweden which have accepted so many immigrants. they let anybody in. germany with angela merkel, really gone. she's not a force over there anymore. now countries like brazil. i mean, that is amazing. what are they knocking off? they are knocking off the elite, they are knocking off the establishment. i say elite, i mean the political elite, the establishment, and there in brazil and in some of these other countries, crookedness, crime are huge problems, too.

stuart: this new wave, if you want to call it that, this new trend toward conservatism is not towards like free market capitalism, it's not that kind of conservatism. it's not libertarian conservatism. it's more social, more nationalist, more anti-elites, isn't it? >> well, it is. you look at italy and the parties want to have a guaranteed income of some kind. that's not what adam smith talked about. this is completely different. but it is, what's being rebelled against is something that brings all these countries together. they are against the same type of leaders, those in the european union. i mean, italy, for instance, is fighting against the eu because the eu has said you can't have the budget that you have passed. the european union has vetoed italy's budget. italy wants its budget.

stuart: all right, look, we have had terrible news coming out of pittsburgh, and we had those suspicious packages sent to prominent democrats. fred, do you think our country has reached a -- finally reached a turning point, that we've had enough of toxic politics, that we're going to turn away from it? are we there yet? >> i think we have to wait at least until after this midterm election, and i don't see much change happening in that election. but a lot depends on whether the republicans hold the house or not. they will probably hold the senate. if they hold the house and the senate, i mean, i think the left will go crazy. stuart: there's no holding back right now, though. i see the finger -- i think it's a terrible thing, to be pointing fingers, using talking points after pittsburgh, i think just reprehensible. as i said at the top of the hour, look, i really think it's time for us to look inside ourselves, seek out the lurking grudge. what do you say?

>> i don't know how you do that with our system and the way things are now, to look inside ourselves? i mean, that's a little too fuzzy for me. stuart: oh, i'm sorry about that, fred. >> look, i think a lot needs to change and will change, but don't hold your breath for it happening a week from tuesday. stuart: what a shame. fred, always a pleasure. thank you very much for being with us. we appreciate it always. >> i enjoyed it. stuart: checking the big board. about a half hour ago we were up 300, now up 267. i'm sure we'll take it. 27 dow winners, three dow losers. you better look at big tech. we have a modest bounceback today after a pretty bad week last week. they are all doing well except for amazon. look at that, down $25. so my obvious question is, has or did big tech hit a bottom last week? is it now time to buy some of this? let's see what scott martin has

to say. scott, first of all, address amazon. because i keep telling our viewers, we were down $139 on amazon on friday, just on friday alone, and we follow it up now with another loss of 24 points. what's with amazon? >> we are getting there, slowly but surely. you know, stuart, this is a really tough reaction, and gosh, i guess in some cases the wrong one. at least i think so far, to the earnings report last week. the market is really throwing amazon out here and you know, like you mentioned, some of the other tech companies are managing to rally today in spite of that. the reality to me is amazon will get to a level that's going to be attractive. it's probably a little lower from here but with respect to house their business is behaving and operating, it's really not that bad. i don't think it's worthy of this kind of downdraft. to me, yeah, the next couple days we will be picking some up. stuart: vivek wadhwa said if you are a long-term investor you

really have to have these big tech companies, you have to buy into them, because the stuff they're doing a year down the road will be phenomenal. you buying into that? >> i saw that interview and i think he's exactly right. here's the funny thing, too, about the amazon we know today, i think to your guy's point in the interview, is not necessarily amazon we are going to know tomorrow or the day after that. that's really what i think the market is getting itself into right now, thinking oh, my gosh, amazon had some difficulties today and they might, given the earnings report, but this doesn't mean in the next few quarters amazon is not going to figure it out and turn out a better profit and not get into different business lines and make more profits and make more revenue. to me, you've got to buy amazon for a year or two down the road, not just tomorrow. stuart: when i saw ibm is going to buy red hat and pay $34 billion for it, then i saw ibm's stock go down and it's still down today, my first reaction was you know, ibm is getting desperate, desperate to get back into big tech moving forward. what do you say?

