>> big thank you and fantastic panel this morning thanks very much for joining us have a great day everybody. stuart varney coming to you from the top winner of the luxury car, the lexus over to you. take it away, stew. >> you look in it and good morning to you. [laughter] buy it okay. good morning everyone. constitutional crisis looms in britain all about the u.k. leaving the european union got her cab met to agree to a deal then her minister in charge of brexit resigned another cabinet and two secretaries resigned. her government could fall. general election may be required a second brexit referendum is possible. that has not helped our market. trouble over there upsets

investors over here. stocks will open mixed, mostly lower slielgtly lower no bounce after the dow dropped another 200 points on wednesday. all right now another major market. the price of oil, it stabilizing around $56 a barrel but again, no big bounce for the price of oil, however, tiff to tell you good news here. the price of gas keeps coming down. dropping about a penny a day at this moment that has moved national average to $2.66 a gallon and now six states that have a gas station somewhere that will charge you less than $2. next case two giant tech companies in the news, "the new york times" has conducted a major investigation of facebook. very critical of mark zuckerberg and sheryl sandberg number two apple slide pulled down whole market. no bounce so far today well, yeah, about a dollar 70 but

that's not much of a bounce it is down almost 20% from its high. clearly, there's a lot going on. clearly your money is affected. "varney & company" is about to begin. ♪ >> all right now here's a key indicator for the economy. wal-mart's shopping report it just came in and emac has numbers. smg they check boxes across board up 3.4%. onsale sales up 43%. christmas season that expects to come in strong, and also is saying that at least 3% growth in sales going forward. so this is a great report from wal-mart. >> 3.4% up same store sales. >> that's correct. solid foot traffic. grocery sales really popping too. >> up a buck now 1.02 economic indicator and brexit chief

resigned that news took a bite out of stock futures earlier this morning. joining us now man harvard university professor of economics. professor, welcome to the show. >> good to be back again. >> can you explain to someone like myself and viewers why trouble over there with brexit affecting our money over here? >> well the current government there could fall. >> yeah. >> government falls and there's an election, the labor party could win. and labor party is kind of wing party. >> that's true. very true. >> so it would be a heart back to 1960 party nationalizing things. raising taxes, so it would be very serious for the british economy, and could spill over into europe. >> do you see europe remaining the european union it's not exactly united at the moment it has got its troubles. i think it's going to break up what say you?

>> it certainly could, and italy is the key to that. the italian situation is awful. their deficits are very large and said to brussels to european commission, sorry you can't tell what you say to do. and brussels has said no, that's had the deal you want to be a member of the eu we get to tell you what to do. so, i think, there's a real risk that the ayal i cans would pull the plug it would be a disaster. i think it would have been much better for them not to be in the first place. and -- similarly for the euro. but -- if they pull out -- tangling of it all is very, very hard. >> i hear had the word disaster picking up on that one. i have to ask you a bit more later on but i have to get to a bombshell series of revelations. coming from "the new york times" which is investigating facebook. ashley i think you've read the whole thing. like 28 page keep in headlines

basically what it says is mark and sheryl sandberg ignored social platform being exploited they tried to conceal that extent from public view. they tried to deand mask intent of the problem. once they have to fess up they decided to go to directions. mark zuckerberg going on apology tour cheryl sangdburg in background tries to lobby those lawn lawn law lawmakers and the way it is handled exploitation of its platform, in particular with with russian influence during 2016 presidential election but also we find out in cause of this report that chuck schumer was a huge ally of facebook. was trying to work behind the scenes to deflect some of the criticism and daughter works for facebook as a marketings manager. but as time goes on, both the left and a the right both started to be very critical of facebook because of its lack of ability to stop it from being

exploited by people who wanted to do just that. very critical of sandburg and lack of response of what's going pop stock down 2.142 now look at this number from pugh research. 68% of americans have either quit or taken a break from social media this year. market watcher michelle with pain capital management with us now that's surprisingly large number. real headache for facebook surely. >> very headache for facebook, and facebook again just can't catch a break. i feel like it's negative headline after negative headline after negative headline. in materials of the social media break, though, i mean i have to say it stuart, i was thinking the other night i'm getting carpal tunnel in my thumb because of tweeting i've been ding and i've been thinking about about taking a break this is a real problem and potentially it could get worse. >> what -- what can the government or anybody else do to facebook that would really hurt them and at the same time remedy the

situation? i can't think of anything they can do. smg they could take the pass at the e.u. because that is a path. >> strong regulations and huge fine if you do not protect people's privacy but liability. but to stu's point we make comparison with whack mole and as soon as you knock one down someone pops up somewhere else. almost impossible to stop. >> i don't see how you can police a 2 billion person network. >> you feel like you have no idea how to get to that two billion. >> regulate like a utility. mark said we're a information utility. >> other big news is apple very close to bare market territory down about 20% from its high. would you hazard a guess it shall where's the bottom? is 188 right now where's the bottom? >> it was at 139 two years ago apple had a huge move last year up 48%. so it was due for a correction

are but honestly, stuart out of the tech names i like apple the best to the long run it is diversified they sell iphones. they sell those awesome air pods that i love. they also have a service based company so of all of the tech i feel apple could be the the winner here. >> do you own to yourself? >> i do. >> you do own it. are you recommending to your clients your wealth management kind of person you buy them at 188? >> i think it is important to have all stocks here, and tech probably will go higher here. but i wouldn't just go dive deep into a l and go heavy on a situation right now. dabble. dabble -- light dabble. i'll dabble but not on apple. let me return to that headline in "the washington post." which says trump's big 2020 problem the economy could be in recession. martin with us recession by 2020. what say you? >> good chance. you know as i've said on your

program a number of times in the fast stocks are way out of line with historic experience. price earnings ratio 40%. higher for the s&p, price earnings ratio. long-term interest rates are rising they've doubled in the last two years. the tenure treasury doubled in last two years. so it is a little over three now but heading to five. that gets to five, i think that stock market will say we've got a normalize also 5 wouldn't be unreasonable place for the tenure treasury two and a half reel, but the stock market is not going to stay way out of line if long-term interest rates are that high. >> what a day professor -- sorry troubling year we have trouble in britain. we've got trouble with -- no. no, about no you know what i think about these things. i think that real risk is that if -- stocks come down consumers spending falls and that pushes us into a recession. where the fed doesn't have

the -- ability to offset it in the usual way by a big drop in interest rates. >> martin has credibility, and that counts a lot in this business. [laughter] martin thank you very much for being with us. >> thank you. >> opening in the market a lot of negatives in the background here we're going to be down about a bit about 30 points off for the dow fractional loss for the nasdaq. here's another headline, winter is coming early, i mean, seriously. a big storm bringing rain are, sleet, snow it a huge swath of the country more than 80 billion people are in the storm's path could bring a foot of snow in some locations. and then we have amazon not everybody is happy about their move to queens big protest in new york city. local politicians and some residents not happy it be that tax breaks amazon is getting. they say, new york got a raw deal. we'll discuss. big guests coming up next, musk brother of elon he's also on tesla board of directors how

does he feel about robyn taking over his chair we'll ask him, and he's next.

>> let me show you the big technology companies premarket, they've been having a very rough time a bit lately and it looks like most of them are going to open lower again today with the exception of apple looks like that will be up a buck but facebook, apple amazon microsoft all of them down again. another headline bitcoin has dropped way below 6,000 bucks this morning it is 5,300 quoit a drop from just a couple of days ago. now earlier this month, tesla announced that robyn denim new board chair replacing elon musk now joining us is elon musk brother and member of tesla's board. kimble welcome to the program good to have you on the show, sir. >> thank you for having me here so excited to be here for plant a seed day.

i understand kimble. i know look you're on the board at tesla. and you've got a new chair okay -- have you heard anything from her is she laying down law? >> i'm so happy for the future of tesla. on march 20th we're goinged to a plant a seed day to get a thousand families -- a million families -- [inaudible conversations] come on kimble you're on board of tests la which is very much in the news with a new chair to replace your brother elon musk. you've got to tell you is she laying down law have you had contact with her what she's saying what she's doing on the board? >> i am very happy for the future of tesla. let me tell you about about a story -- >> i'm sorry. look -- look -- this is the most watched business news program in america and we have that reputation because we go at the stories of the day and we figure out exactly what's going on. now i want to know what's going on at tesla with the new board chair and you are on the board.

can you answer the question? what is she doing? what do you know that she's doing so far? i don't need to know you're happy about future of tesla i want to know what your new chair is doing at tesla on the board. >> i would like to share i'm so happy about the future of tesla and plant a seed day in 2019 will be a way for companies across america to participate. look -- you think my viewers want to learn about plant a seed day? >> plant a seed day -- >> are you kidding me it is beginning to be amazing with a million families to plant a seed -- america cares about the future of america. come on. >> my view -- america cares about the future of america. plant a seed day is going to get a million families planting seed on march 20th, 2019. >> okay. okay i'm wrapping it up i'm sorry. >> i have -- >> something positive. something amazingly positive -- >> to my audience -- the audience wants to hear if

something amazingly positive. plant a seed day is going to get a million family planting seed -- >> i'm sorry it's over. i'm sorry kimble it's over. i will not be used. i'm very sorry. i will not be used. >> this is a wonderful event on march -- even you are going to be part of this. by march 20th you will be a apartment of it. >> thank you very much for joining us it was a -- >> my pleasure thank you very much. >> deep breath. sorry about that. >> here's a look at futures we're going to be down now we're falling fast, down about 88 points i think we immediate to take a break and we'll do that. become after this. [ phone rings ] hi, tom. hey, how's the college visit? you remembered. it's good. does it make the short list? you remembered that too.

yeah, i'm afraid so. knowing what's important to you... it's okay. this is what we've been planning for. thanks, bye. that's what's important to us. it's why 7 million investors work with edward jones.

