i knew you would that is great so in money we trust is the film congrats on that. >> over public television stations -- january and following. >> we look forward to it. great show everybody. great to see you dagen, robert and "varney & company" begins now. stuart take it away. >> good morning maria, good morning everyone. how bad is it on the stock market it is real bad. the the 500 stocks on the s&p have lost, 3.4 trillion dollars worth of value since late september. 2,000 stocks are at their low of the year the dpow has lost 1,000 point in last two trading sessions so -- how about a bounceback? try this -- the dow will open this morning with a triple digit gain of a nasdaq will be up about a half percentage point. that's not exactly a full bounceback but you never know how this day will progress. i've got to fell you that today action will focus on federal reserve and what they'll do with interest rates. big announcement is tomorrow we will show you what the president just tweeted about the fed.

he does not want to raise rates at all. now look at this. talk about market selling off. oil is down to what, 48 dollar a barrel. the join effort to raise prices by opec and russia seems to have failed. oil glut continues. and so does the gas price decline, 69 straight days the price has come down, and national average is now 236. there are 10 states below two dollars and ten cents a gallon. christmas driving is cheap. we've got two examples of negative publicity in the extreme. two giants are paying a hit. johnson & johnson hit with claim it is of asbestos in baby powder come back with a vigorous defect there's no asbestos in our baby powder says ceo and j&j launched a $5 billion stock buyback it is up $2 premarket today. then there's goldman sachs perhaps the world premier invest. bank. now the subject of criminal

charges of money landering. the government filed that charge. goldman denies wrong doing, its stock is down 30% this year. it is a jam-packed news day isn't it? "varney & company" is about to begin. ♪ president trump tweeting about the federal reserve this morning and here it is. i hope that people over at the fed will read today's wall street editorial before another mistake also don't let the market become anymore ill liquid than it is stop with had the 50b's feel the market don't just go by numbers, good luck. come on in, fox news contradict tore james freeman wall street journal editorial kind of guy. the president is do you think that president is pushing fed into a corner? where they have to raise rates to show that they're independent?

>> no, no. i think there are -- and sometimes we criticized tweets but i can hardly criticize that one right, look, the fed has every justification based on their own strategy and or a articulated policy tholed off now. because you look at what they've said they're going to be data dependent and you have moderate inflation you have a bizarre phenomenon where eve asset class is down with stocks around world bonds currency, commodities so the -- rises plus a half trillion of cash they've pulled out of the economy by shrinking their balance sheet, they have a lot of data to support a position that they could hold off for a moment. >> so you're saying they should not raise rates. no, no justification for it at

this point that's you're saying? >> i think you could say ideally inflation ought to be sister but they have a very good case that doesn't require anyone to think that president is bullying them. >> veteran market watcher james is with us. let's get his opinion on this. should the fed raise rates tomorrow? >> they are in a very difficult spot yes because they're credibility is on the line they've consistently -- that this is their plan on on the other hand the president is bullying them and smart people mueller and there's a case for -- to either raise with a very dubbish statement or to hold off, and there's a middle ground which is to raise by an a 8th instead of a quarter and bow a little bit to marketplace, and decline in asset values in recent -- evidence of a weakening in the economy. you keep their credibility as -- inflation fighter and

independent from trump. >> let's see what happens. but look you're on stock market watcher -- we always ask you on the program when things are falling apart you're guy who says don't panic so -- so are you telling our viewers right now don't panic, don't sell even though market is so sharply lower? >> if you have a multiyear time horizon if you're a young person, if you're asset allocating this is when you're supposed to buy when things don't look goods and uncertainty with prices are town. that's not to say that stocks are going to be higher in 30 or 60 days but what it is saying earnings are up 25% this year, and stocks are down two or three percent stocks stocks are cheapn they were a year ago. >> couple of weeks most people everybody i think with a 401(k) has to make a choice. where do you want to put your retirement money more into stocks more into bonds which way do you do it you're saying stocks? >> but quality stocks not the fangs or deep value both why. but middle ten, 12, 8%

sustainable growers selling sensible evaluation willing two or three years better than cash, and bonds. but you do -- i will -- say that you are getting 3% on one of your cds so not like you're getting nothing in cash, and treasuries providing a -- a real a modest real return so i think you can actually make money and stocks, cash, and treasuries and lose money in low quality stocks and low quality bonds. >> you can have it always just about. >> what i'm saying is time when you can pick your choices some are go up some will go town. but on the direct answer to your question is, on the the equity side a time to be a buyer if you have a multiyear time horizon. dges now one more issue and we have a deal with it. as it affects the stock market, a government shutdown, it's looming -- looking pretty much like it is beginning to happen. president trump is digging at his heels. he's not onboard with some kind of short-term funding fix. looks like the government gets

shutdown right over the christmas period. so james, if that happens, and i'm assuming it is going to be shutdown you've got bad news for the stock market. >> i don't think so. ping that we've had enough of these and investors realize it is actually only a small part of the government that shuts down and the big choir is china. we just been talking about interest rates, obviously, a big issue. i think china is the big worry. i also think i may be only person outside of the white house who thinks he can actually win this battle. i think you with look over time it does not cause long-term political damage. ronald reagan did this many times that reelected in landslide. >> drag you back to washington, d.c., government shutdown, no big impact on the stock market. what about all a of these political scandals that we hear about about. flynn, and cohen, and all rest of it. is that -- are we looking at a negative for market from scandal? >> i don't. i think people more they look at it the more they realize it is still not the core collusion

claim that started all of this. so while this -- therethere are lots of invests w congress this can can griengd on forever, we're still waiting for that collusion argument a. it's not here. and i think -- for that reason investors largely tune out the noise. >> around this table we're looking towards opening the market after a thousand point loss in two trading sessions our experts the people around this table are say, do not panic. you don't have to sell everything you've got and hold on for the long-term. >> lighten up and stay calm and carry on. just back from london thank you very much indeed. all right, individual stock making news, and moving, first of all, orr call they came with a rosy forecast a big company when it goes up 4.7% you know they're on to something like a positive story. they're up 47 bucks share.

actor the parent of olive garden that will be darden restaurants, they came out with a rosy forecast as well they're now up 3.5%. we have a story big one on the former cbs chief les moonves terminated because therefore he loses his 120 million dollar severance package it is gone. he's not happy about it. >> you can imagine but after a five month outside investigation, board of directors cbs are took that investigation said look, he violated company policy on sexual misconduct and they say he was uncooperative into with the investigation it was not -- it was not fruitful they claim with the investigators so all of that means he doesn't get 120 million dollars severance. he's not happy mr. moonves, of course, as you can understand through his attorney he said he denies any nonconsensual sexual relations he cooperated extensively and a fully with investigators. we don't e no don't have details what the investigation came up

and whether travel it why arbitration we have to see but board clear he broab the the company rules you haven't been cooperative you're out but no severance. >> got it to 20 minutes to open the stock market how do we open? we'll be on upside to tune of about 150 150 points for dow jones industrial average. real rough week for johnson & johnson reports that they knew there was asbestos in their baby poutedder and they knew for years. that september the stock plunging j&j say their product is safe and no asbestos in it. i want to know. is there any risk of using it? doc siegel will pass judgment on that -- democrat socialist cortez announcing she's taking a break before she starts a new job in congress. she's taking a lot of flak for this one but believe it or not, this is the one rare are occasion where i agree with alexandria cortez because -- i think america does need a break. got it?

okay. not much nodding of heads google expanding in new york city but no mention of tax subsidies to bring them here. how can you argue with that in more varney after this.

a thousand point loss for the dow in last two trading session but open this morn bounce back to tune of about 130 points. got it. google yeah making a billion dollars investment right in middle of new york city. joining us is is bradley tusk

with tusk holdings, he's the guy who brought über into new york, and now google is coming to new york. how come there isn't same opposition to google coming through new york that was when amazon came in? >> amazon is getting 3 billion in terms of comey here they vice president asked for a penny so both creating thousands and thousands of new jobs. one with company says hey we don't need handouts we can do this on our own just fine. other one say i want you to give me 3 billion including taxpayer the richest man in the world. >> they've voided that. at google they're popular aren't they? >> here already -- they're here already been a good neighbor and they create a lot of jobs they don't ask is for anything model of how to do it because you look at apple last week invest over a billion dollars in austin, texas it almost seems to me that both companies sat together to stick to amazon right now. but huge invest wment cities

with no tax breaks at all. >> you brought über into new york city you've got them in and paved way, so to speak. now i understood über is going to be charging higher fees. which means i as a writer in new york city i'm going to be paying more. doesn't it hurt über? >> so -- it is not great but at the same time this is a precursor to congestion pricing in manhattan. >> good question. >> so really, really heavily traffic zone so basically this case likely manhattan below 96th street. they will put extra fee on all of the vehicles coming in to try to deter vehicles from entering manhattan because right now we've got this perfect storm of insane vehicle traffic plus a terrible subway system and they do something it be. so they started off by saying okay über and lyft you're going pay this fee in the beginning and then ultimately i think what you'll see the state legislature in albany do this year is extend it to all cars. rng you think that's going to happen? >> governor yesterday announced he was supporting and he's up pretty powerful governor whether

you like him or not. >> in london same concept, and you know, mta needs but 40 billion dollars to rebuild subways here and there's no other way to fund it -- >> so that's where money will go. you charge for cars coming south on 6th street off you go to subways. now, i didn't know this. that you were bloomberg's campaign manager. i didn't know you were directly involved with politic like that. >> yeah. yeah deputy governor of illinois for four years for schumer on -- >> you were deputy governor of illinois -- maybe accomplishment i worked for a guy enjoying 14-year respite in colorado i escape ad no indictments no arrests, no problems at all. [laughter] >> is bloomberg running in 2020? >> good question i think he would really like to be president mike is someone doing good job not a politician at all and so if he feels like there's a pass, i think he's willing to

take the plunge and do it he has money to run a campaign on that a front. but he's a really serious thoughtful person. he really is exactly what you think he's like. so if it is for vanity that's not his style if he believes in data shows there's a path to have a decent chance of getting nomination or winning, then i think he'll go for it. >> what's your opinion do you think he has a decent chance of winning? >> here's what i know it is king thely proven wrong to me bigs determine both to help mike also impact trump chances in general is the economy. right, mike has a very strong case to make. voters to say look, if you're a democrat i agree request you upon gun immigration climate all of that stuff but i built 50 business and ran are new york city really well reason google is creating jobs is because of the work mike did as mayor and laying ground work for that so if the economy is suffering i think he has a prate strong case to make. if the economy rebounds and just sort of a glitch in last month

or two, it is a little harder. >> sticks in a couple of billion of his own money. doesn't hurt he has a chance. inch wouldn't notice. well bradley thank you. i didn't know you've done all of these things that you come from illinois. guy who brought über -- >> how did i make it on to your screen in the first place? >>well said we pick winners. appreciate it. here's how we open this morning in about 11 minutes time. dow is going to be up what triple digit 130 points got it. do you remember this? the dance for 1990 sitcom there it is demonstrated called carlton making a comeback and it is a center of a lawsuit. yeah we'll explain it all as we do all of the time on this program. we'll be back.

i'm ken jacobus and i switched to the spark cash card from capital one. i earn unlimited 2% cash back on everything i buy. and last year, i earned $36,000 in cash back. which i used to offer health insurance to my employees. what's in your wallet?