>> yeah, i agree. in one sense, at least they are doing something about it, right? overpaying for red hat isn't exactly the thing i would have recommended, but at least they are making a move, because as you talked about on your show most of the morning, ibm is behind on the cloud space and red hat hopefully will help them with that open source cloud platform. but yes, to overpay this much for red hat, at least in my opinion, they probably paid at least a 50% premium on what red hat was worth on the open market. to me, that's probably a little bit of a stretch but something they needed to do to try to catch up to the likes of amazon and microsoft. stuart: 20 seconds left. would you buy ibm at $123, where it is now? >> i wouldn't touch ibm with your money. how does that sound? stuart: sounds like wouldn't touch it with a ten-foot pole. scott martin, thanks very much for joining us. see you again real soon. thanks very much. you better check facebook and google because they are facing new taxes in latin america and asia. both stocks are up, but it's not

a very prominent rebound at this point. sam's club owned by walmart, they are unveiling their own cashierless stores, taking a direct shot at amazon. walmart's gone to $100 a share. amazon is down, way down, again. happening now in new york, the commissioner of the nhl is making an announcement about sports betting. the league is partnering with mm mgm resorts as its official sports betting partner. as the caravan moves north, president trump sending 5,000 military personnel to our southern border. they will be used to -- they will be sent to texas, arizona, california. next, former acting i.c.e. director tom homan thinks sending the military to the border is a good move. and president trump had the best first term economy in three decades. will republicans be rewarded by it at the polls? we will talk to art laffer.

he's got a book. he's on the show a little later. those markets are going strong. the dow is up triple digits on a monday morning. stay with us, please. jam-packed hour ahead as we always say, because it always is. we started making wine in 1948... [sfx: bottle sounds on conveyor] one bottle at a time. today, we produce nearly 20 million cases a year. chubb has helped us grow for the past 30 years... they helped us prevent equipment problems during harvest and provided guidance when we started exporting internationally. now we're working with them on cybersecurity. my grandfather

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stuart: homeland security department unveiling the first completed section of the wall. it's just south of san diego. it's 30 feet tall, two and a half miles long. work began in february, took eight months and is finished, that section at least. it is now the tallest barrier on

the entire southern border. now this. the military sending 5,000 personnel to the border as that first caravan, it's on the move and heading to the border. meanwhile, president trump, tweeting about the caravan. here it is. many gang members and some very bad people are mixed into the caravan headed to our southern border. please go back. you will not be admitted into the united states unless you go through the legal process. this is an invasion of our country and our military is waiting for you. joining us now, former acting i.c.e. director thomas homan. maybe there's a problem here. there is risk here with moving the military to the border, because if a shot is fired or an immigrant migrant is really hurt by our military, you've got yourself an international incident. you would accept that even though you approve of the military going to the border, you will accept that there's grave risk. >> well, look, the military is not going to be doing law enforcement duties. they will do logistical support. they will move assets by air,

they will monitor night vision scopes and looking at traffic. they are going to do logistical work behind the scenes. they won't be on the front line doing law enforcement work. by them doing logistical support, that's going to let border control agents who are doing that stand the front line and defend the border. stuart: i would expect the caravan organizers to provoke something, when they get to the border and are a few thousand strong, they will be provocative because they want a reaction from our military and they want a reaction from the border patrol people. >> i tell you this, border patrol is 20,000 american patriots. you see what happened on the mexican border that's pushing mexican military aside, mexican police aside and tearing down a fence. border patrol agents will not be pushed aside. these men and women will stand that front line. they are professionals and will handle that situation as good as possible, and i have a lot of faith in them. stuart: you are convinced -- the president says they are not

going to get in. we will stop them. the military's waiting. do you have any doubt that we are going to stop them? any doubt at all? >> there is no doubt that this president can do everything he can legally to stop this caravan. look, he's talked the talk, he's walked the walk. america can sleep well at night knowing the president is donald trump and he takes border security and public safety very seriously. i think he's working very closely with attorney general jeff sessions and secretary nielsen, thinking out of the box, coming up with something that will help stop this caravan, what i call an invasion. i think he's going -- you are going to see in the next couple days, he will do the right thing. i will tell you something else. i also bet within 48 hours, some leftist group is going to file a lawsuit against the president and try to get some liberal judge to issue a temporary restraining order like everything else donald trump has done. stuart: what kind of announcement are you expecting in the next couple days? >> i think he's going to come up with a plan, i think he's working with the department of