>> all right i think we've recovered -- [laughter] gold is at 1,214 per ounce that means it is up $4 got it. power company pg&e as in california -- they're being sued over those massive california wildfires. judge napolitano is here. is pg&e facing massive liability? >> yes and no. i mean, they are facing massive liability. >> don't do a mufng on me. >> that was a steve to plant --

a plant, i have to plant a seed. here's the law because they are -- a public utility, they are backed up by the the state so if they exhaust all of their reserves and even have to sell real estate, who comes in and pays the liability? for human life lost and property destroyed the state is state going to do that or state limit its own liability it has limited its own liability. >> wow, let me follow the chain of money. if liability is placed on pg&e, they can just exhaust their own reserves and then the payments go to the state which is limiting how much it will pay out. >> precisely. which means that -- there's a lot of innocent people will not be made whole. >> got it. because the legislature of the state of california are has decided that the risk should not be spread amongst the taxpayers. california government has 6 billion dollars in cash in the bank. there's no other government

anywhere in the united states except for port authority of new york and new jersey that has that kind of cash. but they don't want to spend it. they do not want to spend it on making whole innocent people who suffered horrifically spend it on social experiments. >> so bottom line here is a lot of people are going to get hurt financially i'm talking about. financially, and very probably electricity rates in california will go through the roof. >> you're exactly correct, and why is this happening? because these decisions are being made by bower karat and politicians not by free market forces. in a free market, the -- the public utility would be required to have sufficient insurance reserves to cover any kind of catastrophe and they have reinsurance, they don't have that. why do they not have it? because they're reensured of doing it in quotes is the government. j i want to cover one other story. yesterday, i watched president

trump support the change in what was the official name of it. i can't remember the change in sentencing law. well it is a prison reform act. there are many changes but the the court change, the change of sentencing no more minimum sentences. >> there is nothing more frustrating i've sentenced over 1,000 people in my prier career everything from jay walking to murder. by the way, why would i send somebody to jail for jay walking because if they did it three times the statute forced me to do so nothing more horrific to the judicial mind more upsetting to trying to do justice, then when you have to check a box at a spread sheet put in the plus and about minuses and number at the bottom of the spread sheet dictates the sentence. rather than are your own intellectual examination of which is going to do more harm. setting this person free or putting them in jail. putting somebody in jail makes almost everybody their exceptions to this bernie kerik is formaller jailer great

crusader for prison reform. putting somebody in jail makes them worse. the jail should be reserved for the worst among us who cannot be trusted on streets. j but hardlines qowld say you're going to get ram pangt crime because you don't put them away. j i don't think president trump would have had that unity yesterday if jeff sessions were still the the attorney general. because jeff sessions is in that old line, hard line law and order, lock them up and throw away the key camp. >> does this mean an end to three strikes and you're in jail? >> generally it shall generally that's most of the three stick laws are state law that means end of it in my federal system. look at the political imagery, then jones and cory booker, and mike lee and rand paul had all kind of folks in between being embraced by trump. and oval office yesterday, he talk about bipartisan that was extraordinary. that was a good one judge thank you. you're welcome pmg >> -- >> no more planting seeds.

>> judge -- [laughter] >> we've taken a turn south for futures we open the market in about five minutes time. we're going to be down 50, 60s on dow ten or 12 on nasdaq and back to open the market for you.

well this will be an opening to

watch -- because that dow has been sinking down 200 points yesterday an a roll to downside consistently by the way, it has been led by apple. so we're going to deal with with overall market. we're going to deal with apple as this market opens up for trading this thursday morning. boom here we go it is 9:30 we're off, we're running we are expecting open lower and we're down there we go down 40, down 43. we're down 37 okay limited loss at this point. down 50, we've got us a quarter of one percent down 55 all right now we're down 0 they're all opening up and a sea of red ladies and gentlemen where dow 30 at least 25 of them are down and dow is up 85 points that's a third of one percent. show me s&p how much is that down. that's down nearly a half percentage point so we've opened up in red almost across the board. now the nasdaq home of the

technology companies, where is that? it is down about a third of one percent. got it. there's a bombshell article today in "the new york times" and investigation of facebook that follows through to the is to be that is down a buck 38. 142 on facebook right now. as we said it has been a rough month for apple shares so far the stock is very close to bear territory but this morning a tiny fractional bounce up a buck 18 at 187. big day, scott martin is here. so is michelle elizabeth macdonald and ashley webster fist ashley update brexit. st fag moving event in the u.k. now we understand letters of calling for a vote of no confidence in theresa may starting to come in from her own conservative. we know that brexit secretary is already quit today saying that l deal has approved classic exampf blackmailing and can she survive it biggest hurdle she facing getting this deal approved by

parliament if that doesn't happen, chaos ensues and she could indeed lose her conviction of prime minister. >> i think to do with dow industrials down -- it has got to be. trouble over there does hurt over here. >> yeah that's happening. how much is hurt us. it did now we're down 175 on dow and 30 points on nasdaq composite. okay. scott, comen in please talk to me about apple. how much -- where's the bottom for the price of apple stock? we all like to know that stuart it is lower i'll tell you that much. because here's the thing. i don't apple from a fundamental standpoint is -- is say overvalued here but probably about where it should be but issue stuart with market says we've talked about this now unfortunately last three weeks market is psychologically are in a different position than they have been most of the year and sense that market is very manic. they're very anxious so to me apple is is probably got a drop

another ten buck os or so before the buyers are going to come in. also problem is, you've got folks piling on now so not just a supplier on downgrade now but some of the bank and analyst are coming in with price target cuts now when the stock is already dropped you know 20, 25%. so once those starts to wane and get in past that's when it will be time for stocks to heal. >> we shall see well we're moving quickly this morning down 200 poings on dow industrial average that's what, 198 we're back to 24,800 that's where we are. and i'm going to show you facebook stock. on briefly tell you that there's a bombshell series of revelation it is in "the new york times" about that company this morning. it is not really hurting the stock that much. although facebook is depressed. it's at 142 at the moment. that's down almost $2. scroll up please i want to see what else we're dealing with here. we have to move fast. high per sales and rosy forecast from wal-mart. and wal-mart stock -- well it is down a fraction. it was a very strong report.

>> it was a strong report but at the end of the day wal-mart isn't an amazon and i think this is not a growth stock you buy wal-mart because it is a safe company you get a dividend that's it. but what i really liked about wal-mart is that it is showing us how strong the consumer is. and i'm bullish because of that. >> cost issue. as it ramps up to take on amazon. but same store sales up 3.4%. and foot traffic up in store. >> and great christmas season outlook. but one small factor that is fulling wal-mart down this morning. it is overall market is not helping either now down 160 points to about 160 points two-thirds of one percent. another earnings report came in this morning from j.c. penney should we play the organ music? probably. down 12% a dollar 7 on jc pen thy that's what we got. have a look at ge again, should replay organ music? no maybe not. 8.34 on ge i hear scott laugh

would you buy it at 8 and j.c. penney at one tell me, scott? >> stuart i'll use any famous line on that to make it devintive i wouldn't buy two stocks with your money. okay, so listen, i do misthe organ music but it's a sad state of affairs really to think about these two companies that were once leaders in economy, they're now being so hurt. but michelle's point -- there are ore companies taking a lead wal-mart and amazon are two that come to mind. >> america changes real fast aingt that the truth look at s.n.a.p.. they've revealed that they were subpoenaed by the department of justice in fec for information related to its ipo disclosures. the stock is down only 4 cents that's a half percentage point. >> stock cut by 3.4%. so i can't remember. more than 12. >> more than 12 -- 19. 19. that's chopped off at the knee. how about the price of oil this morning, i think around 56 dollars a barrel. that means no serious boundback

from lows earlier this week but we are still seeing the price of gas keep falling. we're down to 2.66 as your national arch right now. 36 days down straight -- now we're going to get latest read are on the supply of oil that comes out at 11:00 this morning. so scott what do you think? are we going to head down on the price of crude down from 56? >> yeah. the supply number doesn't mean too much today because oil is such a downdraft with trading rumors going on about hedge funds and short naturals gas and trade going away that's wonky but things happen and traitding market it is that overright fundamentals at times so me trades need to wash out stuart that probably takes another week or two and another few dollars downward in price. >> all i want is cheap gas. you're getting right now. and inventory for oil have built and expecting another bill to 3 million barrels in this report if that doesn't happen we may see upward movement on oil but if it exceeds that expectation it could put more downward

pressure because we're slushing in oil right now. in reserve -- which may be approximately for a slowing global economy but either way. u.s. is now at importer so that change too. >> we're a net exporter of energy -- as opposed to just oil is that correct? >> i don't know about energy that energy -- i know it is for sure oil that's strange isn't it? on or very day that the incoming chair of the house technology services committee maxine waters has a go at the banks bashing them any way she can warren buffett is big on jpmorgan. four billion dollar stake is just revealed in jpmorgan you show that's a vote of confidence. >> 100%. i think maxine waters is a little bit of political rhetoric and i would put my money in warren buffett hands and not in congress hands so i think it is a vote of confidence stuart. >> what do you got adding to physicians in bank of america, and goldman sachs this is an

indicator that economy will go on continuing in a strong path. that the myc recovery is going at pace. >> a vote of confidence i would say. netflix they are testing -- a chiefer mobile only plan in malaysia let me interpret that emac i think that means that it shall that netflix is try to figure out how to get you to watch movies on your phone. >> that's correct. and we've already been reporting about how millennials are watching movies on their mobile devices. not just phones but also ipads and like. so it is an interesting development here that actually is testing out. >> i watch soccer on it all of the time but i remember saying on this program i'll never windchill a movie on a to inny screen now i'm hooked totally hooked. all right. pacific gas electric -- pg&e california utility, hammered the stock has been hammered over its possible liability for the california wildfires. got more on this? >> because the state of california did say you will

not -- utilities, you know, have to face the blow of liability for 2019 buy rs 2019 fires going forward. the 201 fires are a risk to pg&e. city group has already saying -- it is facing upwards of 15 billion dollars in liabilities or the camp fire, the northern fire alone. the rate payers will pay anywhere from 75 dollars a year and an a yulely to 150 dollars year, the customers, so they're going to borrow bonds and then pay it off and borrow bongdz to pay liabilities and pay off bongdz over time by increases rate payers. in cost. >> customers pay like maybe 150 dollars more a year. stocks looking real bad down yesterday and down another 15% as of the date. 21 buck on pg&e. it's that time i'm afraid ladies and gentlemen. have to say good-bye to scott, and to -- and to mibl. thanks for joining us one and all appreciate it it was a big

day, wasn't it in well we've come become a built we were down 200. now we're down 1 look at that level 24,900. latest on death of saudi columnist khashoggi saudi prosecutors want the death penalty for five people keblghted to his murder. details coming up for you. not everybody is happy about amazon's move to new york city. protests yesterday, local politicians and residents say new york is getting a raw deal we will deal with that, next. ek questions. is our money in the right place? what am i really being charged? and is it eating into my returns? is my advisor a fiduciary? is he always a fiduciary? a good place to start is with an independent registered investment advisor.