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space xshes about to launch its falcon nine gps 3 from cape canaveral florida pence is there he's watching you'll see it takeoff if and when it happen but first, ash you've got new number on evaluation of spacex the company. smg set to raise on 500 million to value the company that is 30 and a half billion dollar. stew that's a lot of money -- as a they say hoping to raise more money selling shares at 136 a share and they're going to use this money to continue their project star link which creates satellite a thousand up there beaming down creating global internet service. >> very interesting that you get in on ground floor to invest in it. i like it. something going on today with the president, and executive order is he create space force? >> it is a space command important to point out stew this fall short of creating new branch of the military is what

the president hinted at earlier this year but it could be the next step. they could raise are it that level. by the way, nasa will not be a part of this new space command nasa will remain a civilian entity because in march you know president said space is a war fighting domain like land, air, and sea we thought a new branch of the military not yet but so we're expecting him to sign executive order creating the u.s. space command. [laughter] >> interesting stuff. we're going to lighten things up ash. i know you've got this story but let me introduce it. look at it now. this -- sitcom fresh are prince of bel-air suing makers and nba 2k all about this dance isn't it in a carlton. >> from fresh prince of bel-air he's suing he said listen, you can't just use that without my permission the epic game is going to be sued also 2k sports

creator take two interactive but he says hets him to stop using it there's no money involved her and he say i'm in middle of copyrighting. which leads me to think if a judge says you've now begun to copyright it maybe thaxd be a problem legally but he says i'm going to copyright that and they can't without my permission. >> it's a fight but walk away with something. [laughter] >> what do i know? i have a big number for you a record -- 45% of responders say that climate change is serious enough to merit action immediately this is from a wall street journal nbc poll, looks to me like ashley you've seen these numbers it is shifting. >> it is no tout two-thirds of americans believe 66% believe that action is needed to take to address global climate change. 66%. as you say 45% believe immediate alaska there's 30%, though, say they don't believe it is

inclusive unwarranted concern and break it down by political party 71% say immediate action 48% of independent how many are republicans? 15 -- 15% of republicans say immediately. whnch you show people the policy, this is how we're going to combat climate change. we're going raise your are gas price and raise your electricity price. are you still in favor of immediate action to solve parking lot problem 80 years down the road? >> may change when you do that and hits peel in the pocketbook like that. >> look at france -- macron was down very well. it went down. no longer there. okay. [laughter] plus an interesting block we've got it all as we usually do. but we've got to get become to all important question. how does this market respond after the thousand point loss in the last two trading sessions? the drop 3.4 trillion dollars from the value of the s&p, just since late september, 2,000

stocks are at the low point of the entire year. >> in this year it is hard because it is twitchy when you're deal requesting computers they don't have e emotions rely on algorithm he's right relax if you're in for long haul let this play out. it is very difficult as you watch your 401(k) don't look because it just falling it is that temptation to say i'm the out head for doors. >> i don't think many do that with a 401(k) they can't because it is harded it that. you can't sell it no you can sell everything you stock and get into cash. if you did that, you can. stay right there please market opens in four and a half minutes we're going to take you right there. alerts -- wouldn't you like one from the market when it might be time to buy or sell? with fidelity's real-time analytics, you'll get clear, actionable alerts

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all right we have literally 20 second to go before we open the market today a very important

day because tomorrow we get a decision from the federal reserve are they going to raise interest is rates and we'll hear from the fed chair, maybe hinting about what they're going to do next year so today as we look towards that, very important day, not to mention the thousand point loss in dow last two sessions. here we go we're off, we're running and we are up. 181 point 6 in a very early going up 1 0 an i've got the sea of green amongst dow 30 right now we're up 187 point that is .the 8%. how about the s&p 500 -- where is that? loss 3.4 trillion worth of value late december up 7% this morning. nasdaq composite home the technology stocks nice rebound up .90%. but hardly a complete rebounding from lottery let's not get carried away stew big name technology stocks on upside but again not a recovery to their

previous levels by any means look at amazon still at 1500 dollars per share. surely they're doing very well this christmas period but 1500 is their price. now the financials, banks knows that kind of company they've been taking it on the the chin something rotten recently they're all up this morn but again it is not a forceful rebound by any means look who is here dr barton and mike murphy and ashley webster all right wild swing for stocks and invest moves tomorrow. what do you expect from the federal reserve? fed will raise a quarter point of impact tomorrow but i think language is what market is looking at stew and language is going to be less about several hikes next year, and more data dependent that's what we want to see market likes it. >> so market will like that a quarter point rise tomorrow and statement to go easy for next career. the market likes that. >> i believe. yes. whanch do you say and expect? >> i think the statement to

mike's point has to be a gold delocks statement not hard of an economy not too cruel of an economy and i think that futures traders are telling us, with who we're using fed funds to hedge they're telling us about 73% chance of a rate are hike i think there's a really good chance we'll get one tomorrow. >> we're looking not awe a 200 point gain for dow industrials at the first two minutes worth of business you have to fake a look at the price of oil. 48, 49 dollar a barrel. 4898 to be precise right now. when a decline that has been recently. of course the price of gas keeps coming down note we have a national average now of 236 it is come down each and every day for 60 nothing straight days i can't remember a run like that. but look well let's go back to price of oil 48 a barrel is that a bad thing for the stock market dr? >> what we've seen looking back over three decades of data since -- oil prices were able to fluctuate freely, that a month

after an 11% or more move, stock market has 75% chance of being up. so lower oil prices mean stock prices go up more spending for the consumer other things come into play. >> add one more thing saying 69 days gas prices at the pump are going higher it is terrible for the economy it is terrible for the the consumer. so it has to work both ways this is a positive, the fact lower gas prices are positive for the economy. they're positive for the consumer. if you're long oil equities or equities that are tied directly to the price of oil you have a problem with lower oil. other than that, it is a positive. >> got it now look at the banks have they been clobbered recently or what, so you're the guy who likes to buy on dips. this is a dip worth -- pledgets the plan is to buy low and sell high always. [laughter] so the financials here i think the setup here a lot of people talk about impact that the rate -- that increases rates have on banks i think it has a lot more to do with regulation.

i think looking past what type of regulation will be put back on the big banks i think that's the concern here. but they were able to get through it the last time around whining you have these type of pullbacks 20, 25% pullbacks in a jpmorgan and bank of america a citibank even i want to own those -- >> do you own -- >> i don't yet but number one buy will be bank of america and thing is what you're seeing stuart is there's no near term catalyst to buy them all they've done is gone dun and gone down, very different than what's happened in technology. they've just been in a -- a massive selloff so i don't need to try to pick bottom immaterial to own names but i want to buy when there's a catalyst to get -- >> pick up where big tech left off. they said that financials in next big money less regulation than they take the house back, and all over. that's my point that's what the problem. >> i want to give you news on golds man sax government of mil lay sha filed criminal charges

against goldman, after one of its investment funds was looted to tune of 2.7 billion dollars. goldman repeatedly denied wrong doing charge is that they were money landering. that's stock by the way is up today, but it has come 30% down just in the past year. in part, on the back of that had malaysian accusation. now we're up 230 points on the dow industrials look at this please nice way to come out of the starting blocks this morning 23,800 where we are. rosie forecast came in from orr call stock up 5%. rosy forecast from the company of olive garden that will be darden restaurants they are up 5%. there's another headache at facebook or for facebook, a senate intelligence report concluded that russian agents use social media services like facebook to aid the trump campaign by trying to suppress votes of african-americans president trump tweeting this

morning, this here we go. listen to what they say listen to president. facebook twitter, and google are so bias towards the dems as in in thes it is ridiculous twitter, in fact, has made it much more difficult for people to join real donald trump, they have removed many names and greatly slowed level and speed of increase they have acknowledged done nothing. all right mike, problem keep mounting for facebooks in the googles of this world. do you still like theming? >> i still like google facebook i mentioned sold our position -- not long in that stock anymore but concern is things like this and i think with facebook in particular it is there's a lot more there as we pull back. i think they definitely had had a bias. i think it came right from the top. so i think it that what an impact on the entire company and culture so stock may do well they may have great -- they will have great sales. great numbers. but i don't to own that name. >> do you own facebook twitter or google? and do you plan to own them in the future? >> google yes no twitter.

it was a long time bull, and owner of facebook, not too different from the time when mike did, i think facebook is going to continue to grow when we find regulatory environment is going to not come crashing down on these companies, it will be a time to buy and get back into facebook. >> okay. i like positive stories and i think this is a positive story about netflix. reportedly they're set to produce 90, 90 movies year and each of these movies has a budget between 20 and 200 million dollars. that sounds to me like they've become a movie theater. >> flip one section for originals high per budge and about 35 a indy films a lower budget every year and this was about credibility and getting into the oscars and those type of things that will give this movie studio which is absolutely revolutionizing the industry give them the credibility it wants with oscar nods and wins.

a great time to be an actor so if i'm not hearing coming -- i have a calling to my agent right now. you have a good voice. [laughter] >> and it is grip -- it is about getting those awards but that's because it is a battle for eyeball and netflix is winning balings for eyeball this is year 50 new standoff comedy show one a week on netflix. >> i remember when they just delivered videos to him in the mail. do you remember that? that was not that long ago. >> my, oh, my how it changed so this one too. another changing times here. chick-fil-a poised to become number three fast food chain in this country. that will be behind mcdonald's and burger king, of course, number two will be -- chick-fil-a it is line wrapped around corn per they were open on sunday -- numbersnumber too if they were n sundays so they won't be a strong christian didn't want to

do that but a favorite of your staff stuart as well when i asked what way to get you for lunch let's go to a block naphtha way, and there is always that line. >> there is, amazing. things move so fast don't they? chick-fil-a i heard about it first three or four years ago now number three. >> so is netflix. >> so behind of the times. all right -- lunch is -- [laughter] producer is in my ear lunch is on stew not me. conoco -- i almost said co noco join the push for a carbon tax. what? doing this completely for optic there's outside chance that they are, that they believe they have a competitive advantage. when those taxes come on, but this is just a complete only ticks play stuart. >> no dresses because the protect from lawsuits by individual states. >> political window grip that's a big one.