justice and homeland security to come up with some plan to help stem this tide. look, what's going on right now is a national security issue. there's definitely criminals and gang members within these groups because that is what happened in the past. one thing people have got to remember is when these cartels move these large groups across the border to tie assets nup in this sector they are moving drugs and guns and bad people through another sector because border patrol is tied up with these families and caravans and migrants seeking employment in the united states. this is a national security issue. it's more than just an immigration issue. stuart: but it's more than national security. no country can just look at an invading force, no matter who that invading force is, and say come on in. you can't do that. you absolutely can't do that. >> absolutely agree with you, stuart. that's a good point. look, we are a sovereign nation. we have the right to defend our borders. if you look at these people, if they are really escaping fear

and persecution, asylum has to be based on fleeing persecution or race, religion and political position. these people have made it clear during many fox interviews that are imbedded with these groups they are coming here looking for a job. that is not grounds for asylum. they are coming here -- it's not about escaping fear and persecution. they were offered asylum in mexico and turned it down. this is about getting to the united states. that's all it is. stuart: it's just so different from 40 odd years ago when i first arrived, i got a green card, the whole bit. there was never any question of me sort of saying i want asylum, i'm staying no matter what. there was never any question of that those days. this has really changed. >> you know why? because you wanted to be part of the greatest country on earth and you respected its laws. you can't want to be part of the greatest country on earth and not respects its laws. you can't have it both ways. not under this president. stuart: i made it in and became a citizen and am one proud american. thanks for being with us. appreciate it. here's where we check various markets to start with. bitcoin, oh, looky there, $6,200

per share. >> been there forever. stuart: the price of gold, i bet it's about $1200 an ounce. yes, sir. the price of oil, i bet you it's $67're barrel. yes, sir. >> on the money. stuart: look at gas prices. this counts. coming down, gradually, but down. $2.81 is the national average. it's been down, what, 19 straight days. love it. president trump spoke at a young black leadership event last friday. it took no time for al sharpton to come out and slam the president. he says mr. trump is using young african-americans as props. coming up, we will talk to pastor darryl scott. he was at the event with the president. and kanye west was so inspired by his oval office visit, he's designed a line of shirts and hats for a campaign, urging black voters to break away from the democrat party. more on that coming up for you. first, listen to this. there is one state that will help you pay off your student loan if you move there.

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stuart: it is the state of maine which will help pay off your student loans if you move there. it's all part of an effort to get young workers as part of a plan, maine will allow loan repayments to count as tax credits which could be deducted from state income taxes. in the future, you may not need to carry a passport to travel abroad. airlines and airports working on a project called one id which would allow you to go from curb to gate without ever reaching in your pocket for a passport or pay for boarding pass. one id would use biometric identification like facial scan, for example. los angeles going to offer free rides on all bus and subway lines on election day, trying to encourage more people to vote. mayor garcetti says the city will take a financial hit by doing this but says the cost is worth it. very hard to get to the polls in spread-out l.a. richard branson's virgin

releasing the first picture of its launcher one rocket, strapped to the bottom of a converted virgin atlantic plane. the plane, by the way, is named cosmic girl. it can travel at 20 times the speed of sound once it gets out of the earth's atmosphere. it will be able to carry small satellites into earth's orbit. virgin says the rocket will be ready by 2021. now to california. looks like the plan to repeal the gas tax may fail on election day. what? i don't know what's going on out there, but we'll get the story from our voice of reason, or he has been a voice of reason until now. what's he got to say? those markets right now holding to a near 200-point gain. the dow is at 24,800. we'll be right back.