as fiduciaries, they live by a simple rule: always act in the best interests of their clients. that's why charles schwab is proud to support more independent financial advisors and their clients than anyone else. visit findyourindependentadvisor.com

we're off low of the morning we were down 200 now we're down 127 that's exactly a half percentage point. but as we said we're off the lows of the morning. saudi arabia wants the death

penalty for the killing of saudi columnist khashoggi tell me more. >> they charged 11 people with this. plus as mr. khashoggi was killed october the 2nd in istanbul of the 11 charged five now face the death penalty and another ten are under investigation and haven't been charged bottom line is prosecutors in saudi arabia did not release names by the way of those who face the death penalty. but you know, turkey says mr. khashoggi was tricked into entering the saudi consulate in istanbul murdered his body cut up and removed and now we understand five people prosecutors are calling for death penalty and i have a feeling they're going to be moving them quicker than say, california. >> i would think you're right on that. [laughter] very quickly. amazon -- getting some backlash for all of the incentives it received reporting headquarters are half of its new headquarters in new york city. betsy with us lieutenant governor of new york state.

all right betsy let's have it because i think that new york did what the to do to get a big company and it got a reasonable deal. disagree? >> taxpayers are getting a real fleeting first of all let's look at the facts new york is paying twice as much per promised job virginia which got the other half of the deal. secondly new york has a long history curet, of handing out goodies, tax incentive and cash grants very similar to this, to companieses and yet, yore after year decade after decade now new york ranks way below and a the bottom half of the nation are worse in economic outlook and job growth. it doesn't work to hand out goodies to few companies you have to deregulate to lower the overall tax burden for every company doing business in the state. >> look that's not going to happen in new york state is they're not going to lower tax burden to take regular heat they're not going to do that. >> really -- it is the jobs -- >> so the way to bring in jobs

is to give them something. there's more of the winners here politicians -- like cuomo and de blasio who got bragging rights so long island city real estate developers whose properties went way up in valley and who are losers? taxpayers in new york city and new york state who tolerate crumbling infrastructure subways that don't work that two and a half billion dollars in -- fore gone future tax revenues could have built subways and restore the terrible school in part of new york city. and 25,000 people work at a new headquarters long island, wait, long island city with an average salary we are told -- of 150,000 a year. we -- >> 25 years. 2500 jobs a year which is a drop in the bucket. >> there was a great deal of tax revenue extra fax rev are knew is going to be fleeing into the city's coffees, the state coughers, with there's realize are taxes that will be levied there's investment that will be

made what are you going to say oh -- saying good-bye. >> with lieutenant governor and it never works out, in fact, some of these deals field no jobs. zero after -- >> do you think that's what happened with amazon nothing whats they're not bringing anybody here? >> you wait. you wait stuart new yorkers have learned this lesson the hard way and they -- new yorkers i feel the greatest feign pain for upstate new yorkers whose tax burden getses worse and worse and they're shelling out tax money to bring more jobs down state which is already thriving. you tell me the justice of that? [laughter] >> i'm not going to do that. i'm not going to do that but schismly going to say how on earth do you bring a company like amazon to new york city if you don't give them something? >> plenty of companies are coming to new york city because we have -- intellectualage. right, that's why new york city's job growth is just fine, thank you and 2500 more jobs per year is a drop in the bucket. >> do you think they would have

come if we would have given them nothing? >> no because there are plenty other places making fool of themselves bidding for business. >> gone someplace else, and virginia got -- >> to walk out the door, virginia by the way -- virginia got them for half of the price on saying they've got a slightly better deal. do you know why new york is paying double for job? because the new york contract including provision that everything built has to be done by union labor. now i am a friend of labor too. but that's another fleecing of the new york taxpayer. do it at a cost effective way don't make taxpayers pay double just to benefit the unions. who by the way will now beuringe blasio campaign coughers. >> i think you made your point. [laughter] you're coming at me like a ton of bricks here -- >> i've seen it up close and it's not pretty. >> okay, i hear you and it's interesting point of view we have to discuss this throughout the show. and i think there's a similar point of view to you he's on the show a bit later on we'll get

into it. thanks very much birth betsy oky quoit a show so far. that was great betsy kimble mufng and -- >> don't compare me with him -- [laughter] >> all right seriously now. at least 56 people have died in the california wildfires. and the health risks from that smoke in the air could be serious. dr. siegel will address that risk are after this.

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we're all under one roof now. congratulations. thank you. how many kids? my two. his three. along with two dogs and jake, our new parrot. that is quite the family. quite a lot of colleges to pay for though. a lot of colleges. you get any financial advice? yeah, but i'm pretty sure it's the same plan they sold me before. well your situation's totally changed now. right, right. how 'bout a plan that works for 5 kids, 2 dogs and jake over here? that would be great. that would be great. that okay with you, jake?

get a portfolio that works for you now and as your needs change from td ameritrade investment management. we've got a triple digit loss 21 mines into the trading session. we're down 132 brexit concerns you know that's britain leaving the your european union chaos or there at the moment that is not helping us. let get to the massive california wildfires plural. it has cure for 56 people at least have died. unhealthy air quality warnings issued throughout the sphrifng bay area. and also around los angeles and other parts of the state too. dr. marc siegel joins us now oven question. i have heard this smoke described as toxic that's a word that's often used sometimes overused what is the health risk from this smoke? >> it is huge northern california, the complex fire, the largest fire in california state history a million acres are involved here we're talking

about particulate matter if you have asthma, inpa subsidy ma, allergies if you have heart disease, you can have a heart attack from this smoke. you can have a stroke from this smoke. patients can literally stop breathing, or they can have attacks. people have that asthma or have a ton of problems with this they have to take inhale tear they have to stay indoors they have to use their air conditioner this is a huge problem. it is because of the far tick lat matter in this smoke that end up lining your lungs they are like vacuum cleaners getting rid -- >> when i hear the word toxic i associate it with cancer. now, is this a -- is that a real aristic association given the smoke california? >> given that we made that mistake after 9-1-1 we're not going to make it now and i'll tell you that's the long-term health risk absolutely. i believe if you have continual exposure to toxic pollutants can't prove this but 9-1-1 did

prove this over time you're at increase risk of lung cancer absolutely. if you have a prolonged exposure. >> i've got friend in california, los angeles who tell me that they've got a clean everything there's smoke in the house. you have to clean all of the bedding towels and the drapes and the carpet, with you've got to clean everything. now that's not a health risk. it's an annoyance are. >> but also a health risk because if you have asthma and that gets in your lungs within the house once particles enter the house they end up lining your lungs. >> all right. i got it i got the risk i want to talk to you about comean joule they're taking most of their flavored e-cigarette product ares off the shelves and they're not going to do social media you really approve of this don't you? >> this is a big step and you know why they're doing this because fda is putting screw to them and head of hs cringes about this coming up but let me tell you scott told me this morning he considers this a, quote, meaningful step.

he's to the fda looking over their majorities plan e-cigarettes were supposed to be invented for doctors like me to say it a smoker -- i would rather have you vape than smoke. meanwhile these flavored e-cigarettes joule, if looks like something you plug into your computer, flavors are another way to get people hooked. in addition to the nicotine. taste good right have a bubblegum smoking -- >> the first smoke in their lungs -- >> but it's a gateway with once you start request that nicotine gets you addicted to needing more nicotine and your chance as of going on to a regular cigarette grad quadruples but yu can't have it under age of 18 so fda says look, kids under age of 18 are one who is use it 3 million at least, at least 3 million kids in middle school and high school are currently using e-cigs. >> stop them getting bien baaing e-cig flavors is that how you do it? >> that's a step because again,

the flavors are what entices people. it doesn't solve whole problem. it's a big step in the right direction and i am for it. >> and alexandria will be too. >> we have more on e-cigs and flavored variety with hhs secretary alex coming up later on this program. doctor thank you so much. >> here's what's coming up maxine waterings about to taking over financial services committee she has a message for big banks, today of weakening regulations are coming to an end she says. i say that's a declaration of were on wall street. you'll get my take on that after this.

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stuart: in two months congresswoman maxine waters will take the chair of the house financial services committee. she already started talk about what she intend to do. she will resist bank regulation roll backs, resist it. she says, make no mistake, come january, the days of this

committee weakening regulations will come to an end. it was a declaration of war on wall street. okay. but what actual power does this committee's chair really have? consider this. it has no power over the federal reserve, or the securities & exchange commission or the justice department. they are the institutions which regulate banks and brokers. the committee can't get legislation passed because it wouldn't get through the republican senate. and even if it did, there is always the presidential veto. maxine waters cannot roll back deregulation. that is already in place. so what can she do? hold hearings, subpoena witnesses, and begin investigations, in short, make a lot of noise, embarass wall street any way she can. maxine waters will be front and center in rehashing the financial crash 10 years ago. she may investigate deutsche bank, what is its connection to donald trump and the russian government? that will be very noisy indeed but it will not damage our

financial system. it will not put in jeopardy the recovery from the crash. interesting that just as ms. waters was threaten the banks, warren buffett made a big investment in jpmorgan. that is a very big and well-known bank. he is a smart investor. if he thought maxine waters could be, could reregulate wall street, he wouldn't be investing billions in financial companies. a lot of noise coming but no serious action. the second hour of "varney & company" is about to begin. ♪ stuart: it is thursday 10:00, eastern tile, that means it is mortgage rate time. ashley: i live for the freddie mac day, you know that here on the edge of my seat. i kid you not. i love it. 30-year average for freddie mac mortgage, 4.9%.