well stock is dun a fraction. all right well i think we have to say good-bye to you guys i think the clock right there. [laughter] that's a accurate to 100 of a second. we have five seconds left. [laughter] casting call -- [laughter] all right thank you murphy dr gentlemen thanks for being with us this morning. check that big board not quite the high of the day but we're up there. about 1% gain for the dow that's a 229 point gain. 23,800. we have some new numbers from adobe on holiday it shopping. they're predicting a huge year, they say we will spend more than 120 billion dollars buying gifts online this year. 120 billion. new study on teen drug use, it shows a drop in binge drinking and opioid use but a spike in high schoolers using e-cigarettes. doc siegel has details on that coming up after this. i knew about the tremors.

but when i started seeing things, i didn't know what was happening... so i kept it in. he started believing things that weren't true. i knew something was wrong... but i didn't say a word. during the course of their disease around 50% of people with parkinson's may experience hallucinations or delusions. but now, doctors are prescribing nuplazid. the only fda approved medicine... proven to significantly reduce hallucinations and delusions related to parkinson's. don't take nuplazid if you are allergic to its ingredients. nuplazid can increase the risk of death in elderly people with dementia-related psychosis and is not for treating symptoms unrelated to parkinson's disease. nuplazid can cause changes in heart rhythm and should not be taken if you have certain

abnormal heart rhythms or take other drugs that are known to cause changes in heart rhythm. tell your doctor about any changes in medicines you're taking. the most common side effects are swelling of the arms and legs and confusion. we spoke up and it made all the difference. ask your parkinson's specialist about nuplazid. breaking news on spacex now we thought they were beginning to launch that fallon nine rocket are this morning. when we just got word that the launch has been scrubbed apparently they will try again tomorrow morning. spacex got it. the the dow is up 200 point us plus. to be precise up 235 almost exactly 1% higher i want to get back to holiday shopping ?urms this will be online shopping and these are numbers coming to us from adobe give us that huge number pssments stats you say to me stew i don't believe you from december 31st, 124 billion in total online sales you know believe that, with do you? >> i do. since november the first, until

december the the 6th already 80 billion which make it is biggest online shopping season ever. and -- mobile shopping is the big story here. nearly 40% of revenue through smart phone 8 over 8 year overuses so massive amount of sales being done all by just visiting sites on this and saying yes and pushing the the -- remarkable that is and you get the feeling not going to slow down. going to grow. >> what proportion of the sales amazon took in half. the graphic says that doctor is in so we better introduce the doctor jen stock big hit after claims it was aware of asbestos in baby powder but absolutely safe to use i'll quote their statement johnson & johnson baby pouter is safe and asbestos free. thousands of independent test by regulators and world leading

labs prove our baby powder has never contained asbestos that's pretty strong stuff direct. doc siegel with us now. who do you believe? >> well i'm not a lawyer but i'll tell you this they've got problems only 0.5 of that are product but very good evidence from riters study they did know something in 1970s and into 1980s and some research showed some contamination that was going on in the talc over many years even small amounts you use it daily will accumulate cause a lung cancer or uterine or ovarian cancer from constant exposure i think it is rarely a problem. i think it is probably not a problem now. i think we're talking 70s and a 80s primarily but consumer confidence problem is real. because j&j looked like they were -- focusing on only the positive result ares. >> but would you you have

patients they come to you qow say do not use j&j baby powder? >> i wouldn't say that but i wouldn't say that but i would say judicious use be aware of this issue or and be aware this went on and tiny bit i asked makeup artist out there do you think there's taly in this makeup that we put on every day we have to be aware of the issue. of the issue. >> but it was a very strong response from j&j thousands of study have found no asbestos in our baby powder that's straightforward. isn't it? >> hate to go against them on national television but i looked through all of this carefully and there was some contamination in some of these -- studies that were done. because again the the miners who were in these mines getting talc some sick and lung problems eded up with lung cancer. >> mined? >> it is mined this is a chemistry lesson today. talc is found in mines a

naturally occurring substance like iron, and it can be contaminated by asbestos overall no, trace amounts. but trace amounts is not even -- not a term we physicians like. trace amounts we with like zero it is not always zero. >> this one before you go. more teens are vaping -- nicotine vaping tobacco, but they're binge drinking and opioid use is down. so using e-cigarettes to get nicotine into your system that's up. but drinking alcohol binge drinking, and open i did that's down. is that good news? >> well part of it is good news we're ding a good job on opioid epidemic finally cutting down on precipitations means less in medicine cabinet andless for people who aren't supposed to be getting drugs to taking them less alcohol is always great news that's a real poison alcohol that's underreported we've been underreporting efnghts of alcohol in teens. vapeing according to fda is a

huge epidemic stuart use has doubled other past year in high schoolers. 20% of high school terse are now vaping. 1.3 million more people vaping e-cigarettes now than a year ago. now, as a physician, with i'm not that worried about vaping except nicotine can affect brain more worried how nick teak in e-cigarette leads tobacco use at three to four times rate if you didn't use e-cigarettes that's the problem that our high schoolers start with e-cigs and then go to tobacco. >> from a purely position it is better they're vaping than smoking, and very good that they're drinking less and less open use. >> all good news but i wish it wasn't a gateway drug i use e-cigarettes. i use e-cigarettes to get smokers off of cigarettes but it is illegal for kids under age of 18 to be buying it in stores. i like that fda is clamping down

on that not a big regulation guy but flavors bubblegum, menthol i would rather people use nothing. they get highs on life and that's it. [laughter] >> okay dock -- look high of the day on stock market better report that. dow industrials now up -- it is close to 300 points up 290 to be precise and we've got 26, how about 24 of the dow 30 are in the red. now ford, they're releasing new model of the ranger yiewrm that small pickup truck. seems like ford is focusing on trucks and suvs. not small compact cars at all with a very good strategy for ford we'll ask the question, next.

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high of the day if we stay on this graphic long enough you might see so many buying up 300 just hold on buy something so -- okay. we're up 298 points another 23,800 that's a winning market and here are the dow stocks which are the biggest winners, beauinging up 4.5%. j&j coming back nicely. goldman is up 2%. walgreens is up. apple is up. those are the dow winners. now look at ford they're focusing on pickups, a pickup truck -- our own gary drove the new ford ranger and he's here to tell us how it was. now first of all, they abandoned ranger about ten years ago didn't they and now brought it back with gnaw model you drove it do you like it? >> 2011 they foundation on f series truck that work out for them and f sold well but in meenl time toyota, general motors getting customers and ford getting back into it

compared it old one compared to everything else in the class right now. this is the new best pickup small pickup you can buy. it has best fuel economy lots of power, great refinement a lot of technology that you couldn't have dreamed of back when old range arers ftion on sale and bigger truck and in cars as well. >> a lot of people in suburbs buy these things never ever intending them to take them off the road at all. >> this is targeted at them. this is targeted at lifestyle buyers not commercial buyers, it, you know, they're selling ten and bike racks all of that sort of thing people whoment to be adventurous but not using them for most hard core trucks but jack them up and i did offroading in a offroad molds. >> as i understand it ford is not selling compact cars in america they're selling just trucks and suvs. >> yes. does that make sense they are them? >> factory where it used to build compact cars where they're

building it next year and next yore a new ford bronco based on this range arer as well. you know shift is happy. people going from cars to trucks not just peoplementing to do that more. you know i think if -- part of the problem is that car company didn't have supply of suvs and trucks, ten years ago, that they do now so they've shifted production, to stuff done a lot that's how most buy their vehicle go to dealer to see suvs i'll buy the suv ten years ago you saw cars well i'm buy a car so ford is there with it, of course, everybody is moving to the segment now can it keep growing who knows. also this year we have a new jeep or next year, new jeep gladiator up against range sore we find out how many people want small trucks in 2019. i don't like driving in or kas any longer because you're with too low down. i like the highup ride of a van or an suv. high up spread out. high up -- a roof -- oh, yeah people look if you grow up with that that's what once you do it is hard to go back. >> but you like range arer?

>> right now it is going to sell well. customers you can love this i think. >> thank you very much indeed quickly, christmas travel do you have a number on how many are traveling? a lot. back to you stu. 46 million will be traveling -- in the holiday period it is interesting to say that worst days are going to be this thursday and friday and december 26th which we would know as boxing day busiest travel days the lightest days to travel christmas eve, christmas day, january the fifth regardless it is hell out there all i'm going to tell you not easy they suggest get early to the airport. don't overpack carry-ons yeah right everybody does that and have lots of patients and understanding which i don't have. >> okay moving swiftly along here's a special kind of tease here. alexandria cortez says she's taking a week off for self-care before she starts a new job in congress. up next, i'm going to do something you have never seen or heard on varney before i'm going to agree with a socialist. what?

if you can take it, stay tuned. . .

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stuart: alexandria ocasio-cortez is the newly elected socialist member congress. she has taken the week off for what she calls, self-care. now she has been overwhelmed by politics and she misses her growing today classes. -- yoga classes. i'm not exactly joking here but put yoga aside, but ask yourself if you too need a break? does america need a break? my answer is a big, and whopping yes. this may be the only time i agree with miss ocasio court test. haven't we all had enough of the name-calling ugly he had lines, charges, counter charges, the word toxic, perhaps that has been overused i can't think after better word to describe our politics.

many people stop watching the news, stopped discussing current events. both sides are to blame. the president uses intel rat language, he mocks people, calls them names. the democrats do the same thing. who could forget hillary's deplorable speech. now it is impeach him. take a leave out of the campus book, if students need a safe space from reality, we need a safe place from the year. one week from today it is christmas day. two weeks from today is new year's day. i propose christmas to new year es to be america's break. the nastiness will resume january 2nd. let's paws for one week. it maybe the paws that refreshes. the second hour of "varney & company" is about to begin. ♪ e.

stuart: dream on, stu. okay. i will get back to you in a second. meanwhile check your money. we're up today about 300 points. that is 1.25%. boeing is is the biggest gainer of dow stocks. it raised it is dividend 20 cents and raise the stock buyback program over $40 billion. no wonder it is up over 4%. johnson & johnson a modest bounce back. remember it was down 13% in the past two trading sessions. it is back up 1.9%. big tech has been taking it on the chin for past couple sessions. a bounce-back, but again not restored to their preselloff mode if you want to put it like that. facebook 142, et cetera, et cetera, et cetera. amazon still at 1500. back to my editorial congresswoman elect alexandria ocasio-cortez takes a break before she begins her term.