stuart: all right. the dow is up 200 points. 26 of the dow 30 are in the red. only four, including microsoft, actually, are down. big tech, you got to check them all the time. we will do that now. oh, that's not a rebound from

last week. in fact, we've got facebook up and apple up, but the other three, amazon, alphabet, microsoft, are all down. there's no rebound there. ibm buying red hat. that's a deal worth $34 billion. old tech buying new tech. investors don't care for it. ibm is down two bucks, but red hat is up $53 a share. to california. a ballot initiative which would repeal an increase to the state's gas tax may fail. a poll shows the plan only has 41% support. larry elder is with us. come on, larry. what are you people up to out there? come on. you pay 80 cents a gallon more than anybody else in the country and now you've got the opportunity to bring the gas price down and you are walking away from it. what's wrong with california these days? >> what's wrong is that the people who are against this repeal of the gas tax have outspent those who want the

repeal ten to one. so the popularity of this initiative has done a 180 over the last several months. at first, the gas tax was extremely unpopular and the assumption was on the part of people like john cox, republican who is running for governor, it would drive a lot of republicans to the polls and maybe even some independents and democrats would come to the polls because they hate, hate, hate this gas tax. now the gas tax hike is no longer hated. it is now popular. even only 53% of republicans now want the gas tax repealed. what's happened is they have defined the gas tax as important, necessary for california's infrastructure, without which the state's not going to survive, now it's gone from popular to unpopular. i have no idea why. you think also, one more point, stuart, 15 years ago, the governor was recalled because he increased the gas tax. that's how arnold schwarzenegger got in there and by the end of schwarzenegger's term he had increased the gas tax as well. so the electorate has been brainwashed into believing these taxes are necessary, otherwise

the state will not have good roads. when in fact, the money has been misspent. stuart: i keep telling you it's time to move. you just won't listen to me. here's another one for you. >> i will stay and fight. i'm staying and fighting. stuart: okay. it's your money, after all. a new report, san francisco spent $310,000, taxpayer money, to get non-citizens to vote in a school board election, but the kicker is, only 49 people, non-citizens, actually voted. what on earth is going on? same question. what are you people up to? >> well, the outrage is in how much money was spent on every non-citizen, the outrage is that non-citizens can vote in school board elections, including illegal aliens if they have school age kids. the idea is to first get them to get comfortable with non-citizens voting in school board elections, then we can expand that to other elections. believe me, this is not the first you have heard of this.

stuart: it is 49 people voted, non-citizens actually voted. that works out to $6,000 per voter of taxpayer money just to make it easy for them to vote. larry, let's be honest here. that is ridiculous and it is insidious. >> this is a sanctuary state, keep in mind. this is a state where many cities, illegal aliens can drive cars, where they have automatic voter registration, making it easier for illegal aliens to vote. i'm not saying that's the intent but certainly, illegal aliens will likely end up voting. this is a state that cannot stand the idea of a wall. so this is california, where republicans are outnumbered by democrats almost three to one and where independents now are a bigger voting slice of our electorate than even republicans. stuart: wait, wait. how do you account for that? when i first arrived in california in the mid 1970s, that's where i worked, san francisco, it wasn't like this

at all. san francisco and california were never sort of a republican state, certainly not in my time, but how is it possible that you would go from where it was when i first arrived to what you've got now? what happened? >> i think the answer really is, the number one answer is the greater number of hispanic voters. now there's no majority minority race in this state. 40% hispanic, about 40% white and a growing number of hispanics are voting, and they vote left wing. one poll of hispanic voters asked them how they felt about republicans and they said two things. republicans are selfish and they only care about the rich. that is how a lot of hispanic voters perceive the republican party. if that's the obstacle anybody like john cox, the republican candidate for governor, is up against. stuart: there goes california. larry, always a pleasure talking to you but i don't know how on earth you stick it out over there. but that's another story entirely. >> sooner or later the checks are going to bounce and some