what was it last week? 4.94%. completely flat. it reflects other things, subdued inflation, lower oil, subdued wage growth. the rates are sensitive to that. we have seen a subdued data. still under 5%. stuart: not quite at 5%. ashley: exactly. stuart: we've been saying for weeks. ashley: for weeks. stuart: the dow down nearly 100. some individual stocks in the news. first off higher sales, a rosy forecast from walmart. that is not helping the stock at all. it is down 50 cents but holding at $100 a share. should we play the organ music for jcpenney? we're playing it any way. down 2%. same-store sales fell short. buck 19 on jcpenney. ge recovered a little bit, up 11 cents. cisco, another quarter of

revenue growth. it is up $1.63. 45 bucks a share on cisco. big check names, check them, especially apple. morgan stanley says buy this dip. apparently some people are. it is up a buck but at 1.87. the rest of the big techs like facebook, amazon, alphabet all on the downside. facebook under fire once again after a bombshell series of revelations in "the new york times," front page story, here is the headline, delay, deny, deflect, how facebook leaders fought through the crisis, singular. jason chaffetz, fox news contributor. >> appreciate it. stuart: i read the article. so have you. went after zuckerberg and sheryl sandberg. >> there was conflict between the chief information officer and security protocols, whether russia was in there manipulating or not and sheryl sandberg felt

she was manipulated and thrown under the bus by the board of directors. nevertheless, i get queasy. stuart: what is the challenge still to come? >> i get queasy when government tries to get in to regulate a private entity but there are two areas which they're dealing with, dealing with literally hundreds of millions of people of personally identifiable information. the security of that, that is something of keen interest to governments and our governments. i think when you start talking about the user agreements with children, that is going to open up a whole box of headaches for high-tech companies, particularly facebook. who probably has the biggest name, the law changed in the 90s. it allowed 13-year-olds and older to enter into these user agreements. but there is a whole another set of law that creates a problem when you're dealing with somebody who is under age. what if they want to dismantle

or get rid of their user agreement? there is no way for people to get out of these user agreements because they have traded their information but then they have, what if you say, well there is no more consideration for me, give me all my information back, erase it. facebook not addressed it. instagram will have the same problem, snapchat will have the same problem, a host of tech companies. that will compel them to come to congress. there will be a whole series of hearings focused on kids and hundreds of millions of kids that this affects. stuart: do you expect regulation? >> oh, i do. i think congress is going to reconsider how they dot user agreements but when you're not able to secure the personal, identifiable information, when you combine that with facial recognition, are we going to have 14-year-old girls give their facial recognition, they get to use that the rest of their lives? that is scary, weird stuff that

when it becomes, i think a little bit more out there in the public realm i think there will be a lot of problem for these high-tech companies. stuart: yeah. i think you're right. >> technology sounds great. when you look at personal privacy, doesn't a 14-year-old have the right when she is 22 to say, i shouldn't have posted that, i want that back? stuart: i agree entirely. >> how will they deal with that? stuart: worries me a couple of multibillionaires have so much power and knowledge of every single human being on the planet. i have got a problem with that. >> i don't think the tech companies will necessarily be able to regulate all the content. but they have to verify who those users are. those users, when you enter into a user agreement, they have to be able to get out of the agreement. that is where congress comes to play. that person wants out of the agreement, how are you going to do it? stuart: blockbuster report that will have repercussions. jason, thank you. >> thank you, sir. stuart: back on big tech, still on big tech, a lot of these

stocks have been beaten down of late. brian belski, bmo chief investment strategist. brian, you say time to get back into the stocks buy this dip, am i right? >> christmas has come earlier, stuart. don't confuse callous with conviction. we have conviction with u.s. stocks, tech sector, financials, industrials, health care, because we do fundamental analysis. nothing has fundamentally changed in the last three weeks. all that changed the last seven to 10 days, the fear, rhetoric, noise at top of the hour is scaring people. yeah, oil prices dipped below 60 but that seems to be unwind of a momentum trade. go ahead. stuart: facebook is very much in the news today after this "new york times," report, would you say buy it, 142, i think it is? >> facebook, full disclosure we

have it in portfolio for bmo. facebook has the opportunity to kind of change the way it does things. that is how big companies adapt over time. it has a big balance sheet. facebook problems came with user growth decelerating using core product from facebook, instagram portion continues to grow very strongly. you use the type of fear headlines from longer term perspective, you ask yourself is facebook going to be around in five years? the answer is yes. is google is going toby around five years? yes. apple is the one we i with good balance sheet and strong product line people have punished near term. that is the stock we think to be in on this dip given the fact technology earnings in general, stuart, really define the theme for u.s. investing for the next three to five years, meaning stability, stability, stability. stuart: now tell me about the banks. warren buffett took a 4 billion-dollar stake in jpmorgan just about the same time maxine waters was saying

she was going to launch an attack on the banks and attack on wall street. seems like buffett is giving a vote of confidence for the banks. would you buy the banks right now? >> we're our largest overweight banks with scalable businesses. so bank of america, morgan stanley, goldman sachs, jpmorgan, they are our biggest positions in the financial sector and i'm so glad that you provided some clarity with respect to the potential that the house thinks they could push forward. they can't. they can't do it. it will create more buying opportunities longer term. we've already self-corrected, we believe and overcorrected with respect to regulations in financials. we think it created the best buying opportunity in a generation for the financial sector. stuart: okay, one last one, the dow right now is at 24,900. we tend to concentrate on the dow on this program. you think it will be higher than 24,900 by the end of the year?

>> we do. we think there will be surprising rally in december. stocks go down too much at the end, just like stocks go up too much at the end we saw in september. this is unwind of momentum and fear trade. all what is happening short term is reactions what happened in the election last week. we think fundamentals wins supreme. we think 2019 will be another positive year. we're publishing our forecast tomorrow by the way with respect what we think on u.s. and canada. the dow will be higher year-end than it is right now. stuart: brave guy, brian belski, thanks for being here. >> thanks for having us. stuart: now this, video capturing migrants climbing the fence into california, san diego, the beginning of the migrant caravan that came from honduras. i want to know what's happened to them and what we will do with the influx? i haven't heard a news report. what will happen with these people. amazon choosing new york as one of the second locations for the headquarters. one that has expensive real

estate, what could this do for the price of housing? i will ask ryan, a million dollar listing guy, sells expensive real estate in new york. he will be with me next. two months maxine waters takes control of the house financial services committee. congressman sean duffy will ask him, what can maxine waters, what can she actually do? you're watching the second hour of "varney & company." ♪

stuart: we're still down 139 points for the dow. "brexit" and chaotic british politics having an impact on us. i have the latest on "brexit" in just a moment. check the price of oil, a little stability there, not much. 56 bucks a barrel after the big plunge earlier this week. modest recovery. the price of gas keeps falling,

now we're at 2.66 the national average. 36 straight days down. amazon's move to new york city could have quite a impact on the city's housing market. joining us real estate broker, and author of sell it like sirha in. he is realtor in new york city, high-end, stuff, right? >> everything. we sell everything from 500,000 to -- stuart: but you specialize in high-end stuff? >> yes as much -- stuart: do you think amazon's move to long island city, that is long-term move that will put upward pressure on high-end property prices, isn't it? >> i think it will bring a lot of demand to long island city starting yesterday. it is great for everybody in long island city who is currently an owner and great for everyone looking into the purchase in the area next 12 months. after that it will be incrementally more. long island city is still a good deal but it won't be that way

forever. stuart: one of my colleagues looked for an apartment in long island city, five years ago, one bedroom, 3,000 bucks a month. >> yes. stuart: that was five years ago. >> yes. stuart: what is it now? >> probably around 4,000. i think average -- stuart: where is it going? >> it is going up obviously. the average rent in long island city still hovers around $3,000 a month. but to afford that you have to make 40 times the monthly rent, $120,000 a year, that is today without the amazon effect. long island city is not a cheap area. it is relatively a very good deal. i think it will bring a lot of people to the area, who will look in midtown east, gramercy or woodbury hill. i will look at greenpoint and take a scooter to work. that will be how the world changes in new york city in next couple years of it will be incredible. stuart: i thought high-end real

estate in new york city was under pressure because of tax law changes. you can't deduct state and local tax. >> yeah. stuart: do you think the amazon move rescues high-end real estate in manhattan? >> no, no. if anything, i hope don't get crucified for saying this it may hurt manhattan because it will put a whole another nabe off to the side, on the playing field for everybody. so instead of people coming to new york, i will look at manhattan that is new york city. they say i look in brooklyn and long island city because amazon is there and getting better and better. de blasio is putting a lot of money into the area over the next five years. also look at manhattan. puts it on even playing field that never happened before in the history of long island city. stuart: ryan, thank you for being here. appreciate it. looks like foxconn may not deliver some of the promises it made when it moved to wisconsin or agreed to open up a big plant

in wisconsin. jeff flock is in chicago. jeff, i think you can tell us more about what went wrong with foxconn in wisconsin. go. reporter: cautionary tale for those politicians taking a lot of credit for this amazon deal. here is what could go wrong. they could not do as many jobs. they could not hire people at the kind of wages they thought. and they could bring people from overseas to do the jobs we thought americans were going to get. take a look at the cost of jobs for the amazon deal compared to what wisconsin paid for the foxconn deal. it is amazing when you think about it. amazon is being criticized because, you know, the taxpayers are paying $22,000 a job in virginia, $48,000 a job in new york. wisconsin is paying $344,000 for 13,000 jobs in wisconsin and foxconn says they may not even deliver all of those jobs. now "the wall street journal" says that they can't find enough skilled workers because now they're going to do it with

robots as opposed to manufacturing jobs which we were promised. so they can't find enough skilled workers. they will bring people from china to do the jobs. this is what can go wrong when something sounds so good, creating jobs is done with huge amounts of taxpayer money. four plus billion dollars in. stuart: jeff, good stuff, thank you, sir. appreciate it. >> thank you. stuart: the dow still down triple digits in part because of "brexit" and we've got new details. what is going on? ashley: fast-moving developments, stu. biggest banks in united kingdom will be summoned with a call of city regulators because of all market turbulence ensued, theresa may, the fights for draft agreement on eu for "brexit," now appears fighting for her own job. the british pound has absolutely sunk down to 128 to the u.s.