i say we all need a break. fox news contributor katie pavlich is with us now. you're smiling. are you with me on this? >> if we take a break who will watch your show? stuart: i didn't mean that, come on. >> no, self--care is a very important process. we're all human beings, people can get burned out. i would caution you, she is socialist, europeans get off entire month of august, only work till 2:00 p.m. we're always working. you have to be careful how far you take it. stuart: honestly, katie, haven't you had it? >> yeah. i could use a break. stuart: you know, some of us have really had it. >> the word toxic i'm sure is on greg gutfeld's banned words of phrases, toxic, let's have a real conversation, you're a racist, all that stuff we're pretty sick and tired of. i will give alexandria ocasio-cortez credit as well when someone in the far left

publication suggested she run for president. she said we just had an election. let's chill out. i feel like we haven't had a pace since 2015 with the pace of this white house. there you go. i and others in washington, d.c., love to complain about our cushy lifestyle covering politics. stuart: let's get serious here. president trump tweeting about social media he writes facebook being google, twitter are so biased to the democrats. they have removed many names and greatly slowed level and speed of increase. you're on social media. you're active. you're a conservative. do you feel a bias against you? you're a conservative. do you feel the bias? >> speaking of taking a break an take a break from social media and toxicity, to use the term you hate that it brings. yes, there is obviously bias against conservatives across

social media platforms, facebook, instagram banning second amendment issues from being published as photos. whether it is twitter banning a conservatives so-called hate speech while they allow people like louis farrakhan so have free rein on twitter. verify far left-wing radicals called for annihilation of entire populations on twitter. of course there is a bias. these are private companies. until a conservative comes up to equivalent of twitter, everybody is at the mersky of a private company. that being said, there are plenty of questions about monopolies, google, facebook, twitter have on the marketplace, but, still i'm not so sure government regulation will be the right solution to monitor the speech. stuart: fair point. i don't have a solution. i really do not have a solution. but my problem with social media is big brother. i feel spied upon, looked at,

checked out, followed. i don't like that. how about you? >> i don't like it either but i also understand, you would be very proud of me because i took economics 101 in college i understand there is no such thing as free lunch. i'm not paying for facebook, not paying for instagram, paying for google, the way i'm paying for that is my data. the solution have google, facebook, other social media platforms offer somewhat after subscription service to use their platform. stuart: yes. >> therefore there is cash exchange agreement they do not take the data away from you to use it for their own purpose. stuart: that is the solution. i pay you to keep it private. if you don't keep it private i will sue you. that is where we should be going. >> that may be a good solution. stuart: we got to a solution right at very end, katy. >> wheel everyone is taking a break for self-care, we're here solving the world's problems.

stuart: i hope you take a break and enjoy it. merry christmas. yes indeed. >> >> get back to your money. it is a bounceback today. we're not coming all the way back after a 1000 point loss friday and monday. we're 275 up. got it. shot -- scott shellady is from tmj in london. i don't think he is in london now. >> i will be there soon. stuart: what do you think the fed will do tomorrow? >> here is what i think they should do, i think they will raise rates because they said they would raise rates. i've been out there in social media, i've been writing to our customers i was not a big fan of raising rates i hate being this old 31 years in the business, stuart, we only raised interest rates, i've been trading for that long, stop an economy already overheating or get out in front of one about to

overheat. you can't use the word overheat with the u.s. economy. i was always confused why we were really doing it in the first place. i understand we want to normalize and that stuff, we're trying to normalize in the most be a normal world ever. they will raise rates, we probably should because they said they would. if they don't, that could send a little bit of more panic for the market. my gosh, maybe there really is a bogeyman. stuart: they will probably raise rates tomorrow we agree with that. when they make the statement about next year they should back off from an aggressive is rate increase program. if they did that, raise rates, back off from aggression next year i think the market goes up? >> i agree. s much as sometimes we wish donald trump would stop tweeting i wish the fed would stop speculating where the things will be three or four years time or three or four months time. if they stop and take a dovish tone, take a stronger dovish tone the market will like that,

take a data dependent wait and see issue, things are good that we'll have four straight increases last year. that was stupid. stuart: i think you're over in europe. europe faces a recession. there is a brexit vote maybe coming in a couple weeks. i call it chaos and close to recession. does that affect our marketing, do you think? >> yes it does a little bit. we've done a great job separating ourselves from what is happening in europe. we talk about the black swan and thing that sub sy sizes the market. ultimately what upset the market our own worries borrowing trouble going forward. the u.s. economy is still doing well but not overheating. we're like that relative of yours taking therapy because they're worried what might be happening around the corner, things are too good, right? that is how we changed sentiment in the state, because of negative sentiment like we have happening in europe in asia with what is happening with the

tariffs. it affects us a little bit. we're still so big and we can get through something like that but something we have to worry because of the banking system and all the things that could happen if there is little bit of cascading effect from over the pond. it has to be a surprise. it is not really a surprise. it can't be the impetus. stuart: come back to america for christmas please. >> i'll be there. stuart: thank you very much, man. now this, amazon rethinking how it prices bulk items like cases of bottled water for example. they're reportedly losing money on the kind of item because they're so expensive to shipment we'll talk to a moment to the ceo of boxed about that. he has been on the show frequently. start-up business. he is doing well. he ships bulge items. how he is doing against amazon? the 90-day clock is still ticking. we'll tack to someone who says that trump's tough stance will benefit america. he will make his case.

more than 5000 students are writing general motors to ask them to reconsider closing some factories. i will ask if any progress is being made and talk to a law make they're talked to mary barra. plenty to cover. you're watching the second hour of "varney & company." ♪

stuart: check the big board. that is a bringing number. we're up 263 points. up better than 1%. rosy forecast from oracle. forecast of future business. up nearly 2%. nice gain there. pretty much same story of parent of olive company, darden restaurants. that stock is up 4%. let's talk about trade in china. the 90 day clock is ticking. the next guest says the president's hard-line is working. he wrote this on foxnews.com, trump's tough stance on trade will benefit america and the world. andy puzder, former cke restaurant ceo. andy, i take your point, it is great for america, great for the world, only if we get a deal and it is a good deal for america. there is no guarranty we get a good deal, is there? if we don't get a good deal we're up the creek, right? >> there is no guarranty you will ever get a good deal but whatever it is it won't be as

bad as it is now. our trade deficit with china is huge. it drags down our gdp. they steal our intellectual property and sell goods back to us, manufactured with our technology in industries they subsidize. they messed up the world trade organization. the world can benefit what the president is doing. the extent it will benefit how much of a good deal he can negotiate and benefit how much patience and support he can get from the american business community and investors on wall street. stuart: do you think the american business community and investors on wall street, do you think they back mr. trump all the way through the nine at this-day deadline and then into the new year because it might extend? >> i think a lot of these companies that, you know, companies are supported based on whether or not their ox is getting goard. the way we report earnings, quarterly, the way the public is very, very focused on whether or not companies are profitable in the short term as opposed to often in the long term, i think

people feel pressured to oppose the president's policies even though they may internally support them from a long-term point of view, but i think he will get a lot of support from the business community. i hope people have patience to let the president work through this. let the president negotiate the deal. we only export 1 is -- $30 billion of goods to china. that is half a percent of our gdp. that is almost a rounding error. don't exaggerate the what is going on. we'll come out of this just fine. stuart: okay, andy. talk to about chik-fil-a, i am sure you know this they are about to become the number three fast-food chain behind mcdonalds and burger king. how did chik-fil-a come out of nowhere to move up to the number

three spot so quickly? how did they do that. >> it's a privately held, run by a great group of people. the great thing with chik-fil-a is service. piece people are nicer than the people at disneyland. they are wonderful, wonderful service providers. buy a chik-fil-a the drive-through is always full, they get people through quickly. you go inside, they're polite an kind. the food is very good. it is reasonably priced. they deserve everything they're getting. it's a great brand. stuart: did you expect, a few years ago i never heard of them, never heard of them. >> me either. stuart: you too? is that true? >> i can remember seeing the first chik-fil-a and seeing what is chick-filla. someone lad to tell me what is the name. they really came out of nowhere. stuart: you sound it out foe netally and it is chikla. i will never do that again.

merry christmas, young man. venezuela, let's get there. creditors demanding payment on a 100 billion-dollar bond. ashley: they want them to pay off the interest and principle. they have been defaulting since january. this could precip eight a rush of these types of things. if you can buy sovereign debt in venezuela it is a dodgy bet. this could end up in costly and lengthy legal battle where we're headed on this. with a country like venezuela has very limited assets you try to get in to grab what assets are there. stuart: the only asset that venezuela has in america, the piece of citgo. >> the gas station chain. stuart: they have a piece of it. i don't know how much. that is the only asset you can go after. ashley: this remind me of argentina in early 2,000. this is the same situation. stuart: argentina lost in court. ashley: those bondholders got back a respectable at of money. we'll see what happens in this

situation. the first of many i believe. stuart: 1 1/2 trillion dollars the amount of student loan debt outstanding, a record high. 1 1/2 trillion, that could become a huge problem if people are unable to pay those loans. we'll discuss that. here's some good news. check the big board, one week until christmas, everyone, we're up 1%. not that great of a comeback after 1000-point loss for the dow in the last two sessions. but you know, we'll be back with more. ♪ i'm snow. and just like you, the further into winter we go, the heavier i get.

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stuart: look at this. the price of oil is down to $48 a barrel, down a buck 20 today. that is another 2% down. that is why gas keeps falling. look at this national average is 2.36 gasoline has gone down in price for 68 straight days. conoco phillips, wait for it, this company back as carbon tax. what kind of a carbon tax? ashley: they joined exxonmobil, bp, shell, the optics are good. the way it worked proposed a carbon tax $40 per ton. where does the money bo? to the government. stuart: raise gas prices. >> cost of natural gas, coal, energy raised in general will go up. the theory if big companies are paying carbon tax, consumer will get rebates from money generated by the carbon tax.

we say good luck, once the money goes into the great abyss of government spending do you think the consumer will get a rebate? no. this means that the companies are protected from lawsuits by states who might try to blame them for climate change like arnold schwarzenegger and all that stuff. it protects them. there is a reason for them getting involved in this. stuart: i will back off. i will give them a break. to avoid that kind of a lawsuit -- ashley: silly lawsuits. stuart: all you have to do is do this. ashley: right. stuart: we'll never get the carbon tax. ashley: never. stuart: i hope not. yesterday i did an editorial on climate change. here is what i said. roll it. often forget the paris climate accord to allow china to keep pumping out carbon without any effect until 2030 when it pledged to try to cut emissions. in short the greens have a problem. their climate solutions won't fly with voters. that means democrats have a problem. they are the party of the greens. let me repeat that. the greens have a problem.

people will not pay extra to solve a problem that hits them many years down the road. ashley: that is exactly right. stuart: what are you going to tell me? ashley: the survey shows -- stuart: new survey? ashley: attitudes are changing this was nbc news "wall street journal." 2/3 of americans believe that action needs to be taken. calling for immediate action, 45%, however there are 30% that believe evidence is inconclusive. and the concern is unwarranted. stuart: let me ask the same question. ashley: right. stuart: if you have 45% of respondents say we want immediate action -- ashley: do something right now. stuart: are they prepared to pay higher gas prices? are they prepared to pay higher electricity prices? ashley: i would imagine, no, enthusiasm for solving global warming or solving climate change, enthusiasm comes right down when it hurts you. ashley: when it gets down to your pocketbook. stuart: exactly. ashley: all of sudden maybe the conviction goes away a little

bit. stuart: so we're not in disagreement? ashley: no, not at all. stuart: congressman-elect, alexandria ocasio-cortez says before the new year she needs a break. you know what? she is not the only one. i think we all need a break from toxic politics. ashley: amen. stuart: shortly we'll see if brian kilmeade agrees with me. we'll be right back. ♪