voters will rethink their assumptions. we can't keep spending like this, the money is not there. checks have to start to bounce. when that happens, i think then people will begin to rethink their assumptions or at least i hope so. stuart: we live and hope. you know that. larry elder, everyone. good man. thanks very much, sir. want to get right back to the migrant caravan. the first group, the first caravan, i should say, is on the move right now. it's in mexico. and william, what do you have? reporter: you have probably seen this scene before and we have been seeing it all morning long. we are with people arriving from 43 miles away. they left around 3:00 this morning hitchhiking, taking little taxis. also, there are some buses, even the mexican government is helping transport some of them. the president pena-nieto has offered them shelter, medical care, school. most, however, have rejected

that. they want to go to the united states. here's some numbers for you. the caravan still numbers between 4,000 and 7,000, it goes a little up and down as some leave, some join. 1700 asked for asylum in mexico. 700 want to return home. about 111 say they will take the president of mexico up on his offer. now, some are taking the train, for sure. we talked to some and we saw several on saturday taking the bea beast, the next town over, they can catch the train there as well. they are averaging about 25 miles a day. that would take 80 days to get to tijuana which is their destination. half that if they go elsewhere. the administration's concern isn't just this caravan stopping them at the border, per se, but the message it sends to other caravans. there are four others we know of that are doing the same thing. two in guatemala, one in el salvador and another that's right now at the mexican/guatemala border. a man was shot there yesterday when they used rubber bullets.

one left el salvador sunday escorted by police. now, as for the president of el salvador, here is what he said yesterday in cuba. for us, migrating is a right, so migrants' rights have to be respected. so that's pretty much it from here, stuart. i will tell you for most of these people, it's a risk and reward equation. you understand that, right? the risk is outweighed by the reward of getting to the united states. they think they will get in either legally or illegally and they think they will get a job because there's no mandatory e-verify and we don't have a national id system. they feel if they get there, they will find work. stuart: it's that statement about the right to migrate. it's a basic right to migrate. no, sir, it is not. thanks for joining us, sir. we will see you later. got a couple corporate stories for you. a criminal probe into tesla reportedly deepening. the feds want to know whether

the company misled investors about production of model 3. the numbers on production. were they accurate, did they lie? tesla's stock is like tesla, up ten bucks at $341. and this. disney reportedly going to make another "pirates of the caribbean" movie but without johnny depp. disney is planning on rebooting the whole series. the most recent "pirates" movie came out last year. it was the least successful in the franchise. quick check of the big board. we are holding to a 200-point gain for the dow industrials. look at ford. last week it dropped to $8 a share but goldman sachs says buy it. it's gone to $943. another big week this week for corporate profits. coca-cola, facebook, apple, general motors, general electric, starbucks are all among the big names you know which are reporting their financial situations. look at them on your screen. all their reports coming up this week. oh, and take a look at mgm. they are partnering with the national hockey league for

sports betting. it's not doing them much good. the stock is basically unchanged. next, big deal. we are joined by reagan economist art laffer. he's got a book and i want to know if it's different from reaganomics. he joins us on set after this. welcome to the place where people go

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on the floor of the new york stock exchange, going to the movies is cool once again. a record october for the domestic box office. "halloween" once again coming in at number one. other blockbusters like "venom" and also "star is born." we are pushing closer to profit for the month. that's helped propel the likes of amc, cinemark, movie chains today in the trading session and for the year, looks like we are heading for the best year since 2016. that was a record year when the box office took in $11.4

billion. as for "halloween," the second best performer in the franchise. more after this. along with complete reliability. then went beyond. beyond clumsy dials-in's and pins. to one-touch conference calls. beyond traditional tv. to tv on any device. beyond low-res surveillance video. to crystal clear hd video monitoring from anywhere. gig-fueled apps that exceed expectations. comcast business. beyond fast.