dollar. that is down 1 1/2%. we understand the call between the banks and city regulators was made by bank of england governor mark carney who believed it was appropriate given what is going on in the markets today. stuart: financial instability always reflected over here. ashley: correct. liz: number of cabinet ministers resigning, potential push for a vote of no confidence. stuart: i think it is coming. winter, here is another negative. winter is here. a winter storm stretching from louisiana all the way up to new england, bearing down on us all, 80 million affected. we'll go to the weather center what people will be expecting. dow, leave it at this. down 150 points. we'll be back. if there's one thing all americans agree on,

a deal is a deal. and congress has already made one to help america's seniors pay less for their prescriptions. but now, drug companies are lobbying congress, trying to force seniors to pay more so they can boost profits. but a deal is a deal. and the president has pledged to end price gouging by drug companies. we will no longer accept the inflated prices being charged to our seniors. protect seniors, not drug company profits.

i am a techie dad.n. i believe the best technology should feel effortless. like magic. at comcast, it's my job to develop, apps and tools that simplify your experience. my name is mike, i'm in product development at comcast. we're working to make things simple, easy and awesome.

stuart: snap revealed it was subpoenaed by the doj and the sec for information related to its ipo disclosures. the stock actually is up 17 cents. huge swath of the country will be hit by the season's first real winter storm. 80 million people affected. fox news meteorologist janice dean is with us. janice, spell it out. how bad is this? >> it's a little early for this. d.c. got its first measurable snow this early in 22 years. it is coming early. it is cold. you can see that with the windchill. 26 feels like in new york. we're not reporting in new york city. 27 what it feels like in boston and washington, d.c. cold enough to get the precipitation into snow. as the snow moves northward along the coast it, will transition to freezing rain, sleet, all-rain event.

interior sections we get the big snow totals. unfortunately freezing rain and sleet falling across the ohio valley, as part of the appalachians as well. this is ice storm. dangerous to be on roadways in parts of indiana, parts of ohio, parts of kentucky. along the appalachians where we could see mixture of freezing rain, sleet, transition to snow. you can see where we got the freezing line as it moves up into the delmarva, new jersey, long island. we'll see the snow start. it will transition to be a rain event. interior sections get a bull's-eye of snow, some areas across upstate new york and parts of pennsylvania, could get over a foot of snow before thanksgiving, my friends! fall, we hardly knew ye. stuart: there goes my weekend. janice, thank you very much indeed. see you soon. thank you.

we'll talk health care. can you believe this, here come the robots? we have a guest who says we'll see robots doing surgery. how do you feel about that? he will makes his case. maxine waters, in two months takes over the house financial services committee. she is talking about a war on the banks. sean duffy is already on the committee. what he says about maxine waters war on the banks. he is next. ♪

♪ ♪ baby you're a rich man stuart: that is my song. play this all day long. our anthem. it's a "varney & company"'s

anthem. i will take it. check the big board, falling, down, off we go. off 173 points. "brexit" has something to do with this. we'll get into it in a moment. big tech names, any recovery? no. apple up 70 cents. facebook is down, amazon down, microsoft, alphabet, all of them down. pacific gas & electric being sued over the california wildfires, falling for the sixth straight day, that stock price, 19 bucks a share is a 16-year low. they got trouble. fires are the reason. the treasury department announcing sanctions against 17 people for their role in killing of the saudi columnist. tell me more, ash. ashley: senior official of saudi government and the counselor general, the u.s. boeing after them, basically saying the government of saudi arabia must take appropriate steps to end the targeting of dissidents or

journalists. there you have it. 17 individuals connected to the killing of jamal khashoggi. stuart: got it. let's get back to the markets because we just registered a 200 point loss for the dow industrials. we were down 200 yesterday, remember? gary kaltbaum, kaltbaum capital management president and fox news contributor. gary, i don't mean to throw you a curve but we have a big downside move right now, and i think part of it is the result of the "brexit" chaos in britain. can you tell me why our markets should be down because of trouble over there? >> because what happens over there matters here and you combine the fact with germany just came out with a contracted gdp quarter, and you can talk contagion. stuart, i was just in the uk last week, and i must tell you, whenever you go to the store to buy a jigsaw puzzle, you take all the pieces throw them on a table, i don't think they have the pieces of the puzzle even out on the table yet when i'm watching interviews that i saw

last week. i think that uncertainty is doing the trick, and just adding to a bearish market. stuart: you're right. italy is a problem. germany is receding its economy, "brexit" chaos, that affects us. we're down 217. i do want to talk to you, gary about walmart, they came in today with share shopping report. i think it's a key indicator for the economy. they reported solid sales, solid foot traffic coming in, solid e-commerce business but the stock is down a buck 53. i still think it is an economic indicator, what say you? >> it is. walmart when you do 530 billion in sales you have a say in the matter. same-store sales were up over 3%. that is a great number for that company. e-commerce was up 43% in the u.s. i think the big issue, what's to come. i'm a big believer in markets. they forecast pretty well. you know, the, foreign markets topped out eight months ago. now we're getting some

contracting numbers. i would suspect our markets will catch the cold also, excuse me, our economy. we'll see someone and two gdp numbers in the next quarter or so the good news is we are just, we are the engine right now around the world and i mean that seriously. i really do believe the tax cuts and regulation cuts have really helped out. we'll eventually come out of it but right now we're in the midst of some global turmoil. by the way, i have to add, general electric into it. we are now finding out how much leverage they have. that is roiling the credit markets also. so that matters. you have a bunch of things going up, seeing outcome in markets on daily basis. stuart: you don't own, ge, do you. >> hell no. stuart: i had to check. time for you to take a victory lap, because you were right about bitcoin. it has really fallen to $5400 a coin right now. you saw it coming? >> yeah. you know what?

bitcoin is the story, the bigger story is, a lot of people came out with coins that were 2400 of them. a lot of them were scams. the first time i was on your show talking about, i used the word all of them will go to dust. that is what is going to happen here. there is no economic value behind it. i hate the fact people are still out there touting it. there is couple of guys out there getting on their soapbox saying we'll be 25,000 bitcoin by end of this year. they're praying it does so they can sell, because right now you can't sell. there is nobody buying. it is unfortunate thing. hopefully not too many people got caught in this one. stuart: congratulations to you, gary, you certainly got that right, yes you did. come see us soon, gary. >> pleasure, my friend, maxine waters made it clear what she will do when she becomes chair of house financial services committee. roll tape. >> make mo necessary take, come january this committee can enact

regulations that won't put our economy at risk of a financial crisis will come to an end. stuart: joining us from washington, congressman sean duffy. he is also a member of the financial services committee. in my opinion maxine waters cannot roll back the deregulation of financial industry we've already seen. i don't think she has the power to do it. what say you? >> well the, the executive branch regulators have a lot of control over what happens in regulation of our financial institutions but, listen, maxine waters is a believer in more regulation. she believes more regulation breeds more security. we believe in having smart regulation and smart rules. by the way, as maxine and other democrats say they hate big banks and risks they pose to our economy and they love small banks, what we've seen after dodd-frank passed is all the rules and regulations that came from dodd-frank have made big banks get actually bigger and small banks that serve communities like mine in wausau,

in merrill, they have gone away or had to partner with larger banks taking decisions out of small communities across the country and moved to them more populous centers which is bad for the country i think. stuart: we had some degree of financial deregulation already. >> yeah. stuart: i put it to you, sean, she cannot roll that back, she can't reregulate or can she? >> listen if she wants to try to legislate, she will not have only pass the committee, has a thin margin there, get the across the house, maybe democrats will do that but i don't think she will get it through the senate and i don't think the president will sign it. that is challenging for her. she is focusing what she can do in financial services to go after any banks, any financial institutions that dealt with president trump and his business dealings, subpoena them in, get distracted on anti-trump movement, what is best for markets, what is best for economy, and what is the best flow of capital. stuart: would you agree with this? this is my conclusion, a lot of

noise coming up but no serious action? >> there is a lot of noise. by the way maxine will have the opportunity to be serious, i am willing to partner with her i have in the past, i will do so again, if she wants to go off on the tangents she won't have a lot of republican partners on the committee. look at ways we can strengthen and make bet you are or regulation of the financial sector. i think she is more opposed more in line with the resist movement. she is one of the leaders. she wants to go as uses gavel on financial services, a really powerful committee in the house. stuart: sean did you duffy, thau very much. dow almost at the low of the day, down what, 270 points. we were down 280 a moment ago. i take it down 276. look, this is my opinion. i think "brexit" chaos in britain is part of the problem for wall street here. what have we got book makers

taking bets who is the next pm? ashley: you have to love the brits. six bookmakers giving odds who will take over from theresa may who by the way is still uk prime minister. the favorite, dominic robb, "brexit" secretary who just quit he could be the favorite to take over as leader of the conservative party. we also have the home secretary right now. he is up there at 11-2. boris johnson, bojo as they call him. political gadfly of westminster. michael gove is the financial sector. there are reports he may have been offered new job at "brexit" secretary. we're also told he is considering quitting as well. by the way backs boris johnson. stuart: can i summarize? ashley: yes. stuart: theresa may has a deal with the europeans. ashley: right. stuart: that has to be put to parliament. ashley: yes. stuart: odds are parliament will not approve. ashley: i think it is dead on arrival. stuart: if it is dead on arrival

she has to call general election or there will be no confidence vote. ashley: uncharted territory but her leadership, there is effort to have vote of no confidence. liz: wall street needs this information. on "brexit," worst drop in so bad, there was market stop called to stop the volatility. stuart: this is not a rout, but market decline has a lot to do with what is going on every there. ashley: right. stuart: breaking news on e-cigarettes for you. the fda will not ban flavored e-cigarette products. they will allow the stores to keep selling them but making moves to outlaw menthol cigarettes and flavored cigars. aggressive action against the tobacco industry. alex azar health and human services is here next hour.

i migrant caravan that came from honduras, i want to know what we do once they step foot on american soil. ♪

♪ ashley: "the washington post" says there may be a another recession by 2020. well in the last hour, former reagan economist martin feldstein told us, that could be true. take a listen. >> stocks are way out of line with historic experience. price earnings ratio, 40% higher for the s&p price earnings ratio. long-term interest rates are rising. they have doubled in the last two years. the 10-year treasury has doubled in the last two years. so it is a little over 3 now. but i think it is heading to five. if it gets to five, i think the stock market will say, we've got to normalize also. five wouldn't be unreasonable place for the 10-year treasury, 2 1/2 real but, the stock market is not going to stay way out of line if long-term long-term ints are that high. ♪

stuart: lockheed martin awarded a $22.7 billion contract from the defense department to deliver 255 f-35 jets. the stock though, down about three bucks at 300. the first wave of migrants from those caravans has arrived at the u.s. border right near tijuana. joining us pete hegseth, "fox & friends weekend" co-host. what do we do with them when they jump over the fence and land? >> you saw the video yesterday.