♪ maybe i'm a rich man stuart: this is the anthem of "varney & company." what is wrong with that? keep all your money in a big

brown-bag. no, we don't. we have bank accounts. i love that one. i love it. thank you, producer for playing a good one. check the big board. we're up 300 points. that is 1.25%. how about those big technology companies? i'm pretty sure they're all up this morning? yes, they are. facebook 142. amazon, look at that, though, this is amazon's season, they're only $1500 a share, 500 points, $500 below the high. alphabet, 1044, microsoft 103. not exactly a comeback for the big techs. modest at best today. financials, another group really beaten down recently. these are the banks. all of them are on the upside today but no full recovery for any of them. got it. got a new report which says russia used facebook and other social media sites to spread misinformation during the 2016 election. joining me now, devin delaney,

he is the co-ceo of the news website, quartz which is a direct competitor of social networks, isn't it? >> hi, stuart. stuart: you're a direct competitor, aren't you? >> yes. stuart: you're on the program to tell me and our viewers what your competitors are doing wrong. start with facebook. what are they doing wrong? >> the reports are out from the senate intelligence committee this week and show the extent facebook had lost total control of their platform. so you go in there, you think you're seeing posts from your friend. in fact there is pretty active manipulation going on by the russians and others this. is not, not what we signed up for when we signed up to share our photos and, news articles with our friends. stuart: i saw a report the other day that said, that if you're on facebook, and you've got pictures which you did not publish on facebook, a third party, an app, may have gotten

into your pictures. 6.8 million people had their pictures exposed that didn't want to. >> that is the other issue because there have been two primary issues. one the privacy controls facebook set up. a lot of people argue they are not taking adequate care of privacy. there is a bigger issue which is the hacks. facebook is hacked all the time. we saw just this morning european regulators are actually want to look into some of these hacks. that could be, that could develop down the road. you know from the google story, they don't mess around with going after the u.s. platforms. stuart: so you have gone after facebook, a competitor of yours. go after twitter. what are they doing? >> twitter, we all know from using twitter it is really hard to have a civil discussion on twitter. you start saying something. stuart: that's true. >> and immediately it becomes pretty toxic. whatever you're saying doesn't have to be particularly controversial. stuart: it is nasty. >> super nasty.

so that is not what we signed up for either. stuart: google, what are they doing wrong? >> google, among the issues google has, privacy issues are biggest ones with google as well. the amount of data they're collecting on us. stuart: it is big brother. to me it is big brother. i just don't like it. >> what we've seen over the last years important reports have android phone. android is turned off by google. you turn off location tracking. you think they're not tracking data where i am. what do you know, a lot of tracking location, data sent back to google. even when you turn that privacy setting on. stuart: you have beaten up facebook, twitter and google. and you are the co-ceo of quartz. you compete with them. what are you doing right? >> so what we did, we've created a place for people to discover and talk about the news that's civil and for smart people. you can do this. you can structure it --

stuart: how do you force civility? >> you can structure it in a way people are required to be civil. one way that we do that, we only let you comment once on a particular topic an article. you can't throw -- stuart: could be nasty? >> well, no, because the comments actually appear based on whether people think they're smart or not. you can comment undermine, if your comment is not very good, it will get lost in the bottom of things. it is a marketplace of ideas. that is not how the other platforms are set up. stuart: what information from me goes to you as the operator of the site, which could then be hacked and or sold to somebody else? >> you know, we're not collecting data about any of these things that these other guys are doing. we ask you to use your real name which we think is an important requirement. you're more likely to not be toxic, if you actually say who you are. we know that you're not a foreign agent. stuart: if i say my name is

john smith, how do you know it is not me? >> what we do, we follow up. we ask people to put their professional affiliations on here. there are ways to do it. we let people sort of get going, get a feel for the platform. once they start commenting, we want to make sure they are who they say they are. stuart: what do i get from you? if i sign up for quartz what do you send to me? >> efficient way to look at news. smart people are on. there we need to work on this. going through the news every day, picking out stories, this ising interest. i have something to say about it. what you get, what you get from quartz you get efficient way to look down, these are the stories that business people around the world actually care about. stuart: i would say what is going on quartz, if you sign me up to do that? >> yeah, what we do. we have a layer journalists on top of that who are making sure the quality is good. you curate the newscast here of the we want to make sure the

package holds together. that there is something for everyone. if there is a big move in the stock market, want to make sure it is in there even if our readers don't immediately get that. stuart: you are fairly new. how many have you signed up? >> we have hundreds of thousands people are downloaded app. we have good momentum. stuart: kevin delaney, ceo of quartz, quartz. thanks for joining us. appreciate it. it is 10:36 i have to talk to kilmeade but first the introduction. democrat socialist alexandria ocasio-cortez taking a break before she start as new job in congress. she says, here is the court, i am starting a week of self-care where i'm taking the week off, taking care of me. i don't know how to do that though, i would appreciate any and all self-care tips. come on kilmeade i would say she is dead right. i can't imagine agreeing with a socialist. i think america needs a break. what say you? >> we need a break for a while, if she is going to do the job

effectively, get your engine started right away. get ready for inauguration. remember it will be inauguration for her once she gets confirmed once she officially gets the job. she wants a break first. there is spa budget for congress. i believe she can have full access, everything ready to go starting the new year. one thing about it, she is consequential congresswoman who was able to shock crowley here in new york and become that person. what i'm shocked at, what an easy time she had. even on "snl," stuart, when they were mocking her, they didn't mock some of the crazy things she has said, they just talked about basically how young she was. stuart: i take the point, fair enough. but don't you think she does have a point? that, that, our politics, our current events are so difficult to handle on a constant basis and it is always coming at you. don't you think it would be a good idea to switch off a little

bit? you don't have to switch off "varney & company" and kilmeade and friend, nonetheless take a break from the toxic atmosphere, maybe between christmas and new year's. what is wrong with that? >> because the news is not going to stop. by the way it is a "brian kilmeade show." "kilmeade and friends" is so 1998. thanks for following my career so closely. can we get a resume' for this guy? the news is not going to stop. how are we supposed to turn away. stuart: not you and i, brian. not you and i, come on, don't you want to put it on one side for a moment. there are other things going on in our lives, pay attention to that? >> there is theory out there we put too much on the presidency in way we never did before, too much on politics in a way we never did before. think about it, we have only one national vote we have. we vote from north dakota to north texas. on the presidency, that's it. and now what really bothers me

the most, that flat screen of 33 faces of democrats running in 2020, what bothers me the most is senator schumer is saying this obamacare ruling will help us in 2020. can anyone go to work anymore? and stop running for election? and maybe stu, you are on to something. if we stop paying attention to the iowa polling, if we stop paying attention to who is running in new hampshire, perhaps we can get on with our lives. nobody raked their leaves, mode their lawn or paid attention to their children since donald trump has run fors in 2015. go back to, go back to being a good neighbor is what you're saying. stuart: you turned full circle, kilmeade. >> i have. stuart: come back to agree with me in the end because you know perfectly well i made a very good point. >> once in a while you get lucky, stuart. that is what your panel says. have you noticed stuart rarely makes good points. i know, how am i supposed to tell him? stuart: we do not have a panel. we object to the word panel. >> what do you call them?

stuart: company. a group of colleagues. >> "varney & company." stuart: what is it kilmeade and what was it, the "brian kilmeade show"? >> that is what i prefer to call on. it was going to be the stuart varney show, legally name was taken already, so you went to the other one. stuart: brian, you're all right. merry christmas, stuart. >> hope to see you in the halls. stuart: if you're not careful you will. now this, important story, two lawmakers are at the border. they're escorting migrants into this country. they're live tweeting about these people getting asylum. we've got a full report on that. two american representatives, down there doing that. boxed, that is an online retailer. they're trying to be a thorn in amazon's side. they're taking on amazon. we've got the ceo on the show again. let's see how he is doing. ♪

opportunities firsthand. like a biotech firm that engineers a patient's own cells to fight cancer. this is strategic investing. because your investments deserve the full story. t. rowe price. invest with confidence.

♪ ashley: bradley tusk joined us in the last hour. he said cab rides will get more expensive in manhattan as lawmakers try to limit city congestion. take a listen. >> in really, really heavily trafficked zones. manhattan below 96th vote put extra fee on all vehicles coming in, to try to deter vehicles from entering manhattan. right now we have the perfect storm of insane vehicular traffic, terrible subway system. they have to do something about it. they say, uber and lyft you will pay the fee in the beginning. ultimately what you see the state legislature in albany do this year it extend it to all cars. ♪

stuart: this is volatility, folks. about ten minutes ago we were up 300. now we're up 200 but we'll take it. i have got breaking news for you out of arizona. governor doug ducey has appointed congresswoman martha mcsally to fill the senate seat that will be open when senator jon kyl resigns on january the 1st. the remainder of john mccain's term. ashley: kyle said he would go to early january. mcsally has got it even though she lost the primary the. stuart: i don't know how long she has bottom. ashley: till the end of mccain's, whatever that would be, two years i think. stuart: look at this, amazon rethinking big household items. like cases of bottled water, huge rolls of paper towels. very expensive to ship. amazon is rethinking its policy there. but look who's here. the ceo of boxed, chieh huang is with us. frequent guest on his program.

he always has a smile. >> i know. merry christmas. we raised more money. amazon said they can't make money in our sector. overall not a bad day. the dow is up. not a reason not to smile. stuart: if they have a problem shipping heavy cases of water and bulky paper towels, i guess you do too, don't you? >> i do too. this is when the smile goes away. no. i think our whole model in the beginning was shipping multiple items per order. that is the secret of our business. eight to 10 items on average. we split the shipping costs among big box, how the economics work. we make a gross margin on every order we ship out the door. now when you look at kind of what amazon does, wonderful business, selling eachs. when you ship a case water, all you ship, you can own fedex yourself you will not be able to make money on that order. stuart: no you can't. extremely heavy, somewhat bulky, the thing doesn't sell for very much money at all. >> yeah. stuart: you like multiple

orders, multiple items in the same order. but how do you make sure that your customers fall in line with that? look, if i'm your customer, all i want is paper towels, what will you say, no, stuart, you have to order something else as well? >> for us it is really on us, designers of the app and designers of the website to really show what is relevant to you, right? there are different things that we do. for example, when you go in store, they have things like the impulse aisle. but online, you don't really have that. for us at checkout you have all the different things. how about this, how about this? these are things that you clicked on but you may not have checked out with. stuart: you encouraged me, to try to force me? >> the beauty of it, not like, oh, those are the boots i have always wanted. these are everyday items, right? oreo cookies, paper towels, all the things you need anyway. it is a pretty good service. stuart: you've been on our program many times. right from day one, you started this literally a garage wasn't it or back room of your house?