stuart: look at this. we are holding on to at least, what, a 200-point gain for the dow industrials. we're at 24,900, up about 1%. now let's get serious. our next guest had a front row seat as president reagan led an economic revival for our country. now he says president trump will usher in a new era of

prosperity. look who's here. art raider -- >> art raider? stuart: i'm so sorry. art laffer. he's written "trumponomics." there you have it. welcome to new york. >> thank you, stuart. lovely being here in person. i see you guys all the time do the show from time to time out of nashville. stuart: what are you doing coming to high tech new york city? >> like a fly on the wall even now. stuart: "trumponomics." what's the difference, if any, between trumponomics and what you started, reaganomics? >> they're very similar. deregulation, tax rate reduction. the difference is the corporate rate was way out of line this time so he dropped the corporate rate dramatically from 35% to 21%, which is the highest now down to the middle of the pack. when we came in with reagan, personal income tax rates were really high. we got it down from 70 to 28.

stuart: gigantic drop. >> isn't it wonderful? stuart: is it true you literally did have a meeting with ronald reagan way before his presidential run? did you really sketch out on a little table napkin, is that true? >> i used to have lunch with him about once a month between '76 and '80 at the beverly wilshire hotel, just the two of us. we bring in all these papers with paper clips on them. we just talked and you know, after '76 i didn't think there was any chance of him being president. he's an older fellow, really wonderful to have lunch with and great fun. then all of a sudden he was running and then i panicked. oh, my god, what if he actually believed what i said? stuart: it worked, didn't it? >> it did. it worked very nicely. i was very pleased after the fact. i was scared to death before the fact. stuart: i just scanned the first, the first thing here, chapter, is "meeting trump." in march 2016, you sat down,

larry kudlow, stephen moore and yourself. did you do the same thing again, sketched out on a napkin? that's how you do it? >> steve and larry went together. they were always together. i did some stuff with trump but we were always coordinating, in honesty. if steve, larry and i are there together, it's the same story from all three of us so why not spread it out and convince a lot more people, which is what we did. but you know, it was very similar. trump is really good on the economics. i mean, really -- he really is a businessman. stuart: did he pick it up real fast? >> i think he understood it before i gave it to him. he understood the problem with the corporate tax. he understood the problem with write-offs. you know, expensing stuff. he has all that stuff he does. he really understood the problem of territoriality versus a global tax system because he was in competition with the germans in ireland where both of them would have to pay 12.5% tax to ireland. then the u.s. company would have to pay an additional 22.5% to the u.s. government and the

german company would not have to pay anything. so it put u.s. companies at a huge disadvantage. he understood the pass-through to get 37% for the individual. he understands that very well. he understood all these other, the individual mandate. the soft deduction. you are from tennessee. why should we pay new york -- stuart: i will tell you why, mr. laffer. people like me who are vigorously in favor of president trump's tax cutting, i will now end up paying more in tax. i live in new jersey. i don't get that deduction. >> in other words, you have to stop exploiting the rest of us. is that it? i'm not going to let you beat up my dog any longer. pay your own taxes. we pay 40% of these other people's taxes to the state. they don't pay any of our taxes to our state, because we run it well. stuart: you're killing me. you're killing me. >> we have the lowest tax state in the nation, biggest surplus in the nation, fastest growth in

the nation. other than that it's a really awful state, tennessee. stuart: i cannot do the show from memphis or nashville, can i? >> yes, you may. you may. you have perfectly the ability to do it and you have my permission. stuart: when you were having all these meetings with mr. trump before the election, stephen moore used to come on the show saying yeah, you cut taxes, i will give you 4% or 5% growth year after year. you said the same thing. >> me? stuart: yes, you did. you said that. you said 4%, 5%, even 6% is not out of the question. a certain third quarter of this year, from july to september, we only got 3.5% growth. that was down from 4.1% in the previous quarter. not good enough, art. you didn't come through on the promise. >> we are going to try to get it better. but frankly, if you look at reagan, from january 1st, '83 to june 30th, '84, that's 18 months, year and a half, six

quarters, average annual growth rate was about 8%. stuart: all right. all right, all right. >> kennedy, for the full eight years, not counting the rest of the kennedy years, there was over 5% growth average. stuart: to sum it up, you are forgiven because you have given me the book and autographed it. >> okay. good. resale value now is way down. stuart: you killed it. thanks for being here. >> my pleasure, stuart. stuart: president trump spoke at a young black leadership event on friday. al sharpton now slamming the president. he says president trump just using these youngsters as props. coming up, we are going to talk to pastor darrell scott. he was at the event with the president. i will also ask him about kanye west. he's got a new line of clothing. he's designing shirts and hats to urge black voters to break away from the democrats. all the good stuff still to come. six in the morning.