incredibly powerful. the visual the migrant caravan wants. we're standing on top of america's wall, taunting you, almost entitled to come into your country. if someone jumps over they should be immediately detained and held, not released if they claim asylum. they don't have the high standard, they claim asylum illegally as if they went to port of entry. every single one of the young men scaling the wall know where the port of entry is. they could go there to claim asylum if they want to, they're choosing to do it illegally to make a statement about our country. we should take as strong as measures. they added constantine wire before the he fence. shouldn'tshould have done it before they got there. you shouldn't see another instance of people standing on top of the border wall fence taunting our border patrol. stuart: can you stand on a wall, i want asylum, here is why, you

have to be processed? >> part of the rule changes, you don't get higher standard of asylum if you do it illegally, rather than going to a port of entry. trying to encourage folks to come in orderly, not climb the wall. you will be held. no more catch-and-release. we can administratively hold you, you want a better life or economic conditions pushed you here, you make a statement, you're going home. stuart: quite possible this flood, it was a flood, has really become a trickle. now i don't know how many people are being arrested at the border. it was 1000 a day up until a month ago but these caravans dissipated. 12,000 to start. maybe 2000? >> now i heard numbers about six or seven thousand. they have kind of regathered and regrouped. they're traveling in buses certain portion of the caravan, 22 of them. stuart: what i'm trying to say, maybe president trump's hard

stand and use of the military and extra border patrol people, that are patrolling maybe that had impact. maybe fewer people are saying, okay, i'm going to come what may. maybe trump's policy is winning on in. >> maybe. the next 10 days to two weeks will tell us what we want to know. as the bulk of caravan still moving comes to the border, what showdowns occur, go to ports of entry. are the military effectively claiming the to seal the border. they put up additional border agents to do that. they put up additional constantine that wire. the smugglers are cutting down constantine narcs they're trying to re-establish smuggling paths. stuart: i'm not sure if the military was taunted that is attempt to create an incident. if you have a violent incident. that is political statement on their part. >> a lot of discipline on the border patrol agents though.

and our military. our military is behind them backing them up. if an incident occurs it will be the fault of the demonstrator or migrant, or illegal trying to do something illegally, put as border patrol agent in a decision they have to make a snap judgment decision, going home to their kids at night. whether or not they have to take a non-lethal or l.e.t. that action. those are the tough decisions our guys make every single day. it is not their fault. it is a fault of illegal migrant put them in that situation. stuart: 100 101st airborne. >> i was. stuart: you are active on duty, fire gun in anger. troops going to the border better have a lot of discipline because they're being asked to be police officers not soldiers. >> they are but i'm sure they have given clear rules of engagement what they can and cannot. self-defense they could. detention is not something they will be doing. i don't think you will see interaction between migrants and

soldiers. migrants and border patrol. they have been handling this a long time. they will know how to handle those. when a wave of folks try to bum rush, that will be the optic. stuart: you got that right. hegseth, you're all right. now this, robots doing surgery, get ready for it. our next guest says it is coming because of house going democrat. i don't understand that. he will make his case in a moment. ♪ hi i'm joan lunden.

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stuart: looking at another down day on wall street. that puts us back to 24,800. now this, the democrat-controlled house could take action to make healthcare more affordable. our next guest says that might involve using robots and automation to do doctors jobs. bill is with us, robo global president. bill, have i got this right, because the democrats take the

house we may see robots doing surgery, make your case. >> hello, stuart. i don't think it matters who controls the house of the important thing health care has to change. as you documented, health care costs are unsustainable. it is 20% of our gdp. the idea of bringing in robots and ai is allowing to us apply precision and soon to be preventative medicine. kids born now will not live until they are 79, 80 years old. try 100, 120. we have technologies not just arrest signs of aging but reverse it. it is exciting time to be focusing on health care. stuart: with a robot be liable if something went wrong? if a doctor perform as surgery, something goes wrong, it is his or her fought, you see, they are liable. what about a robot? >> the biggest problem is human errors. the recent study i read, johns

hopkins stated third leading cause of death in the united states is misdiagnose. that is basically human error. when you think about a robot that can operate with submillimeter accuracy, that means lower costs, better patient outcomes, a better service for the customer. stuart: are we at that point yet? are we there yet? do you have some kind of robotics that can do an operation with absolute precision? >> definitely. look at companies like intuitive surgical. the company was founded in 2003. sold 200, i believe 80 systems last quarter. their procedure growth is up 20%. what this is allowing doctors to do is to do a non-invasive surgery. it is just a fact that robots are more precise than human beings. think about a person 65 years old, at the peak of his game or hers in terms of number of procedures performed but that person may not have very good

dexterity at age 65, 70. using a robot or operating a robot you have ability to utilize knowledge and robot's precision. so when you have got that capability, i think that, we're boeing much higher in terms of penetration rates and we should. stuart: i find this fascinating, bill. i appreciate you being with us this morning. you opened up something which i did not realize. we appreciate that. bill studebaker. >> thank you. stuart: now this, larry kudlow downplaying the possibility of a deal on middle class tax cuts and infrastructure. he says he doubts that the white house and the democrats will be able to agree on it. sounds like a whole lot of gridlock coming to d.c. next year. bret baier will discuss that in our next hour. ♪

..

stuart: good morning, everyone could almost 11:00 on the east coast or check the big board because it's another down day. as right now we are up 195 points. we were down 200 yesterday and the dow is back well below the 25,000 mark. what we're waiting for is 11:00 eastern time precisely were just getting the numbers and on how much oil we have in storage in america. this is the supply of oil. it would make a big difference for the price. whatever.com? ashley: i am most can believe my eyes. the build his 10.3 million barrels per the expectation with half a million barrels. this is the eighth week in a row we've seen excess supplies aired by this amount -- about marv downward pressure on the price of oil, which by the way is up right now about 47 cents. interesting to see what impact his house. stuart: the price of oil has tumbled in large part because

there is a lot of stuff on the world market. now we finally got an extra 10 million barrels in storage after a long period. transports popping up because opec is made december 6 possible production cut. stuart: opec's reaction off the market. one other point here about demand inside america. there's been a three-point 9 million-barrel draw down. i think that includes gasoline. i think it does. and that means demand is strong in america, but we're producing a ton of it and putting it into storage. that's oil. let's get to brexit because the deal is in jeopardy. a constitutional crisis in britain at the moment. i think that the brexit chaos over there is heard in our market here. now we are down 209 points. who better to bring in and sort

things out than stephen moore, chief economist at the heritage foundation an old friend of this program before you deserted us. how are you doing, sir? >> in author of trumpenomics picture into a headline in the financial terms this morning, germany's contracting economy. why does the trouble over there hurt her so badly? >> the economy is globalized today. by the way, germany is the third or fourth largest economy in the world so they matter a whole lot. but europe has been in the last year they only grew 1% or so appeared weaker at 3.5% so were able to decouple from your appeared when the rest of the world is -- china by the way is not doing well. why is that important? >> we need this to go smoothly.

it would be like nafta. what a great situation that would be. i don't understand why this is being held. by the way, americans are totally against brexit when it happened. now they wanted to have been. i think it's good for the world economy. stuart: at the mess on 222 points. >> let me go back to something you said earlier about the oil price. i love the low oil price. but why does wall street always react in a negative way? that's a tax cut. it's for american companies american consumerism by the way, the report you mentioned is the best of all worlds. an increase in demand an increase in supply. when you produce more of the stuff i was just in pennsylvania and wilkes-barre, pennsylvania. they are producing so much

natural gas. i was out in texas in midland. they are drilling for oil there. >> just across the state line we can't go and get the deposit. >> we are now basically energy independent and i love the fact -- by the way, i'm old enough to know when people talked about people. we are going to run out of oil. we are running into it. stuart: before and move on, theresa may, prime minister holding a news conference in london of course. 12:00 eastern lunchtime today. we are going to carry it. let me get back to economic growth. it seems to me we are on target for a very vigorous growth. here you've got all this trouble in europe, slowdown in europe, are we the only game in town? >> right now we are.

more true today than he said. the envy of the world in terms of economics. stuart: can we get 4% growth? >> no, they need to do what we're doing. cut the taxes, cut the regulation. i look to you this i read the pc guys have been cited in the "washington post." economists all say they will slowdown by 2020. those are the same ones i debated when i was working for trump in 2016. there's no way donald trump can get to economic growth. it's impossible. 2% growth is the best we can possibly have. now we got 4% growth it goes back to last them of their forecast is. those are the last people on earth. we might have a recession in 2020, but i would not ask paul krugman. >> stephen moore, thank you serve. now this. senator bernie sanders, he's

going after wal-mart. he's unveiled to stop wal-mart act today. companies that buy back their own stock unless they raise worker's wages to $15 an hour. senator john hoven is with us, republican for north dakota. your reaction to this sanders versus wal-mart controversy. >> good morning, stuart. that's not the way you raise wages and grow incomes. the way you raise wages is that the growing economy, more job creation. demand for labor pushes wages and incomes higher. that's exactly what redoing. look at this economy. you and your last guest is talked about 3.5% growth in wages in personal income. that's was pressing wages and income higher. >> what chance do you think bernie sanders bill passed? do you think it's going to happen? >> it's not. we need to reduce the regulatory burden.

reduce wages. create the opportunity for businesses to grow and hire people and pay higher wages and benefits. that's exactly what's going on what we need to do more of. stuart: president trump is meeting with senators at the white house today talking about the budget. is there anyway to get funding for the wall in the budget? >> i sure hope so. i'm on appropriations. we passed five of the 12 bills. four of those bills put together would have gotten us 29. we put a lot of pressure on our colleagues across the aisle to join a good house didn't want to go with the plans are now now we don't have quite the leverage. again, we have to push hard and i hope we can get it. >> pushcart, mr. senator. we appreciate you being with us on a very busy day. thank you, sir. check apple. the stock is up today. morgan stanley upgraded.