>> it was in the garage. you took the bet on me. put me on the show back then. five years later -- stuart: only five years. >> five years now, barely five years we sold hundreds of millions of dollars worth of stuff. liazalwer re raised another $100 million in financing. it has been a wild year. it's a good economy for us. stuart: too obvious questions. ashley: here it goes. stuart: are you going to be bought out? you were discussing with people. >> that's right. stuart: so, are you going to be bought out? are you for sale? >> so i came on the show right after, this is the first kind of appearance after that whole brouhaha over the summer and we're not going to merge with anyone. we ended up raising another round which from this point on makes us on that trajectory to kind of take it all the way. stuart: what do you mean take it all the way? >> to hopefully become a public company one day. yeah. stuart: so you will work towards an ipo? >> absolutely. i think it is also the best way to guarranty a great outcome for the company, even in the private

markets. that means all the financials, everything is in order. so why wouldn't we kind of keep marching along this past? stuart: because you could have lawyers all on your back like you wouldn't believe. the short sellers will come after you, they will, take you to pieces. you have all kinds of reporting requirements. you will have to come up with a quarterly sec required performance, et cetera, et cetera, et cetera. ashley: oh, boy. stuart: you're prepared to do that? and i know why. >> absolutely. stuart: because you would cash out, you would take your billion dollars off the table and walk away. chieh huang, billionaire. >> ceo of the beach i will become. i will stay with it forever. kind of like your baby at a certain point. something that you work towards. but i will say you guys should have, in that case you guys should have a time-lapse video how the smile goes away over five years. that would be a wonderful segment. look what the public markets do to a ceo. stuart: but you're still enjoying yourself, aren't you? no absolutely. like we're in this mode, when we first started it is toilet

paper, it is paper towels, it is bottled water, not the sexiest thing in the world when it comes to technology but we're so blessed we're now five years later, it has become the epicenter of e-commerce grocery online. ashley: amazing story. stuart: five years in. >> five years in, yeah. stuart: honestly seems like longer than that, really does. maybe to you as well. you know, you are living the american dream. >> i am. stuart: that's what we do. >> absolutely. one last thing i promise, when you look at kind of our story and my story it really could not have happened in any other country. you know just, coming here, getting a fresh start, great education and now sitting on this business. ashley: congrats. stuart: welcome to america. thank you, chieh huang, boxed, good man. thank you. general motors still facing the heat after announcing they're closing factories in ohio and michigan. i want to know if its ceo mary barra, made any concessions

to the thousands of people affected? we have that story for you. check the big board. we were up 300 minutes ago. now we're up 200. we will take it, we will be back. ♪ i'm ken jacobus, i'm the owner of good start packaging. we distribute environmentally-friendly packaging for restaurants. and we've grown substantially.

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stuart: we're holding on to a gain. we're exactly 1% up for dow jones industrial average. chief the general motors, mary barra, clearly feeling the heat after announcing those plant closures. now thousands of ohio students are writing letters asking mary barra to reconsider the plan for

plant closures. congresswoman dep by dingell, dem -- debbie dingell, democrat from michigan, thanks for joining us. we're very interested what you're trying to do here, keep open the plants in ohio. can you report any progress to us? >> well you know, i want to see the plants in ohio stay open, but i'm from michigan but i want all the plants to stay open if we can. stuart: what progress? >> i actually talked to the president about it last week as well. or he talked to me i should say. but i've talked to ambassador lighthizer, my colleague, sherrod brown, my other colleagues from michigan, we really want to understand what it will take to keep manufacturing in this country? what do we need to do from public policy standpoint. i call it nafta 2.0. stuart: congresswoman, we have cheap energy. we have got huge tax breaks for

major corporations. what progress have you made with general motors? >> met me stress, both of those. the fact of the matter people are not buying sedans right now. they're not buying cars. gasoline is less expensive but ford motor company is building all of the its suvs and trucks in the united states. when i have, i have the mustang plant in the heart of my district. i was not happy they eliminated a shift, same day general motors announced they were making these closings. told the employees ahead of time. so you didn't hear it publicized from the rafters before employees heard about it. they have found places for every single employee on the shift. they're approaching it very differently. but i'm also saying to all of the companies, but general motors isn't great at creating relationships. why did they move the blazer production to mexico last july? that is what we need in trade policies? stop letting jobs go to mexico, paying a $1.80 an hour and

actually keep them here? how do we make them competitive? that is one point. we shouldn't be giving people tax breaks like general motors, so they get incentives to go overseas and get to take deductions for it. that is the problem. when we take the house back, we'll look at those kinds of things. stuart: you think you can reverse general motors' state the policy closing those plants in michigan and ohio? do you think you can do it? can you reverse it? >> for starters general motors -- i agree that they closed these plants but general motors will tell you that they haven't closed these plants. we have to figure out what we need to do to help keep those. why did we have to put a blazer plant in mexico? these are communities. they are not caring about the communities. what community is spared what are they doing for the communities these plants are located in russia marked we've got other people expressing an interest in coming to michigan and ohio and i'll tell you will treat those companies right here in stuart: i think they owe us, american taxpayers.

thank you very much for joining us today. we really appreciate it. seems like were standing perfect storm for stocks. that's for sure. when will it end? more "varney" in a moment.

stuart: is this the perfect storm for stocks? not right now appeared in the recent past it sure looks like it. investors always have something to worry about. but now it is a mountain of anxiety. i'm going to lay out the dark side for you. but first, let's look on the bright side. we are spending a lot of money this holiday season. we're all enjoying very cheap gas, rising wages, full employment, strong economy and very little inflation. going into next year profit looks solid or the dollar is king of the hill in american dominance in energy and technology. that's a pretty strong list but it has taken a backseat to another list.

the problem lies. this is what has produced out with dialing. this is what hurt your retirement money from your 401(k). investors get real worried when the federal reserve raises the cost of borrowing money. president trump's pounding on it. don't do what he says. but they might. and that is a worry. number two, outside america the whole world is slowing down. we get no help from them. europe is actually on the brink of recession. three, china trade fight. investors very concerned that the whole thing escalates and the two economies take an even bigger hit. it's hurting now. it'll really hurt if there's no deal. four, headline reading algorithms. sounds technical and today's. these days computers read the news and they order up split-second selling if they see anything math wizards think it's bad. with computers running the show with easy to slip into a downward spiral.

for much of october, november and yes december, pessimism one. reply $4 trillion wiped off the value of the s&p 500. 2000 talks have hit their lowest levels in a year. clearly investors are running from this. of course it could all be reversed quickly if the fed goes easy on rate. if trump and xi make a deal. sure, optimistic back in the drivers seat but those are three very big gifts. over the very long term, stocks very good place to be. of course when your monies that take, you always worry. the third hour of "varney & company" is about to begin. let's bring in ron carson but

the carson grew. i know you heard what i had to say, that this rebate it sit those are all sold deleted decent movement on all three of them? i think you're with me. we get the market going sharply higher. is that what you're saying? >> yeah, as you're reading those notes, and you said in our research meeting, our macro monday meeting that's exactly right. but i think it is more than just that. we can't have hey, we are agreeing to do for having a deal because the market tired of that with china. we want the real deal and there's a real risk or. we've heard companies announced that they're literally moving moving their supply chain out of china and that's going to do real long-term damage to the chinese economy and i think there's some urgency on both sides. i think it's about time we caught up in economics or her country, but this is going to continue to be a hot issue for the market.

trend to hold on one second. we've got a statement from alan grieve them, former fed chair. your something more on this? he's saying we should run for cover. >> really greenspan? trying to the party is over on wall street is what he's saying. greenspan's track record hasn't been so great here. remember where i was he scared the daylights out of everybody. and then he filled this massive expansion that led to the financial crisis. i don't know if i'm going to trust the greenspan fed. this has been the most complacent correction i've ever seen. the vi acts at 24 and we've had this kind of selloff joe shows that we are nowhere near capitulation. this is a good time to evaluate the level of risk in your portfolio if you have a short-term time horizon. really protect the downside to take some measures to do that. i love what you said, stuart.

these are stocks. this is ownership in companies. companies are going to do well over the long term but it could be financially painful to look at a piece of paper to see what the market is willing to pay for your share of stock, i.e. your share of the company. stuart: at december the 18th. almost to the end of the year. starting in january and the one with the 401(k) will have a chance to reallocate where the money goes. more in stocks, mourn big cap stocks, more in cash. you could make all of those choices in early january. what would you advise? we are talking long-term investors here. >> no question, stuart. if you have a long-term time horizon i would say more than three years, preferably three to five years. no better game in town inequities. don't think of it as an equity. it's a piece of the business that you actually own. businesses are disrupted much quicker than they used to be so you just can't -- when i first

got started in 1983 you could buy them and forget about them and do well. but the history that companies will continue to do well from economic growth over the longer term is going to grow. better living soul continue to grow and if you aren't pieces of businesses is the fastest way to grow wealth. thank you for joining us again. we'll see you again soon. quickly checked the market. hold on a second. we have a statement from alan grieve fan. but the market appear to want to see that. we have a statement from alan greenspan saying the party is over. investors ran for cover. that had no impact on the market whatsoever. he said that about five or 10 minutes ago. the word is out but it has not had an effect on the market. still up 200 points. now let's get to the les moonves story. some individual stocks. cbs chief les moonves, he will

not get his $120 million severance package. cbs says the les moonves was fired because of her misconduct allegations. cbs stopped doing very little, down 30 cents to 46. we do have more problems that facebook and sheryl sandberg is responding to the senate intelligence report, which found that russia used facebook to help the trump campaign try to suppress the votes of african-americans. samberg says voter suppression is a distinct civil rights challenge and facebook will continue to work to be better prepared for future elections. the stock is up three bucks at 143. netflix, you know, that's a hollywood studio these days. he wants to make as many as 90 movies per year and each would have a budget of 20 to $200 million each. netflix stock up nearly five bucks i'm not coming nearly 2%. scientists warning that a polar

vortex could be coming to the east coast. they say would likely hit at the end of this month or early january, bringing one of the harshest winters in recent years. we are watching other stories. student loan debt at a record high. $1.5 trillion. double the amount for when the recession ended 10 years ago. double. i say this could be a huge problem if people cannot pay back those loans. two congressmen at the border escorting those migrants from the caribbean through the asylum process and into this country. we may think that is a bad link to do. is there anything wrong with our politicians getting people into this country if they have a legitimate asylum claim? are we going to fault them for that? partial government shutdown looking more likely with three days away from a deadline but we are watching the rally. stay with us.