she thought it was a fire. it was worse. a sinkhole opened up under our museum. eight priceless corvettes had plunged into it. chubb was there within hours. they helped make sure it was safe. we had everyone we needed to get our museum back up and running, and we opened the next day. show me movies a grinch would love. [ bark ] nu uh, i'm picking the movie tonight. [ whimpers ] be sad, i enjoy it. show me grinchy movies. oh, goody. [ whimpers ]

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so lionel, what does 24/5 mean to you?rade well, it means i can trade after the market closes. it's true. so all... evening long. ooh, so close. yes, but also all... night through its entirety. come on, all... the time from sunset to sunrise. right. but you can trade... from, from... from darkness to light. ♪ you're not gonna say it are you? stuart: well, well, look at amazon. look at it now, down over 2%, down $38, pressing to drop below

$1600 a share. it's on pace to be in bear market territory for that one stock. you hold it up long enough it might go to the $1500 level. >> disappointing revenue, the guidance, everyone freaked out about it last week. it's just continuing. at some point -- stuart: maybe there's something more to it. our next guest was at the white house friday for that summit with president trump and young african-american conservatives. big turnout. but it didn't take long for the reverend al sharpton to slam the meeting, saying it was really just a maga rally and that african-americans were used as props. joining us, pastor darrell scott, ceo of the urban revitalization coalition. pastor, you were there at that meeting. what do you make of sharpton's comments now? >> well, it seems as if sour grapes on the part of reverend al sharpton. very unfortunate that he would criticize these young blacks for their independent thinking. they gathered together for a meeting to effect positive change in this country without

protest, without breaking windows or setting things on fire. they came and made the intellectual decision that they wanted to become a part of the republican party and they are being crucified and vilified for that. but once again it was not a photo op. it was actually a great meeting organized by turning point usa, its founder charlie kirk and candice owens. they did a great job and it's a great movement that is going to be very impactful for our nation. history was made and the future was altered. lives were changed. i met a lot of great young people, young professionals as well, degreed, college educated, very brilliant, very bright young people that want to be leaders in this country. it was great. stuart: what do you make of kanye? he's calling for african-americans to leave the democrat party. he's got a movement he's starting called blacksit. he's got a new line of clothing to get young black folks away

from the democrats and toward republicans. what was your relationship with kanye? >> well, i have had conversation with him about coming on board and being part of our urban revitalization coalition and he said he would add his influence and his brand to the youth empowerment component that we are having as part of our urban revitalization initiative. he's going to come on board but he has a great relationship with candice owens, who is a great friend of mine as well. she's brilliant. they have a great relationship. they are working together to be impactful in black america, teach those that are young that there is a different way. stuart: i have just got 30 seconds left and i want to talk politics. back in the election of 2016, african-americans, just 5% of african-americans supported president trump. now i understand it's more like 11% supporting him. is that accurate? >> well, i think it's an underestimation. i would put that estimate at right around 25% to 30% of those

that will declare and then you have another segment of those who support him but they support him anonymously. it's going to be surprising. he has an opportunity to get a large segment of the black vote. stuart: yeah. important stuff. sir, come and visit us on the set in new york as soon as you can, okay? >> i will. stuart: i have got to do that. thanks. got to run. hard break. you know how it is. more after this. . . vo: old and even inaccurate search results can

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jo we lost much of the rally. almost all of it actually. what happened? >> nasdaq was up 1 1/2%. now only up a third of a percent. amazon was never able to turn it

around today we were up 300 points on the dow. neil: stuart: it could drop below $1600 a share. extraordinary stuff. connell mcshane in for neil today. as stuart and ashley talked about we were giving up some of those gains. we're up barely over 100 points on the dow jones industrial average. s&p 500 is advancing. if anything markets moved back, barely into positive territory for the year after all the selling. that we saw last week. technology still the story. apple, and