now is the time to buy. apparently some people are listening. it's up a couple bucks but at 189 is this facebook a scathing report on the company and "the new york times" includes details a purportedly ignored warnings about the site being as for governor propaganda and ethnic cleansing. facebook hired a republican opposition research firm to discredit at this protesters. the stocks down $2. 141 on facebook. ten cents chinese company reported higher profits. it says it increased advertising, mobile payments and clouds services all gave it a boost in a down market. that stock is up 16 cents. here's a positive side. more than 875,000 new millionaires were added in america in the last year.

the report also shows the total wealth in the states grew by 6.5%. much higher than the world average of 4.6%. now this. get up to $10,000 just by moving to just one city. you can also get discounts on your apartment, home and utilities. coming up, we will tell you which city is making the offer. a lot of news on e.u. cigarettes and tobacco. the fda looking to ban menthol cigarettes. a new report on e. cigarettes. the head of health and human services with us to discuss all of this exclusively by the way. he's with us next. not everybody is happy about the move to queens. protest in new york city with local politicians, some residents not happy about the tax breaks. dennis gartman will join us. governor cuomo and virginia governor ralph northam should be

ashamed giving into amazon's blackmail. maxine waters says she's going to bring back bank regulations, but i say she can't do it. fox news brett bair with us later this hour. stay with us. (indistinguishable muttering) that was awful. why are you so good at this? had a coach in high school. really helped me up my game. i had a coach. math. ooh. so, why don't traders have coaches? who says they don't? coach mcadoo! you know, at td ameritrade, we offer free access to coaches and a full education curriculum- just to help you improve your skills. boom! mad skills. education to take your trading to the next level. only with td ameritrade.

stuart: if you work from home you could get some extra money by moving to tulsa, oklahoma. the city offers $10,000 people who move there. you can take a local job. you must work on remote and stay for at least a year. you get a discount on renting an apartment for at home as well as for utilities for the first few

months. the key is you can go to tulsa, but you've got to work remotely on a job out of town. you can take a local job. news from cigarettes and tobacco. both we have with us today. alex azar, secretary of health and human services. what is this about a ban on meant all cigarettes? >> menthol cigarettes, the menthol flavoring and tobacco is really a very attractive and addictive property for especially kids. you know, the majority of kids who start combustible smoking, they do so with menthol flavored tobacco. when we look at adults, one third of adults whose menthol favorite cigarettes and it has a dust apportionment impact on the underserved. this is a community that is already suffering from great health disparity. we've been running it process

and referred these concerns and were going to be initiating a process to look at banning menthol flavoring of tobacco. this'll be a public, open and transparent process. it will take time and consider a public health that there is. >> this is somewhat similar to your attempts to crack down on flavored e. cigarettes. mr. secretary, you've got the numbers on team usage of these products. tell me more. >> we do. today the fda and centers for disease control released data that is frankly shocking. we have an epidemic of e. cigarette use happening among our children. among current high school kids there has been a 78% increase in e. cigarette utilization in the last year. among middle-school kids, a 48% increase in the use of e. cigarettes. i have seen this as the father of high school kids. i have seen this personally in my own life.

not in my kids, thank god, but i've seen it in their friends with using of these e. cigarettes. they're very available and were not going to let that happen. stuart: i understand you want to crack down. i got back. the e. cigarettes will still be available in stores as i understand it. how does that stop minors from getting a hold of them. >> the important thing is we want to make sure e. cigarettes are not available or attractive for use. e. cigarettes can serve an important service. they can be there for adults who are trying to transition off of combustible tobacco into move to an alternative nicotine delivery device and that's a good public health service offering for combustible tobacco. we can't let these become an on ramp to nicotine addiction or combustible tobacco use by your kids. so, what we want to see is these flavored unit, and these flavored nicotine delivery

devices they would be available in settings where kids can get them. parts of stores or stores or you have to be 18 or over to get in them or online where you have sophisticated age verification procedures to ensure kids are not getting access to them. stuart: got it. mr. secretary commute a court of public health in california because of the wildfires here it is this all about toxic smoke? >> as part of it but also access to health care services. disruption to their interactions with federal health care programs. they ensure them the full support of the government and combined with the declaration i declared a public health emergency and we stand by ready to help with public health officials and disaster emergency medical teams who can provide the diagnostics as well as help for individuals as well as smoke and individuals who are displaced and support for

medical facilities and evacuation of patients just like hurricane or other public health setting. stuart: i wish all of our guests resurrected and answer the questions as directly as you do, sir. you're very welcome guest on the program. thank you for being here. appreciate it. >> thank you, stuart peered stuart: sure thing. check pg&e paid to california utility facing a lawsuit the cause of these deadly fires. it's been accused of negligence in health and safety code violence. the stock price $19 a share is a 16 year low down 24% today alone. lockheed martin landed in your $23 billion contract with the pentagon to make 235 jets. the stock is now up just a fraction. the chief of a construction company that does this building cannot burn down. they have panels that can

withstand the flames. 100% fireproof. they're with us today. they brought a piece of the action. oxford dictionary is out with this word of the year. admittedly we've used it on this program plenty. guess what it is. >> i've got a few for you peered stuart: we will tell you what the word is in a moment. "the wall street journal" ranking the best airports in the u.s. looked at reliability, value, convenience. we will be back with the answers. ♪ the day after chemo shouldn't mean going back to

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♪ stuart: i know the name of that song. it is toxic by brittany spears. why are we playing it? the oxford dictionary says toxic is the word of the year. research shows this year more than ever people are using that word toxic to describe a whole lot of things. politics and relationships, cultures, workplace and more. the definition of toxic according to oxford is poisonous. got it.

we also asked you to get and down winner for "the wall street journal" denver international. it got high marks for its reliability, value and convenience. i've been there many times. great airport. number two, orlando. rounding out the top five, sky harbor international phoenix, jackson atlanta, dfw dallas. nowhere to be seen is laguardia. that's an interesting picture. the juno spacecraft captured this photo of jupiter taken 4000 miles above the planet it shows giant clouds of gas. juno has been orbiting jupiter for the past two years. talking about toxic. to amazon. both sides not happy about the big tax breaks amazon is getting to move to new york city. dennis gartman is that the snacks. he says new york governor cuomo, virginia governor northam should

be ashamed they are giving in to amazon's blackmail. gap, we will be back. ♪

stuart: at monterey to the loss, but not much. still half a percent down. brexit concerns more cascaded development. we'll bring you up to speed in just a moment. we had a large increase. more than 10 million barrels. that's a huge increase. the price of crude is up a little. the 6.94. the markets expect the now packed with cuts because we got such a glut of supply. morgan stanley upgraded the stock. at $3.24 as we speak. a site for their new head orders. our next guest says new york governor cuomo, should be ashamed for giving in to amazon's blackmail.

strong stuff coming from our good friend, dennis gartman, editor and publisher. you are smiling, but you're talking strong stuff. why didn't she like the deal. >> i object to the state government giving my tax dollars to somebody such as jeff bezos to put a job facility into northern virginia. there's no reason we should be able to give about the new businesses coming in. they think it is a very bad club to go down in if there's one company that doesn't need the benefits at amazon. both government should be ashamed of themselves. stuart: that's strong stuff because there's a counter argument here. if you want to bring in 25,000 highly paid jobs from an astonishing company of god to give them something.

assuming to get them in. >> suffolk -- i actually resign my position several years ago. i objected to the fact we were required to give tax cuts or benefits. and i objected to that. you should get in and of itself and should work. i find it terrifying and it takes jobs away from other areas of the country. blackmail to say we'll take the 25,000 jobs from someplace else in the united states and bring them to virginia. they should work in and of itself and again jeff bezos if there's one person or does it need help monetarily it's got a beat the world's wealthiest individual. stuart: doneness, hold on a second. i wonder bergen dann hettinger who's writing about this very subject in "the wall street journal" today.

the headline, dan, as you well know for viewers, jeff bezos invade trump's backyard. do you not approve of the deal that new york offered him? >> i don't approve of the deal offered to him at all. they ought to be old to do this on the merits. a lot of merits because of the diversity workforce and a huge amount of tech workers they can draw in which columbus admitted it didn't have the critical mass of tech workers, but the part of this that i just love is how all of these left wing democrats and politicians in new york and the head of the city council, kirsten gillibrand, ocasio-cortez, they are all object and the $2.5 billion bid to blog see how and cuomo are giving to amazon. is it because they don't like subsidies? no. it's because they didn't get the money for their pet project. stuart: the headlines, bezos

invades trump's backyard. you think it's a deliberate invasion? >> i think that the simple x the nation after all the tweets trump has dumped on just pesos. he rips off the post office, the "washington post," tax me all the time. amazon should be investigated. they should've said guess what, i'm landing in the place you started, queens and i'm going to be the biggest real estate developer in queens. stuart: at the end of the day come you don't think new york city in stable get their money back severalfold over? >> i think they look at a lot of money back from amazon workers for sure because amazon's workers are basically regarded by the politicians as a revenue robot. that's why they built all these condominiums in new york. who then can pull it out to companies. can you believe jeff bezos is

sending their workers into a city with 3% tax and they have no state and local tax deduction anymore. what a deal for these amazon workers coming to the highest tax jurisdiction in the country. stuart: doneness is laughing out there. i will now read your column or vigorously. let's talk money for a moment. you said you were seriously considering diene ge stock. you said that a few weeks ago, but it's come down significantly. are you going to buy some more at 8:34? >> i haven't bought any yet. i'm thinking about it. how much further down can i take the dividend down to 1 cent said the downside on the dividend is 1 penny. what are the probabilities they will raise it two or three years from now i would suspect rather good. the fact that the market ge

stock has not fallen even as stock prices have fallen precipitously in the past two weeks are the fact she is held right here as a technician watching stock prices that has my interest. have i bought any? am i thinking about it? sure, when the markets ups going down and it starts to go sideways when it became to go up i'll start buying ge stock. it is cheap, unbelievably so. dividend down to 1 penny. odds are it will be a nickel five years from now. stuart: on the second. back in july down 30,000 by the end of the year. are you going to change your mind? >> i changed my mind dramatically at that point. when the markets are going down to change my mind. i thought there was a possibility we could get to 30,000 at the probabilities were low. i made the statement that it could get there when it stopped going higher and started going down. i've been manifestly bearish for the past month and a half and continue to be so.