jampacked hour of "varney & company" shows you the dow up 200. ♪

trained to look at this market for a second. we understand alan greenspan came out with this comment

saying the party is over. investors should run for cover. that is a negative first lap prices. he said that about an hour ago. the dow was up 300 right after he said it, the dow has been up 200. so his statement has had an impact, but right now we are holding to a 200-point gain for the dow industrials. news for you coming out of the white house. president trump getting ready to ban bump stocks. those are the attachments to put on a rifle to turn it into a fully automatic weapon used by the gunmen in las vegas in the massacre there. we've got more details on that coming up as the story develops. president trump will sign an executive order which will create the space command. this falls short of grated new branch of the military but officials say it could be the next step. nasa, the space people will not be part of this space command. let's get to those democrat lawmakers who are indeed

escorting migrants across the border. each week a man from one of them. congressman jimmy gomez from california. after seven hours, i can confirm that marie's maker and her kids just filed for asylum on american soil. representative barragan and i are still your observing conditions on the ground. refugees welcomed. former acting ice director tom homan is with us now. when i first heard this i thought that ain't right. what are we doing our politicians trying to get the caravan people into the country. but then i thought was wrong with america trying to help cases for asylum. what's wrong with that? i don't have a problem with that, do you? >> i do because 90% aren't valid cases. the data bits on the table right now over 90% of central

americans would not give relief for an immigration judge because they're presenting frivolous claims for asylum. his family he quoted is a family interviewed by the whole tear gas situation and she said to me at that time i'm coming to the country to rejoin my husband has been here legally for years. not one mention of names, and not one mention of political asylum or fear from homeland. and look, i think these politicians could be served better by being in washington d.c. and fixing the loopholes. they allow the evil immigration from occurring. this caravan wouldn't be here today if the congressman were in d.c. doing their job rather than political stunts. stuart: nancy pelosi says that the wall is immoral. that is her word. what say you? >> what tomorrow's people like some sitter -- senator pelosi saying -- she wants to give illegal aliens and that she doesn't want us for a latte keep

them out. people like nancy pelosi enticed people to come illegally. we talk about sanctuary cities come you don't fix the loopholes in the asylum process. in-state tuition and drivers license at the state of california does you entice more people to come here for the american dream. the law is clear on what asylum means. these are congressmen and senators. they need to look at the law, fix the loopholes and spend their time doing that rather than constant resistance against president trump. president trump has a lot of ideas. stuart: when i think of the wall i think of an actual wall. a tall structure that solid and you can't climb over it, cantonal underneath it. it is a solid wall. at the end of the day do you think we look at a wall like that between america and mexico? >> i think some places look at the concrete wall.

if you look at the prototypes the border patrol like is the straight structures you can see through the structures. the democrats want to talk about wiki 1.6 billion this year. when it came with caveats, the border patrol is not allowed to build what they tested on the prototypes and where they needed a bill. the border patrol is given them 1.6 billion, but they weren't able to build up where they needed a belt or what they wanted to build. that is something democrats are talking about. stuart: that's a mess. you've got the money but you can't build what you want to build where you want to build it. what's behind that? >> same thing i said. this isn't about security and protecting sovereignty in this country. this is about resisting the trump administration. they do not want to give the president a win at this border. they want chaos. what's really sad if the president wins on the border

america wins. that means less illegal immigration, less illegal narcotics to so again, i don't care if republicans are democrats, put politics aside and do your job to protect our nation. train to tom homan, thank you for joining us. always appreciated. merry christmas to you. stuart: thank you for a much, sir. show me the big board again before we go individual stocks. we are up now 175-point. i've got a bring back greenspan here because about an hour ago we were up 300. greenspan says the party's over. investors may be running for cover. that took the market down to a plus 200 now we are up 172. the greenspan pavement -- >> when he clarify he said the markets could still go up further, but if they do, the correction would be painful and at the end of that line is when you run for cover. he does say the party's over.

>> that's a very negative statement for stocks. it appears it does have an effect. let's get back to oracle. they did give a rosy forecast. the stock was up when the market open. oracle was up about 2%, 3%. nowadays down a tiny fraction, the town is the word to use there. how about darden, parent company of olive garden. they had a rosy forecast. they were up at the opening bell. they stayed up 4% higher. now this. new numbers on the valuation of space that. it's raised $500 million in its latest round of fundraising according to "the wall street journal." that brings the total value of the company to 30.5 alien dollars. a week away from christmas the tsa estimates 46 million people

will be flying this holiday season. in fact, the projected number of people a plan to fly between thursday and january the sixth is up more than 5% from last year. new study looked at how much paid people bring home on average in the 30 biggest cities in america. we will tell you which city has the highest average household income. but first,. ♪ hi.i just wanted to tell you that chevy won a j.d.power dependability award for its midsize car-the chevy malibu. i forgot. chevy also won a j.d. power dependability award for its light-duty truck the chevy silverado.

oh, and since the chevy equinox and traverse also won chevy is the only brand to earn the j.d. power dependability award across cars, trucks and suvs-three years in a row. phew. third time's the charm...

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past anything that stands in its way. ...well almost anything. leave no room behind with xfi pods. simple. easy. awesome. click or visit a retail store today. stuart: all right, we asked you which city has the average highest household income. business insider says that san

francisco with a household income averages $140,000 her year. number two, washington d.c. rounding out the top five. boston, new york in the saddle, san fran way up in front. speaking of san francisco, that city has ordered the man to build an exact replica of a home that he demolished. they bought this place after 1.7 million last year within historic artifact designed by an austrian architect, historic landmark not the whole thing down. wish i'd told the city was just going to remodel. now the man says he might sue because he wants to build the house that he really wants but not a replica. you're never too old to get an education. she's 84. she's got a bachelor's degree this week at the university of texas. she kept going the classes even after she transitioned from living on her own to needing a

whopper and oxygen and eventually moving into a senior living facility. she said she went back to school because she was bored after retiring several years ago. congratulations. i've got a big number. $1.5 trillion. that the outstanding student loan debt. record high. could become a big problem if you can't pay that those laws. we've got the story. check out the word up 150 pass the gain of an hour ago before greenspan spoke. one week until christmas. introducing add on advantage,

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stuart: white house press secretary sarah saunders says the president has other ways to get money for these border while if congress won't work with them. roll tape. >> we will work with congress if they will make sure that we get a bill passed that provides not just funding for the wall, but there is a piece of legislation that's been pushed around the democrats actually voted 26 to five out of committee that provides roughly $26 billion in border security including 1.60 yen dollars for the wall. that is something we would be able to support as long as we can couple that with other funded resources that would help us get to the 5 billion. stuart: i'm just not sure whether that means we're likely to get a government shutdown are not likely to get a government shutdown but we'll shutdown but we'll find out more from our fox news capitol hill producer chat program on her show slope like -- shortly.

47.25, dropped both over 5%. that's a very sharp decline. i wonder if that's got something to do with the stock market coming back from a 300-point game to a 150-point gain. cheap oil is not always a plus for the stock market, but it certainly applies when it comes to getting the price of gasoline down. if you got oil at $47 come you're going to see that price to 36 the current national average you'll see come down very sharply again very soon. now check the big word again. we are still up triple digits. 170 points higher. off the highs of the morning. ring and jamie cox at harris financial group. you say the markets not worried about a government shut down. investors just don't care whether it stays open markets shut down? >> stuart, good morning. i think investors have been to this movie several times before. i was doing research on government shutdowns over the past 40 years and there were

eight different shutdowns during the reagan administration that every single one of them had a varied response to the market that the average of those shutdowns was nothing. if you look at the longest shutdown happening during the clinton administration was 21 days. the market was flat during that period of time. the last government shutdown we had was in the obama administration when the market was flat. what generally happens is the market figures out the government although it does shutdown will eventually have to reopen and generally it's all political theater. most market participants completely ignore. this particular shutdown is only 2% or 3% of government. most of the major pieces of the omnibus are already done. the crime bill is finished. the farm bill is finished. even when he taken in context this one so small, that's why you don't think investors care about the particular shut down. there's a million reasons why this one's going to affect the market.

journey into there might be some maneuvering to avoid a shutdown. i notice that the maneuvering takes place the dallas gone back up to a 200-point gain. i understand you also like bank stocks but they've had an enormous selloff recently. why do you like them now? >> well, actually think the fed is going to back off an interest rate increases in 22019 and that should steepen the yield curve. i feel it ranks are being priced for 2008 like conditions in the financial institutions that exist in 2018 are not the same as the ones that occurred in 2008. there is no situation in my view were banks have to endure the stress test environment they go through every year. in a particular case of goldman sachs, the stock dropped from $245 for a scandal they've got in malaysia. that particular drop is 28% am not stock. that is way too much for a company like goldman sachs had

also come in the banking industry if you look at the average, a lot of from trading below value. that doesn't make sense in this environment where consumers are super strong. housing although slow is still strong. you have to have major economic collapse were banks to be justified to be down the flow. i think the markets have it priced wrong. if you're an investor this is a good time to look at things because there's an opportunity for you to make a nice return as things materialize in the future. turn into nicely laid out case. thank you for joining us. we'll see later. now this one. the big number again. student debt has hit a record high, nearly $1.5 trillion. that is by the way, double the amount of student debt outstanding 10 years ago when the recession ended. peter morici with us now. do you see this as a problem of some of these people can't pay back the loan you've got a big

default problem, right? >> the government stands kind of slump. that is not so much of an issue. the big issue is how much this handicaps people in terms of being consumers buying homes and so forth. this easy debt has encouraged colleges and universities to overprice their product. university tuition has been going up far in excess of even what health insurances costs. it's the most rapidly escalating component of any household expense. it's a terrible situation. stuart: yes it is good what do we do about it? you had to give some relief with a heavy debt burden? if you did you'd certainly help them and help millennial says the group and the economy. is that what you want to do? >> yes, it's important to remember this big that has a lot to do with the attitudes of millennial in their inclinations toward socialism. they really feel the system has

failed them and it has. they have been duped by colleges and universities around the country into taking forced majors. there are big opportunities for humanities majors or you can do almost anything with a humanities major or even a general business major. yet, those jobs are at the other rent. someone who is age 50 and very successful who majored in literature, but they don't tell them they come into a different job market at a different time when the world was much more receptive to generalist. my feeling is some other resources that are necessary to work down this debt ought to come out of that height of colleges and universities. they have lots of buildings taken the mortgage and so forth are the second thing is that time to bring them back to reality. it's time to basically like university presidents know indians of business schools know that families view universities as investments. an education as an investment.

make them really start making a considerable share of the lungs themselves so if they default it's on them. that would also cause them to perhaps start themselves more easily. when i went to the business school, there were three or four people in the dean's office. now there were over 50. i haven't figured out what they do. people can produce pr material and basically monitor my treats and get upset with me for them. that kind of thing. my feeling is there's plenty of resources at universities to do this. how? most of the buildings are mortgage free. then if they give you student bad advice they major in feminist studies and trashing middle class life. they come out and that fox news did not even cnn is much interested in someone who really only knows how to mouth slogans and get a job and campaign their loan in the bond sale. it comes back against their

bonding authority. basically make them carry some of the load. maybe save 50% of the debt by bonding their assets. stuart: you know, peter, i'm not surprised that you're no longer actively work as a professor of economics in the university because -- >> in make sense, though. stuart: i'm not joking here. you make a lot of sense. you really do. >> the unreality, a good example i write these things than what i write is hardly right-wing or left-wing. i do a pretty good job at being fair to both sides. when i came up as an emeritus professor a quarter of the faculty object it. they said would peter writes is not helpful to us. no kidding it not. it's not helpful to people who sit around all day. you know it is the most significant thing on the mind of a professor at 10:00 in the

morning. what am i going to have for lunch? they've got it forever. people teach nine-hour a week. they get every seventh year off. they don't have to do very much because that office has got 70 or 80 people to advise today's to handle every conceivable problem. stuart: peter, hold on a second. did you say one year in every seven day get off? a paid sabbatical of every seven ear. tenure after six years. sometimes the little longer. if you don't get tenure you have to leave. it is generally the best of the year you go off on a sabbatical and then you're entitled every seventh year. by the way, i want you to know i only had one sabbatical in my 40 years. true to your good man. burgess astonished at this.