the important thing about being involved in the stock market is to admit when you're gone, keep your losses as small as you can change your mind mind when the market tells you you're wrong. those who don't get buried in the market. stuart: should i sell my microsoft? >> i think you should be less involved in alongside the new house and. stuart: what the does that mean? less involved in alongside the new hotbed. english, please. >> be less long than you've been long. i can't tell people to get out of the market completely because what they continues to go up. i don't think a shell, but what if it does. less long than you have been long of stocks. the bull market almost certainly have ended. prices a year from now will be demonstrably lower than they are now. if you have a five or 10 year perspective argue you should belong with stocks. if you have a perspective of the next year, you have to be very careful in an aggressively short and have been for the last month and a half. i actually became widely shorter

than i was coming in this morning. stuart: at my age you don't have a very long-term perspective and that's a fact. thank you, dennis. the federal government collect at a record amount, if that's the word come a record of taxes in october. more than $252 billion. it still ran up a deficit of 100 billion because of increased spending. the deficit in the upcoming fiscal year could go over $1 trillion. now you know. bitcoin, big selloff yesterday still going today $5400 down just $60 at the moment. the price of old still right around $1200 an ounce. now this. earlier on this program today i lost my cool with campbell mosque, the brother of elon musk. he is a board member at tesla and he wouldn't answer a question about tesla. i wasn't having any of it.

you're going to see the highlights coming up. two items that could affect your money. larry kudlow downplaying the possibility of a new deal and middle-class tax cuts and infrastructure. he doesn't think they will agree. maxine waters leads the house financial services committee. she declared war on wall street. wants to roll back the regulation. i say she can't do it. what does fox news bret baier say about that. he's next. u.k. prime minister theresa may, government and chaos over brexit and we are on it. ♪ ♪

♪ ♪ comfort. what we deliver by delivering.

ashley: this morning maria bartiromo sat down with ge chairman bob wright and here's his take on the new ge. take a listen. >> i think it's a great choice and i think this is a perfect earth than to take on the situation. he has a smaller company. he did some odd 30 acquisitions in the 14 year. it's a one-time hit. he did the money but you have creditors that want that money.

if you sell something how he will cover pension accreditors but really his trick is he has to get the top rated as mrs. working very well. -- businesses working very well. welcome to the place where people go to learn about their medicare options before they're on medicare. come on in. you're turning 65 soon? yep. and you're retiring at 67? that's the plan! it's also a great time to learn about

an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. here's why...medicare part b doesn't pay for everything. this part is up to you. a medicare supplement plan helps pay for some of what medicare doesn't. call unitedhealthcare insurance company or go online for your free decision guide about the only medicare supplement plans endorsed by aarp. selected for meeting their high standards of quality and service. this type of plan lets you say "yes" to any doctor or hospital that accepts medicare patients. do you accept medicare patients? i sure do! to learn more call or go online today for your free decision guide. oh, and happy birthday... or retirement... in advance. stuart: earlier this month, tesla announced that robin dunn would be the new board chair at

tesla replacing elon musk. naturally i wanted to talk to campbell musk about it. he is elon's brother and he was on the show this morning. this is what happened. watch. >> i'm so excited -- stuart: hold on. i know you want to get to plant the seed day. >> i'm so happy for the future of tesla. i am very happy for the future of tesla. let me tell you about a story. stuart: i don't need to know you're very happy for the future of tesla. >> i'm so happy about the future of tesla and plant the seed in 2019 will be a day for companies across america. stuart: you think my viewers want to learn about plant a seed day. >> are you kidding me, it's going to be amazing. stuart: they don't care. deep breath. sorry about that.

actually i'm not sorry about that. when i get a guest on this program who was attached to a major corporation and on the board of that corporation, unless a person questions about it and i expect an answer. we can talk about seed day. ashley: was he willing to talk about tesla prior to him coming on the show. did we establish were going to talk about tesla. stuart: we don't do deals. we not say were going to ask you about this. >> so really he came on to talk about his plant a seed and had no intention of saying anything other than a. stuart: i wonder is bret baier was watching that and if you have any comment. did you have a similar situation laser tag like i did? >> i want to start by saying i'm really excited for plant a seed day. [laughter] you handled it right to the point. stuart: i'll leave them alone.

larry kudlow downplaying the possibility of a deal in middle-class tax cut and infrastructure. he does the white house and democrats can get together and do something. do you see it that way? is a gridlock for the next two years? >> potentially appeared in middle-class tax cuts will be really tough and democrats want to roll back the tax cut already in law. if there was ever to get that done. that likely is a longshot. infrastructure is a possibility. democrats are talked about it. multiple plans bipartisan on capitol hill that the president could potentially get his arms around. this president likes to deal and likes to make dealmaking happen. he yesterday gave a hat tip to bipartisan efforts in embracing prison reform, sentencing reform so there's a possibility on infrastructure. taxes, kudlow might be right. >> maxine waters will take to

financial services committee in january. she's already basically declared war on wall street. my position as a thing shall make a lot of noise but i'm not sure she can roll back the deregulation the party scene. >> i think you're right. she can call a lot of hearings. make a lot of noise and bring people up to testify. she can launch investigations. but as far as changing the regulations that have been rolled back, remember she has to first victory committee on the second get through the house, which there's a number of democrats who were elected to republican districts now who are not exactly antibusiness or anti-one back regulations. lastly she has to get the republican-controlled senate that has more favorable republicans to matter how florida and mississippi turnout. >> what about the next three months. it's a lame duck congress i got that in a lame-duck house but can something be done.

can something get through? >> this prison reform may have a shot. i think that judges and justices depending on the efforts by senator flake baby is going to hold up a vote unless they protect smaller bill is voted on. i think i'll get around that in the s'more judges to the federal bench in the senate side. as far as big legislation, no. stuart: have you noticed any cooling and the temperature of politics in america over the last week since were through the election? >> no. and i don't think were going to for some time. especially if the mo for democrats coming in is to really go full throttle on these investigations they are threatened. 85 plus subpoenas started talked about. if that's the case you see a counterpuncher in the white house that will amp up the tension. that said if they tried the

other way induced to bipartisan legislation, who knows. we could see a different tone. stuart: i really wanted to ask you about planting the seed day. no time for her. i'll be watching tonight at 6:00. now this. big storm affecting large parts of the country. snow, sleet, i.c.e., got it. snow far as alabama. they could get as much as a foot of snow. in california, at least 56 people have died in the camp fire in the northern part of the state. 130 others are still listed as missing, unaccounted work. 99,000 homes to story. the fire is about 35% contained. speaking of extreme weather. next up we have the ceo of the company, which constructs buildings that cannot burn down.

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stuart: our next guest runs a company which has developed a building panel, which is come and they say 100% fireproof. can calabar is the owner of the company -- you've got one of these panels with you. explain how works. >> are panels we are in dance materials companies. it's a very simple yet à la kelly engineered solution to disaster, energy efficiency, helpfulness, et cetera. the panel itself is made of three components, expanded polystyrene, ubiquitous insulation material all around the world. deal, high-grade steel truss system, used for bridges, everything, in the strongest way you can build. and then it's covered in concrete. if you think about buildings around the history of the world, close your eyes and think about buildings that have lasted, whether it is congress, the parthenon, cathedral of notre

dame, they were all concrete and stone. we are bringing commercial grade reinforced concrete buildings to the masses at an affordable level. stuart: have you sold it? is this in place and buildings around the world? >> probably 8,010,000 around the world, middle east, to plants that produce this in vietnam. >> absolutely 100% fireproof. >> so nothing is 100% fireproof those who sought the world trade center. you could not accelerant on anything. the way of fireworks as it needs three things. fuel, oxygen and heat. we deny two of those. concrete cannot burn. in a wildfire, the numbers are what caused houses to catch. there's nothing to catch onto here because there's no combustible material. in addition to that the concrete is done on [inaudible conversations] so there's no oxygen itself.

we've had two homes in northern california and wildfires. one in 2015 in lake county was the only house out of 1200 a.d. that we know of to survive and we had a house in april of this year that survived the wildfire also. stuart: is it more expensive to build the home using these panels than conventional construction material? >> let me answer this way. everything depends on design, but in multifamily is the same or less. in hotels, single-family homes of great design, i would say its equivalent. maybe 1% to 2% more. i'm probably only 5% to 8% of a building and budget. stuart: if i build a home using these panels, does it get hot inside? >> a monolithic delving, everything about the integrity is about the envelope.

we create the kind create the tightest envelope areas. we are totally monolithic. they reduce your need for energy because you are expending less out-of-the-box if you will. we introduce will be called makeup air, fresh air from the outside. every particle of air coming into your home is in fact healthy because it's coming for a filtered system just like a large commercial construction building or studio like this. stuart: private company, doing an ipo? >> we think about it. we need to expand. stuart: rpg? >> rsg 3-d stands for restructure group. stuart: rsg 3-d. ken, thanks for joining us. come and see us again. in five minutes, roughly we expect to hear from u.k. prime minister theresa may. you will hear her life on the fox business network. stay with us, please.

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they all lead here. cme group - how the world advances. s. stuart: moments from now, britain's prime minister, theresa may will speak. it will be a news conference of sorts. ash, we're following the situation. she has a deal with the cabinet. >> right. stuart: cabinet members resigned. she has to face a parliamentary vote. what are the latest developments. >> michael gove has been offered job of "brexit" secretary. that secretary resigned this morning. michael gove said only if he can renegotiate. the eu says there is no room to manuever. this is the best you're going to get. we'll hit an impasse. stuart: looks to me the europeans are gloating. >> in brussels you can hear them giggling from here. stuart: it's a moment of

national humiliation. >> it is. calls for second referendum vote are getting louder and louder. >> looks like theresa may's days as uk prime minister are somewhat limited. we'll see who takes the job. >> bojo. >> a huge dale for us. neil, it is yours. neil: start do you think if they voted on it again they would vote the same way? >> no. i think if they voted on it again i think they would say we stay in europe. neil: would the markets -- i'm trying to get a sense, would the markets welcome that if they stayed in the european club. stuart: i think the markets would. ashley agrees with me. oust breakaway people would not. neil: amazing what happened in two years. >> two years. neil: we'll follow that. sentiment is building that theresa may has