>> the reality is america does have aristocrats akin to people who lost their heads in the french revolution. their american college and university presidents. they are the dukes and duchesses of this modern age. you know it's even worse, they're the people who run the iv. what we need is henry viii. it's time to close the iv. stuart: yes, yes the reformation. >> would need to close the obvious is that the problem is. think of the harvard endowment. they are going out right now. they created a show company that didn't have it name on it and thereby enough resources in california. isn't that a cynical thing to do? and what are they going to do with that funny? they're going to take it back and use it for their propaganda machine to basically indoctrinate students, not educate them, to convince them that america is a bad place, that capitalism is wrong or that democracies need to be rigged to keep conservatives from winning.

tree into your honor roll. you just conducted one of the longest interviews we've ever done on "varney & company." i think you had five full minutes. that's very unusual. >> this story is so gripping. stuart: is very good. you're saying what a lot of people think and what they believe and you don't ordinarily get to say that in public. i agree 100%. >> the reality is most american colleges and universities are perpetrating some measure of fraud. 40% of the kids that we've colleges and universities cannot pass a test in basic critical thinking skills. stuart: i've got a hard break coming so i got a go. peter morici, that was good and you will be back. i want the latest here in the two canadians been held in china. beijing has essentially admitted that they're being held hostage, basically admitting that. we've got more and not. up next, nationals two can be

used as pawns in situations like this. i want to hear more about that, what that means for the china trade deal. i will certainly ask him. the white house now says there are other ways to pay for the wall. could that prevent a partial government shutdown? only two days away from the deadline. a lot more for you coming right back. ♪ colds when i'm sick. with zicam. zicam is completely different. unlike most other cold medicines... ...zicam is clinically proven to shorten colds. i am a zifan for zicam. oral or nasal.

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visit redcross.org now to donate. ashley: this morning maria bartiromo sat down with an exclusive interview with rob manfred. here's his take. roll tape. >> i think the growth for us over the last decade has really been to places in our traditional media business and then in the digital area. we've been a leader in that space and it's been a great growth driver for us. our fans want to be able to consume the game on the platforms that they're naturally on. that's why we've experimented with things on facebook last year. we have relationship with twitter. youtube has been very active with respect to our product and

it's important for us to deliver games in the way fans want to see them. chevy won a j.d.power dependability award for its midsize car-the chevy malibu. i forgot. chevy also won a j.d. power dependability award for its light-duty truck the chevy silverado. oh, and since the chevy equinox and traverse also won chevy is the only brand to earn the j.d. power dependability award across cars, trucks and suvs-three years in a row. phew. third time's the charm...

stuart: california requires all city buses in the day to go electric and the transition starts in 2029. cities have not buying fully electric assets and by 2040, the entire fleet got to the oil

electric. this means the cities will have to buy around 14,000 new oil electric buses. let's get the latest on the canadians been held in china. beijing has essentially said yes they are hostages. david maroni as it does come a former canadian ambassador to china. welcome back. good to see you. you say that china maintains a list of foreign nationals who could be used as ponds in situations like this? >> we've seen this before and fortunately. what happens is if you're like michael kovrig, former diplomat, worked for an ngo, traveler on china talking to lots of people, they can say you were somehow violating state of purity. in the case of the entrepreneur michael spavor who was bringing basketball to north korea, they can say that again he was in some kind of special relationship in a sensitive part

of the region. previously we had two other canadians come a couple who ran a coffee shop on the north korean border and they were accused of some nebulous series of state crimes. so they keep with what they are up to win when they need to do a sort of parody detention, that is where they go first. stuart: all make two points on this. number one, it really chills the relationship between america and canada -- america and china and canada and china. number two, i think a lot of executives would have second thoughts before they go to china because they too might be on the list of cost dues. would you say? >> we have always tended to underplay a risk and it's always been there. when it comes to business, worsening problems most often is with a really successful relationship and making a lot of money to china. a lot of criticism on the chinese side. and what happens is if you're doing your job as a business

person and taking people out to lunch or dinner, trying to find what they're buying, that has been described as stealing state secrets. what may be one day may be illegal the next if it's in china's interest to put pressure in your country. >> you think there's any way that xi jinping, china's later will back away from his and distant that china be number one with manufacturing, number one in technology? how could he back away from nine they face? >> i think he's already feeling under a significant amount of pressure because some of the setbacks he's had in recent months. a very important speech yesterday in china marking the 40th anniversary of china's dramatic opening under its former leader being in every anniversary is marked by a leader. people were waiting for xi jinping to talk about the next step and he was strangely quiet on this.

what he said was the lessons he got from 40 years of opening with to double down on the leadership of the communist party and the communist party was about closing doors and invoking repression. stuart: do you think will get a deal bearing in mind we do have leverage over china? >> i think china really wants to see a deal done. china has made some signals and shown some signs of it's willing to be flexible with the u.s. but the current state of affairs and the huawei case of complicated data. at some level, xi jinping on this initiative. bones is truce with the united states and so he has a lot of skin in the game. i think it's going to be very different because quality is the reminder of all the reasons china's partners need to be -- stuart: thank you for joining us. >> thank you, sir.

stuart: here's a recheck different markets for you. i'll start with bitcoin. $3500 per member yuriko was putting tween 19 and $20,000 for quite a year ago. price of gold around 1250. 12 by 51 to be precise. democratic socialist alexandria ocasio-cortez will take a break before she starts her new job in congress. she says she wants some time to be careful, personal time. i agree with her and i think america needs a break as well from politics. ashley: i am in. stuart: we're all in. i'll be right back. and all thro. not a creature was stirring, but everywhere else... there are chefs, bakers and food order takers.

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stuart: white house press secretary sarah sanders says the administration is looking at other ways to get the $5 billion the president wants to build the wall. come on in fox news senior capitol hill producer. sounds to me like there is the maneuvering going on here to avoid a government shutdown. without it looks like to you? >> certainly some maneuvering going down. democrats and republicans are talking right now. with sarah sanders appears to be talking about is what we called the appropriations business every program of money. keep in mind that they've are in mind with a birdie done a superb five of the 12 spending bills. one of those is military construction va. what lies under the ages as they call it on capitol hill is the army corps of engineers. what you could tensely do is reprogram some of the money already appropriated for the

army corps of engineers and use that to fund the border wall. usually that requires some sign off on capitol hill and it's unclear if the white house could somehow go around. there was some talk on capitol hill are democrats and republicans on tuesday amid day have caucus launches and we might get a little bit where they might be going the next couple days after those lunches. >> would you be able to say no shutdown now it's highly unlikely? >> the fact they haven't done anything yet, none of us on capitol hill thought they would get there until wednesday or thursday. they always present right up to the deadline. i would argue the chance of a shutdown remains fairly high. it is going to be up to president trump regardless of what goes on capitol hill because there are options on capitol hill that can move with both democratic votes than republican votes in the house and senate. stuart: talk to me about alexandria ocasio-cortez. she says she's going to take a

one week break for quotes self-care. i think america needs a break for self care for nasty politics. >> i can tell you if were in session next week and reporters need that too. i'm going to be here thursday government shut down. that being said, remember talking to a republican congressman who's not with us anymore on capitol hill and he told me some years ago i worked virtually 24 hours a day. when you get with these numbers they don't take time with their families. i did talk with the incoming freshmen. they took off and went to florida. they went to campaign for needed to check out for a little bit and come back and hit the ground running for january. years ago i asked a member of congress what was the most important natural boot on capitol hill and some of it legislative tactical skills. some of that speechmaker, public quarter. the most important skill on capitol hill is stamina.

and it's true. these are long days and i suspect we'll have some late-night votes in the house of done it. stuart: everybody knows you were 24/7, 365. >> i do a lot of the time. stuart: i know you do. thank you, chad pergram. put this on the screen. your room with a dancer in 1996 sitcom, fresh prince of bel air. the dance is called the carleton making a comeback. he's at the center of a lawsuit. we will explain. and were watching the market. but too. and of course we are watching the market. that was transfixed by that video. the whole world assassinated. the dow was up 200 we will be back. ♪

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stuart: one of the stars from the sitcom the fresh prince of belair is suing maker of video games, "fortnite" and. this is about the dance. >> alfonso ribeiro is the actor. both "fortnite," the videogame and nba 2-k which debuted in 1991. that is the episode where we first saw the carlton dance he is asking a judge in federal court stopping both games using moves. he is in the middle of copyrighting the dance. if he was that protective he think you would have cop righted last 25 years. i think he has a case. does he have copyright protection of it. he should have done that before it came up.

stuart: if you do get copyright protection you have to defend it. any challenge comes your way you have to defend it. >> feels strongly about it. stuart: we have a nice little rally, see what neil cavuto can do. it is yours, sir. neil: thank you, stuart, thank you very much. federal reserve two-day meeting kicks off today, what could happen tomorrow. even though donald trump doesn't think it's a good idea, the likes of some of the world's best money managers like stanley drunkenmiller and what have you, even "wall street journal" warns that a fed hike in this environment would be a bad idea. but again the expectation is that it will tighten interest rates and bring the overnight bank lending rate to 2.5%. 2.25 to 2 1/2% range which is darn close to what a 10-year note is fetching. that crunching if you will among all the key treasury notes and bonds, yields, generally tends